N-Q 1 filing694.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-3221


Fidelity Charles Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

September 30



Date of reporting period:

December 31, 2016


Item 1.

Schedule of Investments





Quarterly Holdings Report
for

Fidelity Asset Manager® 30%

December 31, 2016







TAN-QTLY-0217
1.849900.109





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 29.4%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 1,803,448 $11,794,547 
Fidelity Consumer Discretionary Central Fund (a) 91,739 23,244,750 
Fidelity Consumer Staples Central Fund (a) 76,310 16,656,125 
Fidelity Emerging Markets Equity Central Fund (a) 145,121 27,622,341 
Fidelity Energy Central Fund (a) 108,202 14,635,395 
Fidelity Financials Central Fund (a) 436,463 41,800,054 
Fidelity Health Care Central Fund (a) 81,257 26,020,907 
Fidelity Industrials Central Fund (a) 84,277 21,912,052 
Fidelity Information Technology Central Fund (a) 137,270 44,018,218 
Fidelity International Equity Central Fund (a) 664,993 48,823,782 
Fidelity Materials Central Fund (a) 29,338 6,512,150 
Fidelity Real Estate Equity Central Fund (a) 67,010 7,304,769 
Fidelity Telecom Services Central Fund (a) 26,705 5,334,392 
Fidelity Utilities Central Fund (a) 40,961 6,577,510 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $218,232,179)  302,256,992 
Fixed-Income Central Funds - 51.4%   
High Yield Fixed-Income Funds - 4.4%   
Fidelity Emerging Markets Debt Central Fund (a) 554,872 5,443,294 
Fidelity Floating Rate Central Fund (a) 102,461 10,604,714 
Fidelity High Income Central Fund 1 (a) 296,049 29,024,633 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  45,072,641 
Investment Grade Fixed-Income Funds - 47.0%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 445,649 44,992,693 
Fidelity Investment Grade Bond Central Fund (a) 4,100,370 437,263,438 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  482,256,131 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $515,892,165)  527,328,772 
Money Market Central Funds - 16.7%   
Fidelity Cash Central Fund, 0.60% (b) 49,611,525 49,621,448 
Fidelity Money Market Central Fund, 1.05% (b) 121,337,496 121,361,764 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $170,950,211)  170,983,212 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.35% to 0.52% 2/2/17 to 3/30/17 (c)   
(Cost $669,629) 670,000 669,622 
 Shares Value 
Investment Companies - 2.4%   
iShares Core MSCI Emerging Markets ETF 153,174 $6,502,236 
iShares S&P 500 Index ETF 80,069 18,014,725 
TOTAL INVESTMENT COMPANIES   
(Cost $24,226,899)  24,516,961 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $929,971,083)  1,025,755,559 
NET OTHER ASSETS (LIABILITIES) - 0.0%  393,207 
NET ASSETS - 100%  $1,026,148,766 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Sold    
Equity Index Contracts    
316 ICE E-mini MSCI Emerging Markets Index Contracts (United States) March 2017 13,570,620 $313,867 

The face value of futures sold as a percentage of Net Assets is 1.3%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

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

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

 (c) 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 $669,622.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $57,338 
Fidelity Commodity Strategy Central Fund 17,786 
Fidelity Consumer Discretionary Central Fund 79,472 
Fidelity Consumer Staples Central Fund 86,578 
Fidelity Emerging Markets Debt Central Fund 125,845 
Fidelity Emerging Markets Equity Central Fund 136,245 
Fidelity Energy Central Fund 43,154 
Fidelity Financials Central Fund 192,395 
Fidelity Floating Rate Central Fund 134,451 
Fidelity Health Care Central Fund 54,497 
Fidelity High Income Central Fund 1 486,233 
Fidelity Industrials Central Fund 106,479 
Fidelity Inflation-Protected Bond Index Central Fund 14,070 
Fidelity Information Technology Central Fund 83,725 
Fidelity International Equity Central Fund 166,954 
Fidelity Investment Grade Bond Central Fund 2,986,770 
Fidelity Materials Central Fund 28,182 
Fidelity Money Market Central Fund 283,776 
Fidelity Real Estate Equity Central Fund 54,077 
Fidelity Telecom Services Central Fund 30,011 
Fidelity Utilities Central Fund 55,053 
Total $5,223,091 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $11,200,594 $509,226 $201,593 $11,794,547 2.4% 
Fidelity Consumer Discretionary Central Fund 22,155,799 1,085,720 412,241 23,244,750 1.4% 
Fidelity Consumer Staples Central Fund 16,624,110 1,033,649 298,153 16,656,125 1.3% 
Fidelity Emerging Markets Debt Central Fund 5,399,172 349,175 91,629 5,443,294 4.7% 
Fidelity Emerging Markets Equity Central Fund 28,584,388 1,092,776 329,861 27,622,341 6.9% 
Fidelity Energy Central Fund 13,396,050 657,082 248,044 14,635,395 1.3% 
Fidelity Financials Central Fund 36,737,665 1,954,183 1,694,963 41,800,054 1.4% 
Fidelity Floating Rate Central Fund 10,112,638 586,212 183,257 10,604,714 0.6% 
Fidelity Health Care Central Fund 26,406,580 2,265,070 495,362 26,020,907 1.3% 
Fidelity High Income Central Fund 1 34,412,284 1,777,011 7,161,956 29,024,633 4.5% 
Fidelity Industrials Central Fund 19,838,054 1,055,174 453,617 21,912,052 1.4% 
Fidelity Inflation-Protected Bond Index Central Fund 44,523,012 2,219,333 824,695 44,992,693 4.7% 
Fidelity Information Technology Central Fund 43,782,735 2,309,288 803,010 44,018,218 1.3% 
Fidelity International Equity Central Fund 44,887,078 5,589,602 824,655 48,823,782 2.3% 
Fidelity Investment Grade Bond Central Fund 447,839,272 23,257,737 19,166,609 437,263,438 6.4% 
Fidelity Materials Central Fund 6,081,059 289,937 107,076 6,512,150 1.5% 
Fidelity Real Estate Equity Central Fund 7,317,630 374,937 128,280 7,304,769 4.3% 
Fidelity Telecom Services Central Fund 4,803,468 402,667 94,142 5,334,392 1.3% 
Fidelity Utilities Central Fund 6,453,963 324,296 112,188 6,577,510 1.4% 
Total $830,555,551 $47,133,075 $33,631,331 $829,585,764  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2016, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $302,256,992 $302,256,992 $-- $-- 
Fixed-Income Central Funds 527,328,772 527,328,772 -- -- 
Money Market Central Funds 170,983,212 170,983,212 -- -- 
Other Short-Term Investments 669,622 -- 669,622 -- 
Investment Companies 24,516,961 24,516,961 -- -- 
Total Investments in Securities: $1,025,755,559 $1,025,085,937 $669,622 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $313,867 $313,867 $-- $-- 
Total Assets $313,867 $313,867 $-- $-- 
Total Derivative Instruments: $313,867 $313,867 $-- $-- 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $985,950,823. Net unrealized appreciation aggregated $39,804,736, of which $45,227,909 related to appreciated investment securities and $5,423,173 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Asset Manager® 60%

December 31, 2016







SAN-QTLY-0217
1.849920.109





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 56.5%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 3,101,385 $20,283,055 
Fidelity Consumer Discretionary Central Fund (a) 304,051 77,040,525 
Fidelity Consumer Staples Central Fund (a) 252,201 55,047,847 
Fidelity Emerging Markets Equity Central Fund (a) 160,416 30,533,569 
Fidelity Energy Central Fund (a) 356,085 48,164,074 
Fidelity Financials Central Fund (a) 1,454,524 139,299,764 
Fidelity Health Care Central Fund (a) 266,284 85,271,978 
Fidelity Industrials Central Fund (a) 278,881 72,509,068 
Fidelity Information Technology Central Fund (a) 453,835 145,531,250 
Fidelity International Equity Central Fund (a) 2,563,292 188,196,928 
Fidelity Materials Central Fund (a) 96,936 21,516,957 
Fidelity Real Estate Equity Central Fund (a) 106,186 11,575,308 
Fidelity Telecom Services Central Fund (a) 86,801 17,338,546 
Fidelity Utilities Central Fund (a) 134,895 21,661,367 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $670,865,464)  933,970,236 
Fixed-Income Central Funds - 35.2%   
High Yield Fixed-Income Funds - 4.3%   
Fidelity Emerging Markets Debt Central Fund (a) 873,519 8,569,222 
Fidelity Floating Rate Central Fund (a) 154,779 16,019,607 
Fidelity High Income Central Fund 1 (a) 470,314 46,109,620 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  70,698,449 
Investment Grade Fixed-Income Funds - 30.9%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 630,031 63,607,909 
Fidelity Investment Grade Bond Central Fund (a) 4,207,294 448,665,851 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  512,273,760 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $571,483,311)  582,972,209 
Money Market Central Funds - 4.3%   
Fidelity Cash Central Fund, 0.60% (b) 41,881,282 41,889,658 
Fidelity Money Market Central Fund, 1.05% (b) 29,895,910 29,901,890 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $71,778,244)  71,791,548 
Investment Companies - 4.0%   
iShares Core MSCI Emerging Markets ETF 729,932 30,985,613 
iShares S&P 500 Index ETF 155,145 34,906,074 
TOTAL INVESTMENT COMPANIES   
(Cost $63,467,729)  65,891,687 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,377,594,748)  1,654,625,680 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (52,459) 
NET ASSETS - 100%  $1,654,573,221 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $57,979 
Fidelity Commodity Strategy Central Fund 29,798 
Fidelity Consumer Discretionary Central Fund 254,766 
Fidelity Consumer Staples Central Fund 276,783 
Fidelity Emerging Markets Debt Central Fund 193,906 
Fidelity Emerging Markets Equity Central Fund 142,673 
Fidelity Energy Central Fund 137,618 
Fidelity Financials Central Fund 619,222 
Fidelity Floating Rate Central Fund 196,982 
Fidelity Health Care Central Fund 172,253 
Fidelity High Income Central Fund 1 752,184 
Fidelity Industrials Central Fund 340,255 
Fidelity Inflation-Protected Bond Index Central Fund 19,424 
Fidelity Information Technology Central Fund 267,553 
Fidelity International Equity Central Fund 632,970 
Fidelity Investment Grade Bond Central Fund 2,941,082 
Fidelity Materials Central Fund 90,182 
Fidelity Money Market Central Fund 69,919 
Fidelity Real Estate Equity Central Fund 82,868 
Fidelity Telecom Services Central Fund 94,611 
Fidelity Utilities Central Fund 175,782 
Total $7,548,710 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $18,610,775 $1,364,141 $169,750 $20,283,055 4.2% 
Fidelity Consumer Discretionary Central Fund 70,882,185 5,531,081 667,847 77,040,525 4.6% 
Fidelity Consumer Staples Central Fund 53,048,360 4,720,585 490,711 55,047,847 4.3% 
Fidelity Emerging Markets Debt Central Fund 8,214,479 749,835 70,730 8,569,222 7.4% 
Fidelity Emerging Markets Equity Central Fund 29,379,814 3,303,753 381,937 30,533,569 7.6% 
Fidelity Energy Central Fund 42,666,865 3,288,138 402,573 48,164,074 4.3% 
Fidelity Financials Central Fund 117,359,278 9,710,594 3,134,906 139,299,764 4.8% 
Fidelity Floating Rate Central Fund 14,714,215 1,316,223 141,458 16,019,607 1.0% 
Fidelity Health Care Central Fund 84,314,184 8,675,626 803,713 85,271,978 4.4% 
Fidelity High Income Central Fund 1 53,050,901 3,865,882 10,806,233 46,109,620 7.1% 
Fidelity Industrials Central Fund 63,322,120 5,169,089 640,256 72,509,068 4.7% 
Fidelity Inflation-Protected Bond Index Central Fund 60,687,179 4,736,610 565,832 63,607,909 6.7% 
Fidelity Information Technology Central Fund 139,649,129 11,266,213 1,313,680 145,531,250 4.4% 
Fidelity International Equity Central Fund 180,699,204 13,725,687 2,577,061 188,196,928 8.9% 
Fidelity Investment Grade Bond Central Fund 432,844,176 34,518,661 4,575,830 448,665,851 6.6% 
Fidelity Materials Central Fund 19,433,946 1,473,480 172,465 21,516,957 5.0% 
Fidelity Real Estate Equity Central Fund 11,191,603 873,701 99,021 11,575,308 6.8% 
Fidelity Telecom Services Central Fund 15,237,712 1,555,302 154,973 17,338,546 4.2% 
Fidelity Utilities Central Fund 20,564,537 1,557,015 186,058 21,661,367 4.7% 
Total $1,435,870,662 $117,401,616 $27,355,034 $1,516,942,445  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $1,523,306,982. Net unrealized appreciation aggregated $131,318,698, of which $137,336,161 related to appreciated investment securities and $6,017,463 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Asset Manager® 85%

December 31, 2016







AGG-QTLY-0217
1.811344.112





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 81.6%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 3,395,449 $22,206,239 
Fidelity Consumer Discretionary Central Fund (a) 452,273 114,596,959 
Fidelity Consumer Staples Central Fund (a) 374,737 81,793,900 
Fidelity Emerging Markets Equity Central Fund (a) 286,604 54,552,150 
Fidelity Energy Central Fund (a) 529,595 71,632,954 
Fidelity Financials Central Fund (a) 2,179,958 208,774,574 
Fidelity Health Care Central Fund (a) 389,105 124,603,203 
Fidelity Industrials Central Fund (a) 415,784 108,103,714 
Fidelity Information Technology Central Fund (a) 674,817 216,393,466 
Fidelity International Equity Central Fund (a) 3,669,411 269,408,152 
Fidelity Materials Central Fund (a) 144,524 32,080,080 
Fidelity Real Estate Equity Central Fund (a) 131,671 14,353,486 
Fidelity Telecom Services Central Fund (a) 127,742 25,516,454 
Fidelity Utilities Central Fund (a) 200,347 32,171,684 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $958,579,109)  1,376,187,015 
Fixed-Income Central Funds - 13.7%   
High Yield Fixed-Income Funds - 3.5%   
Fidelity Emerging Markets Debt Central Fund (a) 3,133 30,738 
Fidelity Floating Rate Central Fund (a) 276,071 28,573,376 
Fidelity High Income Central Fund 1 (a) 303,119 29,717,780 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  58,321,894 
Investment Grade Fixed-Income Funds - 10.2%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 636,048 64,215,393 
Fidelity Investment Grade Bond Central Fund (a) 1,018,200 108,580,899 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  172,796,292 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $228,483,172)  231,118,186 
Money Market Central Funds - 0.6%   
Fidelity Cash Central Fund, 0.60% (b)   
(Cost $10,074,970) 10,072,955 10,074,970 
Investment Companies - 4.1%   
iShares Core MSCI Emerging Markets ETF  824,649 35,006,349 
iShares S&P 500 Index ETF  149,888 33,723,301 
TOTAL INVESTMENT COMPANIES   
(Cost $67,282,144)  68,729,650 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,264,419,395)  1,686,109,821 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (199,849) 
NET ASSETS - 100%  $1,685,909,972 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $20,403 
Fidelity Commodity Strategy Central Fund 33,138 
Fidelity Consumer Discretionary Central Fund 383,442 
Fidelity Consumer Staples Central Fund 416,184 
Fidelity Emerging Markets Debt Central Fund 719 
Fidelity Emerging Markets Equity Central Fund 259,230 
Fidelity Energy Central Fund 206,951 
Fidelity Financials Central Fund 938,266 
Fidelity Floating Rate Central Fund 285,198 
Fidelity Health Care Central Fund 255,099 
Fidelity High Income Central Fund 1 502,600 
Fidelity Industrials Central Fund 513,843 
Fidelity Inflation-Protected Bond Index Central Fund 19,812 
Fidelity Information Technology Central Fund 402,580 
Fidelity International Equity Central Fund 913,606 
Fidelity Investment Grade Bond Central Fund 774,372 
Fidelity Materials Central Fund 136,048 
Fidelity Real Estate Equity Central Fund 103,769 
Fidelity Securities Lending Cash Central Fund 2,164 
Fidelity Telecom Services Central Fund 141,572 
Fidelity Utilities Central Fund 263,862 
Total $6,572,858 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $21,165,035 $935,473 $421,296 $22,206,239 4.6% 
Fidelity Consumer Discretionary Central Fund 109,506,168 5,570,702 2,409,112 114,596,959 6.9% 
Fidelity Consumer Staples Central Fund 81,838,175 5,135,781 1,773,293 81,793,900 6.4% 
Fidelity Emerging Markets Debt Central Fund 31,247 719 -- 30,738 0.0% 
Fidelity Emerging Markets Equity Central Fund 55,428,042 4,007,315 1,614,971 54,552,150 13.6% 
Fidelity Energy Central Fund 65,847,954 3,317,788 1,453,219 71,632,954 6.4% 
Fidelity Financials Central Fund 180,987,331 10,019,232 5,468,047 208,774,574 7.1% 
Fidelity Floating Rate Central Fund 14,996,108 13,681,467 347,005 28,573,376 1.7% 
Fidelity Health Care Central Fund 130,009,719 8,020,642 2,895,899 124,603,203 6.4% 
Fidelity High Income Central Fund 1 39,327,648 1,866,069 11,468,627 29,717,780 4.6% 
Fidelity Industrials Central Fund 97,786,521 5,475,876 2,188,433 108,103,714 7.0% 
Fidelity Inflation-Protected Bond Index Central Fund 63,204,048 3,693,711 1,390,794 64,215,393 6.7% 
Fidelity Information Technology Central Fund 215,684,381 11,647,656 4,739,988 216,393,466 6.5% 
Fidelity International Equity Central Fund 262,987,486 17,304,047 5,676,238 269,408,152 12.7% 
Fidelity Investment Grade Bond Central Fund 124,485,676 8,270,575 20,213,521 108,580,899 1.6% 
Fidelity Materials Central Fund 30,031,628 1,488,082 617,721 32,080,080 7.4% 
Fidelity Real Estate Equity Central Fund 14,381,304 796,138 315,972 14,353,486 8.4% 
Fidelity Telecom Services Central Fund 23,394,293 1,648,244 561,181 25,516,454 6.2% 
Fidelity Utilities Central Fund 31,672,540 1,601,828 672,035 32,171,684 6.9% 
Total $1,562,765,304 $104,481,345 $64,227,352 $1,607,305,201  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $1,476,346,830. Net unrealized appreciation aggregated $209,762,991, of which $212,744,880 related to appreciated investment securities and $2,981,889 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Series Broad Market Opportunities Fund

December 31, 2016







BMO-QTLY-0217
1.861615.109





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 100.1%   
 Shares Value 
Fidelity Consumer Discretionary Central Fund (a) 5,962 $1,510,528 
Fidelity Consumer Staples Central Fund (a) 4,714 1,028,844 
Fidelity Energy Central Fund (a) 7,049 953,384 
Fidelity Financials Central Fund (a) 27,707 2,653,529 
Fidelity Health Care Central Fund (a) 5,365 1,718,105 
Fidelity Industrials Central Fund (a) 5,293 1,376,136 
Fidelity Information Technology Central Fund (a) 9,105 2,919,653 
Fidelity Materials Central Fund (a) 1,851 410,949 
Fidelity Telecom Services Central Fund (a) 1,713 342,245 
Fidelity Utilities Central Fund (a) 2,446 392,809 
TOTAL INVESTMENT PORTFOLIO - 100.1%   
(Cost $9,162,208)  13,306,182 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (10,047) 
NET ASSETS - 100%  $13,296,135 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Consumer Discretionary Central Fund $5,386 
Fidelity Consumer Staples Central Fund 5,714 
Fidelity Energy Central Fund 2,701 
Fidelity Financials Central Fund 12,788 
Fidelity Health Care Central Fund 3,708 
Fidelity Industrials Central Fund 6,885 
Fidelity Information Technology Central Fund 5,695 
Fidelity Materials Central Fund 1,799 
Fidelity Telecom Services Central Fund 2,215 
Fidelity Utilities Central Fund 3,552 
Total $50,443 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Consumer Discretionary Central Fund $1,584,232 $15,354 $116,949 $1,510,528 0.1% 
Fidelity Consumer Staples Central Fund 1,172,847 20,615 115,731 1,028,844 0.1% 
Fidelity Energy Central Fund 942,752 95,033 143,908 953,384 0.1% 
Fidelity Financials Central Fund 2,638,488 16,193 325,657 2,653,529 0.1% 
Fidelity Health Care Central Fund 1,904,914 143,994 173,763 1,718,105 0.1% 
Fidelity Industrials Central Fund 1,352,740 11,924 85,142 1,376,136 0.1% 
Fidelity Information Technology Central Fund 3,093,102 48,997 134,733 2,919,653 0.1% 
Fidelity Materials Central Fund 417,017 3,672 26,204 410,949 0.1% 
Fidelity Telecom Services Central Fund 377,471 5,403 55,941 342,245 0.1% 
Fidelity Utilities Central Fund 461,642 3,552 65,473 392,809 0.1% 
Total $13,945,205 $364,737 $1,243,501 $13,306,182  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $10,514,183. Net unrealized appreciation aggregated $2,791,999, of which $2,792,813 related to appreciated investment securities and $814 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Asset Manager® 70%

December 31, 2016







AMG-QTLY-0217
1.811339.112





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 65.9%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 8,114,034 $53,065,784 
Fidelity Consumer Discretionary Central Fund (a) 929,226 235,447,265 
Fidelity Consumer Staples Central Fund (a) 770,250 168,122,572 
Fidelity Emerging Markets Equity Central Fund (a) 523,816 99,703,230 
Fidelity Energy Central Fund (a) 1,089,615 147,381,318 
Fidelity Financials Central Fund (a) 4,450,121 426,188,084 
Fidelity Health Care Central Fund(a) 806,475 258,257,630 
Fidelity Industrials Central Fund (a) 854,475 222,163,616 
Fidelity Information Technology Central Fund (a) 1,385,477 444,281,067 
Fidelity International Equity Central Fund (a) 8,065,876 592,196,641 
Fidelity Materials Central Fund (a) 297,358 66,004,487 
Fidelity Real Estate Equity Central Fund (a) 278,154 30,321,606 
Fidelity Telecom Services Central Fund (a) 262,918 52,517,952 
Fidelity Utilities Central Fund (a) 412,416 66,225,747 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $1,914,952,547)  2,861,876,999 
Fixed-Income Central Funds - 25.3%   
High Yield Fixed-Income Funds - 4.2%   
Fidelity Emerging Markets Debt Central Fund (a) 2,281,487 22,381,390 
Fidelity Floating Rate Central Fund (a) 398,489 41,243,648 
Fidelity High Income Central Fund 1 (a) 1,228,082 120,401,202 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  184,026,240 
Investment Grade Fixed-Income Funds - 21.1%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 1,639,171 165,490,740 
Fidelity Investment Grade Bond Central Fund (a) 7,019,473 748,556,625 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  914,047,365 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $1,069,033,973)  1,098,073,605 
Money Market Central Funds - 4.3%   
Fidelity Cash Central Fund, 0.60% (b) 101,426,264 101,446,550 
Fidelity Money Market Central Fund, 1.05% (b) 84,984,787 85,001,784 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $186,412,321)  186,448,334 
Investment Companies - 4.5%   
iShares Core MSCI Emerging Markets ETF 2,197,960 93,303,402 
iShares S&P 500 Index ETF 462,713 104,105,800 
TOTAL INVESTMENT COMPANIES   
(Cost $188,105,086)  197,409,202 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $3,358,503,927)  4,343,808,140 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (425,677) 
NET ASSETS - 100%  $4,343,382,463 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $150,800 
Fidelity Commodity Strategy Central Fund 80,056 
Fidelity Consumer Discretionary Central Fund 803,026 
Fidelity Consumer Staples Central Fund 872,480 
Fidelity Emerging Markets Debt Central Fund 518,994 
Fidelity Emerging Markets Equity Central Fund 486,045 
Fidelity Energy Central Fund 433,524 
Fidelity Financials Central Fund 1,954,691 
Fidelity Floating Rate Central Fund 525,233 
Fidelity Health Care Central Fund 539,835 
Fidelity High Income Central Fund 1 2,032,703 
Fidelity Industrials Central Fund 1,077,471 
Fidelity Inflation-Protected Bond Index Central Fund 51,852 
Fidelity Information Technology Central Fund 842,797 
Fidelity International Equity Central Fund 2,052,554 
Fidelity Investment Grade Bond Central Fund 5,104,904 
Fidelity Materials Central Fund 285,021 
Fidelity Money Market Central Fund 198,757 
Fidelity Real Estate Equity Central Fund 224,014 
Fidelity Securities Lending Cash Central Fund 2,636 
Fidelity Telecom Services Central Fund 297,769 
Fidelity Utilities Central Fund 552,883 
Total $19,088,045 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $51,334,481 $1,040,603 $587,546 $53,065,784 11.0% 
Fidelity Consumer Discretionary Central Fund 228,752,701 5,269,422 2,718,653 235,447,265 14.1% 
Fidelity Consumer Staples Central Fund 171,025,446 6,270,914 1,994,771 168,122,572 13.2% 
Fidelity Emerging Markets Debt Central Fund 22,589,678 919,033 244,811 22,381,390 19.2% 
Fidelity Emerging Markets Equity Central Fund 103,828,872 3,670,492 1,615,755 99,703,230 24.9% 
Fidelity Energy Central Fund 137,557,692 3,170,126 1,632,186 147,381,318 13.3% 
Fidelity Financials Central Fund 377,965,323 10,085,487 10,580,935 426,188,084 14.5% 
Fidelity Floating Rate Central Fund 40,040,732 1,345,129 489,622 41,243,648 2.5% 
Fidelity Health Care Central Fund 271,527,129 12,007,115 3,266,214 258,257,630 13.3% 
Fidelity High Income Central Fund 1 146,610,179 4,491,499 30,677,462 120,401,202 18.5% 
Fidelity Industrials Central Fund 204,238,006 5,751,451 2,693,444 222,163,616 14.4% 
Fidelity Inflation-Protected Bond Index Central Fund 166,899,519 3,972,075 1,958,488 165,490,740 17.4% 
Fidelity Information Technology Central Fund 450,424,827 12,125,731 5,325,881 444,281,067 13.4% 
Fidelity International Equity Central Fund 590,297,357 20,520,798 6,765,346 592,196,641 28.0% 
Fidelity Investment Grade Bond Central Fund 769,772,053 20,276,586 16,554,200 748,556,625 11.0% 
Fidelity Materials Central Fund 62,745,788 1,453,192 696,568 66,004,487 15.3% 
Fidelity Real Estate Equity Central Fund 30,963,572 818,035 342,736 30,321,606 17.8% 
Fidelity Telecom Services Central Fund 48,841,512 2,146,988 630,999 52,517,952 12.8% 
Fidelity Utilities Central Fund 66,207,420 1,701,080 756,560 66,225,747 14.3% 
Total $3,941,622,287 $117,035,756 $89,532,177 $3,959,950,604  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $3,879,591,597. Net unrealized appreciation aggregated $464,216,543, of which $479,299,003 related to appreciated investment securities and $15,082,460 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Asset Manager® 20%

December 31, 2016







AMI-QTLY-0217
1.811345.112





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 17.4%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 7,823,913 $51,168,394 
Fidelity Consumer Discretionary Central Fund (a) 275,496 69,805,157 
Fidelity Consumer Staples Central Fund (a) 228,391 49,850,971 
Fidelity Emerging Markets Equity Central Fund (a) 119,717 22,787,005 
Fidelity Energy Central Fund (a) 323,741 43,789,162 
Fidelity Financials Central Fund (a) 1,316,946 126,123,885 
Fidelity Health Care Central Fund (a) 240,285 76,946,493 
Fidelity Industrials Central Fund (a) 252,204 65,573,065 
Fidelity Information Technology Central Fund (a) 409,671 131,369,316 
Fidelity International Equity Central Fund (a) 1,617,683 118,770,274 
Fidelity Materials Central Fund (a) 88,341 19,609,092 
Fidelity Real Estate Equity Central Fund (a) 315,496 34,392,249 
Fidelity Telecom Services Central Fund (a) 81,062 16,192,040 
Fidelity Utilities Central Fund (a) 122,374 19,650,894 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $511,709,966)  846,027,997 
Fixed-Income Central Funds - 51.5%   
High Yield Fixed-Income Funds - 4.4%   
Fidelity Emerging Markets Debt Central Fund (a) 2,671,419 26,206,621 
Fidelity Floating Rate Central Fund (a) 483,378 50,029,655 
Fidelity High Income Central Fund 1 (a) 1,409,240 138,161,842 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  214,398,118 
Investment Grade Fixed-Income Funds - 47.1%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 2,127,167 214,758,736 
Fidelity Investment Grade Bond Central Fund (a) 19,459,304 2,075,140,196 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  2,289,898,932 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $2,365,036,754)  2,504,297,050 
Money Market Central Funds - 28.1%   
Fidelity Cash Central Fund, 0.60% (b) 235,030,006 235,077,012 
Fidelity Money Market Central Fund, 1.05% (b) 1,128,614,227 1,128,839,950 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $1,363,645,861)  1,363,916,962 
Investment Companies - 3.0%   
iShares Core MSCI Emerging Markets ETF 1,072,900 45,544,605 
iShares S&P 500 Index ETF 456,623 102,735,607 
TOTAL INVESTMENT COMPANIES   
(Cost $147,671,015)  148,280,212 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $4,388,063,596)  4,862,522,221 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (326,909) 
NET ASSETS - 100%  $4,862,195,312 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $292,642 
Fidelity Commodity Strategy Central Fund 78,144 
Fidelity Consumer Discretionary Central Fund 242,170 
Fidelity Consumer Staples Central Fund 263,128 
Fidelity Emerging Markets Debt Central Fund 614,348 
Fidelity Emerging Markets Equity Central Fund 113,805 
Fidelity Energy Central Fund 130,887 
Fidelity Financials Central Fund 588,711 
Fidelity Floating Rate Central Fund 646,665 
Fidelity Health Care Central Fund 163,845 
Fidelity High Income Central Fund 1 2,358,541 
Fidelity Industrials Central Fund 324,109 
Fidelity Inflation-Protected Bond Index Central Fund 68,125 
Fidelity Information Technology Central Fund 253,579 
Fidelity International Equity Central Fund 417,690 
Fidelity Investment Grade Bond Central Fund 14,506,309 
Fidelity Materials Central Fund 86,050 
Fidelity Money Market Central Fund 2,639,528 
Fidelity Real Estate Equity Central Fund 258,454 
Fidelity Securities Lending Cash Central Fund 308 
Fidelity Telecom Services Central Fund 92,088 
Fidelity Utilities Central Fund 166,671 
Total $24,305,797 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $50,105,173 $587,473 $778,340 $51,168,394 10.6% 
Fidelity Consumer Discretionary Central Fund 68,678,608 973,826 1,118,575 69,805,157 4.1% 
Fidelity Consumer Staples Central Fund 51,340,221 1,477,266 796,615 49,850,971 3.5% 
Fidelity Emerging Markets Debt Central Fund 26,780,874 868,768 389,152 26,206,621 22.5% 
Fidelity Emerging Markets Equity Central Fund 24,332,423 852,683 934,327 22,787,005 5.7% 
Fidelity Energy Central Fund 41,337,119 597,858 664,432 43,789,162 3.8% 
Fidelity Financials Central Fund 113,590,007 1,995,473 4,170,881 126,123,885 4.3% 
Fidelity Floating Rate Central Fund 49,200,757 1,180,024 778,319 50,029,655 2.9% 
Fidelity Health Care Central Fund 81,651,474 3,219,697 1,262,171 76,946,493 3.9% 
Fidelity High Income Central Fund 1 168,812,887 4,038,382 34,655,954 138,161,842 21.2% 
Fidelity Industrials Central Fund 61,341,585 1,177,614 1,463,748 65,573,065 4.2% 
Fidelity Inflation-Protected Bond Index Central Fund 219,498,579 3,300,493 3,502,644 214,758,736 22.6% 
Fidelity Information Technology Central Fund 134,916,295 2,502,844 2,157,353 131,369,316 3.9% 
Fidelity International Equity Central Fund 118,403,791 4,601,181 1,868,195 118,770,274 5.6% 
Fidelity Investment Grade Bond Central Fund 2,206,811,976 34,637,529 94,360,849 2,075,140,196 29.3% 
Fidelity Materials Central Fund 18,861,287 277,284 292,851 19,609,092 4.5% 
Fidelity Real Estate Equity Central Fund 35,580,172 654,013 544,996 34,392,249 20.2% 
Fidelity Telecom Services Central Fund 14,880,458 879,718 248,161 16,192,040 3.7% 
Fidelity Utilities Central Fund 19,868,098 365,063 300,512 19,650,894 4.2% 
Total $3,505,991,784 $64,187,189 $150,288,075 $3,350,325,047  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $4,722,369,873. Net unrealized appreciation aggregated $140,152,348, of which $165,146,104 related to appreciated investment securities and $24,993,756 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Asset Manager® 40%

December 31, 2016







FAN-QTLY-0217
1.849910.109





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 37.5%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 2,302,071 $15,055,542 
Fidelity Consumer Discretionary Central Fund (a) 145,866 36,959,611 
Fidelity Consumer Staples Central Fund (a) 121,355 26,488,092 
Fidelity Emerging Markets Equity Central Fund (a) 88,501 16,845,321 
Fidelity Energy Central Fund (a) 171,773 23,234,010 
Fidelity Financials Central Fund (a) 699,116 66,954,379 
Fidelity Health Care Central Fund (a) 128,015 40,994,356 
Fidelity Industrials Central Fund (a) 134,114 34,869,698 
Fidelity Information Technology Central Fund (a) 218,007 69,908,425 
Fidelity International Equity Central Fund (a) 1,128,942 82,886,928 
Fidelity Materials Central Fund (a) 46,612 10,346,542 
Fidelity Real Estate Equity Central Fund (a) 79,081 8,620,601 
Fidelity Telecom Services Central Fund (a) 42,399 8,469,285 
Fidelity Utilities Central Fund (a) 65,232 10,475,017 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $343,495,426)  452,107,807 
Fixed-Income Central Funds - 45.8%   
High Yield Fixed-Income Funds - 4.4%   
Fidelity Emerging Markets Debt Central Fund (a) 650,162 6,378,093 
Fidelity Floating Rate Central Fund (a) 121,086 12,532,435 
Fidelity High Income Central Fund 1 (a) 346,444 33,965,356 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  52,875,884 
Investment Grade Fixed-Income Funds - 41.4%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 487,522 49,220,214 
Fidelity Investment Grade Bond Central Fund (a) 4,228,409 450,917,531 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  500,137,745 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $544,889,745)  553,013,629 
Money Market Central Funds - 13.6%   
Fidelity Cash Central Fund, 0.60% (b) 65,989,132 66,002,329 
Fidelity Money Market Central Fund, 1.05% (b) 98,298,265 98,317,925 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $164,288,305)  164,320,254 
Investment Companies - 3.1%   
iShares Core MSCI Emerging Markets ETF 367,534 15,601,818 
iShares S&P 500 Index ETF 98,141 22,080,744 
TOTAL INVESTMENT COMPANIES   
(Cost $37,120,727)  37,682,562 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,089,794,203)  1,207,124,252 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (139,063) 
NET ASSETS - 100%  $1,206,985,189 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $79,875 
Fidelity Commodity Strategy Central Fund 22,640 
Fidelity Consumer Discretionary Central Fund 125,777 
Fidelity Consumer Staples Central Fund 137,075 
Fidelity Emerging Markets Debt Central Fund 146,969 
Fidelity Emerging Markets Equity Central Fund 81,599 
Fidelity Energy Central Fund 68,221 
Fidelity Financials Central Fund 306,508 
Fidelity Floating Rate Central Fund 158,465 
Fidelity Health Care Central Fund 85,480 
Fidelity High Income Central Fund 1 567,689 
Fidelity Industrials Central Fund 168,669 
Fidelity Inflation-Protected Bond Index Central Fund 15,338 
Fidelity Information Technology Central Fund 132,345 
Fidelity International Equity Central Fund 284,887 
Fidelity Investment Grade Bond Central Fund 3,054,026 
Fidelity Materials Central Fund 44,581 
Fidelity Money Market Central Fund 229,893 
Fidelity Real Estate Equity Central Fund 63,542 
Fidelity Telecom Services Central Fund 47,616 
Fidelity Utilities Central Fund 87,317 
Total $5,908,512 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $14,203,746 $721,212 $231,597 $15,055,542 3.1% 
Fidelity Consumer Discretionary Central Fund 34,973,621 1,921,185 595,072 36,959,611 2.2% 
Fidelity Consumer Staples Central Fund 26,252,099 1,776,904 423,957 26,488,092 2.1% 
Fidelity Emerging Markets Debt Central Fund 6,286,409 438,009 96,499 6,378,093 5.5% 
Fidelity Emerging Markets Equity Central Fund 16,846,249 1,453,473 424,594 16,845,321 4.2% 
Fidelity Energy Central Fund 21,136,161 1,144,633 353,667 23,234,010 2.1% 
Fidelity Financials Central Fund 58,046,913 3,324,992 2,060,606 66,954,379 2.3% 
Fidelity Floating Rate Central Fund 11,873,894 746,517 192,997 12,532,435 0.7% 
Fidelity Health Care Central Fund 41,721,891 3,403,022 708,213 40,994,356 2.1% 
Fidelity High Income Central Fund 1 40,084,318 2,153,861 8,268,504 33,965,356 5.2% 
Fidelity Industrials Central Fund 31,319,965 1,803,347 591,160 34,869,698 2.3% 
Fidelity Inflation-Protected Bond Index Central Fund 48,366,031 2,672,169 810,592 49,220,214 5.2% 
Fidelity Information Technology Central Fund 69,046,230 4,023,511 1,148,488 69,908,425 2.1% 
Fidelity International Equity Central Fund 78,773,956 6,965,046 1,312,385 82,886,928 3.9% 
Fidelity Investment Grade Bond Central Fund 453,420,893 25,484,745 13,056,931 450,917,531 6.6% 
Fidelity Materials Central Fund 9,597,095 510,537 154,344 10,346,542 2.4% 
Fidelity Real Estate Equity Central Fund 8,580,493 480,595 135,099 8,620,601 5.1% 
Fidelity Telecom Services Central Fund 7,611,629 639,155 132,871 8,469,285 2.1% 
Fidelity Utilities Central Fund 10,206,237 568,145 157,895 10,475,017 2.3% 
Total $988,347,830 $60,231,058 $30,855,471 $1,005,121,436  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $1,148,454,318. Net unrealized appreciation aggregated $58,669,934, of which $64,427,837 related to appreciated investment securities and $5,757,903 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Asset Manager® 50%

December 31, 2016







FAA-QTLY-0217
1.811343.112





Investments December 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 46.9%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 14,611,998 $95,562,466 
Fidelity Consumer Discretionary Central Fund (a) 1,193,457 302,398,069 
Fidelity Consumer Staples Central Fund (a) 988,595 215,780,611 
Fidelity Emerging Markets Equity Central Fund (a) 616,710 117,384,532 
Fidelity Energy Central Fund (a) 1,398,635 189,179,410 
Fidelity Financials Central Fund (a) 5,705,983 546,462,017 
Fidelity Health Care Central Fund (a) 1,030,345 329,947,351 
Fidelity Industrials Central Fund (a) 1,096,229 285,019,650 
Fidelity Information Technology Central Fund (a) 1,782,672 571,649,397 
Fidelity International Equity Central Fund (a) 9,344,178 686,049,549 
Fidelity Materials Central Fund (a) 382,191 84,834,873 
Fidelity Real Estate Equity Central Fund (a) 493,041 53,746,436 
Fidelity Telecom Services Central Fund (a) 335,761 67,068,277 
Fidelity Utilities Central Fund (a) 529,459 85,020,557 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $2,228,509,112)  3,630,103,195 
Fixed-Income Central Funds - 40.7%   
High Yield Fixed-Income Funds - 4.3%   
Fidelity Emerging Markets Debt Central Fund (a) 4,102,361 40,244,158 
Fidelity Floating Rate Central Fund (a) 774,546 80,165,475 
Fidelity High Income Central Fund 1 (a) 2,210,130 216,681,099 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  337,090,732 
Investment Grade Fixed-Income Funds - 36.4%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 2,950,168 297,848,952 
Fidelity Investment Grade Bond Central Fund (a) 23,591,857 2,515,835,671 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  2,813,684,623 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $2,983,682,904)  3,150,775,355 
Money Market Central Funds - 8.7%   
Fidelity Cash Central Fund, 0.60% (b) 360,613,628 360,685,751 
Fidelity Money Market Central Fund, 1.05% (b) 310,126,036 310,188,061 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $670,741,736)  670,873,812 
Investment Companies - 3.7%   
iShares Core MSCI Emerging Markets ETF 3,379,206 143,447,293 
iShares S&P 500 Index ETF 618,370 139,127,066 
TOTAL INVESTMENT COMPANIES   
(Cost $283,056,392)  282,574,359 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $6,165,990,144)  7,734,326,721 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (1,512,948) 
NET ASSETS - 100%  $7,732,813,773 

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-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $465,215 
Fidelity Commodity Strategy Central Fund 144,913 
Fidelity Consumer Discretionary Central Fund 1,039,223 
Fidelity Consumer Staples Central Fund 1,128,314 
Fidelity Emerging Markets Debt Central Fund 937,293 
Fidelity Emerging Markets Equity Central Fund 576,743 
Fidelity Energy Central Fund 560,469 
Fidelity Financials Central Fund 2,525,245 
Fidelity Floating Rate Central Fund 1,028,240 
Fidelity Health Care Central Fund 695,570 
Fidelity High Income Central Fund 1 3,676,168 
Fidelity Industrials Central Fund 1,393,402 
Fidelity Inflation-Protected Bond Index Central Fund 93,791 
Fidelity Information Technology Central Fund 1,092,918 
Fidelity International Equity Central Fund 2,424,496 
Fidelity Investment Grade Bond Central Fund 17,282,275 
Fidelity Materials Central Fund 368,979 
Fidelity Money Market Central Fund 725,302 
Fidelity Real Estate Equity Central Fund 399,973 
Fidelity Securities Lending Cash Central Fund 310 
Fidelity Telecom Services Central Fund 382,640 
Fidelity Utilities Central Fund 714,788 
Total $37,656,267 

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund Value, beginning of period Purchases Sales Proceeds Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $93,258,426 $1,247,958 $1,264,453 $95,562,466 19.8% 
Fidelity Consumer Discretionary Central Fund 296,469,005 4,613,777 4,081,394 302,398,069 18.1% 
Fidelity Consumer Staples Central Fund 221,457,869 6,587,147 2,966,508 215,780,611 17.0% 
Fidelity Emerging Markets Debt Central Fund 40,974,871 1,396,795 526,856 40,244,158 34.5% 
Fidelity Emerging Markets Equity Central Fund 123,855,678 3,519,786 2,634,394 117,384,532 29.3% 
Fidelity Energy Central Fund 178,072,990 2,803,717 2,437,874 189,179,410 17.0% 
Fidelity Financials Central Fund 488,622,266 9,208,969 14,306,253 546,462,017 18.6% 
Fidelity Floating Rate Central Fund 78,553,615 1,985,612 1,053,713 80,165,475 4.8% 
Fidelity Health Care Central Fund 350,759,138 12,522,248 4,884,060 329,947,351 17.0% 
Fidelity High Income Central Fund 1 265,166,398 6,658,318 55,101,956 216,681,099 33.2% 
Fidelity Industrials Central Fund 264,500,993 5,409,696 4,157,659 285,019,650 18.5% 
Fidelity Inflation-Protected Bond Index Central Fund 303,215,289 5,067,137 4,214,842 297,848,952 31.3% 
Fidelity Information Technology Central Fund 584,872,734 11,501,047 7,949,289 571,649,397 17.3% 
Fidelity International Equity Central Fund 722,603,960 11,471,510 32,689,518 686,049,549 32.4% 
Fidelity Investment Grade Bond Central Fund 2,614,370,089 51,122,139 64,930,324 2,515,835,671 37.1% 
Fidelity Materials Central Fund 81,336,374 1,305,251 1,055,628 84,834,873 19.6% 
Fidelity Real Estate Equity Central Fund 55,385,111 1,103,645 737,631 53,746,436 31.6% 
Fidelity Telecom Services Central Fund 62,722,849 2,504,060 933,492 67,068,277 16.4% 
Fidelity Utilities Central Fund 85,707,338 1,638,184 1,120,101 85,020,557 18.4% 
Total $6,911,904,993 $141,666,996 $207,045,945 $6,780,878,550  

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At December 31, 2016, the cost of investment securities for income tax purposes was $7,106,323,295. Net unrealized appreciation aggregated $628,003,426 of which $659,864,720 related to appreciated investment securities and $31,861,294 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.




Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Charles Street Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 3.

Exhibits


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.




SIGNATURES


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


Fidelity Charles Street Trust



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

February 28, 2017


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



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

February 28, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

February 28, 2017