# EDGAR Filing Document

**Accession Number:** 0000354046
**File Stem:** 0000354046-25-000062
**Filing Date:** 2025-11
**Character Count:** 1342075
**Document Hash:** 79abfc7ef76696a0c1ad35829e539b55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000354046-25-000062.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0000354046-25-000062

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 175

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**EFFECTIVENESS DATE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CHARLES STREET TRUST
- **CENTRAL INDEX KEY:** 0000354046

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03221
- **FILM NUMBER:** 251501681

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY U S GOVERNMENT RESERVES FUND
- **DATE OF NAME CHANGE:** 19880201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FEDERAL RESERVES
- **DATE OF NAME CHANGE:** 19820215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY UNITED STATES TREASURY TRUST
- **DATE OF NAME CHANGE:** 19811020

## Series and Classes Contracts Data

### Fidelity Asset Manager 50% (Series ID: S000005456)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000014857 | Fidelity Asset Manager 50%                  | FASMX           |
| C000037741 | Fidelity Advisor Asset Manager 50%: Class A | FFAMX           |
| C000037743 | Fidelity Advisor Asset Manager 50%: Class C | FFCMX           |
| C000037744 | Fidelity Advisor Asset Manager 50%: Class M | FFTMX           |
| C000037745 | Fidelity Advisor Asset Manager 50%: Class I | FFIMX           |
| C000205011 | Fidelity Advisor Asset Manager 50%: Class Z | FIKZX           |

### Fidelity Asset Manager 85% (Series ID: S000005457)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000014858 | Fidelity Asset Manager 85%                  | FAMRX           |
| C000037746 | Fidelity Advisor Asset Manager 85%: Class I | FEYIX           |
| C000037747 | Fidelity Advisor Asset Manager 85%: Class A | FEYAX           |
| C000037749 | Fidelity Advisor Asset Manager 85%: Class C | FEYCX           |
| C000037750 | Fidelity Advisor Asset Manager 85%: Class M | FEYTX           |
| C000205012 | Fidelity Advisor Asset Manager 85%: Class Z | FIQCX           |

### Fidelity Asset Manager 70% (Series ID: S000005458)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000014859 | Fidelity Asset Manager 70%                  | FASGX           |
| C000069447 | Fidelity Advisor Asset Manager 70%: Class A | FAASX           |
| C000069449 | Fidelity Advisor Asset Manager 70%: Class C | FCASX           |
| C000069450 | Fidelity Advisor Asset Manager 70%: Class M | FTASX           |
| C000069451 | Fidelity Advisor Asset Manager 70%: Class I | FAAIX           |
| C000205013 | Fidelity Advisor Asset Manager 70%: Class Z | FIQBX           |

### Fidelity Asset Manager 20% (Series ID: S000005459)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000014860 | Fidelity Asset Manager 20%                  | FASIX           |
| C000037751 | Fidelity Advisor Asset Manager 20%: Class A | FTAWX           |
| C000037753 | Fidelity Advisor Asset Manager 20%: Class C | FTCWX           |
| C000037754 | Fidelity Advisor Asset Manager 20%: Class M | FTDWX           |
| C000037755 | Fidelity Advisor Asset Manager 20%: Class I | FTIWX           |
| C000205014 | Fidelity Advisor Asset Manager 20%: Class Z | FIKVX           |

### Fidelity Asset Manager 30% (Series ID: S000019187)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000052989 | Fidelity Asset Manager 30%                  | FTANX           |
| C000052990 | Fidelity Advisor Asset Manager 30%: Class A | FTAAX           |
| C000052992 | Fidelity Advisor Asset Manager 30%: Class C | FCANX           |
| C000052993 | Fidelity Advisor Asset Manager 30%: Class M | FTTNX           |
| C000052994 | Fidelity Advisor Asset Manager 30%: Class I | FTINX           |
| C000205015 | Fidelity Advisor Asset Manager 30%: Class Z | FIKWX           |

### Fidelity Asset Manager 40% (Series ID: S000019188)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000052995 | Fidelity Advisor Asset Manager 40%: Class C | FFNCX           |
| C000052996 | Fidelity Advisor Asset Manager 40%: Class M | FFNTX           |
| C000052997 | Fidelity Advisor Asset Manager 40%: Class I | FFNIX           |
| C000052998 | Fidelity Asset Manager 40%                  | FFANX           |
| C000052999 | Fidelity Advisor Asset Manager 40%: Class A | FFNAX           |
| C000205016 | Fidelity Advisor Asset Manager 40%: Class Z | FIKYX           |

### Fidelity Asset Manager 60% (Series ID: S000019189)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000053001 | Fidelity Asset Manager 60%                  | FSANX           |
| C000053002 | Fidelity Advisor Asset Manager 60%: Class A | FSAAX           |
| C000053004 | Fidelity Advisor Asset Manager 60%: Class C | FSCNX           |
| C000053005 | Fidelity Advisor Asset Manager 60%: Class M | FSATX           |
| C000053006 | Fidelity Advisor Asset Manager 60%: Class I | FSNIX           |
| C000205017 | Fidelity Advisor Asset Manager 60%: Class Z | FIQAX           |

### Fidelity Health Savings Fund (Series ID: S000067946)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000217845 | Class K                      | FHLKX           |
| C000217846 | Fidelity Health Savings Fund | FHLSX           |

### Fidelity Health Savings Index Fund (Series ID: S000067947)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000217847 | Fidelity Health Savings Index Fund | FHSNX           |

### 85% Allocation Fund (Series ID: S000075290)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000234197 | 85% Allocation Fund | FRAGX           |

### 50% Allocation Fund (Series ID: S000075291)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000234198 | 50% Allocation Fund | FRYBX           |

### 70% Allocation Fund (Series ID: S000075292)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000234199 | 70% Allocation Fund | FRGAX           |

### 30% Allocation Fund (Series ID: S000075293)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000234200 | 30% Allocation Fund | FMWIX           |

### Fidelity Sustainable Multi-Asset Fund (Series ID: S000075297)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000234214 | Fidelity Advisor Sustainable Multi-Asset Fund: Class I | FYMIX           |
| C000234215 | Fidelity Advisor Sustainable Multi-Asset Fund: Class M | FYMMX           |
| C000234216 | Fidelity Advisor Sustainable Multi-Asset Fund: Class C | FYMCX           |
| C000234217 | Fidelity Sustainable Multi-Asset Fund                  | FYMRX           |
| C000234218 | Fidelity Advisor Sustainable Multi-Asset Fund: Class A | FYMAX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-03221</u>

<u>Fidelity Charles Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;September 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;September 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| 30% Allocation Fund<br> **30% Allocation Fund : FMWIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about 30% Allocation Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| 30% Allocation Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• For the period, each of the portfolios' major asset classes - domestic equities, international stocks, U.S. investment-grade bonds and short-term debt - generated positive performance.

• The Dow Jones U.S. Total Stock Market Index rose 17.46%, driven higher by the growth-oriented communication services (+35%) and information technology (+29%) and sectors. Financials (+21%) and consumer discretionary (+18%) stocks also fared well, outpacing the broader index. On the other hand, more defensively-oriented segments of the equity market, including health care (-6%) and real estate (-2%) notably underperformed, along with materials (-1%) and consumer staples (+0.5%).

• Outside the U.S., stock market performance, on the whole, was quite strong, as measured by the 16.61% increase in the MSCI ACWI ex USA Index (Net MA). Developed-market economies in Canada (+25%), the U.K. (+18%) and Japan (+17%) led the way. Stock markets in the Europe ex U.K. (+15%) region were noteworthy as well, especially Germany (+26%) in terms of the more sizable index components. In contrast, Asia Pacific Ex Japan (+11%) lagged by comparison, largely due to the relatively poor-performing Australian market (+3%). In Europe, Switzerland (+9%) was another underperformer.

• Emerging-markets (+18%) also produced robust returns , particularly China and Taiwan (+31% each) - whereas on the other end of the spectrum, India (-11%) and Saudi Arabia (+1%) were unable to keep pace.

• As it relates to U.S. investment-grade bonds, the Bloomberg U.S. Aggregate Bond Index was up a more modest 2.88%. Short-term (3 to 6 months) U.S. Treasurys handily topped their long-term (10+ years) counterparts. Meanwhile, investment-grade corporate bonds outpaced the broader index, as did commercial mortgage-backed securities and government agency bonds. Short-term bonds (+4.12%), as measured by the Bloomberg U.S. 1-5 Year Government/Credit Bond Index, performed a bit better.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 9, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 30% Allocation Fund<br>| $10000 | $8607<br>| $9200<br>| $10747<br>|
| Moderate with Income Allocation Composite Index℠<br>| $10000 | $8614<br>| $9207<br>| $10752<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $8824<br>| $8880<br>| $9908<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116193_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| 30% Allocation Fund | 7.34% | 4.00% |
| Moderate with Income Allocation Composite Index℠ | 7.43%<br>| 4.04% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| 0.53% |

---

**A** From February 9, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $391655<br>|
| Number of Holdings | 4<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 9%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Bond Funds | 49.8 |
| Domestic Equity Funds | 21.2 |
| Short-Term Funds | 19.9 |
| International Equity Funds | 9.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6497_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 49.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 21.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Bond Index Fund | 49.8<br>|
| Fidelity Total Market Index Fund | 21.2<br>|
| Fidelity Short-Term Bond Index Fund | 19.9<br>|
| Fidelity Total International Index Fund | 9.1<br>|
|  | 100.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Moderate with Income Allocation Fund to 30% Allocation Fund during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6497_20250930_2.jpg)<br>| ![](img116193_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913791.101 6497-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| 70% Allocation Fund<br> **70% Allocation Fund : FRGAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about 70% Allocation Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| 70% Allocation Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• For the period, each of the portfolios' major asset classes - domestic equities, international stocks, U.S. investment-grade bonds and short-term debt - generated positive performance.

• The Dow Jones U.S. Total Stock Market Index rose 17.46%, driven higher by the growth-oriented communication services (+35%) and information technology (+29%) and sectors. Financials (+21%) and consumer discretionary (+18%) stocks also fared well, outpacing the broader index. On the other hand, more defensively-oriented segments of the equity market, including health care (-6%) and real estate (-2%) notably underperformed, along with materials (-1%) and consumer staples (+0.5%).

• Outside the U.S., stock market performance, on the whole, was quite strong, as measured by the 16.61% increase in the MSCI ACWI ex USA Index (Net MA). Developed-market economies in Canada (+25%), the U.K. (+18%) and Japan (+17%) led the way. Stock markets in the Europe ex U.K. (+15%) region were noteworthy as well, especially Germany (+26%) in terms of the more sizable index components. In contrast, Asia Pacific Ex Japan (+11%) lagged by comparison, largely due to the relatively poor-performing Australian market (+3%). In Europe, Switzerland (+9%) was another underperformer.

• Emerging-markets (+18%) also produced robust returns , particularly China and Taiwan (+31% each) - whereas on the other end of the spectrum, India (-11%) and Saudi Arabia (+1%) were unable to keep pace.

• As it relates to U.S. investment-grade bonds, the Bloomberg U.S. Aggregate Bond Index was up a more modest 2.88%. Short-term (3 to 6 months) U.S. Treasurys handily topped their long-term (10+ years) counterparts. Meanwhile, investment-grade corporate bonds outpaced the broader index, as did commercial mortgage-backed securities and government agency bonds. Short-term bonds (+4.12%), as measured by the Bloomberg U.S. 1-5 Year Government/Credit Bond Index, performed a bit better.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 9, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 70% Allocation Fund<br>| $10000 | $8070<br>| $9245<br>| $11602<br>|
| Growth Allocation Composite Index℠<br>| $10000 | $8072<br>| $9247<br>| $11611<br>|
| S&P 500® Index<br>| $10000 | $7900<br>| $9608<br>| $13101<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116194_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| 70% Allocation Fund | 13.11% | 7.75% |
| Growth Allocation Composite Index℠ | 13.03%<br>| 7.75% |
| S&P 500® Index | 17.60%<br>| 12.60% |

---

**A** From February 9, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1470876<br>|
| Number of Holdings | 4<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 49.2 |
| Bond Funds | 24.8 |
| International Equity Funds | 21.1 |
| Short-Term Funds | 4.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6499_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 49.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 24.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 21.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Total Market Index Fund | 49.2<br>|
| Fidelity U.S. Bond Index Fund | 24.8<br>|
| Fidelity Total International Index Fund | 21.1<br>|
| Fidelity Short-Term Bond Index Fund | 4.9<br>|
|  | 100.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Growth Allocation Fund to 70% Allocation Fund during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6499_20250930_2.jpg)<br>| ![](img116194_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913793.101 6499-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Sustainable Multi-Asset Fund<br> **Fidelity® Sustainable Multi-Asset Fund : FYMRX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Multi-Asset Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable Multi-Asset Fund  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from shifting U.S. tariff policies.

• Against this backdrop, U.S. equities (+17%) and non-U.S. equities (+15%) were the top-performing asset classes the past 12 months.

• Conversely, long-term U.S. Treasurys (-3%) produced a negative return. Other fixed-income asset classes, including short-term debt securities (+2%), U.S. investment-grade bonds (+3%) and U.S. Treasury inflation-protected securities (+4%) had a low single-digit gain.

• The fund's performance relative to its composite index was boosted by active asset allocation positioning, especially an underweight in U.S. investment-grade bonds and an overweight in non-U.S. equities. That said, a larger-than-index exposure to U.S. Treasury inflation-protected securities detracted.

• In terms of investment performance, the fund's holdings in U.S. equities detracted from its relative result. Most notable was an investment in Fidelity Sustainable U.S. Equity ETF (+12.53%), which trailed its benchmark, the MSCI USA IMI Selection Index (+15.62%).

• In contrast, non-U.S. developed-markets equity funds contributed most, especially an investment in Fidelity Sustainable International Equity Fund (+11.08%), which outperformed its benchmark, the MSCI World ex USA ESG Leaders Index (+8.71%).

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions, and countries and may affect the fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Sustainable Multi-Asset Fund<br>| $10000 | $7800<br>| $8885<br>| $11218<br>|
| Fidelity Sustainable Multi-Asset Composite Index℠<br>| $10000 | $7960<br>| $9174<br>| $11577<br>|
| S&P 500® Index<br>| $10000 | $8045<br>| $9784<br>| $13341<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116195_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Sustainable Multi-Asset Fund | 11.82% | 6.43% |
| Fidelity Sustainable Multi-Asset Composite Index℠ | 11.88%<br>| 7.37% |
| S&P 500® Index | 17.60%<br>| 13.18% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $45372783<br>|
| Number of Holdings | 9<br>|
| Total Advisory Fee | $33752<br>|
| Portfolio Turnover | 33%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.0 |
| International Equity Funds | 35.2 |
| Bond Funds | 23.6 |
| Short-Term Funds | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6477_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Sustainability Index Fund | 29.5<br>|
| Fidelity Sustainable International Equity Fund | 14.7<br>|
| Fidelity International Sustainability Index Fund | 13.7<br>|
| Fidelity Sustainable Core Plus Bond Fund | 12.8<br>|
| Fidelity Sustainable U.S. Equity ETF | 10.5<br>|
| Fidelity Sustainable Emerging Markets Equity Fund | 6.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 6.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 4.3<br>|
| Fidelity Sustainable Low Duration Bond Fund | 1.2<br>|
|  | 100.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6477_20250930_2.jpg)<br>| ![](img116195_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913786.101 6477-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Sustainable Multi-Asset Fund<br> **Fidelity Advisor® Sustainable Multi-Asset Fund Class M : FYMMX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Multi-Asset Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $58  | 0.55% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from shifting U.S. tariff policies.

• Against this backdrop, U.S. equities (+17%) and non-U.S. equities (+15%) were the top-performing asset classes the past 12 months.

• Conversely, long-term U.S. Treasurys (-3%) produced a negative return. Other fixed-income asset classes, including short-term debt securities (+2%), U.S. investment-grade bonds (+3%) and U.S. Treasury inflation-protected securities (+4%) had a low single-digit gain.

• The fund's performance relative to its composite index was boosted by active asset allocation positioning, especially an underweight in U.S. investment-grade bonds and an overweight in non-U.S. equities. That said, a larger-than-index exposure to U.S. Treasury inflation-protected securities detracted.

• In terms of investment performance, the fund's holdings in U.S. equities detracted from its relative result. Most notable was an investment in Fidelity Sustainable U.S. Equity ETF (+12.53%), which trailed its benchmark, the MSCI USA IMI Selection Index (+15.62%).

• In contrast, non-U.S. developed-markets equity funds contributed most, especially an investment in Fidelity Sustainable International Equity Fund (+11.08%), which outperformed its benchmark, the MSCI World ex USA ESG Leaders Index (+8.71%).

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions, and countries and may affect the fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $7498<br>| $8507<br>| $10681<br>|
| Fidelity Sustainable Multi-Asset Composite Index℠<br>| $10000 | $7960<br>| $9174<br>| $11577<br>|
| S&P 500® Index<br>| $10000 | $8045<br>| $9784<br>| $13341<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116196_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 7.40% | 4.87% |
| Class M (without 3.50% sales charge) | 11.30% | 5.90% |
| Fidelity Sustainable Multi-Asset Composite Index℠ | 11.88%<br>| 7.37% |
| S&P 500® Index | 17.60%<br>| 13.18% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $45372783<br>|
| Number of Holdings | 9<br>|
| Total Advisory Fee | $33752<br>|
| Portfolio Turnover | 33%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.0 |
| International Equity Funds | 35.2 |
| Bond Funds | 23.6 |
| Short-Term Funds | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6477_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Sustainability Index Fund | 29.5<br>|
| Fidelity Sustainable International Equity Fund | 14.7<br>|
| Fidelity International Sustainability Index Fund | 13.7<br>|
| Fidelity Sustainable Core Plus Bond Fund | 12.8<br>|
| Fidelity Sustainable U.S. Equity ETF | 10.5<br>|
| Fidelity Sustainable Emerging Markets Equity Fund | 6.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 6.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 4.3<br>|
| Fidelity Sustainable Low Duration Bond Fund | 1.2<br>|
|  | 100.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6477_20250930_2.jpg)<br>| ![](img116196_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913789.101 6480-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Sustainable Multi-Asset Fund<br> **Fidelity Advisor® Sustainable Multi-Asset Fund Class I : FYMIX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Multi-Asset Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from shifting U.S. tariff policies.

• Against this backdrop, U.S. equities (+17%) and non-U.S. equities (+15%) were the top-performing asset classes the past 12 months.

• Conversely, long-term U.S. Treasurys (-3%) produced a negative return. Other fixed-income asset classes, including short-term debt securities (+2%), U.S. investment-grade bonds (+3%) and U.S. Treasury inflation-protected securities (+4%) had a low single-digit gain.

• The fund's performance relative to its composite index was boosted by active asset allocation positioning, especially an underweight in U.S. investment-grade bonds and an overweight in non-U.S. equities. That said, a larger-than-index exposure to U.S. Treasury inflation-protected securities detracted.

• In terms of investment performance, the fund's holdings in U.S. equities detracted from its relative result. Most notable was an investment in Fidelity Sustainable U.S. Equity ETF (+12.53%), which trailed its benchmark, the MSCI USA IMI Selection Index (+15.62%).

• In contrast, non-U.S. developed-markets equity funds contributed most, especially an investment in Fidelity Sustainable International Equity Fund (+11.08%), which outperformed its benchmark, the MSCI World ex USA ESG Leaders Index (+8.71%).

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions, and countries and may affect the fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $7800<br>| $8885<br>| $11218<br>|
| Fidelity Sustainable Multi-Asset Composite Index℠<br>| $10000 | $7960<br>| $9174<br>| $11577<br>|
| S&P 500® Index<br>| $10000 | $8045<br>| $9784<br>| $13341<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116197_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 11.81% | 6.42% |
| Fidelity Sustainable Multi-Asset Composite Index℠ | 11.88%<br>| 7.37% |
| S&P 500® Index | 17.60%<br>| 13.18% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $45372783<br>|
| Number of Holdings | 9<br>|
| Total Advisory Fee | $33752<br>|
| Portfolio Turnover | 33%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.0 |
| International Equity Funds | 35.2 |
| Bond Funds | 23.6 |
| Short-Term Funds | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6477_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Sustainability Index Fund | 29.5<br>|
| Fidelity Sustainable International Equity Fund | 14.7<br>|
| Fidelity International Sustainability Index Fund | 13.7<br>|
| Fidelity Sustainable Core Plus Bond Fund | 12.8<br>|
| Fidelity Sustainable U.S. Equity ETF | 10.5<br>|
| Fidelity Sustainable Emerging Markets Equity Fund | 6.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 6.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 4.3<br>|
| Fidelity Sustainable Low Duration Bond Fund | 1.2<br>|
|  | 100.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6477_20250930_2.jpg)<br>| ![](img116197_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913790.101 6481-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Sustainable Multi-Asset Fund<br> **Fidelity Advisor® Sustainable Multi-Asset Fund Class C : FYMCX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Multi-Asset Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $111  | 1.05% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from shifting U.S. tariff policies.

• Against this backdrop, U.S. equities (+17%) and non-U.S. equities (+15%) were the top-performing asset classes the past 12 months.

• Conversely, long-term U.S. Treasurys (-3%) produced a negative return. Other fixed-income asset classes, including short-term debt securities (+2%), U.S. investment-grade bonds (+3%) and U.S. Treasury inflation-protected securities (+4%) had a low single-digit gain.

• The fund's performance relative to its composite index was boosted by active asset allocation positioning, especially an underweight in U.S. investment-grade bonds and an overweight in non-U.S. equities. That said, a larger-than-index exposure to U.S. Treasury inflation-protected securities detracted.

• In terms of investment performance, the fund's holdings in U.S. equities detracted from its relative result. Most notable was an investment in Fidelity Sustainable U.S. Equity ETF (+12.53%), which trailed its benchmark, the MSCI USA IMI Selection Index (+15.62%).

• In contrast, non-U.S. developed-markets equity funds contributed most, especially an investment in Fidelity Sustainable International Equity Fund (+11.08%), which outperformed its benchmark, the MSCI World ex USA ESG Leaders Index (+8.71%).

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions, and countries and may affect the fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $7750<br>| $8742<br>| $10928<br>|
| Fidelity Sustainable Multi-Asset Composite Index℠<br>| $10000 | $7960<br>| $9174<br>| $11577<br>|
| S&P 500® Index<br>| $10000 | $8045<br>| $9784<br>| $13341<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116198_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 9.63% | 5.35% |
| Class C | 10.63% | 5.35% |
| Fidelity Sustainable Multi-Asset Composite Index℠ | 11.88%<br>| 7.37% |
| S&P 500® Index | 17.60%<br>| 13.18% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $45372783<br>|
| Number of Holdings | 9<br>|
| Total Advisory Fee | $33752<br>|
| Portfolio Turnover | 33%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.0 |
| International Equity Funds | 35.2 |
| Bond Funds | 23.6 |
| Short-Term Funds | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6477_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Sustainability Index Fund | 29.5<br>|
| Fidelity Sustainable International Equity Fund | 14.7<br>|
| Fidelity International Sustainability Index Fund | 13.7<br>|
| Fidelity Sustainable Core Plus Bond Fund | 12.8<br>|
| Fidelity Sustainable U.S. Equity ETF | 10.5<br>|
| Fidelity Sustainable Emerging Markets Equity Fund | 6.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 6.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 4.3<br>|
| Fidelity Sustainable Low Duration Bond Fund | 1.2<br>|
|  | 100.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6477_20250930_2.jpg)<br>| ![](img116198_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913788.101 6479-TSRA-1125 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Fidelity® Sustainable Multi-Asset Fund<br> **Fidelity Advisor® Sustainable Multi-Asset Fund Class A : FYMAX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Multi-Asset Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $32  | 0.30% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from shifting U.S. tariff policies.

• Against this backdrop, U.S. equities (+17%) and non-U.S. equities (+15%) were the top-performing asset classes the past 12 months.

• Conversely, long-term U.S. Treasurys (-3%) produced a negative return. Other fixed-income asset classes, including short-term debt securities (+2%), U.S. investment-grade bonds (+3%) and U.S. Treasury inflation-protected securities (+4%) had a low single-digit gain.

• The fund's performance relative to its composite index was boosted by active asset allocation positioning, especially an underweight in U.S. investment-grade bonds and an overweight in non-U.S. equities. That said, a larger-than-index exposure to U.S. Treasury inflation-protected securities detracted.

• In terms of investment performance, the fund's holdings in U.S. equities detracted from its relative result. Most notable was an investment in Fidelity Sustainable U.S. Equity ETF (+12.53%), which trailed its benchmark, the MSCI USA IMI Selection Index (+15.62%).

• In contrast, non-U.S. developed-markets equity funds contributed most, especially an investment in Fidelity Sustainable International Equity Fund (+11.08%), which outperformed its benchmark, the MSCI World ex USA ESG Leaders Index (+8.71%).

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions, and countries and may affect the fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $7342<br>| $8337<br>| $10501<br>|
| Fidelity Sustainable Multi-Asset Composite Index℠<br>| $10000 | $7960<br>| $9174<br>| $11577<br>|
| S&P 500® Index<br>| $10000 | $8045<br>| $9784<br>| $13341<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116199_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 5.14% | 4.44% |
| Class A (without 5.75% sales charge) | 11.56% | 6.16% |
| Fidelity Sustainable Multi-Asset Composite Index℠ | 11.88%<br>| 7.37% |
| S&P 500® Index | 17.60%<br>| 13.18% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $45372783<br>|
| Number of Holdings | 9<br>|
| Total Advisory Fee | $33752<br>|
| Portfolio Turnover | 33%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.0 |
| International Equity Funds | 35.2 |
| Bond Funds | 23.6 |
| Short-Term Funds | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6477_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Sustainability Index Fund | 29.5<br>|
| Fidelity Sustainable International Equity Fund | 14.7<br>|
| Fidelity International Sustainability Index Fund | 13.7<br>|
| Fidelity Sustainable Core Plus Bond Fund | 12.8<br>|
| Fidelity Sustainable U.S. Equity ETF | 10.5<br>|
| Fidelity Sustainable Emerging Markets Equity Fund | 6.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 6.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 4.3<br>|
| Fidelity Sustainable Low Duration Bond Fund | 1.2<br>|
|  | 100.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6477_20250930_2.jpg)<br>| ![](img116199_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913787.101 6478-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Health Savings Index Fund<br> **Fidelity® Health Savings Index Fund : FHSNX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Health Savings Index Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Health Savings Index Fund  | $10  | 0.10% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, the fund's asset class positioning substantially contributed to performance versus the Composite index, whereas security selection hurt.

• The fund's core equity allocation strategy aided relative performance, propelled by outsized exposure to international developed- and emerging-markets stocks in particular. Meanwhile, equal-weight positioning among U.S. equities detracted versus the Composite index. A small allocation to commodities did not have a material impact on relative performance the past year.

• The fund's fixed-income positioning notably boosted performance compared with the index as well. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous.

• In terms of security selection, the fund's international developed-markets holdings modestly pressured relative performance. Other asset classes within the portfolio did not have a material impact on relative performance this year.

• In December 2024, the fund's strategic allocation model was changed. More specifically, target weights for commodities, short-term bonds and cash were added, whereas allocations to long-term U.S. Treasurys and emerging-markets debt were removed.

• As of September 30, the fund was overweight both international developed- and emerging-markets equities, while maintaining a modest underweight U.S. stocks. Exposure to investment-grade bonds remained below the portfolio's target weighting, while short-term bonds/cash were slightly above their combined target weighting. The allocation to international investment-grade bonds shifted from roughly neutral during the period, to a slight underweight by September 30.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

March 2, 2020 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Health Savings Index Fund<br>| $10000 | $10458<br>| $11293<br>| $9462<br>| $9963<br>| $11703<br>|
| Fidelity Health Savings Composite Index℠<br>| $10000 | $10435<br>| $11259<br>| $9770<br>| $10487<br>| $12194<br>|
| Fidelity Health Savings Extended Composite Index℠<br>| $10000 | $10428<br>| $11209<br>| $9389<br>| $10016<br>| $11755<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10278<br>| $10186<br>| $8699<br>| $8755<br>| $9768<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116219_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Health Savings Index Fund | 8.34% | 3.93% | 4.34% |
| Fidelity Health Savings Composite Index℠ | 7.85%<br>| 4.74%<br>| 5.03% |
| Fidelity Health Savings Extended Composite Index℠ | 7.61%<br>| 3.94%<br>| 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 0.09% |

---

**A** From March 2, 2020

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30703679<br>|
| Number of Holdings | 10<br>|
| Total Advisory Fee | $28727<br>|
| Portfolio Turnover | 54%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

Bonds 51.2 <br> Equities 39.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6047_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 51.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 39.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Bond Index Fund | 20.6<br>|
| Fidelity Total Market Index Fund | 17.2<br>|
| Fidelity International Bond Index Fund | 15.0<br>|
| Fidelity International Index Fund | 12.1<br>|
| Fidelity Short-Term Bond Index Fund | 10.0<br>|
| Fidelity Emerging Markets Index Fund | 7.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 5.2<br>|
| Fidelity Commodity Strategy Central Fund | 3.5<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | 0.4<br>|
|  | 91.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6047_20250930_2.jpg)<br>| ![](img116219_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913785.101 6047-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Health Savings Fund<br> **Fidelity® Health Savings Fund : FHLSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Health Savings Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Health Savings Fund  | $46  | 0.44% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, the fund's asset class positioning substantially contributed to performance versus the Composite index, while security selection helped more modestly.

• The fund's core equity allocation strategy aided relative performance, propelled by outsized exposure to international developed- and emerging-markets stocks in particular. Meanwhile, equal-weight positioning among U.S. equities detracted versus the Composite index. A small allocation to commodities did not have a material impact on relative performance the past year.

• The fund's fixed-income positioning notably boosted performance compared with the index as well. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• In December 2024, the fund's strategic allocation model was changed. More specifically, target weights for commodities, short-term bonds and cash were added, whereas allocations to long-term U.S. Treasurys and emerging-markets debt were removed.

• As of September 30, the fund was overweight both international developed- and emerging-markets equities, and modestly underweight U.S. stocks. Exposure to investment-grade bonds remained below the portfolio's target weighting, while short-term bonds/cash were slightly above their combined target weighting. The fund was marginally underweighted in international investment-grade bonds.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

March 2, 2020 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Health Savings Fund<br>| $10000 | $10541<br>| $11469<br>| $9637<br>| $10153<br>| $11881<br>|
| Fidelity Health Savings Composite Index℠<br>| $10000 | $10435<br>| $11259<br>| $9770<br>| $10487<br>| $12194<br>|
| Fidelity Health Savings Extended Composite Index℠<br>| $10000 | $10428<br>| $11209<br>| $9389<br>| $10016<br>| $11755<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10278<br>| $10186<br>| $8699<br>| $8755<br>| $9768<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116220_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Health Savings Fund | 8.37% | 4.08% | 4.63% |
| Fidelity Health Savings Composite Index℠ | 7.85%<br>| 4.74%<br>| 5.03% |
| Fidelity Health Savings Extended Composite Index℠ | 7.61%<br>| 3.94%<br>| 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 0.09% |

---

**A** From March 2, 2020

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $66548260<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $232398<br>|
| Portfolio Turnover | 54%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 32.5 |
| Fixed-Income Funds | 30.1 |
| Bonds | 21.7 |
| Domestic Equity Funds | 6.9 |
| Preferred Stocks | 0.0 |
| Options | 0.0 |
| Alternative Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6046_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 32.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Fixed-Income Funds - 30.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 21.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity International Bond Index Fund | 15.0<br>|
| Fidelity Short-Term Bond Fund | 10.0<br>|
| US Treasury Notes | 8.0<br>|
| Fidelity Inflation-Protected Bond Index Fund | 5.1<br>|
| Fidelity Commodity Strategy Central Fund | 3.5<br>|
| US Treasury Bonds | 2.4<br>|
| NVIDIA Corp | 1.3<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.2<br>|
| Microsoft Corp | 1.1<br>|
|  | 48.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6046_20250930_2.jpg)<br>| ![](img116220_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913783.101 6046-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Health Savings Fund<br> **Fidelity® Health Savings Fund Class K : FHLKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Health Savings Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $35  | 0.34% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, the fund's asset class positioning substantially contributed to performance versus the Composite index, while security selection helped more modestly.

• The fund's core equity allocation strategy aided relative performance, propelled by outsized exposure to international developed- and emerging-markets stocks in particular. Meanwhile, equal-weight positioning among U.S. equities detracted versus the Composite index. A small allocation to commodities did not have a material impact on relative performance the past year.

• The fund's fixed-income positioning notably boosted performance compared with the index as well. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• In December 2024, the fund's strategic allocation model was changed. More specifically, target weights for commodities, short-term bonds and cash were added, whereas allocations to long-term U.S. Treasurys and emerging-markets debt were removed.

• As of September 30, the fund was overweight both international developed- and emerging-markets equities, and modestly underweight U.S. stocks. Exposure to investment-grade bonds remained below the portfolio's target weighting, while short-term bonds/cash were slightly above their combined target weighting. The fund was marginally underweighted in international investment-grade bonds.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

March 2, 2020 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10545<br>| $11485<br>| $9662<br>| $10180<br>| $11930<br>|
| Fidelity Health Savings Composite Index℠<br>| $10000 | $10435<br>| $11259<br>| $9770<br>| $10487<br>| $12194<br>|
| Fidelity Health Savings Extended Composite Index℠<br>| $10000 | $10428<br>| $11209<br>| $9389<br>| $10016<br>| $11755<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10278<br>| $10186<br>| $8699<br>| $8755<br>| $9768<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116221_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class K | 8.48% | 4.18% | 4.73% |
| Fidelity Health Savings Composite Index℠ | 7.85%<br>| 4.74%<br>| 5.03% |
| Fidelity Health Savings Extended Composite Index℠ | 7.61%<br>| 3.94%<br>| 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 0.09% |

---

**A** From March 2, 2020

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $66548260<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $232398<br>|
| Portfolio Turnover | 54%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 32.5 |
| Fixed-Income Funds | 30.1 |
| Bonds | 21.7 |
| Domestic Equity Funds | 6.9 |
| Preferred Stocks | 0.0 |
| Options | 0.0 |
| Alternative Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6046_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 32.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Fixed-Income Funds - 30.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 21.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity International Bond Index Fund | 15.0<br>|
| Fidelity Short-Term Bond Fund | 10.0<br>|
| US Treasury Notes | 8.0<br>|
| Fidelity Inflation-Protected Bond Index Fund | 5.1<br>|
| Fidelity Commodity Strategy Central Fund | 3.5<br>|
| US Treasury Bonds | 2.4<br>|
| NVIDIA Corp | 1.3<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.2<br>|
| Microsoft Corp | 1.1<br>|
|  | 48.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6046_20250930_2.jpg)<br>| ![](img116221_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913784.101 6048-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 85%<br> **Fidelity Asset Manager® 85% : FAMRX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 85% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 85%  | $63  | 0.59% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 85%<br>| $10000 | $11192<br>| $13118<br>| $14510<br>| $14540<br>| $16494<br>| $20947<br>| $16597<br>| $19288<br>| $24541<br>| $28162<br>|
| Fidelity Asset Manager 85% Composite Index℠<br>| $10000 | $11219<br>| $13020<br>| $14409<br>| $14868<br>| $16505<br>| $20598<br>| $16587<br>| $19503<br>| $25007<br>| $28791<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116224_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 85% | 14.76% | 11.29% | 10.91% |
| Fidelity Asset Manager 85% Composite Index℠ | 15.13%<br>| 11.77%<br>| 11.15% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5368833793<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $26094138<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 6.2 |
| AAA | 0.5 |
| AA | 0.2 |
| A | 0.6 |
| BBB | 1.5 |
| BB | 0.6 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.0 |
| Equities | 85.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img347_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 6.2 |
| &nbsp;&nbsp;AAA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.5 |
| Financials | 16.1 |
| Industrials | 9.7 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.3 |
| Health Care | 5.9 |
| Consumer Staples | 3.4 |
| Materials | 3.1 |
| Energy | 2.7 |
| Utilities | 1.7 |
| Real Estate | 1.2 |

---

Equities 85.8 <br> Bonds 12.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img347_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 4.4<br>|
| NVIDIA Corp | 3.6<br>|
| Fidelity Enhanced Small Cap ETF | 3.5<br>|
| Microsoft Corp | 3.2<br>|
| Fidelity Blue Chip Growth ETF | 2.9<br>|
| Apple Inc | 2.8<br>|
| Alphabet Inc Class A | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.8<br>|
| Amazon.com Inc | 1.7<br>|
| Fidelity Fundamental Small-Mid Cap ETF | 1.4<br>|
|  | 27.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img347_20250930_2.jpg)<br>| ![](img116224_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913749.101 347-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 85%<br> **Fidelity Advisor Asset Manager® 85% Class Z : FIQCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 85% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $55  | 0.52% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10054<br>| $11412<br>| $14506<br>| $11502<br>| $13379<br>| $17039<br>| $19571<br>|
| Fidelity Asset Manager 85% Composite Index℠<br>| $10000 | $10338<br>| $11477<br>| $14322<br>| $11533<br>| $13561<br>| $17388<br>| $20019<br>|
| S&P 500® Index<br>| $10000 | $10391<br>| $11965<br>| $15556<br>| $13149<br>| $15991<br>| $21804<br>| $25641<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116225_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 14.86% | 11.39% | 10.07% |
| Fidelity Asset Manager 85% Composite Index℠ | 15.13%<br>| 11.77%<br>| 10.42% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 14.40% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5368833793<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $26094138<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 6.2 |
| AAA | 0.5 |
| AA | 0.2 |
| A | 0.6 |
| BBB | 1.5 |
| BB | 0.6 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.0 |
| Equities | 85.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img347_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 6.2 |
| &nbsp;&nbsp;AAA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.5 |
| Financials | 16.1 |
| Industrials | 9.7 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.3 |
| Health Care | 5.9 |
| Consumer Staples | 3.4 |
| Materials | 3.1 |
| Energy | 2.7 |
| Utilities | 1.7 |
| Real Estate | 1.2 |

---

Equities 85.8 <br> Bonds 12.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img347_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 4.4<br>|
| NVIDIA Corp | 3.6<br>|
| Fidelity Enhanced Small Cap ETF | 3.5<br>|
| Microsoft Corp | 3.2<br>|
| Fidelity Blue Chip Growth ETF | 2.9<br>|
| Apple Inc | 2.8<br>|
| Alphabet Inc Class A | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.8<br>|
| Amazon.com Inc | 1.7<br>|
| Fidelity Fundamental Small-Mid Cap ETF | 1.4<br>|
|  | 27.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img347_20250930_2.jpg)<br>| ![](img116225_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913748.101 3261-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 85%<br> **Fidelity Advisor Asset Manager® 85% Class M : FEYTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 85% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $121  | 1.13% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10742<br>| $12519<br>| $13764<br>| $13715<br>| $15472<br>| $19541<br>| $15397<br>| $17803<br>| $22530<br>| $25711<br>|
| Fidelity Asset Manager 85% Composite Index℠<br>| $10000 | $11219<br>| $13020<br>| $14409<br>| $14868<br>| $16505<br>| $20598<br>| $16587<br>| $19503<br>| $25007<br>| $28791<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116226_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 10.12% | 9.91%<br>| 9.90% |
| Class M (without 3.50% sales charge) | 14.12% | 10.69% | 10.30% |
| Fidelity Asset Manager 85% Composite Index℠ | 15.13%<br>| 11.77%<br>| 11.15% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5368833793<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $26094138<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 6.2 |
| AAA | 0.5 |
| AA | 0.2 |
| A | 0.6 |
| BBB | 1.5 |
| BB | 0.6 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.0 |
| Equities | 85.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img347_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 6.2 |
| &nbsp;&nbsp;AAA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.5 |
| Financials | 16.1 |
| Industrials | 9.7 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.3 |
| Health Care | 5.9 |
| Consumer Staples | 3.4 |
| Materials | 3.1 |
| Energy | 2.7 |
| Utilities | 1.7 |
| Real Estate | 1.2 |

---

Equities 85.8 <br> Bonds 12.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img347_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 4.4<br>|
| NVIDIA Corp | 3.6<br>|
| Fidelity Enhanced Small Cap ETF | 3.5<br>|
| Microsoft Corp | 3.2<br>|
| Fidelity Blue Chip Growth ETF | 2.9<br>|
| Apple Inc | 2.8<br>|
| Alphabet Inc Class A | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.8<br>|
| Amazon.com Inc | 1.7<br>|
| Fidelity Fundamental Small-Mid Cap ETF | 1.4<br>|
|  | 27.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img347_20250930_2.jpg)<br>| ![](img116226_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913746.101 1774-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 85%<br> **Fidelity Advisor Asset Manager® 85% Class I : FEYIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 85% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $68  | 0.63% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11193<br>| $13113<br>| $14500<br>| $14522<br>| $16468<br>| $20904<br>| $16561<br>| $19242<br>| $24475<br>| $28076<br>|
| Fidelity Asset Manager 85% Composite Index℠<br>| $10000 | $11219<br>| $13020<br>| $14409<br>| $14868<br>| $16505<br>| $20598<br>| $16587<br>| $19503<br>| $25007<br>| $28791<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116227_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 14.71% | 11.26% | 10.87% |
| Fidelity Asset Manager 85% Composite Index℠ | 15.13%<br>| 11.77%<br>| 11.15% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5368833793<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $26094138<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 6.2 |
| AAA | 0.5 |
| AA | 0.2 |
| A | 0.6 |
| BBB | 1.5 |
| BB | 0.6 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.0 |
| Equities | 85.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img347_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 6.2 |
| &nbsp;&nbsp;AAA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.5 |
| Financials | 16.1 |
| Industrials | 9.7 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.3 |
| Health Care | 5.9 |
| Consumer Staples | 3.4 |
| Materials | 3.1 |
| Energy | 2.7 |
| Utilities | 1.7 |
| Real Estate | 1.2 |

---

Equities 85.8 <br> Bonds 12.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img347_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 4.4<br>|
| NVIDIA Corp | 3.6<br>|
| Fidelity Enhanced Small Cap ETF | 3.5<br>|
| Microsoft Corp | 3.2<br>|
| Fidelity Blue Chip Growth ETF | 2.9<br>|
| Apple Inc | 2.8<br>|
| Alphabet Inc Class A | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.8<br>|
| Amazon.com Inc | 1.7<br>|
| Fidelity Fundamental Small-Mid Cap ETF | 1.4<br>|
|  | 27.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img347_20250930_2.jpg)<br>| ![](img116227_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913747.101 1775-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 85%<br> **Fidelity Advisor Asset Manager® 85% Class C : FEYCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 85% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $174  | 1.63% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11080<br>| $12846<br>| $14068<br>| $13944<br>| $15652<br>| $19667<br>| $15417<br>| $17729<br>| $22485<br>| $25736<br>|
| Fidelity Asset Manager 85% Composite Index℠<br>| $10000 | $11219<br>| $13020<br>| $14409<br>| $14868<br>| $16505<br>| $20598<br>| $16587<br>| $19503<br>| $25007<br>| $28791<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116228_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 12.59% | 10.13%<br>| 9.91% |
| Class C | 13.59% | 10.13% | 9.91% |
| Fidelity Asset Manager 85% Composite Index℠ | 15.13%<br>| 11.77%<br>| 11.15% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5368833793<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $26094138<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 6.2 |
| AAA | 0.5 |
| AA | 0.2 |
| A | 0.6 |
| BBB | 1.5 |
| BB | 0.6 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.0 |
| Equities | 85.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img347_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 6.2 |
| &nbsp;&nbsp;AAA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.5 |
| Financials | 16.1 |
| Industrials | 9.7 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.3 |
| Health Care | 5.9 |
| Consumer Staples | 3.4 |
| Materials | 3.1 |
| Energy | 2.7 |
| Utilities | 1.7 |
| Real Estate | 1.2 |

---

Equities 85.8 <br> Bonds 12.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img347_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 4.4<br>|
| NVIDIA Corp | 3.6<br>|
| Fidelity Enhanced Small Cap ETF | 3.5<br>|
| Microsoft Corp | 3.2<br>|
| Fidelity Blue Chip Growth ETF | 2.9<br>|
| Apple Inc | 2.8<br>|
| Alphabet Inc Class A | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.8<br>|
| Amazon.com Inc | 1.7<br>|
| Fidelity Fundamental Small-Mid Cap ETF | 1.4<br>|
|  | 27.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img347_20250930_2.jpg)<br>| ![](img116228_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913745.101 1773-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 85%<br> **Fidelity Advisor Asset Manager® 85% Class A : FEYAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 85% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $95  | 0.88% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10520<br>| $12291<br>| $13556<br>| $13541<br>| $15316<br>| $19388<br>| $15316<br>| $17758<br>| $22521<br>| $25777<br>|
| Fidelity Asset Manager 85% Composite Index℠<br>| $10000 | $11219<br>| $13020<br>| $14409<br>| $14868<br>| $16505<br>| $20598<br>| $16587<br>| $19503<br>| $25007<br>| $28791<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116229_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 7.88% | 9.67%<br>| 9.93% |
| Class A (without 5.75% sales charge) | 14.46% | 10.97% | 10.58% |
| Fidelity Asset Manager 85% Composite Index℠ | 15.13%<br>| 11.77%<br>| 11.15% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5368833793<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $26094138<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 6.2 |
| AAA | 0.5 |
| AA | 0.2 |
| A | 0.6 |
| BBB | 1.5 |
| BB | 0.6 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.0 |
| Equities | 85.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img347_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 6.2 |
| &nbsp;&nbsp;AAA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.5 |
| Financials | 16.1 |
| Industrials | 9.7 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.3 |
| Health Care | 5.9 |
| Consumer Staples | 3.4 |
| Materials | 3.1 |
| Energy | 2.7 |
| Utilities | 1.7 |
| Real Estate | 1.2 |

---

Equities 85.8 <br> Bonds 12.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img347_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 4.4<br>|
| NVIDIA Corp | 3.6<br>|
| Fidelity Enhanced Small Cap ETF | 3.5<br>|
| Microsoft Corp | 3.2<br>|
| Fidelity Blue Chip Growth ETF | 2.9<br>|
| Apple Inc | 2.8<br>|
| Alphabet Inc Class A | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.8<br>|
| Amazon.com Inc | 1.7<br>|
| Fidelity Fundamental Small-Mid Cap ETF | 1.4<br>|
|  | 27.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img347_20250930_2.jpg)<br>| ![](img116229_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913744.101 1771-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 70%<br> **Fidelity Asset Manager® 70% : FASGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 70% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 70%  | $62  | 0.59% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 70%<br>| $10000 | $11097<br>| $12678<br>| $13765<br>| $13973<br>| $15670<br>| $19178<br>| $15537<br>| $17628<br>| $21870<br>| $24658<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $11074<br>| $12528<br>| $13605<br>| $14175<br>| $15627<br>| $18750<br>| $15402<br>| $17672<br>| $22060<br>| $24931<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116230_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 70% | 12.75% | 9.49% | 9.45% |
| Fidelity Asset Manager 70% Composite Index℠ | 13.01%<br>| 9.79%<br>| 9.57% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7543014159<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $39010467<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 12.5 |
| AAA | 1.3 |
| AA | 0.2 |
| A | 1.3 |
| BBB | 3.1 |
| BB | 0.9 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.5 |
| Equities | 74.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img321_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 12.5 |
| &nbsp;&nbsp;AAA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.0 |
| Financials | 15.6 |
| Industrials | 8.6 |
| Communication Services | 6.8 |
| Consumer Discretionary | 6.6 |
| Health Care | 4.9 |
| Consumer Staples | 2.8 |
| Materials | 2.8 |
| Energy | 2.2 |
| Utilities | 1.5 |
| Real Estate | 1.2 |

---

Equities 74.3 <br> Bonds 22.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img321_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 3.2<br>|
| NVIDIA Corp | 3.1<br>|
| Microsoft Corp | 2.7<br>|
| Fidelity Blue Chip Growth ETF | 2.6<br>|
| Apple Inc | 2.4<br>|
| US Treasury Bonds | 2.1<br>|
| Alphabet Inc Class A | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.6<br>|
| Amazon.com Inc | 1.4<br>|
|  | 29.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img321_20250930_2.jpg)<br>| ![](img116230_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913736.101 321-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 70%<br> **Fidelity Advisor Asset Manager® 70% Class Z : FIQBX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 70% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $55  | 0.51% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10178<br>| $11420<br>| $13988<br>| $11339<br>| $12878<br>| $15989<br>| $18039<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $10435<br>| $11504<br>| $13803<br>| $11338<br>| $13009<br>| $16240<br>| $18353<br>|
| S&P 500® Index<br>| $10000 | $10391<br>| $11965<br>| $15556<br>| $13149<br>| $15991<br>| $21804<br>| $25641<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116231_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 12.82% | 9.57% | 8.79% |
| Fidelity Asset Manager 70% Composite Index℠ | 13.01%<br>| 9.79%<br>| 9.06% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 14.40% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7543014159<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $39010467<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 12.5 |
| AAA | 1.3 |
| AA | 0.2 |
| A | 1.3 |
| BBB | 3.1 |
| BB | 0.9 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.5 |
| Equities | 74.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img321_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 12.5 |
| &nbsp;&nbsp;AAA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.0 |
| Financials | 15.6 |
| Industrials | 8.6 |
| Communication Services | 6.8 |
| Consumer Discretionary | 6.6 |
| Health Care | 4.9 |
| Consumer Staples | 2.8 |
| Materials | 2.8 |
| Energy | 2.2 |
| Utilities | 1.5 |
| Real Estate | 1.2 |

---

Equities 74.3 <br> Bonds 22.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img321_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 3.2<br>|
| NVIDIA Corp | 3.1<br>|
| Microsoft Corp | 2.7<br>|
| Fidelity Blue Chip Growth ETF | 2.6<br>|
| Apple Inc | 2.4<br>|
| US Treasury Bonds | 2.1<br>|
| Alphabet Inc Class A | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.6<br>|
| Amazon.com Inc | 1.4<br>|
|  | 29.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img321_20250930_2.jpg)<br>| ![](img116231_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913737.101 3260-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 70%<br> **Fidelity Advisor Asset Manager® 70% Class M : FTASX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 70% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $120  | 1.13% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10645<br>| $12096<br>| $13062<br>| $13180<br>| $14704<br>| $17896<br>| $14416<br>| $16270<br>| $20079<br>| $22519<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $11074<br>| $12528<br>| $13605<br>| $14175<br>| $15627<br>| $18750<br>| $15402<br>| $17672<br>| $22060<br>| $24931<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116232_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 8.22% | 8.13%<br>| 8.46% |
| Class M (without 3.50% sales charge) | 12.15% | 8.90% | 8.84% |
| Fidelity Asset Manager 70% Composite Index℠ | 13.01%<br>| 9.79%<br>| 9.57% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7543014159<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $39010467<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 12.5 |
| AAA | 1.3 |
| AA | 0.2 |
| A | 1.3 |
| BBB | 3.1 |
| BB | 0.9 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.5 |
| Equities | 74.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img321_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 12.5 |
| &nbsp;&nbsp;AAA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.0 |
| Financials | 15.6 |
| Industrials | 8.6 |
| Communication Services | 6.8 |
| Consumer Discretionary | 6.6 |
| Health Care | 4.9 |
| Consumer Staples | 2.8 |
| Materials | 2.8 |
| Energy | 2.2 |
| Utilities | 1.5 |
| Real Estate | 1.2 |

---

Equities 74.3 <br> Bonds 22.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img321_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 3.2<br>|
| NVIDIA Corp | 3.1<br>|
| Microsoft Corp | 2.7<br>|
| Fidelity Blue Chip Growth ETF | 2.6<br>|
| Apple Inc | 2.4<br>|
| US Treasury Bonds | 2.1<br>|
| Alphabet Inc Class A | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.6<br>|
| Amazon.com Inc | 1.4<br>|
|  | 29.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img321_20250930_2.jpg)<br>| ![](img116232_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913734.101 2111-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 70%<br> **Fidelity Advisor Asset Manager® 70% Class I : FAAIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 70% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $67  | 0.63% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11092<br>| $12669<br>| $13750<br>| $13951<br>| $15645<br>| $19144<br>| $15501<br>| $17583<br>| $21808<br>| $24581<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $11074<br>| $12528<br>| $13605<br>| $14175<br>| $15627<br>| $18750<br>| $15402<br>| $17672<br>| $22060<br>| $24931<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116233_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 12.72% | 9.46% | 9.41% |
| Fidelity Asset Manager 70% Composite Index℠ | 13.01%<br>| 9.79%<br>| 9.57% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7543014159<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $39010467<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 12.5 |
| AAA | 1.3 |
| AA | 0.2 |
| A | 1.3 |
| BBB | 3.1 |
| BB | 0.9 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.5 |
| Equities | 74.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img321_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 12.5 |
| &nbsp;&nbsp;AAA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.0 |
| Financials | 15.6 |
| Industrials | 8.6 |
| Communication Services | 6.8 |
| Consumer Discretionary | 6.6 |
| Health Care | 4.9 |
| Consumer Staples | 2.8 |
| Materials | 2.8 |
| Energy | 2.2 |
| Utilities | 1.5 |
| Real Estate | 1.2 |

---

Equities 74.3 <br> Bonds 22.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img321_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 3.2<br>|
| NVIDIA Corp | 3.1<br>|
| Microsoft Corp | 2.7<br>|
| Fidelity Blue Chip Growth ETF | 2.6<br>|
| Apple Inc | 2.4<br>|
| US Treasury Bonds | 2.1<br>|
| Alphabet Inc Class A | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.6<br>|
| Amazon.com Inc | 1.4<br>|
|  | 29.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img321_20250930_2.jpg)<br>| ![](img116233_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913735.101 2112-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 70%<br> **Fidelity Advisor Asset Manager® 70% Class C : FCASX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 70% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $172  | 1.63% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10978<br>| $12406<br>| $13331<br>| $13387<br>| $14856<br>| $17994<br>| $14423<br>| $16191<br>| $20034<br>| $22521<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $11074<br>| $12528<br>| $13605<br>| $14175<br>| $15627<br>| $18750<br>| $15402<br>| $17672<br>| $22060<br>| $24931<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116234_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 10.59% | 8.35%<br>| 8.46% |
| Class C | 11.59% | 8.35% | 8.46% |
| Fidelity Asset Manager 70% Composite Index℠ | 13.01%<br>| 9.79%<br>| 9.57% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7543014159<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $39010467<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 12.5 |
| AAA | 1.3 |
| AA | 0.2 |
| A | 1.3 |
| BBB | 3.1 |
| BB | 0.9 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.5 |
| Equities | 74.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img321_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 12.5 |
| &nbsp;&nbsp;AAA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.0 |
| Financials | 15.6 |
| Industrials | 8.6 |
| Communication Services | 6.8 |
| Consumer Discretionary | 6.6 |
| Health Care | 4.9 |
| Consumer Staples | 2.8 |
| Materials | 2.8 |
| Energy | 2.2 |
| Utilities | 1.5 |
| Real Estate | 1.2 |

---

Equities 74.3 <br> Bonds 22.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img321_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 3.2<br>|
| NVIDIA Corp | 3.1<br>|
| Microsoft Corp | 2.7<br>|
| Fidelity Blue Chip Growth ETF | 2.6<br>|
| Apple Inc | 2.4<br>|
| US Treasury Bonds | 2.1<br>|
| Alphabet Inc Class A | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.6<br>|
| Amazon.com Inc | 1.4<br>|
|  | 29.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img321_20250930_2.jpg)<br>| ![](img116234_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913733.101 2110-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 70%<br> **Fidelity Advisor Asset Manager® 70% Class A : FAASX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 70% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $93  | 0.88% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10421<br>| $11869<br>| $12855<br>| $13004<br>| $14539<br>| $17736<br>| $14326<br>| $16206<br>| $20054<br>| $22543<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $11074<br>| $12528<br>| $13605<br>| $14175<br>| $15627<br>| $18750<br>| $15402<br>| $17672<br>| $22060<br>| $24931<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116235_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 5.95% | 7.88%<br>| 8.47% |
| Class A (without 5.75% sales charge) | 12.41% | 9.17% | 9.11% |
| Fidelity Asset Manager 70% Composite Index℠ | 13.01%<br>| 9.79%<br>| 9.57% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7543014159<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $39010467<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 12.5 |
| AAA | 1.3 |
| AA | 0.2 |
| A | 1.3 |
| BBB | 3.1 |
| BB | 0.9 |
| B | 1.2 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 1.5 |
| Equities | 74.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img321_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 12.5 |
| &nbsp;&nbsp;AAA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.0 |
| Financials | 15.6 |
| Industrials | 8.6 |
| Communication Services | 6.8 |
| Consumer Discretionary | 6.6 |
| Health Care | 4.9 |
| Consumer Staples | 2.8 |
| Materials | 2.8 |
| Energy | 2.2 |
| Utilities | 1.5 |
| Real Estate | 1.2 |

---

Equities 74.3 <br> Bonds 22.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img321_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 3.2<br>|
| NVIDIA Corp | 3.1<br>|
| Microsoft Corp | 2.7<br>|
| Fidelity Blue Chip Growth ETF | 2.6<br>|
| Apple Inc | 2.4<br>|
| US Treasury Bonds | 2.1<br>|
| Alphabet Inc Class A | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.6<br>|
| Amazon.com Inc | 1.4<br>|
|  | 29.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img321_20250930_2.jpg)<br>| ![](img116235_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913732.101 2108-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 60%<br> **Fidelity Asset Manager® 60% : FSANX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 60% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 60%  | $63  | 0.60% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 60%<br>| $10000 | $11031<br>| $12376<br>| $13264<br>| $13609<br>| $15174<br>| $18100<br>| $14806<br>| $16491<br>| $20170<br>| $22451<br>|
| Fidelity Asset Manager 60% Composite Index℠<br>| $10000 | $10995<br>| $12225<br>| $13104<br>| $13771<br>| $15134<br>| $17682<br>| $14633<br>| $16490<br>| $20254<br>| $22594<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116236_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 60% | 11.31% | 8.15% | 8.42% |
| Fidelity Asset Manager 60% Composite Index℠ | 11.55%<br>| 8.34%<br>| 8.49% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4684410931<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $24623714<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.2 |
| BBB | 4.6 |
| BB | 1.1 |
| B | 1.3 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.1 |
| Equities | 64.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1959_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 14.8 |
| Financials | 14.5 |
| Industrials | 7.5 |
| Communication Services | 6.0 |
| Consumer Discretionary | 5.9 |
| Health Care | 4.9 |
| Consumer Staples | 2.5 |
| Materials | 2.5 |
| Energy | 2.5 |
| Utilities | 1.5 |
| Real Estate | 1.4 |

---

Equities 64.9 <br> Bonds 32.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1959_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.0<br>|
| US Treasury Bonds | 3.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.7<br>|
| NVIDIA Corp | 2.7<br>|
| Microsoft Corp | 2.3<br>|
| Fidelity Blue Chip Growth ETF | 2.2<br>|
| Apple Inc | 2.1<br>|
| Alphabet Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Amazon.com Inc | 1.2<br>|
|  | 31.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1959_20250930_2.jpg)<br>| ![](img116236_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913772.101 1959-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 60%<br> **Fidelity Advisor Asset Manager® 60% Class Z : FIQAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 60% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $55  | 0.52% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10286<br>| $11468<br>| $13687<br>| $11201<br>| $12496<br>| $15296<br>| $17034<br>|
| Fidelity Asset Manager 60% Composite Index℠<br>| $10000 | $10523<br>| $11565<br>| $13512<br>| $11181<br>| $12601<br>| $15477<br>| $17265<br>|
| S&P 500® Index<br>| $10000 | $10391<br>| $11965<br>| $15556<br>| $13149<br>| $15991<br>| $21804<br>| $25641<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116237_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 11.37% | 8.23% | 7.91% |
| Fidelity Asset Manager 60% Composite Index℠ | 11.55%<br>| 8.34%<br>| 8.11% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 14.40% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4684410931<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $24623714<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.2 |
| BBB | 4.6 |
| BB | 1.1 |
| B | 1.3 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.1 |
| Equities | 64.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1959_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 14.8 |
| Financials | 14.5 |
| Industrials | 7.5 |
| Communication Services | 6.0 |
| Consumer Discretionary | 5.9 |
| Health Care | 4.9 |
| Consumer Staples | 2.5 |
| Materials | 2.5 |
| Energy | 2.5 |
| Utilities | 1.5 |
| Real Estate | 1.4 |

---

Equities 64.9 <br> Bonds 32.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1959_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.0<br>|
| US Treasury Bonds | 3.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.7<br>|
| NVIDIA Corp | 2.7<br>|
| Microsoft Corp | 2.3<br>|
| Fidelity Blue Chip Growth ETF | 2.2<br>|
| Apple Inc | 2.1<br>|
| Alphabet Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Amazon.com Inc | 1.2<br>|
|  | 31.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1959_20250930_2.jpg)<br>| ![](img116237_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913777.101 3259-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 60%<br> **Fidelity Advisor Asset Manager® 60% Class M : FSATX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 60% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $120  | 1.14% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10585<br>| $11811<br>| $12591<br>| $12844<br>| $14234<br>| $16891<br>| $13737<br>| $15220<br>| $18517<br>| $20502<br>|
| Fidelity Asset Manager 60% Composite Index℠<br>| $10000 | $10995<br>| $12225<br>| $13104<br>| $13771<br>| $15134<br>| $17682<br>| $14633<br>| $16490<br>| $20254<br>| $22594<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116238_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 6.84% | 6.81%<br>| 7.44% |
| Class M (without 3.50% sales charge) | 10.72% | 7.57% | 7.83% |
| Fidelity Asset Manager 60% Composite Index℠ | 11.55%<br>| 8.34%<br>| 8.49% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4684410931<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $24623714<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.2 |
| BBB | 4.6 |
| BB | 1.1 |
| B | 1.3 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.1 |
| Equities | 64.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1959_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 14.8 |
| Financials | 14.5 |
| Industrials | 7.5 |
| Communication Services | 6.0 |
| Consumer Discretionary | 5.9 |
| Health Care | 4.9 |
| Consumer Staples | 2.5 |
| Materials | 2.5 |
| Energy | 2.5 |
| Utilities | 1.5 |
| Real Estate | 1.4 |

---

Equities 64.9 <br> Bonds 32.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1959_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.0<br>|
| US Treasury Bonds | 3.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.7<br>|
| NVIDIA Corp | 2.7<br>|
| Microsoft Corp | 2.3<br>|
| Fidelity Blue Chip Growth ETF | 2.2<br>|
| Apple Inc | 2.1<br>|
| Alphabet Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Amazon.com Inc | 1.2<br>|
|  | 31.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1959_20250930_2.jpg)<br>| ![](img116238_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913775.101 1974-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 60%<br> **Fidelity Advisor Asset Manager® 60% Class I : FSNIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 60% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $68  | 0.64% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11037<br>| $12379<br>| $13260<br>| $13599<br>| $15155<br>| $18065<br>| $14765<br>| $16447<br>| $20104<br>| $22367<br>|
| Fidelity Asset Manager 60% Composite Index℠<br>| $10000 | $10995<br>| $12225<br>| $13104<br>| $13771<br>| $15134<br>| $17682<br>| $14633<br>| $16490<br>| $20254<br>| $22594<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116239_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 11.26% | 8.10% | 8.38% |
| Fidelity Asset Manager 60% Composite Index℠ | 11.55%<br>| 8.34%<br>| 8.49% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4684410931<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $24623714<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.2 |
| BBB | 4.6 |
| BB | 1.1 |
| B | 1.3 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.1 |
| Equities | 64.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1959_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 14.8 |
| Financials | 14.5 |
| Industrials | 7.5 |
| Communication Services | 6.0 |
| Consumer Discretionary | 5.9 |
| Health Care | 4.9 |
| Consumer Staples | 2.5 |
| Materials | 2.5 |
| Energy | 2.5 |
| Utilities | 1.5 |
| Real Estate | 1.4 |

---

Equities 64.9 <br> Bonds 32.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1959_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.0<br>|
| US Treasury Bonds | 3.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.7<br>|
| NVIDIA Corp | 2.7<br>|
| Microsoft Corp | 2.3<br>|
| Fidelity Blue Chip Growth ETF | 2.2<br>|
| Apple Inc | 2.1<br>|
| Alphabet Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Amazon.com Inc | 1.2<br>|
|  | 31.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1959_20250930_2.jpg)<br>| ![](img116239_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913776.101 1975-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 60%<br> **Fidelity Advisor Asset Manager® 60% Class C : FSCNX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 60% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $172  | 1.64% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10927<br>| $12122<br>| $12861<br>| $13050<br>| $14393<br>| $16987<br>| $13735<br>| $15150<br>| $18476<br>| $20506<br>|
| Fidelity Asset Manager 60% Composite Index℠<br>| $10000 | $10995<br>| $12225<br>| $13104<br>| $13771<br>| $15134<br>| $17682<br>| $14633<br>| $16490<br>| $20254<br>| $22594<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116240_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 9.13% | 7.00%<br>| 7.45% |
| Class C | 10.13% | 7.00% | 7.45% |
| Fidelity Asset Manager 60% Composite Index℠ | 11.55%<br>| 8.34%<br>| 8.49% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4684410931<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $24623714<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.2 |
| BBB | 4.6 |
| BB | 1.1 |
| B | 1.3 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.1 |
| Equities | 64.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1959_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 14.8 |
| Financials | 14.5 |
| Industrials | 7.5 |
| Communication Services | 6.0 |
| Consumer Discretionary | 5.9 |
| Health Care | 4.9 |
| Consumer Staples | 2.5 |
| Materials | 2.5 |
| Energy | 2.5 |
| Utilities | 1.5 |
| Real Estate | 1.4 |

---

Equities 64.9 <br> Bonds 32.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1959_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.0<br>|
| US Treasury Bonds | 3.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.7<br>|
| NVIDIA Corp | 2.7<br>|
| Microsoft Corp | 2.3<br>|
| Fidelity Blue Chip Growth ETF | 2.2<br>|
| Apple Inc | 2.1<br>|
| Alphabet Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Amazon.com Inc | 1.2<br>|
|  | 31.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1959_20250930_2.jpg)<br>| ![](img116240_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913774.101 1973-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 60%<br> **Fidelity Advisor Asset Manager® 60% Class A : FSAAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 60% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $94  | 0.89% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10377<br>| $11608<br>| $12397<br>| $12674<br>| $14085<br>| $16747<br>| $13655<br>| $15169<br>| $18499<br>| $20532<br>|
| Fidelity Asset Manager 60% Composite Index℠<br>| $10000 | $10995<br>| $12225<br>| $13104<br>| $13771<br>| $15134<br>| $17682<br>| $14633<br>| $16490<br>| $20254<br>| $22594<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116241_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 4.61% | 6.56%<br>| 7.46% |
| Class A (without 5.75% sales charge) | 10.99% | 7.83% | 8.10% |
| Fidelity Asset Manager 60% Composite Index℠ | 11.55%<br>| 8.34%<br>| 8.49% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4684410931<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $24623714<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.2 |
| BBB | 4.6 |
| BB | 1.1 |
| B | 1.3 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.1 |
| Equities | 64.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1959_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 14.8 |
| Financials | 14.5 |
| Industrials | 7.5 |
| Communication Services | 6.0 |
| Consumer Discretionary | 5.9 |
| Health Care | 4.9 |
| Consumer Staples | 2.5 |
| Materials | 2.5 |
| Energy | 2.5 |
| Utilities | 1.5 |
| Real Estate | 1.4 |

---

Equities 64.9 <br> Bonds 32.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1959_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 64.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.0<br>|
| US Treasury Bonds | 3.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.7<br>|
| NVIDIA Corp | 2.7<br>|
| Microsoft Corp | 2.3<br>|
| Fidelity Blue Chip Growth ETF | 2.2<br>|
| Apple Inc | 2.1<br>|
| Alphabet Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Amazon.com Inc | 1.2<br>|
|  | 31.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1959_20250930_2.jpg)<br>| ![](img116241_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913773.101 1971-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 50%<br> **Fidelity Asset Manager® 50% : FASMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 50% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 50%  | $53  | 0.50% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 50%<br>| $10000 | $10956<br>| $12079<br>| $12809<br>| $13241<br>| $14632<br>| $17026<br>| $14168<br>| $15527<br>| $18689<br>| $20567<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10888<br>| $11902<br>| $12608<br>| $13310<br>| $14535<br>| $16541<br>| $13905<br>| $15421<br>| $18586<br>| $20479<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116242_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 50% | 10.04% | 7.05% | 7.48% |
| Fidelity Asset Manager 50% Composite Index℠ | 10.19%<br>| 7.10%<br>| 7.43% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9969968815<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $46012421<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.1 |
| AAA | 2.1 |
| AA | 0.3 |
| A | 2.3 |
| BBB | 5.7 |
| BB | 1.2 |
| B | 1.4 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.4 |
| Equities | 57.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img314_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.1 |
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Equities 57.7 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img314_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| US Treasury Bonds | 3.8<br>|
| Fidelity Enhanced Small Cap ETF | 2.5<br>|
| NVIDIA Corp | 2.5<br>|
| Microsoft Corp | 2.1<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.5<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.3<br>|
| Freddie Mac Gold Pool | 1.1<br>|
|  | 32.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img314_20250930_2.jpg)<br>| ![](img116242_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913723.101 314-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 50%<br> **Fidelity Advisor Asset Manager® 50% Class Z : FIKZX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 50% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $45  | 0.42% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10361<br>| $11456<br>| $13338<br>| $11109<br>| $12188<br>| $14676<br>| $16170<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10568<br>| $11540<br>| $13133<br>| $11040<br>| $12244<br>| $14757<br>| $16260<br>|
| S&P 500® Index<br>| $10000 | $10391<br>| $11965<br>| $15556<br>| $13149<br>| $15991<br>| $21804<br>| $25641<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116243_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 10.18% | 7.14% | 7.11% |
| Fidelity Asset Manager 50% Composite Index℠ | 10.19%<br>| 7.10%<br>| 7.19% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 14.40% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9969968815<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $46012421<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.1 |
| AAA | 2.1 |
| AA | 0.3 |
| A | 2.3 |
| BBB | 5.7 |
| BB | 1.2 |
| B | 1.4 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.4 |
| Equities | 57.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img314_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.1 |
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Equities 57.7 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img314_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| US Treasury Bonds | 3.8<br>|
| Fidelity Enhanced Small Cap ETF | 2.5<br>|
| NVIDIA Corp | 2.5<br>|
| Microsoft Corp | 2.1<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.5<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.3<br>|
| Freddie Mac Gold Pool | 1.1<br>|
|  | 32.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img314_20250930_2.jpg)<br>| ![](img116243_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913724.101 3258-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 50%<br> **Fidelity Advisor Asset Manager® 50% Class M : FFTMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 50% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $109  | 1.04% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10515<br>| $11521<br>| $12153<br>| $12494<br>| $13731<br>| $15884<br>| $13155<br>| $14343<br>| $17160<br>| $18789<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10888<br>| $11902<br>| $12608<br>| $13310<br>| $14535<br>| $16541<br>| $13905<br>| $15421<br>| $18586<br>| $20479<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116244_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 5.66% | 5.72%<br>| 6.51% |
| Class M (without 3.50% sales charge) | 9.49% | 6.47% | 6.89% |
| Fidelity Asset Manager 50% Composite Index℠ | 10.19%<br>| 7.10%<br>| 7.43% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9969968815<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $46012421<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.1 |
| AAA | 2.1 |
| AA | 0.3 |
| A | 2.3 |
| BBB | 5.7 |
| BB | 1.2 |
| B | 1.4 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.4 |
| Equities | 57.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img314_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.1 |
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Equities 57.7 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img314_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| US Treasury Bonds | 3.8<br>|
| Fidelity Enhanced Small Cap ETF | 2.5<br>|
| NVIDIA Corp | 2.5<br>|
| Microsoft Corp | 2.1<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.5<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.3<br>|
| Freddie Mac Gold Pool | 1.1<br>|
|  | 32.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img314_20250930_2.jpg)<br>| ![](img116244_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913721.101 1769-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 50%<br> **Fidelity Advisor Asset Manager® 50% Class I : FFIMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 50% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $57  | 0.54% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10953<br>| $12067<br>| $12793<br>| $13220<br>| $14606<br>| $16987<br>| $14134<br>| $15494<br>| $18634<br>| $20505<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10888<br>| $11902<br>| $12608<br>| $13310<br>| $14535<br>| $16541<br>| $13905<br>| $15421<br>| $18586<br>| $20479<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116245_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 10.04% | 7.02% | 7.45% |
| Fidelity Asset Manager 50% Composite Index℠ | 10.19%<br>| 7.10%<br>| 7.43% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9969968815<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $46012421<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.1 |
| AAA | 2.1 |
| AA | 0.3 |
| A | 2.3 |
| BBB | 5.7 |
| BB | 1.2 |
| B | 1.4 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.4 |
| Equities | 57.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img314_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.1 |
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Equities 57.7 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img314_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| US Treasury Bonds | 3.8<br>|
| Fidelity Enhanced Small Cap ETF | 2.5<br>|
| NVIDIA Corp | 2.5<br>|
| Microsoft Corp | 2.1<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.5<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.3<br>|
| Freddie Mac Gold Pool | 1.1<br>|
|  | 32.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img314_20250930_2.jpg)<br>| ![](img116245_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913722.101 1770-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 50%<br> **Fidelity Advisor Asset Manager® 50% Class C : FFCMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 50% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $161  | 1.54% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10842<br>| $11825<br>| $12409<br>| $12688<br>| $13878<br>| $15976<br>| $13159<br>| $14274<br>| $17123<br>| $18792<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10888<br>| $11902<br>| $12608<br>| $13310<br>| $14535<br>| $16541<br>| $13905<br>| $15421<br>| $18586<br>| $20479<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116246_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 7.92% | 5.93%<br>| 6.51% |
| Class C | 8.92% | 5.93% | 6.51% |
| Fidelity Asset Manager 50% Composite Index℠ | 10.19%<br>| 7.10%<br>| 7.43% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9969968815<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $46012421<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.1 |
| AAA | 2.1 |
| AA | 0.3 |
| A | 2.3 |
| BBB | 5.7 |
| BB | 1.2 |
| B | 1.4 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.4 |
| Equities | 57.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img314_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.1 |
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Equities 57.7 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img314_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| US Treasury Bonds | 3.8<br>|
| Fidelity Enhanced Small Cap ETF | 2.5<br>|
| NVIDIA Corp | 2.5<br>|
| Microsoft Corp | 2.1<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.5<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.3<br>|
| Freddie Mac Gold Pool | 1.1<br>|
|  | 32.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img314_20250930_2.jpg)<br>| ![](img116246_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913720.101 1768-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 50%<br> **Fidelity Advisor Asset Manager® 50% Class A : FFAMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 50% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $83  | 0.79% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10291<br>| $11310<br>| $11959<br>| $12326<br>| $13577<br>| $15749<br>| $13068<br>| $14283<br>| $17134<br>| $18804<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10888<br>| $11902<br>| $12608<br>| $13310<br>| $14535<br>| $16541<br>| $13905<br>| $15421<br>| $18586<br>| $20479<br>|
| S&P 500® Index<br>| $10000 | $11543<br>| $13691<br>| $16143<br>| $16830<br>| $19380<br>| $25194<br>| $21296<br>| $25900<br>| $35315<br>| $41530<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116247_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 3.43% | 5.47%<br>| 6.52% |
| Class A (without 5.75% sales charge) | 9.74% | 6.73% | 7.15% |
| Fidelity Asset Manager 50% Composite Index℠ | 10.19%<br>| 7.10%<br>| 7.43% |
| S&P 500® Index | 17.60%<br>| 16.47%<br>| 15.30% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9969968815<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $46012421<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.1 |
| AAA | 2.1 |
| AA | 0.3 |
| A | 2.3 |
| BBB | 5.7 |
| BB | 1.2 |
| B | 1.4 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.4 |
| Equities | 57.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img314_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.1 |
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Equities 57.7 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img314_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 57.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| US Treasury Bonds | 3.8<br>|
| Fidelity Enhanced Small Cap ETF | 2.5<br>|
| NVIDIA Corp | 2.5<br>|
| Microsoft Corp | 2.1<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.5<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.3<br>|
| Freddie Mac Gold Pool | 1.1<br>|
|  | 32.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img314_20250930_2.jpg)<br>| ![](img116247_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913719.101 1766-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 40%<br> **Fidelity Asset Manager® 40% : FFANX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 40% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 40%  | $50  | 0.48% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 40%<br>| $10000 | $10876<br>| $11784<br>| $12367<br>| $12891<br>| $14103<br>| $15990<br>| $13558<br>| $14636<br>| $17305<br>| $18822<br>|
| Fidelity Asset Manager 40% Composite Index℠<br>| $10000 | $10781<br>| $11585<br>| $12127<br>| $12858<br>| $13943<br>| $15452<br>| $13191<br>| $14394<br>| $17021<br>| $18524<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116248_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 40% | 8.77% | 5.94% | 6.53% |
| Fidelity Asset Manager 40% Composite Index℠ | 8.83%<br>| 5.85%<br>| 6.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2414831364<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $10451023<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 25.2 |
| AAA | 2.6 |
| AA | 0.5 |
| A | 2.7 |
| BBB | 6.4 |
| BB | 1.2 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.6 |
| Equities | 48.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1958_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 25.2 |
| &nbsp;&nbsp;AAA - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| 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. |

---

Equities 48.3 <br> Bonds 43.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1958_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 15.9<br>|
| US Treasury Bonds | 4.4<br>|
| Fidelity Enhanced Small Cap ETF | 2.0<br>|
| NVIDIA Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Fidelity Blue Chip Growth ETF | 1.7<br>|
| Apple Inc | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.5<br>|
| Freddie Mac Gold Pool | 1.3<br>|
| Alphabet Inc Class A | 1.3<br>|
|  | 33.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1958_20250930_2.jpg)<br>| ![](img116248_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913766.101 1958-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 40%<br> **Fidelity Advisor Asset Manager® 40% Class Z : FIKYX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 40% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $46  | 0.44% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10434<br>| $11420<br>| $12961<br>| $10996<br>| $11864<br>| $14034<br>| $15271<br>|
| Fidelity Asset Manager 40% Composite Index℠<br>| $10000 | $10611<br>| $11506<br>| $12752<br>| $10886<br>| $11879<br>| $14047<br>| $15286<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $11027<br>| $11797<br>| $11692<br>| $9985<br>| $10049<br>| $11212<br>| $11535<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116249_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 8.81% | 5.98% | 6.23% |
| Fidelity Asset Manager 40% Composite Index℠ | 8.83%<br>| 5.85%<br>| 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 2.06% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2414831364<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $10451023<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 25.2 |
| AAA | 2.6 |
| AA | 0.5 |
| A | 2.7 |
| BBB | 6.4 |
| BB | 1.2 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.6 |
| Equities | 48.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1958_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 25.2 |
| &nbsp;&nbsp;AAA - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| 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. |

---

Equities 48.3 <br> Bonds 43.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1958_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 15.9<br>|
| US Treasury Bonds | 4.4<br>|
| Fidelity Enhanced Small Cap ETF | 2.0<br>|
| NVIDIA Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Fidelity Blue Chip Growth ETF | 1.7<br>|
| Apple Inc | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.5<br>|
| Freddie Mac Gold Pool | 1.3<br>|
| Alphabet Inc Class A | 1.3<br>|
|  | 33.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1958_20250930_2.jpg)<br>| ![](img116249_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913771.101 3257-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 40%<br> **Fidelity Advisor Asset Manager® 40% Class M : FFNTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 40% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $104  | 1.00% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10434<br>| $11242<br>| $11731<br>| $12154<br>| $13224<br>| $14916<br>| $12585<br>| $13501<br>| $15883<br>| $17174<br>|
| Fidelity Asset Manager 40% Composite Index℠<br>| $10000 | $10781<br>| $11585<br>| $12127<br>| $12858<br>| $13943<br>| $15452<br>| $13191<br>| $14394<br>| $17021<br>| $18524<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116250_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 4.34% | 4.62%<br>| 5.56% |
| Class M (without 3.50% sales charge) | 8.13% | 5.37% | 5.93% |
| Fidelity Asset Manager 40% Composite Index℠ | 8.83%<br>| 5.85%<br>| 6.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2414831364<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $10451023<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 25.2 |
| AAA | 2.6 |
| AA | 0.5 |
| A | 2.7 |
| BBB | 6.4 |
| BB | 1.2 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.6 |
| Equities | 48.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1958_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 25.2 |
| &nbsp;&nbsp;AAA - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| 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. |

---

Equities 48.3 <br> Bonds 43.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1958_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 15.9<br>|
| US Treasury Bonds | 4.4<br>|
| Fidelity Enhanced Small Cap ETF | 2.0<br>|
| NVIDIA Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Fidelity Blue Chip Growth ETF | 1.7<br>|
| Apple Inc | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.5<br>|
| Freddie Mac Gold Pool | 1.3<br>|
| Alphabet Inc Class A | 1.3<br>|
|  | 33.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1958_20250930_2.jpg)<br>| ![](img116250_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913769.101 1969-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 40%<br> **Fidelity Advisor Asset Manager® 40% Class I : FFNIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 40% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $52  | 0.50% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10867<br>| $11772<br>| $12350<br>| $12866<br>| $14069<br>| $15957<br>| $13525<br>| $14578<br>| $17232<br>| $18735<br>|
| Fidelity Asset Manager 40% Composite Index℠<br>| $10000 | $10781<br>| $11585<br>| $12127<br>| $12858<br>| $13943<br>| $15452<br>| $13191<br>| $14394<br>| $17021<br>| $18524<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116251_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 8.72% | 5.90% | 6.48% |
| Fidelity Asset Manager 40% Composite Index℠ | 8.83%<br>| 5.85%<br>| 6.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2414831364<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $10451023<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 25.2 |
| AAA | 2.6 |
| AA | 0.5 |
| A | 2.7 |
| BBB | 6.4 |
| BB | 1.2 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.6 |
| Equities | 48.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1958_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 25.2 |
| &nbsp;&nbsp;AAA - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| 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. |

---

Equities 48.3 <br> Bonds 43.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1958_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 15.9<br>|
| US Treasury Bonds | 4.4<br>|
| Fidelity Enhanced Small Cap ETF | 2.0<br>|
| NVIDIA Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Fidelity Blue Chip Growth ETF | 1.7<br>|
| Apple Inc | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.5<br>|
| Freddie Mac Gold Pool | 1.3<br>|
| Alphabet Inc Class A | 1.3<br>|
|  | 33.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1958_20250930_2.jpg)<br>| ![](img116251_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913770.101 1970-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 40%<br> **Fidelity Advisor Asset Manager® 40% Class C : FFNCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 40% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $155  | 1.50% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10762<br>| $11533<br>| $11967<br>| $12340<br>| $13358<br>| $14994<br>| $12584<br>| $13427<br>| $15829<br>| $17172<br>|
| Fidelity Asset Manager 40% Composite Index℠<br>| $10000 | $10781<br>| $11585<br>| $12127<br>| $12858<br>| $13943<br>| $15452<br>| $13191<br>| $14394<br>| $17021<br>| $18524<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116252_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 6.68% | 4.84%<br>| 5.56% |
| Class C | 7.68% | 4.84% | 5.56% |
| Fidelity Asset Manager 40% Composite Index℠ | 8.83%<br>| 5.85%<br>| 6.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2414831364<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $10451023<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 25.2 |
| AAA | 2.6 |
| AA | 0.5 |
| A | 2.7 |
| BBB | 6.4 |
| BB | 1.2 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.6 |
| Equities | 48.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1958_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 25.2 |
| &nbsp;&nbsp;AAA - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| 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. |

---

Equities 48.3 <br> Bonds 43.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1958_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 15.9<br>|
| US Treasury Bonds | 4.4<br>|
| Fidelity Enhanced Small Cap ETF | 2.0<br>|
| NVIDIA Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Fidelity Blue Chip Growth ETF | 1.7<br>|
| Apple Inc | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.5<br>|
| Freddie Mac Gold Pool | 1.3<br>|
| Alphabet Inc Class A | 1.3<br>|
|  | 33.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1958_20250930_2.jpg)<br>| ![](img116252_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913768.101 1968-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 40%<br> **Fidelity Advisor Asset Manager® 40% Class A : FFNAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 40% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $78  | 0.75% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10220<br>| $11038<br>| $11548<br>| $11999<br>| $13086<br>| $14795<br>| $12507<br>| $13457<br>| $15864<br>| $17210<br>|
| Fidelity Asset Manager 40% Composite Index℠<br>| $10000 | $10781<br>| $11585<br>| $12127<br>| $12858<br>| $13943<br>| $15452<br>| $13191<br>| $14394<br>| $17021<br>| $18524<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116253_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 2.25% | 4.39%<br>| 5.58% |
| Class A (without 5.75% sales charge) | 8.48% | 5.63% | 6.21% |
| Fidelity Asset Manager 40% Composite Index℠ | 8.83%<br>| 5.85%<br>| 6.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2414831364<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $10451023<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 25.2 |
| AAA | 2.6 |
| AA | 0.5 |
| A | 2.7 |
| BBB | 6.4 |
| BB | 1.2 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.6 |
| Equities | 48.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1958_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 25.2 |
| &nbsp;&nbsp;AAA - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| 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. |

---

Equities 48.3 <br> Bonds 43.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1958_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 48.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 15.9<br>|
| US Treasury Bonds | 4.4<br>|
| Fidelity Enhanced Small Cap ETF | 2.0<br>|
| NVIDIA Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Fidelity Blue Chip Growth ETF | 1.7<br>|
| Apple Inc | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.5<br>|
| Freddie Mac Gold Pool | 1.3<br>|
| Alphabet Inc Class A | 1.3<br>|
|  | 33.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1958_20250930_2.jpg)<br>| ![](img116253_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913767.101 1966-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 30%<br> **Fidelity Asset Manager® 30% : FTANX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 30% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 30%  | $49  | 0.47% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 30%<br>| $10000 | $10794<br>| $11475<br>| $11906<br>| $12486<br>| $13491<br>| $14898<br>| $12856<br>| $13636<br>| $15845<br>| $17029<br>|
| Fidelity Asset Manager 30% Composite Index℠<br>| $10000 | $10673<br>| $11273<br>| $11662<br>| $12413<br>| $13360<br>| $14415<br>| $12493<br>| $13411<br>| $15558<br>| $16720<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116254_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 30% | 7.47% | 4.77% | 5.47% |
| Fidelity Asset Manager 30% Composite Index℠ | 7.47%<br>| 4.59%<br>| 5.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2034467721<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $8987296<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.4 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.8 |
| Equities | 43.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1957_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 43.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |
| 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. |

---

Bonds 53.5 <br> Equities 38.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1957_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| Fidelity Low Duration Bond ETF | 5.1<br>|
| US Treasury Bonds | 5.0<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Fidelity Enhanced Small Cap ETF | 1.7<br>|
| NVIDIA Corp | 1.6<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Microsoft Corp | 1.4<br>|
| Fidelity Blue Chip Growth ETF | 1.4<br>|
| Apple Inc | 1.2<br>|
|  | 38.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1957_20250930_2.jpg)<br>| ![](img116254_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913760.101 1957-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 30%<br> **Fidelity Advisor Asset Manager® 30% Class Z : FIKWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 30% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $45  | 0.44% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10501<br>| $11351<br>| $12537<br>| $10821<br>| $11480<br>| $13348<br>| $14338<br>|
| Fidelity Asset Manager 30% Composite Index℠<br>| $10000 | $10650<br>| $11462<br>| $12368<br>| $10718<br>| $11506<br>| $13348<br>| $14346<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $11027<br>| $11797<br>| $11692<br>| $9985<br>| $10049<br>| $11212<br>| $11535<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116255_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 7.41% | 4.78% | 5.28% |
| Fidelity Asset Manager 30% Composite Index℠ | 7.47%<br>| 4.59%<br>| 5.29% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 2.06% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2034467721<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $8987296<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.4 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.8 |
| Equities | 43.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1957_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 43.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |
| 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. |

---

Bonds 53.5 <br> Equities 38.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1957_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| Fidelity Low Duration Bond ETF | 5.1<br>|
| US Treasury Bonds | 5.0<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Fidelity Enhanced Small Cap ETF | 1.7<br>|
| NVIDIA Corp | 1.6<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Microsoft Corp | 1.4<br>|
| Fidelity Blue Chip Growth ETF | 1.4<br>|
| Apple Inc | 1.2<br>|
|  | 38.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1957_20250930_2.jpg)<br>| ![](img116255_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913765.101 3256-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 30%<br> **Fidelity Advisor Asset Manager® 30% Class M : FTTNX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 30% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $103  | 0.99% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10357<br>| $10959<br>| $11296<br>| $11779<br>| $12661<br>| $13907<br>| $11933<br>| $12588<br>| $14551<br>| $15544<br>|
| Fidelity Asset Manager 30% Composite Index℠<br>| $10000 | $10673<br>| $11273<br>| $11662<br>| $12413<br>| $13360<br>| $14415<br>| $12493<br>| $13411<br>| $15558<br>| $16720<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116256_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 3.09% | 3.45%<br>| 4.51% |
| Class M (without 3.50% sales charge) | 6.83% | 4.19% | 4.88% |
| Fidelity Asset Manager 30% Composite Index℠ | 7.47%<br>| 4.59%<br>| 5.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2034467721<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $8987296<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.4 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.8 |
| Equities | 43.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1957_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 43.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |
| 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. |

---

Bonds 53.5 <br> Equities 38.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1957_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| Fidelity Low Duration Bond ETF | 5.1<br>|
| US Treasury Bonds | 5.0<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Fidelity Enhanced Small Cap ETF | 1.7<br>|
| NVIDIA Corp | 1.6<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Microsoft Corp | 1.4<br>|
| Fidelity Blue Chip Growth ETF | 1.4<br>|
| Apple Inc | 1.2<br>|
|  | 38.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1957_20250930_2.jpg)<br>| ![](img116256_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913763.101 1964-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 30%<br> **Fidelity Advisor Asset Manager® 30% Class I : FTINX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 30% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $51  | 0.49% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10780<br>| $11461<br>| $11881<br>| $12451<br>| $13446<br>| $14846<br>| $12804<br>| $13585<br>| $15761<br>| $16934<br>|
| Fidelity Asset Manager 30% Composite Index℠<br>| $10000 | $10673<br>| $11273<br>| $11662<br>| $12413<br>| $13360<br>| $14415<br>| $12493<br>| $13411<br>| $15558<br>| $16720<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116257_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 7.44% | 4.72% | 5.41% |
| Fidelity Asset Manager 30% Composite Index℠ | 7.47%<br>| 4.59%<br>| 5.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2034467721<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $8987296<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.4 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.8 |
| Equities | 43.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1957_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 43.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |
| 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. |

---

Bonds 53.5 <br> Equities 38.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1957_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| Fidelity Low Duration Bond ETF | 5.1<br>|
| US Treasury Bonds | 5.0<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Fidelity Enhanced Small Cap ETF | 1.7<br>|
| NVIDIA Corp | 1.6<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Microsoft Corp | 1.4<br>|
| Fidelity Blue Chip Growth ETF | 1.4<br>|
| Apple Inc | 1.2<br>|
|  | 38.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1957_20250930_2.jpg)<br>| ![](img116257_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913764.101 1965-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 30%<br> **Fidelity Advisor Asset Manager® 30% Class C : FCANX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 30% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $154  | 1.49% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10685<br>| $11236<br>| $11527<br>| $11961<br>| $12798<br>| $13971<br>| $11928<br>| $12524<br>| $14508<br>| $15546<br>|
| Fidelity Asset Manager 30% Composite Index℠<br>| $10000 | $10673<br>| $11273<br>| $11662<br>| $12413<br>| $13360<br>| $14415<br>| $12493<br>| $13411<br>| $15558<br>| $16720<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116258_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 5.39% | 3.66%<br>| 4.51% |
| Class C | 6.39% | 3.66% | 4.51% |
| Fidelity Asset Manager 30% Composite Index℠ | 7.47%<br>| 4.59%<br>| 5.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2034467721<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $8987296<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.4 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.8 |
| Equities | 43.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1957_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 43.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |
| 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. |

---

Bonds 53.5 <br> Equities 38.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1957_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| Fidelity Low Duration Bond ETF | 5.1<br>|
| US Treasury Bonds | 5.0<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Fidelity Enhanced Small Cap ETF | 1.7<br>|
| NVIDIA Corp | 1.6<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Microsoft Corp | 1.4<br>|
| Fidelity Blue Chip Growth ETF | 1.4<br>|
| Apple Inc | 1.2<br>|
|  | 38.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1957_20250930_2.jpg)<br>| ![](img116258_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913762.101 1963-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 30%<br> **Fidelity Advisor Asset Manager® 30% Class A : FTAAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 30% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $77  | 0.74% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10143<br>| $10757<br>| $11123<br>| $11628<br>| $12538<br>| $13789<br>| $11874<br>| $12555<br>| $14544<br>| $15584<br>|
| Fidelity Asset Manager 30% Composite Index℠<br>| $10000 | $10673<br>| $11273<br>| $11662<br>| $12413<br>| $13360<br>| $14415<br>| $12493<br>| $13411<br>| $15558<br>| $16720<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116259_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 0.99% | 3.22%<br>| 4.54% |
| Class A (without 5.75% sales charge) | 7.15% | 4.45% | 5.16% |
| Fidelity Asset Manager 30% Composite Index℠ | 7.47%<br>| 4.59%<br>| 5.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2034467721<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $8987296<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.4 |
| B | 1.5 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.8 |
| Equities | 43.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1957_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 43.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |
| 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. |

---

Bonds 53.5 <br> Equities 38.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1957_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.7 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| Fidelity Low Duration Bond ETF | 5.1<br>|
| US Treasury Bonds | 5.0<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Fidelity Enhanced Small Cap ETF | 1.7<br>|
| NVIDIA Corp | 1.6<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Microsoft Corp | 1.4<br>|
| Fidelity Blue Chip Growth ETF | 1.4<br>|
| Apple Inc | 1.2<br>|
|  | 38.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1957_20250930_2.jpg)<br>| ![](img116259_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913761.101 1961-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 20%<br> **Fidelity Asset Manager® 20% : FASIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 20% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Asset Manager® 20%  | $47  | 0.46% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Asset Manager® 20%<br>| $10000 | $10658<br>| $11127<br>| $11425<br>| $12024<br>| $12780<br>| $13705<br>| $12141<br>| $12675<br>| $14416<br>| $15306<br>|
| Fidelity Asset Manager 20% Composite Index℠<br>| $10000 | $10540<br>| $10945<br>| $11203<br>| $11923<br>| $12695<br>| $13340<br>| $11831<br>| $12517<br>| $14206<br>| $15088<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116260_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Asset Manager® 20% | 6.18% | 3.67% | 4.35% |
| Fidelity Asset Manager 20% Composite Index℠ | 6.20%<br>| 3.51%<br>| 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5570390449<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $23833491<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.3 |
| B | 1.6 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.9 |
| Equities | 33.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 18.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img328_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 33.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Bonds 53.3 <br> Equities 28.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 18.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img328_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| US Treasury Bonds | 5.0<br>|
| Fidelity Low Duration Bond ETF | 4.8<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Ginnie Mae II Pool | 1.2<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| NVIDIA Corp | 1.2<br>|
| Fidelity Hedged Equity ETF | 1.1<br>|
| Microsoft Corp | 1.1<br>|
|  | 36.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img328_20250930_2.jpg)<br>| ![](img116260_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913743.101 328-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 20%<br> **Fidelity Advisor Asset Manager® 20% Class Z : FIKVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 20% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $43  | 0.42% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10527<br>| $11201<br>| $12016<br>| $10640<br>| $11111<br>| $12650<br>| $13428<br>|
| Fidelity Asset Manager 20% Composite Index℠<br>| $10000 | $10646<br>| $11335<br>| $11911<br>| $10564<br>| $11177<br>| $12685<br>| $13471<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $11027<br>| $11797<br>| $11692<br>| $9985<br>| $10049<br>| $11212<br>| $11535<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116261_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 6.15% | 3.69% | 4.30% |
| Fidelity Asset Manager 20% Composite Index℠ | 6.20%<br>| 3.51%<br>| 4.35% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 2.06% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5570390449<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $23833491<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.3 |
| B | 1.6 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.9 |
| Equities | 33.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 18.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img328_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 33.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Bonds 53.3 <br> Equities 28.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 18.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img328_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| US Treasury Bonds | 5.0<br>|
| Fidelity Low Duration Bond ETF | 4.8<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Ginnie Mae II Pool | 1.2<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| NVIDIA Corp | 1.2<br>|
| Fidelity Hedged Equity ETF | 1.1<br>|
| Microsoft Corp | 1.1<br>|
|  | 36.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img328_20250930_2.jpg)<br>| ![](img116261_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913742.101 3255-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 20%<br> **Fidelity Advisor Asset Manager® 20% Class M : FTDWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 20% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $100  | 0.98% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10222<br>| $10611<br>| $10834<br>| $11330<br>| $11986<br>| $12776<br>| $11251<br>| $11683<br>| $13221<br>| $13959<br>|
| Fidelity Asset Manager 20% Composite Index℠<br>| $10000 | $10540<br>| $10945<br>| $11203<br>| $11923<br>| $12695<br>| $13340<br>| $11831<br>| $12517<br>| $14206<br>| $15088<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116262_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 1.89% | 2.36%<br>| 3.39% |
| Class M (without 3.50% sales charge) | 5.58% | 3.09% | 3.76% |
| Fidelity Asset Manager 20% Composite Index℠ | 6.20%<br>| 3.51%<br>| 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5570390449<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $23833491<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.3 |
| B | 1.6 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.9 |
| Equities | 33.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 18.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img328_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 33.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Bonds 53.3 <br> Equities 28.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 18.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img328_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| US Treasury Bonds | 5.0<br>|
| Fidelity Low Duration Bond ETF | 4.8<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Ginnie Mae II Pool | 1.2<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| NVIDIA Corp | 1.2<br>|
| Fidelity Hedged Equity ETF | 1.1<br>|
| Microsoft Corp | 1.1<br>|
|  | 36.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img328_20250930_2.jpg)<br>| ![](img116262_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913740.101 1764-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 20%<br> **Fidelity Advisor Asset Manager® 20% Class I : FTIWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 20% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $49  | 0.48% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10656<br>| $11120<br>| $11406<br>| $11996<br>| $12747<br>| $13662<br>| $12095<br>| $12619<br>| $14355<br>| $15236<br>|
| Fidelity Asset Manager 20% Composite Index℠<br>| $10000 | $10540<br>| $10945<br>| $11203<br>| $11923<br>| $12695<br>| $13340<br>| $11831<br>| $12517<br>| $14206<br>| $15088<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116263_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 6.14% | 3.63% | 4.30% |
| Fidelity Asset Manager 20% Composite Index℠ | 6.20%<br>| 3.51%<br>| 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5570390449<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $23833491<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.3 |
| B | 1.6 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.9 |
| Equities | 33.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 18.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img328_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 33.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Bonds 53.3 <br> Equities 28.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 18.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img328_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| US Treasury Bonds | 5.0<br>|
| Fidelity Low Duration Bond ETF | 4.8<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Ginnie Mae II Pool | 1.2<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| NVIDIA Corp | 1.2<br>|
| Fidelity Hedged Equity ETF | 1.1<br>|
| Microsoft Corp | 1.1<br>|
|  | 36.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img328_20250930_2.jpg)<br>| ![](img116263_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913741.101 1765-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 20%<br> **Fidelity Advisor Asset Manager® 20% Class C : FTCWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 20% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $151  | 1.48% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10549<br>| $10892<br>| $11065<br>| $11514<br>| $12116<br>| $12855<br>| $11260<br>| $11637<br>| $13198<br>| $13969<br>|
| Fidelity Asset Manager 20% Composite Index℠<br>| $10000 | $10540<br>| $10945<br>| $11203<br>| $11923<br>| $12695<br>| $13340<br>| $11831<br>| $12517<br>| $14206<br>| $15088<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116264_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 4.09% | 2.58%<br>| 3.40% |
| Class C | 5.09% | 2.58% | 3.40% |
| Fidelity Asset Manager 20% Composite Index℠ | 6.20%<br>| 3.51%<br>| 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5570390449<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $23833491<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.3 |
| B | 1.6 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.9 |
| Equities | 33.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 18.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img328_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 33.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Bonds 53.3 <br> Equities 28.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 18.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img328_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| US Treasury Bonds | 5.0<br>|
| Fidelity Low Duration Bond ETF | 4.8<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Ginnie Mae II Pool | 1.2<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| NVIDIA Corp | 1.2<br>|
| Fidelity Hedged Equity ETF | 1.1<br>|
| Microsoft Corp | 1.1<br>|
|  | 36.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img328_20250930_2.jpg)<br>| ![](img116264_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913739.101 1763-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Asset Manager® 20%<br> **Fidelity Advisor Asset Manager® 20% Class A : FTAWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Asset Manager® 20% for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $75  | 0.73% |

---

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• Within this environment, both asset class positioning and security selection contributed to the Funds' performance versus the Composite indexes.

• The portfolios' core equity allocation strategy aided relative returns, driven by modest overweights in international stocks, both in developed and emerging markets. Collectively, a moderate overweight in U.S. equities, along with small, out-of-benchmark stakes in real estate investment trusts and commodity-related securities, pressured the portfolios' relative results.

• The Funds' fixed-income positioning also was beneficial from a relative performance standpoint. Here, an underweight in investment-grade bonds and cash, in favor of higher-risk segments of the fixed income market was advantageous. The only notable negative was a small, out-of-index allocation to long-term U.S. Treasurys, which sharply underperformed investment-grade debt for the period.

• In terms of security selection, picks among international equities slightly detracted from relative performance. Specifically, emerging-markets stocks notably contributed, whereas results among developed-markets equities hurt the Funds' returns. Within the former, positioning in India, along with investment choices in Singapore and Taiwan, added the most value. In terms of developed markets, positioning in Canada, combined with picks in the Netherlands non-index exposure to the U.S., was a performance challenge. The impact of foreign currency positioning enhanced the gains of stocks abroad for U.S.-based investors.

• Stock selection the U.S. had a neutral impact on the Funds' relative results. In particular, investment choices in the communication services and financials sectors were advantageous. On the other hand, picks consumer staples and information technology companies, detracted from performance.

• Security selection among investment-grade bonds added value, led U.S. Treasurys and non-government-agency mortgage-backed securities. Credit selection among corporate bonds issued by companies in the communications, capital goods and real estate investment trust categories also helped.

• As of September 30, the Funds were overweight U.S. and emerging-markets stocks, and about equally weighted in developed-market international equities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

September 30, 2015 through September 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10008<br>| $10416<br>| $10662<br>| $11179<br>| $11854<br>| $12673<br>| $11190<br>| $11645<br>| $13207<br>| $13979<br>|
| Fidelity Asset Manager 20% Composite Index℠<br>| $10000 | $10540<br>| $10945<br>| $11203<br>| $11923<br>| $12695<br>| $13340<br>| $11831<br>| $12517<br>| $14206<br>| $15088<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10519<br>| $10527<br>| $10399<br>| $11470<br>| $12271<br>| $12161<br>| $10385<br>| $10452<br>| $11661<br>| $11998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img116265_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -0.24% | 2.14%<br>| 3.41% |
| Class A (without 5.75% sales charge) | 5.84% | 3.35% | 4.02% |
| Fidelity Asset Manager 20% Composite Index℠ | 6.20%<br>| 3.51%<br>| 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 2.88%<br>| -0.45%<br>| 1.84% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5570390449<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $23833491<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 28.6 |
| AAA | 2.9 |
| AA | 0.7 |
| A | 2.6 |
| BBB | 7.5 |
| BB | 1.3 |
| B | 1.6 |
| CCC,CC,C | 0.4 |
| D | 0.0 |
| Not Rated | 2.9 |
| Equities | 33.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 18.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img328_20250930_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 28.6 |
| &nbsp;&nbsp;AAA - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 33.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Bonds 53.3 <br> Equities 28.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 18.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img328_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bonds - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Equities - 28.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 18.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 17.9<br>|
| US Treasury Bonds | 5.0<br>|
| Fidelity Low Duration Bond ETF | 4.8<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.8<br>|
| Freddie Mac Gold Pool | 1.5<br>|
| Ginnie Mae II Pool | 1.2<br>|
| Fidelity Enhanced Small Cap ETF | 1.2<br>|
| NVIDIA Corp | 1.2<br>|
| Fidelity Hedged Equity ETF | 1.1<br>|
| Microsoft Corp | 1.1<br>|
|  | 36.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img328_20250930_2.jpg)<br>| ![](img116265_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913738.101 1761-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| 50% Allocation Fund<br> **50% Allocation Fund : FRYBX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about 50% Allocation Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| 50% Allocation Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• For the period, each of the portfolios' major asset classes - domestic equities, international stocks, U.S. investment-grade bonds and short-term debt - generated positive performance.

• The Dow Jones U.S. Total Stock Market Index rose 17.46%, driven higher by the growth-oriented communication services (+35%) and information technology (+29%) and sectors. Financials (+21%) and consumer discretionary (+18%) stocks also fared well, outpacing the broader index. On the other hand, more defensively-oriented segments of the equity market, including health care (-6%) and real estate (-2%) notably underperformed, along with materials (-1%) and consumer staples (+0.5%).

• Outside the U.S., stock market performance, on the whole, was quite strong, as measured by the 16.61% increase in the MSCI ACWI ex USA Index (Net MA). Developed-market economies in Canada (+25%), the U.K. (+18%) and Japan (+17%) led the way. Stock markets in the Europe ex U.K. (+15%) region were noteworthy as well, especially Germany (+26%) in terms of the more sizable index components. In contrast, Asia Pacific Ex Japan (+11%) lagged by comparison, largely due to the relatively poor-performing Australian market (+3%). In Europe, Switzerland (+9%) was another underperformer.

• Emerging-markets (+18%) also produced robust returns , particularly China and Taiwan (+31% each) - whereas on the other end of the spectrum, India (-11%) and Saudi Arabia (+1%) were unable to keep pace.

• As it relates to U.S. investment-grade bonds, the Bloomberg U.S. Aggregate Bond Index was up a more modest 2.88%. Short-term (3 to 6 months) U.S. Treasurys handily topped their long-term (10+ years) counterparts. Meanwhile, investment-grade corporate bonds outpaced the broader index, as did commercial mortgage-backed securities and government agency bonds. Short-term bonds (+4.12%), as measured by the Bloomberg U.S. 1-5 Year Government/Credit Bond Index, performed a bit better.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 9, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 50% Allocation Fund<br>| $10000 | $8319<br>| $9202<br>| $11149<br>|
| Balanced Allocation Composite Index℠<br>| $10000 | $8326<br>| $9211<br>| $11165<br>|
| S&P 500® Index<br>| $10000 | $7900<br>| $9608<br>| $13101<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116277_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| 50% Allocation Fund | 10.20% | 5.82% |
| Balanced Allocation Composite Index℠ | 10.18%<br>| 5.86% |
| S&P 500® Index | 17.60%<br>| 12.60% |

---

**A** From February 9, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1244061<br>|
| Number of Holdings | 4<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Bond Funds | 39.8 |
| Domestic Equity Funds | 35.2 |
| International Equity Funds | 15.1 |
| Short-Term Funds | 9.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6498_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 39.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 35.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 15.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity U.S. Bond Index Fund | 39.8<br>|
| Fidelity Total Market Index Fund | 35.2<br>|
| Fidelity Total International Index Fund | 15.1<br>|
| Fidelity Short-Term Bond Index Fund | 9.9<br>|
|  | 100.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Balanced Allocation Fund to 50% Allocation Fund during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6498_20250930_2.jpg)<br>| ![](img116277_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913792.101 6498-TSRA-1125 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| 85% Allocation Fund<br> **85% Allocation Fund : FRAGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about 85% Allocation Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| 85% Allocation Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• Global risk assets achieved strong gains for the 12 months ending September 30, 2025, boosted partly by a late-period rally that overshadowed elevated volatility and the potential for a global trade war resulting from the shifting tariff policies of the Trump administration in the U.S.

• For the period, each of the portfolios' major asset classes - domestic equities, international stocks, U.S. investment-grade bonds and short-term debt - generated positive performance.

• The Dow Jones U.S. Total Stock Market Index rose 17.46%, driven higher by the growth-oriented communication services (+35%) and information technology (+29%) and sectors. Financials (+21%) and consumer discretionary (+18%) stocks also fared well, outpacing the broader index. On the other hand, more defensively-oriented segments of the equity market, including health care (-6%) and real estate (-2%) notably underperformed, along with materials (-1%) and consumer staples (+0.5%).

• Outside the U.S., stock market performance, on the whole, was quite strong, as measured by the 16.61% increase in the MSCI ACWI ex USA Index (Net MA). Developed-market economies in Canada (+25%), the U.K. (+18%) and Japan (+17%) led the way. Stock markets in the Europe ex U.K. (+15%) region were noteworthy as well, especially Germany (+26%) in terms of the more sizable index components. In contrast, Asia Pacific Ex Japan (+11%) lagged by comparison, largely due to the relatively poor-performing Australian market (+3%). In Europe, Switzerland (+9%) was another underperformer.

• Emerging-markets (+18%) also produced robust returns , particularly China and Taiwan (+31% each) - whereas on the other end of the spectrum, India (-11%) and Saudi Arabia (+1%) were unable to keep pace.

• As it relates to U.S. investment-grade bonds, the Bloomberg U.S. Aggregate Bond Index was up a more modest 2.88%. Short-term (3 to 6 months) U.S. Treasurys handily topped their long-term (10+ years) counterparts. Meanwhile, investment-grade corporate bonds outpaced the broader index, as did commercial mortgage-backed securities and government agency bonds. Short-term bonds (+4.12%), as measured by the Bloomberg U.S. 1-5 Year Government/Credit Bond Index, performed a bit better.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 9, 2022 through September 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 85% Allocation Fund<br>| $10000 | $7870<br>| $9246<br>| $11922<br>|
| Aggressive Growth Allocation Composite Index℠<br>| $10000 | $7878<br>| $9257<br>| $11942<br>|
| S&P 500® Index<br>| $10000 | $7900<br>| $9608<br>| $13101<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img116278_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| 85% Allocation Fund | 15.32% | 9.14% |
| Aggressive Growth Allocation Composite Index℠ | 15.17%<br>| 9.15% |
| S&P 500® Index | 17.60%<br>| 12.60% |

---

**A** From February 9, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1917398<br>|
| Number of Holdings | 3<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Domestic Equity Funds | 60.1 |
| International Equity Funds | 25.1 |
| Bond Funds | 14.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6501_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 60.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 25.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 14.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Total Market Index Fund | 60.1<br>|
| Fidelity Total International Index Fund | 25.1<br>|
| Fidelity U.S. Bond Index Fund | 14.8<br>|
|  | 100.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Aggressive Growth Allocation Fund to 85% Allocation Fund during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6501_20250930_2.jpg)<br>| ![](img116278_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913794.101 6501-TSRA-1125 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, September 30, 2025, Fidelity Charles Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70%, Fidelity Asset Manager 85%, Fidelity Health Savings Fund, Fidelity Health Savings Index Fund, and Fidelity Sustainable Multi-Asset Fund for services rendered to (the "Fund(s)"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>September 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Asset Manager 20% | &nbsp;&nbsp;$22500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Asset Manager 30% | &nbsp;&nbsp;$22400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Asset Manager 40% | &nbsp;&nbsp;$22400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Asset Manager 50% | &nbsp;&nbsp;$22500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Asset Manager 60% | &nbsp;&nbsp;$22500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Asset Manager 70% | &nbsp;&nbsp;$22500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Asset Manager 85% | &nbsp;&nbsp;$22500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Health Savings Fund | &nbsp;&nbsp;$17100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Health Savings Index Fund | &nbsp;&nbsp;$16500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Sustainable Multi-Asset Fund | &nbsp;&nbsp;$24600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$400  |

---

**<u>September 30, 2024 Fees</u><sup>A</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Asset Manager 20% | &nbsp;&nbsp;$20900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Asset Manager 30% | &nbsp;&nbsp;$20800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Asset Manager 40% | &nbsp;&nbsp;$20900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Asset Manager 50% | &nbsp;&nbsp;$21000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Asset Manager 60% | &nbsp;&nbsp;$20900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Asset Manager 70% | &nbsp;&nbsp;$21000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Asset Manager 85% | &nbsp;&nbsp;$20900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Health Savings Fund | &nbsp;&nbsp;$16100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Health Savings Index Fund | &nbsp;&nbsp;$15500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Sustainable Multi-Asset Fund | &nbsp;&nbsp;$21900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to 30% Allocation Fund, 50% Allocation Fund, 70% Allocation Fund, and 85% Allocation Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>September 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;30% Allocation Fund | &nbsp;&nbsp;$15600  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$5600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;50% Allocation Fund | &nbsp;&nbsp;$15600  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;70% Allocation Fund | &nbsp;&nbsp;$15600  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$5600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;85% Allocation Fund | &nbsp;&nbsp;$15600  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$500  |

---

**<u>September 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;30% Allocation Fund | &nbsp;&nbsp;$14600  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;50% Allocation Fund | &nbsp;&nbsp;$14600  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$7200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;70% Allocation Fund | &nbsp;&nbsp;$14600  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;85% Allocation Fund | &nbsp;&nbsp;$14600  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$7200  | &nbsp;&nbsp;$600  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>September 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>September 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1.970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>September 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>September 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>September 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>September 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp; $2515000  | &nbsp;&nbsp;$5271800  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13904000 | &nbsp;&nbsp;$15308700 |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Health Savings Index Fund**

**Annual Report**

**September 30, 2025**

![](img116053_1.jpg)

![](img116053_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HSI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Health Savings Index Fund](#Sub_Sec_Fund_6047_HSI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6047_HSI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HSI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HSI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HSI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HSI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HSI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HSI-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

"BLOOMBERG®" and the Bloomberg indices listed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Fidelity. Bloomberg is not affiliated with Fidelity, and Bloomberg does not approve, endorse, review, or recommend the fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the fund.

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.© 2025 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Health Savings Index Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 41.2%** | &nbsp;&nbsp;**Bond Funds - 41.2%** | &nbsp;&nbsp;**Bond Funds - 41.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 169129 | 1588124 |
| Fidelity International Bond Index Fund (a) | 489752 | 4598772 |
| Fidelity U.S. Bond Index Fund (a) | 598949 | 6318916 |
| iShares iBoxx $ High Yield Corporate Bond ETF  | 1581 | 128361 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $12,540,502) |  | **12634173** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 20.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 20.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 20.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Central Fund (b) | 11586 | 1084067 |
| Fidelity Total Market Index Fund (a) | 28562 | 5263639 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $4,228,945) |  | **6347706** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 19.2%** | &nbsp;&nbsp;**International Equity Funds - 19.2%** | &nbsp;&nbsp;**International Equity Funds - 19.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Index Fund (a) | 162218 | 2173717 |
| Fidelity International Index Fund (a) | 62093 | 3724362 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $4,427,366) |  | **5898079** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 10.0%** | &nbsp;&nbsp;**Short-Term Funds - 10.0%** | &nbsp;&nbsp;**Short-Term Funds - 10.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Short-Term Bond Index Fund (a)<br>(Cost $3,025,736)<br>| 303333 | **3075792** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c)<br>(Cost $2,645,554)<br>| 4.21 | 2645025 | **2645554** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $26,868,103)<br>| <br>**30601304** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **102375** |
| **NET ASSETS - 100.0%** | **30703679** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Affiliated fund.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 13403 | 3286597 | 654446 | 92024 | - | - | 2645554 | 2645025 | 0.0% |
| Fidelity Commodity Strategy Central Fund | - | 1084067 | - | - | - | - | 1084067 | 11586 | 0.3% |
| Fidelity Inflation-Protected Bond Index Central Fund | 3861213 | 60631 | 3849388 | 38338 | (291787) | 219331 | - | - | 0.0% |
| Total | 3874616 | 4431295 | 4503834 | 130362 | (291787) | 219331 | 3729621 |  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | 72536 | 1286542 | 1428195 | 37731 | 67970 | 1147 | - | - |
| Fidelity Emerging Markets Index Fund | 1352054 | 854152 | 317230 | 42088 | (3110) | 287851 | 2173717 | 162218 |
| Fidelity Inflation-Protected Bond Index Fund | - | 2039415 | 492501 | 38903 | 678 | 41206 | 1588124 | 169129 |
| Fidelity International Bond Index Fund | 5948955 | 803339 | 2159763 | 143757 | (24820) | 31061 | 4598772 | 489752 |
| Fidelity International Index Fund | 3005513 | 956041 | 714958 | 92421 | 59871 | 417895 | 3724362 | 62093 |
| Fidelity Long-Term Treasury Bond Index Fund | 1664928 | 139215 | 1737510 | 10116 | (209354) | 142721 | - | - |
| Fidelity Short-Term Bond Index Fund | - | 3234181 | 208149 | 82892 | (296) | 50056 | 3075792 | 303333 |
| Fidelity Total Market Index Fund | 5379617 | 715244 | 1602998 | 55831 | 274311 | 497465 | 5263639 | 28562 |
| Fidelity U.S. Bond Index Fund | 4573117 | 2747977 | 986136 | 196911 | (50686) | 34644 | 6318916 | 598949 |
|  | 21996720 | 12776106 | 9647440 | 700650 | 114564 | 1504046 | 26743322 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 12634173 | 12634173 | - | - |
|  **Domestic Equity Funds** | 6347706 | 6347706 | - | - |
|  **International Equity Funds** | 5898079 | 5898079 | - | - |
|  **Short-Term Funds** | 3075792 | 3075792 | - | - |
|  **Money Market Funds** | 2645554 | 2645554 | - | - |
| **Total Investments in Securities:** | 30601304 | 30601304 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $118,912) | $128361 |  |
| Fidelity Central Funds (cost $3,729,621) | 3729621 |  |
| Other affiliated issuers (cost $23,019,570) | 26743322 |  |
| Total Investment in Securities (cost $26,868,103) |  | $30601304 |
| Cash |  | 18238 |
| Receivable for investments sold |  | 1551774 |
| Receivable for fund shares sold |  | 50478 |
| Distributions receivable from Fidelity Central Funds |  | 9350 |
| **Total assets** |  | 32231144 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1521783 |  |
| Payable for fund shares redeemed | 3150 |  |
| Accrued management fee | 2532 |  |
| **Total liabilities** |  | 1527465 |
| **Net Assets**  |  | $30703679 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $29247099 |
| Total accumulated earnings (loss) |  | 1456580 |
| **Net Assets** |  | $30703679 |
| **Net Asset Value**, offering price and redemption price per share ($30,703,679 ÷ 2,811,926 shares) |  | $10.92 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $33968 |
| Affiliated issuers |  | 700650 |
| Income from Fidelity Central Funds  |  | 130362 |
| **Total income** |  | 864980 |
| **Expenses** |  |  |
| Management fee | $43090 |  |
| Independent trustees' fees and expenses | 71 |  |
| Total expenses before reductions | 43161 |  |
| Expense reductions | (14662) |  |
| Total expenses after reductions |  | 28499 |
| **Net Investment income (loss)** |  | 836481 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (233916) |  |
| Fidelity Central Funds | (291787) |  |
| Other affiliated issuers | 114564 |  |
| Total net realized gain (loss) |  | (411139) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 201881 |  |
| Fidelity Central Funds  | 219331 |  |
| Other affiliated issuers  | 1504046 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1925258 |
| **Net gain (loss)** |  | 1514119 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2350600 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $836481 | $847654 |
| &nbsp;&nbsp;Net realized gain (loss) | (411139)<br>| (303300)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1925258 | 3709930<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2350600<br>| 4254284<br>|
| Distributions to shareholders | (799321)<br>| (856404)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4071384 | 4942619 |
| Reinvestment of distributions | 768662<br>| 824498<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4207134) | (4545234) |
| **Net increase (decrease) in net assets resulting from share transactions** | 632912<br>| 1221883<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2184191<br>| 4619763<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 28519488 | 23899725<br>|
| &nbsp;&nbsp;End of period | $30703679 | $28519488 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 393788 | 514044 |
| Issued in reinvestment of distributions | 75520<br>| 85126<br>|
| &nbsp;&nbsp;Redeemed | (407893) | (468889) |
| &nbsp;&nbsp;Net increase (decrease) | 61415 | 130281 |

---

**Financial Highlights** 

**Fidelity® Health Savings Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.37 | $9.12 | $9.01 | $11.06 | $10.41 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .31  | .29  | .32  | .17  |
| Net realized and unrealized gain (loss)  | .54  | 1.26  | .18  | (2.06)  | .66  |
| Total from investment operations  | .84  | 1.57  | .47  | (1.74)  | .83  |
| Distributions from net investment income  | (.29)  | (.32)  | (.36)  | (.28)  | (.14)  |
| Distributions from net realized gain  | -  | -  | -  | (.03)  | (.04)  |
| Total distributions  | (.29)  | (.32)  | (.36)  | (.31)  | (.18)  |
| Net asset value, end of period  | $10.92 | $10.37 | $9.12 | $9.01 | $11.06 |
| **Total Return** C | 8.34% <br>| 17.46%  | 5.30%  | (16.22)%  | 7.99%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .16%  | .15%  | .15%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .11%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.91%  | 3.19%  | 3.14%  | 3.08%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $30704 | $28519 | $23900 | $19409 | $16864 |
| Portfolio turnover rate F | 54% <br>| 25%  | 49%  | 32%  | 42%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended September 30, 2025

**1. Organization.**

Fidelity Health Savings Index Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares are available only to certain Fidelity health savings accounts.

The Fund is a fund of funds, and therefore invests in other funds instead of individual securities. The Fund invests primarily in a combination of passively managed Fidelity bond and equity funds and affiliated and unaffiliated exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| 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 | 0.01% |
| Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. |  | Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses a third party pricing service approved by the Board of Trustees (the Board) to value its investments. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service 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.

The aggregate value of investments by input level as of September 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date. Distributions from any underlying mutual funds or exchange-traded funds that are deemed to be return of capital are recorded as a reduction of cost of investments.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to capital loss carryforwards 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $3876157 |
| **Gross unrealized depreciation**  | <u>(250531)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3625626</u> |
| **Tax Cost**  | <u>$26975678</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$66138</u> |
| **Capital loss carryforward**  | <u>$(2235182)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3625626</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(258989) |
| Long-term | <u>(1976193)</u> |
| **Total capital loss carryforward** | <u>$(2235182)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2024** |
| **Ordinary Income** | $799321 | $856404 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Health Savings Index Fund** | 14462956 | 15234375 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .15% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

The investment adviser contractually agreed to waive the Fund's management fee in an amount equal to .05% of average net assets until January 31, 2027. For the period, management fees were reduced by $14,363.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $299.

**8. Other.**

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

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Charles Street Trust and the Shareholders of Fidelity Health Savings Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Health Savings Index Fund (the "Fund"), a fund of Fidelity Charles Street Trust, including the schedule of investments, as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 28.77% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $511,404 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

A percentage of the dividends distributed during the fiscal year for the fund qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| October 2024 | 0% |
| November 2024 | 10% |
| December 2024 | 10% |
| February 2025 | 12% |
| March 2025 | 12% |
| April 2025 | 12% |
| May 2025 | 12% |
| June 2025 | 12% |
| July 2025 | 12% |
| August 2025 | 12% |
| September 2025  | 12% |

---

A percentage of the dividends distributed during the fiscal year for the fund may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code:

---

| | |
|:---|:---|
| October 2024 | 0% |
| November 2024 | 32.16% |
| December 2024 | 32.72% |
| February 2025 | 1.09% |
| March 2025 | 1.09% |
| April 2025 | 1.09% |
| May 2025 | 1.09% |
| June 2025 | 1.09% |
| July 2025 | 1.09% |
| August 2025 | 1.09% |
| September 2025  | 1.09% |

---

A percentage of the dividends distributed during the fiscal year for the fund are section 199A dividends:

---

| | |
|:---|:---|
| October 2024 | 0% |
| November 2024 | 0.89% |
| December 2024 | 0.90% |
| February 2025 | 0% |
| March 2025 | 0% |
| April 2025 | 0% |
| May 2025 | 0% |
| June 2025 | 0% |
| July 2025 | 0% |
| August 2025 | 0% |
| September 2025 | 0% |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows for the dividends distributed during calendar year 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Health Savings Index Fund** |  |  |  |
|  | 02/05/2024 | $0.0007 | $0.0001 |
|  | 03/04/2024 | $0.0037 | $0.0003 |
|  | 04/08/2024 | $0.0019 | $0.0001 |
|  | 05/06/2024 | $0.0042 | $0.0003 |
|  | 06/10/2024 | $0.0017 | $0.0001 |
|  | 07/08/2024 | $0.0017 | $0.0001 |
|  | 08/05/2024 | $0.0064 | $0.0005 |
|  | 09/09/2024 | $0.0017 | $0.0001 |
|  | 10/07/2024 | $0.0017 | $0.0001 |
|  | 11/04/2024 | $0.0054 | $0.0004 |
|  | 12/31/2024 | $0.0242 | $0.0018 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Health Savings Index Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which the fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that the Investment Advisers' investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to limited exceptions) fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to waive 0.05% of the fund's management fee through January 31, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds, including the Fidelity funds in which the fund invests.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img116053_4.jpg)<br>

1.9897521.105 HSI-ANN-1125

**Fidelity® Health Savings Fund**

**Annual Report**

**September 30, 2025**

![](img116054_1.jpg)

![](img116054_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HSF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Health Savings Fund](#Sub_Sec_Fund_6046_HSF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6046_HSF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HSF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HSF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HSF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HSF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HSF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HSF-ANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Health Savings Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 20.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 20.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 20.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 12747 | 684004 |
| Fidelity Commodity Strategy Central Fund (a) | 25081 | 2346873 |
| Fidelity Enhanced Large Cap Value ETF (b) | 5091 | 170701 |
| Fidelity Enhanced Mid Cap ETF (b) | 7844 | 283561 |
| Fidelity Enhanced Small Cap ETF (b) | 21856 | 799055 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 11725 | 342487 |
| Fidelity U.S. Equity Central Fund (a) | 58636 | 9129702 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $10,820,908) |  | **13756383** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 41.2%** | &nbsp;&nbsp;**Fixed-Income Funds - 41.2%** | &nbsp;&nbsp;**Fixed-Income Funds - 41.2%** |
|  | Shares | Value ($)<br>|
| Fidelity High Income Central Fund (a) | 2554 | 282246 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 366419 | 3440675 |
| Fidelity International Bond Index Fund (b) | 1061059 | 9963344 |
| Fidelity Investment Grade Bond Central Fund (a) | 137422 | 13702367 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $27,077,019) |  | **27388632** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 19.2%** | &nbsp;&nbsp;**International Equity Funds - 19.2%** | &nbsp;&nbsp;**International Equity Funds - 19.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (a) | 17114 | 4711412 |
| Fidelity International Equity Central Fund (a) | 64601 | 8086813 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $9,362,749) |  | **12798225** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 10.0%** | &nbsp;&nbsp;**Short-Term Funds - 10.0%** | &nbsp;&nbsp;**Short-Term Funds - 10.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Short-Term Bond Fund (b)<br>(Cost $6,612,532)<br>| 781293 | **6664432** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c)<br>(Cost $5,772,044)<br>| 4.21 | 5770890 | **5772044** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $59,645,252)<br>| <br>**66379716** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **168544** |
| **NET ASSETS - 100.0%** | **66548260** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(b) Affiliated fund.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 26303 | 7217931 | 1472190 | 198850 | - | - | 5772044 | 5770890 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 155200 | 2807403 | 713805 | 176101 | 7152 | 90923 | 2346873 | 25081 | 0.6% |
| Fidelity Emerging Markets Debt Central Fund | 5520683 | 66679 | 5527274 | 53335 | (182573) | 122485 | - | - | 0.0% |
| Fidelity Emerging Markets Equity Central Fund | 2913238 | 1678320 | 609752 | 79929 | 520 | 729086 | 4711412 | 17114 | 0.2% |
| Fidelity High Income Central Fund | 152087 | 1178649 | 1071589 | 31903 | 14625 | 8474 | 282246 | 2554 | 0.0% |
| Fidelity Inflation-Protected Bond Index Central Fund | 8286472 | 103278 | 8234494 | 82254 | (545802) | 390546 | - | - | 0.0% |
| Fidelity International Equity Central Fund | 6423949 | 1983666 | 1317234 | 218602 | 82555 | 913877 | 8086813 | 64601 | 0.1% |
| Fidelity Investment Grade Bond Central Fund | 9806663 | 5839541 | 1882216 | 527698 | (139892) | 78271 | 13702367 | 137422 | 0.0% |
| Fidelity U.S. Equity Central Fund | 11577528 | 1934310 | 4984732 | 919148 | 410893 | 193160 | 9129702 | 58636 | 0.0% |
| Total | 44862123 | 22809777 | 25813286 | 2287820 | (352522) | 2526822 | 44031457 |  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 765816 | 179732 | 64 | 1471 | 96449 | 684004 | 12747 |
| Fidelity Enhanced Large Cap Value ETF | - | 175032 | 20423 | 2268 | 763 | 15329 | 170701 | 5091 |
| Fidelity Enhanced Mid Cap ETF | - | 305415 | 48208 | 2763 | 1153 | 25201 | 283561 | 7844 |
| Fidelity Enhanced Small Cap ETF | - | 869784 | 163541 | 5585 | 1259 | 91553 | 799055 | 21856 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 373031 | 57161 | 1625 | 375 | 26242 | 342487 | 11725 |
| Fidelity Inflation-Protected Bond Index Fund | - | 4332709 | 982430 | 85661 | 2444 | 87952 | 3440675 | 366419 |
| Fidelity International Bond Index Fund | 12766855 | 1566486 | 4384745 | 310293 | (49179) | 63927 | 9963344 | 1061059 |
| Fidelity Long-Term Treasury Bond Index Fund | 3573288 | 286034 | 3716765 | 21741 | (390509) | 247952 | - | - |
| Fidelity Short-Term Bond Fund | - | 6966772 | 354170 | 218231 | (70) | 51900 | 6664432 | 781293 |
|  | 16340143 | 15641079 | 9907175 | 648231 | (432293) | 706505 | 22348259 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Domestic Equity Funds** | 13756383 | 13756383 | - | - |
|  **Fixed-Income Funds** | 27388632 | 27388632 | - | - |
|  **International Equity Funds** | 12798225 | 12798225 | - | - |
|  **Short-Term Funds** | 6664432 | 6664432 | - | - |
|  **Money Market Funds** | 5772044 | 5772044 | - | - |
| **Total Investments in Securities:** | 66379716 | 66379716 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Fidelity Central Funds (cost $37,732,706) | $44031457 |  |
| Other affiliated issuers (cost $21,912,546) | 22348259 |  |
| Total Investment in Securities (cost $59,645,252) |  | $66379716 |
| Cash |  | 5575 |
| Receivable for investments sold |  | 1032824 |
| Receivable for fund shares sold |  | 39568 |
| Distributions receivable from Fidelity Central Funds |  | 20395 |
| **Total assets** |  | 67478078 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $871488 |  |
| Payable for fund shares redeemed | 37868 |  |
| Accrued management fee | 20462 |  |
| **Total liabilities** |  | 929818 |
| **Net Assets**  |  | $66548260 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $63048052 |
| Total accumulated earnings (loss) |  | 3500208 |
| **Net Assets** |  | $66548260 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Fidelity Health Savings Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($22,679,091 ÷ 2,051,287 shares) |  | $11.06 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($43,869,169 ÷ 3,969,496 shares) |  | $11.05 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $648231 |
| Income from Fidelity Central Funds  |  | 1477171 |
| **Total income** |  | 2125402 |
| **Expenses** |  |  |
| Management fee | $238714 |  |
| Independent trustees' fees and expenses | 153 |  |
| Total expenses before reductions | 238867 |  |
| Expense reductions | (6588) |  |
| Total expenses after reductions |  | 232279 |
| **Net Investment income (loss)** |  | 1893123 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Fidelity Central Funds | (352522) |  |
| Other affiliated issuers | (432293) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 810649 |  |
| Total net realized gain (loss) |  | 25834 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Fidelity Central Funds  | 2526822 |  |
| Other affiliated issuers  | 706505 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3233327 |
| **Net gain (loss)** |  | 3259161 |
| **Net increase (decrease) in net assets resulting from operations** |  | $5152284 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1893123 | $1773320 |
| &nbsp;&nbsp;Net realized gain (loss) | 25834<br>| (411265)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3233327 | 7850144<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5152284<br>| 9212199<br>|
| Distributions to shareholders | (1776377)<br>| (1816827)<br>|
| Share transactions - net increase (decrease) | 1989306<br>| 91175<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5365213<br>| 7486547<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 61183047 | 53696500<br>|
| &nbsp;&nbsp;End of period | $66548260 | $61183047 |

---

**Financial Highlights** 

**Fidelity® Health Savings Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.50 | $9.25 | $9.15 | $11.21 | $10.48 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .29  | .29  | .28  | .16  |
| Net realized and unrealized gain (loss)  | .55  | 1.26  | .20  | (2.02)  | .76  |
| Total from investment operations  | .86  | 1.55  | .49  | (1.74)  | .92  |
| Distributions from net investment income  | (.29)  | (.30)  | (.34)  | (.25)  | (.11)  |
| Distributions from net realized gain  | (.01)  | -  | (.05)  | (.07)  | (.08)  |
| Total distributions  | (.30)  | (.30)  | (.39)  | (.32)  | (.19)  |
| Net asset value, end of period  | $11.06 | $10.50 | $9.25 | $9.15 | $11.21 |
| **Total Return** C | 8.37% <br>| 17.02%  | 5.36%  | (15.98)%  | 8.81%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .46%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .44% <br>| .45%  | .46%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .44%  | .45%  | .46%  | .45%  | .45%  |
| Net investment income (loss)  | 2.98%  | 2.98%  | 3.11%  | 2.66%  | 1.48%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22679 | $21055 | $20513 | $18399 | $16668 |
| Portfolio turnover rate F | 54% <br>| 28%  | 46%  | 29%  | 31%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Health Savings Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.49 | $9.24 | $9.15 | $11.21 | $10.48 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .30  | .30  | .29  | .18  |
| Net realized and unrealized gain (loss)  | .55  | 1.26  | .19  | (2.02)  | .75  |
| Total from investment operations  | .87  | 1.56  | .49  | (1.73)  | .93  |
| Distributions from net investment income  | (.30)  | (.31)  | (.35)  | (.27)  | (.12)  |
| Distributions from net realized gain  | (.01)  | -  | (.05)  | (.07)  | (.08)  |
| Total distributions  | (.31)  | (.31)  | (.40)  | (.33) C | (.20)  |
| Net asset value, end of period  | $11.05 | $10.49 | $9.24 | $9.15 | $11.21 |
| **Total Return** D | 8.48% <br>| 17.19%  | 5.36%  | (15.88)%  | 8.92%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .35%  | .35%  | .36%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .34% <br>| .35%  | .36%  | .35%  | .35%  |
| Expenses net of all reductions, if any  | .34%  | .35%  | .36%  | .35%  | .35%  |
| Net investment income (loss)  | 3.08%  | 3.08%  | 3.21%  | 2.76%  | 1.58%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $43869 | $40128 | $33183 | $22284 | $16827 |
| Portfolio turnover rate G | 54% <br>| 28%  | 46%  | 29%  | 31%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended September 30, 2025

**1. Organization.**

Fidelity Health Savings Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Fidelity Health Savings Fund and Class K are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Shares are available only to certain Fidelity health savings accounts. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The Fund is a fund of funds, and therefore invests in other funds instead of individual securities. The Fund invests primarily in a combination of both actively and passively managed Fidelity bond and equity funds and affiliated and unaffiliated exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| 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 | 0.01% |
| Fidelity Emerging Markets Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Futures<br> Restricted Securities | 0.02% |
| Fidelity International Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Futures<br> Restricted Securities | 0.01% |
| Fidelity High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Loans & Direct Debt Instruments<br> Restricted Securities | Less than .005% |
| Fidelity Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| Fidelity U.S. Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors. | Foreign Securities<br> Futures | Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service 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.

The aggregate value of investments by input level as of September 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date. Distributions from any underlying mutual funds or exchange-traded funds that are deemed to be return of capital are recorded as a reduction of cost of investments.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), capital loss carryforwards 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $6953782 |
| **Gross unrealized depreciation**  | <u>(427888)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$6525894</u> |
| **Tax Cost**  | <u>$59853822</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$287300</u> |
| **Capital loss carryforward**  | <u>$(3312988)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$6525894</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(315918) |
| Long-term | <u>(2997070)</u> |
| **Total capital loss carryforward** | <u>$(3312988)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2024** |
| **Ordinary Income**  | $1776377 | $1816827 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Health Savings Fund** | 31232928 | 34248271 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:

---

| | |
|:---|:---|
|  | **Annual % of Class-Level Average Net Assets** |
| **Fidelity Health Savings Fund** | .45% |
| **Class K** | .35% |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

Effective November 1, 2023, the investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in certain affiliated ETFs. This waiver cannot be removed or modified without the approval of the Board. During the period this waiver reduced the Fund's management fee as follows:

---

| | |
|:---|:---|
|  | **Waiver ($)** |
| **Fidelity Health Savings Fund** | 6316 |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $272.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Fidelity Health Savings Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Fidelity Health Savings Fund | $591904 | $641673 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1184473</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1175154</u> |
| Total  | <u>$1776377</u> | <u>$1816827</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024** | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024** |
| **Fidelity Health Savings Fund** |  |  |  |  |
| **Fidelity Health Savings Fund** |  |  |  |  |
| Shares sold | 283337 | 322669 | $2972201 | $3157913 |
| Reinvestment of distributions | 53181 | 61080 | 551296 | 599699 |
| Shares redeemed | <u>(290526)</u> | <u>(597269)</u> | <u>(3038051)</u> | <u>(5880365)</u> |
| Net increase (decrease) | <u>45992</u> | <u>(213520)</u> | <u>$485446</u> | <u>$(2122753)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 494663 | 811364 | $5163358 | $7917957 |
| Reinvestment of distributions | 112910 | 118205 | 1170555 | 1162140 |
| Shares redeemed | <u>(461630)</u> | <u>(695787)</u> | <u>(4830053)</u> | <u>(6866169)</u> |
| Net increase (decrease) | <u>145943</u> | <u>233782</u> | <u>$1503860</u> | <u>$2213928</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Charles Street Trust and the Shareholders of Fidelity Health Savings Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Health Savings Fund (the "Fund"), a fund of Fidelity Charles Street Trust, including the schedule of investments, as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 19.50% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,434,422 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | |
|:---|:---|:---|
|  | **Fidelity Health Savings Fund** | **Class K** |
| November, 2024 | 6% | 6% |
| December, 2024 | 6% | 6% |
| February, 2025 | 8% | 7% |
| March, 2025 | 8% | 7% |
| April, 2025 | 7% | 7% |
| May, 2025 | 7% | 7% |
| June, 2025 | 8% | 7% |
| July, 2025 | 7% | 7% |
| August, 2025 | 7% | 7% |
| September, 2025 | 8% | 7% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
|  | **Fidelity Health Savings Fund** | **Class K** |
| November, 2024 | 9.67% | 9.67% |
| December, 2024 | 10.74% | 10.54% |
| February, 2025 | 30.41% | 26.61% |
| March, 2025 | 29.62% | 26.92% |
| April, 2025 | 27.79% | 27.79% |
| May, 2025 | 28.52% | 27.42% |
| June, 2025 | 29.31% | 27.06% |
| July, 2025 | 28.33% | 27.52% |
| August, 2025 | 28.55% | 27.41% |
| September, 2025 | 29.20% | 27.11% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | | |
|:---|:---|:---|
|  | **Fidelity Health Savings Fund** | **Class K** |
| November, 2024 | 0.50% | 0.50% |
| December, 2024 | 0.55% | 0.54% |
| February, 2025 | 0.56% | 0.49% |
| March, 2025 | 0.54% | 0.49% |
| April, 2025 | 0.51% | 0.51% |
| May, 2025 | 0.52% | 0.50% |
| June, 2025 | 0.54% | 0.50% |
| July, 2025 | 0.52% | 0.51% |
| August, 2025 | 0.52% | 0.50% |
| September, 2025 | 0.54% | 0.50% |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Health Savings Fund** |  |  |  |
| Fidelity Health Savings Fund | 02/05/2024 | $0.0007 | $0.0001 |
| Class K | 02/05/2024 | $0.0008 | $0.0001 |
| Fidelity Health Savings Fund | 03/04/2024 | $0.0028 | $0.0004 |
| Class K | 03/04/2024 | $0.0029 | $0.0004 |
| Fidelity Health Savings Fund | 04/08/2024 | $0.0019 | $0.0003 |
| Class K | 04/08/2024 | $0.0021 | $0.0003 |
| Fidelity Health Savings Fund | 05/06/2024 | $0.0023 | $0.0003 |
| Class K | 05/06/2024 | $0.0024 | $0.0003 |
| Fidelity Health Savings Fund | 06/10/2024 | $0.0012 | $0.0002 |
| Class K | 06/10/2024 | $0.0013 | $0.0002 |
| Fidelity Health Savings Fund | 07/08/2024 | $0.0039 | $0.0006 |
| Class K | 07/08/2024 | $0.0040 | $0.0006 |
| Fidelity Health Savings Fund | 08/05/2024 | $0.0051 | $0.0007 |
| Class K | 08/05/2024 | $0.0052 | $0.0007 |
| Fidelity Health Savings Fund | 09/09/2024 | $0.0012 | $0.0002 |
| Class K | 09/09/2024 | $0.0013 | $0.0002 |
| Fidelity Health Savings Fund | 10/07/2024 | $0.0025 | $0.0004 |
| Class K | 10/07/2024 | $0.0027 | $0.0004 |
| Fidelity Health Savings Fund | 11/04/2024 | $0.0043 | $0.0006 |
| Class K | 11/04/2024 | $0.0043 | $0.0006 |
| Fidelity Health Savings Fund | 12/31/2024 | $0.0136 | $0.0019 |
| Class K | 12/31/2024 | $0.0138 | $0.0019 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Health Savings Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which the fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that the Investment Advisers' investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio of the retail class, the Board considered the fund's unitary (subject to limited exceptions) fee rate as well as other fund or class expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expense ratios.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class ranked below the competitive median of the peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board considered that the fund has a unitary management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its total peer group median.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds, including the Fidelity funds in which the fund invests.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img116054_4.jpg)<br>

1.9897530.105 HSF-ANN-1125

**Fidelity Asset Manager® Funds**

**Fidelity Asset Manager® 20%**

**Fidelity Asset Manager® 30%**

**Fidelity Asset Manager® 40%**

**Fidelity Asset Manager® 50%**

**Fidelity Asset Manager® 60%**

**Fidelity Asset Manager® 70%**

**Fidelity Asset Manager® 85%**

**Annual Report**

**September 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img116058_1.jpg)

![](img116058_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 20%](#Sub_Sec_Fund_328_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 30%](#Sub_Sec_Fund_1957_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 40%](#Sub_Sec_Fund_1958_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 50%](#Sub_Sec_Fund_314_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 60%](#Sub_Sec_Fund_1959_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 70%](#Sub_Sec_Fund_321_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Asset Manager® 85%](#Sub_Sec_Fund_347_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements328_AR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AR-ANN)** |

---

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Asset Manager® 20%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 47.7%** | &nbsp;&nbsp;**Bond Funds - 47.7%** | &nbsp;&nbsp;**Bond Funds - 47.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 746389 | 70690473 |
| Fidelity Floating Rate Central Fund (b) | 436402 | 41955649 |
| Fidelity High Income Central Fund (b) | 880141 | 97246817 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 1187557 | 109528426 |
| Fidelity International Credit Central Fund (b) | 171186 | 14348774 |
| Fidelity Investment Grade Bond Central Fund (b) | 23308074 | 2324048025 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $2,656,720,885) |  | **2657818164** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 18.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 18.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 18.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c) | 1036259 | 55605658 |
| Fidelity Commodity Strategy Central Fund (b) | 457841 | 42840185 |
| Fidelity Enhanced Large Cap Value ETF (c) | 422202 | 14156433 |
| Fidelity Enhanced Mid Cap ETF (c) | 606331 | 21918866 |
| Fidelity Enhanced Small Cap ETF (c) | 1855057 | 67820884 |
| Fidelity Fundamental Small-Mid Cap ETF (c) | 903457 | 26389978 |
| Fidelity Hedged Equity ETF (c)(d) | 1988503 | 61007272 |
| Fidelity Managed Futures ETF (c) | 273146 | 14300559 |
| Fidelity Real Estate Equity Central Fund (b) | 83839 | 11432277 |
| Fidelity U.S. Equity Central Fund (b) | 4606339 | 717207010 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $447,804,943) |  | **1032679122** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 10.2%** | &nbsp;&nbsp;**International Equity Funds - 10.2%** | &nbsp;&nbsp;**International Equity Funds - 10.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 715643 | 197016650 |
| Fidelity International Equity Central Fund (b) | 2945646 | 368735945 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $355,018,197) |  | **565752595** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 4.8%** | &nbsp;&nbsp;**Short-Term Funds - 4.8%** | &nbsp;&nbsp;**Short-Term Funds - 4.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Low Duration Bond ETF (c)<br>(Cost $265,795,854)<br>| 5300837 | **267899531** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/16/2025 (f) | 4.28 | 3500000 | 3494088 |
| US Treasury Bills 0% 10/2/2025 (f) | 4.27 to 4.29 | 5880000 | 5879343 |
| US Treasury Bills 0% 10/9/2025 (f) | 4.30 | 7350000 | 7343366 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $16,716,182) |  |  | **16716797** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 18.5%** | &nbsp;&nbsp;**Money Market Funds - 18.5%** | &nbsp;&nbsp;**Money Market Funds - 18.5%** | &nbsp;&nbsp;**Money Market Funds - 18.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.21 | 1028593872 | 1028799591 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.19 | 9374 | 9375 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,028,808,966) |  |  | **1028808966** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $4,770,865,027)<br>| <br>**5569675175** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **715274** |
| **NET ASSETS - 100.0%** | **5570390449** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 469 | 12/19/2025 | 52755172 | 283353 | 283353 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 664 | 12/19/2025 | 223726500 | (3089226) | (3089226) |
| ICE MSCI EAFE Index Contracts (United States) | 70 | 12/19/2025 | 9748550 | 27834 | 27834 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 193 | 12/19/2025 | 13121105 | (136735) | (136735) |
| TOTAL SOLD |  |  |  |  | (3198127) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(2914774)** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund.

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

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) 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 $15,036,985.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 860722037 | 786937127 | 618859292 | 43733550 | (281) | - | 1028799591 | 1028593872 | 1.9% |
| Fidelity Commodity Strategy Central Fund | 25418364 | 26496978 | 9743440 | 2478287 | (1441373) | 2109656 | 42840185 | 457841 | 11.7% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 43022098 | 26216517 | - | 2341895 | - | 1451858 | 70690473 | 746389 | 14.8% |
| Fidelity Emerging Markets Equity Central Fund | 168258195 | 21015977 | 24732822 | 3669396 | 876855 | 31598445 | 197016650 | 715643 | 6.5% |
| Fidelity Floating Rate Central Fund | 40371651 | 8476029 | 6139425 | 3589399 | (39220) | (713386) | 41955649 | 436402 | 2.1% |
| Fidelity High Income Central Fund | 41164371 | 80232233 | 28836781 | 5063320 | 526281 | 4160713 | 97246817 | 880141 | 5.6% |
| Fidelity Inflation-Protected Bond Index Central Fund | 53372233 | 100752934 | 47319275 | 3384620 | 84260 | 2638274 | 109528426 | 1187557 | 14.6% |
| Fidelity International Credit Central Fund | 13991436 | 2339889 | 2046543 | 710945 | (217506) | 281498 | 14348774 | 171186 | 14.8% |
| Fidelity International Equity Central Fund | 351904473 | 47558402 | 71466475 | 9804194 | 5112294 | 35627251 | 368735945 | 2945646 | 5.7% |
| Fidelity Investment Grade Bond Central Fund | 2420435393 | 572915759 | 642162700 | 102303117 | (33612915) | 6472488 | 2324048025 | 23308074 | 5.5% |
| Fidelity Real Estate Equity Central Fund | 26706107 | 3607145 | 17179373 | 534017 | 3519325 | (5220927) | 11432277 | 83839 | 1.3% |
| Fidelity Securities Lending Cash Central Fund | 49500 | 238019042 | 238059167 | 42991 | - | - | 9375 | 9374 | 0.0% |
| Fidelity U.S. Equity Central Fund | 901404998 | 164377887 | 390996841 | 73653884 | 107146555 | (64725589) | 717207010 | 4606339 | 3.8% |
| Total | 4946820856 | 2078945919 | 2097542134 | 251309615 | 81954275 | 13680281 | 5023859197 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 56150428 | 8383447 | 5181 | 184972 | 7653705 | 55605658 | 1036259 |
| Fidelity Enhanced Large Cap Value ETF | - | 15856244 | 2976395 | 176592 | 42973 | 1233611 | 14156433 | 422202 |
| Fidelity Enhanced Mid Cap ETF | 21646028 | 48117280 | 47686700 | 301550 | (2337258) | 2179516 | 21918866 | 606331 |
| Fidelity Enhanced Small Cap ETF | 29105344 | 90073186 | 54282110 | 582529 | (4999201) | 7923665 | 67820884 | 1855057 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 28278541 | 3440400 | 125830 | (241837) | 1793674 | 26389978 | 903457 |
| Fidelity Hedged Equity ETF | 68812762 | 26207543 | 44140181 | 479142 | 4487651 | 5639497 | 61007272 | 1988503 |
| Fidelity Low Duration Bond ETF | 267427225 | - | - | 12515276 | - | 472306 | 267899531 | 5300837 |
| Fidelity Managed Futures ETF | - | 13798571 | - | - | - | 501988 | 14300559 | 273146 |
|  | 386991359 | 278481793 | 160909233 | 14186100 | (2862700) | 27397962 | 529099181 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 2657818164 | 2657818164 | - | - |
|  **Domestic Equity Funds** | 1032679122 | 1032679122 | - | - |
|  **International Equity Funds** | 565752595 | 565752595 | - | - |
|  **Short-Term Funds** | 267899531 | 267899531 | - | - |
|  **U.S. Treasury Obligations** | 16716797 | - | 16716797 | - |
|  **Money Market Funds** | 1028808966 | 1028808966 | - | - |
| **Total Investments in Securities:** | 5569675175 | 5552958378 | 16716797 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 311187 | 311187 | - | - |
| Total Assets | 311187 | 311187 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (3225961) | (3225961) | - | - |
| Total Liabilities | (3225961) | (3225961) | - | - |
| **Total Derivative Instruments:** | (2914774) | (2914774) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 27834 | (3225961) |
| **Total Equity Risk**  | 27834 | (3225961) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 283353 | - |
| **Total Interest Rate Risk**  | 283353 | - |
| **Total Value of Derivatives** | 311187 | (3225961) |

---

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

**Fidelity Asset Manager® 20%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,204) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $16,716,182) | $16716797 |  |
| Fidelity Central Funds (cost $4,262,094,110) | 5023859197 |  |
| Other affiliated issuers (cost $492,054,735) | 529099181 |  |
| Total Investment in Securities (cost $4,770,865,027) |  | $5569675175 |
| Receivable for investments sold |  | 2309639 |
| Receivable for fund shares sold |  | 1020326 |
| Dividends receivable |  | 895842 |
| Distributions receivable from Fidelity Central Funds |  | 3676704 |
| Prepaid expenses |  | 5974 |
| **Total assets** |  | 5577583660 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7613 |  |
| Payable for fund shares redeemed | 4184486 |  |
| Accrued management fee | 1991518 |  |
| Distribution and service plan fees payable | 32868 |  |
| Payable for daily variation margin on futures contracts | 932866 |  |
| Other payables and accrued expenses | 34485 |  |
| Collateral on securities loaned | 9375 |  |
| **Total liabilities** |  | 7193211 |
| **Net Assets**  |  | $5570390449 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5077116466 |
| Total accumulated earnings (loss) |  | 493273983 |
| **Net Assets** |  | $5570390449 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($50,882,348 ÷ 3,557,260 shares)(a) |  | $14.30 |
| Maximum offering price per share (100/94.25 of $14.30) |  | $15.17 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($30,474,060 ÷ 2,136,629 shares)(a) |  | $14.26 |
| Maximum offering price per share (100/96.50 of $14.26) |  | $14.78 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($11,538,051 ÷ 815,830 shares)(a) |  | $14.14 |
| **Asset Manager 20% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,017,881,752 ÷ 210,585,034 shares) |  | $14.33 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($17,402,916 ÷ 1,213,644 shares) |  | $14.34 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,442,211,322 ÷ 170,505,310 shares) |  | $14.32 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $14,186,100 earned from affiliated issuers) |  | $16457203 |
| Interest  |  | 781784 |
| Income from Fidelity Central Funds (including $42,991 from security lending)  |  | 186216988 |
| **Total income** |  | 203455975 |
| **Expenses** |  |  |
| Management fee | $25275526 |  |
| Distribution and service plan fees | 394111 |  |
| Custodian fees and expenses | 25964 |  |
| Independent trustees' fees and expenses | 13469 |  |
| Registration fees | 114758 |  |
| Audit fees | 41704 |  |
| Legal | 4723 |  |
| Miscellaneous | 19842 |  |
| Total expenses before reductions | 25890097 |  |
| Expense reductions | (1443471) |  |
| Total expenses after reductions |  | 24446626 |
| **Net Investment income (loss)** |  | 179009349 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3975508) |  |
| Fidelity Central Funds | 81954275 |  |
| Other affiliated issuers | (2862700) |  |
| Futures contracts | (34711088) |  |
| Capital gain distributions from Fidelity Central Funds | 65092627 |  |
| Total net realized gain (loss) |  | 105497606 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 133710 |  |
| Fidelity Central Funds  | 13680281 |  |
| Other affiliated issuers  | 27397962 |  |
| Futures contracts | 5592328 |  |
| Total change in net unrealized appreciation (depreciation) |  | 46804281 |
| **Net gain (loss)** |  | 152301887 |
| **Net increase (decrease) in net assets resulting from operations** |  | $331311236 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $179009349 | $180771003 |
| &nbsp;&nbsp;Net realized gain (loss) | 105497606<br>| 20367485<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 46804281 | 482648059<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 331311236<br>| 683786547<br>|
| Distributions to shareholders | (181809685)<br>| (181501111)<br>|
| Share transactions - net increase (decrease) | 39226833<br>| (353692025)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 188728384<br>| 148593411<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5381662065 | 5233068654<br>|
| &nbsp;&nbsp;End of period | $5570390449 | $5381662065 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 20% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.93 | $12.67 | $12.81 | $14.74 | $14.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .41  | .36  | .23  | .14  |
| Net realized and unrealized gain (loss)  | .38  | 1.26  | .16  | (1.93)  | .82  |
| Total from investment operations  | .79  | 1.67  | .52  | (1.70)  | .96  |
| Distributions from net investment income  | (.41)  | (.41)  | (.40)  | (.19)  | (.11)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.03)  | (.12)  |
| Total distributions  | (.42)  | (.41)  | (.66)  | (.23) C | (.22) C |
| Net asset value, end of period  | $14.30 | $13.93 | $12.67 | $12.81 | $14.74 |
| **Total Return** D,E | 5.84% <br>| 13.42%  | 4.07%  | (11.71)%  | 6.91%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .75%  | .78%  | .82%  | .81%  | .81%  |
| Expenses net of fee waivers, if any  | .73% <br>| .77%  | .81%  | .81%  | .81%  |
| Expenses net of all reductions, if any  | .73%  | .77%  | .81%  | .81%  | .81%  |
| Net investment income (loss)  | 3.00%  | 3.10%  | 2.80%  | 1.61%  | .97%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $50882 | $52099 | $53119 | $56979 | $62957 |
| Portfolio turnover rate H | 31% <br>| 24%  | 28%  | 22%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 20% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.89 | $12.63 | $12.77 | $14.70 | $13.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .38  | .33  | .19  | .10  |
| Net realized and unrealized gain (loss)  | .37  | 1.26  | .16  | (1.92)  | .82  |
| Total from investment operations  | .75  | 1.64  | .49  | (1.73)  | .92  |
| Distributions from net investment income  | (.38)  | (.38)  | (.37)  | (.16)  | (.07)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.03)  | (.12)  |
| Total distributions  | (.38) C | (.38)  | (.63)  | (.20) C | (.19)  |
| Net asset value, end of period  | $14.26 | $13.89 | $12.63 | $12.77 | $14.70 |
| **Total Return** D,E | 5.58% <br>| 13.16%  | 3.84%  | (11.94)%  | 6.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.00%  | 1.03%  | 1.06%  | 1.06%  | 1.07%  |
| Expenses net of fee waivers, if any  | .98% <br>| 1.02%  | 1.06%  | 1.06%  | 1.07%  |
| Expenses net of all reductions, if any  | .98%  | 1.02%  | 1.06%  | 1.06%  | 1.07%  |
| Net investment income (loss)  | 2.75%  | 2.85%  | 2.55%  | 1.36%  | .72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $30474 | $28979 | $28202 | $27193 | $31762 |
| Portfolio turnover rate H | 31% <br>| 24%  | 28%  | 22%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 20% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.77 | $12.53 | $12.67 | $14.61 | $13.91 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .31  | .26  | .12  | .03  |
| Net realized and unrealized gain (loss)  | .37  | 1.24  | .16  | (1.92)  | .82  |
| Total from investment operations  | .68  | 1.55  | .42  | (1.80)  | .85  |
| Distributions from net investment income  | (.31)  | (.31)  | (.30)  | (.11)  | (.03)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.03)  | (.12)  |
| Total distributions  | (.31) C | (.31)  | (.56)  | (.14)  | (.15)  |
| Net asset value, end of period  | $14.14 | $13.77 | $12.53 | $12.67 | $14.61 |
| **Total Return** D,E | 5.09% <br>| 12.52%  | 3.35%  | (12.41)%  | 6.10%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.50%  | 1.52%  | 1.57%  | 1.57%  | 1.57%  |
| Expenses net of fee waivers, if any  | 1.48% <br>| 1.51%  | 1.57%  | 1.57%  | 1.57%  |
| Expenses net of all reductions, if any  | 1.48%  | 1.51%  | 1.57%  | 1.57%  | 1.57%  |
| Net investment income (loss)  | 2.25%  | 2.36%  | 2.05%  | .85%  | .22%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11538 | $13991 | $16531 | $19557 | $25804 |
| Portfolio turnover rate H | 31% <br>| 24%  | 28%  | 22%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 20%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.95 | $12.69 | $12.83 | $14.76 | $14.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .45  | .40  | .27  | .19  |
| Net realized and unrealized gain (loss)  | .39  | 1.26  | .16  | (1.93)  | .82  |
| Total from investment operations  | .84  | 1.71  | .56  | (1.66)  | 1.01  |
| Distributions from net investment income  | (.45)  | (.45)  | (.44)  | (.24)  | (.15)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.03)  | (.12)  |
| Total distributions  | (.46)  | (.45)  | (.70)  | (.27)  | (.27)  |
| Net asset value, end of period  | $14.33 | $13.95 | $12.69 | $12.83 | $14.76 |
| **Total Return** C | 6.18% <br>| 13.74%  | 4.40%  | (11.41)%  | 7.24%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .48%  | .49%  | .51%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .46% <br>| .48%  | .51%  | .50%  | .50%  |
| Expenses net of all reductions, if any  | .46%  | .48%  | .51%  | .50%  | .50%  |
| Net investment income (loss)  | 3.27%  | 3.39%  | 3.11%  | 1.92%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3017882 | $3170882 | $3329197 | $3734894 | $4723410 |
| Portfolio turnover rate F | 31% <br>| 24%  | 28%  | 22%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 20% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.96 | $12.69 | $12.83 | $14.76 | $14.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .45  | .40  | .26  | .18  |
| Net realized and unrealized gain (loss)  | .38  | 1.27  | .15  | (1.93)  | .82  |
| Total from investment operations  | .83  | 1.72  | .55  | (1.67)  | 1.00  |
| Distributions from net investment income  | (.44)  | (.45)  | (.43)  | (.23)  | (.14)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.03)  | (.12)  |
| Total distributions  | (.45)  | (.45)  | (.69)  | (.26)  | (.26)  |
| Net asset value, end of period  | $14.34 | $13.96 | $12.69 | $12.83 | $14.76 |
| **Total Return** C | 6.14% <br>| 13.76%  | 4.33%  | (11.46)%  | 7.17%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .50%  | .52%  | .55%  | .55%  | .55%  |
| Expenses net of fee waivers, if any  | .48% <br>| .51%  | .55%  | .55%  | .55%  |
| Expenses net of all reductions, if any  | .48%  | .51%  | .55%  | .55%  | .55%  |
| Net investment income (loss)  | 3.25%  | 3.36%  | 3.06%  | 1.87%  | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17403 | $17984 | $20594 | $28182 | $31374 |
| Portfolio turnover rate F | 31% <br>| 24%  | 28%  | 22%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 20% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.95 | $12.68 | $12.82 | $14.76 | $14.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .45  | .41  | .27  | .19  |
| Net realized and unrealized gain (loss)  | .37  | 1.28  | .15  | (1.93)  | .82  |
| Total from investment operations  | .83  | 1.73  | .56  | (1.66)  | 1.01  |
| Distributions from net investment income  | (.45)  | (.46)  | (.44)  | (.24)  | (.16)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.03)  | (.12)  |
| Total distributions  | (.46)  | (.46)  | (.70)  | (.28) C | (.27) C |
| Net asset value, end of period  | $14.32 | $13.95 | $12.68 | $12.82 | $14.76 |
| **Total Return** D | 6.15% <br>| 13.85%  | 4.42%  | (11.45)%  | 7.27%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .45%  | .47%  | .47%  | .47%  | .47%  |
| Expenses net of fee waivers, if any  | .42% <br>| .45%  | .47%  | .47%  | .47%  |
| Expenses net of all reductions, if any  | .42%  | .45%  | .47%  | .47%  | .47%  |
| Net investment income (loss)  | 3.31%  | 3.41%  | 3.14%  | 1.95%  | 1.31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2442211 | $2097727 | $1785426 | $1566447 | $1485829 |
| Portfolio turnover rate G | 31% <br>| 24%  | 28%  | 22%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 30%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 47.6%** | &nbsp;&nbsp;**Bond Funds - 47.6%** | &nbsp;&nbsp;**Bond Funds - 47.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 270873 | 25654408 |
| Fidelity Floating Rate Central Fund (b) | 157078 | 15101526 |
| Fidelity High Income Central Fund (b) | 319338 | 35283693 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 430902 | 39742094 |
| Fidelity International Credit Central Fund (b) | 60856 | 5100931 |
| Fidelity Investment Grade Bond Central Fund (b) | 8491210 | 846658597 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $1,012,910,925) |  | **967541249** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 24.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 24.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 24.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c) | 507061 | 27208893 |
| Fidelity Commodity Strategy Central Fund (b) | 166026 | 15535021 |
| Fidelity Enhanced Large Cap Value ETF (c) | 196992 | 6605142 |
| Fidelity Enhanced Mid Cap ETF (c) | 299560 | 10829094 |
| Fidelity Enhanced Small Cap ETF (c) | 905257 | 33096196 |
| Fidelity Fundamental Small-Mid Cap ETF (c) | 446299 | 13036394 |
| Fidelity Hedged Equity ETF (c) | 731942 | 22455981 |
| Fidelity Managed Futures ETF (c) | 99205 | 5193877 |
| Fidelity Real Estate Equity Central Fund (b) | 31008 | 4228200 |
| Fidelity U.S. Equity Central Fund (b) | 2257269 | 351456813 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $233,799,089) |  | **489645611** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 15.1%** | &nbsp;&nbsp;**International Equity Funds - 15.1%** | &nbsp;&nbsp;**International Equity Funds - 15.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 384929 | 105970885 |
| Fidelity International Equity Central Fund (b) | 1609419 | 201467014 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $199,258,629) |  | **307437899** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 5.1%** | &nbsp;&nbsp;**Short-Term Funds - 5.1%** | &nbsp;&nbsp;**Short-Term Funds - 5.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Low Duration Bond ETF (c)(d)<br>(Cost $102,291,436)<br>| 2040024 | **103100977** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/16/2025 (f) | 4.28 | 1080000 | 1078176 |
| US Treasury Bills 0% 10/2/2025 (f) | 4.27 to 4.29 | 1980000 | 1979779 |
| US Treasury Bills 0% 10/9/2025 (f) | 4.30 | 2430000 | 2427807 |
| US Treasury Bills 0% 11/20/2025 (f) | 4.17 | 240000 | 238677 |
| US Treasury Bills 0% 12/4/2025 (f) | 3.98 to 4.06 | 110000 | 109237 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,833,411) |  |  | **5833676** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.21 | 161113561 | 161145784 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.19 | 802045 | 802125 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $161,947,909) |  |  | **161947909** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $1,716,041,399)<br>| <br>**2035507321** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(1039600)** |
| **NET ASSETS - 100.0%** | **2034467721** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 170 | 12/19/2025 | 19122344 | 102708 | 102708 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 210 | 12/19/2025 | 70756875 | (977014) | (977014) |
| ICE MSCI EAFE Index Contracts (United States) | 95 | 12/19/2025 | 13230175 | 37778 | 37778 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 199 | 12/19/2025 | 13529015 | (140986) | (140986) |
| TOTAL SOLD |  |  |  |  | (1080222) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(977514)** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 4.9% | The notional amount of futures sold as a percentage of Net Assets is 4.9% | The notional amount of futures sold as a percentage of Net Assets is 4.9% | The notional amount of futures sold as a percentage of Net Assets is 4.9% | The notional amount of futures sold as a percentage of Net Assets is 4.9% | The notional amount of futures sold as a percentage of Net Assets is 4.9% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund.

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

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,408,723.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 126371414 | 227509257 | 192734854 | 6829771 | (33) | - | 161145784 | 161113561 | 0.3% |
| Fidelity Commodity Strategy Central Fund | 9593265 | 9051140 | 3307407 | 898566 | (535602) | 733625 | 15535021 | 166026 | 4.2% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 16409767 | 8727982 | - | 893261 | - | 516659 | 25654408 | 270873 | 5.4% |
| Fidelity Emerging Markets Equity Central Fund | 94227829 | 5678312 | 11113164 | 1978132 | 520829 | 16657079 | 105970885 | 384929 | 3.5% |
| Fidelity Floating Rate Central Fund | 15318158 | 1963164 | 1910693 | 1302780 | (8491) | (260612) | 15101526 | 157078 | 0.8% |
| Fidelity High Income Central Fund | 15510240 | 28059603 | 9960412 | 1828433 | 187090 | 1487172 | 35283693 | 319338 | 2.0% |
| Fidelity Inflation-Protected Bond Index Central Fund | 20093789 | 34604084 | 15886789 | 1250227 | (396443) | 1327453 | 39742094 | 430902 | 5.3% |
| Fidelity International Credit Central Fund | 5244491 | 479341 | 636914 | 259193 | (81168) | 95181 | 5100931 | 60856 | 5.3% |
| Fidelity International Equity Central Fund | 195892975 | 13396629 | 29548280 | 5392958 | 3227167 | 18498523 | 201467014 | 1609419 | 3.1% |
| Fidelity Investment Grade Bond Central Fund | 920160152 | 148692129 | 210842066 | 37255908 | (15551664) | 4200046 | 846658597 | 8491210 | 2.0% |
| Fidelity Real Estate Equity Central Fund | 9191761 | 1658163 | 5996532 | 200006 | 993706 | (1618898) | 4228200 | 31008 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 3119900 | 116324205 | 118641980 | 39157 | - | - | 802125 | 802045 | 0.0% |
| Fidelity U.S. Equity Central Fund | 456516016 | 51176093 | 177150684 | 36384727 | 57506644 | (36591256) | 351456813 | 2257269 | 1.9% |
| Total | 1887649757 | 647320102 | 777729775 | 94513119 | 45862035 | 5044972 | 1808147091 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 27256132 | 4049138 | 2535 | 215096 | 3786803 | 27208893 | 507061 |
| Fidelity Enhanced Large Cap Value ETF | - | 7085003 | 1086143 | 84954 | 16657 | 589625 | 6605142 | 196992 |
| Fidelity Enhanced Mid Cap ETF | 8340792 | 19727308 | 17446970 | 137715 | (839276) | 1047240 | 10829094 | 299560 |
| Fidelity Enhanced Small Cap ETF | 10960446 | 39185042 | 19124168 | 267207 | (1770203) | 3845079 | 33096196 | 905257 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 13305922 | 1088068 | 61702 | (62611) | 881151 | 13036394 | 446299 |
| Fidelity Hedged Equity ETF | 26297441 | 9407542 | 16890654 | 173977 | 1625408 | 2016244 | 22455981 | 731942 |
| Fidelity Low Duration Bond ETF | 102919211 | - | - | 4816497 | - | 181766 | 103100977 | 2040024 |
| Fidelity Managed Futures ETF | - | 5011557 | - | - | - | 182320 | 5193877 | 99205 |
|  | 148517890 | 120978506 | 59685141 | 5544587 | (814929) | 12530228 | 221526554 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 967541249 | 967541249 | - | - |
|  **Domestic Equity Funds** | 489645611 | 489645611 | - | - |
|  **International Equity Funds** | 307437899 | 307437899 | - | - |
|  **Short-Term Funds** | 103100977 | 103100977 | - | - |
|  **U.S. Treasury Obligations** | 5833676 | - | 5833676 | - |
|  **Money Market Funds** | 161947909 | 161947909 | - | - |
| **Total Investments in Securities:** | 2035507321 | 2029673645 | 5833676 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 140486 | 140486 | - | - |
| Total Assets | 140486 | 140486 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1118000) | (1118000) | - | - |
| Total Liabilities | (1118000) | (1118000) | - | - |
| **Total Derivative Instruments:** | (977514) | (977514) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 37778 | (1118000) |
| **Total Equity Risk**  | 37778 | (1118000) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 102708 | - |
| **Total Interest Rate Risk**  | 102708 | - |
| **Total Value of Derivatives** | 140486 | (1118000) |

---

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

**Fidelity Asset Manager® 30%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $783,356) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,833,411) | $5833676 |  |
| Fidelity Central Funds (cost $1,504,896,526) | 1808147091 |  |
| Other affiliated issuers (cost $205,311,462) | 221526554 |  |
| Total Investment in Securities (cost $1,716,041,399) |  | $2035507321 |
| Receivable for investments sold |  | 130 |
| Receivable for fund shares sold |  | 1227801 |
| Dividends receivable |  | 344764 |
| Distributions receivable from Fidelity Central Funds |  | 577569 |
| Prepaid expenses |  | 2162 |
| **Total assets** |  | 2037659747 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $122699 |  |
| Payable for fund shares redeemed | 1079553 |  |
| Accrued management fee | 750567 |  |
| Distribution and service plan fees payable | 37128 |  |
| Payable for daily variation margin on futures contracts | 365043 |  |
| Other payables and accrued expenses | 34911 |  |
| Collateral on securities loaned | 802125 |  |
| **Total liabilities** |  | 3192026 |
| **Net Assets**  |  | $2034467721 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1769625884 |
| Total accumulated earnings (loss) |  | 264841837 |
| **Net Assets** |  | $2034467721 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($74,205,116 ÷ 5,830,324 shares)(a) |  | $12.73 |
| Maximum offering price per share (100/94.25 of $12.73) |  | $13.51 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($21,679,752 ÷ 1,708,024 shares)(a) |  | $12.69 |
| Maximum offering price per share (100/96.50 of $12.69) |  | $13.15 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($15,258,828 ÷ 1,215,313 shares)(a) |  | $12.56 |
| **Asset Manager 30% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,315,525,099 ÷ 103,454,363 shares) |  | $12.72 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($21,001,694 ÷ 1,650,962 shares) |  | $12.72 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($586,797,232 ÷ 46,158,271 shares) |  | $12.71 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $5,544,587 earned from affiliated issuers) |  | $6388192 |
| Interest  |  | 252456 |
| Income from Fidelity Central Funds (including $39,157 from security lending)  |  | 62336101 |
| **Total income** |  | 68976749 |
| **Expenses** |  |  |
| Management fee | $9583405 |  |
| Distribution and service plan fees | 455731 |  |
| Custodian fees and expenses | 26921 |  |
| Independent trustees' fees and expenses | 4942 |  |
| Registration fees | 102675 |  |
| Audit fees | 37547 |  |
| Legal | 1913 |  |
| Miscellaneous | 7430 |  |
| Total expenses before reductions | 10220564 |  |
| Expense reductions | (596738) |  |
| Total expenses after reductions |  | 9623826 |
| **Net Investment income (loss)** |  | 59352923 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1508553) |  |
| Fidelity Central Funds | 45862035 |  |
| Other affiliated issuers | (814929) |  |
| Futures contracts | (13783390) |  |
| Capital gain distributions from Fidelity Central Funds | 32177018 |  |
| Total net realized gain (loss) |  | 61932181 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 30664 |  |
| Fidelity Central Funds  | 5044972 |  |
| Other affiliated issuers  | 12530228 |  |
| Futures contracts | 2491334 |  |
| Total change in net unrealized appreciation (depreciation) |  | 20097198 |
| **Net gain (loss)** |  | 82029379 |
| **Net increase (decrease) in net assets resulting from operations** |  | $141382302 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $59352923 | $60219520 |
| &nbsp;&nbsp;Net realized gain (loss) | 61932181<br>| 16627238<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 20097198 | 222740260<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 141382302<br>| 299587018<br>|
| Distributions to shareholders | (61296533)<br>| (60747136)<br>|
| Share transactions - net increase (decrease) | (95748187)<br>| (177514572)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (15662418)<br>| 61325310<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2050130139 | 1988804829<br>|
| &nbsp;&nbsp;End of period | $2034467721 | $2050130139 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 30% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.22 | $10.84 | $10.80 | $12.77 | $11.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .31  | .28  | .20  | .14  |
| Net realized and unrealized gain (loss)  | .52  | 1.38  | .33  | (1.95)  | 1.03  |
| Total from investment operations  | .85  | 1.69  | .61  | (1.75)  | 1.17  |
| Distributions from net investment income  | (.33)  | (.31)  | (.31)  | (.18)  | (.09)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.04)  | (.11)  |
| Total distributions  | (.34)  | (.31)  | (.57)  | (.22)  | (.20)  |
| Net asset value, end of period  | $12.73 | $12.22 | $10.84 | $10.80 | $12.77 |
| **Total Return** C,D | 7.15% <br>| 15.84%  | 5.74%  | (13.89)%  | 9.98%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .77%  | .79%  | .82%  | .82%  | .82%  |
| Expenses net of fee waivers, if any  | .74% <br>| .78%  | .82%  | .82%  | .82%  |
| Expenses net of all reductions, if any  | .74%  | .78%  | .82%  | .82%  | .82%  |
| Net investment income (loss)  | 2.73%  | 2.71%  | 2.51%  | 1.66%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $74205 | $73906 | $69350 | $71633 | $77502 |
| Portfolio turnover rate G | 24% <br>| 19%  | 22%  | 23%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 30% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.81 | $10.77 | $12.75 | $11.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .28  | .25  | .17  | .11  |
| Net realized and unrealized gain (loss)  | .51  | 1.38  | .34  | (1.95)  | 1.04  |
| Total from investment operations  | .81  | 1.66  | .59  | (1.78)  | 1.15  |
| Distributions from net investment income  | (.30)  | (.28)  | (.29)  | (.15)  | (.07)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.04)  | (.11)  |
| Total distributions  | (.31)  | (.28)  | (.55)  | (.20) C | (.17) C |
| Net asset value, end of period  | $12.69 | $12.19 | $10.81 | $10.77 | $12.75 |
| **Total Return** D,E | 6.83% <br>| 15.59%  | 5.49%  | (14.20)%  | 9.84%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.02%  | 1.05%  | 1.07%  | 1.08%  | 1.08%  |
| Expenses net of fee waivers, if any  | .99% <br>| 1.04%  | 1.07%  | 1.08%  | 1.08%  |
| Expenses net of all reductions, if any  | .99%  | 1.04%  | 1.07%  | 1.08%  | 1.08%  |
| Net investment income (loss)  | 2.48%  | 2.46%  | 2.26%  | 1.41%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21680 | $22776 | $21274 | $22364 | $26218 |
| Portfolio turnover rate H | 24% <br>| 19%  | 22%  | 23%  | 18%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 30% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.06 | $10.70 | $10.66 | $12.64 | $11.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .22  | .19  | .11  | .04  |
| Net realized and unrealized gain (loss)  | .51  | 1.37  | .34  | (1.94)  | 1.03  |
| Total from investment operations  | .75  | 1.59  | .53  | (1.83)  | 1.07  |
| Distributions from net investment income  | (.24)  | (.23)  | (.23)  | (.11)  | (.03)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.04)  | (.11)  |
| Total distributions  | (.25)  | (.23)  | (.49)  | (.15)  | (.14)  |
| Net asset value, end of period  | $12.56 | $12.06 | $10.70 | $10.66 | $12.64 |
| **Total Return** C,D | 6.39% <br>| 14.98%  | 5.00%  | (14.62)%  | 9.17%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.52%  | 1.54%  | 1.58%  | 1.58%  | 1.59%  |
| Expenses net of fee waivers, if any  | 1.49% <br>| 1.53%  | 1.58%  | 1.58%  | 1.59%  |
| Expenses net of all reductions, if any  | 1.49%  | 1.53%  | 1.58%  | 1.58%  | 1.59%  |
| Net investment income (loss)  | 1.98%  | 1.96%  | 1.74%  | .90%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15259 | $18592 | $20534 | $24169 | $31949 |
| Portfolio turnover rate G | 24% <br>| 19%  | 22%  | 23%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 30%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.21 | $10.83 | $10.79 | $12.77 | $11.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .35  | .31  | .24  | .18  |
| Net realized and unrealized gain (loss)  | .53  | 1.38  | .34  | (1.96)  | 1.04  |
| Total from investment operations  | .89  | 1.73  | .65  | (1.72)  | 1.22  |
| Distributions from net investment income  | (.37)  | (.35)  | (.35)  | (.22)  | (.14)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.04)  | (.11)  |
| Total distributions  | (.38)  | (.35)  | (.61)  | (.26)  | (.24) C |
| Net asset value, end of period  | $12.72 | $12.21 | $10.83 | $10.79 | $12.77 |
| **Total Return** D | 7.47% <br>| 16.20%  | 6.07%  | (13.71)%  | 10.43%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .50%  | .50%  | .52%  | .52%  | .52%  |
| Expenses net of fee waivers, if any  | .47% <br>| .49%  | .52%  | .51%  | .52%  |
| Expenses net of all reductions, if any  | .47%  | .49%  | .52%  | .51%  | .52%  |
| Net investment income (loss)  | 3.00%  | 3.00%  | 2.80%  | 1.97%  | 1.40%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1315525 | $1375227 | $1418966 | $1625346 | $2196582 |
| Portfolio turnover rate G | 24% <br>| 19%  | 22%  | 23%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 30% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.21 | $10.84 | $10.79 | $12.77 | $11.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .34  | .30  | .24  | .17  |
| Net realized and unrealized gain (loss)  | .52  | 1.37  | .35  | (1.96)  | 1.05  |
| Total from investment operations  | .88  | 1.71  | .65  | (1.72)  | 1.22  |
| Distributions from net investment income  | (.36)  | (.34)  | (.34)  | (.21)  | (.13)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.04)  | (.11)  |
| Total distributions  | (.37)  | (.34)  | (.60)  | (.26) C | (.24)  |
| Net asset value, end of period  | $12.72 | $12.21 | $10.84 | $10.79 | $12.77 |
| **Total Return** D | 7.44% <br>| 16.02%  | 6.10%  | (13.75)%  | 10.41%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .52%  | .54%  | .58%  | .54%  | .55%  |
| Expenses net of fee waivers, if any  | .49% <br>| .53%  | .58%  | .54%  | .54%  |
| Expenses net of all reductions, if any  | .49%  | .53%  | .58%  | .54%  | .54%  |
| Net investment income (loss)  | 2.98%  | 2.97%  | 2.75%  | 1.94%  | 1.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21002 | $17976 | $24322 | $30027 | $76079 |
| Portfolio turnover rate G | 24% <br>| 19%  | 22%  | 23%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 30% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.21 | $10.83 | $10.79 | $12.77 | $11.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .35  | .31  | .24  | .18  |
| Net realized and unrealized gain (loss)  | .51  | 1.38  | .34  | (1.96)  | 1.04  |
| Total from investment operations  | .88  | 1.73  | .65  | (1.72)  | 1.22  |
| Distributions from net investment income  | (.37)  | (.35)  | (.35)  | (.22)  | (.14)  |
| Distributions from net realized gain  | (.01)  | -  | (.26)  | (.04)  | (.11)  |
| Total distributions  | (.38)  | (.35)  | (.61)  | (.26)  | (.24) C |
| Net asset value, end of period  | $12.71 | $12.21 | $10.83 | $10.79 | $12.77 |
| **Total Return** D | 7.41% <br>| 16.27%  | 6.10%  | (13.69)%  | 10.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .47%  | .49%  | .49%  | .49%  | .49%  |
| Expenses net of fee waivers, if any  | .44% <br>| .47%  | .49%  | .49%  | .49%  |
| Expenses net of all reductions, if any  | .44%  | .47%  | .49%  | .49%  | .49%  |
| Net investment income (loss)  | 3.03%  | 3.02%  | 2.84%  | 2.00%  | 1.43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $586797 | $541653 | $434359 | $399817 | $474155 |
| Portfolio turnover rate G | 24% <br>| 19%  | 22%  | 23%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 40%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 42.4%** | &nbsp;&nbsp;**Bond Funds - 42.4%** | &nbsp;&nbsp;**Bond Funds - 42.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 312327 | 29580498 |
| Fidelity Floating Rate Central Fund (b) | 183302 | 17622677 |
| Fidelity High Income Central Fund (b) | 376597 | 41610179 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 508183 | 46869677 |
| Fidelity International Credit Central Fund (b) | 70087 | 5874672 |
| Fidelity Investment Grade Bond Central Fund (b) | 8851988 | 882631753 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $1,066,579,691) |  | **1024189456** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 30.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 30.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 30.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c) | 758496 | 40700895 |
| Fidelity Commodity Strategy Central Fund (b) | 195772 | 18318409 |
| Fidelity Enhanced Large Cap Value ETF (c) | 299212 | 10032578 |
| Fidelity Enhanced Mid Cap ETF (c) | 442545 | 15998002 |
| Fidelity Enhanced Small Cap ETF (c) | 1345349 | 49185960 |
| Fidelity Fundamental Small-Mid Cap ETF (c) | 659254 | 19256809 |
| Fidelity Hedged Equity ETF (c) | 827714 | 25394266 |
| Fidelity Managed Futures ETF (c) | 114139 | 5975747 |
| Fidelity Real Estate Equity Central Fund (b) | 36630 | 4994869 |
| Fidelity U.S. Equity Central Fund (b) | 3430503 | 534129320 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $339,295,891) |  | **723986855** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 18.9%** | &nbsp;&nbsp;**International Equity Funds - 18.9%** | &nbsp;&nbsp;**International Equity Funds - 18.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 525928 | 144787965 |
| Fidelity International Equity Central Fund (b) | 2481322 | 310611847 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $294,353,255) |  | **455399812** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/16/2025 (e) | 4.28 | 1420000 | 1417601 |
| US Treasury Bills 0% 10/2/2025 (e) | 4.27 to 4.29 | 2240000 | 2239750 |
| US Treasury Bills 0% 10/9/2025 (e) | 4.30 | 2600000 | 2597653 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $6,254,772) |  |  | **6255004** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $205,555,673)<br>| 4.21 | 205514570 | **205555673** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,912,039,282)<br>| <br>**2415386800** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(555436)** |
| **NET ASSETS - 100.0%** | **2414831364** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 197 | 12/19/2025 | 22159422 | 119021 | 119021 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 245 | 12/19/2025 | 82549688 | (1139850) | (1139850) |
| ICE MSCI EAFE Index Contracts (United States) | 140 | 12/19/2025 | 19497100 | 55667 | 55667 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 81 | 12/19/2025 | 5506785 | (57386) | (57386) |
| TOTAL SOLD |  |  |  |  | (1141569) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(1022548)** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% | The notional amount of futures sold as a percentage of Net Assets is 4.4% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,095,022.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 148065098 | 265880165 | 208389480 | 8329610 | (110) | - | 205555673 | 205514570 | 0.4% |
| Fidelity Commodity Strategy Central Fund | 10775973 | 10563988 | 3243472 | 1046735 | (554064) | 775984 | 18318409 | 195772 | 5.0% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 18046799 | 10928244 | - | 982372 | - | 605455 | 29580498 | 312327 | 6.2% |
| Fidelity Emerging Markets Equity Central Fund | 122912852 | 10365188 | 11628581 | 2640897 | 72570 | 23065936 | 144787965 | 525928 | 4.8% |
| Fidelity Floating Rate Central Fund | 17227702 | 2268404 | 1566670 | 1482112 | (10052) | (296707) | 17622677 | 183302 | 0.9% |
| Fidelity High Income Central Fund | 17341652 | 32803266 | 10447027 | 2088158 | 177693 | 1734595 | 41610179 | 376597 | 2.4% |
| Fidelity Inflation-Protected Bond Index Central Fund | 22583721 | 39317416 | 16117012 | 1430438 | (503273) | 1588825 | 46869677 | 508183 | 6.3% |
| Fidelity International Credit Central Fund | 5826041 | 552638 | 522344 | 290421 | (59982) | 78319 | 5874672 | 70087 | 6.1% |
| Fidelity International Equity Central Fund | 289429191 | 20726600 | 32400276 | 8082526 | 2612720 | 30243612 | 310611847 | 2481322 | 4.8% |
| Fidelity Investment Grade Bond Central Fund | 922654544 | 168243735 | 197287154 | 37646088 | (15143375) | 4164003 | 882631753 | 8851988 | 2.1% |
| Fidelity Real Estate Equity Central Fund | 10369846 | 1887668 | 6553829 | 229643 | 964878 | (1673694) | 4994869 | 36630 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | - | 124229812 | 124229812 | 5708 | - | - | - | - | 0.0% |
| Fidelity U.S. Equity Central Fund | 661525124 | 78045643 | 237921719 | 53155371 | 71126560 | (38646288) | 534129320 | 3430503 | 2.9% |
| Total | 2246758543 | 765812767 | 850307376 | 117410079 | 58683565 | 21640040 | 2242587539 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 40124617 | 5467457 | 3792 | 305863 | 5737872 | 40700895 | 758496 |
| Fidelity Enhanced Large Cap Value ETF | - | 10543851 | 1421526 | 126321 | 23323 | 886930 | 10032578 | 299212 |
| Fidelity Enhanced Mid Cap ETF | 9208501 | 26068808 | 19825470 | 192012 | (983501) | 1529664 | 15998002 | 442545 |
| Fidelity Enhanced Small Cap ETF | 11971384 | 54413454 | 20890760 | 374514 | (2012147) | 5704029 | 49185960 | 1345349 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 19404184 | 1383148 | 90853 | (63770) | 1299543 | 19256809 | 659254 |
| Fidelity Hedged Equity ETF | 29486251 | 10595232 | 18808662 | 197419 | 1823515 | 2297930 | 25394266 | 827714 |
| Fidelity Managed Futures ETF | - | 5765982 | - | - | - | 209765 | 5975747 | 114139 |
|  | 50666136 | 166916128 | 67797023 | 984911 | (906717) | 17665733 | 166544257 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 1024189456 | 1024189456 | - | - |
|  **Domestic Equity Funds** | 723986855 | 723986855 | - | - |
|  **International Equity Funds** | 455399812 | 455399812 | - | - |
|  **U.S. Treasury Obligations** | 6255004 | - | 6255004 | - |
|  **Money Market Funds** | 205555673 | 205555673 | - | - |
| **Total Investments in Securities:** | 2415386800 | 2409131796 | 6255004 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 174688 | 174688 | - | - |
| Total Assets | 174688 | 174688 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1197236) | (1197236) | - | - |
| Total Liabilities | (1197236) | (1197236) | - | - |
| **Total Derivative Instruments:** | (1022548) | (1022548) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 55667 | (1197236) |
| **Total Equity Risk**  | 55667 | (1197236) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 119021 | - |
| **Total Interest Rate Risk**  | 119021 | - |
| **Total Value of Derivatives** | 174688 | (1197236) |

---

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

**Fidelity Asset Manager® 40%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,254,772) | $6255004 |  |
| Fidelity Central Funds (cost $1,760,304,157) | 2242587539 |  |
| Other affiliated issuers (cost $145,480,353) | 166544257 |  |
| Total Investment in Securities (cost $1,912,039,282) |  | $2415386800 |
| Receivable for investments sold |  | 159552 |
| Receivable for fund shares sold |  | 2237323 |
| Distributions receivable from Fidelity Central Funds |  | 729678 |
| Prepaid expenses |  | 2502 |
| **Total assets** |  | 2418515855 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $786215 |  |
| Payable for fund shares redeemed | 1523163 |  |
| Accrued management fee | 895351 |  |
| Distribution and service plan fees payable | 37425 |  |
| Payable for daily variation margin on futures contracts | 408189 |  |
| Other payables and accrued expenses | 34148 |  |
| **Total liabilities** |  | 3684491 |
| **Net Assets**  |  | $2414831364 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1917103151 |
| Total accumulated earnings (loss) |  | 497728213 |
| **Net Assets** |  | $2414831364 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($86,098,559 ÷ 6,076,710 shares)(a) |  | $14.17 |
| Maximum offering price per share (100/94.25 of $14.17) |  | $15.03 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($14,552,336 ÷ 1,028,974 shares)(a) |  | $14.14 |
| Maximum offering price per share (100/96.50 of $14.14) |  | $14.65 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($16,137,460 ÷ 1,146,356 shares)(a) |  | $14.08 |
| **Asset Manager 40% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,611,488,369 ÷ 113,751,929 shares) |  | $14.17 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($34,662,977 ÷ 2,445,486 shares) |  | $14.17 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($651,891,663 ÷ 46,019,863 shares) |  | $14.17 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $984,911 earned from affiliated issuers) |  | $1946399 |
| Interest  |  | 289644 |
| Income from Fidelity Central Funds (including $5,708 from security lending)  |  | 70525049 |
| **Total income** |  | 72761092 |
| **Expenses** |  |  |
| Management fee | $10975019 |  |
| Distribution and service plan fees | 444201 |  |
| Custodian fees and expenses | 24883 |  |
| Independent trustees' fees and expenses | 5635 |  |
| Registration fees | 123129 |  |
| Audit fees | 37564 |  |
| Legal | 2138 |  |
| Miscellaneous | 8325 |  |
| Total expenses before reductions | 11620894 |  |
| Expense reductions | (524869) |  |
| Total expenses after reductions |  | 11096025 |
| **Net Investment income (loss)** |  | 61665067 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1674394) |  |
| Fidelity Central Funds | 58683565 |  |
| Other affiliated issuers | (906717) |  |
| Futures contracts | (14545867) |  |
| Capital gain distributions from Fidelity Central Funds | 46885030 |  |
| Total net realized gain (loss) |  | 88441617 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 16109 |  |
| Fidelity Central Funds  | 21640040 |  |
| Other affiliated issuers  | 17665733 |  |
| Futures contracts | 2384687 |  |
| Total change in net unrealized appreciation (depreciation) |  | 41706569 |
| **Net gain (loss)** |  | 130148186 |
| **Net increase (decrease) in net assets resulting from operations** |  | $191813253 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $61665067 | $59239637 |
| &nbsp;&nbsp;Net realized gain (loss) | 88441617<br>| 31542108<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 41706569 | 276690159<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 191813253<br>| 367471904<br>|
| Distributions to shareholders | (63085972)<br>| (58461266)<br>|
| Share transactions - net increase (decrease) | (29852609)<br>| (88297290)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 98874672<br>| 220713348<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2315956692 | 2095243344<br>|
| &nbsp;&nbsp;End of period | $2414831364 | $2315956692 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 40% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.40 | $11.64 | $11.46 | $13.85 | $12.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .30  | .27  | .22  | .15  |
| Net realized and unrealized gain (loss)  | .78  | 1.76  | .58  | (2.32)  | 1.47  |
| Total from investment operations  | 1.11  | 2.06  | .85  | (2.10)  | 1.62  |
| Distributions from net investment income  | (.32)  | (.30)  | (.30)  | (.18)  | (.12)  |
| Distributions from net realized gain  | (.01)  | -  | (.37)  | (.11)  | (.13)  |
| Total distributions  | (.34) C | (.30)  | (.67)  | (.29)  | (.26) C |
| Net asset value, end of period  | $14.17 | $13.40 | $11.64 | $11.46 | $13.85 |
| **Total Return** D,E | 8.48% <br>| 17.89%  | 7.60%  | (15.47)%  | 13.06%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .77%  | .80%  | .83%  | .82%  | .82%  |
| Expenses net of fee waivers, if any  | .75% <br>| .79%  | .82%  | .82%  | .82%  |
| Expenses net of all reductions, if any  | .75%  | .79%  | .82%  | .82%  | .82%  |
| Net investment income (loss)  | 2.45%  | 2.40%  | 2.24%  | 1.72%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $86099 | $80835 | $69848 | $69848 | $74272 |
| Portfolio turnover rate H | 27% <br>| 13%  | 21%  | 16%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 40% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.38 | $11.62 | $11.45 | $13.83 | $12.47 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .27  | .24  | .19  | .11  |
| Net realized and unrealized gain (loss)  | .77  | 1.76  | .58  | (2.31)  | 1.47  |
| Total from investment operations  | 1.06  | 2.03  | .82  | (2.12)  | 1.58  |
| Distributions from net investment income  | (.29)  | (.27)  | (.28)  | (.15)  | (.09)  |
| Distributions from net realized gain  | (.01)  | -  | (.37)  | (.11)  | (.13)  |
| Total distributions  | (.30)  | (.27)  | (.65)  | (.26)  | (.22)  |
| Net asset value, end of period  | $14.14 | $13.38 | $11.62 | $11.45 | $13.83 |
| **Total Return** C,D | 8.13% <br>| 17.65%  | 7.28%  | (15.63)%  | 12.80%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.02%  | 1.04%  | 1.07%  | 1.06%  | 1.06%  |
| Expenses net of fee waivers, if any  | 1.00% <br>| 1.04%  | 1.06%  | 1.06%  | 1.06%  |
| Expenses net of all reductions, if any  | 1.00%  | 1.04%  | 1.06%  | 1.06%  | 1.06%  |
| Net investment income (loss)  | 2.20%  | 2.16%  | 2.01%  | 1.48%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14552 | $15370 | $13020 | $12231 | $14809 |
| Portfolio turnover rate G | 27% <br>| 13%  | 21%  | 16%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 40% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.31 | $11.56 | $11.39 | $13.77 | $12.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .21  | .17  | .12  | .04  |
| Net realized and unrealized gain (loss)  | .78  | 1.74  | .58  | (2.30)  | 1.47  |
| Total from investment operations  | 1.00  | 1.95  | .75  | (2.18)  | 1.51  |
| Distributions from net investment income  | (.22)  | (.20)  | (.21)  | (.09)  | (.03)  |
| Distributions from net realized gain  | (.01)  | -  | (.37)  | (.11)  | (.13)  |
| Total distributions  | (.23)  | (.20)  | (.58)  | (.20)  | (.16)  |
| Net asset value, end of period  | $14.08 | $13.31 | $11.56 | $11.39 | $13.77 |
| **Total Return** C,D | 7.68% <br>| 17.03%  | 6.70%  | (16.07)%  | 12.24%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.52%  | 1.55%  | 1.59%  | 1.59%  | 1.59%  |
| Expenses net of fee waivers, if any  | 1.50% <br>| 1.54%  | 1.59%  | 1.59%  | 1.59%  |
| Expenses net of all reductions, if any  | 1.50%  | 1.54%  | 1.59%  | 1.59%  | 1.59%  |
| Net investment income (loss)  | 1.69%  | 1.65%  | 1.48%  | .95%  | .31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16137 | $18398 | $17576 | $19517 | $26841 |
| Portfolio turnover rate G | 27% <br>| 13%  | 21%  | 16%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 40%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.40 | $11.64 | $11.46 | $13.85 | $12.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .34  | .30  | .26  | .19  |
| Net realized and unrealized gain (loss)  | .78  | 1.75  | .59  | (2.32)  | 1.46  |
| Total from investment operations  | 1.14  | 2.09  | .89  | (2.06)  | 1.65  |
| Distributions from net investment income  | (.36)  | (.33)  | (.34)  | (.22)  | (.16)  |
| Distributions from net realized gain  | (.01)  | -  | (.37)  | (.11)  | (.13)  |
| Total distributions  | (.37)  | (.33)  | (.71)  | (.33)  | (.29)  |
| Net asset value, end of period  | $14.17 | $13.40 | $11.64 | $11.46 | $13.85 |
| **Total Return** C | 8.77% <br>| 18.24%  | 7.95%  | (15.21)%  | 13.38%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .50%  | .51%  | .53%  | .52%  | .52%  |
| Expenses net of fee waivers, if any  | .48% <br>| .51%  | .52%  | .52%  | .51%  |
| Expenses net of all reductions, if any  | .48%  | .51%  | .52%  | .52%  | .51%  |
| Net investment income (loss)  | 2.72%  | 2.69%  | 2.55%  | 2.02%  | 1.39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1611488 | $1544767 | $1427453 | $1515043 | $1829755 |
| Portfolio turnover rate F | 27% <br>| 13%  | 21%  | 16%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 40% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.40 | $11.64 | $11.47 | $13.86 | $12.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .33  | .30  | .26  | .18  |
| Net realized and unrealized gain (loss)  | .78  | 1.76  | .58  | (2.32)  | 1.48  |
| Total from investment operations  | 1.14  | 2.09  | .88  | (2.06)  | 1.66  |
| Distributions from net investment income  | (.35)  | (.33)  | (.33)  | (.21)  | (.16)  |
| Distributions from net realized gain  | (.01)  | -  | (.37)  | (.11)  | (.13)  |
| Total distributions  | (.37) C | (.33)  | (.71) C | (.33) C | (.29)  |
| Net asset value, end of period  | $14.17 | $13.40 | $11.64 | $11.47 | $13.86 |
| **Total Return** D | 8.72% <br>| 18.21%  | 7.79%  | (15.24)%  | 13.42%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .52%  | .53%  | .57%  | .57%  | .57%  |
| Expenses net of fee waivers, if any  | .50% <br>| .53%  | .57%  | .57%  | .56%  |
| Expenses net of all reductions, if any  | .50%  | .53%  | .57%  | .57%  | .56%  |
| Net investment income (loss)  | 2.70%  | 2.66%  | 2.50%  | 1.97%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34663 | $32753 | $36451 | $34286 | $42310 |
| Portfolio turnover rate G | 27% <br>| 13%  | 21%  | 16%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 40% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.40 | $11.64 | $11.47 | $13.86 | $12.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .34  | .31  | .27  | .19  |
| Net realized and unrealized gain (loss)  | .78  | 1.76  | .58  | (2.32)  | 1.48  |
| Total from investment operations  | 1.15  | 2.10  | .89  | (2.05)  | 1.67  |
| Distributions from net investment income  | (.36)  | (.34)  | (.34)  | (.23)  | (.17)  |
| Distributions from net realized gain  | (.01)  | -  | (.37)  | (.11)  | (.13)  |
| Total distributions  | (.38) C | (.34)  | (.72) C | (.34)  | (.30)  |
| Net asset value, end of period  | $14.17 | $13.40 | $11.64 | $11.47 | $13.86 |
| **Total Return** D | 8.81% <br>| 18.29%  | 7.89%  | (15.16)%  | 13.49%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .46%  | .48%  | .49%  | .49%  | .49%  |
| Expenses net of fee waivers, if any  | .44% <br>| .47%  | .49%  | .49%  | .49%  |
| Expenses net of all reductions, if any  | .44%  | .47%  | .49%  | .49%  | .49%  |
| Net investment income (loss)  | 2.75%  | 2.72%  | 2.58%  | 2.05%  | 1.41%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $651892 | $623834 | $530895 | $500747 | $556238 |
| Portfolio turnover rate G | 27% <br>| 13%  | 21%  | 16%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 50%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 37.3%** | &nbsp;&nbsp;**Bond Funds - 37.3%** | &nbsp;&nbsp;**Bond Funds - 37.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 1304864 | 123583699 |
| Fidelity Floating Rate Central Fund (b) | 744018 | 71529869 |
| Fidelity High Income Central Fund (b) | 1544079 | 170605282 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 2083496 | 192160816 |
| Fidelity International Credit Central Fund (b) | 282340 | 23665736 |
| Fidelity Investment Grade Bond Central Fund (b) | 31476274 | 3138499244 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $3,725,772,315) |  | **3720044646** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 35.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 35.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 35.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c) | 3826386 | 205323873 |
| Fidelity Commodity Strategy Central Fund (b) | 802813 | 75119207 |
| Fidelity Enhanced Large Cap Value ETF (c) | 1477066 | 49526023 |
| Fidelity Enhanced Mid Cap ETF (c) | 2271188 | 82103446 |
| Fidelity Enhanced Small Cap ETF (c) | 6759989 | 247145198 |
| Fidelity Fundamental Small-Mid Cap ETF (c) | 3383270 | 98825316 |
| Fidelity Hedged Equity ETF (c) | 3484348 | 106899797 |
| Fidelity Managed Futures ETF (c) | 476493 | 24946790 |
| Fidelity Real Estate Equity Central Fund (b) | 147175 | 20068721 |
| Fidelity U.S. Equity Central Fund (b) | 17085008 | 2660135672 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $1,210,834,847) |  | **3570094043** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 22.8%** | &nbsp;&nbsp;**International Equity Funds - 22.8%** | &nbsp;&nbsp;**International Equity Funds - 22.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 2622330 | 721927397 |
| Fidelity International Equity Central Fund (b) | 12393215 | 1551382678 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $1,380,920,762) |  | **2273310075** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/16/2025 (e) | 4.28 | 4260000 | 4252804 |
| US Treasury Bills 0% 10/2/2025  | 4.29 | 3290000 | 3289633 |
| US Treasury Bills 0% 10/23/2025 (e) | 4.29 | 8910000 | 8888070 |
| US Treasury Bills 0% 10/30/2025 (e) | 4.28 | 860000 | 857191 |
| US Treasury Bills 0% 10/9/2025 (e) | 4.30 | 9590000 | 9581344 |
| US Treasury Bills 0% 11/20/2025 (e) | 4.15 to 4.17 | 680000 | 676251 |
| US Treasury Bills 0% 11/6/2025 (e) | 4.18 | 1120000 | 1115495 |
| US Treasury Bills 0% 12/4/2025 (e) | 3.98 | 180000 | 178753 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $28,837,177) |  |  | **28839541** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $381,828,335)<br>| 4.21 | 381751985 | **381828335** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $6,728,193,436)<br>| <br>**9974116640** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(4147825)** |
| **NET ASSETS - 100.0%** | **9969968815** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 818 | 12/19/2025 | 92012219 | 494207 | 494207 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 960 | 12/19/2025 | 323460000 | (4466351) | (4466351) |
| ICE MSCI EAFE Index Contracts (United States) | 520 | 12/19/2025 | 72417800 | 207014 | 207014 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 359 | 12/19/2025 | 24406615 | (254342) | (254342) |
| TOTAL SOLD |  |  |  |  | (4513679) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(4019472)** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 4.1% | The notional amount of futures sold as a percentage of Net Assets is 4.1% | The notional amount of futures sold as a percentage of Net Assets is 4.1% | The notional amount of futures sold as a percentage of Net Assets is 4.1% | The notional amount of futures sold as a percentage of Net Assets is 4.1% | The notional amount of futures sold as a percentage of Net Assets is 4.1% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $23,756,528.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 209872996 | 1043960635 | 872005030 | 15413258 | (266) | - | 381828335 | 381751985 | 0.7% |
| Fidelity Commodity Strategy Central Fund | 40404008 | 48316518 | 14412307 | 4177704 | (2391190) | 3202178 | 75119207 | 802813 | 20.5% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 76533329 | 44535617 | - | 4166068 | - | 2514753 | 123583699 | 1304864 | 25.9% |
| Fidelity Emerging Markets Equity Central Fund | 636666391 | 36164205 | 67675590 | 13451747 | 1695826 | 115076565 | 721927397 | 2622330 | 24.0% |
| Fidelity Floating Rate Central Fund | 72653699 | 7522013 | 7367006 | 6179305 | (49046) | (1229791) | 71529869 | 744018 | 3.6% |
| Fidelity High Income Central Fund | 72648617 | 135263756 | 45255329 | 8681676 | 798427 | 7149811 | 170605282 | 1544079 | 9.8% |
| Fidelity Inflation-Protected Bond Index Central Fund | 95112834 | 160361547 | 67789938 | 6009163 | (2316228) | 6792601 | 192160816 | 2083496 | 25.7% |
| Fidelity International Credit Central Fund | 24404997 | 1653638 | 2455832 | 1205905 | (397126) | 460059 | 23665736 | 282340 | 24.5% |
| Fidelity International Equity Central Fund | 1500162034 | 67125381 | 182834918 | 41420458 | 21921291 | 145008890 | 1551382678 | 12393215 | 24.1% |
| Fidelity Investment Grade Bond Central Fund | 3316583464 | 627258753 | 764671013 | 136200458 | (28053780) | (12618180) | 3138499244 | 31476274 | 7.5% |
| Fidelity Real Estate Equity Central Fund | 42744061 | 8254967 | 27974883 | 957516 | 2008462 | (4963886) | 20068721 | 147175 | 2.3% |
| Fidelity Securities Lending Cash Central Fund | - | 399603914 | 399603914 | 10819 | - | - | - | - | 0.0% |
| Fidelity U.S. Equity Central Fund | 3385123491 | 323068959 | 1212686575 | 270256284 | 581417933 | (416788136) | 2660135672 | 17085008 | 14.2% |
| Total | 9472909921 | 2903089903 | 3664732335 | 508130361 | 574634303 | (155395136) | 9130506656 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 204873439 | 30523141 | 19132 | 1875092 | 29098483 | 205323873 | 3826386 |
| Fidelity Enhanced Large Cap Value ETF | - | 51854869 | 6893997 | 637187 | 113623 | 4451528 | 49526023 | 1477066 |
| Fidelity Enhanced Mid Cap ETF | 39083019 | 124531206 | 85034306 | 948796 | (4165846) | 7689373 | 82103446 | 2271188 |
| Fidelity Enhanced Small Cap ETF | 51182060 | 266114282 | 90205856 | 1848256 | (8463737) | 28518449 | 247145198 | 6759989 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 98521768 | 6075165 | 464295 | (286869) | 6665582 | 98825316 | 3383270 |
| Fidelity Hedged Equity ETF | 124608380 | 44153766 | 79193300 | 833193 | 7679948 | 9651003 | 106899797 | 3484348 |
| Fidelity Managed Futures ETF | - | 24071093 | - | - | - | 875697 | 24946790 | 476493 |
|  | 214873459 | 814120423 | 297925765 | 4750859 | (3247789) | 86950115 | 814770443 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 3720044646 | 3720044646 | - | - |
|  **Domestic Equity Funds** | 3570094043 | 3570094043 | - | - |
|  **International Equity Funds** | 2273310075 | 2273310075 | - | - |
|  **U.S. Treasury Obligations** | 28839541 | - | 28839541 | - |
|  **Money Market Funds** | 381828335 | 381828335 | - | - |
| **Total Investments in Securities:** | 9974116640 | 9945277099 | 28839541 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 701221 | 701221 | - | - |
| Total Assets | 701221 | 701221 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (4720693) | (4720693) | - | - |
| Total Liabilities | (4720693) | (4720693) | - | - |
| **Total Derivative Instruments:** | (4019472) | (4019472) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 207014 | (4720693) |
| **Total Equity Risk**  | 207014 | (4720693) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 494207 | - |
| **Total Interest Rate Risk**  | 494207 | - |
| **Total Value of Derivatives** | 701221 | (4720693) |

---

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

**Fidelity Asset Manager® 50%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $28,837,177) | $28839541 |  |
| Fidelity Central Funds (cost $5,985,945,200) | 9130506656 |  |
| Other affiliated issuers (cost $713,411,059) | 814770443 |  |
| Total Investment in Securities (cost $6,728,193,436) |  | $9974116640 |
| Receivable for investments sold |  | 206 |
| Receivable for fund shares sold |  | 3641735 |
| Distributions receivable from Fidelity Central Funds |  | 1371768 |
| Prepaid expenses |  | 10447 |
| Other receivables |  | 10792 |
| **Total assets** |  | 9979151588 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $233193 |  |
| Payable for fund shares redeemed | 3391216 |  |
| Accrued management fee | 3846707 |  |
| Distribution and service plan fees payable | 69633 |  |
| Payable for daily variation margin on futures contracts | 1594743 |  |
| Other payables and accrued expenses | 47281 |  |
| **Total liabilities** |  | 9182773 |
| **Net Assets**  |  | $9969968815 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6828358832 |
| Total accumulated earnings (loss) |  | 3141609983 |
| **Net Assets** |  | $9969968815 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($133,335,213 ÷ 5,906,331 shares)(a) |  | $22.57 |
| Maximum offering price per share (100/94.25 of $22.57) |  | $23.95 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($53,551,683 ÷ 2,375,819 shares)(a) |  | $22.54 |
| Maximum offering price per share (100/96.50 of $22.54) |  | $23.36 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($24,132,093 ÷ 1,082,035 shares)(a) |  | $22.30 |
| **Asset Manager 50% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,319,771,259 ÷ 322,403,979 shares) |  | $22.70 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($65,350,524 ÷ 2,885,579 shares) |  | $22.65 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,373,828,043 ÷ 104,911,808 shares) |  | $22.63 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $4,750,859 earned from affiliated issuers) |  | $9081121 |
| Interest  |  | 1187462 |
| Income from Fidelity Central Funds (including $10,819 from security lending)  |  | 269685318 |
| **Total income** |  | 279953901 |
| **Expenses** |  |  |
| Management fee | $48534227 |  |
| Distribution and service plan fees | 824534 |  |
| Custodian fees and expenses | 30880 |  |
| Independent trustees' fees and expenses | 23704 |  |
| Registration fees | 141560 |  |
| Audit fees | 41965 |  |
| Legal | 8236 |  |
| Miscellaneous | 35140 |  |
| Total expenses before reductions | 49640246 |  |
| Expense reductions | (2526081) |  |
| Total expenses after reductions |  | 47114165 |
| **Net Investment income (loss)** |  | 232839736 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (11582395) |  |
| Fidelity Central Funds | 574634303 |  |
| Other affiliated issuers | (3247789) |  |
| Futures contracts | (58410439) |  |
| Capital gain distributions from Fidelity Central Funds | 238445043 |  |
| Total net realized gain (loss) |  | 739838723 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2106759 |  |
| Fidelity Central Funds  | (155395136) |  |
| Other affiliated issuers  | 86950115 |  |
| Futures contracts | 10241305 |  |
| Total change in net unrealized appreciation (depreciation) |  | (56096957) |
| **Net gain (loss)** |  | 683741766 |
| **Net increase (decrease) in net assets resulting from operations** |  | $916581502 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $232839736 | $223428532 |
| &nbsp;&nbsp;Net realized gain (loss) | 739838723<br>| 188329577<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (56096957) | 1331672746<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 916581502<br>| 1743430855<br>|
| Distributions to shareholders | (366147157)<br>| (219731373)<br>|
| Share transactions - net increase (decrease) | (389752755)<br>| (752665982)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 160681590<br>| 771033500<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9809287225 | 9038253725<br>|
| &nbsp;&nbsp;End of period | $9969968815 | $9809287225 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 50% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.32 | $18.14 | $17.75 | $21.98 | $19.33 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .41  | .37  | .33  | .20  |
| Net realized and unrealized gain (loss)  | 1.55  | 3.17  | 1.24  | (3.97)  | 2.86  |
| Total from investment operations  | 2.00  | 3.58  | 1.61  | (3.64)  | 3.06  |
| Distributions from net investment income  | (.45)  | (.40)  | (.44)  | (.28)  | (.17)  |
| Distributions from net realized gain  | (.30)  | -  | (.78)  | (.31)  | (.24)  |
| Total distributions  | (.75)  | (.40)  | (1.22)  | (.59)  | (.41)  |
| Net asset value, end of period  | $22.57 | $21.32 | $18.14 | $17.75 | $21.98 |
| **Total Return** C,D | 9.74% <br>| 19.97%  | 9.29%  | (17.02)%  | 15.99%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .82%  | .86%  | .91%  | .91%  | .91%  |
| Expenses net of fee waivers, if any  | .79% <br>| .85%  | .91%  | .90%  | .91%  |
| Expenses net of all reductions, if any  | .79%  | .85%  | .91%  | .90%  | .91%  |
| Net investment income (loss)  | 2.14%  | 2.06%  | 2.00%  | 1.63%  | .94%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $133335 | $131499 | $116526 | $110693 | $134052 |
| Portfolio turnover rate G | 25% <br>| 12%  | 20%  | 20%  | 17%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 50% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.29 | $18.12 | $17.73 | $21.95 | $19.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .40  | .36  | .32  | .28  | .15  |
| Net realized and unrealized gain (loss)  | 1.55  | 3.16  | 1.24  | (3.95)  | 2.85  |
| Total from investment operations  | 1.95  | 3.52  | 1.56  | (3.67)  | 3.00  |
| Distributions from net investment income  | (.40)  | (.35)  | (.39)  | (.24)  | (.12)  |
| Distributions from net realized gain  | (.30)  | -  | (.78)  | (.31)  | (.24)  |
| Total distributions  | (.70)  | (.35)  | (1.17)  | (.55)  | (.36)  |
| Net asset value, end of period  | $22.54 | $21.29 | $18.12 | $17.73 | $21.95 |
| **Total Return** C,D | 9.49% <br>| 19.64%  | 9.03%  | (17.18)%  | 15.69%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.07%  | 1.10%  | 1.15%  | 1.15%  | 1.15%  |
| Expenses net of fee waivers, if any  | 1.04% <br>| 1.10%  | 1.15%  | 1.15%  | 1.15%  |
| Expenses net of all reductions, if any  | 1.04%  | 1.10%  | 1.15%  | 1.15%  | 1.15%  |
| Net investment income (loss)  | 1.89%  | 1.82%  | 1.76%  | 1.39%  | .70%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $53552 | $52923 | $48134 | $47759 | $57507 |
| Portfolio turnover rate G | 25% <br>| 12%  | 20%  | 20%  | 17%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 50% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.07 | $17.93 | $17.55 | $21.76 | $19.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .26  | .23  | .18  | .04  |
| Net realized and unrealized gain (loss)  | 1.53  | 3.13  | 1.23  | (3.93)  | 2.84  |
| Total from investment operations  | 1.82  | 3.39  | 1.46  | (3.75)  | 2.88  |
| Distributions from net investment income  | (.29)  | (.25)  | (.29)  | (.15)  | (.04)  |
| Distributions from net realized gain  | (.30)  | -  | (.78)  | (.31)  | (.24)  |
| Total distributions  | (.59)  | (.25)  | (1.08) C | (.46)  | (.28)  |
| Net asset value, end of period  | $22.30 | $21.07 | $17.93 | $17.55 | $21.76 |
| **Total Return** D,E | 8.92% <br>| 19.05%  | 8.47%  | (17.64)%  | 15.12%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.57%  | 1.60%  | 1.66%  | 1.66%  | 1.67%  |
| Expenses net of fee waivers, if any  | 1.54% <br>| 1.59%  | 1.66%  | 1.66%  | 1.67%  |
| Expenses net of all reductions, if any  | 1.54%  | 1.59%  | 1.66%  | 1.66%  | 1.67%  |
| Net investment income (loss)  | 1.39%  | 1.32%  | 1.24%  | .87%  | .18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $24132 | $26736 | $29986 | $31796 | $51226 |
| Portfolio turnover rate H | 25% <br>| 12%  | 20%  | 20%  | 17%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 50%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.44 | $18.23 | $17.84 | $22.09 | $19.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .51  | .47  | .43  | .40  | .27  |
| Net realized and unrealized gain (loss)  | 1.56  | 3.20  | 1.24  | (3.99)  | 2.87  |
| Total from investment operations  | 2.07  | 3.67  | 1.67  | (3.59)  | 3.14  |
| Distributions from net investment income  | (.51)  | (.46)  | (.49)  | (.35)  | (.23)  |
| Distributions from net realized gain  | (.30)  | -  | (.78)  | (.31)  | (.24)  |
| Total distributions  | (.81)  | (.46)  | (1.28) C | (.66)  | (.47)  |
| Net asset value, end of period  | $22.70 | $21.44 | $18.23 | $17.84 | $22.09 |
| **Total Return** D | 10.04% <br>| 20.37%  | 9.59%  | (16.79)%  | 16.36%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .53%  | .57%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .50% <br>| .56%  | .61%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .50%  | .56%  | .61%  | .60%  | .60%  |
| Net investment income (loss)  | 2.43%  | 2.36%  | 2.29%  | 1.93%  | 1.25%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7319771 | $7407487 | $6958278 | $7094870 | $9274634 |
| Portfolio turnover rate G | 25% <br>| 12%  | 20%  | 20%  | 17%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 50% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.39 | $18.20 | $17.80 | $22.04 | $19.38 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .50  | .46  | .42  | .39  | .26  |
| Net realized and unrealized gain (loss)  | 1.56  | 3.18  | 1.25  | (3.98)  | 2.87  |
| Total from investment operations  | 2.06  | 3.64  | 1.67  | (3.59)  | 3.13  |
| Distributions from net investment income  | (.50)  | (.45)  | (.49)  | (.34)  | (.23)  |
| Distributions from net realized gain  | (.30)  | -  | (.78)  | (.31)  | (.24)  |
| Total distributions  | (.80)  | (.45)  | (1.27)  | (.65)  | (.47)  |
| Net asset value, end of period  | $22.65 | $21.39 | $18.20 | $17.80 | $22.04 |
| **Total Return** C | 10.04% <br>| 20.26%  | 9.63%  | (16.80)%  | 16.30%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .57%  | .60%  | .64%  | .64%  | .64%  |
| Expenses net of fee waivers, if any  | .54% <br>| .59%  | .63%  | .64%  | .64%  |
| Expenses net of all reductions, if any  | .54%  | .59%  | .63%  | .64%  | .64%  |
| Net investment income (loss)  | 2.39%  | 2.32%  | 2.27%  | 1.90%  | 1.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $65351 | $57058 | $50986 | $60352 | $81320 |
| Portfolio turnover rate F | 25% <br>| 12%  | 20%  | 20%  | 17%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 50% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.37 | $18.18 | $17.79 | $22.03 | $19.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .53  | .48  | .44  | .41  | .28  |
| Net realized and unrealized gain (loss)  | 1.55  | 3.18  | 1.24  | (3.98)  | 2.87  |
| Total from investment operations  | 2.08  | 3.66  | 1.68  | (3.57)  | 3.15  |
| Distributions from net investment income  | (.52)  | (.47)  | (.51)  | (.36)  | (.25)  |
| Distributions from net realized gain  | (.30)  | -  | (.78)  | (.31)  | (.24)  |
| Total distributions  | (.82)  | (.47)  | (1.29)  | (.67)  | (.49)  |
| Net asset value, end of period  | $22.63 | $21.37 | $18.18 | $17.79 | $22.03 |
| **Total Return** C | 10.18% <br>| 20.41%  | 9.71%  | (16.71)%  | 16.43%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .45%  | .49%  | .54%  | .53%  | .54%  |
| Expenses net of fee waivers, if any  | .42% <br>| .48%  | .53%  | .53%  | .54%  |
| Expenses net of all reductions, if any  | .42%  | .48%  | .53%  | .53%  | .54%  |
| Net investment income (loss)  | 2.50%  | 2.43%  | 2.37%  | 2.00%  | 1.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2373828 | $2133585 | $1834344 | $1665184 | $1955130 |
| Portfolio turnover rate F | 25% <br>| 12%  | 20%  | 20%  | 17%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 60%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 32.3%** | &nbsp;&nbsp;**Bond Funds - 32.3%** | &nbsp;&nbsp;**Bond Funds - 32.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 601673 | 56984439 |
| Fidelity Floating Rate Central Fund (b) | 333779 | 32089494 |
| Fidelity High Income Central Fund (b) | 721161 | 79681093 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 973158 | 89754365 |
| Fidelity International Credit Central Fund (b) | 130388 | 10929085 |
| Fidelity Investment Grade Bond Central Fund (b) | 12452846 | 1241673245 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $1,544,127,677) |  | **1511111721** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 39.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 39.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 39.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c) | 1956723 | 104997756 |
| Fidelity Commodity Strategy Central Fund (b) | 374856 | 35075284 |
| Fidelity Enhanced Large Cap Value ETF (c) | 773240 | 25926737 |
| Fidelity Enhanced Mid Cap ETF (c) | 1152140 | 41649861 |
| Fidelity Enhanced Small Cap ETF (c) | 3484306 | 127386228 |
| Fidelity Fundamental Small-Mid Cap ETF (c) | 1716542 | 50140192 |
| Fidelity Hedged Equity ETF (c) | 1571958 | 48227672 |
| Fidelity Managed Futures ETF (c) | 219563 | 11495221 |
| Fidelity Real Estate Equity Central Fund (b) | 69165 | 9431328 |
| Fidelity U.S. Equity Central Fund (b) | 8837290 | 1375966098 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $858,098,270) |  | **1830296377** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 26.8%** | &nbsp;&nbsp;**International Equity Funds - 26.8%** | &nbsp;&nbsp;**International Equity Funds - 26.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 1443393 | 397366032 |
| Fidelity International Equity Central Fund (b) | 6847715 | 857197009 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $836,520,334) |  | **1254563041** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/16/2025 (e) | 4.28 | 860000 | 858547 |
| US Treasury Bills 0% 10/23/2025 (e) | 4.29 | 270000 | 269335 |
| US Treasury Bills 0% 10/30/2025 (e) | 4.23 to 4.28 | 1800000 | 1794121 |
| US Treasury Bills 0% 10/9/2025  | 4.30 | 2130000 | 2128079 |
| US Treasury Bills 0% 11/20/2025 (e) | 4.17 | 330000 | 328180 |
| US Treasury Bills 0% 11/6/2025 (e) | 4.18 | 690000 | 687224 |
| US Treasury Bills 0% 12/4/2025 (e) | 3.98 | 110000 | 109238 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $6,174,133) |  |  | **6174724** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $84,418,034)<br>| 4.21 | 84401154 | **84418034** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,329,338,448)<br>| <br>**4686563897** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2152966)** |
| **NET ASSETS - 100.0%** | **4684410931** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 378 | 12/19/2025 | 42519094 | 228374 | 228374 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 79 | 12/19/2025 | 26618063 | (367544) | (367544) |
| ICE MSCI EAFE Index Contracts (United States) | 232 | 12/19/2025 | 32309480 | 92253 | 92253 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 190 | 12/19/2025 | 12917150 | (134610) | (134610) |
| TOTAL SOLD |  |  |  |  | (409901) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(181527)** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 1.5% | The notional amount of futures sold as a percentage of Net Assets is 1.5% | The notional amount of futures sold as a percentage of Net Assets is 1.5% | The notional amount of futures sold as a percentage of Net Assets is 1.5% | The notional amount of futures sold as a percentage of Net Assets is 1.5% | The notional amount of futures sold as a percentage of Net Assets is 1.5% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,662,295.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 32085964 | 395392349 | 343060215 | 3371610 | (64) | - | 84418034 | 84401154 | 0.2% |
| Fidelity Commodity Strategy Central Fund | 17729074 | 23381042 | 6425092 | 1919104 | (506737) | 896997 | 35075284 | 374856 | 9.6% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 32924248 | 22872378 | - | 1792221 | - | 1187813 | 56984439 | 601673 | 12.0% |
| Fidelity Emerging Markets Equity Central Fund | 332881928 | 35352454 | 35050589 | 7263463 | (361131) | 64543370 | 397366032 | 1443393 | 13.2% |
| Fidelity Floating Rate Central Fund | 31130109 | 4610279 | 3085657 | 2710841 | (14609) | (550628) | 32089494 | 333779 | 1.6% |
| Fidelity High Income Central Fund | 31848133 | 64579698 | 20381927 | 3946147 | 314766 | 3320423 | 79681093 | 721161 | 4.6% |
| Fidelity Inflation-Protected Bond Index Central Fund | 62803620 | 54696530 | 29429242 | 2878111 | (1544763) | 3228220 | 89754365 | 973158 | 12.0% |
| Fidelity International Credit Central Fund | 10745823 | 1174388 | 1028766 | 541028 | (106345) | 143985 | 10929085 | 130388 | 11.3% |
| Fidelity International Equity Central Fund | 749236142 | 104897200 | 91117573 | 22176641 | 1557912 | 92623328 | 857197009 | 6847715 | 13.3% |
| Fidelity Investment Grade Bond Central Fund | 1230509746 | 303975684 | 278812099 | 52309870 | (21068355) | 7068269 | 1241673245 | 12452846 | 3.0% |
| Fidelity Real Estate Equity Central Fund | 15653903 | 7621811 | 12625001 | 436012 | 371240 | (1590625) | 9431328 | 69165 | 1.1% |
| Fidelity Securities Lending Cash Central Fund | - | 342339221 | 342339221 | 11910 | - | - | - | - | 0.0% |
| Fidelity U.S. Equity Central Fund | 1653918659 | 225390269 | 589484684 | 134045652 | 170799712 | (84657858) | 1375966098 | 8837290 | 7.4% |
| Total | 4201467349 | 1586283303 | 1752840066 | 233402610 | 149441626 | 86213294 | 4270565506 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 102234681 | 12944960 | 9784 | 806978 | 14901057 | 104997756 | 1956723 |
| Fidelity Enhanced Large Cap Value ETF | - | 26602072 | 3017349 | 323099 | 38956 | 2303058 | 25926737 | 773240 |
| Fidelity Enhanced Mid Cap ETF | 17019458 | 60369572 | 37675946 | 467408 | (1930693) | 3867470 | 41649861 | 1152140 |
| Fidelity Enhanced Small Cap ETF | 22034566 | 132105827 | 37557224 | 912421 | (3833876) | 14636935 | 127386228 | 3484306 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 49055260 | 2151173 | 232786 | (139998) | 3376103 | 50140192 | 1716542 |
| Fidelity Hedged Equity ETF | 54929957 | 19961561 | 34476422 | 374896 | 3373194 | 4439382 | 48227672 | 1571958 |
| Fidelity Managed Futures ETF | - | 11091708 | - | - | - | 403513 | 11495221 | 219563 |
|  | 93983981 | 401420681 | 127823074 | 2320394 | (1685439) | 43927518 | 409823667 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 1511111721 | 1511111721 | - | - |
|  **Domestic Equity Funds** | 1830296377 | 1830296377 | - | - |
|  **International Equity Funds** | 1254563041 | 1254563041 | - | - |
|  **U.S. Treasury Obligations** | 6174724 | - | 6174724 | - |
|  **Money Market Funds** | 84418034 | 84418034 | - | - |
| **Total Investments in Securities:** | 4686563897 | 4680389173 | 6174724 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 320627 | 320627 | - | - |
| Total Assets | 320627 | 320627 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (502154) | (502154) | - | - |
| Total Liabilities | (502154) | (502154) | - | - |
| **Total Derivative Instruments:** | (181527) | (181527) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 92253 | (502154) |
| **Total Equity Risk**  | 92253 | (502154) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 228374 | - |
| **Total Interest Rate Risk**  | 228374 | - |
| **Total Value of Derivatives** | 320627 | (502154) |

---

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

**Fidelity Asset Manager® 60%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,174,133) | $6174724 |  |
| Fidelity Central Funds (cost $2,963,572,834) | 4270565506 |  |
| Other affiliated issuers (cost $359,591,481) | 409823667 |  |
| Total Investment in Securities (cost $3,329,338,448) |  | $4686563897 |
| Foreign currency held at value (cost $385) |  | 385 |
| Receivable for investments sold |  | 49767 |
| Receivable for fund shares sold |  | 2466960 |
| Dividends receivable |  | 7726 |
| Distributions receivable from Fidelity Central Funds |  | 301496 |
| Prepaid expenses |  | 4827 |
| Other receivables |  | 2201 |
| **Total assets** |  | 4689397259 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1771604 |  |
| Payable for fund shares redeemed | 704728 |  |
| Accrued management fee | 2121261 |  |
| Distribution and service plan fees payable | 83411 |  |
| Payable for daily variation margin on futures contracts | 277470 |  |
| Other payables and accrued expenses | 27854 |  |
| **Total liabilities** |  | 4986328 |
| **Net Assets**  |  | $4684410931 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3214381830 |
| Total accumulated earnings (loss) |  | 1470029101 |
| **Net Assets** |  | $4684410931 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($186,264,285 ÷ 10,664,457 shares)(a) |  | $17.47 |
| Maximum offering price per share (100/94.25 of $17.47) |  | $18.54 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($52,192,821 ÷ 3,008,991 shares)(a) |  | $17.35 |
| Maximum offering price per share (100/96.50 of $17.35) |  | $17.98 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($27,960,941 ÷ 1,631,391 shares)(a) |  | $17.14 |
| **Asset Manager 60% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,354,874,614 ÷ 133,854,395 shares) |  | $17.59 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($139,455,675 ÷ 7,929,928 shares) |  | $17.59 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,923,662,595 ÷ 109,424,083 shares) |  | $17.58 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $2,320,394 earned from affiliated issuers) |  | $4321561 |
| Interest  |  | 248861 |
| Income from Fidelity Central Funds (including $11,910 from security lending)  |  | 115276999 |
| **Total income** |  | 119847421 |
| **Expenses** |  |  |
| Management fee | $25852792 |  |
| Distribution and service plan fees | 962304 |  |
| Custodian fees and expenses | 20160 |  |
| Independent trustees' fees and expenses | 10719 |  |
| Registration fees | 125552 |  |
| Audit fees | 37694 |  |
| Legal | 9328 |  |
| Miscellaneous | 15620 |  |
| Total expenses before reductions | 27034169 |  |
| Expense reductions | (1231338) |  |
| Total expenses after reductions |  | 25802831 |
| **Net Investment income (loss)** |  | 94044590 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5161654) |  |
| Fidelity Central Funds | 149441626 |  |
| Other affiliated issuers | (1685439) |  |
| Foreign currency transactions | (94) |  |
| Futures contracts | (14712125) |  |
| Capital gain distributions from Fidelity Central Funds | 118125611 |  |
| Total net realized gain (loss) |  | 246007925 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 972135 |  |
| Fidelity Central Funds  | 86213294 |  |
| Other affiliated issuers  | 43927518 |  |
| Assets and liabilities in foreign currencies | 233 |  |
| Futures contracts | 3083680 |  |
| Total change in net unrealized appreciation (depreciation) |  | 134196860 |
| **Net gain (loss)** |  | 380204785 |
| **Net increase (decrease) in net assets resulting from operations** |  | $474249375 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $94044590 | $84848944 |
| &nbsp;&nbsp;Net realized gain (loss) | 246007925<br>| 90875031<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 134196860 | 633783813<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 474249375<br>| 809507788<br>|
| Distributions to shareholders | (137720646)<br>| (76628870)<br>|
| Share transactions - net increase (decrease) | 5353758<br>| (102832497)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 341882487<br>| 630046421<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4342528444 | 3712482023<br>|
| &nbsp;&nbsp;End of period | $4684410931 | $4342528444 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 60% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.21 | $13.51 | $12.66 | $15.88 | $13.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .27  | .24  | .23  | .13  |
| Net realized and unrealized gain (loss)  | 1.42  | 2.67  | 1.14  | (3.08)  | 2.42  |
| Total from investment operations  | 1.72  | 2.94  | 1.38  | (2.85)  | 2.55  |
| Distributions from net investment income  | (.28)  | (.24)  | (.25)  | (.18)  | (.12)  |
| Distributions from net realized gain  | (.18)  | -  | (.28)  | (.19)  | (.12)  |
| Total distributions  | (.46)  | (.24)  | (.53)  | (.37)  | (.24)  |
| Net asset value, end of period  | $17.47 | $16.21 | $13.51 | $12.66 | $15.88 |
| **Total Return** C,D | 10.99% <br>| 21.95%  | 11.09%  | (18.47)%  | 18.90%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .92%  | .95%  | .99%  | .99%  | .99%  |
| Expenses net of fee waivers, if any  | .89% <br>| .94%  | .99%  | .99%  | .99%  |
| Expenses net of all reductions, if any  | .89%  | .94%  | .99%  | .99%  | .99%  |
| Net investment income (loss)  | 1.86%  | 1.79%  | 1.79%  | 1.55%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $186264 | $176093 | $149985 | $138958 | $167442 |
| Portfolio turnover rate G | 29% <br>| 17%  | 21%  | 23%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 60% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.10 | $13.42 | $12.58 | $15.78 | $13.48 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .23  | .21  | .19  | .09  |
| Net realized and unrealized gain (loss)  | 1.41  | 2.66  | 1.13  | (3.07)  | 2.41  |
| Total from investment operations  | 1.67  | 2.89  | 1.34  | (2.88)  | 2.50  |
| Distributions from net investment income  | (.24)  | (.21)  | (.22)  | (.13)  | (.08)  |
| Distributions from net realized gain  | (.18)  | -  | (.28)  | (.19)  | (.12)  |
| Total distributions  | (.42)  | (.21)  | (.50)  | (.32)  | (.20)  |
| Net asset value, end of period  | $17.35 | $16.10 | $13.42 | $12.58 | $15.78 |
| **Total Return** C,D | 10.72% <br>| 21.67%  | 10.79%  | (18.67)%  | 18.67%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.19%  | 1.23%  | 1.23%  | 1.24%  |
| Expenses net of fee waivers, if any  | 1.14% <br>| 1.18%  | 1.23%  | 1.23%  | 1.24%  |
| Expenses net of all reductions, if any  | 1.14%  | 1.18%  | 1.23%  | 1.23%  | 1.24%  |
| Net investment income (loss)  | 1.61%  | 1.55%  | 1.55%  | 1.31%  | .59%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $52193 | $50835 | $45642 | $43630 | $54174 |
| Portfolio turnover rate G | 29% <br>| 17%  | 21%  | 23%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 60% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.90 | $13.25 | $12.39 | $15.55 | $13.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .15  | .14  | .12  | .01  |
| Net realized and unrealized gain (loss)  | 1.39  | 2.62  | 1.12  | (3.05)  | 2.38  |
| Total from investment operations  | 1.57  | 2.77  | 1.26  | (2.93)  | 2.39  |
| Distributions from net investment income  | (.15)  | (.12)  | (.12)  | (.04)  | - C |
| Distributions from net realized gain  | (.18)  | -  | (.28)  | (.19)  | (.12)  |
| Total distributions  | (.33)  | (.12)  | (.40)  | (.23)  | (.13) D |
| Net asset value, end of period  | $17.14 | $15.90 | $13.25 | $12.39 | $15.55 |
| **Total Return** E,F | 10.13% <br>| 21.02%  | 10.30%  | (19.15)%  | 18.02%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.67%  | 1.70%  | 1.76%  | 1.75%  | 1.77%  |
| Expenses net of fee waivers, if any  | 1.64% <br>| 1.69%  | 1.76%  | 1.75%  | 1.77%  |
| Expenses net of all reductions, if any  | 1.64%  | 1.69%  | 1.76%  | 1.75%  | 1.77%  |
| Net investment income (loss)  | 1.11%  | 1.04%  | 1.03%  | .79%  | .06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $27961 | $30747 | $30786 | $32289 | $55262 |
| Portfolio turnover rate I | 29% <br>| 17%  | 21%  | 23%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 60%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.32 | $13.60 | $12.75 | $15.98 | $13.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .31  | .29  | .28  | .18  |
| Net realized and unrealized gain (loss)  | 1.43  | 2.69  | 1.14  | (3.10)  | 2.43  |
| Total from investment operations  | 1.78  | 3.00  | 1.43  | (2.82)  | 2.61  |
| Distributions from net investment income  | (.33)  | (.28)  | (.29)  | (.22)  | (.16)  |
| Distributions from net realized gain  | (.18)  | -  | (.28)  | (.19)  | (.12)  |
| Total distributions  | (.51)  | (.28)  | (.58) C | (.41)  | (.28)  |
| Net asset value, end of period  | $17.59 | $16.32 | $13.60 | $12.75 | $15.98 |
| **Total Return** D | 11.31% <br>| 22.31%  | 11.38%  | (18.20)%  | 19.28%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .62%  | .65%  | .68%  | .67%  | .67%  |
| Expenses net of fee waivers, if any  | .60% <br>| .64%  | .68%  | .67%  | .67%  |
| Expenses net of all reductions, if any  | .60%  | .64%  | .68%  | .67%  | .67%  |
| Net investment income (loss)  | 2.16%  | 2.09%  | 2.10%  | 1.87%  | 1.15%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2354875 | $2282371 | $2043414 | $1935217 | $2427382 |
| Portfolio turnover rate G | 29% <br>| 17%  | 21%  | 23%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 60% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.33 | $13.61 | $12.75 | $15.99 | $13.66 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .31  | .28  | .27  | .17  |
| Net realized and unrealized gain (loss)  | 1.43  | 2.68  | 1.15  | (3.10)  | 2.43  |
| Total from investment operations  | 1.77  | 2.99  | 1.43  | (2.83)  | 2.60  |
| Distributions from net investment income  | (.33)  | (.27)  | (.29)  | (.22)  | (.15)  |
| Distributions from net realized gain  | (.18)  | -  | (.28)  | (.19)  | (.12)  |
| Total distributions  | (.51)  | (.27)  | (.57)  | (.41)  | (.27)  |
| Net asset value, end of period  | $17.59 | $16.33 | $13.61 | $12.75 | $15.99 |
| **Total Return** C | 11.26% <br>| 22.23%  | 11.39%  | (18.27)%  | 19.20%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .67%  | .70%  | .74%  | .74%  | .74%  |
| Expenses net of fee waivers, if any  | .64% <br>| .69%  | .74%  | .73%  | .74%  |
| Expenses net of all reductions, if any  | .64%  | .69%  | .74%  | .73%  | .74%  |
| Net investment income (loss)  | 2.11%  | 2.04%  | 2.04%  | 1.81%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $139456 | $114376 | $101803 | $95499 | $115782 |
| Portfolio turnover rate F | 29% <br>| 17%  | 21%  | 23%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 60% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.32 | $13.60 | $12.74 | $15.98 | $13.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .32  | .30  | .29  | .19  |
| Net realized and unrealized gain (loss)  | 1.43  | 2.69  | 1.15  | (3.10)  | 2.43  |
| Total from investment operations  | 1.79  | 3.01  | 1.45  | (2.81)  | 2.62  |
| Distributions from net investment income  | (.35)  | (.29)  | (.31)  | (.24)  | (.17)  |
| Distributions from net realized gain  | (.18)  | -  | (.28)  | (.19)  | (.12)  |
| Total distributions  | (.53)  | (.29)  | (.59)  | (.43)  | (.29)  |
| Net asset value, end of period  | $17.58 | $16.32 | $13.60 | $12.74 | $15.98 |
| **Total Return** C | 11.37% <br>| 22.40%  | 11.56%  | (18.17)%  | 19.35%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .55%  | .58%  | .61%  | .60%  | .61%  |
| Expenses net of fee waivers, if any  | .52% <br>| .57%  | .60%  | .60%  | .61%  |
| Expenses net of all reductions, if any  | .52%  | .57%  | .60%  | .60%  | .61%  |
| Net investment income (loss)  | 2.23%  | 2.16%  | 2.18%  | 1.94%  | 1.22%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1923663 | $1688106 | $1340852 | $1240298 | $1412486 |
| Portfolio turnover rate F | 29% <br>| 17%  | 21%  | 23%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 70%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 22.3%** | &nbsp;&nbsp;**Bond Funds - 22.3%** | &nbsp;&nbsp;**Bond Funds - 22.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 963446 | 91247984 |
| Fidelity Floating Rate Central Fund (b) | 538657 | 51786451 |
| Fidelity High Income Central Fund (b) | 1153958 | 127500789 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 1557186 | 143619270 |
| Fidelity International Credit Central Fund (b) | 206647 | 17321139 |
| Fidelity Investment Grade Bond Central Fund (b) | 12577259 | 1254078514 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $1,692,137,334) |  | **1685554147** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 44.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 44.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 44.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c) | 3623763 | 194451123 |
| Fidelity Commodity Strategy Central Fund (b) | 599799 | 56123177 |
| Fidelity Enhanced Large Cap Value ETF (c) | 1438070 | 48218487 |
| Fidelity Enhanced Mid Cap ETF (c) | 2144694 | 77530688 |
| Fidelity Enhanced Small Cap ETF (c) | 6507361 | 237909118 |
| Fidelity Fundamental Small-Mid Cap ETF (c) | 3195281 | 93334158 |
| Fidelity Hedged Equity ETF (c) | 2473724 | 75893852 |
| Fidelity Managed Futures ETF (c) | 351492 | 18402364 |
| Fidelity Real Estate Equity Central Fund (b) | 109944 | 14991917 |
| Fidelity U.S. Equity Central Fund (b) | 16438704 | 2559506196 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $1,214,402,005) |  | **3376361080** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 30.7%** | &nbsp;&nbsp;**International Equity Funds - 30.7%** | &nbsp;&nbsp;**International Equity Funds - 30.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 2656179 | 731246062 |
| Fidelity International Equity Central Fund (b) | 12682979 | 1587655349 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $1,494,272,073) |  | **2318901411** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/16/2025 (e) | 4.28 | 900000 | 898480 |
| US Treasury Bills 0% 10/30/2025 (e) | 4.23 to 4.28 | 2630000 | 2621411 |
| US Treasury Bills 0% 10/9/2025  | 4.30 | 3480000 | 3476859 |
| US Treasury Bills 0% 11/20/2025 (e) | 4.17 | 650000 | 646416 |
| US Treasury Bills 0% 11/6/2025 (e) | 4.18 | 1320000 | 1314690 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $8,957,001) |  |  | **8957856** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $156,562,839)<br>| 4.21 | 156531533 | **156562839** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $4,566,331,252)<br>| <br>**7546337333** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3323174)** |
| **NET ASSETS - 100.0%** | **7543014159** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 606 | 12/19/2025 | 68165531 | 366124 | 366124 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 77 | 12/19/2025 | 25944188 | (358239) | (358239) |
| ICE MSCI EAFE Index Contracts (United States) | 370 | 12/19/2025 | 51528050 | 147366 | 147366 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 298 | 12/19/2025 | 20259530 | (211125) | (211125) |
| TOTAL SOLD |  |  |  |  | (421998) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(55874)** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 1.2% | The notional amount of futures sold as a percentage of Net Assets is 1.2% | The notional amount of futures sold as a percentage of Net Assets is 1.2% | The notional amount of futures sold as a percentage of Net Assets is 1.2% | The notional amount of futures sold as a percentage of Net Assets is 1.2% | The notional amount of futures sold as a percentage of Net Assets is 1.2% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,817,120.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 53374420 | 659902262 | 556713747 | 5112048 | (96) | - | 156562839 | 156531533 | 0.3% |
| Fidelity Commodity Strategy Central Fund | 27185642 | 38016342 | 9646381 | 3033101 | (864158) | 1431732 | 56123177 | 599799 | 15.3% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 52817391 | 36530683 | - | 2875098 | - | 1899910 | 91247984 | 963446 | 19.2% |
| Fidelity Emerging Markets Equity Central Fund | 604281598 | 64126473 | 55582725 | 13353259 | (796894) | 119217610 | 731246062 | 2656179 | 24.3% |
| Fidelity Floating Rate Central Fund | 50513496 | 6277006 | 4094928 | 4377113 | (20785) | (888338) | 51786451 | 538657 | 2.6% |
| Fidelity High Income Central Fund | 50457587 | 102363266 | 31089110 | 6263313 | 1330643 | 4438403 | 127500789 | 1153958 | 7.3% |
| Fidelity Inflation-Protected Bond Index Central Fund | 100173488 | 84568309 | 43791895 | 4586714 | (2650116) | 5319484 | 143619270 | 1557186 | 19.2% |
| Fidelity International Credit Central Fund | 17137551 | 1492397 | 1365033 | 859043 | (162110) | 218334 | 17321139 | 206647 | 17.9% |
| Fidelity International Equity Central Fund | 1384495532 | 179045176 | 150711886 | 41282130 | 1742561 | 173083966 | 1587655349 | 12682979 | 24.7% |
| Fidelity Investment Grade Bond Central Fund | 1279441376 | 344705955 | 354246013 | 52931693 | (7555446) | (8267358) | 1254078514 | 12577259 | 3.0% |
| Fidelity Real Estate Equity Central Fund | 25550526 | 11080484 | 19671423 | 694326 | 660242 | (2627912) | 14991917 | 109944 | 1.7% |
| Fidelity Securities Lending Cash Central Fund | 14064700 | 879213395 | 893278095 | 18266 | - | - | - | - | 0.0% |
| Fidelity U.S. Equity Central Fund | 3077135297 | 361990623 | 1039808546 | 249370397 | 393763319 | (233574497) | 2559506196 | 16438704 | 13.7% |
| Total | 6736628604 | 2769312371 | 3159999782 | 384756501 | 385447160 | 60251334 | 6791639687 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 189945622 | 24734564 | 18119 | 1608380 | 27631685 | 194451123 | 3623763 |
| Fidelity Enhanced Large Cap Value ETF | - | 49318683 | 5455844 | 601093 | 70445 | 4285203 | 48218487 | 1438070 |
| Fidelity Enhanced Mid Cap ETF | 27121493 | 106831081 | 60429524 | 851742 | (3112370) | 7120008 | 77530688 | 2144694 |
| Fidelity Enhanced Small Cap ETF | 35061870 | 239556427 | 57930534 | 1669632 | (6075933) | 27297288 | 237909118 | 6507361 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 91144072 | 3854696 | 433203 | (238036) | 6282818 | 93334158 | 3195281 |
| Fidelity Hedged Equity ETF | 87199053 | 31538473 | 55214220 | 596192 | 5438112 | 6932434 | 75893852 | 2473724 |
| Fidelity Managed Futures ETF | - | 17756392 | - | - | - | 645972 | 18402364 | 351492 |
|  | 149382416 | 726090750 | 207619382 | 4169981 | (2309402) | 80195408 | 745739790 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 1685554147 | 1685554147 | - | - |
|  **Domestic Equity Funds** | 3376361080 | 3376361080 | - | - |
|  **International Equity Funds** | 2318901411 | 2318901411 | - | - |
|  **U.S. Treasury Obligations** | 8957856 | - | 8957856 | - |
|  **Money Market Funds** | 156562839 | 156562839 | - | - |
| **Total Investments in Securities:** | 7546337333 | 7537379477 | 8957856 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 513490 | 513490 | - | - |
| Total Assets | 513490 | 513490 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (569364) | (569364) | - | - |
| Total Liabilities | (569364) | (569364) | - | - |
| **Total Derivative Instruments:** | (55874) | (55874) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 147366 | (569364) |
| **Total Equity Risk**  | 147366 | (569364) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 366124 | - |
| **Total Interest Rate Risk**  | 366124 | - |
| **Total Value of Derivatives** | 513490 | (569364) |

---

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

**Fidelity Asset Manager® 70%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,957,001) | $8957856 |  |
| Fidelity Central Funds (cost $3,901,850,273) | 6791639687 |  |
| Other affiliated issuers (cost $655,523,978) | 745739790 |  |
| Total Investment in Securities (cost $4,566,331,252) |  | $7546337333 |
| Receivable for investments sold |  | 357 |
| Receivable for fund shares sold |  | 3125713 |
| Distributions receivable from Fidelity Central Funds |  | 553793 |
| Prepaid expenses |  | 7740 |
| Other receivables |  | 3685 |
| **Total assets** |  | 7550028621 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $608800 |  |
| Payable for fund shares redeemed | 2503471 |  |
| Accrued management fee | 3373967 |  |
| Distribution and service plan fees payable | 108736 |  |
| Payable for daily variation margin on futures contracts | 379660 |  |
| Other payables and accrued expenses | 39828 |  |
| **Total liabilities** |  | 7014462 |
| **Net Assets**  |  | $7543014159 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4501861324 |
| Total accumulated earnings (loss) |  | 3041152835 |
| **Net Assets** |  | $7543014159 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($256,145,299 ÷ 8,201,285 shares)(a) |  | $31.23 |
| Maximum offering price per share (100/94.25 of $31.23) |  | $33.14 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($76,747,039 ÷ 2,459,772 shares)(a) |  | $31.20 |
| Maximum offering price per share (100/96.50 of $31.20) |  | $32.33 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($29,317,954 ÷ 944,156 shares)(a) |  | $31.05 |
| **Asset Manager 70% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,561,356,843 ÷ 145,446,443 shares) |  | $31.36 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($72,930,154 ÷ 2,327,090 shares) |  | $31.34 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,546,516,870 ÷ 81,346,179 shares) |  | $31.30 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $4,169,981 earned from affiliated issuers) |  | $7359612 |
| Interest  |  | 385190 |
| Income from Fidelity Central Funds (including $18,266 from security lending)  |  | 164995750 |
| **Total income** |  | 172740552 |
| **Expenses** |  |  |
| Management fee | $41208900 |  |
| Distribution and service plan fees | 1255156 |  |
| Custodian fees and expenses | 30144 |  |
| Independent trustees' fees and expenses | 17106 |  |
| Registration fees | 137306 |  |
| Audit fees | 41794 |  |
| Legal | 5962 |  |
| Miscellaneous | 24964 |  |
| Total expenses before reductions | 42721332 |  |
| Expense reductions | (2202394) |  |
| Total expenses after reductions |  | 40518938 |
| **Net Investment income (loss)** |  | 132221614 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (8421070) |  |
| Fidelity Central Funds | 385447160 |  |
| Other affiliated issuers | (2309402) |  |
| Futures contracts | (24966558) |  |
| Capital gain distributions from Fidelity Central Funds | 219760751 |  |
| Total net realized gain (loss) |  | 569510881 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1735733 |  |
| Fidelity Central Funds  | 60251334 |  |
| Other affiliated issuers  | 80195408 |  |
| Futures contracts | 4614095 |  |
| Total change in net unrealized appreciation (depreciation) |  | 146796570 |
| **Net gain (loss)** |  | 716307451 |
| **Net increase (decrease) in net assets resulting from operations** |  | $848529065 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $132221614 | $119678101 |
| &nbsp;&nbsp;Net realized gain (loss) | 569510881<br>| 190698485<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 146796570 | 1089791695<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 848529065<br>| 1400168281<br>|
| Distributions to shareholders | (303279267)<br>| (112197413)<br>|
| Share transactions - net increase (decrease) | 50952894<br>| (352820573)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 596202692<br>| 935150295<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6946811467 | 6011661172<br>|
| &nbsp;&nbsp;End of period | $7543014159 | $6946811467 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 70% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.97 | $23.75 | $22.33 | $28.33 | $23.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .41  | .39  | .40  | .21  |
| Net realized and unrealized gain (loss)  | 2.97  | 5.18  | 2.47  | (5.69)  | 4.95  |
| Total from investment operations  | 3.43  | 5.59  | 2.86  | (5.29)  | 5.16  |
| Distributions from net investment income  | (.43)  | (.37)  | (.42)  | (.31)  | (.18)  |
| Distributions from net realized gain  | (.74)  | -  | (1.02)  | (.40)  | (.32)  |
| Total distributions  | (1.17)  | (.37)  | (1.44)  | (.71)  | (.50)  |
| Net asset value, end of period  | $31.23 | $28.97 | $23.75 | $22.33 | $28.33 |
| **Total Return** C,D | 12.41% <br>| 23.74%  | 13.13%  | (19.23)%  | 21.99%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .91%  | .94%  | .97%  | .96%  | .96%  |
| Expenses net of fee waivers, if any  | .88% <br>| .93%  | .96%  | .96%  | .96%  |
| Expenses net of all reductions, if any  | .88%  | .93%  | .96%  | .96%  | .96%  |
| Net investment income (loss)  | 1.60%  | 1.54%  | 1.61%  | 1.50%  | .76%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $256145 | $246959 | $204082 | $179830 | $219595 |
| Portfolio turnover rate G | 29% <br>| 14%  | 19%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 70% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.94 | $23.73 | $22.30 | $28.30 | $23.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .34  | .33  | .33  | .14  |
| Net realized and unrealized gain (loss)  | 2.97  | 5.18  | 2.47  | (5.69)  | 4.96  |
| Total from investment operations  | 3.36  | 5.52  | 2.80  | (5.36)  | 5.10  |
| Distributions from net investment income  | (.36)  | (.31)  | (.35)  | (.24)  | (.13)  |
| Distributions from net realized gain  | (.74)  | -  | (1.02)  | (.40)  | (.32)  |
| Total distributions  | (1.10)  | (.31)  | (1.37)  | (.64)  | (.45)  |
| Net asset value, end of period  | $31.20 | $28.94 | $23.73 | $22.30 | $28.30 |
| **Total Return** C,D | 12.15% <br>| 23.42%  | 12.86%  | (19.45)%  | 21.71%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.16%  | 1.18%  | 1.21%  | 1.21%  | 1.21%  |
| Expenses net of fee waivers, if any  | 1.13% <br>| 1.17%  | 1.21%  | 1.20%  | 1.21%  |
| Expenses net of all reductions, if any  | 1.13%  | 1.17%  | 1.21%  | 1.20%  | 1.21%  |
| Net investment income (loss)  | 1.35%  | 1.29%  | 1.37%  | 1.25%  | .51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $76747 | $75739 | $66988 | $62915 | $80784 |
| Portfolio turnover rate G | 29% <br>| 14%  | 19%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 70% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.79 | $23.60 | $22.18 | $28.12 | $23.50 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .21  | .20  | .19  | - C |
| Net realized and unrealized gain (loss)  | 2.97  | 5.15  | 2.46  | (5.66)  | 4.94  |
| Total from investment operations  | 3.21  | 5.36  | 2.66  | (5.47)  | 4.94  |
| Distributions from net investment income  | (.21)  | (.17)  | (.22)  | (.07)  | -  |
| Distributions from net realized gain  | (.74)  | -  | (1.02)  | (.40)  | (.32)  |
| Total distributions  | (.95)  | (.17)  | (1.24)  | (.47)  | (.32)  |
| Net asset value, end of period  | $31.05 | $28.79 | $23.60 | $22.18 | $28.12 |
| **Total Return** D,E | 11.59% <br>| 22.78%  | 12.25%  | (19.84)%  | 21.12%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.66%  | 1.68%  | 1.72%  | 1.72%  | 1.72%  |
| Expenses net of fee waivers, if any  | 1.63% <br>| 1.67%  | 1.72%  | 1.72%  | 1.72%  |
| Expenses net of all reductions, if any  | 1.63%  | 1.67%  | 1.72%  | 1.72%  | 1.72%  |
| Net investment income (loss)  | .85%  | .80%  | .85%  | .74%  | -% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29318 | $31379 | $31474 | $29116 | $44170 |
| Portfolio turnover rate I | 29% <br>| 14%  | 19%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 70%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.09 | $23.85 | $22.42 | $28.43 | $23.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .54  | .49  | .46  | .48  | .29  |
| Net realized and unrealized gain (loss)  | 2.99  | 5.19  | 2.48  | (5.70)  | 4.97  |
| Total from investment operations  | 3.53  | 5.68  | 2.94  | (5.22)  | 5.26  |
| Distributions from net investment income  | (.52)  | (.44)  | (.48)  | (.39)  | (.26)  |
| Distributions from net realized gain  | (.74)  | -  | (1.02)  | (.40)  | (.32)  |
| Total distributions  | (1.26)  | (.44)  | (1.51) C | (.79)  | (.57) C |
| Net asset value, end of period  | $31.36 | $29.09 | $23.85 | $22.42 | $28.43 |
| **Total Return** D | 12.75% <br>| 24.06%  | 13.46%  | (18.98)%  | 22.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .62%  | .65%  | .67%  | .67%  | .66%  |
| Expenses net of fee waivers, if any  | .59% <br>| .64%  | .67%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .59%  | .64%  | .67%  | .66%  | .66%  |
| Net investment income (loss)  | 1.90%  | 1.83%  | 1.90%  | 1.79%  | 1.06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4561357 | $4273012 | $3733445 | $3518486 | $4523497 |
| Portfolio turnover rate G | 29% <br>| 14%  | 19%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 70% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.10 | $23.86 | $22.43 | $28.46 | $23.75 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .53  | .48  | .45  | .47  | .28  |
| Net realized and unrealized gain (loss)  | 2.99  | 5.20  | 2.48  | (5.71)  | 4.98  |
| Total from investment operations  | 3.52  | 5.68  | 2.93  | (5.24)  | 5.26  |
| Distributions from net investment income  | (.54)  | (.44)  | (.48)  | (.39)  | (.24)  |
| Distributions from net realized gain  | (.74)  | -  | (1.02)  | (.40)  | (.32)  |
| Total distributions  | (1.28)  | (.44)  | (1.50)  | (.79)  | (.55) C |
| Net asset value, end of period  | $31.34 | $29.10 | $23.86 | $22.43 | $28.46 |
| **Total Return** D | 12.72% <br>| 24.03%  | 13.43%  | (19.03)%  | 22.37%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .68%  | .70%  | .69%  | .69%  |
| Expenses net of fee waivers, if any  | .63% <br>| .67%  | .69%  | .69%  | .69%  |
| Expenses net of all reductions, if any  | .63%  | .67%  | .69%  | .69%  | .69%  |
| Net investment income (loss)  | 1.85%  | 1.79%  | 1.88%  | 1.76%  | 1.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $72930 | $60598 | $46254 | $43240 | $54440 |
| Portfolio turnover rate G | 29% <br>| 14%  | 19%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 70% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.05 | $23.82 | $22.39 | $28.41 | $23.72 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .56  | .51  | .48  | .49  | .32  |
| Net realized and unrealized gain (loss)  | 2.98  | 5.19  | 2.48  | (5.68)  | 4.96  |
| Total from investment operations  | 3.54  | 5.70  | 2.96  | (5.19)  | 5.28  |
| Distributions from net investment income  | (.55)  | (.47)  | (.50)  | (.42)  | (.27)  |
| Distributions from net realized gain  | (.74)  | -  | (1.02)  | (.40)  | (.32)  |
| Total distributions  | (1.29)  | (.47)  | (1.53) C | (.83) C | (.59)  |
| Net asset value, end of period  | $31.30 | $29.05 | $23.82 | $22.39 | $28.41 |
| **Total Return** D | 12.82% <br>| 24.16%  | 13.58%  | (18.94)%  | 22.48%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .55%  | .57%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .51% <br>| .56%  | .59%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .51%  | .56%  | .59%  | .59%  | .59%  |
| Net investment income (loss)  | 1.97%  | 1.91%  | 1.98%  | 1.86%  | 1.13%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2546517 | $2259123 | $1929418 | $1698474 | $1972441 |
| Portfolio turnover rate G | 29% <br>| 14%  | 19%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 85%**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 12.4%** | &nbsp;&nbsp;**Bond Funds - 12.4%** | &nbsp;&nbsp;**Bond Funds - 12.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (b) | 661975 | 62695648 |
| Fidelity Floating Rate Central Fund (b) | 379796 | 36513619 |
| Fidelity High Income Central Fund (b) | 814963 | 90045211 |
| Fidelity Inflation-Protected Bond Index Central Fund (b) | 1099825 | 101436842 |
| Fidelity International Credit Central Fund (b) | 143835 | 12056215 |
| Fidelity Investment Grade Bond Central Fund (b) | 3632165 | 362163183 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $646,365,601) |  | **664910718** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 51.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 51.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 51.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (c)(d) | 2895067 | 155349295 |
| Fidelity Commodity Strategy Central Fund (b) | 423282 | 39606481 |
| Fidelity Enhanced Large Cap Value ETF (c)(d) | 1139155 | 38195867 |
| Fidelity Enhanced Mid Cap ETF (d) | 1708302 | 61755117 |
| Fidelity Enhanced Small Cap ETF (c)(d) | 5166576 | 188890019 |
| Fidelity Fundamental Small-Mid Cap ETF (d) | 2544856 | 74335244 |
| Fidelity Hedged Equity ETF (d) | 1700394 | 52168088 |
| Fidelity Managed Futures ETF (d) | 241002 | 12617660 |
| Fidelity Real Estate Equity Central Fund (b) | 77691 | 10593936 |
| Fidelity U.S. Equity Central Fund (b) | 13589950 | 2115955145 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $1,297,107,796) |  | **2749466852** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 35.9%** | &nbsp;&nbsp;**International Equity Funds - 35.9%** | &nbsp;&nbsp;**International Equity Funds - 35.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (b) | 2206099 | 607339096 |
| Fidelity International Equity Central Fund (b) | 10531171 | 1318291966 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $1,349,025,752) |  | **1925631062** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/2/2025 (f) | 4.29 | 3270000 | 3269635 |
| US Treasury Bills 0% 10/30/2025 (f) | 4.28 | 1600000 | 1594775 |
| US Treasury Bills 0% 10/9/2025 (f) | 4.30 | 1330000 | 1328800 |
| US Treasury Bills 0% 11/13/2025 (f) | 4.16 | 270000 | 268703 |
| US Treasury Bills 0% 11/20/2025 (f) | 4.16 | 1540000 | 1531509 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $7,992,755) |  |  | **7993422** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.21 | 22835593 | 22840160 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.19 | 7597790 | 7598550 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $30,438,710) |  |  | **30438710** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $3,330,930,614)<br>| <br>**5378440764** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(9606971)** |
| **NET ASSETS - 100.0%** | **5368833793** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 321 | 12/19/2025 | 108156938 | 1491202 | 1491202 |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 418 | 12/19/2025 | 47018469 | 252541 | 252541 |
| TOTAL PURCHASED |  |  |  |  | 1743743 |
| Sold |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 29 | 12/19/2025 | 4038685 | 11288 | 11288 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 63 | 12/19/2025 | 4283055 | (44634) | (44634) |
| TOTAL SOLD |  |  |  |  | (33346) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **1710397** |
| The notional amount of futures purchased as a percentage of Net Assets is 2.9% | The notional amount of futures purchased as a percentage of Net Assets is 2.9% | The notional amount of futures purchased as a percentage of Net Assets is 2.9% | The notional amount of futures purchased as a percentage of Net Assets is 2.9% | The notional amount of futures purchased as a percentage of Net Assets is 2.9% | The notional amount of futures purchased as a percentage of Net Assets is 2.9% |
| The notional amount of futures sold as a percentage of Net Assets is 0.2% | The notional amount of futures sold as a percentage of Net Assets is 0.2% | The notional amount of futures sold as a percentage of Net Assets is 0.2% | The notional amount of futures sold as a percentage of Net Assets is 0.2% | The notional amount of futures sold as a percentage of Net Assets is 0.2% | The notional amount of futures sold as a percentage of Net Assets is 0.2% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

(d) Affiliated fund.

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) 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 $7,913,431.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 41739849 | 554619645 | 573525400 | 1619715 | 6066 | - | 22840160 | 22835593 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 18710092 | 26558421 | 6112843 | 2132483 | (387812) | 838623 | 39606481 | 423282 | 10.8% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 33044499 | 28307553 | - | 1798767 | - | 1343596 | 62695648 | 661975 | 13.2% |
| Fidelity Emerging Markets Equity Central Fund | 455976074 | 95574698 | 42420390 | 10734128 | (466687) | 98675401 | 607339096 | 2206099 | 20.2% |
| Fidelity Floating Rate Central Fund | - | 38877018 | 1653785 | 2432909 | (13250) | (696364) | 36513619 | 379796 | 1.8% |
| Fidelity High Income Central Fund | 10520634 | 95863277 | 20339091 | 3918993 | 78838 | 3921553 | 90045211 | 814963 | 5.2% |
| Fidelity Inflation-Protected Bond Index Central Fund | 62911014 | 63310227 | 26779531 | 3009474 | (1835486) | 3830618 | 101436842 | 1099825 | 13.6% |
| Fidelity International Credit Central Fund | 10755714 | 1951884 | 710773 | 559633 | (31668) | 91058 | 12056215 | 143835 | 12.5% |
| Fidelity International Equity Central Fund | 1068267506 | 233797764 | 129383789 | 32962506 | 1782416 | 143828069 | 1318291966 | 10531171 | 20.5% |
| Fidelity Investment Grade Bond Central Fund | 374802669 | 194464247 | 202017368 | 14983785 | (6513868) | 1427503 | 362163183 | 3632165 | 0.9% |
| Fidelity Real Estate Equity Central Fund | 16529223 | 8337140 | 13007958 | 458834 | 326474 | (1590943) | 10593936 | 77691 | 1.2% |
| Fidelity Securities Lending Cash Central Fund | 43201600 | 1090372325 | 1125975375 | 173834 | - | - | 7598550 | 7597790 | 0.0% |
| Fidelity U.S. Equity Central Fund | 2161029713 | 549199344 | 726160098 | 180281706 | 109877776 | 22008410 | 2115955145 | 13589950 | 11.3% |
| Total | 4297488587 | 2981233543 | 2868086401 | 255066767 | 102822799 | 273677524 | 4787136052 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 148871792 | 16551861 | 14475 | 1124456 | 21904908 | 155349295 | 2895067 |
| Fidelity Enhanced Large Cap Value ETF | - | 38367140 | 3506392 | 464231 | 26279 | 3308840 | 38195867 | 1139155 |
| Fidelity Enhanced Mid Cap ETF | 16993987 | 79282387 | 37891173 | 644901 | (2075672) | 5445588 | 61755117 | 1708302 |
| Fidelity Enhanced Small Cap ETF | 21630577 | 185791302 | 35754147 | 1256405 | (3885524) | 21107811 | 188890019 | 5166576 |
| Fidelity Fundamental Small-Mid Cap ETF | - | 71256423 | 1686585 | 334722 | (134138) | 4899544 | 74335244 | 2544856 |
| Fidelity Hedged Equity ETF | 54785359 | 22740986 | 33589671 | 394061 | 3365418 | 4865996 | 52168088 | 1700394 |
| Fidelity Managed Futures ETF | - | 12174747 | - | - | - | 442913 | 12617660 | 241002 |
|  | 93409923 | 558484777 | 128979829 | 3108795 | (1579181) | 61975600 | 583311290 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 664910718 | 664910718 | - | - |
|  **Domestic Equity Funds** | 2749466852 | 2749466852 | - | - |
|  **International Equity Funds** | 1925631062 | 1925631062 | - | - |
|  **U.S. Treasury Obligations** | 7993422 | - | 7993422 | - |
|  **Money Market Funds** | 30438710 | 30438710 | - | - |
| **Total Investments in Securities:** | 5378440764 | 5370447342 | 7993422 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1755031 | 1755031 | - | - |
| Total Assets | 1755031 | 1755031 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (44634) | (44634) | - | - |
| Total Liabilities | (44634) | (44634) | - | - |
| **Total Derivative Instruments:** | 1710397 | 1710397 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1502490 | (44634) |
| **Total Equity Risk**  | 1502490 | (44634) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 252541 | - |
| **Total Interest Rate Risk**  | 252541 | - |
| **Total Value of Derivatives** | 1755031 | (44634) |

---

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

**Fidelity Asset Manager® 85%**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,446,418) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,992,755) | $7993422 |  |
| Fidelity Central Funds (cost $2,807,875,408) | 4787136052 |  |
| Other affiliated issuers (cost $515,062,451) | 583311290 |  |
| Total Investment in Securities (cost $3,330,930,614) |  | $5378440764 |
| Receivable for fund shares sold |  | 5791862 |
| Distributions receivable from Fidelity Central Funds |  | 155703 |
| Receivable for daily variation margin on futures contracts |  | 362825 |
| Prepaid expenses |  | 5331 |
| **Total assets** |  | 5384756485 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3699651 |  |
| Payable for fund shares redeemed | 2104306 |  |
| Accrued management fee | 2363036 |  |
| Distribution and service plan fees payable | 121377 |  |
| Other payables and accrued expenses | 35772 |  |
| Collateral on securities loaned | 7598550 |  |
| **Total liabilities** |  | 15922692 |
| **Net Assets**  |  | $5368833793 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3258211454 |
| Total accumulated earnings (loss) |  | 2110622339 |
| **Net Assets** |  | $5368833793 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($294,454,245 ÷ 9,668,419 shares)(a) |  | $30.46 |
| Maximum offering price per share (100/94.25 of $30.46) |  | $32.32 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($56,948,926 ÷ 1,886,068 shares)(a) |  | $30.19 |
| Maximum offering price per share (100/96.50 of $30.19) |  | $31.28 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($45,473,208 ÷ 1,527,999 shares)(a) |  | $29.76 |
| **Asset Manager 85% :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,623,570,806 ÷ 84,892,495 shares) |  | $30.90 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($84,343,794 ÷ 2,739,650 shares) |  | $30.79 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,264,042,814 ÷ 73,732,438 shares) |  | $30.71 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends (including $3,108,795 earned from affiliated issuers) |  | $5221863 |
| Interest  |  | 464398 |
| Income from Fidelity Central Funds (including $173,834 from security lending)  |  | 96913109 |
| **Total income** |  | 102599370 |
| **Expenses** |  |  |
| Management fee | $27720171 |  |
| Distribution and service plan fees | 1355658 |  |
| Custodian fees and expenses | 28702 |  |
| Independent trustees' fees and expenses | 11324 |  |
| Registration fees | 131216 |  |
| Audit fees | 41645 |  |
| Legal | 3944 |  |
| Miscellaneous | 16066 |  |
| Total expenses before reductions | 29308726 |  |
| Expense reductions | (1628803) |  |
| Total expenses after reductions |  | 27679923 |
| **Net Investment income (loss)** |  | 74919447 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5601743) |  |
| Fidelity Central Funds | 102822799 |  |
| Other affiliated issuers | (1579181) |  |
| Futures contracts | 7442289 |  |
| Capital gain distributions from Fidelity Central Funds | 158153658 |  |
| Total net realized gain (loss) |  | 261237822 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1415351 |  |
| Fidelity Central Funds  | 273677524 |  |
| Other affiliated issuers  | 61975600 |  |
| Futures contracts | 806444 |  |
| Total change in net unrealized appreciation (depreciation) |  | 337874919 |
| **Net gain (loss)** |  | 599112741 |
| **Net increase (decrease) in net assets resulting from operations** |  | $674032188 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $74919447 | $60293654 |
| &nbsp;&nbsp;Net realized gain (loss) | 261237822<br>| 137583756<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 337874919 | 750701182<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 674032188<br>| 948578592<br>|
| Distributions to shareholders | (153536321)<br>| (51390318)<br>|
| Share transactions - net increase (decrease) | 453532448<br>| 37911600<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 974028315<br>| 935099874<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4394805478 | 3459705604<br>|
| &nbsp;&nbsp;End of period | $5368833793 | $4394805478 |

---

**Financial Highlights** 

**Fidelity Advisor Asset Manager® 85% Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.46 | $21.89 | $19.79 | $25.79 | $20.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .30  | .27  | .30  | .16  |
| Net realized and unrealized gain (loss)  | 3.47  | 5.53  | 2.82  | (5.52)  | 5.31  |
| Total from investment operations  | 3.83  | 5.83  | 3.09  | (5.22)  | 5.47  |
| Distributions from net investment income  | (.31)  | (.26)  | (.32)  | (.24)  | (.13)  |
| Distributions from net realized gain  | (.52)  | -  | (.67)  | (.54)  | (.28)  |
| Total distributions  | (.83)  | (.26)  | (.99)  | (.78)  | (.41)  |
| Net asset value, end of period  | $30.46 | $27.46 | $21.89 | $19.79 | $25.79 |
| **Total Return** C,D | 14.46% <br>| 26.82%  | 15.95%  | (21.00)%  | 26.59%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .92%  | .95%  | .98%  | .97%  | .98%  |
| Expenses net of fee waivers, if any  | .88% <br>| .94%  | .97%  | .97%  | .98%  |
| Expenses net of all reductions, if any  | .88%  | .94%  | .97%  | .97%  | .98%  |
| Net investment income (loss)  | 1.31%  | 1.23%  | 1.22%  | 1.24%  | .64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $294454 | $263937 | $202554 | $165075 | $191715 |
| Portfolio turnover rate G | 29% <br>| 16%  | 24%  | 27%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 85% Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.23 | $21.70 | $19.62 | $25.58 | $20.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .24  | .21  | .24  | .09  |
| Net realized and unrealized gain (loss)  | 3.43  | 5.49  | 2.80  | (5.48)  | 5.28  |
| Total from investment operations  | 3.72  | 5.73  | 3.01  | (5.24)  | 5.37  |
| Distributions from net investment income  | (.24)  | (.20)  | (.26)  | (.18)  | (.08)  |
| Distributions from net realized gain  | (.52)  | -  | (.67)  | (.54)  | (.28)  |
| Total distributions  | (.76)  | (.20)  | (.93)  | (.72)  | (.36)  |
| Net asset value, end of period  | $30.19 | $27.23 | $21.70 | $19.62 | $25.58 |
| **Total Return** C,D | 14.12% <br>| 26.56%  | 15.62%  | (21.21)%  | 26.30%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.19%  | 1.23%  | 1.22%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.13% <br>| 1.18%  | 1.22%  | 1.22%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.13%  | 1.18%  | 1.22%  | 1.22%  | 1.23%  |
| Net investment income (loss)  | 1.06%  | .98%  | .97%  | 1.00%  | .39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $56949 | $52210 | $46123 | $42034 | $54864 |
| Portfolio turnover rate G | 29% <br>| 16%  | 24%  | 27%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 85% Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.84 | $21.40 | $19.36 | $25.24 | $20.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .12  | .10  | .11  | (.03)  |
| Net realized and unrealized gain (loss)  | 3.40  | 5.41  | 2.76  | (5.42)  | 5.21  |
| Total from investment operations  | 3.55  | 5.53  | 2.86  | (5.31)  | 5.18  |
| Distributions from net investment income  | (.11)  | (.09)  | (.15)  | (.03)  | -  |
| Distributions from net realized gain  | (.52)  | -  | (.67)  | (.54)  | (.25)  |
| Total distributions  | (.63)  | (.09)  | (.82)  | (.57)  | (.25)  |
| Net asset value, end of period  | $29.76 | $26.84 | $21.40 | $19.36 | $25.24 |
| **Total Return** C,D | 13.59% <br>| 25.90%  | 15.00%  | (21.61)%  | 25.65%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.67%  | 1.69%  | 1.74%  | 1.74%  | 1.74%  |
| Expenses net of fee waivers, if any  | 1.63% <br>| 1.68%  | 1.74%  | 1.73%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.63%  | 1.68%  | 1.74%  | 1.73%  | 1.74%  |
| Net investment income (loss)  | .56%  | .48%  | .46%  | .48%  | (.13)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $45473 | $44716 | $39038 | $36141 | $49896 |
| Portfolio turnover rate G | 29% <br>| 16%  | 24%  | 27%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Asset Manager® 85%** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.85 | $22.18 | $20.05 | $26.10 | $20.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .38  | .33  | .37  | .23  |
| Net realized and unrealized gain (loss)  | 3.51  | 5.61  | 2.85  | (5.58)  | 5.38  |
| Total from investment operations  | 3.96  | 5.99  | 3.18  | (5.21)  | 5.61  |
| Distributions from net investment income  | (.39)  | (.32)  | (.38)  | (.30)  | (.19)  |
| Distributions from net realized gain  | (.52)  | -  | (.67)  | (.54)  | (.28)  |
| Total distributions  | (.91)  | (.32)  | (1.05)  | (.84)  | (.47)  |
| Net asset value, end of period  | $30.90 | $27.85 | $22.18 | $20.05 | $26.10 |
| **Total Return** C | 14.76% <br>| 27.23%  | 16.21%  | (20.76)%  | 27.00%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .62%  | .66%  | .70%  | .69%  | .68%  |
| Expenses net of fee waivers, if any  | .59% <br>| .65%  | .69%  | .68%  | .68%  |
| Expenses net of all reductions, if any  | .59%  | .65%  | .69%  | .68%  | .68%  |
| Net investment income (loss)  | 1.61%  | 1.51%  | 1.50%  | 1.53%  | .94%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2623571 | $2341235 | $1892890 | $1697192 | $2185948 |
| Portfolio turnover rate F | 29% <br>| 16%  | 24%  | 27%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 85% Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.76 | $22.11 | $19.99 | $26.03 | $20.91 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .37  | .33  | .36  | .22  |
| Net realized and unrealized gain (loss)  | 3.51  | 5.60  | 2.84  | (5.56)  | 5.36  |
| Total from investment operations  | 3.94  | 5.97  | 3.17  | (5.20)  | 5.58  |
| Distributions from net investment income  | (.38)  | (.32)  | (.38)  | (.30)  | (.18)  |
| Distributions from net realized gain  | (.52)  | -  | (.67)  | (.54)  | (.28)  |
| Total distributions  | (.91) C | (.32)  | (1.05)  | (.84)  | (.46)  |
| Net asset value, end of period  | $30.79 | $27.76 | $22.11 | $19.99 | $26.03 |
| **Total Return** D | 14.71% <br>| 27.20%  | 16.19%  | (20.78)%  | 26.93%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .68%  | .72%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .63% <br>| .68%  | .71%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .63%  | .68%  | .71%  | .71%  | .71%  |
| Net investment income (loss)  | 1.56%  | 1.49%  | 1.48%  | 1.50%  | .90%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $84344 | $64912 | $58137 | $51528 | $60989 |
| Portfolio turnover rate G | 29% <br>| 16%  | 24%  | 27%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor Asset Manager® 85% Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.70 | $22.06 | $19.95 | $25.99 | $20.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .40  | .35  | .39  | .26  |
| Net realized and unrealized gain (loss)  | 3.50  | 5.59  | 2.83  | (5.55)  | 5.34  |
| Total from investment operations  | 3.96  | 5.99  | 3.18  | (5.16)  | 5.60  |
| Distributions from net investment income  | (.43)  | (.35)  | (.40)  | (.34)  | (.21)  |
| Distributions from net realized gain  | (.52)  | -  | (.67)  | (.54)  | (.28)  |
| Total distributions  | (.95)  | (.35)  | (1.07)  | (.88)  | (.48) C |
| Net asset value, end of period  | $30.71 | $27.70 | $22.06 | $19.95 | $25.99 |
| **Total Return** D | 14.86% <br>| 27.36%  | 16.31%  | (20.71)%  | 27.11%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .55%  | .58%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .52% <br>| .57%  | .60%  | .59%  | .60%  |
| Expenses net of all reductions, if any  | .52%  | .57%  | .60%  | .59%  | .60%  |
| Net investment income (loss)  | 1.68%  | 1.60%  | 1.60%  | 1.62%  | 1.01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2264043 | $1627796 | $1220964 | $1094119 | $1258721 |
| Portfolio turnover rate G | 29% <br>| 16%  | 24%  | 27%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended September 30, 2025

**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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Each Fund is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of Fidelity Central funds and exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| 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<br>| .01% |
| Fidelity Emerging Markets Debt Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets. | Foreign Securities <br> Futures<br> Restricted Securities<br> Swaps | .02% |
| Fidelity Emerging Markets Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Futures<br> Restricted Securities | .02% |
| Fidelity International Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Futures<br> Restricted Securities | .01% |
| Fidelity Floating Rate Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Loans & Direct Debt Instruments<br> Restricted Securities | .01% |
| Fidelity High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Loans & Direct Debt Instruments<br> Restricted Securities | Less than .005% |
| Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. |  | Less than .005% |
| Fidelity Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| Fidelity Real Estate Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |  | Less than .005% |
| Fidelity International Credit Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts. | Foreign Securities<br> Forward Foreign Currency Contracts<br> Futures<br> Restricted Securities<br> Swaps | .01% |
| Fidelity U.S. Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors. | Foreign Securities<br> Futures | Less than .005% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks high total return by normally<br> investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets and denominated in the local currency of the issuer. | Foreign Securities<br> Restricted Securities<br> Forward Foreign Currency Contracts | .02% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Asset Manager 50%** | 10792 |
| **Fidelity Asset Manager 70%** | 3686 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or ETFs, futures contracts, foreign currency transactions, capital loss carryforwards 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%** | 5003517732 | 729005509 | (162848064) | 566157445 |
| **Fidelity Asset Manager 30%** | 1765807599 | 343839178 | (74139456) | 269699722 |
| **Fidelity Asset Manager 40%** | 1965636535 | 516914725 | (67164460) | 449750265 |
| **Fidelity Asset Manager 50%** | 7380721987 | 2807375760 | (213981107) | 2593394653 |
| **Fidelity Asset Manager 60%** | 3456976897 | 1302281356 | (72694356) | 1229587000 |
| **Fidelity Asset Manager 70%** | 4989551936 | 2617224038 | (60438641) | 2556785397 |
| **Fidelity Asset Manager 85%** | 3537035963 | 1846995324 | (5590523) | 1841404801 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Asset Manager 20%** | 22630431 | - | (95513891) | 566157445 |
| **Fidelity Asset Manager 30%** | 7803136 | - | (12661020) | 269699722 |
| **Fidelity Asset Manager 40%** | 16074230 | 31903719 | - | 449750265 |
| **Fidelity Asset Manager 50%** | 58019303 | 490196029 | - | 2593394653 |
| **Fidelity Asset Manager 60%** | 61833219 | 178609990 | - | 1229585893 |
| **Fidelity Asset Manager 70%** | 84915092 | 399452346 | - | 2556785397 |
| **Fidelity Asset Manager 85%** | 46957394 | 222260147 | - | 1841404801 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | |
|:---|:---|:---|
|  | **Short-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Asset Manager 20%** | (95513891) | (95513891) |
| **Fidelity Asset Manager 30%** | (12661020) | (12661020) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Asset Manager 20%** | 181809685 | - | 181809685 |
| **Fidelity Asset Manager 30%** | 61296533 | - | 61296533 |
| **Fidelity Asset Manager 40%** | 63085972 | - | 63085972 |
| **Fidelity Asset Manager 50%** | 243016584 | 123130573 | 366147157 |
| **Fidelity Asset Manager 60%** | 95393230 | 42327416 | 137720646 |
| **Fidelity Asset Manager 70%** | 136337384 | 166941883 | 303279267 |
| **Fidelity Asset Manager 85%** | 74110363 | 79425958 | 153536321 |

---

---

| | | |
|:---|:---|:---|
| **September 30, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Asset Manager 20%** | 181501111 | 181501111 |
| **Fidelity Asset Manager 30%** | 60747136 | 60747136 |
| **Fidelity Asset Manager 40%** | 58461266 | 58461266 |
| **Fidelity Asset Manager 50%** | 219731373 | 219731373 |
| **Fidelity Asset Manager 60%** | 76628870 | 76628870 |
| **Fidelity Asset Manager 70%** | 112197413 | 112197413 |
| **Fidelity Asset Manager 85%** | 51390318 | 51390318 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

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 a fund 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 a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Asset Manager 20%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(31621842)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4999922</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(31621842)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4999922</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3089246)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>592406</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3089246)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>592406</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(34711088)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5592328</u> |
| **Fidelity Asset Manager 30%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(12521531)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2271363</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(12521531)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2271363</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1261859)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>219971</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1261859)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>219971</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(13783390)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2491334</u> |
| **Fidelity Asset Manager 40%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(13141206)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2133461</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(13141206)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2133461</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1404661)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>251226</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1404661)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>251226</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(14545867)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2384687</u> |
| **Fidelity Asset Manager 50%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(52495115)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9189452</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(52495115)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9189452</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5915324)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1051853</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5915324)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1051853</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(58410439)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>10241305</u> |
| **Fidelity Asset Manager 60%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(12155952)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2608847</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(12155952)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2608847</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2556173)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>474833</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2556173)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>474833</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(14712125)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3083680</u> |
| **Fidelity Asset Manager 70%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(20900472)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3856310</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(20900472)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3856310</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(4066086)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>757785</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(4066086)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>757785</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(24966558)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4614095</u> |
| **Fidelity Asset Manager 85%** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9837103</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>309689</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9837103</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>309689</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2394814)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>496755</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2394814)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>496755</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7442289</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>806444</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market, bond market and fluctuations in interest rates.

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 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, unless an average notional amount is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Asset Manager 20%** | 355788254 |
| **Fidelity Asset Manager 30%** | 115845840 |
| **Fidelity Asset Manager 40%** | 133156717 |
| **Fidelity Asset Manager 50%** | 535389937 |

---

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Asset Manager 20%** | 1386367750 | 1480515544 |
| **Fidelity Asset Manager 30%** | 444546351 | 555670180 |
| **Fidelity Asset Manager 40%** | 565507643 | 618858623 |
| **Fidelity Asset Manager 50%** | 2327030790 | 2830953560 |
| **Fidelity Asset Manager 60%** | 1277588084 | 1261100657 |
| **Fidelity Asset Manager 70%** | 2000376047 | 2022448341 |
| **Fidelity Asset Manager 85%** | 1927301614 | 1368031199 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.

Each Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Asset Manager 20%** |  |
| **Class A** | .54 |
| **Class M** | .54 |
| **Class C** | .54 |
| **Asset Manager 20%** | .48 |
| **Class I** | .52 |
| **Class Z** | .45 |
| **Fidelity Asset Manager 30%** |  |
| **Class A** | .54 |
| **Class M** | .54 |
| **Class C** | .55 |
| **Asset Manager 30%** | .49 |
| **Class I** | .55 |
| **Class Z** | .46 |
| **Fidelity Asset Manager 40%** |  |
| **Class A** | .55 |
| **Class M** | .54 |
| **Class C** | .56 |
| **Asset Manager 40%** | .50 |
| **Class I** | .54 |
| **Class Z** | .46 |
| **Fidelity Asset Manager 50%** |  |
| **Class A** | .62 |
| **Class M** | .61 |
| **Class C** | .62 |
| **Asset Manager 50%** | .58 |
| **Class I** | .60 |
| **Class Z** | .50 |
| **Fidelity Asset Manager 60%** |  |
| **Class A** | .70 |
| **Class M** | .69 |
| **Class C** | .72 |
| **Asset Manager 60%** | .64 |
| **Class I** | .70 |
| **Class Z** | .57 |
| **Fidelity Asset Manager 70%** |  |
| **Class A** | .68 |
| **Class M** | .67 |
| **Class C** | .69 |
| **Asset Manager 70%** | .64 |
| **Class I** | .66 |
| **Class Z** | .56 |
| **Fidelity Asset Manager 85%** |  |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .70 |
| **Asset Manager 85%** | .66 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Asset Manager 20%** |  |
| **Class A** | .50 |
| **Class M** | .50 |
| **Class C** | .50 |
| **Asset Manager 20%** | .48 |
| **Class I** | .50 |
| **Class Z** | .44 |
| **Fidelity Asset Manager 30%** |  |
| **Class A** | .51 |
| **Class M** | .51 |
| **Class C** | .51 |
| **Asset Manager 30%** | .49 |
| **Class I** | .52 |
| **Class Z** | .46 |
| **Fidelity Asset Manager 40%** |  |
| **Class A** | .51 |
| **Class M** | .51 |
| **Class C** | .51 |
| **Asset Manager 40%** | .49 |
| **Class I** | .51 |
| **Class Z** | .45 |
| **Fidelity Asset Manager 50%** |  |
| **Class A** | .56 |
| **Class M** | .56 |
| **Class C** | .56 |
| **Asset Manager 50%** | .52 |
| **Class I** | .56 |
| **Class Z** | .45 |
| **Fidelity Asset Manager 60%** |  |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Asset Manager 60%** | .62 |
| **Class I** | .66 |
| **Class Z** | .55 |
| **Fidelity Asset Manager 70%** |  |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Asset Manager 70%** | .61 |
| **Class I** | .66 |
| **Class Z** | .54 |
| **Fidelity Asset Manager 85%** |  |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Asset Manager 85%** | .62 |
| **Class I** | .66 |
| **Class Z** | .55 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Fidelity Asset Manager 20%** |  |  |  |  |
| Class A | - % | .25% | 125620 | 7042 |
| Class M | .25% | .25% | 142332 | 89 |
| Class C | .75% | .25% | <u>126159</u> | <u>17296</u> |
|  |  |  | <u>394111</u> | <u>24427</u> |
| **Fidelity Asset Manager 30%** |  |  |  |  |
| Class A | - % | .25% | 182988 | 2572 |
| Class M | .25% | .25% | 108124 | 351 |
| Class C | .75% | .25% | <u>164619</u> | <u>11150</u> |
|  |  |  | <u>455731</u> | <u>14073</u> |
| **Fidelity Asset Manager 40%** |  |  |  |  |
| Class A | - % | .25% | 203666 | 5514 |
| Class M | .25% | .25% | 69888 | 189 |
| Class C | .75% | .25% | <u>170647</u> | <u>25691</u> |
|  |  |  | <u>444201</u> | <u>31394</u> |
| **Fidelity Asset Manager 50%** |  |  |  |  |
| Class A | - % | .25% | 317336 | 3639 |
| Class M | .25% | .25% | 259426 | 420 |
| Class C | .75% | .25% | <u>247772</u> | <u>23156</u> |
|  |  |  | <u>824534</u> | <u>27215</u> |
| **Fidelity Asset Manager 60%** |  |  |  |  |
| Class A | - % | .25% | 431355 | 10463 |
| Class M | .25% | .25% | 246600 | 1326 |
| Class C | .75% | .25% | <u>284349</u> | <u>25349</u> |
|  |  |  | <u>962304</u> | <u>37138</u> |
| **Fidelity Asset Manager 70%** |  |  |  |  |
| Class A | - % | .25% | 590561 | 11702 |
| Class M | .25% | .25% | 371760 | 1056 |
| Class C | .75% | .25% | <u>292835</u> | <u>44004</u> |
|  |  |  | <u>1255156</u> | <u>56762</u> |
| **Fidelity Asset Manager 85%** |  |  |  |  |
| Class A | - % | .25% | 666389 | 7993 |
| Class M | .25% | .25% | 260214 | 490 |
| Class C | .75% | .25% | <u>429055</u> | <u>64464</u> |
|  |  |  | <u>1355658</u> | <u>72947</u> |

---

**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 | 16346 |
| Class M | 815 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>291</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>17452</u> |
| **Fidelity Asset Manager 30%** |  |
| Class A | 14374 |
| Class M | 485 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>65</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14924</u> |
| **Fidelity Asset Manager 40%** |  |
| Class A | 18963 |
| Class M | 1690 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>166</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20819</u> |
| **Fidelity Asset Manager 50%** |  |
| Class A | 23337 |
| Class M | 3027 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>810</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>27174</u> |
| **Fidelity Asset Manager 60%** |  |
| Class A | 37444 |
| Class M | 5193 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>425</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>43062</u> |
| **Fidelity Asset Manager 70%** |  |
| Class A | 99137 |
| Class M | 7019 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>643</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>106799</u> |
| **Fidelity Asset Manager 85%** |  |
| Class A | 185119 |
| Class M | 10857 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>933</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>196909</u> |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Asset Manager 20%** | 399062 | 2795906 | 160338 |
| **Fidelity Asset Manager 30%** | 109335 | 26028 | 44 |
| **Fidelity Asset Manager 40%** | 194461 | 34145 | 680 |
| **Fidelity Asset Manager 50%** | 102233 | 2172695 | (7727) |
| **Fidelity Asset Manager 60%** | 202017 | 163254 | 2907 |
| **Fidelity Asset Manager 70%** | 544421 | 578408 | 55172 |
| **Fidelity Asset Manager 85%** | 2513472 | 10071 | 508 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Asset Manager 20%** | 7696 |
| **Fidelity Asset Manager 30%** | 2837 |
| **Fidelity Asset Manager 40%** | 3216 |
| **Fidelity Asset Manager 50%** | 13556 |
| **Fidelity Asset Manager 60%** | 6089 |
| **Fidelity Asset Manager 70%** | 9703 |
| **Fidelity Asset Manager 85%** | 6354 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Asset Manager 20%** | 4289 | - | - |
| **Fidelity Asset Manager 30%** | 4095 | - | - |
| **Fidelity Asset Manager 40%** | 620 | - | - |
| **Fidelity Asset Manager 50%** | 1176 | - | - |
| **Fidelity Asset Manager 60%** | 1293 | - | - |
| **Fidelity Asset Manager 70%** | 1970 | - | - |
| **Fidelity Asset Manager 85%** | 18138 | - | - |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive each Fund's management fee with respect to the portion of the Fund's assets invested in certain affiliated ETFs. This waiver cannot be removed or modified without the approval of the Board. During the period this waiver reduced each applicable Fund's management fee as follows:

---

| | |
|:---|:---|
|  | **Waiver ($)** |
| **Fidelity Asset Manager 20%** | 1442035 |
| **Fidelity Asset Manager 30%** | 596109 |
| **Fidelity Asset Manager 40%** | 523996 |
| **Fidelity Asset Manager 50%** | 2521806 |
| **Fidelity Asset Manager 60%** | 1229078 |
| **Fidelity Asset Manager 70%** | 2198433 |
| **Fidelity Asset Manager 85%** | 1626033 |

---

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)**  |
| **Fidelity Asset Manager 20%** | 1436 |
| **Fidelity Asset Manager 30%** | 629 |
| **Fidelity Asset Manager 40%** | 873 |
| **Fidelity Asset Manager 50%** | 4275 |
| **Fidelity Asset Manager 60%** | 2260 |
| **Fidelity Asset Manager 70%** | 3961 |
| **Fidelity Asset Manager 85%** | 2770 |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **September 30, 2025** | **Year ended**<br> **September 30, 2024**  |
| **Fidelity Asset Manager 20%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1534344 | $1614258 |
| Class M | 792983 | 807127 |
| Class C | 292585 | 345680 |
| Asset Manager 20% | 99637142 | 111418426 |
| Class I | 560511 | 634416 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>78992120</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>66681204</u> |
| Total  | <u>$181809685</u> | <u>$181501111</u> |
| **Fidelity Asset Manager 30%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2051612 | $1943744 |
| Class M | 559320 | 544973 |
| Class C | 354501 | 394050 |
| Asset Manager 30% | 40242342 | 42001215 |
| Class I | 639473 | 583332 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>17449285</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>15279822</u> |
| Total  | <u>$61296533</u> | <u>$60747136</u> |
| **Fidelity Asset Manager 40%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2041719 | $1777802 |
| Class M | 322662 | 298696 |
| Class C | 306938 | 294472 |
| Asset Manager 40% | 42035832 | 39403941 |
| Class I | 943310 | 986609 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>17435511</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>15699746</u> |
| Total  | <u>$63085972</u> | <u>$58461266</u> |
| **Fidelity Asset Manager 50%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $4504477 | $2538278 |
| Class M | 1734316 | 913668 |
| Class C | 715662 | 365278 |
| Asset Manager 50% | 270384140 | 166630353 |
| Class I | 2217509 | 1278134 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>86591053</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>48005662</u> |
| Total  | <u>$366147157</u> | <u>$219731373</u> |
| **Fidelity Asset Manager 60%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $4890585 | $2652010 |
| Class M | 1300033 | 690690 |
| Class C | 614537 | 266846 |
| Asset Manager 60% | 70064429 | 41191825 |
| Class I | 4094113 | 2013085 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>56756949</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>29814414</u> |
| Total  | <u>$137720646</u> | <u>$76628870</u> |
| **Fidelity Asset Manager 70%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $9459798 | $3188852 |
| Class M | 2858573 | 877257 |
| Class C | 1002941 | 210030 |
| Asset Manager 70% | 181634572 | 68070748 |
| Class I | 3250326 | 881622 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>105073057</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>38968904</u> |
| Total  | <u>$303279267</u> | <u>$112197413</u> |
| **Fidelity Asset Manager 85%** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $7890588 | $2494828 |
| Class M | 1446598 | 423417 |
| Class C | 1024892 | 164582 |
| Asset Manager 85% | 75912909 | 27538017 |
| Class I | 2306849 | 818202 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>64954485</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>19951272</u> |
| Total  | <u>$153536321</u> | <u>$51390318</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024**  | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024**  |
| **Fidelity Asset Manager 20%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 808758 | 756043 | $11086302 | $10065442 |
| Reinvestment of distributions | 108148 | 118147 | 1483032 | 1564404 |
| Shares redeemed | <u>(1099452)</u> | <u>(1327518)</u> | <u>(15079453)</u> | <u>(17598562)</u> |
| Net increase (decrease) | <u>(182546)</u> | <u>(453328)</u> | <u>$(2510119)</u> | <u>$(5968716)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 358020 | 177076 | $4900107 | $2371649 |
| Reinvestment of distributions | 57541 | 60690 | 787125 | 801817 |
| Shares redeemed | <u>(365205)</u> | <u>(384389)</u> | <u>(4975771)</u> | <u>(5073147)</u> |
| Net increase (decrease) | <u>50356</u> | <u>(146623)</u> | <u>$711461</u> | <u>$(1899681)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 126803 | 156082 | $1721920 | $2066430 |
| Reinvestment of distributions | 21398 | 26033 | 290190 | 340668 |
| Shares redeemed | <u>(348095)</u> | <u>(486121)</u> | <u>(4722391)</u> | <u>(6338959)</u> |
| Net increase (decrease) | <u>(199894)</u> | <u>(304006)</u> | <u>$(2710281)</u> | <u>$(3931861)</u> |
| **Asset Manager 20%** |  |  |  |  |
| Shares sold | 15950309 | 11215521 | $219397274 | $149128279 |
| Reinvestment of distributions | 6816148 | 7893037 | 93626506 | 104717434 |
| Shares redeemed | <u>(39408705)</u> | <u>(54220268)</u> | <u>(543062609)</u> | <u>(720374609)</u> |
| Net increase (decrease) | <u>(16642248)</u> | <u>(35111710)</u> | <u>$(230038829)</u> | <u>$(466528896)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 612975 | 551791 | $8481377 | $7302032 |
| Reinvestment of distributions | 37327 | 44859 | 512952 | 594827 |
| Shares redeemed | <u>(724739)</u> | <u>(930893)</u> | <u>(10011609)</u> | <u>(12259824)</u> |
| Net increase (decrease) | <u>(74437)</u> | <u>(334243)</u> | <u>$(1017280)</u> | <u>$(4362965)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 55237953 | 44374685 | $759160737 | $591702923 |
| Reinvestment of distributions | 5744916 | 5010649 | 78857979 | 66538508 |
| Shares redeemed | <u>(40862591)</u> | <u>(39756930)</u> | <u>(563226835)</u> | <u>(529241337)</u> |
| Net increase (decrease) | <u>20120278</u> | <u>9628404</u> | <u>$274791881</u> | <u>$129000094</u> |
| **Fidelity Asset Manager 30%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 680269 | 573144 | $8242487 | $6592479 |
| Reinvestment of distributions | 168544 | 167570 | 2028003 | 1922978 |
| Shares redeemed | <u>(1067216)</u> | <u>(1089202)</u> | <u>(12950048)</u> | <u>(12466079)</u> |
| Net increase (decrease) | <u>(218403)</u> | <u>(348488)</u> | <u>$(2679558)</u> | <u>$(3950622)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 186827 | 338406 | $2265525 | $3904979 |
| Reinvestment of distributions | 46537 | 47520 | 558306 | 544100 |
| Shares redeemed | <u>(394222)</u> | <u>(484411)</u> | <u>(4763753)</u> | <u>(5547522)</u> |
| Net increase (decrease) | <u>(160858)</u> | <u>(98485)</u> | <u>$(1939922)</u> | <u>$(1098443)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 145470 | 167117 | $1730776 | $1880592 |
| Reinvestment of distributions | 29883 | 34832 | 354466 | 393933 |
| Shares redeemed | <u>(501637)</u> | <u>(578854)</u> | <u>(5971988)</u> | <u>(6557430)</u> |
| Net increase (decrease) | <u>(326284)</u> | <u>(376905)</u> | <u>$(3886746)</u> | <u>$(4282905)</u> |
| **Asset Manager 30%** |  |  |  |  |
| Shares sold | 10620418 | 6570137 | $128979087 | $75685352 |
| Reinvestment of distributions | 3102741 | 3389277 | 37286137 | 38825202 |
| Shares redeemed | <u>(22902721)</u> | <u>(28294272)</u> | <u>(276405392)</u> | <u>(323763396)</u> |
| Net increase (decrease) | <u>(9179562)</u> | <u>(18334858)</u> | <u>$(110140168)</u> | <u>$(209252842)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1226520 | 444611 | $14670965 | $5141642 |
| Reinvestment of distributions | 50417 | 48501 | 605620 | 554478 |
| Shares redeemed | <u>(1097718)</u> | <u>(1265992)</u> | <u>(13274134)</u> | <u>(14197103)</u> |
| Net increase (decrease) | <u>179219</u> | <u>(772880)</u> | <u>$2002451</u> | <u>$(8500983)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 9131702 | 11203138 | $110417428 | $129392872 |
| Reinvestment of distributions | 1444439 | 1323066 | 17356582 | 15200134 |
| Shares redeemed | <u>(8794956)</u> | <u>(8243365)</u> | <u>(106878254)</u> | <u>(95021783)</u> |
| Net increase (decrease) | <u>1781185</u> | <u>4282839</u> | <u>$20895756</u> | <u>$49571223</u> |
| **Fidelity Asset Manager 40%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1130258 | 1088313 | $15025865 | $13700645 |
| Reinvestment of distributions | 155071 | 143398 | 2032459 | 1772788 |
| Shares redeemed | <u>(1240052)</u> | <u>(1200112)</u> | <u>(16600983)</u> | <u>(15029269)</u> |
| Net increase (decrease) | <u>45277</u> | <u>31599</u> | <u>$457341</u> | <u>$444164</u> |
| **Class M** |  |  |  |  |
| Shares sold | 112950 | 148111 | $1520680 | $1846826 |
| Reinvestment of distributions | 24392 | 23917 | 319456 | 295466 |
| Shares redeemed | <u>(257474)</u> | <u>(143376)</u> | <u>(3388865)</u> | <u>(1776075)</u> |
| Net increase (decrease) | <u>(120132)</u> | <u>28652</u> | <u>$(1548729)</u> | <u>$366217</u> |
| **Class C** |  |  |  |  |
| Shares sold | 207261 | 263734 | $2715225 | $3300896 |
| Reinvestment of distributions | 23409 | 23840 | 305640 | 293198 |
| Shares redeemed | <u>(466320)</u> | <u>(425449)</u> | <u>(6164760)</u> | <u>(5302243)</u> |
| Net increase (decrease) | <u>(235650)</u> | <u>(137875)</u> | <u>$(3143895)</u> | <u>$(1708149)</u> |
| **Asset Manager 40%** |  |  |  |  |
| Shares sold | 19811642 | 15299452 | $265149860 | $191960436 |
| Reinvestment of distributions | 2961268 | 2925404 | 38765366 | 36101041 |
| Shares redeemed | <u>(24308998)</u> | <u>(25570280)</u> | <u>(322190240)</u> | <u>(318687337)</u> |
| Net increase (decrease) | <u>(1536088)</u> | <u>(7345424)</u> | <u>$(18275014)</u> | <u>$(90625860)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 908144 | 558807 | $11961505 | $6923574 |
| Reinvestment of distributions | 64107 | 64911 | 838601 | 801475 |
| Shares redeemed | <u>(970264)</u> | <u>(1310426)</u> | <u>(12945370)</u> | <u>(16436127)</u> |
| Net increase (decrease) | <u>1987</u> | <u>(686708)</u> | <u>$(145264)</u> | <u>$(8711078)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5919370 | 6966485 | $78967072 | $86979485 |
| Reinvestment of distributions | 1317757 | 1267912 | 17247234 | 15660901 |
| Shares redeemed | <u>(7777924)</u> | <u>(7280751)</u> | <u>(103411354)</u> | <u>(90702970)</u> |
| Net increase (decrease) | <u>(540797)</u> | <u>953646</u> | <u>$(7197048)</u> | <u>$11937416</u> |
| **Fidelity Asset Manager 50%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 792008 | 774682 | $16714345 | $15313918 |
| Reinvestment of distributions | 212107 | 126787 | 4367615 | 2469521 |
| Shares redeemed | <u>(1265464)</u> | <u>(1157390)</u> | <u>(26698008)</u> | <u>(22860895)</u> |
| Net increase (decrease) | <u>(261349)</u> | <u>(255921)</u> | <u>$(5616048)</u> | <u>$(5077456)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 250694 | 334742 | $5239115 | $6582390 |
| Reinvestment of distributions | 83938 | 46879 | 1726013 | 912483 |
| Shares redeemed | <u>(444532)</u> | <u>(553014)</u> | <u>(9337456)</u> | <u>(10874154)</u> |
| Net increase (decrease) | <u>(109900)</u> | <u>(171393)</u> | <u>$(2372328)</u> | <u>$(3379281)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 126834 | 198642 | $2619558 | $3814728 |
| Reinvestment of distributions | 34897 | 18889 | 710892 | 362961 |
| Shares redeemed | <u>(348658)</u> | <u>(621324)</u> | <u>(7245134)</u> | <u>(11746591)</u> |
| Net increase (decrease) | <u>(186927)</u> | <u>(403793)</u> | <u>$(3914684)</u> | <u>$(7568902)</u> |
| **Asset Manager 50%** |  |  |  |  |
| Shares sold | 16986828 | 12613181 | $360096056 | $250697463 |
| Reinvestment of distributions | 12247508 | 7977817 | 253352647 | 155974251 |
| Shares redeemed | <u>(52386292)</u> | <u>(56629402)</u> | <u>(1104308615)</u> | <u>(1117953389)</u> |
| Net increase (decrease) | <u>(23151956)</u> | <u>(36038404)</u> | <u>$(490859912)</u> | <u>$(711281675)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1252084 | 605683 | $26270187 | $11779756 |
| Reinvestment of distributions | 87595 | 59284 | 1805122 | 1157501 |
| Shares redeemed | <u>(1121810)</u> | <u>(799275)</u> | <u>(23886882)</u> | <u>(15759949)</u> |
| Net increase (decrease) | <u>217869</u> | <u>(134308)</u> | <u>$4188427</u> | <u>$(2822692)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 15641881 | 11120215 | $331161079 | $218430902 |
| Reinvestment of distributions | 4197833 | 2457138 | 86493652 | 47959443 |
| Shares redeemed | <u>(14771488)</u> | <u>(14631076)</u> | <u>(308832941)</u> | <u>(288926321)</u> |
| Net increase (decrease) | <u>5068226</u> | <u>(1053723)</u> | <u>$108821790</u> | <u>$(22535976)</u> |
| **Fidelity Asset Manager 60%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1424322 | 1424286 | $22979509 | $21029850 |
| Reinvestment of distributions | 311975 | 179359 | 4820010 | 2611472 |
| Shares redeemed | <u>(1936917)</u> | <u>(1840485)</u> | <u>(31053984)</u> | <u>(27292603)</u> |
| Net increase (decrease) | <u>(200620)</u> | <u>(236840)</u> | <u>$(3254465)</u> | <u>$(3651281)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 198389 | 194671 | $3181525 | $2897894 |
| Reinvestment of distributions | 84304 | 47309 | 1295751 | 685506 |
| Shares redeemed | <u>(431601)</u> | <u>(484773)</u> | <u>(6855804)</u> | <u>(7198714)</u> |
| Net increase (decrease) | <u>(148908)</u> | <u>(242793)</u> | <u>$(2378528)</u> | <u>$(3615314)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 216943 | 264419 | $3413254 | $3842051 |
| Reinvestment of distributions | 40099 | 18469 | 611517 | 265392 |
| Shares redeemed | <u>(559806)</u> | <u>(672617)</u> | <u>(8819806)</u> | <u>(9837570)</u> |
| Net increase (decrease) | <u>(302764</u>) | <u>(389729)</u> | <u>$(4795035)</u> | <u>$(5730127)</u> |
| **Asset Manager 60%** |  |  |  |  |
| Shares sold | 19785697 | 16002883 | $321739191 | $238735225 |
| Reinvestment of distributions | 4159926 | 2580465 | 64603652 | 37778004 |
| Shares redeemed | <u>(29917879)</u> | <u>(28967041)</u> | <u>(481264108)</u> | <u>(430818143)</u> |
| Net increase (decrease) | <u>(5972256)</u> | <u>(10383693)</u> | <u>$(94921265)</u> | <u>$(154304914)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2650027 | 984225 | $42909347 | $14643693 |
| Reinvestment of distributions | 250578 | 133670 | 3891478 | 1956935 |
| Shares redeemed | <u>(1976110)</u> | <u>(1594746)</u> | <u>(31877622)</u> | <u>(23936059)</u> |
| Net increase (decrease) | <u>924495</u> | <u>(476851)</u> | <u>$14923203</u> | <u>$(7335431)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 16304460 | 15508989 | $263985309 | $231243958 |
| Reinvestment of distributions | 3644240 | 2028906 | 56522166 | 29662606 |
| Shares redeemed | <u>(13985792)</u> | <u>(12682336)</u> | <u>(224727627)</u> | <u>(189101994)</u> |
| Net increase (decrease) | <u>5962908</u> | <u>4855559</u> | <u>$95779848</u> | <u>$71804570</u> |
| **Fidelity Asset Manager 70%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1064773 | 974719 | $30238048 | $25811978 |
| Reinvestment of distributions | 335820 | 119781 | 9174607 | 3086747 |
| Shares redeemed | <u>(1723722)</u> | <u>(1161837)</u> | <u>(48916597)</u> | <u>(30751229)</u> |
| Net increase (decrease) | <u>(323129)</u> | <u>(67337)</u> | <u>$(9503942)</u> | <u>$(1852504)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 241320 | 234358 | $6860092 | $6119820 |
| Reinvestment of distributions | 103822 | 33702 | 2839531 | 869517 |
| Shares redeemed | <u>(502142)</u> | <u>(473935)</u> | <u>(14318757)</u> | <u>(12589448)</u> |
| Net increase (decrease) | <u>(157000)</u> | <u>(205875)</u> | <u>$(4619134)</u> | <u>$(5600111)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 173290 | 182323 | $4929802 | $4786909 |
| Reinvestment of distributions | 36647 | 8149 | 1001201 | 209910 |
| Shares redeemed | <u>(355552)</u> | <u>(434297)</u> | <u>(10076140)</u> | <u>(11287169)</u> |
| Net increase (decrease) | <u>(145615)</u> | <u>(243825)</u> | <u>$(4145137)</u> | <u>$(6290350)</u> |
| **Asset Manager 70%** |  |  |  |  |
| Shares sold | 16000548 | 11770175 | $462101161 | $311999792 |
| Reinvestment of distributions | 6219272 | 2474885 | 170283662 | 63901522 |
| Shares redeemed | <u>(23656475)</u> | <u>(23922716)</u> | <u>(675916979)</u> | <u>(633720450)</u> |
| Net increase (decrease) | <u>(1436655)</u> | <u>(9677656)</u> | <u>$(43532156)</u> | <u>$(257819136)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1074581 | 613134 | $30703410 | $15922849 |
| Reinvestment of distributions | 107896 | 32109 | 2953124 | 829707 |
| Shares redeemed | <u>(937465)</u> | <u>(501699)</u> | <u>(26700300)</u> | <u>(13239477)</u> |
| Net increase (decrease) | <u>245012</u> | <u>143544</u> | <u>$6956234</u> | <u>$3513079</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 9594028 | 8781627 | $278596585 | $227759908 |
| Reinvestment of distributions | 3839406 | 1510044 | 104854168 | 38913835 |
| Shares redeemed | <u>(9847772)</u> | <u>(13543030)</u> | <u>(277653724)</u> | <u>(351445294)</u> |
| Net increase (decrease) | <u>3585662</u> | <u>(3251359)</u> | <u>$105797029</u> | <u>$(84771551)</u> |
| **Fidelity Asset Manager 85%** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1654230 | 1725915 | $45098330 | $42591975 |
| Reinvestment of distributions | 300135 | 103272 | 7857535 | 2481623 |
| Shares redeemed | <u>(1897166)</u> | <u>(1473053)</u> | <u>(51990680)</u> | <u>(36790060)</u> |
| Net increase (decrease) | <u>57199</u> | <u>356134</u> | <u>$965185</u> | <u>$8283538</u> |
| **Class M** |  |  |  |  |
| Shares sold | 285121 | 256713 | $7715862 | $6303505 |
| Reinvestment of distributions | 55483 | 17720 | 1443122 | 422978 |
| Shares redeemed | <u>(372115)</u> | <u>(482284)</u> | <u>(10131983)</u> | <u>(11874709)</u> |
| Net increase (decrease) | <u>(31511)</u> | <u>(207851)</u> | <u>$(972999)</u> | <u>$(5148226)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 266361 | 306013 | $7146043 | $7352859 |
| Reinvestment of distributions | 39676 | 6931 | 1020870 | 163786 |
| Shares redeemed | <u>(443849)</u> | <u>(471077)</u> | <u>(11859965)</u> | <u>(11466181)</u> |
| Net increase (decrease) | <u>(137812)</u> | <u>(158133)</u> | <u>$(3693052)</u> | <u>$(3949536)</u> |
| **Asset Manager 85%** |  |  |  |  |
| Shares sold | 12361877 | 10662963 | $344893417 | $266205108 |
| Reinvestment of distributions | 2694991 | 1063928 | 71444211 | 25874717 |
| Shares redeemed | <u>(14228784)</u> | <u>(12993858)</u> | <u>(392809576)</u> | <u>(325535184)</u> |
| Net increase (decrease) | <u>828084</u> | <u>(1266967)</u> | <u>$23528052</u> | <u>$(33455359)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 917355 | 500098 | $25356731 | $12341753 |
| Reinvestment of distributions | 85224 | 32308 | 2251608 | 783146 |
| Shares redeemed | <u>(601675)</u> | <u>(823201)</u> | <u>(16478297)</u> | <u>(20658297)</u> |
| Net increase (decrease) | <u>400904</u> | <u>(290795)</u> | <u>$11130042</u> | <u>$(7533398)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 20232702 | 11231785 | $567310629 | $279888316 |
| Reinvestment of distributions | 2456932 | 824014 | 64666462 | 19916426 |
| Shares redeemed | <u>(7727675)</u> | <u>(8624055)</u> | <u>(209401871)</u> | <u>(220090161)</u> |
| Net increase (decrease) | <u>14961959</u> | <u>3431744</u> | <u>$422575220</u> | <u>$79714581</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. 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 as follows:

---

| | |
|:---|:---|
| **Fund**  | **Affiliated %** |
| Fidelity Asset Manager 20%  | 44% |
| Fidelity Asset Manager 30%  | 28% |
| Fidelity Asset Manager 40%  | 26% |
| Fidelity Asset Manager 60%  | 40% |
| Fidelity Asset Manager 70%  | 33% |
| Fidelity Asset Manager 85%  | 40% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Charles Street Trust and the Shareholders of Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85%:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85% (the "Funds"), each a fund of Fidelity Charles Street Trust, including the schedules of investments, as of September 30, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended September 30, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Asset Manager 40%** | $38205083 |
| **Fidelity Asset Manager 50%** | $595058683 |
| **Fidelity Asset Manager 60%** | $220089208 |
| **Fidelity Asset Manager 70%** | $474883047 |
| **Fidelity Asset Manager 85%** | $245651810 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

---

| | |
|:---|:---|
| **Fidelity Asset Manager 20%** | 21.67% |
| **Fidelity Asset Manager 30%** | 19.32% |
| **Fidelity Asset Manager 40%** | 17.04% |
| **Fidelity Asset Manager 50%** | 14.09% |
| **Fidelity Asset Manager 60%** | 11.93% |
| **Fidelity Asset Manager 70%** | 8.27% |
| **Fidelity Asset Manager 85%** | 4.95% |

---

The funds hereby designate the amounts noted below as distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
| **Fidelity Asset Manager 20%** | $135840392 |
| **Fidelity Asset Manager 30%** | $41618756 |
| **Fidelity Asset Manager 40%** | $37720388 |
| **Fidelity Asset Manager 50%** | $121998364 |
| **Fidelity Asset Manager 60%** | $42466726 |
| **Fidelity Asset Manager 70%** | $46893190 |
| **Fidelity Asset Manager 85%** | $14790468 |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **December, 2024** |
| **Fidelity Asset Manager 20%** | 98.70% |
| **Fidelity Asset Manager 30%** | 96.30% |
| **Fidelity Asset Manager 40%** | 94.44% |
| **Fidelity Asset Manager 50%** | 99.73% |
| **Fidelity Asset Manager 60%** | 100% |
| **Fidelity Asset Manager 70%** | 98.85% |
| **Fidelity Asset Manager 85%** | 98.73% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Asset Manager 20%** | $160300611 |
| **Fidelity Asset Manager 30%** | $48012652 |
| **Fidelity Asset Manager 40%** | $38862909 |
| **Fidelity Asset Manager 50%** | $122222900 |
| **Fidelity Asset Manager 60%** | $61514550 |
| **Fidelity Asset Manager 70%** | $55625499 |
| **Fidelity Asset Manager 85%** | $21833671 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail** | **Class I** | **Class Z** |
| **Fidelity Asset Manager 20%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| November,2024 | 5% | 6% | 7% | 5% | 5% | 5% |
| December,2024 | 8% | 9% | 10% | 8% | 8% | 8% |
| February, 2025 | 5% | 6% | 8% | 5% | 5% | 5% |
| March, 2025 | 6% | 6% | 8% | 5% | 5% | 5% |
| April, 2025 | 5% | 6% | 8% | 5% | 5% | 5% |
| May, 2025 | 5% | 6% | 8% | 5% | 5% | 5% |
| June, 2025 | 5% | 6% | 8% | 5% | 5% | 5% |
| July, 2025 | 5% | 6% | 6% | 5% | 5% | 5% |
| August, 2025 | 5% | 6% | 7% | 5% | 5% | 5% |
| September, 2025 | 6% | 6% | 8% | 5% | 5% | 5% |
| **Fidelity Asset Manager 30%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| November, 2024 | 7% | 8% | 10% | 6% | 6% | 6% |
| December, 2024 | 11% | 12% | 13% | 10% | 10% | 10% |
| February, 2025 | 9% | 10% | 14% | 7% | 7% | 7% |
| March, 2025 | 9% | 10% | 15% | 7% | 8% | 7% |
| April, 2025 | 8% | 9% | 12% | 7% | 7% | 7% |
| May, 2025 | 8% | 9% | 12% | 7% | 7% | 7% |
| June, 2025 | 8% | 10% | 14% | 7% | 8% | 7% |
| July, 2025 | 8% | 8% | 10% | 7% | 8% | 7% |
| August, 2025 | 8% | 10% | 12% | 7% | 7% | 7% |
| September, 2025 | 8% | 10% | 14% | 7% | 7% | 7% |
| **Fidelity Asset Manager 40%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| December, 2024 | 14% | 15% | 18% | 13% | 13% | 13% |
| April, 2025 | 16% | 20% | 32% | 14% | 14% | 14% |
| July, 2025 | 15% | 17% | 22% | 14% | 14% | 14% |
| **Fidelity Asset Manager 50%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| December,2024 | 17% | 19% | 22% | 16% | 16% | 15% |
| April, 2025 | 24% | 29% | 60% | 19% | 18% | 18% |
| July, 2025 | 21% | 24% | 31% | 19% | 20% | 19% |
| **Fidelity Asset Manager 60%** |  |  |  |  |  |  |
| December, 2024 | 18% | 21% | 31% | 16% | 16% | 15% |
| **Fidelity Asset Manager 70%** |  |  |  |  |  |  |
| December, 2024 | 24% | 28% | 43% | 20% | 20% | 19% |
| **Fidelity Asset Manager 85%** |  |  |  |  |  |  |
| December, 2024 | 31% | 38% | 66% | 26% | 26% | 24% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail** | **Class I** | **Class Z** |
| **Fidelity Asset Manager 20%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| November, 2024 | 7.15% | 8.04% | 10.12% | 6.66% | 6.66% | 6.44% |
| December, 2024 | 11.74% | 12.56% | 14.78% | 11.02% | 11.02% | 10.74% |
| February, 2025 | 13.88% | 15.27% | 20.36% | 12.73% | 12.73% | 12.73% |
| March, 2025 | 14.25% | 16.19% | 20.95% | 12.72% | 12.72% | 12.72% |
| April, 2025 | 13.99% | 16.15% | 19.99% | 12.72% | 13.12% | 12.72% |
| May, 2025 | 13.76% | 15.29% | 19.66% | 12.90% | 12.90% | 12.51% |
| June, 2025 | 14.09% | 16.11% | 20.50% | 12.89% | 12.89% | 12.53% |
| July, 2025 | 13.61% | 14.25% | 16.18% | 12.74% | 13.02% | 12.74% |
| August, 2025 | 14.00% | 15.00% | 19.09% | 12.73% | 13.13% | 12.73% |
| September, 2025 | 14.36% | 15.90% | 21.20% | 12.72% | 12.72% | 12.72% |
| **Fidelity Asset Manager 30%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| November, 2024 | 10.23% | 11.41% | 14.85% | 8.86% | 8.86% | 8.86% |
| December, 2024 | 15.90% | 16.91% | 18.91% | 15.14% | 15.14% | 14.86% |
| February, 2025 | 24.26% | 27.72% | 38.81% | 20.43% | 20.43% | 20.43% |
| March, 2025 | 24.48% | 28.24% | 40.79% | 20.40% | 21.60% | 20.40% |
| April, 2025 | 23.17% | 25.37% | 33.30% | 20.50% | 20.50% | 20.50% |
| May, 2025 | 23.28% | 25.61% | 34.15% | 20.49% | 20.49% | 20.49% |
| June, 2025 | 23.14% | 26.61% | 38.01% | 20.47% | 21.29% | 20.47% |
| July, 2025 | 22.05% | 23.15% | 26.45% | 20.58% | 21.04% | 20.58% |
| August, 2025 | 23.28% | 26.95% | 34.14% | 20.48% | 20.48% | 20.48% |
| September, 2025 | 23.53% | 27.25% | 39.82% | 20.71% | 20.71% | 19.91% |
| **Fidelity Asset Manager 40%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| December, 2024 | 20.17% | 21.76% | 25.56% | 18.80% | 18.80% | 18.52% |
| April, 2025 | 44.45% | 55.82% | 88.89% | 38.71% | 39.35% | 38.10% |
| July, 2025 | 42.88% | 47.33% | 61.77% | 38.77% | 40.05% | 38.37% |
| **Fidelity Asset Manager 50%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| December, 2024 | 25.21% | 27.06% | 32.58% | 23.25% | 23.36% | 22.59% |
| April, 2025 | 66.30% | 80.89% | 100% | 53.93% | 51.85% | 51.20% |
| July, 2025 | 59.53% | 66.84% | 86.59% | 53.66% | 56.03% | 52.19% |
| **Fidelity Asset Manager 60%** |  |  |  |  |  |  |
| December, 2024 | 40.62% | 46.51% | 69.44% | 35.35% | 35.06% | 33.77% |
| **Fidelity Asset Manager 70%** |  |  |  |  |  |  |
| December, 2024 | 53.28% | 61.68% | 95.98% | 45.37% | 43.87% | 43.09% |
| **Fidelity Asset Manager 85%** |  |  |  |  |  |  |
| December, 2024 | 72.17% | 88.67% | 100% | 60.45% | 60.98% | 55.75% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a Section 199A dividend:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail** | **Class I** | **Class Z** |
| **Fidelity Asset Manager 20%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| November, 2024 | 0.75% | 0.84% | 1.06% | 0.70% | 0.70% | 0.68% |
| December, 2024 | 1.23% | 1.32% | 1.55% | 1.16% | 1.16% | 1.13% |
| February, 2025 | 0.57% | 0.62% | 0.83% | 0.52% | 0.52% | 0.52% |
| March, 2025 | 0.58% | 0.66% | 0.85% | 0.52% | 0.52% | 0.52% |
| April, 2025 | 0.57% | 0.66% | 0.81% | 0.52% | 0.53% | 0.52% |
| May, 2025 | 0.56% | 0.62% | 0.80% | 0.53% | 0.53% | 0.51% |
| June, 2025 | 0.57% | 0.66% | 0.84% | 0.53% | 0.53% | 0.51% |
| July, 2025 | 0.55% | 0.58% | 0.66% | 0.52% | 0.53% | 0.52% |
| August, 2025 | 0.57% | 0.61% | 0.78% | 0.52% | 0.53% | 0.52% |
| September, 2025 | 0.59% | 0.65% | 0.86% | 0.52% | 0.52% | 0.52% |
| **Fidelity Asset Manager 30%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| November, 2024 | 0.93% | 1.04% | 1.35% | 0.81% | 0.81% | 0.81% |
| December, 2024 | 1.44% | 1.54% | 1.72% | 1.38% | 1.38% | 1.35% |
| February, 2025 | 0.82% | 0.94% | 1.31% | 0.69% | 0.69% | 0.69% |
| March, 2025 | 0.83% | 0.96% | 1.38% | 0.69% | 0.73% | 0.69% |
| April, 2025 | 0.78% | 0.86% | 1.13% | 0.69% | 0.69% | 0.69% |
| May, 2025 | 0.79% | 0.87% | 1.16% | 0.69% | 0.69% | 0.69% |
| June, 2025 | 0.78% | 0.90% | 1.29% | 0.69% | 0.72% | 0.69% |
| July, 2025 | 0.75% | 0.78% | 0.89% | 0.70% | 0.71% | 0.70% |
| August, 2025 | 0.79% | 0.91% | 1.15% | 0.69% | 0.69% | 0.69% |
| September, 2025 | 0.80% | 0.92% | 1.35% | 0.70% | 0.70% | 0.67% |
| **Fidelity Asset Manager 40%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| December, 2024 | 1.68% | 1.81% | 2.13% | 1.57% | 1.57% | 1.54% |
| April, 2025 | 1.41% | 1.78% | 2.83% | 1.23% | 1.25% | 1.21% |
| July, 2025 | 1.36% | 1.51% | 1.97% | 1.23% | 1.27% | 1.22% |
| **Fidelity Asset Manager 50%** |  |  |  |  |  |  |
| October, 2024 | 0% | 0% | 0% | 0% | 0% | 0% |
| December, 2024 | 1.97% | 2.12% | 2.55% | 1.82% | 1.83% | 1.77% |
| April, 2025 | 1.94% | 2.36% | 0% | 1.57% | 1.51% | 1.50% |
| July, 2025 | 1.74% | 1.95% | 2.52% | 1.56% | 1.63% | 1.52% |
| **Fidelity Asset Manager 60%** |  |  |  |  |  |  |
| December, 2024 | 1.49% | 1.71% | 2.55% | 1.30% | 1.29% | 1.24% |
| **Fidelity Asset Manager 70%** |  |  |  |  |  |  |
| December, 2024 | 1.83% | 2.12% | 3.30% | 1.56% | 1.51% | 1.48% |
| **Fidelity Asset Manager 85%** |  |  |  |  |  |  |
| December, 2024 | 2.50% | 3.08% | 0% | 2.10% | 2.12% | 1.94% |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Asset Manager 20%** |  |  |  |
| Class A | 02/05/24 | $0.0009 | $0.0001 |
| Class M | 02/05/24 | $0.0008 | $0.0001 |
| Class C | 02/05/24 | $0.0005 | $0.0001 |
| Asset Manager 20% | 02/05/24 | $0.0011 | $0.0001 |
| Class I | 02/05/24 | $0.0011 | $0.0001 |
| Class Z | 02/05/24 | $0.0011 | $0.0001 |
| Class A | 03/04/24 | $0.0016 | $0.0002 |
| Class M | 03/04/24 | $0.0014 | $0.0002 |
| Class C | 03/04/24 | $0.0011 | $0.0002 |
| Asset Manager 20% | 03/04/24 | $0.0018 | $0.0002 |
| Class I | 03/04/24 | $0.0017 | $0.0002 |
| Class Z | 03/04/24 | $0.0018 | $0.0002 |
| Class A | 04/08/24 | $0.0022 | $0.0003 |
| Class M | 04/08/24 | $0.0020 | $0.0003 |
| Class C | 04/08/24 | $0.0016 | $0.0003 |
| Asset Manager 20% | 04/08/24 | $0.0025 | $0.0003 |
| Class I | 04/08/24 | $0.0025 | $0.0003 |
| Class Z | 04/08/24 | $0.0025 | $0.0003 |
| Class A | 05/06/24 | $0.0021 | $0.0003 |
| Class M | 05/06/24 | $0.0019 | $0.0003 |
| Class C | 05/06/24 | $0.0015 | $0.0003 |
| Asset Manager 20% | 05/06/24 | $0.0023 | $0.0003 |
| Class I | 05/06/24 | $0.0023 | $0.0003 |
| Class Z | 05/06/24 | $0.0023 | $0.0003 |
| Class A | 06/10/24 | $0.0018 | $0.0002 |
| Class M | 06/10/24 | $0.0016 | $0.0002 |
| Class C | 06/10/24 | $0.0012 | $0.0002 |
| Asset Manager 20% | 06/10/24 | $0.0020 | $0.0002 |
| Class I | 06/10/24 | $0.0019 | $0.0002 |
| Class Z | 06/10/24 | $0.0020 | $0.0002 |
| Class A | 07/08/24 | $0.0031 | $0.0004 |
| Class M | 07/08/24 | $0.0029 | $0.0004 |
| Class C | 07/08/24 | $0.0027 | $0.0004 |
| Asset Manager 20% | 07/08/24 | $0.0033 | $0.0004 |
| Class I | 07/08/24 | $0.0033 | $0.0004 |
| Class Z | 07/08/24 | $0.0033 | $0.0004 |
| Class A | 08/05/24 | $0.0021 | $0.0003 |
| Class M | 08/05/24 | $0.0019 | $0.0003 |
| Class C | 08/05/24 | $0.0016 | $0.0003 |
| Asset Manager 20% | 08/05/24 | $0.0023 | $0.0003 |
| Class I | 08/05/24 | $0.0023 | $0.0003 |
| Class Z | 08/05/24 | $0.0023 | $0.0003 |
| Class A | 09/09/24 | $0.0021 | $0.0003 |
| Class M | 09/09/24 | $0.0019 | $0.0003 |
| Class C | 09/09/24 | $0.0014 | $0.0003 |
| Asset Manager 20% | 09/09/24 | $0.0023 | $0.0003 |
| Class I | 09/09/24 | $0.0023 | $0.0003 |
| Class Z | 09/09/24 | $0.0023 | $0.0003 |
| Class A | 10/07/24 | $0.0029 | $0.0004 |
| Class M | 10/07/24 | $0.0027 | $0.0004 |
| Class C | 10/07/24 | $0.0023 | $0.0004 |
| Asset Manager 20% | 10/07/24 | $0.0030 | $0.0004 |
| Class I | 10/07/24 | $0.0030 | $0.0004 |
| Class Z | 10/07/24 | $0.0030 | $0.0004 |
| Class A | 11/04/24 | $0.0018 | $0.0002 |
| Class M | 11/04/24 | $0.0016 | $0.0002 |
| Class C | 11/04/24 | $0.0013 | $0.0002 |
| Asset Manager 20% | 11/04/24 | $0.0019 | $0.0002 |
| Class I | 11/04/24 | $0.0019 | $0.0002 |
| Class Z | 11/04/24 | $0.0020 | $0.0002 |
| Class A | 12/31/24 | $0.0070 | $0.0009 |
| Class M | 12/31/24 | $0.0066 | $0.0009 |
| Class C | 12/31/24 | $0.0056 | $0.0009 |
| Asset Manager 20% | 12/31/24 | $0.0075 | $0.0009 |
| Class I | 12/31/24 | $0.0075 | $0.0009 |
| Class Z | 12/31/24 | $0.0077 | $0.0009 |
| **Fidelity Asset Manager 30%** |  |  |  |
| Class A | 02/05/24 | $0.0011 | $0.0002 |
| Class M | 02/05/24 | $0.0009 | $0.0002 |
| Class C | 02/05/24 | $0.0005 | $0.0002 |
| Asset Manager 30% | 02/05/24 | $0.0013 | $0.0002 |
| Class I | 02/05/24 | $0.0012 | $0.0002 |
| Class Z | 02/05/24 | $0.0013 | $0.0002 |
| Class A | 03/04/24 | $0.0017 | $0.0003 |
| Class M | 03/04/24 | $0.0015 | $0.0003 |
| Class C | 03/04/24 | $0.0010 | $0.0003 |
| Asset Manager 30% | 03/04/24 | $0.0020 | $0.0003 |
| Class I | 03/04/24 | $0.0019 | $0.0003 |
| Class Z | 03/04/24 | $0.0020 | $0.0003 |
| Class A | 04/08/24 | $0.0027 | $0.0004 |
| Class M | 04/08/24 | $0.0024 | $0.0004 |
| Class C | 04/08/24 | $0.0017 | $0.0004 |
| Asset Manager 30% | 04/08/24 | $0.0030 | $0.0004 |
| Class I | 04/08/24 | $0.0030 | $0.0004 |
| Class Z | 04/08/24 | $0.0031 | $0.0004 |
| Class A | 05/06/24 | $0.0021 | $0.0003 |
| Class M | 05/06/24 | $0.0019 | $0.0003 |
| Class C | 05/06/24 | $0.0014 | $0.0003 |
| Asset Manager 30% | 05/06/24 | $0.0025 | $0.0003 |
| Class I | 05/06/24 | $0.0024 | $0.0003 |
| Class Z | 05/06/24 | $0.0025 | $0.0003 |
| Class A | 06/10/24 | $0.0018 | $0.0003 |
| Class M | 06/10/24 | $0.0016 | $0.0003 |
| Class C | 06/10/24 | $0.0011 | $0.0003 |
| Asset Manager 30% | 06/10/24 | $0.0021 | $0.0003 |
| Class I | 06/10/24 | $0.0021 | $0.0003 |
| Class Z | 06/10/24 | $0.0022 | $0.0003 |
| Class A | 07/08/24 | $0.0049 | $0.0007 |
| Class M | 07/08/24 | $0.0046 | $0.0007 |
| Class C | 07/08/24 | $0.0042 | $0.0007 |
| Asset Manager 30% | 07/08/24 | $0.0051 | $0.0007 |
| Class I | 07/08/24 | $0.0051 | $0.0007 |
| Class Z | 07/08/24 | $0.0052 | $0.0007 |
| Class A | 08/05/24 | $0.0021 | $0.0003 |
| Class M | 08/05/24 | $0.0019 | $0.0003 |
| Class C | 08/05/24 | $0.0014 | $0.0003 |
| Asset Manager 30% | 08/05/24 | $0.0024 | $0.0003 |
| Class I | 08/05/24 | $0.0024 | $0.0003 |
| Class Z | 08/05/24 | $0.0025 | $0.0003 |
| Class A | 09/09/24 | $0.0022 | $0.0003 |
| Class M | 09/09/24 | $0.0019 | $0.0003 |
| Class C | 09/09/24 | $0.0014 | $0.0003 |
| Asset Manager 30% | 09/09/24 | $0.0026 | $0.0003 |
| Class I | 09/09/24 | $0.0026 | $0.0003 |
| Class Z | 09/09/24 | $0.0027 | $0.0003 |
| Class A | 10/07/24 | $0.0040 | $0.0005 |
| Class M | 10/07/24 | $0.0037 | $0.0005 |
| Class C | 10/07/24 | $0.0032 | $0.0005 |
| Asset Manager 30% | 10/07/24 | $0.0043 | $0.0005 |
| Class I | 10/07/24 | $0.0043 | $0.0005 |
| Class Z | 10/07/24 | $0.0043 | $0.0005 |
| Class A | 11/04/24 | $0.0020 | $0.0003 |
| Class M | 11/04/24 | $0.0018 | $0.0003 |
| Class C | 11/04/24 | $0.0014 | $0.0003 |
| Asset Manager 30% | 11/04/24 | $0.0024 | $0.0003 |
| Class I | 11/04/24 | $0.0024 | $0.0003 |
| Class Z | 11/04/24 | $0.0024 | $0.0003 |
| Class A | 12/31/24 | $0.0106 | $0.0014 |
| Class M | 12/31/24 | $0.0100 | $0.0014 |
| Class C | 12/31/24 | $0.0089 | $0.0014 |
| Asset Manager 30% | 12/31/24 | $0.0111 | $0.0014 |
| Class I | 12/31/24 | $0.0111 | $0.0014 |
| Class Z | 12/31/24 | $0.0113 | $0.0014 |
| **Fidelity Asset Manager 40%** |  |  |  |
| Class A | 04/08/24 | $0.0073 | $0.0010 |
| Class M | 04/08/24 | $0.0062 | $0.0010 |
| Class C | 04/08/24 | $0.0040 | $0.0010 |
| Asset Manager 40% | 04/08/24 | $0.0086 | $0.0010 |
| Class I | 04/08/24 | $0.0085 | $0.0010 |
| Class Z | 04/08/24 | $0.0088 | $0.0010 |
| Class A | 07/08/24 | $0.0127 | $0.0017 |
| Class M | 07/08/24 | $0.0117 | $0.0017 |
| Class C | 07/08/24 | $0.0090 | $0.0017 |
| Asset Manager 40% | 07/08/24 | $0.0141 | $0.0017 |
| Class I | 07/08/24 | $0.0141 | $0.0017 |
| Class Z | 07/08/24 | $0.0142 | $0.0017 |
| Class A | 10/07/24 | $0.0115 | $0.0015 |
| Class M | 10/07/24 | $0.0105 | $0.0015 |
| Class C | 10/07/24 | $0.0080 | $0.0015 |
| Asset Manager 40% | 10/07/24 | $0.0127 | $0.0015 |
| Class I | 10/07/24 | $0.0126 | $0.0015 |
| Class Z | 10/07/24 | $0.0129 | $0.0015 |
| Class A | 12/31/24 | $0.0183 | $0.0024 |
| Class M | 12/31/24 | $0.0170 | $0.0024 |
| Class C | 12/31/24 | $0.0145 | $0.0024 |
| Asset Manager 40% | 12/31/24 | $0.0197 | $0.0024 |
| Class I | 12/31/24 | $0.0197 | $0.0024 |
| Class Z | 12/31/24 | $0.0200 | $0.0024 |
| **Fidelity Asset Manager 50%** |  |  |  |
| Class A | 04/08/24 | $0.0114 | $0.0017 |
| Class M | 04/08/24 | $0.0090 | $0.0017 |
| Class C | 04/08/24 | $0.0039 | $0.0017 |
| Asset Manager 50% | 04/08/24 | $0.0142 | $0.0017 |
| Class I | 04/08/24 | $0.0140 | $0.0017 |
| Class Z | 04/08/24 | $0.0150 | $0.0017 |
| Class A | 07/08/24 | $0.0246 | $0.0033 |
| Class M | 07/08/24 | $0.0222 | $0.0033 |
| Class C | 07/08/24 | $0.0172 | $0.0033 |
| Asset Manager 50% | 07/08/24 | $0.0273 | $0.0033 |
| Class I | 07/08/24 | $0.0269 | $0.0033 |
| Class Z | 07/08/24 | $0.0281 | $0.0033 |
| Class A | 10/07/24 | $0.0209 | $0.0029 |
| Class M | 10/07/24 | $0.0185 | $0.0029 |
| Class C | 10/07/24 | $0.0136 | $0.0029 |
| Asset Manager 50% | 10/07/24 | $0.0237 | $0.0029 |
| Class I | 10/07/24 | $0.0235 | $0.0029 |
| Class Z | 10/07/24 | $0.0247 | $0.0029 |
| Class A | 12/31/24 | $0.0375 | $0.0049 |
| Class M | 12/31/24 | $0.0349 | $0.0049 |
| Class C | 12/31/24 | $0.0290 | $0.0049 |
| Asset Manager 50% | 12/31/24 | $0.0407 | $0.0049 |
| Class I | 12/31/24 | $0.0405 | $0.0049 |
| Class Z | 12/31/24 | $0.0419 | $0.0049 |
| **Fidelity Asset Manager 60%** |  |  |  |
| Class A | 12/31/24 | $0.0758 | $0.0116 |
| Class M | 12/31/24 | $0.0662 | $0.0116 |
| Class C | 12/31/24 | $0.0444 | $0.0116 |
| Asset Manager 60% | 12/31/24 | $0.0871 | $0.0116 |
| Class I | 12/31/24 | $0.0879 | $0.0116 |
| Class Z | 12/31/24 | $0.0912 | $0.0116 |
| **Fidelity Asset Manager 70%** |  |  |  |
| Class A | 12/31/24 | $0.1512 | $0.0240 |
| Class M | 12/31/24 | $0.1306 | $0.0240 |
| Class C | 12/31/24 | $0.0840 | $0.0240 |
| Asset Manager 70% | 12/31/24 | $0.1776 | $0.0240 |
| Class I | 12/31/24 | $0.1837 | $0.0240 |
| Class Z | 12/31/24 | $0.1870 | $0.0240 |
| **Fidelity Asset Manager 85%** |  |  |  |
| Class A | 12/31/24 | $0.1632 | $0.0270 |
| Class M | 12/31/24 | $0.1329 | $0.0270 |
| Class C | 12/31/24 | $0.0772 | $0.0270 |
| Asset Manager 85% | 12/31/24 | $0.1949 | $0.0270 |
| Class I | 12/31/24 | $0.1932 | $0.0270 |
| Class Z | 12/31/24 | $0.2113 | $0.0270 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Asset Manager 20%**

**Fidelity Asset Manager 30%**

**Fidelity Asset Manager 40%**

**Fidelity Asset Manager 50%**

**Fidelity Asset Manager 60%**

**Fidelity Asset Manager 70%**

**Fidelity Asset Manager 85%**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the funds' Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that the Investment Advisers' investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against one or more indices, including a customized blended index that reflects the respective weights of each fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance. Each of Fidelity Asset Manager 60%, Fidelity Asset Manager 70%, and Fidelity Asset Manager 85% underperformed its benchmark index and peers for the one- and three-year periods ended January 31, 2025 and each of Asset Manager 20%, Asset Manager 30% and Asset Manager 50% underperformed its benchmark index and peers for the one- and three- year periods ended May 31, 2025, and as a result, the Board continues to engage in discussions with FMR regarding the steps it is taking to address each fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, each fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of each fund (the retail class), the Board considered the effective management fee rate for the retail class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of each fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expense ratios.

The information provided to the Board indicated that the management fee rate of the retail class of each fund ranked below the competitive median of the total peer group for 2024. The information provided to the Board indicated that, for Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, and Fidelity Asset Manager 50%, each fund's management fee rate ranked below the competitive median of the asset-sized peer group for 2024 and, for Fidelity Asset Manager 60%, Fidelity Asset Manager 70%, and Fidelity Asset Manager 85%, each fund's management fee rate ranked above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund's retail class ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board considered that each fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, each fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of each fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of each fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of each fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as each fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through September 30, 2026.

![](img116058_4.jpg)<br>

1.878277.117 AR-ANN-1125

**Fidelity® Sustainable Multi-Asset Fund**

**Annual Report**

**September 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img116153_1.jpg)

![](img116153_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MAF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable Multi-Asset Fund](#Sub_Sec_Fund_6477_MAF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6477_MAF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MAF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MAF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MAF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MAF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MAF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MAF-ANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Sustainable Multi-Asset Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 23.6%** | &nbsp;&nbsp;**Bond Funds - 23.6%** | &nbsp;&nbsp;**Bond Funds - 23.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 315249 | 2960188 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 206565 | 1945839 |
| Fidelity Sustainable Core Plus Bond Fund (a) | 614410 | 5806171 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $10,528,064) |  | **10712198** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 40.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 40.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 40.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Sustainable U.S. Equity ETF (a) | 159466 | 4778430 |
| Fidelity U.S. Sustainability Index Fund (a) | 451103 | 13388731 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $13,533,251) |  | **18167161** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 35.2%** | &nbsp;&nbsp;**International Equity Funds - 35.2%** | &nbsp;&nbsp;**International Equity Funds - 35.2%** |
|  | Shares | Value ($)<br>|
| Fidelity International Sustainability Index Fund (a) | 410610 | 6228953 |
| Fidelity Sustainable Emerging Markets Equity Fund (a) | 270013 | 3088947 |
| Fidelity Sustainable International Equity Fund (a) | 592064 | 6648884 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $12,683,850) |  | **15966784** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 1.2%** | &nbsp;&nbsp;**Short-Term Funds - 1.2%** | &nbsp;&nbsp;**Short-Term Funds - 1.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Sustainable Low Duration Bond Fund (a)<br>(Cost $526,574)<br>| 51169 | **529083** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $37,271,739)<br>| <br>**45375226** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2443)** |
| **NET ASSETS - 100.0%** | **45372783** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Affiliated fund.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 55276 | 55276 | 16 | - | - | - | - | 0.0% |
| Total | - | 55276 | 55276 | 16 | - | - | - |  |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 2075298 | 1772076 | 922207 | 74028 | (16107) | 51128 | 2960188 | 315249 |
| Fidelity International Sustainability Index Fund | 3789862 | 2973763 | 1223280 | 90870 | (7345) | 695953 | 6228953 | 410610 |
| Fidelity Long-Term Treasury Bond Index Fund | 741042 | 1729177 | 454772 | 51116 | (14223) | (55385) | 1945839 | 206565 |
| Fidelity Sustainable Core Plus Bond Fund | 3622009 | 3329903 | 1148921 | 172005 | (4670) | 7850 | 5806171 | 614410 |
| Fidelity Sustainable Emerging Markets Equity Fund | 1525621 | 1838059 | 778063 | 25409 | 202 | 503128 | 3088947 | 270013 |
| Fidelity Sustainable International Equity Fund | 4053232 | 3722942 | 1704372 | 76667 | (3200) | 580282 | 6648884 | 592064 |
| Fidelity Sustainable Low Duration Bond Fund | 346304 | 548969 | 368992 | 3823 | 8704 | (5902) | 529083 | 51169 |
| Fidelity Sustainable U.S. Equity ETF | 3453800 | 1184004 | 307794 | 65593 | (5155) | 453575 | 4778430 | 159466 |
| Fidelity U.S. Sustainability Index Fund | 8023866 | 8023698 | 4136250 | 111330 | (24628) | 1502045 | 13388731 | 451103 |
|  | 27631034 | 25122591 | 11044651 | 670841 | (66422) | 3732674 | 45375226 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 10712198 | 10712198 | - | - |
|  **Domestic Equity Funds** | 18167161 | 18167161 | - | - |
|  **International Equity Funds** | 15966784 | 15966784 | - | - |
|  **Short-Term Funds** | 529083 | 529083 | - | - |
| **Total Investments in Securities:** | 45375226 | 45375226 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $37,271,739) | $45375226 |  |
| Total Investment in Securities (cost $37,271,739) |  | $45375226 |
| Receivable for fund shares sold |  | 104591 |
| Receivable from investment adviser for expense reductions |  | 1819 |
| **Total assets** |  | 45481636 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $85828 |  |
| Payable for fund shares redeemed | 18765 |  |
| Accrued management fee | 3623 |  |
| Distribution and service plan fees payable | 637 |  |
| **Total liabilities** |  | 108853 |
| **Net Assets**  |  | $45372783 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $37502332 |
| Total accumulated earnings (loss) |  | 7870451 |
| **Net Assets** |  | $45372783 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($506,381 ÷ 42,702 shares)(a) |  | $11.86 |
| Maximum offering price per share (100/94.25 of $11.86) |  | $12.58 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($300,363 ÷ 25,377 shares)(a) |  | $11.84 |
| Maximum offering price per share (100/96.50 of $11.84) |  | $12.27 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($503,784 ÷ 42,792 shares)(a) |  | $11.77 |
| **Fidelity Sustainable Multi-Asset Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($41,015,019 ÷ 3,450,315 shares) |  | $11.89 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,047,236 ÷ 256,317 shares) |  | $11.89 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $619783 |
| Income from Fidelity Central Funds  |  | 16 |
| **Total income** |  | 619799 |
| **Expenses** |  |  |
| Management fee | $33752 |  |
| Distribution and service plan fees | 6849 |  |
| Independent trustees' fees and expenses | 79 |  |
| Total expenses before reductions | 40680 |  |
| Expense reductions | (17208) |  |
| Total expenses after reductions |  | 23472 |
| **Net Investment income (loss)** |  | 596327 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (66422) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 51058 |  |
| Total net realized gain (loss) |  | (15364) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 3732674 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3732674 |
| **Net gain (loss)** |  | 3717310 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4313637 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $596327 | $363250 |
| &nbsp;&nbsp;Net realized gain (loss) | (15364)<br>| (139311)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3732674 | 4339314<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4313637<br>| 4563253<br>|
| Distributions to shareholders | (532031)<br>| (291724)<br>|
| Share transactions - net increase (decrease) | 13955300<br>| 9915438<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 17736906<br>| 14186967<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 27635877 | 13448910<br>|
| &nbsp;&nbsp;End of period | $45372783 | $27635877 |

---

**Financial Highlights** 

**Fidelity Advisor® Sustainable Multi-Asset Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.80 | $8.71 | $7.79 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .17  | .15  | .14  | .02  |
| Net realized and unrealized gain (loss)  | 1.05  | 2.09  | .91  | (2.23)  |
| Total from investment operations  | 1.22  | 2.24  | 1.05  | (2.21)  |
| Distributions from net investment income  | (.16)  | (.15)  | (.13)  | -  |
| Total distributions  | (.16)  | (.15)  | (.13)  | -  |
| Net asset value, end of period  | $11.86 | $10.80 | $8.71 | $7.79 |
| **Total Return** D,E,F | 11.56% <br>| 25.95%  | 13.56%  | (22.10)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | .35%  | .35%  | .35%  | .35% I |
| Expenses net of fee waivers, if any  | .30% <br>| .30%  | .30%  | .30% I |
| Expenses net of all reductions, if any  | .30%  | .30%  | .30%  | .30% I |
| Net investment income (loss)  | 1.54%  | 1.55%  | 1.66%  | .30% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $506 | $449 | $285 | $163 |
| Portfolio turnover rate J | 33% <br>| 38%  | 45%  | 111% I |

---

A*For the period February 10, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Multi-Asset Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.78 | $8.70 | $7.77 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .14  | .13  | .12  | - D |
| Net realized and unrealized gain (loss)  | 1.06  | 2.08  | .92  | (2.23)  |
| Total from investment operations  | 1.20  | 2.21  | 1.04  | (2.23)  |
| Distributions from net investment income  | (.14)  | (.13)  | (.11)  | -  |
| Total distributions  | (.14)  | (.13)  | (.11)  | -  |
| Net asset value, end of period  | $11.84 | $10.78 | $8.70 | $7.77 |
| **Total Return** E,F,G | 11.30% <br>| 25.55%  | 13.46%  | (22.30)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .60%  | .60% J |
| Expenses net of fee waivers, if any  | .55% <br>| .55%  | .55%  | .55% J |
| Expenses net of all reductions, if any  | .55%  | .55%  | .55%  | .55% J |
| Net investment income (loss)  | 1.29%  | 1.30%  | 1.41%  | .05% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $300 | $264 | $206 | $169 |
| Portfolio turnover rate K | 33% <br>| 38%  | 45%  | 111% J |

---

A*For the period February 10, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Multi-Asset Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.73 | $8.66 | $7.75 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .08  | .08  | .08  | (.03)  |
| Net realized and unrealized gain (loss)  | 1.05  | 2.07  | .91  | (2.22)  |
| Total from investment operations  | 1.13  | 2.15  | .99  | (2.25)  |
| Distributions from net investment income  | (.09)  | (.08)  | (.08)  | -  |
| Total distributions  | (.09)  | (.08)  | (.08)  | -  |
| Net asset value, end of period  | $11.77 | $10.73 | $8.66 | $7.75 |
| **Total Return** D,E,F | 10.63% <br>| 25.01%  | 12.80%  | (22.50)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 1.10%  | 1.10%  | 1.10%  | 1.10% I |
| Expenses net of fee waivers, if any  | 1.05% <br>| 1.05%  | 1.05%  | 1.05% I |
| Expenses net of all reductions, if any  | 1.05%  | 1.05%  | 1.05%  | 1.05% I |
| Net investment income (loss)  | .79%  | .80%  | .91%  | (.45)% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $504 | $421 | $312 | $229 |
| Portfolio turnover rate J | 33% <br>| 38%  | 45%  | 111% I |

---

A*For the period February 10, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Sustainable Multi-Asset Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.83 | $8.73 | $7.80 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .19  | .18  | .17  | .03  |
| Net realized and unrealized gain (loss)  | 1.06  | 2.09  | .91  | (2.23)  |
| Total from investment operations  | 1.25  | 2.27  | 1.08  | (2.20)  |
| Distributions from net investment income  | (.19)  | (.17)  | (.15)  | -  |
| Total distributions  | (.19)  | (.17)  | (.15)  | -  |
| Net asset value, end of period  | $11.89 | $10.83 | $8.73 | $7.80 |
| **Total Return** D,E | 11.82% <br>| 26.26%  | 13.91%  | (22.00)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10% H |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .05%  | .05% H |
| Expenses net of all reductions, if any  | .05%  | .05%  | .05%  | .05% H |
| Net investment income (loss)  | 1.79%  | 1.80%  | 1.91%  | .55% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $41015 | $24833 | $11866 | $4010 |
| Portfolio turnover rate I | 33% <br>| 38%  | 45%  | 111% H |

---

A*For the period February 10, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Multi-Asset Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.83 | $8.73 | $7.80 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .19  | .18  | .17  | .03  |
| Net realized and unrealized gain (loss)  | 1.06  | 2.09  | .91  | (2.23)  |
| Total from investment operations  | 1.25  | 2.27  | 1.08  | (2.20)  |
| Distributions from net investment income  | (.19)  | (.17)  | (.15)  | -  |
| Total distributions  | (.19)  | (.17)  | (.15)  | -  |
| Net asset value, end of period  | $11.89 | $10.83 | $8.73 | $7.80 |
| **Total Return** D,E | 11.81% <br>| 26.26%  | 13.91%  | (22.00)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10% H |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .05%  | .05% H |
| Expenses net of all reductions, if any  | .05%  | .05%  | .05%  | .05% H |
| Net investment income (loss)  | 1.79%  | 1.80%  | 1.91%  | .55% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $3047 | $1670 | $780 | $300 |
| Portfolio turnover rate I | 33% <br>| 38%  | 45%  | 111% H |

---

A*For the period February 10, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended September 30, 2025

**1. Organization.**

Fidelity Sustainable Multi-Asset Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Sustainable Multi-Asset Fund and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

The Fund is a fund of funds, and therefore invests in other funds instead of individual securities. The Fund invests primarily in a combination of Fidelity mutual funds and exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*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.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses a third party pricing service approved by the Board of Trustees (the Board) to value its investments. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing service 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.

The aggregate value of investments by input level as of September 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to short-term gain distributions from the underlying funds or ETFs, capital loss carryforwards 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $8033317 |
| **Gross unrealized depreciation**  | <u>(167805)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$7865512</u> |
| **Tax Cost**  | <u>$37509714</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$176752</u> |
| **Capital loss carryforward**  | <u>$(171813)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$7865512</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(93936) |
| Long-term | <u>(77877)</u> |
| **Total capital loss carryforward** | <u>$(171813)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2024** |
| **Ordinary Income**  | $532031 | $291724 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Sustainable Multi-Asset Fund** | 25122591 | 11044651 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:

---

| | |
|:---|:---|
|  | **Annual % of Class-Level Average Net Assets** |
| **Class A** | .10% |
| **Class M** | .10% |
| **Class C** | .10% |
| **Fidelity Sustainable Multi-Asset Fund** | .10% |
| **Class I** | .10% |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the 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 ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 1132 | 455 |
| **Class M** | .25% | .25% | 1342 | 1116 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4375</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2486</u> |
|  |  |  | <u>6849</u> | <u>4057</u> |

---

**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 the 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 ($)** |
| **Class A** | 325 |
| **Class M** | 21 |
| **Class C**A | <u>4</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>350</u> |

---

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .30% | 227 |
| **Class M** | .55% | 134 |
| **Class C** | 1.05% | 221 |
| **Fidelity Sustainable Multi-Asset Fund** | .05% | 15258 |
| **Class I** | .05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1059</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16899</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $309.

**7. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Fidelity Sustainable Multi-Asset Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $6917 | $4949 |
| Class M | 3383 | 2977 |
| Class C | 3436 | 3050 |
| Fidelity Sustainable Multi-Asset Fund | 488123 | 262724 |
| Class I | <u>30172</u> | <u>18024</u> |
| Total  | <u>$532031</u> | <u>$291724</u> |

---

**8. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024** | **Year ended** <br> **September 30, 2025**  | **Year ended**<br> **September 30, 2024** |
| **Fidelity Sustainable Multi-Asset Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 8428 | 15238 | $91606 | $152814 |
| Reinvestment of distributions | 669 | 523 | 6917 | 4949 |
| Shares redeemed | <u>(7921)</u> | <u>(6942)</u> | <u>(81960)</u> | <u>(71295)</u> |
| Net increase (decrease) | <u>1176</u> | <u>8819</u> | <u>$16563</u> | <u>$86468</u> |
| **Class M** |  |  |  |  |
| Shares sold | 602 | 475 | $6479 | $4513 |
| Reinvestment of distributions | 327 | 315 | 3383 | 2977 |
| Shares redeemed | <u>(2)</u> | <u>-</u> | <u>(22)</u> | <u>-</u> |
| Net increase (decrease) | <u>927</u> | <u>790</u> | <u>$9840</u> | <u>$7490</u> |
| **Class C** |  |  |  |  |
| Shares sold | 6319 | 5295 | $67311 | $52119 |
| Reinvestment of distributions | 333 | 323 | 3436 | 3050 |
| Shares redeemed | <u>(3123)</u> | <u>(2388)</u> | <u>(33202)</u> | <u>(23280)</u> |
| Net increase (decrease) | <u>3529</u> | <u>3230</u> | <u>$37545</u> | <u>$31889</u> |
| **Fidelity Sustainable Multi-Asset Fund** |  |  |  |  |
| Shares sold | 1823042 | 1350034 | $19922219 | $13273452 |
| Reinvestment of distributions | 43025 | 23978 | 444881 | 226832 |
| Shares redeemed | <u>(708353)</u> | <u>(440690)</u> | <u>(7598615)</u> | <u>(4345431)</u> |
| Net increase (decrease) | <u>1157714</u> | <u>933322</u> | <u>$12768485</u> | <u>$9154853</u> |
| **Class I** |  |  |  |  |
| Shares sold | 114107 | 65512 | $1258145 | $643360 |
| Reinvestment of distributions | 2771 | 1763 | 28653 | 16680 |
| Shares redeemed | <u>(14698)</u> | <u>(2480)</u> | <u>(163931)</u> | <u>(25302)</u> |
| Net increase (decrease) | <u>102180</u> | <u>64795</u> | <u>$1122867</u> | <u>$634738</u> |

---

**9. Other.**

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

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | |
|:---|:---|
| **Fund**  | **Fidelity Sustainable Multi-Asset Fund** |
| Fidelity Sustainable Emerging Markets Equity Fund | 28% |
| Fidelity Sustainable International Equity Fund  | 42% |
| Fidelity Sustainable Core Plus Bond Fund | 12% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Charles Street Trust and the Shareholders of Fidelity Sustainable Multi-Asset Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Sustainable Multi-Asset Fund (the "Fund"), a fund of Fidelity Charles Street Trust, including the schedule of investments, as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended and for the period from February 10, 2022 (commencement of operations) through September 30, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from February 10, 2022 (commencement of operations) through September 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 13, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 27.87% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $202,357 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $271,285 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 20%; Class M designates 23%; Class C designates 35%; Fidelity Sustainable Multi-Asset Fund designates 17%; and Class I designates 17% of the dividends distributed in December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 58.85%; Class M designates 69.23%; Class C designates 100%; Fidelity Sustainable Multi-Asset Fund designates 50.91%; and Class I designates 51.17% of the dividends distributed December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 0.74%; Class M designates 0.87%; Fidelity Sustainable Multi-Asset Fund designates 0.64% and Class I designates 0.64% of the dividends distributed in December, respectively during the fiscal year as a section 199A dividend.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Sustainable Multi-Asset Fund** |  |  |  |
| Class A | 12/31/24 | $0.0940 | $0.0093 |
| Class M | 12/31/24 | $0.0799 | $0.0093 |
| Class C | 12/31/24 | $0.0528 | $0.0093 |
| Fidelity Sustainable Multi-Asset Fund | 12/31/24 | $0.1086 | $0.0093 |
| Class I | 12/31/24 | $0.1081 | $0.0093 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Sustainable Multi-Asset Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract (the Advisory Contract) with Fidelity Management & Research Company LLC (FMR). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contract throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contract was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered FMR's staffing as it relates to the fund, including the backgrounds and experience of investment personnel and also considered FMR's implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which the fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, including its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that the Investment Advisers' investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with Fidelity, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the investment adviser, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the investment adviser the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contract should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio of the retail class, the Board considered the fund's unitary (subject to limited exceptions) fee rate as well as other fund or class expenses paid by FMR under the fund's management contract, such as transfer agent fees, fund-paid 12b-1 fees, pricing and bookkeeping fees, and custodial, legal and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expense ratios.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.30%, 0.55%, 1.05%, 0.05%, and 0.05% through January 31, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds, including the Fidelity funds in which the fund invests.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contract should be renewed through September 30, 2026.

![](img116153_4.jpg)<br>

1.9904616.103 MAF-ANN-1125

**30% Allocation Fund**

**50% Allocation Fund**

**70% Allocation Fund**

**85% Allocation Fund**

**(formerly Moderate with Income Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Growth Allocation Fund, respectively)**

**Annual Report**

**September 30, 2025**

![](img116154_1.jpg)

![](img116154_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HSA-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[30% Allocation Fund](#Sub_Sec_Fund_6497_HSA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[50% Allocation Fund](#Sub_Sec_Fund_6498_HSA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[70% Allocation Fund](#Sub_Sec_Fund_6499_HSA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[85% Allocation Fund](#Sub_Sec_Fund_6501_HSA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6497_HSA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HSA-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HSA-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HSA-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HSA-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HSA-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HSA-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

"BLOOMBERG®" and the Bloomberg indices listed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Fidelity. Bloomberg is not affiliated with Fidelity, and Bloomberg does not approve, endorse, review, or recommend a fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to a fund.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). A fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**30% Allocation Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 49.8%** | &nbsp;&nbsp;**Bond Funds - 49.8%** | &nbsp;&nbsp;**Bond Funds - 49.8%** |
|  | Shares | Value ($)<br>|
| Fidelity U.S. Bond Index Fund (a)<br>(Cost $196,230)<br>| 18489 | **195063** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 21.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 21.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 21.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Total Market Index Fund (a)<br>(Cost $54,790)<br>| 450 | **82990** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 9.1%** | &nbsp;&nbsp;**International Equity Funds - 9.1%** | &nbsp;&nbsp;**International Equity Funds - 9.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Total International Index Fund (a)<br>(Cost $27,155)<br>| 2095 | **35672** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 19.9%** | &nbsp;&nbsp;**Short-Term Funds - 19.9%** | &nbsp;&nbsp;**Short-Term Funds - 19.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Short-Term Bond Index Fund (a)<br>(Cost $75,444)<br>| 7685 | **77930** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $353,619)<br>| <br>**391655** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **0** |
| **NET ASSETS - 100.0%** | **391655** |

---

**Legend**

(a) Affiliated fund.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Short-Term Bond Index Fund | 61805 | 18814 | 3281 | 2170 | 31 | 561 | 77930 | 7685 |
| Fidelity Total International Index Fund | 27900 | 7521 | 4244 | 767 | 65 | 4430 | 35672 | 2095 |
| Fidelity Total Market Index Fund | 65436 | 21674 | 15986 | 693 | 770 | 11096 | 82990 | 450 |
| Fidelity U.S. Bond Index Fund | 154894 | 47768 | 7014 | 5955 | 99 | (684) | 195063 | 18489 |
|  | 310035 | 95777 | 30525 | 9585 | 965 | 15403 | 391655 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 195063 | 195063 | - | - |
|  **Domestic Equity Funds** | 82990 | 82990 | - | - |
|  **International Equity Funds** | 35672 | 35672 | - | - |
|  **Short-Term Funds** | 77930 | 77930 | - | - |
| **Total Investments in Securities:** | 391655 | 391655 | - | - |

---

**30% Allocation Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $353,619) | $391655 |  |
| Total Investment in Securities (cost $353,619) |  | $391655 |
| Cash |  | 1 |
| Receivable for investments sold |  | 1169 |
| Receivable for fund shares sold |  | 264 |
| **Total assets** |  | 393089 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1198 |  |
| Payable for fund shares redeemed | 236 |  |
| **Total liabilities** |  | 1434 |
| **Net Assets**  |  | $391655 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $355549 |
| Total accumulated earnings (loss) |  | 36106 |
| **Net Assets** |  | $391655 |
| **Net Asset Value**, offering price and redemption price per share ($391,655 ÷ 36,866 shares) |  | $10.62 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $9585 |
| **Expenses** |  |  |
| Management fee | $334 |  |
| Independent trustees' fees and expenses | 1 |  |
| Total expenses before reductions | 335 |  |
| Expense reductions | (334) |  |
| Total expenses after reductions |  | 1 |
| **Net Investment income (loss)** |  | 9584 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 965 |  |
| Total net realized gain (loss) |  | 965 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 15403 |  |
| Total change in net unrealized appreciation (depreciation) |  | 15403 |
| **Net gain (loss)** |  | 16368 |
| **Net increase (decrease) in net assets resulting from operations** |  | $25952 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9584 | $6752 |
| &nbsp;&nbsp;Net realized gain (loss) | 965<br>| (580)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 15403 | 34477<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 25952<br>| 40649<br>|
| Distributions to shareholders | (9251)<br>| (6576)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 60828 | 68221 |
| Reinvestment of distributions | 9251<br>| 6576<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5161) | (17261) |
| **Net increase (decrease) in net assets resulting from share transactions** | 64918<br>| 57536<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 81619<br>| 91609<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 310036 | 218427<br>|
| &nbsp;&nbsp;End of period | $391655 | $310036 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5987 | 7222 |
| Issued in reinvestment of distributions | 923<br>| 689<br>|
| &nbsp;&nbsp;Redeemed | (503) | (1873) |
| &nbsp;&nbsp;Net increase (decrease) | 6407 | 6038 |

---

**Financial Highlights** 

**30% Allocation Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.18 | $8.94 | $8.55 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .29  | .24  | .20  | .08  |
| Net realized and unrealized gain (loss)  | .44  | 1.24  | .39  | (1.47)  |
| Total from investment operations  | .73  | 1.48  | .59  | (1.39)  |
| Distributions from net investment income  | (.29)  | (.24)  | (.20)  | (.06)  |
| Total distributions  | (.29)  | (.24)  | (.20)  | (.06)  |
| Net asset value, end of period  | $10.62 | $10.18 | $8.94 | $8.55 |
| **Total Return** D,E | 7.34% <br>| 16.82%  | 6.90%  | (13.93)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .11%  | .10% H |
| Expenses net of fee waivers, if any I | -% <br>| -%  | -%  | -% H |
| Expenses net of all reductions, if any I | -%  | -%  | -%  | -% H |
| Net investment income (loss)  | 2.87%  | 2.56%  | 2.21%  | 1.36% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $392 | $310 | $218 | $158 |
| Portfolio turnover rate J | 9% <br>| 11%  | 19%  | 11% H |

---

A*For the period February 9, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**50% Allocation Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 39.8%** | &nbsp;&nbsp;**Bond Funds - 39.8%** | &nbsp;&nbsp;**Bond Funds - 39.8%** |
|  | Shares | Value ($)<br>|
| Fidelity U.S. Bond Index Fund (a)<br>(Cost $488,729)<br>| 46920 | **495003** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 35.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 35.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 35.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Total Market Index Fund (a)<br>(Cost $315,004)<br>| 2378 | **438152** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 15.1%** | &nbsp;&nbsp;**International Equity Funds - 15.1%** | &nbsp;&nbsp;**International Equity Funds - 15.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Total International Index Fund (a)<br>(Cost $147,242)<br>| 11031 | **187864** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 9.9%** | &nbsp;&nbsp;**Short-Term Funds - 9.9%** | &nbsp;&nbsp;**Short-Term Funds - 9.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Short-Term Bond Index Fund (a)<br>(Cost $119,056)<br>| 12134 | **123042** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,070,031)<br>| <br>**1244061** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **0** |
| **NET ASSETS - 100.0%** | **1244061** |

---

**Legend**

(a) Affiliated fund.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Short-Term Bond Index Fund | 81707 | 47982 | 7671 | 3194 | (12) | 1036 | 123042 | 12134 |
| Fidelity Total International Index Fund | 123011 | 62013 | 20544 | 3688 | 124 | 23260 | 187864 | 11031 |
| Fidelity Total Market Index Fund | 288892 | 151113 | 62053 | 3341 | 872 | 59328 | 438152 | 2378 |
| Fidelity U.S. Bond Index Fund | 328447 | 197957 | 31192 | 14091 | (1766) | 1557 | 495003 | 46920 |
|  | 822057 | 459065 | 121460 | 24314 | (782) | 85181 | 1244061 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 495003 | 495003 | - | - |
|  **Domestic Equity Funds** | 438152 | 438152 | - | - |
|  **International Equity Funds** | 187864 | 187864 | - | - |
|  **Short-Term Funds** | 123042 | 123042 | - | - |
| **Total Investments in Securities:** | 1244061 | 1244061 | - | - |

---

**50% Allocation Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $1,070,031) | $1244061 |  |
| Total Investment in Securities (cost $1,070,031) |  | $1244061 |
| Receivable for investments sold |  | 3552 |
| Receivable for fund shares sold |  | 1869 |
| **Total assets** |  | 1249482 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5169 |  |
| Payable for fund shares redeemed | 252 |  |
| **Total liabilities** |  | 5421 |
| **Net Assets**  |  | $1244061 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1070999 |
| Total accumulated earnings (loss) |  | 173062 |
| **Net Assets** |  | $1244061 |
| **Net Asset Value**, offering price and redemption price per share ($1,244,061 ÷ 108,701 shares) |  | $11.44 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $24314 |
| **Expenses** |  |  |
| Management fee | $989 |  |
| Independent trustees' fees and expenses | 2 |  |
| Total expenses before reductions | 991 |  |
| Expense reductions | (989) |  |
| Total expenses after reductions |  | 2 |
| **Net Investment income (loss)** |  | 24312 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (782) |  |
| Total net realized gain (loss) |  | (782) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 85181 |  |
| Total change in net unrealized appreciation (depreciation) |  | 85181 |
| **Net gain (loss)** |  | 84399 |
| **Net increase (decrease) in net assets resulting from operations** |  | $108711 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $24312 | $14390 |
| &nbsp;&nbsp;Net realized gain (loss) | (782)<br>| (993)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 85181 | 106184<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 108711<br>| 119581<br>|
| Distributions to shareholders | (22490)<br>| (12560)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 346469 | 329720 |
| Reinvestment of distributions | 22482<br>| 12560<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (33168) | (66976) |
| **Net increase (decrease) in net assets resulting from share transactions** | 335783<br>| 275304<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 422004<br>| 382325<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 822057 | 439732<br>|
| &nbsp;&nbsp;End of period | $1244061 | $822057 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 32444 | 33795 |
| Issued in reinvestment of distributions | 2162<br>| 1294<br>|
| &nbsp;&nbsp;Redeemed | (3135) | (6804) |
| &nbsp;&nbsp;Net increase (decrease) | 31471 | 28285 |

---

**Financial Highlights** 

**50% Allocation Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.64 | $8.98 | $8.29 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .26  | .22  | .18  | .06  |
| Net realized and unrealized gain (loss)  | .80  | 1.66  | .69  | (1.74)  |
| Total from investment operations  | 1.06  | 1.88  | .87  | (1.68)  |
| Distributions from net investment income  | (.25)  | (.22)  | (.18)  | (.03)  |
| Distributions from net realized gain  | - D | -  | -  | -  |
| Total distributions  | (.26) E | (.22)  | (.18)  | (.03)  |
| Net asset value, end of period  | $11.44 | $10.64 | $8.98 | $8.29 |
| **Total Return** F,G | 10.20% <br>| 21.17%  | 10.62%  | (16.81)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .11%  | .10% J |
| Expenses net of fee waivers, if any K | -% <br>| -%  | -%  | -% J |
| Expenses net of all reductions, if any K | -%  | -%  | -%  | -% J |
| Net investment income (loss)  | 2.46%  | 2.28%  | 2.05%  | 1.07% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1244 | $822 | $440 | $252 |
| Portfolio turnover rate L | 12% <br>| 15%  | 21%  | 12% J |

---

A*For the period February 9, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount represents less than .005%.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**70% Allocation Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 24.8%** | &nbsp;&nbsp;**Bond Funds - 24.8%** | &nbsp;&nbsp;**Bond Funds - 24.8%** |
|  | Shares | Value ($)<br>|
| Fidelity U.S. Bond Index Fund (a)<br>(Cost $361,853)<br>| 34591 | **364938** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 49.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 49.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 49.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Total Market Index Fund (a)<br>(Cost $505,544)<br>| 3928 | **723918** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 21.1%** | &nbsp;&nbsp;**International Equity Funds - 21.1%** | &nbsp;&nbsp;**International Equity Funds - 21.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Total International Index Fund (a)<br>(Cost $239,311)<br>| 18207 | **310062** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 4.9%** | &nbsp;&nbsp;**Short-Term Funds - 4.9%** | &nbsp;&nbsp;**Short-Term Funds - 4.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Short-Term Bond Index Fund (a)<br>(Cost $69,566)<br>| 7096 | **71958** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,176,274)<br>| <br>**1470876** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **0** |
| **NET ASSETS - 100.0%** | **1470876** |

---

**Legend**

(a) Affiliated fund.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Short-Term Bond Index Fund | 54033 | 24720 | 7352 | 1985 | (20) | 577 | 71958 | 7096 |
| Fidelity Total International Index Fund | 227179 | 89381 | 44922 | 6698 | 172 | 38252 | 310062 | 18207 |
| Fidelity Total Market Index Fund | 533080 | 194866 | 104997 | 6082 | 1169 | 99800 | 723918 | 3928 |
| Fidelity U.S. Bond Index Fund | 271184 | 136156 | 41686 | 10846 | (1520) | 804 | 364938 | 34591 |
|  | 1085476 | 445123 | 198957 | 25611 | (199) | 139433 | 1470876 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 364938 | 364938 | - | - |
|  **Domestic Equity Funds** | 723918 | 723918 | - | - |
|  **International Equity Funds** | 310062 | 310062 | - | - |
|  **Short-Term Funds** | 71958 | 71958 | - | - |
| **Total Investments in Securities:** | 1470876 | 1470876 | - | - |

---

**70% Allocation Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $1,176,274) | $1470876 |  |
| Total Investment in Securities (cost $1,176,274) |  | $1470876 |
| Receivable for fund shares sold |  | 19224 |
| **Total assets** |  | 1490100 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18954 |  |
| Payable for fund shares redeemed | 270 |  |
| **Total liabilities** |  | 19224 |
| **Net Assets**  |  | $1470876 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1173560 |
| Total accumulated earnings (loss) |  | 297316 |
| **Net Assets** |  | $1470876 |
| **Net Asset Value**, offering price and redemption price per share ($1,470,876 ÷ 118,319 shares) |  | $12.43 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $25611 |
| **Expenses** |  |  |
| Management fee | $1222 |  |
| Independent trustees' fees and expenses | 3 |  |
| Total expenses before reductions | 1225 |  |
| Expense reductions | (1222) |  |
| Total expenses after reductions |  | 3 |
| **Net Investment income (loss)** |  | 25608 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (199) |  |
| Total net realized gain (loss) |  | (199) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 139433 |  |
| Total change in net unrealized appreciation (depreciation) |  | 139433 |
| **Net gain (loss)** |  | 139234 |
| **Net increase (decrease) in net assets resulting from operations** |  | $164842 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25608 | $16563 |
| &nbsp;&nbsp;Net realized gain (loss) | (199)<br>| 1618<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 139433 | 164711<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 164842<br>| 182892<br>|
| Distributions to shareholders | (22787)<br>| (12595)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 311489 | 389924 |
| Reinvestment of distributions | 22787<br>| 12595<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (90931) | (27294) |
| **Net increase (decrease) in net assets resulting from share transactions** | 243345<br>| 375225<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 385400<br>| 545522<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1085476 | 539954<br>|
| &nbsp;&nbsp;End of period | $1470876 | $1085476 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 27521 | 38964 |
| Issued in reinvestment of distributions | 2092<br>| 1280<br>|
| &nbsp;&nbsp;Redeemed | (8115) | (2813) |
| &nbsp;&nbsp;Net increase (decrease) | 21498 | 37431 |

---

**Financial Highlights** 

**70% Allocation Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $11.21 | $9.09 | $8.07 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .24  | .20  | .17  | .04  |
| Net realized and unrealized gain (loss)  | 1.20  | 2.09  | 1.00  | (1.97)  |
| Total from investment operations  | 1.44  | 2.29  | 1.17  | (1.93)  |
| Distributions from net investment income  | (.22)  | (.17)  | (.15)  | -  |
| Total distributions  | (.22)  | (.17)  | (.15)  | -  |
| Net asset value, end of period  | $12.43 | $11.21 | $9.09 | $8.07 |
| **Total Return** D,E | 13.11% <br>| 25.50%  | 14.55%  | (19.30)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .11%  | .10% H |
| Expenses net of fee waivers, if any I | -% <br>| -%  | -%  | -% H |
| Expenses net of all reductions, if any I | -%  | -%  | -%  | -% H |
| Net investment income (loss)  | 2.10%  | 1.99%  | 1.94%  | .73% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1471 | $1085 | $540 | $340 |
| Portfolio turnover rate J | 16% <br>| 7%  | 26%  | 34% H |

---

A*For the period February 9, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**85% Allocation Fund**

**Schedule of Investments September 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 14.8%** | &nbsp;&nbsp;**Bond Funds - 14.8%** | &nbsp;&nbsp;**Bond Funds - 14.8%** |
|  | Shares | Value ($)<br>|
| Fidelity U.S. Bond Index Fund (a)<br>(Cost $279,913)<br>| 26960 | **284431** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 60.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 60.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 60.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Total Market Index Fund (a)<br>(Cost $806,836)<br>| 6254 | **1152475** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 25.1%** | &nbsp;&nbsp;**International Equity Funds - 25.1%** | &nbsp;&nbsp;**International Equity Funds - 25.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Total International Index Fund (a)<br>(Cost $368,667)<br>| 28215 | **480493** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,455,416)<br>| <br>**1917399** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(1)** |
| **NET ASSETS - 100.0%** | **1917398** |

---

**Legend**

(a) Affiliated fund.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Total International Index Fund | 327965 | 150648 | 60227 | 9369 | 421 | 61686 | 480493 | 28215 |
| Fidelity Total Market Index Fund | 791760 | 310527 | 105933 | 8743 | 2710 | 153411 | 1152475 | 6254 |
| Fidelity U.S. Bond Index Fund | 197206 | 113332 | 26382 | 8345 | (1181) | 1456 | 284431 | 26960 |
|  | 1316931 | 574507 | 192542 | 26457 | 1950 | 216553 | 1917399 |  |

---

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of September 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 284431 | 284431 | - | - |
|  **Domestic Equity Funds** | 1152475 | 1152475 | - | - |
|  **International Equity Funds** | 480493 | 480493 | - | - |
| **Total Investments in Securities:** | 1917399 | 1917399 | - | - |

---

**85% Allocation Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $1,455,416) | $1917399 |  |
| Total Investment in Securities (cost $1,455,416) |  | $1917399 |
| Receivable for investments sold |  | 12318 |
| Receivable for fund shares sold |  | 2057 |
| **Total assets** |  | 1931774 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $834 |  |
| Payable for fund shares redeemed | 13542 |  |
| **Total liabilities** |  | 14376 |
| **Net Assets**  |  | $1917398 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1452671 |
| Total accumulated earnings (loss) |  | 464727 |
| **Net Assets** |  | $1917398 |
| **Net Asset Value**, offering price and redemption price per share ($1,917,398 ÷ 147,380 shares) |  | $13.01 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** | <br> **Year ended September 30, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $26457 |
| **Expenses** |  |  |
| Management fee | $1568 |  |
| Independent trustees' fees and expenses | 4 |  |
| Total expenses before reductions | 1572 |  |
| Expense reductions | (1568) |  |
| Total expenses after reductions |  | 4 |
| **Net Investment income (loss)** |  | 26453 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 1950 |  |
| Total net realized gain (loss) |  | 1950 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 216553 |  |
| Total change in net unrealized appreciation (depreciation) |  | 216553 |
| **Net gain (loss)** |  | 218503 |
| **Net increase (decrease) in net assets resulting from operations** |  | $244956 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **September 30, 2025** | **Year ended**<br> **September 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $26453 | $19452 |
| &nbsp;&nbsp;Net realized gain (loss) | 1950<br>| 991<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 216553 | 245711<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 244956<br>| 266154<br>|
| Distributions to shareholders | (25327)<br>| (16293)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 424759 | 368070 |
| Reinvestment of distributions | 25327<br>| 16293<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (69247) | (58511) |
| **Net increase (decrease) in net assets resulting from share transactions** | 380839<br>| 325852<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 600468<br>| 575713<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1316930 | 741217<br>|
| &nbsp;&nbsp;End of period | $1917398 | $1316930 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 36522 | 36777 |
| Issued in reinvestment of distributions | 2255<br>| 1644<br>|
| &nbsp;&nbsp;Redeemed | (5889) | (5538) |
| &nbsp;&nbsp;Net increase (decrease) | 32888 | 32883 |

---

**Financial Highlights** 

**85% Allocation Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended September 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $11.50 | $9.08 | $7.87 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .20  | .19  | .15  | .03  |
| Net realized and unrealized gain (loss)  | 1.53  | 2.41  | 1.21  | (2.16)  |
| Total from investment operations  | 1.73  | 2.60  | 1.36  | (2.13)  |
| Distributions from net investment income  | (.21)  | (.18)  | (.15)  | -  |
| Distributions from net realized gain  | - D | -  | -  | -  |
| Total distributions  | (.22) E | (.18)  | (.15)  | -  |
| Net asset value, end of period  | $13.01 | $11.50 | $9.08 | $7.87 |
| **Total Return** F,G | 15.32% <br>| 28.94%  | 17.49%  | (21.30)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .11%  | .10% J |
| Expenses net of fee waivers, if any K | -% <br>| -%  | -%  | -% J |
| Expenses net of all reductions, if any K | -%  | -%  | -%  | -% J |
| Net investment income (loss)  | 1.69%  | 1.81%  | 1.68%  | .46% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1917 | $1317 | $741 | $353 |
| Portfolio turnover rate L | 12% <br>| 7%  | 20%  | 14% J |

---

A*For the period February 9, 2022 (commencement of operations) through September 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount represents less than .005%.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended September 30, 2025

**1. Organization.**

30% Allocation Fund, 50% Allocation Fund, 70% Allocation Fund and 85% Allocation Fund (the Funds) (formerly Moderate with Income Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Growth Allocation Fund, respectively) are funds of Fidelity Charles Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are available only to certain health savings accounts that are made available through Raytheon. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Each Fund is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of two Fidelity equity index funds (U.S. and international) and two Fidelity investment-grade bond index funds.

**2. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment 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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Investments in 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.

The aggregate value of investments by input level as of September 30, 2025 is included at the end of each Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to capital loss carryforwards 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 ($)** | **Net unrealized appreciation (depreciation)($)** |
| **30% Allocation Fund** | 356983 | 40593 | (5921) | 34672 |
| **50% Allocation Fund** | 1077505 | 173871 | (7315) | 166556 |
| **70% Allocation Fund** | 1183195 | 294295 | (6614) | 287681 |
| **85% Allocation Fund** | 1462504 | 458488 | (3593) | 454895 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **30% Allocation Fund** | 1270 | 164 | - | 34672 |
| **50% Allocation Fund** | 6486 | 20 | - | 166556 |
| **70% Allocation Fund** | 9697 | - | (62) | 287681 |
| **85% Allocation Fund** | 8044 | 1789 | - | 454895 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **70% Allocation Fund** | (60) | (2) | (62) |

---

Due to large subscriptions in a prior period, 50% Allocation Fund and 85% Allocation Fund are subject to annual limits on their use of some of their unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Funds from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **30% Allocation Fund** | 9251 | - | 9251 |
| **50% Allocation Fund** | 22321 | 169 | 22490 |
| **70% Allocation Fund** | 22787 | - | 22787 |
| **85% Allocation Fund** | 25327 | - | 25327 |

---

---

| | |
|:---|:---|
| **September 30, 2024** |  |
|  | **Ordinary Income ($)** |
| **30% Allocation Fund** | 6576 |
| **50% Allocation Fund** | 12560 |
| **70% Allocation Fund** | 12595 |
| **85% Allocation Fund** | 16293 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**3. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **30% Allocation Fund** | 95777 | 30525 |
| **50% Allocation Fund** | 459065 | 121460 |
| **70% Allocation Fund** | 445123 | 198957 |
| **85% Allocation Fund** | 574507 | 192542 |

---

**4. Fees and Other Transactions with Affiliates.**

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services. For these services each Fund pays a monthly management fee to the investment adviser. The management fee is based on an annual rate of .10% of each Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

During the period, the investment adviser waived its management fee as described in the Expense Reductions note.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**5. Expense Reductions.** 

The investment adviser contractually agreed to waive each Fund's management fee in an amount equal to .10% of average net assets until January 31, 2028. For the period, management fees were reduced by the following amounts:

---

| | |
|:---|:---|
|  | **Management Fee Waiver ($)** |
| **30% Allocation Fund** | 334 |
| **50% Allocation Fund** | 989 |
| **70% Allocation Fund** | 1222 |
| **85% Allocation Fund** | 1568 |

---

**6. Other.**

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

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **30% Allocation Fund** | 19% |

---

**7. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Charles Street Trust and Shareholders of 30% Allocation Fund, 50% Allocation Fund, 70% Allocation Fund, and 85% Allocation Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 30% Allocation Fund, 50% Allocation Fund, 70% Allocation Fund, and 85% Allocation Fund (four of the funds constituting Fidelity Charles Street Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the three years in the period ended September 30, 2025 and for the period February 9, 2022 (commencement of operations) through September 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the three years in the period ended September 30, 2025 and for the period February 9, 2022 (commencement of operations) through September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

November 13, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended September 30, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **30% Allocation Fund** | $164 |
| **50% Allocation Fund** | $126 |
| **85% Allocation Fund** | $1789 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

---

| | |
|:---|:---|
| **30% Allocation Fund** | 42.58% |
| **50% Allocation Fund** | 34.19% |
| **70% Allocation Fund** | 23.71% |
| **85% Allocation Fund** | 13.66% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **30% Allocation Fund** |  |
| November 2024 | 10% |
| December 2024 | 15% |
| February 2025 | 1% |
| March 2025 | 1% |
| April 2025 | 1% |
| May 2025 | 1% |
| June 2025 | 1% |
| July 2025 | 1% |
| August 2025 | 1% |
| September 2025 | 1% |
| **50% Allocation Fund** |  |
| December 2024 | 24% |
| April 2025 | 3% |
| July 2025 | 3% |
| **70% Allocation Fund** |  |
| December 2024<br>| 25% |
| **85% Allocation Fund** |  |
| December 2024 | 32% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **30% Allocation Fund** |  |
| November 2024 | 21.97% |
| December 2024 | 33.30% |
| February 2025 | 0.93% |
| March 2025 | 0.93% |
| April 2025 | 0.93% |
| May 2025 | 0.93% |
| June 2025 | 0.93% |
| July 2025 | 0.93% |
| August 2025 | 0.93% |
| September 2025 | 0.93% |
| **50% Allocation Fund** |  |
| December 2024 | 51.15% |
| April 2025 | 2.66% |
| July 2025 | 2.66% |
| **70% Allocation Fund** |  |
| December 2024<br>| 49.20% |
| **85% Allocation Fund** |  |
| December 2024 | 62.53% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **30% Allocation Fund** |  |
| November 2024<br> December 2024 | 0.95%<br> 1.44% |
| <br> **50% Allocation Fund** |  |
| December 2024 | 2.21% |
| <br> **70% Allocation Fund** |  |
| December 2024 | 2.00% |
| <br> **85% Allocation Fund** |  |
| December 2024 | 2.53% |

---

The funds hereby designate the amounts noted below as distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
| **30% Allocation Fund** | $5899 |
| **50% Allocation Fund** | $11113 |
| **70% Allocation Fund** | $8828 |
| **85% Allocation Fund** | $5666 |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **December, 2024** |
| **50% Allocation Fund** | 100% |
| **85% Allocation Fund** | 100% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **30% Allocation Fund** | $7528 |
| **50% Allocation Fund** | $14888 |
| **70% Allocation Fund** | $9746 |
| **85% Allocation Fund** | $6429 |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| 30% Allocation Fund | 02/05/2024 | $0.0011 | $0.0001 |
|  | 03/04/2024 | $0.0017 | $0.0001 |
|  | 04/08/2024 | $0.0018 | $0.0001 |
|  | 05/06/2024 | $0.0024 | $0.0002 |
|  | 06/10/2024 | $0.0020 | $0.0002 |
|  | 07/08/2024 | $0.0020 | $0.0002 |
|  | 08/05/2024 | $0.0018 | $0.0001 |
|  | 09/09/2024 | $0.0024 | $0.0002 |
|  | 10/07/2024 | $0.0019 | $0.0001 |
|  | 11/04/2024 | $0.0019 | $0.0001 |
|  | 12/31/2024 | $0.0130 | $0.0010<br>|
| **50% Allocation Fund** | 04/08/2024 | $0.0073 | $0.0005 |
|  | 07/08/2024 | $0.0111 | $0.0007 |
|  | 10/07/2024 | $0.0111 | $0.0007 |
|  | 12/31/2024 | $0.0364 | $0.0024 |
| **70% Allocation Fund** | 12/31/2024 | $0.0953 | $0.0060 |
| **85% Allocation Fund** | 12/31/2024 | $0.1112 | $0.0074 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**30% Allocation Fund**

**50% Allocation Fund**

**70% Allocation Fund**

**85% Allocation Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract (together, the Advisory Contracts) with Fidelity Management & Research Company LLC (FMR). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered FMR's implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which the fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with Fidelity, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the investment adviser, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the investment adviser the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's unitary (subject to limited exceptions) fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expense ratios.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to waive 0.10% of each fund's management fee through January 31, 2028.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of each fund and all the Fidelity funds, including the Fidelity funds in which the fund invests.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through September 30, 2026.

![](img116154_4.jpg)<br>

1.9904652.103 HSA-ANN-1125

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99.htm)

(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.](ex99_906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; November 20, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; November 20, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; November 20, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's 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 registrant's 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

November 20, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's 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 registrant's 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

November 20, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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 officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;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: November 20, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: November 20, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal 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.

<br>