NPORT-EX 2 QTLY_347_20191231.htm

Quarterly Holdings Report
for

Fidelity Asset Manager® 85%

December 31, 2019







AGG-QTLY-0220
1.811344.115





Schedule of Investments December 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 82.0%   
 Shares Value 
Fidelity Communication Services Central Fund (a) 629,511 $136,452,739 
Fidelity Consumer Discretionary Central Fund (a) 450,132 157,289,514 
Fidelity Consumer Staples Central Fund (a) 482,191 103,304,497 
Fidelity Emerging Markets Equity Central Fund (a) 1,015,601 239,052,110 
Fidelity Energy Central Fund (a) 633,035 65,019,034 
Fidelity Financials Central Fund (a) 2,702,392 292,074,573 
Fidelity Health Care Central Fund (a) 495,834 243,885,922 
Fidelity Industrials Central Fund (a) 503,106 150,408,617 
Fidelity Information Technology Central Fund (a) 863,076 393,562,514 
Fidelity International Equity Central Fund (a) 4,482,672 380,085,735 
Fidelity Materials Central Fund (a) 183,239 37,168,102 
Fidelity Real Estate Equity Central Fund (a) 314,446 38,139,114 
Fidelity Utilities Central Fund (a) 266,524 52,721,024 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $1,553,031,359)  2,289,163,495 
Fixed-Income Central Funds - 5.8%   
Investment Grade Fixed-Income Funds - 5.8%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 261,610 26,788,846 
Fidelity International Credit Central Fund (a) 252,713 25,592,230 
Fidelity Investment Grade Bond Central Fund (a) 969,774 108,818,310 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS   
(Cost $153,932,788)  161,199,386 
Money Market Central Funds - 4.9%   
Fidelity Cash Central Fund 1.58% (b)   
(Cost $135,356,044) 135,328,979 135,356,044 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 1.52% to 1.63% 1/16/20 to 3/5/20 (c)   
(Cost $3,723,084) 3,730,000 3,723,424 
 Shares Value 
Investment Companies - 7.2%   
iShares 20+ Year Treasury Bond ETF 401,599 $54,408,633 
iShares Core MSCI EAFE ETF 1,836,036 119,782,988 
iShares MSCI Japan ETF 472,757 28,006,125 
TOTAL INVESTMENT COMPANIES   
(Cost $192,536,676)  202,197,746 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $2,038,579,951)  2,791,640,095 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (931,789) 
NET ASSETS - 100%  $2,790,708,306 

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) 325 March 2020 $33,093,125 $475,368 $475,368 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 85 March 2020 13,732,175 (26,641) (26,641) 
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 517 March 2020 28,957,170 (135,534) (135,534) 
TOTAL FUTURES CONTRACTS     $313,193 

The notional amount of futures purchased as a percentage of Net Assets is 1.2%

The notional amount of futures sold as a percentage of Net Assets is 1.5%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

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

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,166,800.

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 $198,386 
Fidelity Communication Services Central Fund 4,422,212 
Fidelity Consumer Discretionary Central Fund 4,254,162 
Fidelity Consumer Staples Central Fund 1,027,542 
Fidelity Emerging Markets Debt Central Fund 234,676 
Fidelity Emerging Markets Equity Central Fund 3,550,388 
Fidelity Energy Central Fund 564,264 
Fidelity Financials Central Fund 7,847,962 
Fidelity Floating Rate Central Fund 125,280 
Fidelity Health Care Central Fund 2,366,801 
Fidelity High Income Central Fund 140,910 
Fidelity Industrials Central Fund 824,671 
Fidelity Inflation-Protected Bond Index Central Fund 384,450 
Fidelity Information Technology Central Fund 8,687,358 
Fidelity International Credit Central Fund 982,836 
Fidelity International Equity Central Fund 2,855,695 
Fidelity Investment Grade Bond Central Fund 1,033,549 
Fidelity Materials Central Fund 238,784 
Fidelity Real Estate Equity Central Fund 479,318 
Fidelity Securities Lending Cash Central Fund 6,552 
Fidelity Utilities Central Fund 2,103,783 
Total $42,329,579 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 $18,010,309 $8,827 $18,524,615 $(2,005,483) $2,510,962 $-- 0.0% 
Fidelity Communication Services Central Fund 121,146,428 11,736,757 2,846,531 77,232 6,338,853 136,452,739 7.5% 
Fidelity Consumer Discretionary Central Fund 145,851,157 12,395,314 3,324,580 294,594 2,073,029 157,289,514 7.9% 
Fidelity Consumer Staples Central Fund 94,912,045 6,379,260 2,140,753 (40,484) 4,194,429 103,304,497 7.5% 
Fidelity Emerging Markets Debt Central Fund 23,998,807 404,382 24,454,865 (312,977) 364,653 -- 0.0% 
Fidelity Emerging Markets Equity Central Fund 209,258,176 9,688,607 4,552,764 (420,734) 25,078,825 239,052,110 11.7% 
Fidelity Energy Central Fund 59,111,288 3,674,718 1,305,007 (336,058) 3,874,093 65,019,034 7.6% 
Fidelity Financials Central Fund 264,480,828 22,534,685 5,922,609 (149,436) 11,131,105 292,074,573 8.2% 
Fidelity Floating Rate Central Fund 12,352,802 209,941 12,470,417 (175,177) 82,851 -- 0.0% 
Fidelity Health Care Central Fund 195,374,361 13,811,045 4,434,651 204,204 38,930,963 243,885,922 7.9% 
Fidelity High Income Central Fund 25,117,089 224,574 25,194,187 621,943 (769,419) -- 0.0% 
Fidelity Industrials Central Fund 138,134,573 8,577,925 3,155,050 (110,303) 6,961,472 150,408,617 8.1% 
Fidelity Inflation-Protected Bond Index Central Fund 103,551,980 1,209,493 77,866,693 1,641,360 (1,747,294) 26,788,846 1.7% 
Fidelity Information Technology Central Fund 330,757,551 27,614,295 7,288,646 (161,575) 42,640,889 393,562,514 7.9% 
Fidelity International Credit Central Fund 25,069,783 1,785,226 528,648 2,999 (737,130) 25,592,230 8.2% 
Fidelity International Equity Central Fund 337,777,369 20,097,522 7,443,143 124,936 29,529,051 380,085,735 13.9% 
Fidelity Investment Grade Bond Central Fund 166,457,516 5,294,353 62,327,647 (670,111) 64,199 108,818,310 0.4% 
Fidelity Materials Central Fund 34,050,837 2,492,348 932,970 (246,403) 1,804,290 37,168,102 7.8% 
Fidelity Real Estate Equity Central Fund 38,179,205 1,682,809 792,880 6,500 (936,520) 38,139,114 3.9% 
Fidelity Utilities Central Fund 50,854,081 4,659,318 1,099,355 63,437 (1,756,457) 52,721,024 8.0% 
Total 2,394,446,185 154,481,399 266,606,011 (1,591,536) 169,632,844 2,450,362,881  

Investment Valuation

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.

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