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)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

September 30



Date of reporting period:

December 31, 2018


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity Asset Manager® 20%

December 31, 2018







AMI-QTLY-0219
1.811345.114





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 14.7%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 1,852,498 $8,595,590 
Fidelity Communication Services Central Fund (a) 249,440 41,978,324 
Fidelity Consumer Discretionary Central Fund (a) 193,665 55,076,428 
Fidelity Consumer Staples Central Fund (a) 208,089 34,615,609 
Fidelity Emerging Markets Equity Central Fund (a) 99,656 18,956,588 
Fidelity Energy Central Fund (a) 277,888 26,454,962 
Fidelity Financials Central Fund (a) 1,169,990 101,508,323 
Fidelity Health Care Central Fund (a) 217,189 83,893,582 
Fidelity Industrials Central Fund (a) 221,184 51,389,810 
Fidelity Information Technology Central Fund (a) 378,027 117,808,235 
Fidelity International Equity Central Fund (a) 1,643,059 112,927,438 
Fidelity Materials Central Fund (a) 80,873 14,634,817 
Fidelity Real Estate Equity Central Fund (a) 196,233 19,067,943 
Fidelity Utilities Central Fund (a) 111,436 18,960,873 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $538,108,008)  705,868,522 
Fixed-Income Central Funds - 50.4%   
High Yield Fixed-Income Funds - 3.1%   
Fidelity Emerging Markets Debt Central Fund (a) 2,855,895 26,017,203 
Fidelity Floating Rate Central Fund (a) 501,348 49,357,674 
Fidelity High Income Central Fund 1 (a) 850,056 74,983,460 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  150,358,337 
Investment Grade Fixed-Income Funds - 47.3%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 2,105,981 205,291,041 
Fidelity International Credit Central Fund (a) 303,140 28,749,770 
Fidelity Investment Grade Bond Central Fund (a) 19,376,384 2,042,658,389 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  2,276,699,200 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $2,340,397,258)  2,427,057,537 
Money Market Central Funds - 30.4%   
Fidelity Cash Central Fund, 2.42%(b) 197,932,002 197,971,589 
Fidelity Money Market Central Fund, 2.65% (b) 1,171,542,274 1,171,542,274 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 91,993,004 92,002,204 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $1,461,512,726)  1,461,516,067 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.36% to 2.39% 3/21/19 to 3/28/19 (d)   
(Cost $4,485,848) 4,510,000 4,485,716 
 Shares Value 
Investment Companies - 6.3%   
iShares 20+ Year Treasury Bond ETF (e) 947,505 $115,131,334 
iShares Core MSCI Emerging Markets ETF 1,330,403 62,728,501 
iShares MSCI EAFE Index ETF 549,758 32,314,775 
iShares MSCI Japan ETF 1,225,873 62,139,502 
iShares S&P 500 Index ETF 131,166 33,002,677 
TOTAL INVESTMENT COMPANIES   
(Cost $315,316,560)  305,316,789 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $4,659,820,400)  4,904,244,631 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (92,397,267) 
NET ASSETS - 100%  $4,811,847,364 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 1,637 March 2019 $79,132,580 $(1,716) $(1,716) 

The notional amount of futures purchased as a percentage of Net Assets is 1.6%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-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) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,485,716.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $861,482 
Fidelity Commodity Strategy Central Fund 72,782 
Fidelity Communication Services Central Fund 147,815 
Fidelity Consumer Discretionary Central Fund 2,152,801 
Fidelity Consumer Staples Central Fund 3,314,579 
Fidelity Emerging Markets Debt Central Fund 412,707 
Fidelity Emerging Markets Equity Central Fund 1,398,969 
Fidelity Energy Central Fund 198,652 
Fidelity Financials Central Fund 5,944,634 
Fidelity Floating Rate Central Fund 750,231 
Fidelity Health Care Central Fund 4,854,898 
Fidelity High Income Central Fund 1 1,249,641 
Fidelity Industrials Central Fund 2,841,068 
Fidelity Inflation-Protected Bond Index Central Fund 5,254,944 
Fidelity Information Technology Central Fund 23,194,545 
Fidelity International Credit Central Fund 816,786 
Fidelity International Equity Central Fund 6,192,201 
Fidelity Investment Grade Bond Central Fund 20,142,815 
Fidelity Materials Central Fund 1,292,621 
Fidelity Money Market Central Fund 7,257,663 
Fidelity Real Estate Equity Central Fund 747,823 
Fidelity Securities Lending Cash Central Fund 31,383 
Fidelity Utilities Central Fund 1,669,334 
Total $90,800,374 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $-- $10,162,509  $242,567  $(9,380 ) $(1,314,972) $8,595,590 3.4% 
Fidelity Communication Services Central Fund 13,740,335 33,648,462  1,381,038  19,526  (4,048,961) 41,978,324 3.0% 
Fidelity Consumer Discretionary Central Fund 78,963,339 5,391,120  16,131,596  360,914  (13,507,349) 55,076,428 3.2% 
Fidelity Consumer Staples Central Fund 41,905,713 4,283,457  4,316,008  (303,263 ) (6,954,290) 34,615,609 3.0% 
Fidelity Emerging Markets Debt Central Fund 26,523,183 1,008,092 670,125  (3,990 ) (839,957) 26,017,203 20.2% 
Fidelity Emerging Markets Equity Central Fund 20,179,028 3,356,923 1,895,233  99,298  (2,783,428) 18,956,588 3.1% 
Fidelity Energy Central Fund 41,080,792 1,121,173 4,257,168  (374,558 ) (11,115,277) 26,454,962 3.1% 
Fidelity Financials Central Fund 126,873,901 8,882,350 13,887,814  (600,305 ) (19,759,809) 101,508,323 3.3% 
Fidelity Floating Rate Central Fund 51,153,323 1,940,931  1,340,250  (6,584 ) (2,389,746) 49,357,674 2.5% 
Fidelity Health Care Central Fund 109,351,344 7,232,370 12,542,968  706,330  (20,853,494) 83,893,582 3.1% 
Fidelity High Income Central Fund 1 75,066,797 7,103,498  2,132,513  (35,410 ) (5,018,912) 74,983,460 16.9% 
Fidelity Industrials Central Fund 70,743,549 4,423,124  7,632,979  (59,116 ) (16,084,768) 51,389,810 3.2% 
Fidelity Inflation-Protected Bond Index Central Fund 206,124,407 10,254,865  5,629,013  (25,661 ) (5,433,557) 205,291,041 18.5% 
Fidelity Information Technology Central Fund 190,356,674 31,100,323 42,403,212  (2,279,988 ) (58,965,562) 117,808,235 3.2% 
Fidelity International Credit Central Fund 28,987,776 1,531,057 804,145  (11,404 ) (953,514) 28,749,770 16.7% 
Fidelity International Equity Central Fund 132,076,285 12,106,424  6,953,953  (77,966 ) (24,223,352) 112,927,438 5.0% 
Fidelity Investment Grade Bond Central Fund 2,069,713,719 67,911,126  97,919,256  1,392,265  1,560,535 2,042,658,389 27.0% 
Fidelity Materials Central Fund 18,945,269 1,737,659  1,901,235  (284,338 ) (3,862,538) 14,634,817 3.2% 
Fidelity Real Estate Equity Central Fund 20,759,325 1,224,003 536,096  5,845  (2,385,134) 19,067,943 16.5% 
Fidelity Utilities Central Fund 21,377,685 2,169,363  2,540,330  167,808 (2,213,653) 18,960,873 3.2% 
Total $3,343,922,444 $216,588,829  $225,117,499  $(1,319,977 ) $(201,147,738) $3,132,926,059  

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.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $705,868,522 $705,868,522 $-- $-- 
Fixed-Income Central Funds 2,427,057,537 2,427,057,537 -- -- 
Money Market Central Funds 1,461,516,067 1,461,516,067 -- -- 
Other Short-Term Investments 4,485,716 -- 4,485,716 -- 
Investment Companies 305,316,789 305,316,789 -- -- 
Total Investments in Securities: $4,904,244,631 $4,899,758,915 $4,485,716 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(1,716) $(1,716) $-- $-- 
Total Liabilities $(1,716) $(1,716) $-- $-- 
Total Derivative Instruments: $(1,716) $(1,716) $-- $-- 

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.

Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

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® 30%

December 31, 2018







TAN-QTLY-0219
1.849900.111





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 24.0%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 877,646 $4,072,279 
Fidelity Communication Services Central Fund (a) 124,786 21,000,301 
Fidelity Consumer Discretionary Central Fund (a) 95,796 27,243,455 
Fidelity Consumer Staples Central Fund (a) 102,916 17,119,996 
Fidelity Emerging Markets Equity Central Fund (a) 78,018 14,840,560 
Fidelity Energy Central Fund (a) 136,797 13,023,061 
Fidelity Financials Central Fund (a) 577,990 50,146,447 
Fidelity Health Care Central Fund (a) 107,187 41,403,077 
Fidelity Industrials Central Fund (a) 109,427 25,424,287 
Fidelity Information Technology Central Fund (a) 186,533 58,131,112 
Fidelity International Equity Central Fund (a) 923,502 63,472,275 
Fidelity Materials Central Fund (a) 40,041 7,245,844 
Fidelity Real Estate Equity Central Fund (a) 62,926 6,114,474 
Fidelity Utilities Central Fund (a) 55,548 9,451,489 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $324,469,051)  358,688,657 
Fixed-Income Central Funds - 50.8%   
High Yield Fixed-Income Funds - 3.1%   
Fidelity Emerging Markets Debt Central Fund (a) 844,820 7,696,311 
Fidelity Floating Rate Central Fund (a) 154,727 15,232,902 
Fidelity High Income Central Fund 1 (a) 268,344 23,670,616 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  46,599,829 
Investment Grade Fixed-Income Funds - 47.7%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 663,403 64,668,539 
Fidelity International Credit Central Fund (a) 95,659 9,072,277 
Fidelity Investment Grade Bond Central Fund(a) 6,049,127 637,698,934 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  711,439,750 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $761,280,688)  758,039,579 
Money Market Central Funds - 20.9%   
Fidelity Cash Central Fund, 2.42%(b) 80,167,456 80,183,490 
Fidelity Money Market Central Fund, 2.65% (b) 198,124,475 198,124,475 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 34,118,238 34,121,649 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $312,435,069)  312,429,614 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.36% to 2.39% 3/21/19 to 3/28/19 (d)   
(Cost $1,551,652) 1,560,000 1,551,607 
 Shares Value 
Investment Companies - 6.5%   
iShares 20+ Year Treasury Bond ETF (e) 276,302 $33,573,454 
iShares Core MSCI Emerging Markets ETF 409,965 19,329,850 
iShares MSCI EAFE Index ETF 171,221 10,064,370 
iShares MSCI Japan ETF 477,545 24,206,756 
iShares S&P 500 Index ETF 40,852 10,278,772 
TOTAL INVESTMENT COMPANIES   
(Cost $100,763,278)  97,453,202 
TOTAL INVESTMENT IN SECURITIES - 102.3%   
(Cost $1,500,499,738)  1,528,162,659 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (34,360,109) 
NET ASSETS - 100%  $1,493,802,550 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 515 March 2019 $24,895,100 $(1,029) $(1,029) 

The notional amount of futures purchased as a percentage of Net Assets is 1.7%

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

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,551,607.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $357,915 
Fidelity Commodity Strategy Central Fund 35,044 
Fidelity Communication Services Central Fund 74,469 
Fidelity Consumer Discretionary Central Fund 1,076,902 
Fidelity Consumer Staples Central Fund 1,655,976 
Fidelity Emerging Markets Debt Central Fund 123,305 
Fidelity Emerging Markets Equity Central Fund 1,151,720 
Fidelity Energy Central Fund 98,246 
Fidelity Financials Central Fund 2,967,395 
Fidelity Floating Rate Central Fund 233,928 
Fidelity Health Care Central Fund 2,421,602 
Fidelity High Income Central Fund 1 398,859 
Fidelity Industrials Central Fund 1,421,670 
Fidelity Inflation-Protected Bond Index Central Fund 1,680,304 
Fidelity Information Technology Central Fund 11,588,769 
Fidelity International Credit Central Fund 259,468 
Fidelity International Equity Central Fund 3,557,117 
Fidelity Investment Grade Bond Central Fund 6,360,810 
Fidelity Materials Central Fund 646,908 
Fidelity Money Market Central Fund 1,239,916 
Fidelity Real Estate Equity Central Fund 242,203 
Fidelity Securities Lending Cash Central Fund 7,887 
Fidelity Utilities Central Fund 839,562 
Total $38,439,975 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Affiliate Value, beginning of period Purchases Sales Proceeds Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $-- $4,806,609 $101,514 $(3,806) $(629,010) $4,072,279 1.6% 
Fidelity Communication Services Central Fund 6,691,539 16,822,532 482,617 (2,541) (2,028,612) 21,000,301 1.5% 
Fidelity Consumer Discretionary Central Fund 38,379,336 2,310,016 6,894,257 12,548 (6,564,188) 27,243,455 1.6% 
Fidelity Consumer Staples Central Fund 20,296,601 1,944,606 1,491,482 (135,268) (3,494,461) 17,119,996 1.5% 
Fidelity Emerging Markets Debt Central Fund 7,879,274 245,742 177,256 (1,921) (249,528) 7,696,311 6.0% 
Fidelity Emerging Markets Equity Central Fund 16,094,590 1,707,911 775,756 (47,353) (2,138,832) 14,840,560 2.4% 
Fidelity Energy Central Fund 19,863,660 379,057 1,480,564 (154,236) (5,584,856) 13,023,061 1.5% 
Fidelity Financials Central Fund 61,741,989 3,774,255 5,147,277 (325,931) (9,896,589) 50,146,447 1.6% 
Fidelity Floating Rate Central Fund 15,857,545 478,274 354,005 (4,909) (744,003) 15,232,902 0.8% 
Fidelity Health Care Central Fund 52,962,678 3,072,178 4,628,726 105,048 (10,108,101) 41,403,077 1.5% 
Fidelity High Income Central Fund 1 23,805,744 2,042,605 565,170 (12,577) (1,599,986) 23,670,616 5.3% 
Fidelity Industrials Central Fund 34,788,287 1,857,351 3,097,595 (107,205) (8,016,551) 25,424,287 1.6% 
Fidelity Inflation-Protected Bond Index Central Fund 65,181,254 2,682,174 1,451,806 (29,753) (1,713,330) 64,668,539 5.8% 
Fidelity Information Technology Central Fund 91,858,089 15,590,914 18,817,689 (1,622,324) (28,877,878) 58,131,112 1.6% 
Fidelity International Credit Central Fund 9,185,262 406,035 212,412 (2,311) (304,297) 9,072,277 5.3% 
Fidelity International Equity Central Fund 74,803,125 5,178,196 2,589,225 (159,517) (13,760,304) 63,472,275 2.8% 
Fidelity Investment Grade Bond Central Fund 655,962,465 16,342,605 35,535,671 (856,560) 1,786,095 637,698,934 8.4% 
Fidelity Materials Central Fund 9,195,331 780,582 652,572 (95,739) (1,981,758) 7,245,844 1.6% 
Fidelity Real Estate Equity Central Fund 6,687,035 340,259 141,953 (1,643) (769,224) 6,114,474 5.3% 
Fidelity Utilities Central Fund 10,419,472 987,854 921,193 17,948 (1,052,592) 9,451,489 1.6% 
Total $1,221,653,276 $81,749,755 $85,518,740 $(3,428,050) $(97,728,005) $1,116,728,236  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2018, 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 $358,688,657 $358,688,657 $-- $-- 
Fixed-Income Central Funds 758,039,579 758,039,579 -- -- 
Money Market Central Funds 312,429,614 312,429,614 -- -- 
Other Short-Term Investments  1,551,607 -- 1,551,607 -- 
Investment Companies 97,453,202 97,453,202 -- -- 
Total Investments in Securities: $1,528,162,659 $1,526,611,052 $1,551,607 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(1,029) $(1,029) $-- $-- 
Total Liabilities $(1,029) $(1,029) $-- $-- 
Total Derivative Instruments: $(1,029) $(1,029) $-- $-- 

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.

Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

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, 2018







FAN-QTLY-0219
1.849910.111





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 34.1%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 1,590,117 $7,378,141 
Fidelity Communication Services Central Fund (a) 184,160 30,992,217 
Fidelity Consumer Discretionary Central Fund (a) 142,426 40,504,410 
Fidelity Consumer Staples Central Fund (a) 152,738 25,407,972 
Fidelity Emerging Markets Equity Central Fund (a) 132,488 25,201,928 
Fidelity Energy Central Fund (a) 202,907 19,316,792 
Fidelity Financials Central Fund (a) 857,328 74,381,802 
Fidelity Health Care Central Fund (a) 158,933 61,391,075 
Fidelity Industrials Central Fund (a) 162,344 37,718,975 
Fidelity Information Technology Central Fund (a) 277,030 86,333,582 
Fidelity International Equity Central Fund (a) 1,455,748 100,053,571 
Fidelity Materials Central Fund (a) 59,232 10,718,593 
Fidelity Real Estate Equity Central Fund (a) 66,478 6,459,715 
Fidelity Utilities Central Fund (a) 81,768 13,912,750 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $487,797,179)  539,771,523 
Fixed-Income Central Funds - 45.7%   
High Yield Fixed-Income Funds - 3.2%   
Fidelity Emerging Markets Debt Central Fund (a) 891,050 8,117,464 
Fidelity Floating Rate Central Fund (a) 163,339 16,080,714 
Fidelity High Income Central Fund 1 (a) 308,365 27,200,914 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  51,399,092 
Investment Grade Fixed-Income Funds - 42.5%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 681,965 66,477,940 
Fidelity International Credit Central Fund (a) 102,206 9,693,172 
Fidelity Investment Grade Bond Central Fund (a) 5,650,452 595,670,657 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  671,841,769 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $729,174,944)  723,240,861 
Money Market Central Funds - 15.6%   
Fidelity Cash Central Fund, 2.42%(b) 83,114,496 83,131,119 
Fidelity Money Market Central Fund, 2.65% (b) 127,750,805 127,750,805 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 35,454,780 35,458,325 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $246,341,122)  246,340,249 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.35% to 2.39% 3/21/19 to 3/28/19 (d)   
(Cost $1,641,166) 1,650,000 1,641,115 
 Shares Value 
Investment Companies - 6.8%   
iShares 20+ Year Treasury Bond ETF (e) 287,171 $34,894,147 
iShares Core MSCI Emerging Markets ETF 467,730 22,053,470 
iShares MSCI EAFE Index ETF 180,278 10,596,741 
iShares MSCI Japan ETF 566,649 28,723,438 
iShares S&P 500 Index ETF 43,011 10,821,998 
TOTAL INVESTMENT COMPANIES   
(Cost $110,983,638)  107,089,794 
TOTAL INVESTMENT IN SECURITIES - 102.3%   
(Cost $1,575,938,049)  1,618,083,542 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (35,687,648) 
NET ASSETS - 100%  $1,582,395,894 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 542 March 2019 $26,200,280 $(2,252) $(2,252) 

The notional amount of futures purchased as a percentage of Net Assets is 1.7%

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

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,641,115.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $353,872 
Fidelity Commodity Strategy Central Fund 62,950 
Fidelity Communication Services Central Fund 110,171 
Fidelity Consumer Discretionary Central Fund 1,593,671 
Fidelity Consumer Staples Central Fund 2,449,003 
Fidelity Emerging Markets Debt Central Fund 129,148 
Fidelity Emerging Markets Equity Central Fund 1,948,539 
Fidelity Energy Central Fund 143,274 
Fidelity Financials Central Fund 4,382,490 
Fidelity Floating Rate Central Fund 245,274 
Fidelity Health Care Central Fund 3,580,700 
Fidelity High Income Central Fund 1 452,450 
Fidelity Industrials Central Fund 2,101,499 
Fidelity Inflation-Protected Bond Index Central Fund 1,718,194 
Fidelity Information Technology Central Fund 17,171,699 
Fidelity International Credit Central Fund 276,134 
Fidelity International Equity Central Fund 5,592,985 
Fidelity Investment Grade Bond Central Fund 5,913,934 
Fidelity Materials Central Fund 953,036 
Fidelity Money Market Central Fund 784,109 
Fidelity Real Estate Equity Central Fund 255,040 
Fidelity Securities Lending Cash Central Fund 8,296 
Fidelity Utilities Central Fund 1,231,154 
Total $51,457,622 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Affiliate Value, beginning of period Purchases Sales Proceeds Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $3,502,529 $5,117,963 $182,268 $(4,768) $(1,055,315) $7,378,141 2.9% 
Fidelity Communication Services Central Fund 9,460,525 24,764,531 242,821 (7,695) (2,982,323) 30,992,217 2.2% 
Fidelity Consumer Discretionary Central Fund 53,679,862 3,813,399 7,447,867 2,712 (9,543,696) 40,504,410 2.3% 
Fidelity Consumer Staples Central Fund 28,483,320 3,102,490 823,204 (31,384) (5,323,250) 25,407,972 2.2% 
Fidelity Emerging Markets Debt Central Fund 8,243,186 327,611 189,623 (2,183) (261,527) 8,117,464 6.3% 
Fidelity Emerging Markets Equity Central Fund 26,834,776 3,153,641 1,116,622 (56,127) (3,613,740) 25,201,928 4.1% 
Fidelity Energy Central Fund 27,725,615 774,698 754,250 (93,639) (8,335,632) 19,316,792 2.3% 
Fidelity Financials Central Fund 86,171,172 6,370,064 3,081,129 (209,646) (14,868,659) 74,381,802 2.4% 
Fidelity Floating Rate Central Fund 16,603,656 641,706 378,772 (4,888) (780,988) 16,080,714 0.8% 
Fidelity Health Care Central Fund 74,267,165 5,184,991 3,469,510 9,049 (14,600,620) 61,391,075 2.3% 
Fidelity High Income Central Fund 1 25,358,994 4,307,082 639,583 (13,294) (1,812,285) 27,200,914 6.1% 
Fidelity Industrials Central Fund 48,886,065 3,175,197 2,365,292 (186,502) (11,790,493) 37,718,975 2.4% 
Fidelity Inflation-Protected Bond Index Central Fund 66,469,796 3,305,553 1,516,962 (23,817) (1,756,630) 66,477,940 6.0% 
Fidelity Information Technology Central Fund 127,792,913 24,250,944 21,144,014 (1,984,010) (42,582,251) 86,333,582 2.3% 
Fidelity International Credit Central Fund 9,732,393 514,051 227,355 (1,770) (324,147) 9,693,172 5.6% 
Fidelity International Equity Central Fund 116,158,802 8,936,326 3,338,066 (128,622) (21,574,869) 100,053,571 4.5% 
Fidelity Investment Grade Bond Central Fund 618,689,316 20,740,765 44,543,103 (1,090,101) 1,873,780 595,670,657 7.9% 
Fidelity Materials Central Fund 12,798,774 1,269,084 307,130 (33,136) (3,008,999) 10,718,593 2.4% 
Fidelity Real Estate Equity Central Fund 7,009,997 414,089 152,008 (2,990) (809,373) 6,459,715 5.6% 
Fidelity Utilities Central Fund 14,587,978 1,564,034 705,321 4,322 (1,538,263) 13,912,750 2.4% 
Total $1,382,456,834 $121,728,219 $92,624,900 $(3,858,489) $(144,689,280) $1,263,012,384  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2018, 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 $539,771,523 $539,771,523 $-- $-- 
Fixed-Income Central Funds 723,240,861 723,240,861 -- -- 
Money Market Central Funds 246,340,249 246,340,249 -- -- 
Other Short-Term Investments 1,641,115 -- 1,641,115 -- 
Investment Companies 107,089,794 107,089,794 -- -- 
Total Investments in Securities: $1,618,083,542 $1,616,442,427 $1,641,115 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(2,252) $(2,252) $-- $-- 
Total Liabilities $(2,252) $(2,252) $-- $-- 
Total Derivative Instruments: $(2,252) $(2,252) $-- $-- 

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.

Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

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, 2018







FAA-QTLY-0219
1.811343.114





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 43.8%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 10,467,850 $48,570,824 
Fidelity Communication Services Central Fund (a) 1,256,673 211,485,565 
Fidelity Consumer Discretionary Central Fund (a) 969,840 275,812,920 
Fidelity Consumer Staples Central Fund (a) 1,044,340 173,725,899 
Fidelity Emerging Markets Equity Central Fund (a) 1,006,791 191,511,739 
Fidelity Energy Central Fund (a) 1,387,943 132,132,179 
Fidelity Financials Central Fund (a) 5,855,128 507,990,873 
Fidelity Health Care Central Fund (a) 1,087,135 419,927,471 
Fidelity Industrials Central Fund (a) 1,107,530 257,323,636 
Fidelity Information Technology Central Fund (a) 1,893,391 590,056,306 
Fidelity International Equity Central Fund (a) 10,435,268 717,215,988 
Fidelity Materials Central Fund (a) 404,229 73,149,344 
Fidelity Real Estate Equity Central Fund (a) 367,587 35,718,424 
Fidelity Utilities Central Fund (a) 560,126 95,305,494 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $2,802,627,639)  3,729,926,662 
Fixed-Income Central Funds - 40.6%   
High Yield Fixed-Income Funds - 3.3%   
Fidelity Emerging Markets Debt Central Fund (a) 4,714,514 42,949,223 
Fidelity Floating Rate Central Fund (a) 869,158 85,568,640 
Fidelity High Income Central Fund 1 (a) 1,685,453 148,673,766 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  277,191,629 
Investment Grade Fixed-Income Funds - 37.3%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 3,733,537 363,945,162 
Fidelity International Credit Central Fund (a) 556,399 52,768,925 
Fidelity Investment Grade Bond Central Fund (a) 26,170,368 2,758,880,152 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  3,175,594,239 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $3,354,683,189)  3,452,785,868 
Money Market Central Funds - 10.4%   
Fidelity Cash Central Fund, 2.42%(b) 458,209,930 458,301,572 
Fidelity Money Market Central Fund, 2.65% (b) 271,625,573 271,625,573 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 158,422,910 158,438,753 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $888,373,272)  888,365,898 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.36% to 2.39% 3/21/19 to 3/28/19 (d)   
(Cost $7,996,959) 8,040,000 7,996,724 
 Shares Value 
Investment Companies - 7.0%   
iShares 20+ Year Treasury Bond ETF (e) 1,548,844 $188,200,032 
iShares Core MSCI Emerging Markets ETF 2,829,987 133,433,887 
iShares MSCI EAFE Index ETF 967,406 56,864,125 
iShares MSCI Japan ETF 3,191,839 161,794,319 
iShares S&P 500 Index ETF 230,790 58,069,072 
TOTAL INVESTMENT COMPANIES   
(Cost $620,571,640)  598,361,435 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $7,674,252,699)  8,677,436,587 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (159,261,546) 
NET ASSETS - 100%  $8,518,175,041 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 2,917 March 2019 $141,007,780 $(15,340) $(15,340) 

The notional amount of futures purchased as a percentage of Net Assets is 1.7%

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

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $7,996,724.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,969,231 
Fidelity Commodity Strategy Central Fund 415,507 
Fidelity Communication Services Central Fund 756,920 
Fidelity Consumer Discretionary Central Fund 10,864,601 
Fidelity Consumer Staples Central Fund 16,770,448 
Fidelity Emerging Markets Debt Central Fund 689,707 
Fidelity Emerging Markets Equity Central Fund 14,871,508 
Fidelity Energy Central Fund 984,778 
Fidelity Financials Central Fund 29,982,918 
Fidelity Floating Rate Central Fund 1,316,925 
Fidelity Health Care Central Fund 24,516,049 
Fidelity High Income Central Fund 1 2,494,403 
Fidelity Industrials Central Fund 14,351,298 
Fidelity Inflation-Protected Bond Index Central Fund 9,420,644 
Fidelity Information Technology Central Fund 117,334,458 
Fidelity International Credit Central Fund 1,514,249 
Fidelity International Equity Central Fund 40,157,920 
Fidelity Investment Grade Bond Central Fund 27,667,767 
Fidelity Materials Central Fund 6,512,756 
Fidelity Money Market Central Fund 1,641,256 
Fidelity Real Estate Equity Central Fund 1,415,038 
Fidelity Securities Lending Cash Central Fund 47,321 
Fidelity Utilities Central Fund 8,446,333 
Total $334,142,035 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Affiliate Value, beginning of period Purchases Sales Proceeds Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $19,568,502 $37,332,665 $1,236,340 $(63,098) $(7,030,905) $48,570,824 19.2% 
Fidelity Communication Services Central Fund 65,756,271 168,233,897 1,983,695 (60,607) (20,460,301) 211,485,565 14.9% 
Fidelity Consumer Discretionary Central Fund 375,542,191 18,423,408 52,591,979 2,140,646 (67,701,346) 275,812,920 15.8% 
Fidelity Consumer Staples Central Fund 198,437,885 18,319,290 6,371,796 (542,517) (36,116,963) 173,725,899 15.2% 
Fidelity Emerging Markets Debt Central Fund 44,440,007 1,049,818 1,129,160 (38,688) (1,372,754) 42,949,223 33.4% 
Fidelity Emerging Markets Equity Central 210,584,026 17,566,681 8,392,167 (678,351) (27,568,450) 191,511,739 31.3% 
Fidelity Energy Central Fund 194,066,270 2,502,572 6,223,526 (1,443,850) (56,769,287) 132,132,179 15.7% 
Fidelity Financials Central Fund 600,596,106 34,708,292 23,906,428 (1,786,061) (101,621,036) 507,990,873 16.5% 
Fidelity Floating Rate Central Fund 89,995,019 2,036,802 2,258,341 (27,892) (4,176,948) 85,568,640 4.3% 
Fidelity Health Care Central Fund 520,576,948 28,327,815 28,511,625 1,805,532 (102,271,199) 419,927,471 15.4% 
Fidelity High Income Central Fund 1 141,009,521 21,492,834 3,779,703 (67,831) (9,981,055) 148,673,766 33.4% 
Fidelity Industrials Central Fund 338,907,106 16,904,320 16,296,092 (1,030,049) (81,161,649) 257,323,636 16.0% 
Fidelity Inflation-Protected Bond Index 370,474,121 12,298,819 9,033,155 (53,630) (9,740,993) 363,945,162 32.7% 
Fidelity Information Technology Central Fund 888,048,275 155,489,523 147,270,102 (8,746,744) (297,464,646) 590,056,306 15.8% 
Fidelity International Credit Central Fund 53,970,376 1,945,973 1,354,971 (28,698) (1,763,755) 52,768,925 30.6% 
Fidelity International Equity Central Fund 851,185,720 48,140,308 24,876,662 (848,662) (156,384,716) 717,215,988 31.9% 
Fidelity Investment Grade Bond Central Fund 2,984,959,552 50,783,156 279,564,893 (6,470,197) 9,172,534 2,758,880,152 36.5% 
Fidelity Materials Central Fund 89,273,982 7,232,232 2,434,639 (498,707) (20,423,524) 73,149,344 16.2% 
Fidelity Real Estate Equity Central Fund 39,408,807 1,703,358 903,818 (8,155) (4,481,768) 35,718,424 30.9% 
Fidelity Utilities Central Fund 101,941,110 9,240,429 5,405,397 198,367 (10,669,015) 95,305,494 16.2% 
Total $8,178,741,795 $653,732,192 $623,524,489 $(18,249,192) $(1,007,987,776) $7,182,712,530  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2018, 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 $3,729,926,662 $3,729,926,662 $-- $-- 
Fixed-Income Central Funds 3,452,785,868 3,452,785,868 -- -- 
Money Market Central Funds 888,365,898 888,365,898 -- -- 
Other Short-Term Investments 7,996,724 -- 7,996,724 -- 
Investment Companies 598,361,435 598,361,435 -- -- 
Total Investments in Securities: $8,677,436,587 $8,669,439,863 $7,996,724 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(15,340) $(15,340) $-- $-- 
Total Liabilities $(15,340) $(15,340) $-- $-- 
Total Derivative Instruments: $(15,340) $(15,340) $-- $-- 

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.

Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

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, 2018







SAN-QTLY-0219
1.849920.111





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 53.4%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 3,419,891 $15,868,295 
Fidelity Communication Services Central Fund (a) 497,116 83,659,715 
Fidelity Consumer Discretionary Central Fund (a) 384,111 109,237,243 
Fidelity Consumer Staples Central Fund (a) 413,572 68,797,649 
Fidelity Emerging Markets Equity Central Fund (a) 430,637 81,915,827 
Fidelity Energy Central Fund (a) 543,972 51,786,120 
Fidelity Financials Central Fund (a) 2,315,970 200,933,591 
Fidelity Health Care Central Fund (a) 429,558 165,925,559 
Fidelity Industrials Central Fund (a) 438,677 101,922,114 
Fidelity Information Technology Central Fund (a) 746,882 232,758,421 
Fidelity International Equity Central Fund (a) 4,012,373 275,770,363 
Fidelity Materials Central Fund (a) 160,141 28,979,051 
Fidelity Real Estate Equity Central Fund (a) 124,496 12,097,279 
Fidelity Utilities Central Fund (a) 219,447 37,338,952 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $1,371,940,279)  1,466,990,179 
Fixed-Income Central Funds - 33.5%   
High Yield Fixed-Income Funds - 3.3%   
Fidelity Emerging Markets Debt Central Fund (a) 1,526,615 13,907,460 
Fidelity Floating Rate Central Fund (a) 282,641 27,826,014 
Fidelity High Income Central Fund 1 (a) 555,076 48,963,241 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  90,696,715 
Investment Grade Fixed-Income Funds - 30.2%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 1,086,588 105,920,606 
Fidelity International Credit Central Fund (a) 187,140 17,748,383 
Fidelity Investment Grade Bond Central Fund (a) 6,715,751 707,974,502 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  831,643,491 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $928,377,043)  922,340,206 
Money Market Central Funds - 2.65%   
Fidelity Cash Central Fund, 2.42%(b) 149,625,961 149,655,886 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 20,474,253 20,476,300 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $170,132,153)  170,132,186 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.36% to 2.39% 3/21/19 to 3/28/19 (d)   
(Cost $2,566,194) 2,580,000 2,566,118 
 Shares Value 
Investment Companies - 7.6%   
iShares 20+ Year Treasury Bond ETF (e) 434,396 $52,783,458 
iShares Core MSCI Emerging Markets ETF 1,327,018 62,568,899 
iShares MSCI EAFE Index ETF 309,847 18,212,807 
iShares MSCI Japan ETF 1,116,647 56,602,836 
iShares S&P 500 Index ETF 73,919 18,598,760 
TOTAL INVESTMENT COMPANIES   
(Cost $218,524,583)  208,766,760 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $2,691,540,252)  2,770,795,449 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (21,108,776) 
NET ASSETS - 100%  $2,749,686,673 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 937 March 2019 $45,294,580 $(4,921) $(4,921) 

The notional amount of futures purchased as a percentage of Net Assets is 1.6%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-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) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,566,118.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $670,580 
Fidelity Commodity Strategy Central Fund 134,687 
Fidelity Communication Services Central Fund 293,693 
Fidelity Consumer Discretionary Central Fund 4,278,691 
Fidelity Consumer Staples Central Fund 6,598,168 
Fidelity Emerging Markets Debt Central Fund 219,290 
Fidelity Emerging Markets Equity Central Fund 6,282,219 
Fidelity Energy Central Fund 382,154 
Fidelity Financials Central Fund 11,778,660 
Fidelity Floating Rate Central Fund 422,132 
Fidelity Health Care Central Fund 9,628,862 
Fidelity High Income Central Fund 1 810,420 
Fidelity Industrials Central Fund 5,647,963 
Fidelity Inflation-Protected Bond Index Central Fund 2,726,010 
Fidelity Information Technology Central Fund 46,077,319 
Fidelity International Credit Central Fund 503,437 
Fidelity International Equity Central Fund 15,320,828 
Fidelity Investment Grade Bond Central Fund 7,023,612 
Fidelity Materials Central Fund 2,562,455 
Fidelity Real Estate Equity Central Fund 475,489 
Fidelity Securities Lending Cash Central Fund 6,139 
Fidelity Utilities Central Fund 3,288,283 
Total $125,131,091 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Affiliate Value, beginning of period Purchases Sales Proceeds Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $6,208,063 $12,190,440 $231,423 $(7,316) $(2,291,469) $15,868,295 6.3% 
Fidelity Communication Services Central Fund 25,236,956 67,064,256 642,856 (12,754) (7,985,887) 83,659,715 5.9% 
Fidelity Consumer Discretionary Central Fund 146,591,048 8,042,723 19,713,816 276,682 (25,959,394) 109,237,243 6.2% 
Fidelity Consumer Staples Central Fund 77,436,400 8,165,173 2,387,440 (195,773) (14,220,711) 68,797,649 6.0% 
Fidelity Emerging Markets Debt Central Fund 14,038,818 519,519 202,274 (4,455) (444,148) 13,907,460 10.8% 
Fidelity Emerging Markets Equity Central Fund 86,313,715 9,176,667 1,774,798 (98,221) (11,701,536) 81,915,827 13.4% 
Fidelity Energy Central Fund 74,167,253 1,822,554 1,791,517 (187,517) (22,224,653) 51,786,120 6.1% 
Fidelity Financials Central Fund 232,217,880 16,467,402 7,301,095 (394,294) (40,056,302) 200,933,591 6.5% 
Fidelity Floating Rate Central Fund 28,561,552 1,021,044 404,551 (4,876) (1,347,155) 27,826,014 1.4% 
Fidelity Health Care Central Fund 200,381,288 13,437,998 8,681,783 235,954 (39,447,898) 165,925,559 6.1% 
Fidelity High Income Central Fund 1 45,397,134 7,516,311 680,781 (17,572) (3,251,851) 48,963,241 11.0% 
Fidelity Industrials Central Fund 131,422,312 8,177,196 5,576,356 (337,047) (31,763,991) 101,922,114 6.4% 
Fidelity Inflation-Protected Bond Index Central Fund 105,329,508 4,851,830 1,436,138 (8,558) (2,816,036) 105,920,606 9.5% 
Fidelity Information Technology Central Fund 346,993,488 61,962,595 56,450,164 (4,348,417) (115,399,081) 232,758,421 6.2% 
Fidelity International Credit Central Fund 17,721,958 863,180 243,177 (1,254) (592,324) 17,748,383 10.3% 
Fidelity International Equity Central Fund 317,382,540 23,290,559 5,536,149 (321,506) (59,045,081) 275,770,363 12.3% 
Fidelity Investment Grade Bond Central Fund 770,665,936 21,765,466 85,052,852 (2,535,851) 3,131,803 707,974,502 9.4% 
Fidelity Materials Central Fund 34,661,738 3,287,707 800,917 (85,865) (8,083,612) 28,979,051 6.4% 
Fidelity Real Estate Equity Central Fund 13,057,670 715,142 161,943 (4,087) (1,509,503) 12,097,279 10.5% 
Fidelity Utilities Central Fund 39,143,517 4,093,194 1,804,866 27,672 (4,120,565) 37,338,952 6.3% 
Total $2,712,928,774 $274,430,956 $200,874,896 $(8,025,055) $(389,129,394) $2,389,330,385  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2018, 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 $1,466,990,179 $1,466,990,179 $-- $-- 
Fixed-Income Central Funds 922,340,206 922,340,206 -- -- 
Money Market Central Funds 170,132,186 170,132,186 -- -- 
Other Short-Term Investments 2,566,118 -- 2,566,118 -- 
Investment Companies 208,766,760 208,766,760 -- -- 
Total Investments in Securities: $2,770,795,449 $2,768,229,331 $2,566,118 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(4,921) $(4,921) $-- $-- 
Total Liabilities $(4,921) $(4,921) $-- $-- 
Total Derivative Instruments: $(4,921) $(4,921) $-- $-- 

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.

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, 2018







AMG-QTLY-0219
1.811339.114





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 63.4%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 7,082,832 $32,864,341 
Fidelity Communication Services Central Fund (a) 1,029,737 173,294,406 
Fidelity Consumer Discretionary Central Fund (a) 794,052 225,820,488 
Fidelity Consumer Staples Central Fund (a) 851,282 141,610,703 
Fidelity Emerging Markets Equity Central Fund (a) 829,166 157,724,038 
Fidelity Energy Central Fund (a) 1,131,620 107,730,204 
Fidelity Financials Central Fund (a) 4,790,293 415,605,843 
Fidelity Health Care Central Fund (a) 888,037 343,021,919 
Fidelity Industrials Central Fund (a) 907,119 210,759,921 
Fidelity Information Technology Central Fund (a) 1,544,004 481,173,538 
Fidelity International Equity Central Fund (a) 8,611,824 591,890,687 
Fidelity Materials Central Fund (a) 327,417 59,249,395 
Fidelity Real Estate Equity Central Fund (a) 214,418 20,835,013 
Fidelity Utilities Central Fund (a) 454,890 77,399,563 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $2,362,087,552)  3,038,980,059 
Fixed-Income Central Funds - 22.8%   
High Yield Fixed-Income Funds - 3.4%   
Fidelity Emerging Markets Debt Central Fund (a) 2,577,502 23,481,041 
Fidelity Floating Rate Central Fund (a) 488,287 48,071,834 
Fidelity High Income Central Fund 1 (a) 1,045,645 92,236,307 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  163,789,182 
Investment Grade Fixed-Income Funds - 19.4%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 1,847,740 180,117,649 
Fidelity International Credit Central Fund (a) 332,148 31,500,880 
Fidelity Investment Grade Bond Central Fund (a) 6,786,064 715,386,915 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  927,005,444 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $1,092,143,392)  1,090,794,626 
Money Market Central Funds - 5.9%   
Fidelity Cash Central Fund, 2.42%(b) 257,975,584 258,027,179 
Fidelity Money Market Central Fund, 2.65% (b) 4,078,908 4,078,908 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 20,356,113 20,358,148 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $282,464,190)  282,464,235 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.36% to 2.39% 3/21/19 to 3/28/19 (d)   
(Cost $4,505,755) 4,530,000 4,505,623 
 Shares Value 
Investment Companies - 8.2%   
iShares 20+ Year Treasury Bond ETF 700,609 $85,131,000 
iShares Core MSCI Emerging Markets ETF 2,820,512 132,987,141 
iShares MSCI EAFE Index ETF 541,002 31,800,098 
iShares MSCI Japan ETF (e) 2,196,507 111,340,940 
iShares S&P 500 Index ETF 129,062 32,473,290 
TOTAL INVESTMENT COMPANIES   
(Cost $409,303,130)  393,732,469 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $4,150,504,019)  4,810,477,012 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (20,911,961) 
NET ASSETS - 100%  $4,789,565,051 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 1,644 March 2019 $79,470,960 $(11,887) $(11,887) 

The notional amount of futures purchased as a percentage of Net Assets is 1.7%

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

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,505,623.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,168,759 
Fidelity Commodity Strategy Central Fund 281,477 
Fidelity Communication Services Central Fund 615,370 
Fidelity Consumer Discretionary Central Fund 8,933,021 
Fidelity Consumer Staples Central Fund 13,709,698 
Fidelity Emerging Markets Debt Central Fund 374,895 
Fidelity Emerging Markets Equity Central Fund 12,293,018 
Fidelity Energy Central Fund 805,088 
Fidelity Financials Central Fund 24,600,487 
Fidelity Floating Rate Central Fund 736,491 
Fidelity Health Care Central Fund 20,096,658 
Fidelity High Income Central Fund 1 1,532,499 
Fidelity Industrials Central Fund 11,793,309 
Fidelity Inflation-Protected Bond Index Central Fund 4,671,750 
Fidelity Information Technology Central Fund 96,178,664 
Fidelity International Credit Central Fund 901,061 
Fidelity International Equity Central Fund 33,273,613 
Fidelity Investment Grade Bond Central Fund 7,239,882 
Fidelity Materials Central Fund 5,293,652 
Fidelity Money Market Central Fund 25,387 
Fidelity Real Estate Equity Central Fund 826,428 
Fidelity Securities Lending Cash Central Fund 30,779 
Fidelity Utilities Central Fund 6,877,993 
Total $252,259,979 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $11,109,600 $27,233,414 $639,361  $(26,243 ) $(4,813,069) $32,864,341 13.0% 
Fidelity Communication Services Central Fund 53,100,575 138,339,515  1,418,769  (17,031 ) (16,709,884) 173,294,406 12.2% 
Fidelity Consumer Discretionary Central Fund 305,835,749 15,895,848 42,242,205  4,922,196  (58,591,100) 225,820,488 12.9% 
Fidelity Consumer Staples Central Fund 161,273,817 14,821,118 4,520,857  (274,636 ) (29,688,739) 141,610,703 12.4% 
Fidelity Emerging Markets Debt Central Fund 24,101,472 635,927  490,907  (3,792 ) (761,659) 23,481,041 18.3% 
Fidelity Emerging Markets Equity Central Fund 170,926,385 14,996,607  4,985,297  (566,141 ) (22,647,516) 157,724,038 25.8% 
Fidelity Energy Central Fund 157,433,278 1,886,865  4,277,886  (474,141 ) (46,837,912) 107,730,204 12.8% 
Fidelity Financials Central Fund 487,907,530 27,976,615  15,627,683  (814,771 ) (83,835,848) 415,605,843 13.5% 
Fidelity Floating Rate Central Fund 50,152,839 1,257,749  981,815  (9,887 ) (2,347,052) 48,071,834 2.4% 
Fidelity Health Care Central Fund 425,031,712 22,831,663 22,567,713  2,544,995  (84,818,738) 343,021,919 12.6% 
Fidelity High Income Central Fund 1 81,395,390 18,716,253 1,708,152  (29,890 ) (6,137,294) 92,236,307 20.7% 
Fidelity Industrials Central Fund 273,287,926 13,618,273  9,099,204  (386,488 ) (66,660,586) 210,759,921 13.1% 
Fidelity Inflation-Protected Bond Index Central Fund 181,866,950 6,443,008  3,338,141  (32,668 ) (4,821,500) 180,117,649 16.2% 
Fidelity Information Technology Central Fund 727,665,877 124,162,206  120,278,713  (4,283,020 ) (246,092,812) 481,173,538 12.9% 
Fidelity International Credit Central Fund 31,939,898 1,213,922  589,370  (4,293 ) (1,059,277) 31,500,880 18.3% 
Fidelity International Equity Central Fund 695,253,200 41,810,410  15,801,188  (106,617 ) (129,265,118) 591,890,687 26.3% 
Fidelity Investment Grade Bond Central Fund 872,914,296 14,955,787  172,329,840  (777,648 ) 624,320 715,386,915 9.5% 
Fidelity Materials Central Fund 72,029,991 6,008,952 1,866,726  (305,025 ) (16,617,797) 59,249,395 13.1% 
Fidelity Real Estate Equity Central Fund 22,824,385 1,034,858  392,769  1,977  (2,633,438) 20,835,013 18.0% 
Fidelity Utilities Central Fund 82,470,426 7,452,366  3,974,987  206,986  (8,755,228) 77,399,563 13.1% 
Total $4,888,521,296 $501,291,356  $427,131,583  $(436,137 ) $(832,470,247) $4,129,774,685  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2018, 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 $3,038,980,059 $3,038,980,059 $-- $-- 
Fixed-Income Central Funds 1,090,794,626 1,090,794,626 -- -- 
Money Market Central Funds 282,464,235 282,464,235 -- -- 
Other Short-Term Investments 4,505,623 -- 4,505,623 -- 
Investment Companies 393,732,469 393,732,469 -- -- 
Total Investments in Securities: $4,810,477,012 $4,805,971,389 $4,505,623 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(11,887) $(11,887) $-- $-- 
Total Liabilities $(11,887) $(11,887) $-- $-- 
Total Derivative Instruments: $(11,887) $(11,887) $-- $-- 

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.

Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

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, 2018







AGG-QTLY-0219
1.811344.114





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 76.6%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 3,876,264 $17,985,863 
Fidelity Communication Services Central Fund (a) 606,107 102,001,707 
Fidelity Consumer Discretionary Central Fund (a) 465,449 132,369,091 
Fidelity Consumer Staples Central Fund (a) 500,461 83,251,687 
Fidelity Emerging Markets Equity Central Fund (a) 490,810 93,361,932 
Fidelity Energy Central Fund (a) 662,522 63,072,090 
Fidelity Financials Central Fund (a) 2,809,411 243,744,491 
Fidelity Health Care Central Fund (a) 521,430 201,412,738 
Fidelity Industrials Central Fund (a) 531,301 123,442,492 
Fidelity Information Technology Central Fund (a) 906,148 282,391,906 
Fidelity International Equity Central Fund (a) 4,023,526 276,536,928 
Fidelity Materials Central Fund (a) 193,247 34,969,934 
Fidelity Real Estate Equity Central Fund (a) 105,407 10,242,352 
Fidelity Utilities Central Fund (a) 267,599 45,531,905 
iShares MSCI EAFE Index ETF 251,434 14,779,291 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $1,462,317,578)  1,725,094,407 
Fixed-Income Central Funds - 9.8%   
High Yield Fixed-Income Funds - 1.5%   
Fidelity Emerging Markets Debt Central Fund (a) 3,575 32,572 
Fidelity Floating Rate Central Fund (a) 256,559 25,258,211 
Fidelity High Income Central Fund 1 (a) 84,675 7,469,199 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  32,759,982 
Investment Grade Fixed-Income Funds - 8.3%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 768,578 74,921,003 
Fidelity International Credit Central Fund (a) 159,333 15,111,184 
Fidelity Investment Grade Bond Central Fund (a) 922,572 97,257,571 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  187,289,758 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $224,592,414)  220,049,740 
Money Market Central Funds - 5.7%   
Fidelity Cash Central Fund, 2.42% (b) 110,799,080 110,821,240 
Fidelity Securities Lending Cash Central Fund 2.41% (b)(c) 17,704,230 17,706,000 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $128,527,192)  128,527,240 
 Principal Amount Value 
U.S. Treasury Obligations - 0.3%   
U.S. Treasury Bills, yield at date of purchase 2.23% to 2.39% 1/10/19 to 3/28/19 (d)   
(Cost $5,763,770) 5,780,000 5,763,778 
 Shares Value 
Investment Companies - 8.4%   
iShares 20+ Year Treasury Bond ETF 341,831 $41,535,885 
iShares Core MSCI Emerging Markets ETF 1,373,673 64,768,680 
iShares MSCI Japan ETF (e) 1,115,552 56,547,331 
iShares S&P 500 Index ETF 107,702 27,098,900 
TOTAL INVESTMENT COMPANIES   
(Cost $198,194,049)  189,950,796 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $2,019,395,003)  2,269,385,961 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (16,921,812) 
NET ASSETS - 100%  $2,252,464,149 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 769 March 2019 $65,980,200 $(1,450,192) $(1,450,192) 
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 771 March 2019 37,270,140 (8,194) (8,194) 
TOTAL FUTURES CONTRACTS     $(1,458,386) 

The notional amount of futures purchased as a percentage of Net Assets is 4.6%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-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, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,763,778.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $520,967 
Fidelity Commodity Strategy Central Fund 153,805 
Fidelity Communication Services Central Fund 362,868 
Fidelity Consumer Discretionary Central Fund 5,233,557 
Fidelity Consumer Staples Central Fund 8,046,673 
Fidelity Emerging Markets Debt Central Fund 519 
Fidelity Emerging Markets Equity Central Fund 7,248,221 
Fidelity Energy Central Fund 470,783 
Fidelity Financials Central Fund 14,410,585 
Fidelity Floating Rate Central Fund 386,928 
Fidelity Health Care Central Fund 11,783,498 
Fidelity High Income Central Fund 1 114,081 
Fidelity Industrials Central Fund 6,898,988 
Fidelity Inflation-Protected Bond Index Central Fund 1,941,572 
Fidelity Information Technology Central Fund 56,427,800 
Fidelity International Credit Central Fund 430,837 
Fidelity International Equity Central Fund 15,528,644 
Fidelity Investment Grade Bond Central Fund 1,049,696 
Fidelity Materials Central Fund 3,119,282 
Fidelity Real Estate Equity Central Fund 405,981 
Fidelity Securities Lending Cash Central Fund 3,165 
Fidelity Utilities Central Fund 4,039,261 
Total $138,577,711 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $5,254,334 $15,910,221 $507,163 $(22,445) $(2,649,084) $17,985,863 7.1% 
Fidelity Communication Services Central Fund 31,246,126 81,434,850 846,582 (37,344) (9,795,343) 102,001,707 7.2% 
Fidelity Consumer Discretionary Central Fund 179,272,265 9,593,275 24,937,860 121,742 (31,680,331) 132,369,091 7.6% 
Fidelity Consumer Staples Central Fund 94,149,069 9,752,581 3,060,700 (241,770) (17,347,493) 83,251,687 7.3% 
Fidelity Emerging Markets Debt Central Fund 33,110 519 -- -- (1,057) 32,572 0.0% 
Fidelity Emerging Markets Equity Central Fund 100,814,435 10,255,927 3,980,436 (438,995) (13,288,999) 93,361,932 15.2% 
Fidelity Energy Central Fund 91,590,211 2,050,903 2,813,689 (509,773) (27,245,562) 63,072,090 7.5% 
Fidelity Financials Central Fund 284,577,379 19,525,751 10,695,614 (843,397) (48,819,628) 243,744,491 7.9% 
Fidelity Floating Rate Central Fund 26,312,498 838,415 655,141 (7,300) (1,230,261) 25,258,211 1.3% 
Fidelity Health Care Central Fund 247,033,881 15,927,568 13,294,829 31,402 (48,285,284) 201,412,738 7.4% 
Fidelity High Income Central Fund 1 -- 8,097,577 190,096 (2,971) (435,311) 7,469,199 1.7% 
Fidelity Industrials Central Fund 159,657,163 9,657,689 6,518,485 (693,702) (38,660,173) 123,442,492 7.7% 
Fidelity Inflation-Protected Bond Index Central Fund 75,609,661 3,295,127 1,964,852 (19,552) (1,999,381) 74,921,003 6.7% 
Fidelity Information Technology Central Fund 422,098,333 77,508,201 70,332,076 (6,563,548) (140,319,004) 282,391,906 7.6% 
Fidelity International Credit Central Fund 15,311,785 701,643 393,066 (3,720) (505,458) 15,111,184 8.8% 
Fidelity International Equity Central Fund 326,025,765 23,636,097 12,507,543 (493,914) (60,123,477) 276,536,928 12.3% 
Fidelity Investment Grade Bond Central Fund 194,762,946 3,999,420 100,833,026 (2,798,226) 2,126,457 97,257,571 1.3% 
Fidelity Materials Central Fund 42,176,748 3,913,585 1,122,137 (235,229) (9,763,033) 34,969,934 7.8% 
Fidelity Real Estate Equity Central Fund 11,209,439 586,774 262,301 (5,964) (1,285,596) 10,242,352 8.9% 
Fidelity Utilities Central Fund 48,158,744 4,911,854 2,515,118 (21,209) (5,002,366) 45,531,905 7.7% 
Total $2,355,293,892 $301,597,977 $257,430,714 $(12,785,915) $(456,310,384) $1,930,364,856  

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2018, 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 $1,725,094,407 $1,725,094,407 $-- $-- 
Fixed-Income Central Funds 220,049,740 220,049,740 -- -- 
Money Market Central Funds 128,527,240 128,527,240 -- -- 
Other Short-Term Investments 5,763,778 -- 5,763,778 -- 
Investment Companies 189,950,796 189,950,796 -- -- 
Total Investments in Securities: $2,269,385,961 $2,263,622,183 $5,763,778 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(1,458,386) $(1,458,386) $-- $-- 
Total Liabilities $(1,458,386) $(1,458,386) $-- $-- 
Total Derivative Instruments: $(1,458,386) $(1,458,386) $-- $-- 

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.

Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

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.

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/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

February 28, 2019


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



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

February 28, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

February 28, 2019