N-Q 1 filing848.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   811-03407


Fidelity Boylston Street Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

March 31



Date of reporting period:

June 30, 2016


Item 1.

Schedule of Investments





Quarterly Holdings Report
for

Fidelity® Multi-Manager 2015 Fund
(formerly Strategic Advisers® Multi-Manager 2015 Fund)

June 30, 2016







O15-QTLY-0816
1.954285.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 38.9%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 4,343 $24,188 
Strategic Advisers Core Multi-Manager Fund Class F (b) 13,833 167,377 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 10,694 139,240 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 8,309 83,917 
Strategic Advisers Value Multi-Manager Fund Class F (b) 12,381 167,762 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $620,973)  582,484 
International Equity Funds - 19.2%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 12,254 105,876 
Strategic Advisers International Multi-Manager Fund Class F (b) 16,551 180,738 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $315,504)  286,614 
Bond Funds - 33.0%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 1,012 10,145 
Fidelity Series Floating Rate High Income Fund Class F (b) 413 3,801 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 2,794 27,995 
Fidelity Series Real Estate Income Fund Class F (b) 671 7,490 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 39,779 400,182 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 4,636 44,133 
TOTAL BOND FUNDS   
(Cost $487,482)  493,746 
Short-Term Funds - 8.9%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 86,529 86,529 
Fidelity Series Short-Term Credit Fund Class F (b) 4,626 46,444 
TOTAL SHORT-TERM FUNDS   
(Cost $132,743)  132,973 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,556,702)  1,495,817 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (121) 
NET ASSETS - 100%  $1,495,696 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $79,055 $20,421 $12,947 $62  $86,529 
Fidelity Series Commodity Strategy Fund Class F 21,585 3,609 3,526 -- 24,188 
Fidelity Series Emerging Markets Debt Fund Class F 10,915 168 1,494 146  10,145 
Fidelity Series Floating Rate High Income Fund Class F 4,267 52 622 43  3,801 
Fidelity Series Inflation-Protected Bond Index Fund Class F 32,684 232 5,296 18  27,995 
Fidelity Series Real Estate Income Fund Class F 8,341 111 1,170 94 7,490 
Fidelity Series Short-Term Credit Fund Class F 42,482 10,696 6,972 121 46,444 
Strategic Advisers Core Income Multi-Manager Fund Class F 487,943 3,549 99,491 2,639  400,182 
Strategic Advisers Core Multi-Manager Fund Class F 197,019 375  33,651 -- 167,377 
Strategic Advisers Emerging Markets Fund of Funds Class F 118,496 2,543 17,019 -- 105,876 
Strategic Advisers Growth Multi-Manager Fund Class F 164,402 2,411  27,845 -- 139,240 
Strategic Advisers Income Opportunities Fund of Funds Class F 50,996 697 8,875 689  44,133 
Strategic Advisers International Multi-Manager Fund Class F 199,533 12,867 31,098 -- 180,738 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 98,673 187 16,937 -- 83,917 
Strategic Advisers Value Multi-Manager Fund Class F 196,814 375  32,783 -- 167,762 
Total $1,713,205 $58,293 $299,726 $3,812 $1,495,817 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,562,183. Net unrealized depreciation aggregated $66,366 of which $18,421 related to appreciated investment securities and $84,787 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager Income Fund
(formerly Strategic Advisers® Multi-Manager Income Fund)

June 30, 2016







OIN-QTLY-0816
1.954310.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 18.1%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 3,806 $21,201 
Strategic Advisers Core Multi-Manager Fund Class F (b) 5,101 61,719 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 3,943 51,343 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 3,064 30,943 
Strategic Advisers Value Multi-Manager Fund Class F (b) 4,566 61,864 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $237,779)  227,070 
International Equity Funds - 9.8%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 6,665 57,590 
Strategic Advisers International Multi-Manager Fund Class F (b) 5,970 65,190 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $128,533)  122,780 
Bond Funds - 46.2%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 821 8,224 
Fidelity Series Floating Rate High Income Fund Class F (b) 345 3,181 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 4,788 47,977 
Fidelity Series Real Estate Income Fund Class F (b) 549 6,134 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 47,762 480,481 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 3,633 34,585 
TOTAL BOND FUNDS   
(Cost $571,887)  580,582 
Short-Term Funds - 25.9%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 212,028 212,028 
Fidelity Series Short-Term Credit Fund Class F (b) 11,384 114,300 
TOTAL SHORT-TERM FUNDS   
(Cost $325,699)  326,328 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,263,898)  1,256,760 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (64) 
NET ASSETS - 100%  $1,256,696 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $170,557 $54,586 $13,115 $133 $212,028 
Fidelity Series Commodity Strategy Fund Class F 12,821 11,900 5,517 -- 21,201 
Fidelity Series Emerging Markets Debt Fund Class F 6,498 1,805 481 99 8,224 
Fidelity Series Floating Rate High Income Fund Class F 2,578 741 200 30 3,181 
Fidelity Series Inflation-Protected Bond Index Fund Class F 39,172 11,411 3,257 25 47,977 
Fidelity Series Real Estate Income Fund Class F 4,962 1,413 377 77 6,134 
Fidelity Series Short-Term Credit Fund Class F 92,426 28,343 7,065 261 114,300 
Strategic Advisers Core Income Multi-Manager Fund Class F 400,970 111,096 40,561 2,591 480,481 
Strategic Advisers Core Multi-Manager Fund Class F 53,445 14,633 7,345 -- 61,719 
Strategic Advisers Emerging Markets Fund of Funds Class F 45,826 13,877 3,459 -- 57,590 
Strategic Advisers Growth Multi-Manager Fund Class F 44,598 12,698 5,904 -- 51,343 
Strategic Advisers Income Opportunities Fund of Funds Class F 31,145 4,923 2,328 441 34,585 
Strategic Advisers International Multi-Manager Fund Class F 46,760 23,099 4,276 -- 65,190 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 26,768 7,316 3,724 -- 30,943 
Strategic Advisers Value Multi-Manager Fund Class F 53,390 14,633 7,005 -- 61,864 
Total $1,031,916 $312,474 $104,614 $3,657 $1,256,760 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,269,852. Net unrealized depreciation aggregated $13,092, of which $16,761 related to appreciated investment securities and $29,853 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2050 Fund
(formerly Strategic Advisers® Multi-Manager 2050 Fund)

June 30, 2016







O50-QTLY-0816
1.954306.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.4%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 4,024 $22,413 
Strategic Advisers Core Multi-Manager Fund Class F (b) 21,345 258,274 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 16,502 214,858 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 12,820 129,478 
Strategic Advisers Value Multi-Manager Fund Class F (b) 19,105 258,875 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $919,016)  883,898 
International Equity Funds - 30.3%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 15,413 133,172 
Strategic Advisers International Multi-Manager Fund Class F (b) 25,892 282,738 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $442,902)  415,910 
Bond Funds - 5.3%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 916 9,183 
Fidelity Series Floating Rate High Income Fund Class F (b) 378 3,480 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 756 7,576 
Fidelity Series Real Estate Income Fund Class F (b) 615 6,868 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 676 6,803 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 4,014 38,215 
TOTAL BOND FUNDS   
(Cost $74,814)  72,125 
Short-Term Funds - 0.0%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 432 432 
Fidelity Series Short-Term Credit Fund Class F (b) 22 221 
TOTAL SHORT-TERM FUNDS   
(Cost $651)  653 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,437,383)  1,372,586 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (129) 
NET ASSETS - 100%  $1,372,457 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $431 $32 $32 $-- $432 
Fidelity Series Commodity Strategy Fund Class F 17,336 4,189 1,324 -- 22,413 
Fidelity Series Emerging Markets Debt Fund Class F 8,585 764 631 122 9,183 
Fidelity Series Floating Rate High Income Fund Class F 3,358 303 263 36 3,480 
Fidelity Series Inflation-Protected Bond Index Fund Class F 6,986 1,111 612 7,576 
Fidelity Series Real Estate Income Fund Class F 6,605 588 494 85 6,868 
Fidelity Series Short-Term Credit Fund Class F 219 22 21 221 
Strategic Advisers Core Income Multi-Manager Fund Class F 6,761 935 1,023 41 6,803 
Strategic Advisers Core Multi-Manager Fund Class F 258,069 18,534 23,594 -- 258,274 
Strategic Advisers Emerging Markets Fund of Funds Class F 126,946 12,974 9,535 -- 133,172 
Strategic Advisers Growth Multi-Manager Fund Class F 215,609 18,299 19,645 -- 214,858 
Strategic Advisers Income Opportunities Fund of Funds Class F 39,163 1,170 3,138 540 38,215 
Strategic Advisers International Multi-Manager Fund Class F 272,269 33,033 21,450 -- 282,738 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 129,729 7,831 11,153 -- 129,478 
Strategic Advisers Value Multi-Manager Fund Class F 258,133 16,595 20,677 -- 258,875 
Total $1,350,199 $116,380 $113,592 $829 $1,372,586 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,465,837. Net unrealized depreciation aggregated $93,251, of which $15,768 related to appreciated investment securities and $109,019 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2030 Fund
(formerly Strategic Advisers® Multi-Manager 2030 Fund)

June 30, 2016







O30-QTLY-0816
1.954292.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.7%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 5,021 $27,969 
Strategic Advisers Core Multi-Manager Fund Class F (b) 23,185 280,539 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 17,925 233,380 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 13,925 140,642 
Strategic Advisers Value Multi-Manager Fund Class F (b) 20,753 281,197 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $986,192)  963,727 
International Equity Funds - 27.5%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 17,515 151,329 
Strategic Advisers International Multi-Manager Fund Class F (b) 28,126 307,133 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $488,577)  458,462 
Bond Funds - 14.8%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 1,090 10,923 
Fidelity Series Floating Rate High Income Fund Class F (b) 459 4,224 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 940 9,417 
Fidelity Series Real Estate Income Fund Class F (b) 735 8,208 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 16,709 168,097 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 4,796 45,659 
TOTAL BOND FUNDS   
(Cost $245,449)  246,528 
Short-Term Funds - 0.0%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 536 536 
Fidelity Series Short-Term Credit Fund Class F (b) 29 289 
TOTAL SHORT-TERM FUNDS   
(Cost $823)  825 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,721,041)  1,669,542 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (153) 
NET ASSETS - 100%  $1,669,389 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $479 $84 $27 $-- $536 
Fidelity Series Commodity Strategy Fund Class F 18,828 11,918 5,445 -- 27,969 
Fidelity Series Emerging Markets Debt Fund Class F 9,206 1,718 539 136 10,923 
Fidelity Series Floating Rate High Income Fund Class F 3,660 700 225 41 4,224 
Fidelity Series Inflation-Protected Bond Index Fund Class F 7,578 2,229 505 9,417 
Fidelity Series Real Estate Income Fund Class F 7,102 1,340 422 101 8,208 
Fidelity Series Short-Term Credit Fund Class F 255 60 27 289 
Strategic Advisers Core Income Multi-Manager Fund Class F 141,028 33,084 9,085 901 168,097 
Strategic Advisers Core Multi-Manager Fund Class F 253,389 42,181 20,068 -- 280,539 
Strategic Advisers Emerging Markets Fund of Funds Class F 129,851 25,666 7,691 -- 151,329 
Strategic Advisers Growth Multi-Manager Fund Class F 211,438 38,846 17,231 -- 233,380 
Strategic Advisers Income Opportunities Fund of Funds Class F 43,810 3,323 2,650 619 45,659 
Strategic Advisers International Multi-Manager Fund Class F 264,490 60,707 16,723 -- 307,133 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 126,904 21,009 10,134 -- 140,642 
Strategic Advisers Value Multi-Manager Fund Class F 253,127 41,872 18,371 -- 281,197 
Total $1,471,145 $284,737 $109,143 $1,804 $1,669,542 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,734,437. Net unrealized depreciation aggregated $64,895, of which $32,613 related to appreciated investment securities and $97,508 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2055 Fund
(formerly Strategic Advisers® Multi-Manager 2055 Fund)

June 30, 2016







O55-QTLY-0816
1.954308.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.4%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 3,847 $21,428 
Strategic Advisers Core Multi-Manager Fund Class F (b) 20,653 249,905 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 15,968 207,899 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 12,404 125,281 
Strategic Advisers Value Multi-Manager Fund Class F (b) 18,486 250,483 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $894,590)  854,996 
International Equity Funds - 30.3%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 14,884 128,595 
Strategic Advisers International Multi-Manager Fund Class F (b) 25,030 273,331 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $431,465)  401,926 
Bond Funds - 5.3%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 898 8,994 
Fidelity Series Floating Rate High Income Fund Class F (b) 366 3,372 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 706 7,076 
Fidelity Series Real Estate Income Fund Class F (b) 597 6,671 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 654 6,583 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 3,976 37,849 
TOTAL BOND FUNDS   
(Cost $73,285)  70,545 
Short-Term Funds - 0.0%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 420 420 
Fidelity Series Short-Term Credit Fund Class F (b) 20 199 
TOTAL SHORT-TERM FUNDS   
(Cost $618)  619 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,399,958)  1,328,086 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (127) 
NET ASSETS - 100%  $1,327,959 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $439 $40 $59 $-- $420 
Fidelity Series Commodity Strategy Fund Class F 17,731 4,169 2,594 -- 21,428 
Fidelity Series Emerging Markets Debt Fund Class F 8,817 908 1,189 121 8,994 
Fidelity Series Floating Rate High Income Fund Class F 3,424 363 496 35 3,372 
Fidelity Series Inflation-Protected Bond Index Fund Class F 7,044 942 998 7,076 
Fidelity Series Real Estate Income Fund Class F 6,737 699 931 82 6,671 
Fidelity Series Short-Term Credit Fund Class F 211 27 40 199 
Strategic Advisers Core Income Multi-Manager Fund Class F 6,894 995 1,434 40 6,583 
Strategic Advisers Core Multi-Manager Fund Class F 263,072 22,734 40,816 -- 249,905 
Strategic Advisers Emerging Markets Fund of Funds Class F 129,496 14,795 18,141 -- 128,595 
Strategic Advisers Growth Multi-Manager Fund Class F 219,840 21,578 33,928 -- 207,899 
Strategic Advisers Income Opportunities Fund of Funds Class F 39,820 2,858 5,822 533 37,849 
Strategic Advisers International Multi-Manager Fund Class F 277,647 37,635 40,421 -- 273,331 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 132,336 9,934 19,757 -- 125,281 
Strategic Advisers Value Multi-Manager Fund Class F 263,199 20,842 37,928 -- 250,483 
Total $1,376,707 $138,519 $204,554 $816 $1,328,086 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,422,192. Net unrealized depreciation aggregated $94,106, of which $17,645 related to appreciated investment securities and $111,751 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2035 Fund
(formerly Strategic Advisers® Multi-Manager 2035 Fund)

June 30, 2016







O35-QTLY-0816
1.954296.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.4%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 5,384 $29,987 
Strategic Advisers Core Multi-Manager Fund Class F (b) 28,750 347,874 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 22,227 289,398 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 17,267 174,394 
Strategic Advisers Value Multi-Manager Fund Class F (b) 25,733 348,681 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $1,229,099)  1,190,334 
International Equity Funds - 30.3%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 20,737 179,166 
Strategic Advisers International Multi-Manager Fund Class F (b) 34,857 380,633 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $591,342)  559,799 
Bond Funds - 5.3%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 1,220 12,229 
Fidelity Series Floating Rate High Income Fund Class F (b) 509 4,687 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 999 10,007 
Fidelity Series Real Estate Income Fund Class F (b) 823 9,196 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 911 9,163 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 5,510 52,452 
TOTAL BOND FUNDS   
(Cost $100,334)  97,734 
Short-Term Funds - 0.0%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 581 581 
Fidelity Series Short-Term Credit Fund Class F (b) 29 294 
TOTAL SHORT-TERM FUNDS   
(Cost $873)  875 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,921,648)  1,848,742 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (168) 
NET ASSETS - 100%  $1,848,574 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $574 $44 $36 $-- $581 
Fidelity Series Commodity Strategy Fund Class F 23,073 5,501 1,600 -- 29,987 
Fidelity Series Emerging Markets Debt Fund Class F 11,299 1,032 725 163 12,229 
Fidelity Series Floating Rate High Income Fund Class F 4,467 411 302 49 4,687 
Fidelity Series Inflation-Protected Bond Index Fund Class F 9,257 1,318 690 10,007 
Fidelity Series Real Estate Income Fund Class F 8,740 794 568 114 9,196 
Fidelity Series Short-Term Credit Fund Class F 287 30 24 294 
Strategic Advisers Core Income Multi-Manager Fund Class F 8,995 1,240 1,247 55 9,163 
Strategic Advisers Core Multi-Manager Fund Class F 343,740 22,819 25,910 -- 347,874 
Strategic Advisers Emerging Markets Fund of Funds Class F 168,959 17,412 11,067 -- 179,166 
Strategic Advisers Growth Multi-Manager Fund Class F 286,826 23,187 21,430 -- 289,398 
Strategic Advisers Income Opportunities Fund of Funds Class F 52,943 1,625 3,532 746 52,452 
Strategic Advisers International Multi-Manager Fund Class F 361,510 44,890 24,568 -- 380,633 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 172,149 10,232 12,270 -- 174,394 
Strategic Advisers Value Multi-Manager Fund Class F 343,389 21,682 23,151 -- 348,681 
Total $1,796,208 $152,217 $127,120 $1,134 $1,848,742 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,946,456. Net unrealized depreciation aggregated $97,714, of which $33,491 related to appreciated investment securities and $131,205 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2010 Fund
(formerly Strategic Advisers® Multi-Manager 2010 Fund)

June 30, 2016







O10-QTLY-0816
1.954282.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.8%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 2,167 $12,070 
Strategic Advisers Core Multi-Manager Fund Class F (b) 5,634 68,166 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 4,356 56,714 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 3,383 34,173 
Strategic Advisers Value Multi-Manager Fund Class F (b) 5,042 68,317 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $249,836)  239,440 
International Equity Funds - 16.6%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 5,486 47,401 
Strategic Advisers International Multi-Manager Fund Class F (b) 6,726 73,443 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $128,520)  120,844 
Bond Funds - 37.2%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 485 4,860 
Fidelity Series Floating Rate High Income Fund Class F (b) 201 1,847 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 1,974 19,780 
Fidelity Series Real Estate Income Fund Class F (b) 322 3,601 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 22,027 221,591 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 2,106 20,051 
TOTAL BOND FUNDS   
(Cost $268,551)  271,730 
Short-Term Funds - 13.4%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 63,702 63,702 
Fidelity Series Short-Term Credit Fund Class F (b) 3,419 34,322 
TOTAL SHORT-TERM FUNDS   
(Cost $97,848)  98,024 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $744,755)  730,038 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (47) 
NET ASSETS - 100%  $729,991 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $61,062 $18,809 $16,169 $44 $63,702 
Fidelity Series Commodity Strategy Fund Class F 9,775 4,794 3,868 -- 12,070 
Fidelity Series Emerging Markets Debt Fund Class F 4,958 834 1,182 67  4,860 
Fidelity Series Floating Rate High Income Fund Class F 1,952 339 492 20 1,847 
Fidelity Series Inflation-Protected Bond Index Fund Class F 21,280 3,735 5,493 12  19,780 
Fidelity Series Real Estate Income Fund Class F 3,787 643 926 43 3,601 
Fidelity Series Short-Term Credit Fund Class F 33,200 9,666 8,715 87 34,322 
Strategic Advisers Core Income Multi-Manager Fund Class F 246,174 38,248 67,108 1,373  221,591 
Strategic Advisers Core Multi-Manager Fund Class F 75,753 11,358 20,181 -- 68,166 
Strategic Advisers Emerging Markets Fund of Funds Class F 49,602 8,881 11,764 -- 47,401 
Strategic Advisers Growth Multi-Manager Fund Class F 63,213 10,340 16,819 -- 56,714 
Strategic Advisers Income Opportunities Fund of Funds Class F 23,422 1,576 5,512 294  20,051 
Strategic Advisers International Multi-Manager Fund Class F 75,106 18,122 19,386 -- 73,443 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 37,941 5,561 9,972 -- 34,173 
Strategic Advisers Value Multi-Manager Fund Class F 75,674 11,285 19,729 -- 68,317 
Total $782,899 $144,191 $207,316 $1,940 $730,038 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $748,419. Net unrealized depreciation aggregated $18,381, of which $11,201 related to appreciated investment securities and $29,582 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2025 Fund
(formerly Strategic Advisers® Multi-Manager 2025 Fund)

June 30, 2016







O25-QTLY-0816
1.954290.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 47.6%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 6,104 $33,999 
Strategic Advisers Core Multi-Manager Fund Class F (b) 23,795 287,914 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 18,396 239,516 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 14,291 144,343 
Strategic Advisers Value Multi-Manager Fund Class F (b) 21,298 288,589 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $1,023,737)  994,361 
International Equity Funds - 22.9%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 19,313 166,863 
Strategic Advisers International Multi-Manager Fund Class F (b) 28,501 311,235 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $502,558)  478,098 
Bond Funds - 24.9%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 1,359 13,621 
Fidelity Series Floating Rate High Income Fund Class F (b) 572 5,272 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 1,132 11,339 
Fidelity Series Real Estate Income Fund Class F (b) 922 10,299 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 41,749 419,990 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 6,401 60,935 
TOTAL BOND FUNDS   
(Cost $516,613)  521,456 
Short-Term Funds - 4.6%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 62,513 62,513 
Fidelity Series Short-Term Credit Fund Class F (b) 3,333 33,460 
TOTAL SHORT-TERM FUNDS   
(Cost $95,797)  95,973 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $2,138,705)  2,089,888 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (168) 
NET ASSETS - 100%  $2,089,720 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $52,133 $13,751 $3,371 $38 $62,513 
Fidelity Series Commodity Strategy Fund Class F 24,392 7,866 1,361 -- 33,999 
Fidelity Series Emerging Markets Debt Fund Class F 11,879 1,813 722 167 13,621 
Fidelity Series Floating Rate High Income Fund Class F 4,720 736 301 50 5,272 
Fidelity Series Inflation-Protected Bond Index Fund Class F 9,701 2,195 681 11,339 
Fidelity Series Real Estate Income Fund Class F 9,219 1,404 566 115 10,299 
Fidelity Series Short-Term Credit Fund Class F 28,055 7,078 1,814 74 33,460 
Strategic Advisers Core Income Multi-Manager Fund Class F 377,754 63,792 28,782 2,271 419,990 
Strategic Advisers Core Multi-Manager Fund Class F 268,916 35,655 23,155 -- 287,914 
Strategic Advisers Emerging Markets Fund of Funds Class F 148,282 22,759 7,982 -- 166,863 
Strategic Advisers Growth Multi-Manager Fund Class F 224,397 33,571 19,863 -- 239,516 
Strategic Advisers Income Opportunities Fund of Funds Class F 56,162 7,230 4,011 788 60,935 
Strategic Advisers International Multi-Manager Fund Class F 276,773 53,619 19,533 -- 311,235 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 134,681 18,151 12,365 -- 144,343 
Strategic Advisers Value Multi-Manager Fund Class F 268,637 35,700 22,052 -- 288,589 
Total $1,895,701 $305,320 $146,559 $3,509 $2,089,888 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $2,148,106. Net unrealized depreciation aggregated $58,218, of which $33,313 related to appreciated investment securities and $91,531 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2005 Fund
(formerly Strategic Advisers® Multi-Manager 2005 Fund)

June 30, 2016







O05-QTLY-0816
1.954280.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 26.5%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 977 $5,441 
Strategic Advisers Core Multi-Manager Fund Class F (b) 2,068 25,023 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 1,599 20,816 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 1,242 12,546 
Strategic Advisers Value Multi-Manager Fund Class F (b) 1,851 25,082 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $92,105)  88,908 
International Equity Funds - 13.6%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 2,175 18,791 
Strategic Advisers International Multi-Manager Fund Class F (b) 2,447 26,718 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $48,556)  45,509 
Bond Funds - 41.5%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 223 2,235 
Fidelity Series Floating Rate High Income Fund Class F (b) 91 839 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 1,107 11,096 
Fidelity Series Real Estate Income Fund Class F (b) 148 1,656 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 11,267 113,343 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 1,042 9,917 
TOTAL BOND FUNDS   
(Cost $137,266)  139,086 
Short-Term Funds - 18.4%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 39,967 39,967 
Fidelity Series Short-Term Credit Fund Class F (b) 2,142 21,508 
TOTAL SHORT-TERM FUNDS   
(Cost $61,363)  61,475 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $339,290)  334,978 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (34) 
NET ASSETS - 100%  $334,944 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $39,271 $2,488 $1,793 $28 $39,967 
Fidelity Series Commodity Strategy Fund Class F 4,349 769 208 -- 5,441 
Fidelity Series Emerging Markets Debt Fund Class F 2,184 34 100 31 2,235 
Fidelity Series Floating Rate High Income Fund Class F 850 10 42 839 
Fidelity Series Inflation-Protected Bond Index Fund Class F 11,468 71 588 11,096 
Fidelity Series Real Estate Income Fund Class F 1,668 23 78 21 1,656 
Fidelity Series Short-Term Credit Fund Class F 21,047 1,320 964 55 21,508 
Strategic Advisers Core Income Multi-Manager Fund Class F 118,898 892 8,627 699 113,343 
Strategic Advisers Core Multi-Manager Fund Class F 26,954 43 2,523 -- 25,023 
Strategic Advisers Emerging Markets Fund of Funds Class F 19,015 244 873 -- 18,791 
Strategic Advisers Growth Multi-Manager Fund Class F 22,492 222 1,959 -- 20,816 
Strategic Advisers Income Opportunities Fund of Funds Class F 10,370 147 876 146 9,917 
Strategic Advisers International Multi-Manager Fund Class F 25,864 2,594 1,677 -- 26,718 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 13,500 21 1,301 -- 12,546 
Strategic Advisers Value Multi-Manager Fund Class F 26,926 43 2,406 -- 25,082 
Total $344,856 $8,921 $24,015 $996 $334,978 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $341,600. Net unrealized depreciation aggregated $6,622, of which $6,100 related to appreciated investment securities and $12,722 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2040 Fund
(formerly Strategic Advisers® Multi-Manager 2040 Fund)

June 30, 2016







O40-QTLY-0816
1.954300.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.4%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 2,692 $14,994 
Strategic Advisers Core Multi-Manager Fund Class F (b) 14,267 172,625 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 11,030 143,607 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 8,568 86,541 
Strategic Advisers Value Multi-Manager Fund Class F (b) 12,769 173,026 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $619,911)  590,793 
International Equity Funds - 30.3%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 10,303 89,022 
Strategic Advisers International Multi-Manager Fund Class F (b) 17,306 188,985 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $298,256)  278,007 
Bond Funds - 5.3%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 620 6,209 
Fidelity Series Floating Rate High Income Fund Class F (b) 253 2,331 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 507 5,076 
Fidelity Series Real Estate Income Fund Class F (b) 414 4,629 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 452 4,547 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 2,667 25,387 
TOTAL BOND FUNDS   
(Cost $50,209)  48,179 
Short-Term Funds - 0.0%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 289 289 
Fidelity Series Short-Term Credit Fund Class F (b) 14 144 
TOTAL SHORT-TERM FUNDS   
(Cost $432)  433 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $968,808)  917,412 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (96) 
NET ASSETS - 100%  $917,316 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $301 $25 $37 $-- $289 
Fidelity Series Commodity Strategy Fund Class F 12,113 3,047 1,714 -- 14,994 
Fidelity Series Emerging Markets Debt Fund Class F 6,035 579 730 85  6,209 
Fidelity Series Floating Rate High Income Fund Class F 2,346 231 304 25  2,331 
Fidelity Series Inflation-Protected Bond Index Fund Class F 4,913 815 713 5,076 
Fidelity Series Real Estate Income Fund Class F 4,636 444 572 57 4,629 
Fidelity Series Short-Term Credit Fund Class F 151 17 24 -- 144 
Strategic Advisers Core Income Multi-Manager Fund Class F 4,724 684 950 28  4,547 
Strategic Advisers Core Multi-Manager Fund Class F 179,585 15,666 26,134 -- 172,625 
Strategic Advisers Emerging Markets Fund of Funds Class F 88,703 9,934 11,300 -- 89,022 
Strategic Advisers Growth Multi-Manager Fund Class F 149,643 15,536 21,864 -- 143,607 
Strategic Advisers Income Opportunities Fund of Funds Class F 27,408 720 3,456 374  25,387 
Strategic Advisers International Multi-Manager Fund Class F 190,064 24,401 24,799 -- 188,985 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 92,320 6,720 14,482 -- 86,541 
Strategic Advisers Value Multi-Manager Fund Class F 180,338 13,588 24,117 -- 173,026 
Total $943,280 $92,407 $131,196 $572 $917,412 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $983,401. Net unrealized depreciation aggregated $65,989, of which $12,242 related to appreciated investment securities and $78,231 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2020 Fund
(formerly Strategic Advisers® Multi-Manager 2020 Fund)

June 30, 2016







O20-QTLY-0816
1.954288.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 43.0%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F(a)(b) 10,702 $59,608 
Strategic Advisers Core Multi-Manager Fund Class F (a) 37,814 457,554 
Strategic Advisers Growth Multi-Manager Fund Class F (a) 29,235 380,635 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (a) 22,712 229,395 
Strategic Advisers Value Multi-Manager Fund Class F (a) 33,847 458,623 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $1,685,736)  1,585,815 
International Equity Funds - 21.0%   
Strategic Advisers Emerging Markets Fund of Funds Class F (a) 32,082 277,188 
Strategic Advisers International Multi-Manager Fund Class F (a) 45,374 495,486 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $835,247)  772,674 
Bond Funds - 29.8%   
Fidelity Series Emerging Markets Debt Fund Class F (a) 2,507 25,116 
Fidelity Series Floating Rate High Income Fund Class F (a) 1,024 9,433 
Fidelity Series Inflation-Protected Bond Index Fund Class F (a) 3,963 39,706 
Fidelity Series Real Estate Income Fund Class F (a) 1,636 18,273 
Strategic Advisers Core Income Multi-Manager Fund Class F (a) 89,391 899,271 
Strategic Advisers Income Opportunities Fund of Funds Class F (a) 11,424 108,759 
TOTAL BOND FUNDS   
(Cost $1,088,606)  1,100,558 
Short-Term Funds - 6.2%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30%(a)(c) 149,595 149,595 
Fidelity Series Short-Term Credit Fund Class F (a) 7,981 80,125 
TOTAL SHORT-TERM FUNDS   
(Cost $229,291)  229,720 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $3,838,880)  3,688,767 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (280) 
NET ASSETS - 100%  $3,688,487 

Legend

 (a) Affiliated Fund

 (b) Non-income producing

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $156,531 $25,541 $32,477 $109 $149,595 
Fidelity Series Commodity Strategy Fund Class F 55,937 9,616 12,475 -- 59,608 
Fidelity Series Emerging Markets Debt Fund Class F 28,062 793 5,157 372 25,116 
Fidelity Series Floating Rate High Income Fund Class F 11,023 285 2,148 110 9,433 
Fidelity Series Inflation-Protected Bond Index Fund Class F 47,618 1,381 9,827 26 39,706 
Fidelity Series Real Estate Income Fund Class F 21,220 558 4,040 228 18,273 
Fidelity Series Short-Term Credit Fund Class F 84,084 13,085 17,446 212 80,125 
Strategic Advisers Core Income Multi-Manager Fund Class F 1,097,033 23,184 239,696 6,075 899,271 
Strategic Advisers Core Multi-Manager Fund Class F 563,341 8,538 124,236 -- 457,554 
Strategic Advisers Emerging Markets Fund of Funds Class F 324,060 11,248 62,385 -- 277,188 
Strategic Advisers Growth Multi-Manager Fund Class F 470,079 14,039 103,935 -- 380,635 
Strategic Advisers Income Opportunities Fund of Funds Class F 131,580 1,848 28,056 1,755 108,759 
Strategic Advisers International Multi-Manager Fund Class F 573,764 40,155 117,000 -- 495,486 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 282,137 4,272 62,173 -- 229,395 
Strategic Advisers Value Multi-Manager Fund Class F 562,756 8,538 121,755 -- 458,623 
Total $4,409,225 $163,081 $942,806 $8,887 $3,688,767 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $3,851,285. Net unrealized depreciation aggregated $162,518, of which $43,316 related to appreciated investment securities and $205,834 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2045 Fund
(formerly Strategic Advisers® Multi-Manager 2045 Fund)

June 30, 2016







O45-QTLY-0816
1.954304.103





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.4%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 4,629 $25,784 
Strategic Advisers Core Multi-Manager Fund Class F (b) 23,912 289,332 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 18,486 240,688 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 14,362 145,054 
Strategic Advisers Value Multi-Manager Fund Class F (b) 21,404 290,018 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $1,036,096)  990,876 
International Equity Funds - 30.3%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 17,276 149,264 
Strategic Advisers International Multi-Manager Fund Class F (b) 29,005 316,738 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $499,565)  466,002 
Bond Funds - 5.2%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 1,033 10,354 
Fidelity Series Floating Rate High Income Fund Class F (b) 423 3,898 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 851 8,530 
Fidelity Series Real Estate Income Fund Class F (b) 693 7,743 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 757 7,620 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 4,414 42,019 
TOTAL BOND FUNDS   
(Cost $82,794)  80,164 
Short-Term Funds - 0.1%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 482 482 
Fidelity Series Short-Term Credit Fund Class F (b) 25 246 
TOTAL SHORT-TERM FUNDS   
(Cost $727)  728 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,619,182)  1,537,770 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (148) 
NET ASSETS - 100%  $1,537,622 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $471 $49 $37 $-- $482 
Fidelity Series Commodity Strategy Fund Class F 18,893 6,175 1,856 -- 25,784 
Fidelity Series Emerging Markets Debt Fund Class F 9,450 1,111 742 139  10,354 
Fidelity Series Floating Rate High Income Fund Class F 3,669 446 309 41  3,898 
Fidelity Series Inflation-Protected Bond Index Fund Class F 7,681 1,376 629 8,530 
Fidelity Series Real Estate Income Fund Class F 7,270 859 581 97 7,743 
Fidelity Series Short-Term Credit Fund Class F 237 33 25 246 
Strategic Advisers Core Income Multi-Manager Fund Class F 7,386 1,337 1,251 46  7,620 
Strategic Advisers Core Multi-Manager Fund Class F 282,279 31,132 30,085 -- 289,332 
Strategic Advisers Emerging Markets Fund of Funds Class F 138,627 16,749 9,421 -- 149,264 
Strategic Advisers Growth Multi-Manager Fund Class F 235,538 29,510 25,028 -- 240,688 
Strategic Advisers Income Opportunities Fund of Funds Class F 42,627 1,710 3,453 597  42,019 
Strategic Advisers International Multi-Manager Fund Class F 297,517 41,909 21,754 -- 316,738 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 141,368 14,058 13,893 -- 145,054 
Strategic Advisers Value Multi-Manager Fund Class F 281,995 29,027 26,569 -- 290,018 
Total $1,475,008 $175,481 $135,633 $926 $1,537,770 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $1,649,242. Net unrealized depreciation aggregated $111,472, of which $13,849 related to appreciated investment securities and $125,321 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Multi-Manager 2060 Fund
(formerly Strategic Advisers® Multi-Manager 2060 Fund)

June 30, 2016







O60-QTLY-0816
1.9858350.101





Investments June 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.4%   
 Shares Value 
Fidelity Series Commodity Strategy Fund Class F (a)(b) 1,474 $8,208 
Strategic Advisers Core Multi-Manager Fund Class F (b) 7,978 96,540 
Strategic Advisers Growth Multi-Manager Fund Class F (b) 6,168 80,311 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) 4,792 48,397 
Strategic Advisers Value Multi-Manager Fund Class F (b) 7,141 96,764 
TOTAL DOMESTIC EQUITY FUNDS   
(Cost $343,406)  330,220 
International Equity Funds - 30.2%   
Strategic Advisers Emerging Markets Fund of Funds Class F (b) 5,741 49,605 
Strategic Advisers International Multi-Manager Fund Class F (b) 9,662 105,515 
TOTAL INTERNATIONAL EQUITY FUNDS   
(Cost $167,762)  155,120 
Bond Funds - 5.4%   
Fidelity Series Emerging Markets Debt Fund Class F (b) 339 3,395 
Fidelity Series Floating Rate High Income Fund Class F (b) 141 1,300 
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) 266 2,661 
Fidelity Series Real Estate Income Fund Class F (b) 230 2,564 
Strategic Advisers Core Income Multi-Manager Fund Class F (b) 253 2,543 
Strategic Advisers Income Opportunities Fund of Funds Class F (b) 1,578 15,018 
TOTAL BOND FUNDS   
(Cost $28,534)  27,481 
Short-Term Funds - 0.0%   
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% (b)(c) 161 161 
Fidelity Series Short-Term Credit Fund Class F (b) 82 
TOTAL SHORT-TERM FUNDS   
(Cost $242)  243 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $539,944)  513,064 
NET OTHER ASSETS (LIABILITIES) - 0.0%  12 
NET ASSETS - 100%  $513,076 

Legend

 (a) Non-income producing

 (b) Affiliated Fund

 (c) The rate quoted is the annualized seven-day yield of the fund at period end.


Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.30% $157 $11 $7 $-- $161 
Fidelity Series Commodity Strategy Fund Class F 6,272 1,434 288 -- 8,208 
Fidelity Series Emerging Markets Debt Fund Class F 3,094 268 138 45 3,395 
Fidelity Series Floating Rate High Income Fund Class F 1,221 106 58 13 1,300 
Fidelity Series Inflation-Protected Bond Index Fund Class F 2,541 241 154 2,661 
Fidelity Series Real Estate Income Fund Class F 2,403 206 108 32 2,564 
Fidelity Series Short-Term Credit Fund Class F 78 -- 82 
Strategic Advisers Core Income Multi-Manager Fund Class F 2,459 337 302 15 2,543 
Strategic Advisers Core Multi-Manager Fund Class F 93,978 6,349 5,777 -- 96,540 
Strategic Advisers Emerging Markets Fund of Funds Class F 46,146 4,463 2,089 -- 49,605 
Strategic Advisers Growth Multi-Manager Fund Class F 78,419 6,448 4,788 -- 80,311 
Strategic Advisers Income Opportunities Fund of Funds Class F 14,594 1,108 1,080 212 15,018 
Strategic Advisers International Multi-Manager Fund Class F 98,771 11,764 4,700 -- 105,515 
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F 47,067 2,942 2,793 -- 48,397 
Strategic Advisers Value Multi-Manager Fund Class F 93,886 5,798 4,781 -- 96,764 
Total $491,086 $41,483 $27,068 $318 $513,064 

Investment Valuation

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

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

Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At June 30, 2016, the cost of investment securities for income tax purposes was $543,130. Net unrealized depreciation aggregated $30,066, of which $4,466 related to appreciated investment securities and $34,532 related to depreciated investment securities.

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





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

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



Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Boylston 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 Boylston Street Trust



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

August 26, 2016


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



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

August 26, 2016



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

August 26, 2016