N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3221

Fidelity Charles Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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:	September 30, 2007

Item 1. Reports to Stockholders

Fidelity Asset Manager® 20%

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of the fund's investments.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many stock and bond markets around the world have been unsettled of late; however, volatility can often lead to opportunity for patient investors. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended September 30, 2007	Past 1 year	Past 5 years	Past 10 years
Asset Manager 20%	7.26%	8.55%	6.15%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Asset Manager 20%, a class of the fund, on September 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Asset Manager® 20% during the period covered by this report

The U.S. stock, investment-grade and high-yield bond markets were volatile during the year ending September 30, 2007, but each finished with positive returns. Stocks began the period with a four-month winning streak amid an environment of falling energy prices, upbeat economic data and solid corporate earnings. They tumbled in February, however, stung by the slowing housing market, a looming subprime mortgage loan crisis and a short-lived freefall in the Asian markets. Stocks rallied strongly from March through May, but see-sawed in the final four months of the period as crude oil prices spiked, the housing slump grew more pronounced and subprime mortgage prices fell sharply. The Federal Reserve Board sparked a late-period rally by implementing cuts to key lending rates. For the year overall, the Standard & Poor's 500^SM Index advanced 16.44%, the Lehman Brothers® U.S. Aggregate Index returned 5.14% and the Merrill Lynch® U.S. High Yield Master II Constrained Index was up 7.79%.

Asset Manager 20% was up 7.26% during the year, versus 7.53% for the Fidelity Asset Manager 20% Composite Index. The fund lagged the index despite favorable asset allocation and a strong showing from our equities, as disappointing results from our investment-grade bond holdings were simply too much to overcome. Regarding asset allocation, we got a meaningful boost from favoring high-yield securities relative to investment-grade debt. Excellent security selection propelled nine out of the 10 underlying equity sector central funds past their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. Having some exposure to foreign stocks in the central funds proved fruitful, as overseas markets soundly beat their U.S. counterparts, supported by currency fluctuations. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Shareholder Expense Example

The Fund invests in Fidelity Central Funds, which are open-end investment companies with similar investment objectives to those of the Fund, available only to other mutual funds and accounts managed by Fidelity Management & Research Company, (FMR) and its affiliates. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Fund also indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Fund's annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Annual Report

Investments - continued

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,029.50	$ 4.48
Hypothetical^A	$ 1,000.00	$ 1,020.66	$ 4.46
Class T
Actual	$ 1,000.00	$ 1,027.90	$ 5.69
Hypothetical ^A	$ 1,000.00	$ 1,019.45	$ 5.67
Class B
Actual	$ 1,000.00	$ 1,025.00	$ 8.48
Hypothetical ^A	$ 1,000.00	$ 1,016.70	$ 8.44
Class C
Actual	$ 1,000.00	$ 1,024.70	$ 8.37
Hypothetical ^A	$ 1,000.00	$ 1,016.80	$ 8.34
Asset Manager 20%
Actual	$ 1,000.00	$ 1,030.70	$ 2.90
Hypothetical ^A	$ 1,000.00	$ 1,022.21	$ 2.89
Institutional Class
Actual	$ 1,000.00	$ 1,029.80	$ 3.05
Hypothetical ^A	$ 1,000.00	$ 1,022.06	$ 3.04

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

	Annualized Expense Ratio
Class A	.88%
Class T	1.12%
Class B	1.67%
Class C	1.65%
Asset Manager 20%	.57%
Institutional Class	.60%

In addition to the expenses noted above, the Fund also indirectly bears its proportionate shares of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of the most recent fiscal half-year ranged from less than .01% to .01%.

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Five Bond Issuers as of September 30, 2007
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	13.5	11.7
U.S. Treasury Obligations	6.2	6.6
Freddie Mac	5.0	3.6
Credit Suisse First Boston Mortgage Securities Corp.	0.9	0.9
Ginnie Mae	0.8	1.0
	26.4

Quality Diversification (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	U.S.Government and U.S.Government Agency Obligations 26.8%		U.S.Government and U.S.Government Agency Obligations 24.5%
	AAA,AA,A 16.7%		AAA,AA,A 16.1%
	BBB 9.3%		BBB 7.4%
	BB and Below 4.4%		BB and Below 6.0%
	Not Rated 0.8%		Not Rated 1.1%
	Equities 20.5%		Equities 19.6%
	Short-Term Investments and Net Other Assets 21.5%		Short-Term Investments and Net Other Assets 25.3%

We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date an do not reflect subsequent downgrades. Percentages are adjusted for the effect of futures contracts, if applicable.

Top Five Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.3	0.2
Procter & Gamble Co.	0.3	0.3
Google, Inc. Class A (sub. vtg.)	0.3	0.2
Cisco Systems, Inc.	0.3	0.2
General Electric Co.	0.3	0.4
	1.5

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 20.6%		Stock class and Equity Futures 19.5%
	Bond class 60.7%		Bond class 56.6%
	Short-term class 18.7%		Short-term class 23.9%

Asset allocations in the pie charts reflect the categorization of assets as defined in the fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of futures contracts and swap contracts, if applicable.

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the Fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	3.6
Fidelity Information Technology Central Fund	3.1
Fidelity Health Care Central Fund	2.2
Fidelity Industrials Central Fund	2.2
Fidelity Energy Central Fund	2.0
Fidelity Consumer Discretionary Central Fund	1.9
Fidelity Consumer Staples Central Fund	1.6
Fidelity Materials Central Fund	0.7
Fidelity Telecom Services Central Fund	0.7
Fidelity Utilities Central Fund	0.7
Total Equity Sector Central Funds	18.7
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	47.1
High Yield Fixed-Income Funds	4.0
Total Fixed-Income Central Funds	51.1
Money Market Central Funds	25.4
Other Short-Term Investments and Net Other Assets	4.8
Total	100.0

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 7.7% of net assets.

A holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 18.7%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (c)	400,444		$ 48,742
Fidelity Consumer Staples Central Fund (c)	316,343		39,907
Fidelity Energy Central Fund (c)	359,823		50,544
Fidelity Financials Central Fund (c)	817,890		90,663
Fidelity Health Care Central Fund (c)	456,942		54,673
Fidelity Industrials Central Fund (c)	413,880		55,944
Fidelity Information Technology Central Fund (c)	522,529		78,426
Fidelity Materials Central Fund (c)	119,420		17,546
Fidelity Telecom Services Central Fund (c)	111,124		16,929
Fidelity Utilities Central Fund (c)	138,056		17,006
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $370,268)		470,380
Fixed-Income Central Funds - 51.1%

Investment Grade Fixed-Income Funds - 47.1%
Fidelity Tactical Income Central Fund (c)	12,262,861		1,187,781
High Yield Fixed-Income Funds - 4.0%
Fidelity Floating Rate Central Fund (c)	628,271		61,332
Fidelity High Income Central Fund 1 (c)	402,214		39,618
TOTAL HIGH YIELD FIXED-INCOME FUNDS			100,950
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,300,045)		1,288,731
Money Market Central Funds - 25.4%

Fidelity Cash Central Fund, 5.12% (a)	504,173,587		504,174
Fidelity Money Market Central Fund, 5.54% (a)	135,550,134		135,550
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $639,724)		639,724

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.95% to 4.17% 12/6/07 (b) (Cost $2,283)	$ 2,300	2,284

Cash Equivalents - 4.6%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 3.95%, dated 9/28/07 due 10/1/07 (Collateralized by U.S. Government Obligations) # (Cost $116,536)	$ 116,574		$ 116,536
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $2,428,856)			2,517,655
NET OTHER ASSETS - 0.1%			2,137
NET ASSETS - 100%		$ 2,519,792

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
137 S&P 500 Index Contracts	Dec. 2007	$ 52,680	$ 1,374

The face value of futures purchased as a percentage of net assets - 2.1%

Legend

(a) Affiliated fund that is 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.

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,284,000.

(c) Affiliated fund that is available only to investment companies and accounts managed by Fidelity Investments. A complete 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 web site at www.sec.gov. A 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 advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$116,536,000 due 10/01/07 at 3.95%
ABN AMRO Bank N.V., New York Branch	$ 33,960
Banc of America Securities LLC	33,960
Barclays Capital, Inc.	24,111
Deutsche Bank Securities, Inc.	19,357
Morgan Stanley & Co., Inc.	292
UBS Securities LLC	4,856
	$ 116,536

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 24,806
Fidelity Consumer Discretionary Central Fund	729
Fidelity Consumer Staples Central Fund	784
Fidelity Energy Central Fund	456
Fidelity Financials Central Fund	2,103
Fidelity Floating Rate Central Fund	4,778
Fidelity Health Care Central Fund	679
Fidelity High Income Central Fund 1	5,771
Fidelity Industrials Central Fund	758
Fidelity Information Technology Central Fund	234
Fidelity Materials Central Fund	305
Fidelity Money Market Central Fund	7,332
Fidelity Tactical Income Central Fund	55,083
Fidelity Telecom Services Central Fund	318
Fidelity Utilities Central Fund	424
Total	$ 104,560

Affiliated Central Funds - continued

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 47,952	$ -	$ 2,332	$ 48,742	6.8%
Fidelity Consumer Staples Central Fund	34,712	157	1,879	39,907	6.8%
Fidelity Energy Central Fund	37,554	-	3,203	50,544	6.8%
Fidelity Financials Central Fund	93,331	-	5,423	90,663	6.8%
Fidelity Floating Rate Central Fund	63,028	-	-	61,332	2.6%
Fidelity Health Care Central Fund	52,438	-	4,142	54,673	6.8%
Fidelity High Income Central Fund 1	104,532	-	66,971	39,618	13.3%
Fidelity Industrials Central Fund	45,811	305	2,096	55,944	6.8%
Fidelity Information Technology Central Fund	64,215	856	4,590	78,426	6.8%
Fidelity Materials Central Fund	12,878	45	597	17,546	6.8%
Fidelity Tactical Income Central Fund	944,066	261,028	-	1,187,781	21.6%
Fidelity Telecom Services Central Fund	13,285	358	915	16,929	6.8%
Fidelity Utilities Central Fund	15,266	-	1,348	17,006	6.8%
Total	$ 1,529,068	$ 262,749	$ 93,496	$ 1,759,111

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	September 30, 2007
Assets
Investment in securities, at value (including repurchase agreements of $116,536) - See accompanying schedule: Unaffiliated issuers (cost $118,819)	$ 118,820
Fidelity Central Funds (cost $2,310,037)	2,398,835
Total Investments (cost $2,428,856)		$ 2,517,655
Receivable for fund shares sold		3,150
Distributions receivable from Fidelity Central Funds		8,907
Prepaid expenses		2
Other receivables		2
Total assets		2,529,716

Liabilities
Payable for investments purchased	$ 5,489
Payable for fund shares redeemed	2,947
Accrued management fee	865
Distribution fees payable	4
Payable for daily variation on futures contracts	223
Other affiliated payables	283
Other payables and accrued expenses	113
Total liabilities		9,924

Net Assets		$ 2,519,792
Net Assets consist of:
Paid in capital		$ 2,419,264
Undistributed net investment income		12,670
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,315)
Net unrealized appreciation (depreciation) on investments		90,173
Net Assets		$ 2,519,792

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	September 30, 2007
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,421.67 ÷ 265.348 shares)		$ 12.90

Maximum offering price per share (100/94.25 of $12.90)		$ 13.69
Class T: Net Asset Value and redemption price per share ($3,953.77 ÷ 307.064 shares)		$ 12.88

Maximum offering price per share (100/96.50 of $12.88)		$ 13.35
Class B: Net Asset Value and offering price per share ($991.14 ÷ 77.029 shares) ^A		$ 12.87

Class C: Net Asset Value and offering price per share ($1,696.77 ÷ 131.949 shares) ^A		$ 12.86

Asset Manager 20%: Net Asset Value, offering price and redemption price per share ($2,509,480.95 ÷ 194,428.507 shares)		$ 12.91

Institutional Class: Net Asset Value, offering price and redemption price per share ($247.91 ÷ 19.213 shares)		$ 12.90

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended September 30, 2007
Investment Income
Interest		$ 5,243
Income from Fidelity Central Funds		104,560
Total income		109,803

Expenses
Management fee	$ 9,714
Transfer agent fees	2,507
Distribution fees	20
Accounting fees and expenses	752
Independent trustees' compensation	8
Registration fees	187
Audit	75
Legal	21
Miscellaneous	80
Total expenses before reductions	13,364
Expense reductions	(177)	13,187
Net investment income (loss)		96,616
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	553
Fidelity Central Funds	7,881
Futures contracts	1,544
Total net realized gain (loss)		9,978
Change in net unrealized appreciation (depreciation) on: Investment securities	52,910
Futures contracts	1,185
Total change in net unrealized appreciation (depreciation)		54,095
Net gain (loss)		64,073
Net increase (decrease) in net assets resulting from operations		$ 160,689

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended September 30, 2007	Year ended September 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 96,616	$ 69,932
Net realized gain (loss)	9,978	103,946
Change in net unrealized appreciation (depreciation)	54,095	(47,468)
Net increase (decrease) in net assets resulting from operations	160,689	126,410
Distributions to shareholders from net investment income	(97,255)	(64,555)
Distributions to shareholders from net realized gain	(97,648)	(38,711)
Total distributions	(194,903)	(103,266)
Share transactions - net increase (decrease)	423,256	383,568
Total increase (decrease) in net assets	389,042	406,712

Net Assets
Beginning of period	2,130,750	1,724,038
End of period (including undistributed net investment income of $12,670 and $13,186, respectively)	$ 2,519,792	$ 2,130,750

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.48
Net realized and unrealized gain (loss)	.40
Total from investment operations	.88
Distributions from net investment income	(.52)
Distributions from net realized gain	(.59)
Total distributions	(1.11)
Net asset value, end of period	$ 12.90
Total Return^B,C,D	7.03%
Ratios to Average Net Assets^H
Expenses before reductions	.87%^A
Expenses net of fee waivers, if any	.87%^A
Expenses net of all reductions	.87%^A
Net investment income (loss)	3.84%^A
Supplemental Data
Net assets, end of period (in millions)	$ 3
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.45
Net realized and unrealized gain (loss)	.40
Total from investment operations	.85
Distributions from net investment income	(.51)
Distributions from net realized gain	(.59)
Total distributions	(1.10)
Net asset value, end of period	$ 12.88
Total Return^B,C,D	6.75%
Ratios to Average Net Assets^H
Expenses before reductions	1.11%^A
Expenses net of fee waivers, if any	1.11%^A
Expenses net of all reductions	1.11%^A
Net investment income (loss)	3.60%^A
Supplemental Data
Net assets, end of period (in millions)	$ 4
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.39
Net realized and unrealized gain (loss)	.38
Total from investment operations	.77
Distributions from net investment income	(.44)
Distributions from net realized gain	(.59)
Total distributions	(1.03)
Net asset value, end of period	$ 12.87
Total Return^B,C,D	6.13%
Ratios to Average Net Assets^H
Expenses before reductions	1.65% ^A
Expenses net of fee waivers, if any	1.65% ^A
Expenses net of all reductions	1.65% ^A
Net investment income (loss)	3.06%^A
Supplemental Data
Net assets, end of period (in millions)	$ 1
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.39
Net realized and unrealized gain (loss)	.38
Total from investment operations	.77
Distributions from net investment income	(.45)
Distributions from net realized gain	(.59)
Total distributions	(1.04)
Net asset value, end of period	$ 12.86
Total Return^B,C,D	6.15%
Ratios to Average Net Assets^H
Expenses before reductions	1.64%^A
Expenses net of fee waivers, if any	1.64%^A
Expenses net of all reductions	1.64%^A
Net investment income (loss)	3.07%^A
Supplemental Data
Net assets, end of period (in millions)	$ 2
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Asset Manager 20%

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 13.14	$ 13.00	$ 12.25	$ 11.80	$ 10.61
Income from Investment Operations
Net investment income (loss)^B	.53	.46	.33	.23	.30
Net realized and unrealized gain (loss)	.38	.39	.74	.45	1.19
Total from investment operations	.91	.85	1.07	.68	1.49
Distributions from net investment income	(.55)	(.43)	(.32)	(.23)	(.30)
Distributions from net realized gain	(.59)	(.28)	-	-	-
Total distributions	(1.14)	(.71)	(.32)	(.23)	(.30)
Net asset value, end of period	$ 12.91	$ 13.14	$ 13.00	$ 12.25	$ 11.80
Total Return^A	7.26%	6.77%	8.85%	5.80%	14.26%
Ratios to Average Net Assets^D
Expenses before reductions	.57%	.58%	.60%	.63%	.64%
Expenses net of fee waivers, if any	.57%	.58%	.60%	.63%	.64%
Expenses net of all reductions	.57%	.57%	.58%	.61%	.61%
Net investment income (loss)	4.15%	3.58%	2.64%	1.86%	2.69%
Supplemental Data
Net assets, end of period (in millions)	$ 2,509	$ 2,131	$ 1,724	$ 1,395	$ 971
Portfolio turnover rate^C	6%	81%^E	81%^E	232%	276%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%.

^E Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Year ended September 30,	2007^F
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^D	.53
Net realized and unrealized gain (loss)	.38
Total from investment operations	.91
Distributions from net investment income	(.55)
Distributions from net realized gain	(.59)
Total distributions	(1.14)
Net asset value, end of period	$ 12.90
Total Return^B,C	7.24%
Ratios to Average Net Assets^G
Expenses before reductions	.59%^A
Expenses net of fee waivers, if any	.59%^A
Expenses net of all reductions	.59%^A
Net investment income (loss)	4.13%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 248
Portfolio turnover rate^E	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

1. Organization.

Fidelity Asset Manager 20% (the Fund) is a fund of Fidelity Charles Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Asset Manager 20% and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Asset Manager 20% on October 2, 2006. In order to disclose class level financial information dollar amounts presented in the notes are unrounded. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on their investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The following summarizes the Fund's investment in each Fidelity Central Fund.

Annual Report

Notes to Financial Statements - continued

2. Investments in Fidelity Central Funds - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity Equity Sector Central Funds	Fidelity Management & Research Company, Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Repurchase Agreements Restricted Securities	Less than .01% to .01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Management, Inc. (FIMM) FIMM	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual
shareholder report.

Annual Report

2. Investments in Fidelity Central Funds - continued

The Central Funds may invest a portion of their assets in securities of issuers that hold mortgage securities including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

A holdings listing for the Fund, which presents direct holdings as well as the pro rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets, evaluating the performance of ADRs, futures contracts and exchange-traded funds and monitoring current market trading activity, interest rates, credit quality and default rates for debt instruments. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

3. Significant Accounting Policies - continued

Expenses - continued

the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's net asset value. Based on their most recent shareholder report date, expenses of the Fidelity Central Funds ranged from less than .01% to .01%.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and foreign currency transactions.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 63,045,194
Unrealized depreciation	(19,227,341)
Net unrealized appreciation (depreciation)	43,817,853
Undistributed ordinary income	44,083,874
Undistributed long-term capital gain	12,628,190
Cost for federal income tax purposes	$ 2,473,837,554

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 136,976,584	$ 82,527,943
Long-term Capital Gains	57,926,972	20,737,807
Total	$ 194,903,556	$ 103,265,750

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management has concluded that the adoption of FIN 48 will not result in a material impact on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are

Annual Report

4. Operating Policies - continued

Futures Contracts - continued

recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $262,748,552 and $94,048,722, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .42% of the Fund's average net assets.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Distribution and Service Plan. In accordance with Rule 12b -1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Asset Manager 20% and Institutional Class. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 2,825	$ 727
Class T	.25%	.25%	6,936	446
Class B	.75%	.25%	4,140	3,359
Class C	.75%	.25%	6,586	4,830
			$ 20,487	$ 9,362

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 7,469
Class T	2,267
Class B*	477
Class C*	4
	$ 10,217

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the
sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Asset Manager 20%. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Asset Manager 20% shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 1,809	.16*
Class T	2,089	.15*
Class B	778	.19*
Class C	1,211	.18*
Asset Manager 20%	2,500,890	.11
Institutional Class	221	.12*
	$ 2,506,998

* Annualized

Accounting Fees. FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $5,134 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Expense Reductions.

FMR voluntarily agreed to reimburse Asset Manager 20% operating expenses. During the period, this reimbursement reduced the class' expenses by $86,390.

Many of the brokers with whom FMR places trades on behalf of the Fund and the Equity Sector Central Funds provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $14,648 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,444.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class C	$ 2
Asset Manager 20%	67,941
	$ 67,943

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended September 30,	2007 ^A	2006
From net investment income
Class A	$ 39,791	$ -
Class T	49,051	-
Class B	12,517	-
Class C	20,780	-
Asset Manager 20%	97,126,066	64,555,177
Institutional Class	7,027	-
Total	$ 97,255,232	$ 64,555,177
From net realized gain
Class A	$ 5,081	$ -
Class T	20,043	-
Class B	9,970	-
Class C	9,436	-
Asset Manager 20%	97,599,264	38,710,573
Institutional Class	4,530	-
Total	$ 97,648,324	$ 38,710,573

^A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares)
to September 30, 2007.

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended September 30,	2007^A	2006	2007^A	2006
Class A
Shares sold	271,096	-	$ 3,462,355	$ -
Reinvestment of distributions	2,590	-	32,986	-
Shares redeemed	(8,338)	-	(106,244)	-
Net increase (decrease)	265,348	-	$ 3,389,097	$ -
Class T
Shares sold	314,428	-	$ 4,039,296	$ -
Reinvestment of distributions	5,054	-	64,229	-
Shares redeemed	(12,418)	-	(158,426)	-
Net increase (decrease)	307,064	-	$ 3,945,099	$ -
Class B
Shares sold	87,110	-	$ 1,119,230	$ -
Reinvestment of distributions	1,586	-	20,151	-
Shares redeemed	(11,667)	-	(148,544)	-
Net increase (decrease)	77,029	-	$ 990,837	$ -
Class C
Shares sold	138,353	-	$ 1,774,788	$ -
Reinvestment of distributions	1,740	-	22,123	-
Shares redeemed	(8,144)	-	(103,462)	-
Net increase (decrease)	131,949	-	$ 1,693,449	$ -
Asset Manager 20%
Shares sold	63,397,753	58,821,375	$ 815,352,615	$ 762,877,913
Reinvestment of distributions	14,705,597	7,686,827	187,331,699	98,885,268
Shares redeemed	(45,831,913)	(36,921,374)	(589,696,416)	(478,193,593)
Net increase (decrease)	32,271,437	29,586,828	$ 412,987,898	$ 383,569,588
Institutional Class
Shares sold	18,496	-	$ 238,374	$ -
Reinvestment of distributions	717	-	9,130	-
Shares redeemed	-	-	-	-
Net increase (decrease)	19,213	-	$ 247,504	$ -

^AShare transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of
shares) to September 30, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 20%:

We have audited the accompanying statement of assets and liabilities of Fidelity Asset Manager 20% (the Fund), a fund of Fidelity Charles Street Trust, including the schedule of investments as of September 30, 2007, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2007, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Asset Manager 20% as of September 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 370 funds advised by FMR or an affiliate. Mr. Curvey oversees 340 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Trustee of Fidelity Charles Street Trust. Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp merged with FMR LLC on October 1, 2007. Any references to FMR LLC or prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997- 1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers:

Correspondence intended for Mr. Mauriello and Mr. Wiley may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001- present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006- present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Fidelity Asset Manager 20%. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007- present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004- 2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2005 Vice President of Fidelity Asset Manager 20%. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007-present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of Fidelity Asset Manager 20%. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Fidelity Asset Manager 20%. He also serves as Secretary of Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Fidelity Asset Manager 20%. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Fidelity Asset Manager 20%. Mr. Ganis also serves as AML officer of Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Fidelity Asset Manager 20%. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999- 2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity Asset Manager 20%. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004- present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Asset Manager 20%. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Asset Manager 20%. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Asset Manager 20%. Mr. Byrnes also serves as Assistant Treasurer of Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Fidelity Asset Manager 20%. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of Fidelity Asset Manager 20%. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Asset Manager 20%. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

** FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2007, $12,632,090 or, if subsequently determined to be different, the net capital gain of such year.

A total of 2.60% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $91,697,341 of distributions paid during the period January 1, 2007 to September 30, 2007 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates 3% and 6% of the dividends distributed in December 2006 and February 2007 through September 2007, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 3% and 7% of the dividends distributed in December 2006 and February 2007 through September 2007, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

A special meeting of each fund's shareholders was held on September 19, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees.^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A _{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 20%

Each year, typically in July, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Equity Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2007 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved amendments to the fund's agreements with foreign sub-advisers to clarify that each sub-adviser provides services as an independent contractor.

In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered that Fidelity voluntarily pays for market data out of its own resources. The Board also considered the agreement reached between the Independent Trustees and Fidelity in December 2006 following an independent review of matters relating to receipt of travel, entertainment, gifts and gratuities in violation of Fidelity policies.

Annual Report

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that, since the last Advisory Contract renewals in July 2006, Fidelity has taken a number of actions that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fee on Fidelity Advisor Floating Rate High Income Fund; (iii) contractually agreeing to reduce the management fees on Fidelity's California, Massachusetts, New Jersey, and New York AMT Tax-Free Money Market Funds, launching new Institutional Classes and Service Classes of these funds, and contractually agreeing to impose expense limitations on these funds; (iv) eliminating the exchange fee on the Fidelity Select Portfolios and reducing the pricing and bookkeeping fee rates for these funds; (v) reducing the maximum transfer agency fee rates on high income funds and certain equity funds; (vi) proposing amended management contracts that, if approved by shareholders, will add a performance adjustment component to the management fees paid by 18 Fidelity Advisor equity funds; (vii) contractually agreeing to reduce fees for Ultra-Short Central Fund and the money market Central Funds; (viii) waiving the Fidelity Advisor funds' contingent deferred sales charge on certain redemptions made through systematic withdrawal programs; and (ix) amending the management contracts for equity and fixed-income funds whose management contracts incorporate a "group fee" structure by adding four new fee "breakpoints" to the group fee rate schedules.

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Asset Manager 20% (retail class), as well as the fund's relative investment performance for Asset Manager 20% (retail class) measured against (i) a proprietary custom index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the cumulative total returns of Asset Manager 20% (retail class), the cumulative total returns of a proprietary custom index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (The Advisor classes of the fund had less than one year of performance as of December 31, 2006.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Asset Manager 20% (retail class). The fund's proprietary custom index is an index developed by FMR that represents the performance of the fund's three asset classes according to their respective weightings in the fund's neutral mix.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 20%

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Asset Manager 20% (retail class) was in the third quartile for the one-year period, the second quartile for the three-year period, and the first quartile for the five-year period. The Board also stated that the investment performance of Asset Manager 20% (retail class) compared favorably to its benchmark for all the periods shown.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Annual Report

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared. The Board also considered supplemental information about how the fund's management fee and total expenses ranked relative to groups based on Lipper classifications, which take into account a fund's market capitalization and style.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 20%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class ranked below its competitive median for 2006.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. In connection with the renewal of the fund's management contract, the Board approved amendments to the fund's management contract that added four new fee breakpoints to the group fee rate schedule for assets under FMR's management above $1,386 billion. The Board considered that the group fee rate declines under both the present and amended schedules, but that under the amended schedule, the group fee rate declines faster as assets under FMR's management exceed $1,386 billion. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on several topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) Fidelity's portfolio manager compensation structure, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (iii) Fidelity's fee structures; (iv) the funds' sub-advisory arrangements; and (v) accounts managed by Fidelity other than the Fidelity funds.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1572 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money
Management, Inc.

Fidelity Management & Research

(U.K.) Inc.

Fidelity Research & Analysis Co. (FRAC)

Fidelity Investments Japan Limited

Fidelity International Investment

Advisors

Fidelity International Investment

Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
(for the deaf and hearing impaired)
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®) (automated graphic) 1-800-544-5555

(automated graphic) Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AMI-UANN-1107
1.792131.104

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor

Asset Manager 20% -

Class A, Class T, Class B
and Class C

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Class A, Class T,
Class B, and Class C
are classes of Fidelity
Asset Manager^® 20%

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended September 30, 2007	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) ^A	0.80%	7.21%	5.49%
Class T (incl. 3.50% sales charge) ^B	2.94%	7.66%	5.71%
Class B (incl. contingent deferred sales charge) ^C	1.15%	8.01%	6.03%
Class C (incl. contingent deferred sales charge) ^D	5.09%	8.31%	6.03%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 20%, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower.

^B Class T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 20%, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower.

^C Class B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 20%, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past 5 years, and past 10 years total return figures are 5%, 2%, and 0%, respectively.

^D Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 20%, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past 5 years, and past 10 years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

Performance - continued

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Asset Manager 20% - Class T on September 30, 1997, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate Index performed over the same period. The initial offering of Class T took place on October 2, 2006. See the previous page for additional information regarding the performance of Class T.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Advisor Asset Manager 20% during the period covered by this report

The U.S. stock, investment-grade and high-yield bond markets were volatile during the year ending September 30, 2007, but each finished with positive returns. Stocks began the period with a four-month winning streak amid an environment of falling energy prices, upbeat economic data and solid corporate earnings. They tumbled in February, however, stung by the slowing housing market, a looming subprime mortgage loan crisis and a short- lived freefall in the Asian markets. Stocks rallied strongly from March through May, but see-sawed in the final four months of the period as crude oil prices spiked, the housing slump grew more pronounced and subprime mortgage prices fell sharply. The Federal Reserve Board sparked a late-period rally by implementing cuts to key lending rates. For the year overall, the Standard & Poor's 500^SM Index advanced 16.44%, the Lehman Brothers® U.S. Aggregate Index returned 5.14% and the Merrill Lynch® U.S. High Yield Master II Constrained Index was up 7.79%.

The fund's Class A, Class T, Class B and Class C shares rose 6.95%, 6.67%, 6.05% and 6.07%, respectively (excluding sales charges) during the year, versus 7.53% for the Fidelity Asset Manager 20% Composite Index. The fund lagged the index despite favorable asset allocation and a strong showing from our equities, as disappointing results from our investment-grade bond holdings were simply too much to overcome. Regarding asset allocation, we got a meaningful boost from favoring high-yield securities relative to investment-grade debt. Excellent security selection propelled nine out of the 10 underlying equity sector central funds past their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. Having some exposure to foreign stocks in the central funds proved fruitful, as overseas markets soundly beat their U.S. counterparts, supported by currency fluctuations. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,029.50	$ 4.48
Hypothetical^A	$ 1,000.00	$ 1,020.66	$ 4.46
Class T
Actual	$ 1,000.00	$ 1,027.90	$ 5.69
Hypothetical ^A	$ 1,000.00	$ 1,019.45	$ 5.67
Class B
Actual	$ 1,000.00	$ 1,025.00	$ 8.48
Hypothetical ^A	$ 1,000.00	$ 1,016.70	$ 8.44
Class C
Actual	$ 1,000.00	$ 1,024.70	$ 8.37
Hypothetical ^A	$ 1,000.00	$ 1,016.80	$ 8.34
Asset Manager 20%
Actual	$ 1,000.00	$ 1,030.70	$ 2.90
Hypothetical ^A	$ 1,000.00	$ 1,022.21	$ 2.89
Institutional Class
Actual	$ 1,000.00	$ 1,029.80	$ 3.05
Hypothetical ^A	$ 1,000.00	$ 1,022.06	$ 3.04

^A 5% return per year before expenses

	Annualized Expense Ratio
Class A	.88%
Class T	1.12%
Class B	1.67%
Class C	1.65%
Asset Manager 20%	.57%
Institutional Class	.60%

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Five Bond Issuers as of September 30, 2007
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	13.5	11.7
U.S. Treasury Obligations	6.2	6.6
Freddie Mac	5.0	3.6
Credit Suisse First Boston Mortgage Securities Corp.	0.9	0.9
Ginnie Mae	0.8	1.0
	26.4

Quality Diversification (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	U.S.Government and U.S.Government Agency Obligations 26.8%		U.S.Government and U.S.Government Agency Obligations 24.5%
	AAA,AA,A 16.7%		AAA,AA,A 16.1%
	BBB 9.3%		BBB 7.4%
	BB and Below 4.4%		BB and Below 6.0%
	Not Rated 0.8%		Not Rated 1.1%
	Equities 20.5%		Equities 19.6%
	Short-Term Investments and Net Other Assets 21.5%		Short-Term Investments and Net Other Assets 25.3%

Top Five Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.3	0.2
Procter & Gamble Co.	0.3	0.3
Google, Inc. Class A (sub. vtg.)	0.3	0.2
Cisco Systems, Inc.	0.3	0.2
General Electric Co.	0.3	0.4
	1.5

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 20.6%		Stock class and Equity Futures 19.5%
	Bond class 60.7%		Bond class 56.6%
	Short-term class 18.7%		Short-term class 23.9%

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the Fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	3.6
Fidelity Information Technology Central Fund	3.1
Fidelity Health Care Central Fund	2.2
Fidelity Industrials Central Fund	2.2
Fidelity Energy Central Fund	2.0
Fidelity Consumer Discretionary Central Fund	1.9
Fidelity Consumer Staples Central Fund	1.6
Fidelity Materials Central Fund	0.7
Fidelity Telecom Services Central Fund	0.7
Fidelity Utilities Central Fund	0.7
Total Equity Sector Central Funds	18.7
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	47.1
High Yield Fixed-Income Funds	4.0
Total Fixed-Income Central Funds	51.1
Money Market Central Funds	25.4
Other Short-Term Investments and Net Other Assets	4.8
Total	100.0

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 7.7% of net assets.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 18.7%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (c)	400,444		$ 48,742
Fidelity Consumer Staples Central Fund (c)	316,343		39,907
Fidelity Energy Central Fund (c)	359,823		50,544
Fidelity Financials Central Fund (c)	817,890		90,663
Fidelity Health Care Central Fund (c)	456,942		54,673
Fidelity Industrials Central Fund (c)	413,880		55,944
Fidelity Information Technology Central Fund (c)	522,529		78,426
Fidelity Materials Central Fund (c)	119,420		17,546
Fidelity Telecom Services Central Fund (c)	111,124		16,929
Fidelity Utilities Central Fund (c)	138,056		17,006
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $370,268)		470,380
Fixed-Income Central Funds - 51.1%

Investment Grade Fixed-Income Funds - 47.1%
Fidelity Tactical Income Central Fund (c)	12,262,861		1,187,781
High Yield Fixed-Income Funds - 4.0%
Fidelity Floating Rate Central Fund (c)	628,271		61,332
Fidelity High Income Central Fund 1 (c)	402,214		39,618
TOTAL HIGH YIELD FIXED-INCOME FUNDS			100,950
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,300,045)		1,288,731
Money Market Central Funds - 25.4%

Fidelity Cash Central Fund, 5.12% (a)	504,173,587		504,174
Fidelity Money Market Central Fund, 5.54% (a)	135,550,134		135,550
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $639,724)		639,724

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.95% to 4.17% 12/6/07 (b) (Cost $2,283)	$ 2,300	2,284

Cash Equivalents - 4.6%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 3.95%, dated 9/28/07 due 10/1/07 (Collateralized by U.S. Government Obligations) # (Cost $116,536)	$ 116,574		$ 116,536
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $2,428,856)			2,517,655
NET OTHER ASSETS - 0.1%			2,137
NET ASSETS - 100%		$ 2,519,792

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
137 S&P 500 Index Contracts	Dec. 2007	$ 52,680	$ 1,374

The face value of futures purchased as a percentage of net assets - 2.1%

Legend

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,284,000.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$116,536,000 due 10/01/07 at 3.95%
ABN AMRO Bank N.V., New York Branch	$ 33,960
Banc of America Securities LLC	33,960
Barclays Capital, Inc.	24,111
Deutsche Bank Securities, Inc.	19,357
Morgan Stanley & Co., Inc.	292
UBS Securities LLC	4,856
	$ 116,536

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 24,806
Fidelity Consumer Discretionary Central Fund	729
Fidelity Consumer Staples Central Fund	784
Fidelity Energy Central Fund	456
Fidelity Financials Central Fund	2,103
Fidelity Floating Rate Central Fund	4,778
Fidelity Health Care Central Fund	679
Fidelity High Income Central Fund 1	5,771
Fidelity Industrials Central Fund	758
Fidelity Information Technology Central Fund	234
Fidelity Materials Central Fund	305
Fidelity Money Market Central Fund	7,332
Fidelity Tactical Income Central Fund	55,083
Fidelity Telecom Services Central Fund	318
Fidelity Utilities Central Fund	424
Total	$ 104,560

Affiliated Central Funds - continued

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 47,952	$ -	$ 2,332	$ 48,742	6.8%
Fidelity Consumer Staples Central Fund	34,712	157	1,879	39,907	6.8%
Fidelity Energy Central Fund	37,554	-	3,203	50,544	6.8%
Fidelity Financials Central Fund	93,331	-	5,423	90,663	6.8%
Fidelity Floating Rate Central Fund	63,028	-	-	61,332	2.6%
Fidelity Health Care Central Fund	52,438	-	4,142	54,673	6.8%
Fidelity High Income Central Fund 1	104,532	-	66,971	39,618	13.3%
Fidelity Industrials Central Fund	45,811	305	2,096	55,944	6.8%
Fidelity Information Technology Central Fund	64,215	856	4,590	78,426	6.8%
Fidelity Materials Central Fund	12,878	45	597	17,546	6.8%
Fidelity Tactical Income Central Fund	944,066	261,028	-	1,187,781	21.6%
Fidelity Telecom Services Central Fund	13,285	358	915	16,929	6.8%
Fidelity Utilities Central Fund	15,266	-	1,348	17,006	6.8%
Total	$ 1,529,068	$ 262,749	$ 93,496	$ 1,759,111

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	September 30, 2007
Assets
Investment in securities, at value (including repurchase agreements of $116,536) - See accompanying schedule: Unaffiliated issuers (cost $118,819)	$ 118,820
Fidelity Central Funds (cost $2,310,037)	2,398,835
Total Investments (cost $2,428,856)		$ 2,517,655
Receivable for fund shares sold		3,150
Distributions receivable from Fidelity Central Funds		8,907
Prepaid expenses		2
Other receivables		2
Total assets		2,529,716

Liabilities
Payable for investments purchased	$ 5,489
Payable for fund shares redeemed	2,947
Accrued management fee	865
Distribution fees payable	4
Payable for daily variation on futures contracts	223
Other affiliated payables	283
Other payables and accrued expenses	113
Total liabilities		9,924

Net Assets		$ 2,519,792
Net Assets consist of:
Paid in capital		$ 2,419,264
Undistributed net investment income		12,670
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,315)
Net unrealized appreciation (depreciation) on investments		90,173
Net Assets		$ 2,519,792

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	September 30, 2007
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,421.67 ÷ 265.348 shares)		$ 12.90

Maximum offering price per share (100/94.25 of $12.90)		$ 13.69
Class T: Net Asset Value and redemption price per share ($3,953.77 ÷ 307.064 shares)		$ 12.88

Maximum offering price per share (100/96.50 of $12.88)		$ 13.35
Class B: Net Asset Value and offering price per share ($991.14 ÷ 77.029 shares) ^A		$ 12.87

Class C: Net Asset Value and offering price per share ($1,696.77 ÷ 131.949 shares) ^A		$ 12.86

Asset Manager 20%: Net Asset Value, offering price and redemption price per share ($2,509,480.95 ÷ 194,428.507 shares)		$ 12.91

Institutional Class: Net Asset Value, offering price and redemption price per share ($247.91 ÷ 19.213 shares)		$ 12.90

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended September 30, 2007
Investment Income
Interest		$ 5,243
Income from Fidelity Central Funds		104,560
Total income		109,803

Expenses
Management fee	$ 9,714
Transfer agent fees	2,507
Distribution fees	20
Accounting fees and expenses	752
Independent trustees' compensation	8
Registration fees	187
Audit	75
Legal	21
Miscellaneous	80
Total expenses before reductions	13,364
Expense reductions	(177)	13,187
Net investment income (loss)		96,616
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	553
Fidelity Central Funds	7,881
Futures contracts	1,544
Total net realized gain (loss)		9,978
Change in net unrealized appreciation (depreciation) on: Investment securities	52,910
Futures contracts	1,185
Total change in net unrealized appreciation (depreciation)		54,095
Net gain (loss)		64,073
Net increase (decrease) in net assets resulting from operations		$ 160,689

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended September 30, 2007	Year ended September 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 96,616	$ 69,932
Net realized gain (loss)	9,978	103,946
Change in net unrealized appreciation (depreciation)	54,095	(47,468)
Net increase (decrease) in net assets resulting from operations	160,689	126,410
Distributions to shareholders from net investment income	(97,255)	(64,555)
Distributions to shareholders from net realized gain	(97,648)	(38,711)
Total distributions	(194,903)	(103,266)
Share transactions - net increase (decrease)	423,256	383,568
Total increase (decrease) in net assets	389,042	406,712

Net Assets
Beginning of period	2,130,750	1,724,038
End of period (including undistributed net investment income of $12,670 and $13,186, respectively)	$ 2,519,792	$ 2,130,750

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.48
Net realized and unrealized gain (loss)	.40
Total from investment operations	.88
Distributions from net investment income	(.52)
Distributions from net realized gain	(.59)
Total distributions	(1.11)
Net asset value, end of period	$ 12.90
Total Return^B,C,D	7.03%
Ratios to Average Net Assets^H
Expenses before reductions	.87%^A
Expenses net of fee waivers, if any	.87%^A
Expenses net of all reductions	.87%^A
Net investment income (loss)	3.84%^A
Supplemental Data
Net assets, end of period (in millions)	$ 3
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.45
Net realized and unrealized gain (loss)	.40
Total from investment operations	.85
Distributions from net investment income	(.51)
Distributions from net realized gain	(.59)
Total distributions	(1.10)
Net asset value, end of period	$ 12.88
Total Return^B,C,D	6.75%
Ratios to Average Net Assets^H
Expenses before reductions	1.11%^A
Expenses net of fee waivers, if any	1.11%^A
Expenses net of all reductions	1.11%^A
Net investment income (loss)	3.60%^A
Supplemental Data
Net assets, end of period (in millions)	$ 4
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.39
Net realized and unrealized gain (loss)	.38
Total from investment operations	.77
Distributions from net investment income	(.44)
Distributions from net realized gain	(.59)
Total distributions	(1.03)
Net asset value, end of period	$ 12.87
Total Return^B,C,D	6.13%
Ratios to Average Net Assets^H
Expenses before reductions	1.65% ^A
Expenses net of fee waivers, if any	1.65% ^A
Expenses net of all reductions	1.65% ^A
Net investment income (loss)	3.06%^A
Supplemental Data
Net assets, end of period (in millions)	$ 1
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.39
Net realized and unrealized gain (loss)	.38
Total from investment operations	.77
Distributions from net investment income	(.45)
Distributions from net realized gain	(.59)
Total distributions	(1.04)
Net asset value, end of period	$ 12.86
Total Return^B,C,D	6.15%
Ratios to Average Net Assets^H
Expenses before reductions	1.64%^A
Expenses net of fee waivers, if any	1.64%^A
Expenses net of all reductions	1.64%^A
Net investment income (loss)	3.07%^A
Supplemental Data
Net assets, end of period (in millions)	$ 2
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Asset Manager 20%

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 13.14	$ 13.00	$ 12.25	$ 11.80	$ 10.61
Income from Investment Operations
Net investment income (loss)^B	.53	.46	.33	.23	.30
Net realized and unrealized gain (loss)	.38	.39	.74	.45	1.19
Total from investment operations	.91	.85	1.07	.68	1.49
Distributions from net investment income	(.55)	(.43)	(.32)	(.23)	(.30)
Distributions from net realized gain	(.59)	(.28)	-	-	-
Total distributions	(1.14)	(.71)	(.32)	(.23)	(.30)
Net asset value, end of period	$ 12.91	$ 13.14	$ 13.00	$ 12.25	$ 11.80
Total Return^A	7.26%	6.77%	8.85%	5.80%	14.26%
Ratios to Average Net Assets^D
Expenses before reductions	.57%	.58%	.60%	.63%	.64%
Expenses net of fee waivers, if any	.57%	.58%	.60%	.63%	.64%
Expenses net of all reductions	.57%	.57%	.58%	.61%	.61%
Net investment income (loss)	4.15%	3.58%	2.64%	1.86%	2.69%
Supplemental Data
Net assets, end of period (in millions)	$ 2,509	$ 2,131	$ 1,724	$ 1,395	$ 971
Portfolio turnover rate^C	6%	81%^E	81%^E	232%	276%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Year ended September 30,	2007^F
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^D	.53
Net realized and unrealized gain (loss)	.38
Total from investment operations	.91
Distributions from net investment income	(.55)
Distributions from net realized gain	(.59)
Total distributions	(1.14)
Net asset value, end of period	$ 12.90
Total Return^B,C	7.24%
Ratios to Average Net Assets^G
Expenses before reductions	.59%^A
Expenses net of fee waivers, if any	.59%^A
Expenses net of all reductions	.59%^A
Net investment income (loss)	4.13%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 248
Portfolio turnover rate^E	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

1. Organization.

2. Investments in Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

2. Investments in Fidelity Central Funds - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity Equity Sector Central Funds	Fidelity Management & Research Company, Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Repurchase Agreements Restricted Securities	Less than .01% to .01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Management, Inc. (FIMM) FIMM	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual
shareholder report.

Annual Report

2. Investments in Fidelity Central Funds - continued

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Annual Report

3. Significant Accounting Policies - continued

Expenses - continued

Book-tax differences are primarily due to futures transactions, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and foreign currency transactions.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 63,045,194
Unrealized depreciation	(19,227,341)
Net unrealized appreciation (depreciation)	43,817,853
Undistributed ordinary income	44,083,874
Undistributed long-term capital gain	12,628,190
Cost for federal income tax purposes	$ 2,473,837,554

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 136,976,584	$ 82,527,943
Long-term Capital Gains	57,926,972	20,737,807
Total	$ 194,903,556	$ 103,265,750

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Operating Policies.

Annual Report

4. Operating Policies - continued

Futures Contracts - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $262,748,552 and $94,048,722, respectively.

6. Fees and Other Transactions with Affiliates.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 2,825	$ 727
Class T	.25%	.25%	6,936	446
Class B	.75%	.25%	4,140	3,359
Class C	.75%	.25%	6,586	4,830
			$ 20,487	$ 9,362

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 7,469
Class T	2,267
Class B*	477
Class C*	4
	$ 10,217

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the
sales are made.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 1,809	.16*
Class T	2,089	.15*
Class B	778	.19*
Class C	1,211	.18*
Asset Manager 20%	2,500,890	.11
Institutional Class	221	.12*
	$ 2,506,998

* Annualized

Accounting Fees. FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

8. Expense Reductions.

FMR voluntarily agreed to reimburse Asset Manager 20% operating expenses. During the period, this reimbursement reduced the class' expenses by $86,390.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class C	$ 2
Asset Manager 20%	67,941
	$ 67,943

9. Other.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended September 30,	2007 ^A	2006
From net investment income
Class A	$ 39,791	$ -
Class T	49,051	-
Class B	12,517	-
Class C	20,780	-
Asset Manager 20%	97,126,066	64,555,177
Institutional Class	7,027	-
Total	$ 97,255,232	$ 64,555,177
From net realized gain
Class A	$ 5,081	$ -
Class T	20,043	-
Class B	9,970	-
Class C	9,436	-
Asset Manager 20%	97,599,264	38,710,573
Institutional Class	4,530	-
Total	$ 97,648,324	$ 38,710,573

^A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares)
to September 30, 2007.

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended September 30,	2007^A	2006	2007^A	2006
Class A
Shares sold	271,096	-	$ 3,462,355	$ -
Reinvestment of distributions	2,590	-	32,986	-
Shares redeemed	(8,338)	-	(106,244)	-
Net increase (decrease)	265,348	-	$ 3,389,097	$ -
Class T
Shares sold	314,428	-	$ 4,039,296	$ -
Reinvestment of distributions	5,054	-	64,229	-
Shares redeemed	(12,418)	-	(158,426)	-
Net increase (decrease)	307,064	-	$ 3,945,099	$ -
Class B
Shares sold	87,110	-	$ 1,119,230	$ -
Reinvestment of distributions	1,586	-	20,151	-
Shares redeemed	(11,667)	-	(148,544)	-
Net increase (decrease)	77,029	-	$ 990,837	$ -
Class C
Shares sold	138,353	-	$ 1,774,788	$ -
Reinvestment of distributions	1,740	-	22,123	-
Shares redeemed	(8,144)	-	(103,462)	-
Net increase (decrease)	131,949	-	$ 1,693,449	$ -
Asset Manager 20%
Shares sold	63,397,753	58,821,375	$ 815,352,615	$ 762,877,913
Reinvestment of distributions	14,705,597	7,686,827	187,331,699	98,885,268
Shares redeemed	(45,831,913)	(36,921,374)	(589,696,416)	(478,193,593)
Net increase (decrease)	32,271,437	29,586,828	$ 412,987,898	$ 383,569,588
Institutional Class
Shares sold	18,496	-	$ 238,374	$ -
Reinvestment of distributions	717	-	9,130	-
Shares redeemed	-	-	-	-
Net increase (decrease)	19,213	-	$ 247,504	$ -

^AShare transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of
shares) to September 30, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 20%:

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 369 funds advised by FMR or an affiliate. Mr. Curvey oversees 339 funds advised by FMR or an affiliate.

The fund's Statement of Additional information includes more information about the trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC or prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers**:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of the fund. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2007 Vice President of the fund. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007-present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of the fund. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003- present). Mr. Greer is an Executive Vice President of FMR (2005- present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of the fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of the fund. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of the fund. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of the fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005- present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of the fund. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

** FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

A total of 2.60% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class A designates 3% and 6%, Class T designates 3% and 7%, 7%, 6%, 7%, 7%, 6%, 6% and 7%, Class B designates 3% and 8%, 8%, 7%, 9%, 8%, 8%, 8% and 7%, Class C designates 3% and 8%, 7%, 7%, 8%, 8%, 7%, 7% and 7%, of the dividends distributed in December 2006 and February 2007 through September 2007, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 3% and 7%, 7%, 7%, 7%, 8%, 8%, 7% and 7%, and Class T designates 3% and 8%, Class B designates 3% and 9%, 10%, 9%, 10%, 9%, 9%, 9%, and 9%, Class C designates 3% and 9%, 9%, 8%, 9%, 9%, 9%, 9%, and 9% of the dividends distributed in December 2006 and February 2007 through September 2007, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees.^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A_{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 20%

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 20%

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 20%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2006.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money
Management, Inc.

Fidelity Management & Research

(U.K.) Inc.

Fidelity Research & Analysis Co. (FRAC)

Fidelity Investments Japan Limited

Fidelity International Investment

Advisors

Fidelity International Investment

Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional

Operations Company, Inc.

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AAM20-UANN-1107
1.834315.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

Asset Manager 20% -

Institutional Class

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Institutional Class is
a class of Fidelity
Asset Manager^® 20%

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees & Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2007		Past 1 year	Past 5 years	Past 10 years
Institutional Class ^A		7.16%	8.53%	6.14%

^AThe initial offering of Institutional Class shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 20%, the original class of the fund.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Asset Manager^SM 20% - Institutional Class on September 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate Index performed over the same period. The initial offering of Institutional Class took place on October 2, 2006. See above for additional information regarding the performance of Institutional Class.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Advisor Asset Manager 20% during the period covered by this report

The fund's Institutional Class shares rose 7.16% during the year, versus 7.53% for the Fidelity Asset Manager 20% Composite Index. The fund lagged the index despite favorable asset allocation and a strong showing from our equities, as disappointing results from our investment-grade bond holdings were simply too much to overcome. Regarding asset allocation, we got a meaningful boost from favoring high-yield securities relative to investment-grade debt. Excellent security selection propelled nine out of the 10 underlying equity sector central funds past their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. Having some exposure to foreign stocks in the central funds proved fruitful, as overseas markets soundly beat their U.S. counterparts, supported by currency fluctuations. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,029.50	$ 4.48
Hypothetical^A	$ 1,000.00	$ 1,020.66	$ 4.46
Class T
Actual	$ 1,000.00	$ 1,027.90	$ 5.69
Hypothetical ^A	$ 1,000.00	$ 1,019.45	$ 5.67
Class B
Actual	$ 1,000.00	$ 1,025.00	$ 8.48
Hypothetical ^A	$ 1,000.00	$ 1,016.70	$ 8.44
Class C
Actual	$ 1,000.00	$ 1,024.70	$ 8.37
Hypothetical ^A	$ 1,000.00	$ 1,016.80	$ 8.34
Asset Manager 20%
Actual	$ 1,000.00	$ 1,030.70	$ 2.90
Hypothetical ^A	$ 1,000.00	$ 1,022.21	$ 2.89
Institutional Class
Actual	$ 1,000.00	$ 1,029.80	$ 3.05
Hypothetical ^A	$ 1,000.00	$ 1,022.06	$ 3.04

^A 5% return per year before expenses

	Annualized Expense Ratio
Class A	.88%
Class T	1.12%
Class B	1.67%
Class C	1.65%
Asset Manager 20%	.57%
Institutional Class	.60%

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Five Bond Issuers as of September 30, 2007
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	13.5	11.7
U.S. Treasury Obligations	6.2	6.6
Freddie Mac	5.0	3.6
Credit Suisse First Boston Mortgage Securities Corp.	0.9	0.9
Ginnie Mae	0.8	1.0
	26.4

Quality Diversification (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	U.S.Government and U.S.Government Agency Obligations 26.8%		U.S.Government and U.S.Government Agency Obligations 24.5%
	AAA,AA,A 16.7%		AAA,AA,A 16.1%
	BBB 9.3%		BBB 7.4%
	BB and Below 4.4%		BB and Below 6.0%
	Not Rated 0.8%		Not Rated 1.1%
	Equities 20.5%		Equities 19.6%
	Short-Term Investments and Net Other Assets 21.5%		Short-Term Investments and Net Other Assets 25.3%

Top Five Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.3	0.2
Procter & Gamble Co.	0.3	0.3
Google, Inc. Class A (sub. vtg.)	0.3	0.2
Cisco Systems, Inc.	0.3	0.2
General Electric Co.	0.3	0.4
	1.5

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 20.6%		Stock class and Equity Futures 19.5%
	Bond class 60.7%		Bond class 56.6%
	Short-term class 18.7%		Short-term class 23.9%

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the Fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	3.6
Fidelity Information Technology Central Fund	3.1
Fidelity Health Care Central Fund	2.2
Fidelity Industrials Central Fund	2.2
Fidelity Energy Central Fund	2.0
Fidelity Consumer Discretionary Central Fund	1.9
Fidelity Consumer Staples Central Fund	1.6
Fidelity Materials Central Fund	0.7
Fidelity Telecom Services Central Fund	0.7
Fidelity Utilities Central Fund	0.7
Total Equity Sector Central Funds	18.7
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	47.1
High Yield Fixed-Income Funds	4.0
Total Fixed-Income Central Funds	51.1
Money Market Central Funds	25.4
Other Short-Term Investments and Net Other Assets	4.8
Total	100.0

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 7.7% of net assets.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 18.7%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (c)	400,444		$ 48,742
Fidelity Consumer Staples Central Fund (c)	316,343		39,907
Fidelity Energy Central Fund (c)	359,823		50,544
Fidelity Financials Central Fund (c)	817,890		90,663
Fidelity Health Care Central Fund (c)	456,942		54,673
Fidelity Industrials Central Fund (c)	413,880		55,944
Fidelity Information Technology Central Fund (c)	522,529		78,426
Fidelity Materials Central Fund (c)	119,420		17,546
Fidelity Telecom Services Central Fund (c)	111,124		16,929
Fidelity Utilities Central Fund (c)	138,056		17,006
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $370,268)		470,380
Fixed-Income Central Funds - 51.1%

Investment Grade Fixed-Income Funds - 47.1%
Fidelity Tactical Income Central Fund (c)	12,262,861		1,187,781
High Yield Fixed-Income Funds - 4.0%
Fidelity Floating Rate Central Fund (c)	628,271		61,332
Fidelity High Income Central Fund 1 (c)	402,214		39,618
TOTAL HIGH YIELD FIXED-INCOME FUNDS			100,950
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,300,045)		1,288,731
Money Market Central Funds - 25.4%

Fidelity Cash Central Fund, 5.12% (a)	504,173,587		504,174
Fidelity Money Market Central Fund, 5.54% (a)	135,550,134		135,550
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $639,724)		639,724

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.95% to 4.17% 12/6/07 (b) (Cost $2,283)	$ 2,300	2,284

Cash Equivalents - 4.6%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 3.95%, dated 9/28/07 due 10/1/07 (Collateralized by U.S. Government Obligations) # (Cost $116,536)	$ 116,574		$ 116,536
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $2,428,856)			2,517,655
NET OTHER ASSETS - 0.1%			2,137
NET ASSETS - 100%		$ 2,519,792

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
137 S&P 500 Index Contracts	Dec. 2007	$ 52,680	$ 1,374

The face value of futures purchased as a percentage of net assets - 2.1%

Legend

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,284,000.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$116,536,000 due 10/01/07 at 3.95%
ABN AMRO Bank N.V., New York Branch	$ 33,960
Banc of America Securities LLC	33,960
Barclays Capital, Inc.	24,111
Deutsche Bank Securities, Inc.	19,357
Morgan Stanley & Co., Inc.	292
UBS Securities LLC	4,856
	$ 116,536

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 24,806
Fidelity Consumer Discretionary Central Fund	729
Fidelity Consumer Staples Central Fund	784
Fidelity Energy Central Fund	456
Fidelity Financials Central Fund	2,103
Fidelity Floating Rate Central Fund	4,778
Fidelity Health Care Central Fund	679
Fidelity High Income Central Fund 1	5,771
Fidelity Industrials Central Fund	758
Fidelity Information Technology Central Fund	234
Fidelity Materials Central Fund	305
Fidelity Money Market Central Fund	7,332
Fidelity Tactical Income Central Fund	55,083
Fidelity Telecom Services Central Fund	318
Fidelity Utilities Central Fund	424
Total	$ 104,560

Affiliated Central Funds - continued

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 47,952	$ -	$ 2,332	$ 48,742	6.8%
Fidelity Consumer Staples Central Fund	34,712	157	1,879	39,907	6.8%
Fidelity Energy Central Fund	37,554	-	3,203	50,544	6.8%
Fidelity Financials Central Fund	93,331	-	5,423	90,663	6.8%
Fidelity Floating Rate Central Fund	63,028	-	-	61,332	2.6%
Fidelity Health Care Central Fund	52,438	-	4,142	54,673	6.8%
Fidelity High Income Central Fund 1	104,532	-	66,971	39,618	13.3%
Fidelity Industrials Central Fund	45,811	305	2,096	55,944	6.8%
Fidelity Information Technology Central Fund	64,215	856	4,590	78,426	6.8%
Fidelity Materials Central Fund	12,878	45	597	17,546	6.8%
Fidelity Tactical Income Central Fund	944,066	261,028	-	1,187,781	21.6%
Fidelity Telecom Services Central Fund	13,285	358	915	16,929	6.8%
Fidelity Utilities Central Fund	15,266	-	1,348	17,006	6.8%
Total	$ 1,529,068	$ 262,749	$ 93,496	$ 1,759,111

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	September 30, 2007
Assets
Investment in securities, at value (including repurchase agreements of $116,536) - See accompanying schedule: Unaffiliated issuers (cost $118,819)	$ 118,820
Fidelity Central Funds (cost $2,310,037)	2,398,835
Total Investments (cost $2,428,856)		$ 2,517,655
Receivable for fund shares sold		3,150
Distributions receivable from Fidelity Central Funds		8,907
Prepaid expenses		2
Other receivables		2
Total assets		2,529,716

Liabilities
Payable for investments purchased	$ 5,489
Payable for fund shares redeemed	2,947
Accrued management fee	865
Distribution fees payable	4
Payable for daily variation on futures contracts	223
Other affiliated payables	283
Other payables and accrued expenses	113
Total liabilities		9,924

Net Assets		$ 2,519,792
Net Assets consist of:
Paid in capital		$ 2,419,264
Undistributed net investment income		12,670
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,315)
Net unrealized appreciation (depreciation) on investments		90,173
Net Assets		$ 2,519,792

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	September 30, 2007
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($3,421.67 ÷ 265.348 shares)		$ 12.90

Maximum offering price per share (100/94.25 of $12.90)		$ 13.69
Class T: Net Asset Value and redemption price per share ($3,953.77 ÷ 307.064 shares)		$ 12.88

Maximum offering price per share (100/96.50 of $12.88)		$ 13.35
Class B: Net Asset Value and offering price per share ($991.14 ÷ 77.029 shares) ^A		$ 12.87

Class C: Net Asset Value and offering price per share ($1,696.77 ÷ 131.949 shares) ^A		$ 12.86

Asset Manager 20%: Net Asset Value, offering price and redemption price per share ($2,509,480.95 ÷ 194,428.507 shares)		$ 12.91

Institutional Class: Net Asset Value, offering price and redemption price per share ($247.91 ÷ 19.213 shares)		$ 12.90

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended September 30, 2007
Investment Income
Interest		$ 5,243
Income from Fidelity Central Funds		104,560
Total income		109,803

Expenses
Management fee	$ 9,714
Transfer agent fees	2,507
Distribution fees	20
Accounting fees and expenses	752
Independent trustees' compensation	8
Registration fees	187
Audit	75
Legal	21
Miscellaneous	80
Total expenses before reductions	13,364
Expense reductions	(177)	13,187
Net investment income (loss)		96,616
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	553
Fidelity Central Funds	7,881
Futures contracts	1,544
Total net realized gain (loss)		9,978
Change in net unrealized appreciation (depreciation) on: Investment securities	52,910
Futures contracts	1,185
Total change in net unrealized appreciation (depreciation)		54,095
Net gain (loss)		64,073
Net increase (decrease) in net assets resulting from operations		$ 160,689

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended September 30, 2007	Year ended September 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 96,616	$ 69,932
Net realized gain (loss)	9,978	103,946
Change in net unrealized appreciation (depreciation)	54,095	(47,468)
Net increase (decrease) in net assets resulting from operations	160,689	126,410
Distributions to shareholders from net investment income	(97,255)	(64,555)
Distributions to shareholders from net realized gain	(97,648)	(38,711)
Total distributions	(194,903)	(103,266)
Share transactions - net increase (decrease)	423,256	383,568
Total increase (decrease) in net assets	389,042	406,712

Net Assets
Beginning of period	2,130,750	1,724,038
End of period (including undistributed net investment income of $12,670 and $13,186, respectively)	$ 2,519,792	$ 2,130,750

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.48
Net realized and unrealized gain (loss)	.40
Total from investment operations	.88
Distributions from net investment income	(.52)
Distributions from net realized gain	(.59)
Total distributions	(1.11)
Net asset value, end of period	$ 12.90
Total Return^B,C,D	7.03%
Ratios to Average Net Assets^H
Expenses before reductions	.87%^A
Expenses net of fee waivers, if any	.87%^A
Expenses net of all reductions	.87%^A
Net investment income (loss)	3.84%^A
Supplemental Data
Net assets, end of period (in millions)	$ 3
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.45
Net realized and unrealized gain (loss)	.40
Total from investment operations	.85
Distributions from net investment income	(.51)
Distributions from net realized gain	(.59)
Total distributions	(1.10)
Net asset value, end of period	$ 12.88
Total Return^B,C,D	6.75%
Ratios to Average Net Assets^H
Expenses before reductions	1.11%^A
Expenses net of fee waivers, if any	1.11%^A
Expenses net of all reductions	1.11%^A
Net investment income (loss)	3.60%^A
Supplemental Data
Net assets, end of period (in millions)	$ 4
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Year ended September 30,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.39
Net realized and unrealized gain (loss)	.38
Total from investment operations	.77
Distributions from net investment income	(.44)
Distributions from net realized gain	(.59)
Total distributions	(1.03)
Net asset value, end of period	$ 12.87
Total Return^B,C,D	6.13%
Ratios to Average Net Assets^H
Expenses before reductions	1.65% ^A
Expenses net of fee waivers, if any	1.65% ^A
Expenses net of all reductions	1.65% ^A
Net investment income (loss)	3.06%^A
Supplemental Data
Net assets, end of period (in millions)	$ 1
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^E	.39
Net realized and unrealized gain (loss)	.38
Total from investment operations	.77
Distributions from net investment income	(.45)
Distributions from net realized gain	(.59)
Total distributions	(1.04)
Net asset value, end of period	$ 12.86
Total Return^B,C,D	6.15%
Ratios to Average Net Assets^H
Expenses before reductions	1.64%^A
Expenses net of fee waivers, if any	1.64%^A
Expenses net of all reductions	1.64%^A
Net investment income (loss)	3.07%^A
Supplemental Data
Net assets, end of period (in millions)	$ 2
Portfolio turnover rate^F	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Asset Manager 20%

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 13.14	$ 13.00	$ 12.25	$ 11.80	$ 10.61
Income from Investment Operations
Net investment income (loss)^B	.53	.46	.33	.23	.30
Net realized and unrealized gain (loss)	.38	.39	.74	.45	1.19
Total from investment operations	.91	.85	1.07	.68	1.49
Distributions from net investment income	(.55)	(.43)	(.32)	(.23)	(.30)
Distributions from net realized gain	(.59)	(.28)	-	-	-
Total distributions	(1.14)	(.71)	(.32)	(.23)	(.30)
Net asset value, end of period	$ 12.91	$ 13.14	$ 13.00	$ 12.25	$ 11.80
Total Return^A	7.26%	6.77%	8.85%	5.80%	14.26%
Ratios to Average Net Assets^D
Expenses before reductions	.57%	.58%	.60%	.63%	.64%
Expenses net of fee waivers, if any	.57%	.58%	.60%	.63%	.64%
Expenses net of all reductions	.57%	.57%	.58%	.61%	.61%
Net investment income (loss)	4.15%	3.58%	2.64%	1.86%	2.69%
Supplemental Data
Net assets, end of period (in millions)	$ 2,509	$ 2,131	$ 1,724	$ 1,395	$ 971
Portfolio turnover rate^C	6%	81%^E	81%^E	232%	276%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Year ended September 30,	2007^F
Selected Per-Share Data
Net asset value, beginning of period	$ 13.13
Income from Investment Operations
Net investment income (loss)^D	.53
Net realized and unrealized gain (loss)	.38
Total from investment operations	.91
Distributions from net investment income	(.55)
Distributions from net realized gain	(.59)
Total distributions	(1.14)
Net asset value, end of period	$ 12.90
Total Return^B,C	7.24%
Ratios to Average Net Assets^G
Expenses before reductions	.59%^A
Expenses net of fee waivers, if any	.59%^A
Expenses net of all reductions	.59%^A
Net investment income (loss)	4.13%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 248
Portfolio turnover rate^E	6%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

1. Organization.

2. Investments in Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

2. Investments in Fidelity Central Funds - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity Equity Sector Central Funds	Fidelity Management & Research Company, Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Repurchase Agreements Restricted Securities	Less than .01% to .01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Management, Inc. (FIMM) FIMM	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual
shareholder report.

Annual Report

2. Investments in Fidelity Central Funds - continued

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Annual Report

3. Significant Accounting Policies - continued

Expenses - continued

Book-tax differences are primarily due to futures transactions, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and foreign currency transactions.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 63,045,194
Unrealized depreciation	(19,227,341)
Net unrealized appreciation (depreciation)	43,817,853
Undistributed ordinary income	44,083,874
Undistributed long-term capital gain	12,628,190
Cost for federal income tax purposes	$ 2,473,837,554

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 136,976,584	$ 82,527,943
Long-term Capital Gains	57,926,972	20,737,807
Total	$ 194,903,556	$ 103,265,750

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Operating Policies.

Annual Report

4. Operating Policies - continued

Futures Contracts - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $262,748,552 and $94,048,722, respectively.

6. Fees and Other Transactions with Affiliates.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 2,825	$ 727
Class T	.25%	.25%	6,936	446
Class B	.75%	.25%	4,140	3,359
Class C	.75%	.25%	6,586	4,830
			$ 20,487	$ 9,362

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 7,469
Class T	2,267
Class B*	477
Class C*	4
	$ 10,217

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the
sales are made.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 1,809	.16*
Class T	2,089	.15*
Class B	778	.19*
Class C	1,211	.18*
Asset Manager 20%	2,500,890	.11
Institutional Class	221	.12*
	$ 2,506,998

* Annualized

Accounting Fees. FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

8. Expense Reductions.

FMR voluntarily agreed to reimburse Asset Manager 20% operating expenses. During the period, this reimbursement reduced the class' expenses by $86,390.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class C	$ 2
Asset Manager 20%	67,941
	$ 67,943

9. Other.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended September 30,	2007 ^A	2006
From net investment income
Class A	$ 39,791	$ -
Class T	49,051	-
Class B	12,517	-
Class C	20,780	-
Asset Manager 20%	97,126,066	64,555,177
Institutional Class	7,027	-
Total	$ 97,255,232	$ 64,555,177
From net realized gain
Class A	$ 5,081	$ -
Class T	20,043	-
Class B	9,970	-
Class C	9,436	-
Asset Manager 20%	97,599,264	38,710,573
Institutional Class	4,530	-
Total	$ 97,648,324	$ 38,710,573

^A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares)
to September 30, 2007.

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended September 30,	2007^A	2006	2007^A	2006
Class A
Shares sold	271,096	-	$ 3,462,355	$ -
Reinvestment of distributions	2,590	-	32,986	-
Shares redeemed	(8,338)	-	(106,244)	-
Net increase (decrease)	265,348	-	$ 3,389,097	$ -
Class T
Shares sold	314,428	-	$ 4,039,296	$ -
Reinvestment of distributions	5,054	-	64,229	-
Shares redeemed	(12,418)	-	(158,426)	-
Net increase (decrease)	307,064	-	$ 3,945,099	$ -
Class B
Shares sold	87,110	-	$ 1,119,230	$ -
Reinvestment of distributions	1,586	-	20,151	-
Shares redeemed	(11,667)	-	(148,544)	-
Net increase (decrease)	77,029	-	$ 990,837	$ -
Class C
Shares sold	138,353	-	$ 1,774,788	$ -
Reinvestment of distributions	1,740	-	22,123	-
Shares redeemed	(8,144)	-	(103,462)	-
Net increase (decrease)	131,949	-	$ 1,693,449	$ -
Asset Manager 20%
Shares sold	63,397,753	58,821,375	$ 815,352,615	$ 762,877,913
Reinvestment of distributions	14,705,597	7,686,827	187,331,699	98,885,268
Shares redeemed	(45,831,913)	(36,921,374)	(589,696,416)	(478,193,593)
Net increase (decrease)	32,271,437	29,586,828	$ 412,987,898	$ 383,569,588
Institutional Class
Shares sold	18,496	-	$ 238,374	$ -
Reinvestment of distributions	717	-	9,130	-
Shares redeemed	-	-	-	-
Net increase (decrease)	19,213	-	$ 247,504	$ -

^AShare transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of
shares) to September 30, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 20%:

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 369 funds advised by FMR or an affiliate. Mr. Curvey oversees 339 funds advised by FMR or an affiliate.

The fund's Statement of Additional information includes more information about the trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC or prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers**:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of the fund. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2007 Vice President of the fund. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007-present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of the fund. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003- present). Mr. Greer is an Executive Vice President of FMR (2005- present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of the fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of the fund. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of the fund. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of the fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005- present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of the fund. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

** FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

A total of 2.60% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class I designates 3% and 6% of the dividends distributed in December 2006 and February 2007 through September 2007, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class I designates 3% and 7% of the dividends distributed in December 2006 and February 2007 through September 2007, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees.^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A _{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 20%

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 20%

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 20%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2006.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money
Management, Inc.

Fidelity Management & Research

(U.K.) Inc.

Fidelity Research & Analysis Co. (FRAC)

Fidelity Investments Japan Limited

Fidelity International Investment

Advisors

Fidelity International Investment

Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional

Operations Company, Inc.

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AAM20I-UANN-1107
1.834305.100

Fidelity

Asset Manager® 50%

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, http://visit www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings or http://www.advisor.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

Dear Shareholder:(photo_of_Edward_C_Johnson_3d)

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended September 30, 2007	Past 1 year	Past 5 years	Past 10 years
Asset Manager® 50%	12.02%	10.10%	6.42%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Asset Manager ® 50%, a class of the fund, on September 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500 ^SM Index (S&P 500 ®) performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Asset Manager® 50% during the period covered by this report

The U.S. stock, investment-grade and high-yield bond markets were volatile during the 12 months ending September 30, 2007, but each finished with positive returns. Stocks began the period with a four-month winning streak amid an environment of falling energy prices, upbeat economic data and solid corporate earnings. They tumbled in February, however, stung by the slowing housing market, a looming subprime mortgage loan crisis and a short-lived freefall in the Asian markets. Stocks rallied strongly from March through May, but see-sawed in the final four months of the period as crude oil prices spiked, the housing slump grew more pronounced and subprime mortgage prices dropped precipitously. The Federal Reserve Board sparked a late-period rally by implementing cuts to key lending rates. For the year overall, the Standard & Poor's 500^SM Index advanced 16.44%, the Lehman Brothers® U.S. Aggregate Index returned 5.14% and the Merrill Lynch® U.S. High Yield Master II Constrained Index was up 7.79%.

Asset Manager 50% was up 12.02% during the past year, versus 11.41% for the Fidelity Asset Manager 50% Composite Index. Most of this outperformance stemmed from excellent security selection in the underlying equity sector central funds and in the foreign stock subportfolio. We also got a boost from asset allocation. Specifically, favoring equities and high-yield securities relative to investment-grade debt was a positive versus the index. Increasing our equity exposure prior to the strong late-period market rally also contributed. Within equities, overweighting foreign securities overall was helpful, as overseas markets beat their U.S. counterparts, supported by currency fluctuations. Nine out of the 10 equity sector central funds handily outperformed their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,051.80	$ 5.25
Hypothetical ^A	$ 1,000.00	$ 1,019.95	$ 5.17
Class T
Actual	$ 1,000.00	$ 1,050.50	$ 6.43
Hypothetical ^A	$ 1,000.00	$ 1,018.80	$ 6.33
Class B
Actual	$ 1,000.00	$ 1,048.00	$ 9.29
Hypothetical ^A	$ 1,000.00	$ 1,015.99	$ 9.15
Class C
Actual	$ 1,000.00	$ 1,047.50	$ 9.09
Hypothetical ^A	$ 1,000.00	$ 1,016.19	$ 8.95
Asset Manager 50%
Actual	$ 1,000.00	$ 1,053.40	$ 3.65
Hypothetical ^A	$ 1,000.00	$ 1,021.51	$ 3.60
Institutional Class
Actual	$ 1,000.00	$ 1,053.20	$ 3.76
Hypothetical ^A	$ 1,000.00	$ 1,021.41	$ 3.70

^A 5% return per year before expenses

	Annualized Expense Ratio
Class A	1.02%
Class T	1.25%
Class B	1.81%
Class C	1.77%
Asset Manager 50%	.71%
Institutional Class	.73%

In addition to the expenses noted above, the Fund also indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half-year ranged from less than .01% to .01%.

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Ten Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.7	0.4
Procter & Gamble Co.	0.6	0.6
Google, Inc. Class A	0.6	0.4
Cisco Systems, Inc.	0.6	0.3
General Electric Co.	0.6	0.8
AT&T, Inc.	0.6	0.6
American International Group, Inc.	0.5	0.6
JPMorgan Chase & Co.	0.4	0.5
Wells Fargo & Co.	0.4	0.4
Bank of America Corp.	0.4	0.5
	5.4
Top Five Bond Issuers as of September 30, 2007
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	11.2	10.9
U.S. Treasury Obligations	5.2	5.7
Freddie Mac	4.1	3.1
Credit Suisse First Boston Mortgage Securities Corp.	0.7	0.7
Ginnie Mae	0.7	0.9
	21.9

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 50.8%		Stock class and Equity Futures 50.6%
	Bond class 51.5%		Bond class 49.2%
	Short-term class* (2.3)%		Short-term class 0.2%

*Short-term class is not included in the pie chart.

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	8.5
Fidelity Information Technology Central Fund	7.4
Fidelity Industrials Central Fund	5.3
Fidelity Health Care Central Fund	5.2
Fidelity Energy Central Fund	4.8
Fidelity Consumer Discretionary Central Fund	4.6
Fidelity Consumer Staples Central Fund	3.8
Fidelity Materials Central Fund	1.6
Fidelity Telecom Services Central Fund	1.6
Fidelity Utilities Central Fund	1.6
Total Equity Sector Central Funds	44.4
All Other Equity Investments	3.6^A
Total Equity Holdings	48.0
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	39.0
High Yield Fixed-Income Funds	4.7
Total Fixed-Income Central Funds	43.7
Money Market Central Funds	8.3
Other Short-Term Investments and Net Other Assets	0.0
Total	100.0

^ARepresents percentage of the Fund's total net assets in direct investments of equity holdings with international exposure. The Fund also has exposure to foreign investments indirectly through investment in the Fidelity Central Funds.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 15.3% of net assets.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 44.4%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (g)	3,387,771		$ 412,360
Fidelity Consumer Staples Central Fund (g)	2,673,325		337,240
Fidelity Energy Central Fund (g)	3,045,137		427,750
Fidelity Financials Central Fund (g)	6,903,705		765,273
Fidelity Health Care Central Fund (g)	3,865,298		462,483
Fidelity Industrials Central Fund (g)	3,501,469		473,294
Fidelity Information Technology Central Fund (g)	4,415,888		662,781
Fidelity Materials Central Fund (g)	1,010,037		148,405
Fidelity Telecom Services Central Fund (g)	939,550		143,131
Fidelity Utilities Central Fund (g)	1,165,553		143,573
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $3,042,703)		3,976,290
Fixed-Income Central Funds - 43.7%

Investment Grade Fixed-Income Funds - 39.0%
Fidelity Tactical Central Fund (g)	36,102,723		3,496,910
High Yield Fixed-Income Funds - 4.7%
Fidelity Floating Rate Central Fund (g)	2,784,522		271,825
Fidelity High Income Central Fund 1 (g)	1,560,526		153,712
TOTAL HIGH YIELD FIXED - INCOME FUNDS			425,537
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $3,953,659)		3,922,447
Common Stocks - 3.5%

Argentina - 0.1%
Cresud S.A.C.I.F. y A. sponsored ADR	241,100		5,478
Inversiones y Representaciones SA sponsored GDR (a)	88,700		1,408
Pampa Holding SA (a)	3,579,060		3,136
TOTAL ARGENTINA			10,022
Australia - 0.0%
Newcrest Mining Ltd.	78,491		1,951
Canada - 0.9%
Abitibi-Consolidated, Inc. (a)	4,124,700		7,300
Aquiline Resources, Inc. (a)	966,100		9,909
Canadian Natural Resources Ltd.	84,900		6,451
Canfor Corp. (a)	500,400		5,560
Catalyst Paper Corp. (a)	3,867,200		7,349
European Goldfields Ltd. (a)	1,144,400		6,743
Guyana Goldfields, Inc. (a)	207,200		2,063
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
IAMGOLD Corp.	992,700		$ 8,634
Meridian Gold, Inc. (a)	55,400		1,834
NuVista Energy Ltd. (a)	131,700		1,821
ProEx Energy Ltd. (a)	266,100		3,783
Saskatchewan Wheat Pool, Inc. (a)	30,500		356
Saskatchewan Wheat Pool, Inc. (a)(e)	458,400		5,347
Suncor Energy, Inc.	42,900		4,075
Trican Well Service Ltd.	393,300		8,008
TOTAL CANADA			79,233
Cayman Islands - 0.0%
Apex Silver Mines Ltd. (a)	170,900		3,324
Czech Republic - 0.1%
Philip Morris CR AS	17,200		8,809
France - 0.1%
Sanofi-Aventis sponsored ADR	263,400		11,173
Germany - 0.2%
E.ON AG	59,200		10,899
Lanxess AG	103,900		4,931
TOTAL GERMANY			15,830
Hong Kong - 0.2%
Hutchison Whampoa Ltd.	1,822,000		19,488
India - 0.1%
Reliance Industries Ltd.	88,827		5,147
Japan - 0.9%
Aioi Insurance Co. Ltd.	977,000		5,681
Kose Corp.	303,000		8,044
Kubota Corp.	1,612,000		13,164
Kubota Corp. sponsored ADR	57,500		2,349
Millea Holdings, Inc.	141,596		5,657
Mitsui Marine & Fire Insurance Co. Ltd.	462,000		5,403
Nissin Healthcare Food Service Co.	137,700		1,918
Parco Co. Ltd.	280,000		3,736
Seino Holdings Co. Ltd.	188,000		1,736
SFCG Co. Ltd.	40,550		5,679
Shinsei Bank Ltd.	3,174,000		9,952
Takeda Pharamaceutical Co. Ltd.	233,800		16,393
Tokyo Steel Manufacturing Co. Ltd.	115,900		1,800
Torii Pharmaceutical Co. Ltd.	33,200		584
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Tsutsumi Jewelry Co. Ltd.	64,300		$ 1,561
USS Co. Ltd.	28,120		1,848
TOTAL JAPAN			85,505
Korea (South) - 0.0%
Samwhan Corp.	3,140		109
Netherlands - 0.1%
Koninklijke Philips Electronics NV	139,500		6,269
Philippines - 0.1%
DMCI Holdings, Inc.	10,787,000		2,172
Semirara Mining Corp.	4,052,400		3,093
TOTAL PHILIPPINES			5,265
South Africa - 0.2%
Gold Fields Ltd.	54,300		982
Gold Fields Ltd. sponsored ADR	852,900		15,429
TOTAL SOUTH AFRICA			16,411
Switzerland - 0.1%
Actelion Ltd. (Reg.) (a)	194,985		10,803
Taiwan - 0.1%
Taiwan Mobile Co. Ltd.	5,947,000		8,091
United Kingdom - 0.0%
Benfield Group PLC	770,158		4,570
United States of America - 0.3%
Bowater, Inc. (d)	433,300		6,465
Deere & Co.	700		104
Synthes, Inc.	90,405		10,119
Virgin Media, Inc.	308,150		7,479
TOTAL UNITED STATES OF AMERICA			24,167
TOTAL COMMON STOCKS (Cost $296,448)		316,167
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value (000s)
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $6,372)	167,000		$ 6,432
Money Market Central Funds - 8.3%

Fidelity Cash Central Fund, 5.12% (b)	316,571,460		316,571
Fidelity Money Market Central Fund, 5.54% (b)	425,013,442		425,013
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	3,633,200		3,633
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $745,217)		745,217

U.S. Treasury Obligations - 0.2%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.65% to 4.84% 10/4/07 to 12/20/07 (f) (Cost $15,138)	$ 15,250	15,151

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $8,059,537)

8,981,704

NET OTHER ASSETS - (0.2)%

(14,981)

NET ASSETS - 100%

$ 8,966,723

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
770 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2007	$ 48,434	$ 2,083
353 FTSE 100 Index Contracts (United Kingdom)	Dec. 2007	47,092	1,725
Futures Contracts - continued
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased - continued
Equity Index Contracts - continued
462 S&P 500 Index Contracts	Dec. 2007	$ 177,651	$ 4,635
312 TOPIX 150 Index Contracts (Japan)	Dec. 2007	44,102	2,439
TOTAL EQUITY INDEX CONTRACTS		$ 317,279	$ 10,882

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,347,000 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $15,111,000.

(g) Affiliated fund that is available only to investment companies and accounts managed by Fidelity Investments. A complete 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 web site at www.sec.gov. A 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 advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 18,727
Fidelity Consumer Discretionary Central Fund	6,671
Fidelity Consumer Staples Central Fund	7,064
Fidelity Energy Central Fund	4,125
Fidelity Financials Central Fund	18,911
Fidelity Floating Rate Central Fund	21,177
Fidelity Health Care Central Fund	6,169
Fidelity High Income Central Fund 1	20,436
Fidelity Industrials Central Fund	6,860
Fidelity Information Technology Central Fund	2,101
Fidelity Materials Central Fund	2,788
Fidelity Money Market Central Fund	22,991
Fidelity Securities Lending Cash Central Fund	127
Fidelity Tactical Income Central Fund	180,213
Fidelity Telecom Services Central Fund	2,908
Fidelity Utilities Central Fund	3,805
Total	$ 325,073

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 477,754	$ -	$ 98,638	$ 412,360	57.8%
Fidelity Consumer Staples Central Fund	345,846	-	70,886	337,240	57.8%
Fidelity Energy Central Fund	374,154	-	91,997	427,750	57.8%
Fidelity Financials Central Fund	929,877	-	198,133	765,273	57.8%
Fidelity Floating Rate Central Fund	279,343	-	-	271,825	11.4%
Fidelity Health Care Central Fund	522,446	-	118,359	462,483	57.8%
Fidelity High Income Central Fund 1	327,866	-	180,272	153,712	51.7%
Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Industrials Central Fund	$ 456,421	$ -	$ 91,174	$ 473,294	57.8%
Fidelity Information Technology Central Fund	639,785	-	137,938	662,781	57.8%
Fidelity Materials Central Fund	128,311	-	27,819	148,405	57.8%
Fidelity Tactical Income Central Fund	3,312,935	241,423	14,992	3,496,910	63.7%
Fidelity Telecom Services Central Fund	132,358	-	27,728	143,131	57.8%
Fidelity Utilities Central Fund	152,097	-	38,200	143,573	57.8%
Total	$ 8,079,193	$ 241,423	$ 1,096,136	$ 7,898,737

Other Information

The information in the following table is based on the combined investment of the Fund and its pro rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	22.1%
AAA,AA,A	14.1%
BBB	7.2%
BB	3.2%
B	1.4%
CCC,CC,C	0.3%
Not Rated	1.0%
Equities	50.8%
Short-Term Investments and Net Other Assets	(0.1)%
	100.0%

We have used ratings from Moody's ® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. Percentages are adjusted for the effect of futures contracts, if applicable.

Distribution of investments by country of issue, as a percentage of total net assets, is as follows. Percentages are adjusted for the effect of futures contracts, if applicable.

United States of America	84.7%
United Kingdom	2.7%
Canada	2.0%
Bermuda	1.6%
Japan	1.6%
Germany	1.1%
Cayman Islands	1.0%
Others (individually less than 1%)	5.3%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	September 30, 2007
Amount in thousands (except per-share amounts)
Assets
Investment in securities, at value (including securities loaned of $3,497) - See accompanying schedule: Unaffiliated issuers (cost $317,958)	$ 337,750
Fidelity Central Funds (cost $7,741,579)	8,643,954
Total Investments (cost $8,059,537)		$ 8,981,704
Receivable for investments sold Regular delivery		6
Delayed delivery		2,305
Receivable for fund shares sold		4,805
Dividends receivable		703
Distributions receivable from Fidelity Central Funds		22,363
Prepaid expenses		9
Other receivables		333
Total assets		9,012,228

Liabilities
Payable for investments purchased	$ 16,202
Payable for fund shares redeemed	18,854
Accrued management fee	3,761
Distribution fees payable	5
Payable for daily variation on futures contracts	912
Other affiliated payables	1,404
Other payables and accrued expenses	734
Collateral on securities loaned, at value	3,633
Total liabilities		45,505

Net Assets		$ 8,966,723
Net Assets consist of:
Paid in capital		$ 7,770,884
Undistributed net investment income		82,560
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		180,336
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		932,943
Net Assets		$ 8,966,723

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	September 30, 2007
Amount in thousands (except per-share amounts)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,431.5 ÷ 259.40 shares)		$ 17.08

Maximum offering price per share (100/94.25 of $17.08)		$ 18.12
Class T: Net Asset Value and redemption price per share ($3,148.3 ÷ 184.52 shares)		$ 17.06

Maximum offering price per share (100/96.50 of $17.06)		$ 17.68
Class B: Net Asset Value and offering price per share ($1,007.3 ÷ 59.20 shares)^A		$ 17.02

Class C: Net Asset Value and offering price per share ($2,840.4 ÷ 167.05 shares)^A		$ 17.00

Asset Manager 50%: Net Asset Value, offering price and redemption price per share ($8,955,110.3 ÷ 523,560.92 shares)		$ 17.10

Institutional Class: Net Asset Value, offering price and redemption price per share ($185.6 ÷ 10.85 shares)		$ 17.11

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended September 30, 2007
Amount in thousands
Investment Income
Dividends		$ 5,248
Interest		900
Income from Fidelity Central Funds		325,073
Total income		331,221

Expenses
Management fee	$ 46,603
Transfer agent fees	15,745
Distribution fees	25
Accounting and security lending fees	1,523
Custodian fees and expenses	99
Independent trustees' compensation	31
Appreciation in deferred trustee compensation account	2
Registration fees	151
Audit	110
Legal	96
Miscellaneous	339
Total expenses before reductions	64,724
Expense reductions	(1,047)	63,677
Net investment income (loss)		267,544
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $149)	112,511
Fidelity Central Funds	162,598
Foreign currency transactions	(668)
Futures contracts	16,725
Total net realized gain (loss)		291,166
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $94)	476,564
Assets and liabilities in foreign currencies	5
Futures contracts	9,052
Total change in net unrealized appreciation (depreciation)		485,621
Net gain (loss)		776,787
Net increase (decrease) in net assets resulting from operations		$ 1,044,331

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended September 30, 2007	Year ended September 30, 2006
Amount in thousands
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 267,544	$ 269,443
Net realized gain (loss)	291,166	493,498
Change in net unrealized appreciation (depreciation)	485,621	(60,153)
Net increase (decrease) in net assets resulting from operations	1,044,331	702,788
Distributions to shareholders from net investment income	(271,879)	(269,411)
Distributions to shareholders from net realized gain	(485,946)	(251,289)
Total distributions	(757,825)	(520,700)
Share transactions - net increase (decrease)	(523,997)	(1,167,821)
Total increase (decrease) in net assets	(237,491)	(985,733)

Net Assets
Beginning of period	9,204,214	10,189,947
End of period (including undistributed net investment income of $82,560 and $79,831, respectively)	$ 8,966,723	$ 9,204,214

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.43
Net realized and unrealized gain (loss)	1.45
Total from investment operations	1.88
Distributions from net investment income	(.47)
Distributions from net realized gain	(.90)
Total distributions	(1.37)
Net asset value, end of period	$ 17.08
Total Return ^{B, C, D}	11.93%
Ratios to Average Net Assets ^H
Expenses before reductions	1.01% ^A
Expenses net of fee waivers, if any	1.01% ^A
Expenses net of all reductions	1.00% ^A
Net investment income (loss)	2.62% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,432
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.39
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.85
Distributions from net investment income	(.46)
Distributions from net realized gain	(.90)
Total distributions	(1.36)
Net asset value, end of period	$ 17.06
Total Return ^{B, C, D}	11.68%
Ratios to Average Net Assets ^H
Expenses before reductions	1.24% ^A
Expenses net of fee waivers, if any	1.24% ^A
Expenses net of all reductions	1.23% ^A
Net investment income (loss)	2.40% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,148
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.30
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.76
Distributions from net investment income	(.41)
Distributions from net realized gain	(.90)
Total distributions	(1.31)
Net asset value, end of period	$ 17.02
Total Return ^{B, C, D}	11.10%
Ratios to Average Net Assets ^H
Expenses before reductions	1.79% ^A
Expenses net of fee waivers, if any	1.79% ^A
Expenses net of all reductions	1.78% ^A
Net investment income (loss)	1.84% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,007
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.31
Net realized and unrealized gain (loss)	1.45
Total from investment operations	1.76
Distributions from net investment income	(.43)
Distributions from net realized gain	(.90)
Total distributions	(1.33)
Net asset value, end of period	$ 17.00
Total Return ^{B, C, D}	11.08%
Ratios to Average Net Assets ^H
Expenses before reductions	1.75% ^A
Expenses net of fee waivers, if any	1.75% ^A
Expenses net of all reductions	1.74% ^A
Net investment income (loss)	1.88% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,840
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Asset Manager 50%

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 16.60	$ 16.28	$ 15.58	$ 14.95	$ 13.01
Income from Investment Operations
Net investment income (loss) ^B	.49	.45	.41 ^D	.33	.40
Net realized and unrealized gain (loss)	1.41	.73	.69	.57	1.95
Total from investment operations	1.90	1.18	1.10	.90	2.35
Distributions from net investment income	(.50)	(.45)	(.40)	(.27)	(.41)
Distributions from net realized gain	(.90)	(.41)	-	-	-
Total distributions	(1.40)	(.86)	(.40)	(.27)	(.41)
Net asset value, end of period	$ 17.10	$ 16.60	$ 16.28	$ 15.58	$ 14.95
Total Return ^A	12.02%	7.50%	7.15%	6.00%	18.26%
Ratios to Average Net Assets ^E
Expenses before reductions	.71%	.72%	.73%	.74%	.75%
Expenses net of fee waivers, if any	.71%	.72%	.73%	.74%	.75%
Expenses net of all reductions	.70%	.71%	.72%	.73%	.74%
Net investment income (loss)	2.93%	2.79%	2.55% ^D	2.12%	2.82%
Supplemental Data
Net assets, end of period (in millions)	$ 8,955	$ 9,204	$ 10,190	$ 10,903	$ 10,813
Portfolio turnover rate ^C	12%	65% ^F	32% ^F	78%	120%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^D Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 2.28%.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%.

^F Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Year ended September 30,	2007 ^F
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^D	.48
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.94
Distributions from net investment income	(.50)
Distributions from net realized gain	(.90)
Total distributions	(1.40)
Net asset value, end of period	$ 17.11
Total Return ^{B, C}	12.27%
Ratios to Average Net Assets ^G
Expenses before reductions	.72% ^A
Expenses net of fee waivers, if any	.72% ^A
Expenses net of all reductions	.72% ^A
Net investment income (loss)	2.91% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 186
Portfolio turnover rate ^E	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

1. Organization.

Fidelity Asset Manager 50% (the Fund) is a fund of Fidelity Charles Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Asset Manager 50% and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Asset Manager 50% on October 2, 2006. In order to disclose class level financial information dollar amounts presented in the notes are unrounded. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity Equity Sector Central Funds	Fidelity Manage- ment & Research Company, Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Repurchase Agreements Restricted Securities	Less than .01% to .01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Manage- ment, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

Annual Report

2. Investments in Fidelity Central Funds - continued

advisor.fidelity.com, as applicable. A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets, evaluating the performance of ADRs, futures contracts and exchange-traded funds, and monitoring current market trading activity, interest rates, credit quality and default rates for debt instruments. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indi-rectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's net asset value. Based on their

Annual Report

3. Significant Accounting Policies - continued

Expenses - continued

most recent shareholder report date, expenses of the Fidelity Central Funds ranged from less than .01% to .01%.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and losses deferred due to wash sales.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 695,830,518
Unrealized depreciation	(81,036,204)
Net unrealized appreciation (depreciation)	614,794,314
Undistributed ordinary income	428,899,522
Undistributed long-term capital gain	152,454,777
Cost for federal income tax purposes	$ 8,366,910,171

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 396,065,389	$ 318,443,555
Long-term Capital Gains	361,760,126	202,257,246
Total	$ 757,825,515	$ 520,700,801

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and

Annual Report

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market and fluctuations in currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale

Annual Report

Notes to Financial Statements - continued

4. Operating Policies - continued

Restricted Securities - continued

at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $958,944,998 and $1,934,063,044 respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .51% of the Fund's average net assets.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 3,678	$ 1,121
Class T	.25%	.25%	6,707	495
Class B	.75%	.25%	4,766	3,832
Class C	.75%	.25%	10,344	9,217
			$ 25,495	$ 14,665

Annual Report

6. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11,618
Class T	6,081
Class B*	162
Class C*	594
	$ 18,455

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Asset Manager 50%. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Asset Manager 50% shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 3,320	.23*
Class T	2,773	.21*
Class B	1,258	.26*
Class C	2,283	.22*
Asset Manager 50%	15,735,570	.17
Institutional Class	247	.19*
	$ 15,745,451

* Annualized

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees. FSC maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $555 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $21,366 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of interest income. Net income from lending portfolio securities during the period amounted to $127,340.

Annual Report

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Asset Manager 50%'s operating expenses. During the period, this reimbursement reduced the class' expenses by $85,783.

Many of the brokers with whom FMR places trades on behalf of the Fund and the Equity Sector Central Funds provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $417,349 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5,937. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class A	$ 8
Class C	5
Asset Manager 50%	387,531
	$ 387,544

10. Other.

Annual Report

Notes to Financial Statements - continued

10. Other - continued

mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended September 30,	2007 ^A	2006
From net investment income
Class A	$ 24,674	$ -
Class T	23,998	-
Class B	8,690	-
Class C	16,728	-
Asset Manager 50%	271,801,550	269,411,495
Institutional Class	3,438	-
Total	$ 271,879,078	$ 269,411,495
From net realized gain
Class A	$ 12,138	$ -
Class T	16,061	-
Class B	7,032	-
Class C	9,224	-
Asset Manager 50%	485,895,701	251,289,306
Institutional Class	6,281	-
Total	$ 485,946,437	$ 251,289,306

^A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

Annual Report

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended September 30,	2007 ^A	2006	2007 ^A	2006
Class A
Shares sold	289,790	-	$ 4,808,317	$ -
Reinvestment of distributions	2,223	-	36,700	-
Shares redeemed	(32,610)	-	(544,306)	-
Net increase (decrease)	259,403	-	$ 4,300,711	$ -
Class T
Shares sold	190,527	-	$ 3,166,113	$ -
Reinvestment of distributions	2,395	-	39,464	-
Shares redeemed	(8,403)	-	(140,444)	-
Net increase (decrease)	184,519	-	$ 3,065,133	$ -
Class B
Shares sold	70,302	-	$ 1,168,687	$ -
Reinvestment of distributions	894	-	14,680	-
Shares redeemed	(11,996)	-	(199,588)	-
Net increase (decrease)	59,200	-	$ 983,779	$ -
Class C
Shares sold	169,588	-	$ 2,814,455	$ -
Reinvestment of distributions	1,375	-	22,635	-
Shares redeemed	(3,910)	-	(64,143)	-
Net increase (decrease)	167,053	-	$ 2,772,947	$ -
Asset Manager 50%
Shares sold	35,519,889	37,568,253	$ 590,109,148	$ 610,699,461
Reinvestment of distributions	45,243,905	31,521,454	737,377,217	507,182,460
Shares redeemed	(111,732,894)	(140,502,838)	(1,862,786,005)	(2,285,702,637)
Net increase (decrease)	(30,969,100)	(71,413,131)	$ (535,299,640)	$ (1,167,820,716)
Institutional Class
Shares sold	11,204	-	$ 185,721	$ -
Reinvestment of distributions	596	-	9,719	-
Shares redeemed	(951)	-	(15,495)	-
Net increase (decrease)	10,849	-	$ 179,945	$ -

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 50%:

We have audited the accompanying statement of assets and liabilities of Fidelity Asset Manager 50% (the Fund), a fund of Fidelity Charles Street Trust, including the schedule of investments as of September 30, 2007, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Asset Manager 50% as of September 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a copy call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005- present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997- 1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers**:

Correspondence intended for Mr. Mauriello and Mr. Wiley may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer,and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001- present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006- present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Asset Manager 50%. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000- 2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2007 Vice President of Asset Manager 50%. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007- present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of Asset Manager 50%. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Asset Manager 50%. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Asset Manager 50%. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Asset Manager 50%. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Asset Manager 50%. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005- present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Asset Manager 50%. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004- present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Asset Manager 50%. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of Asset Manager 50%. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Asset Manager 50%. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Asset Manager 50%. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of Asset Manager 50%. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of Asset Manager 50%. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

** FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2007, $168,299,438 or, if subsequently determined to be different, the net capital gain of such year.

A total of 2.40% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $262,921,019 of distributions paid during the period January 1, 2007 to September 30, 2007 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates 8%, 26%, and 26% of the dividends distributed in December 2006, April 2007 & July 2007, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 9%, 33%, and 33% of the dividends distributed in December 2006, April 2007 & July 2007, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings. ^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees. ^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A _{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 50%

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Asset Manager 50% (retail class), as well as the fund's relative investment performance for Asset Manager 50% (retail class) measured against (i) a proprietary custom index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the cumulative total returns of Asset Manager 50% (retail class), the cumulative total returns of a proprietary custom index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (The Advisor classes of the fund had less than one year of performance as of December 31, 2006.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Asset Manager 50% (retail class). The fund's proprietary custom index is an index developed by FMR that represents the performance of the fund's three asset classes according to their respective weightings in the fund's neutral mix.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 50%

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Asset Manager 50% (retail class) was in the fourth quartile for the one- and three-year periods and the third quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions to be taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 50%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2006.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

Asset Manager ^SM 50% -

Class A, Class T, Class B
and Class C

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Class A, Class T, Class B, and Class C are classes of Fidelity
Asset Manager® 50%

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees & Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

Dear Shareholder:(photo_of_Edward_C_Johnson_3d)

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2007	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) ^A	5.30%	8.74%	5.76%
Class T (incl. 3.50% sales charge) ^B	7.57%	9.21%	5.99%
Class B (incl. contingent deferred sales charge) ^C	5.90%	9.60%	6.31%
Class C (incl. contingent deferred sales charge) ^D	9.88%	9.87%	6.31%

^AClass A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 50%, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower.

^BClass T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 50%, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower.

^CClass B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 50%, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^D Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 50%, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to October 2, 2006 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Asset Manager^SM 50% - Class T, a class of the fund, on September 30, 1997, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Advisor Asset Manager 50% during the period covered by this report

The fund's Class A, Class T, Class B and Class C shares rose 11.72%, 11.47%, 10.90% and 10.88%, respectively (excluding sales charges) during the year, versus 11.41% for the Fidelity Asset Manager 50% Composite Index. We had excellent security selection in the underlying equity sector central funds and in the foreign stock subportfolio. Asset allocation also provided a boost. Specifically, favoring equities and high-yield securities relative to investment-grade debt was a positive. Increasing our equity exposure prior to the strong late-period market rally also contributed. Within equities, overweighting foreign securities overall was helpful, as overseas markets beat their U.S. counterparts, supported by currency fluctuations. Nine out of the 10 equity sector central funds handily outperformed their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,051.80	$ 5.25
Hypothetical ^A	$ 1,000.00	$ 1,019.95	$ 5.17
Class T
Actual	$ 1,000.00	$ 1,050.50	$ 6.43
Hypothetical ^A	$ 1,000.00	$ 1,018.80	$ 6.33
Class B
Actual	$ 1,000.00	$ 1,048.00	$ 9.29
Hypothetical ^A	$ 1,000.00	$ 1,015.99	$ 9.15
Class C
Actual	$ 1,000.00	$ 1,047.50	$ 9.09
Hypothetical ^A	$ 1,000.00	$ 1,016.19	$ 8.95
Asset Manager 50%
Actual	$ 1,000.00	$ 1,053.40	$ 3.65
Hypothetical ^A	$ 1,000.00	$ 1,021.51	$ 3.60
Institutional Class
Actual	$ 1,000.00	$ 1,053.20	$ 3.76
Hypothetical ^A	$ 1,000.00	$ 1,021.41	$ 3.70

^A 5% return per year before expenses

	Annualized Expense Ratio
Class A	1.02%
Class T	1.25%
Class B	1.81%
Class C	1.77%
Asset Manager 50%	.71%
Institutional Class	.73%

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Ten Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.7	0.4
Procter & Gamble Co.	0.6	0.6
Google, Inc. Class A	0.6	0.4
Cisco Systems, Inc.	0.6	0.3
General Electric Co.	0.6	0.8
AT&T, Inc.	0.6	0.6
American International Group, Inc.	0.5	0.6
JPMorgan Chase & Co.	0.4	0.5
Wells Fargo & Co.	0.4	0.4
Bank of America Corp.	0.4	0.5
	5.4
Top Five Bond Issuers as of September 30, 2007
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	11.2	10.9
U.S. Treasury Obligations	5.2	5.7
Freddie Mac	4.1	3.1
Credit Suisse First Boston Mortgage Securities Corp.	0.7	0.7
Ginnie Mae	0.7	0.9
	21.9

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 50.8%		Stock class and Equity Futures 50.6%
	Bond class 51.5%		Bond class 49.2%
	Short-term class* (2.3)%		Short-term class 0.2%

*Short-term class is not included in the pie chart.

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	8.5
Fidelity Information Technology Central Fund	7.4
Fidelity Industrials Central Fund	5.3
Fidelity Health Care Central Fund	5.2
Fidelity Energy Central Fund	4.8
Fidelity Consumer Discretionary Central Fund	4.6
Fidelity Consumer Staples Central Fund	3.8
Fidelity Materials Central Fund	1.6
Fidelity Telecom Services Central Fund	1.6
Fidelity Utilities Central Fund	1.6
Total Equity Sector Central Funds	44.4
All Other Equity Investments	3.6^A
Total Equity Holdings	48.0
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	39.0
High Yield Fixed-Income Funds	4.7
Total Fixed-Income Central Funds	43.7
Money Market Central Funds	8.3
Other Short-Term Investments and Net Other Assets	0.0
Total	100.0

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 15.3% of net assets.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 44.4%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (g)	3,387,771		$ 412,360
Fidelity Consumer Staples Central Fund (g)	2,673,325		337,240
Fidelity Energy Central Fund (g)	3,045,137		427,750
Fidelity Financials Central Fund (g)	6,903,705		765,273
Fidelity Health Care Central Fund (g)	3,865,298		462,483
Fidelity Industrials Central Fund (g)	3,501,469		473,294
Fidelity Information Technology Central Fund (g)	4,415,888		662,781
Fidelity Materials Central Fund (g)	1,010,037		148,405
Fidelity Telecom Services Central Fund (g)	939,550		143,131
Fidelity Utilities Central Fund (g)	1,165,553		143,573
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $3,042,703)		3,976,290
Fixed-Income Central Funds - 43.7%

Investment Grade Fixed-Income Funds - 39.0%
Fidelity Tactical Central Fund (g)	36,102,723		3,496,910
High Yield Fixed-Income Funds - 4.7%
Fidelity Floating Rate Central Fund (g)	2,784,522		271,825
Fidelity High Income Central Fund 1 (g)	1,560,526		153,712
TOTAL HIGH YIELD FIXED - INCOME FUNDS			425,537
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $3,953,659)		3,922,447
Common Stocks - 3.5%

Argentina - 0.1%
Cresud S.A.C.I.F. y A. sponsored ADR	241,100		5,478
Inversiones y Representaciones SA sponsored GDR (a)	88,700		1,408
Pampa Holding SA (a)	3,579,060		3,136
TOTAL ARGENTINA			10,022
Australia - 0.0%
Newcrest Mining Ltd.	78,491		1,951
Canada - 0.9%
Abitibi-Consolidated, Inc. (a)	4,124,700		7,300
Aquiline Resources, Inc. (a)	966,100		9,909
Canadian Natural Resources Ltd.	84,900		6,451
Canfor Corp. (a)	500,400		5,560
Catalyst Paper Corp. (a)	3,867,200		7,349
European Goldfields Ltd. (a)	1,144,400		6,743
Guyana Goldfields, Inc. (a)	207,200		2,063
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
IAMGOLD Corp.	992,700		$ 8,634
Meridian Gold, Inc. (a)	55,400		1,834
NuVista Energy Ltd. (a)	131,700		1,821
ProEx Energy Ltd. (a)	266,100		3,783
Saskatchewan Wheat Pool, Inc. (a)	30,500		356
Saskatchewan Wheat Pool, Inc. (a)(e)	458,400		5,347
Suncor Energy, Inc.	42,900		4,075
Trican Well Service Ltd.	393,300		8,008
TOTAL CANADA			79,233
Cayman Islands - 0.0%
Apex Silver Mines Ltd. (a)	170,900		3,324
Czech Republic - 0.1%
Philip Morris CR AS	17,200		8,809
France - 0.1%
Sanofi-Aventis sponsored ADR	263,400		11,173
Germany - 0.2%
E.ON AG	59,200		10,899
Lanxess AG	103,900		4,931
TOTAL GERMANY			15,830
Hong Kong - 0.2%
Hutchison Whampoa Ltd.	1,822,000		19,488
India - 0.1%
Reliance Industries Ltd.	88,827		5,147
Japan - 0.9%
Aioi Insurance Co. Ltd.	977,000		5,681
Kose Corp.	303,000		8,044
Kubota Corp.	1,612,000		13,164
Kubota Corp. sponsored ADR	57,500		2,349
Millea Holdings, Inc.	141,596		5,657
Mitsui Marine & Fire Insurance Co. Ltd.	462,000		5,403
Nissin Healthcare Food Service Co.	137,700		1,918
Parco Co. Ltd.	280,000		3,736
Seino Holdings Co. Ltd.	188,000		1,736
SFCG Co. Ltd.	40,550		5,679
Shinsei Bank Ltd.	3,174,000		9,952
Takeda Pharamaceutical Co. Ltd.	233,800		16,393
Tokyo Steel Manufacturing Co. Ltd.	115,900		1,800
Torii Pharmaceutical Co. Ltd.	33,200		584
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Tsutsumi Jewelry Co. Ltd.	64,300		$ 1,561
USS Co. Ltd.	28,120		1,848
TOTAL JAPAN			85,505
Korea (South) - 0.0%
Samwhan Corp.	3,140		109
Netherlands - 0.1%
Koninklijke Philips Electronics NV	139,500		6,269
Philippines - 0.1%
DMCI Holdings, Inc.	10,787,000		2,172
Semirara Mining Corp.	4,052,400		3,093
TOTAL PHILIPPINES			5,265
South Africa - 0.2%
Gold Fields Ltd.	54,300		982
Gold Fields Ltd. sponsored ADR	852,900		15,429
TOTAL SOUTH AFRICA			16,411
Switzerland - 0.1%
Actelion Ltd. (Reg.) (a)	194,985		10,803
Taiwan - 0.1%
Taiwan Mobile Co. Ltd.	5,947,000		8,091
United Kingdom - 0.0%
Benfield Group PLC	770,158		4,570
United States of America - 0.3%
Bowater, Inc. (d)	433,300		6,465
Deere & Co.	700		104
Synthes, Inc.	90,405		10,119
Virgin Media, Inc.	308,150		7,479
TOTAL UNITED STATES OF AMERICA			24,167
TOTAL COMMON STOCKS (Cost $296,448)		316,167
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value (000s)
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $6,372)	167,000		$ 6,432
Money Market Central Funds - 8.3%

Fidelity Cash Central Fund, 5.12% (b)	316,571,460		316,571
Fidelity Money Market Central Fund, 5.54% (b)	425,013,442		425,013
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	3,633,200		3,633
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $745,217)		745,217

U.S. Treasury Obligations - 0.2%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.65% to 4.84% 10/4/07 to 12/20/07 (f) (Cost $15,138)	$ 15,250	15,151

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $8,059,537)

8,981,704

NET OTHER ASSETS - (0.2)%

(14,981)

NET ASSETS - 100%

$ 8,966,723

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
770 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2007	$ 48,434	$ 2,083
353 FTSE 100 Index Contracts (United Kingdom)	Dec. 2007	47,092	1,725
Futures Contracts - continued
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased - continued
Equity Index Contracts - continued
462 S&P 500 Index Contracts	Dec. 2007	$ 177,651	$ 4,635
312 TOPIX 150 Index Contracts (Japan)	Dec. 2007	44,102	2,439
TOTAL EQUITY INDEX CONTRACTS		$ 317,279	$ 10,882

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $15,111,000.

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 18,727
Fidelity Consumer Discretionary Central Fund	6,671
Fidelity Consumer Staples Central Fund	7,064
Fidelity Energy Central Fund	4,125
Fidelity Financials Central Fund	18,911
Fidelity Floating Rate Central Fund	21,177
Fidelity Health Care Central Fund	6,169
Fidelity High Income Central Fund 1	20,436
Fidelity Industrials Central Fund	6,860
Fidelity Information Technology Central Fund	2,101
Fidelity Materials Central Fund	2,788
Fidelity Money Market Central Fund	22,991
Fidelity Securities Lending Cash Central Fund	127
Fidelity Tactical Income Central Fund	180,213
Fidelity Telecom Services Central Fund	2,908
Fidelity Utilities Central Fund	3,805
Total	$ 325,073

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 477,754	$ -	$ 98,638	$ 412,360	57.8%
Fidelity Consumer Staples Central Fund	345,846	-	70,886	337,240	57.8%
Fidelity Energy Central Fund	374,154	-	91,997	427,750	57.8%
Fidelity Financials Central Fund	929,877	-	198,133	765,273	57.8%
Fidelity Floating Rate Central Fund	279,343	-	-	271,825	11.4%
Fidelity Health Care Central Fund	522,446	-	118,359	462,483	57.8%
Fidelity High Income Central Fund 1	327,866	-	180,272	153,712	51.7%
Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Industrials Central Fund	$ 456,421	$ -	$ 91,174	$ 473,294	57.8%
Fidelity Information Technology Central Fund	639,785	-	137,938	662,781	57.8%
Fidelity Materials Central Fund	128,311	-	27,819	148,405	57.8%
Fidelity Tactical Income Central Fund	3,312,935	241,423	14,992	3,496,910	63.7%
Fidelity Telecom Services Central Fund	132,358	-	27,728	143,131	57.8%
Fidelity Utilities Central Fund	152,097	-	38,200	143,573	57.8%
Total	$ 8,079,193	$ 241,423	$ 1,096,136	$ 7,898,737

Other Information

The information in the following table is based on the combined investment of the Fund and its pro rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	22.1%
AAA,AA,A	14.1%
BBB	7.2%
BB	3.2%
B	1.4%
CCC,CC,C	0.3%
Not Rated	1.0%
Equities	50.8%
Short-Term Investments and Net Other Assets	(0.1)%
	100.0%

Distribution of investments by country of issue, as a percentage of total net assets, is as follows. Percentages are adjusted for the effect of futures contracts, if applicable.

United States of America	84.7%
United Kingdom	2.7%
Canada	2.0%
Bermuda	1.6%
Japan	1.6%
Germany	1.1%
Cayman Islands	1.0%
Others (individually less than 1%)	5.3%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	September 30, 2007
Amount in thousands (except per-share amounts)
Assets
Investment in securities, at value (including securities loaned of $3,497) - See accompanying schedule: Unaffiliated issuers (cost $317,958)	$ 337,750
Fidelity Central Funds (cost $7,741,579)	8,643,954
Total Investments (cost $8,059,537)		$ 8,981,704
Receivable for investments sold Regular delivery		6
Delayed delivery		2,305
Receivable for fund shares sold		4,805
Dividends receivable		703
Distributions receivable from Fidelity Central Funds		22,363
Prepaid expenses		9
Other receivables		333
Total assets		9,012,228

Liabilities
Payable for investments purchased	$ 16,202
Payable for fund shares redeemed	18,854
Accrued management fee	3,761
Distribution fees payable	5
Payable for daily variation on futures contracts	912
Other affiliated payables	1,404
Other payables and accrued expenses	734
Collateral on securities loaned, at value	3,633
Total liabilities		45,505

Net Assets		$ 8,966,723
Net Assets consist of:
Paid in capital		$ 7,770,884
Undistributed net investment income		82,560
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		180,336
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		932,943
Net Assets		$ 8,966,723

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	September 30, 2007
Amount in thousands (except per-share amounts)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,431.5 ÷ 259.40 shares)		$ 17.08

Maximum offering price per share (100/94.25 of $17.08)		$ 18.12
Class T: Net Asset Value and redemption price per share ($3,148.3 ÷ 184.52 shares)		$ 17.06

Maximum offering price per share (100/96.50 of $17.06)		$ 17.68
Class B: Net Asset Value and offering price per share ($1,007.3 ÷ 59.20 shares)^A		$ 17.02

Class C: Net Asset Value and offering price per share ($2,840.4 ÷ 167.05 shares)^A		$ 17.00

Asset Manager 50%: Net Asset Value, offering price and redemption price per share ($8,955,110.3 ÷ 523,560.92 shares)		$ 17.10

Institutional Class: Net Asset Value, offering price and redemption price per share ($185.6 ÷ 10.85 shares)		$ 17.11

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended September 30, 2007
Amount in thousands
Investment Income
Dividends		$ 5,248
Interest		900
Income from Fidelity Central Funds		325,073
Total income		331,221

Expenses
Management fee	$ 46,603
Transfer agent fees	15,745
Distribution fees	25
Accounting and security lending fees	1,523
Custodian fees and expenses	99
Independent trustees' compensation	31
Appreciation in deferred trustee compensation account	2
Registration fees	151
Audit	110
Legal	96
Miscellaneous	339
Total expenses before reductions	64,724
Expense reductions	(1,047)	63,677
Net investment income (loss)		267,544
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $149)	112,511
Fidelity Central Funds	162,598
Foreign currency transactions	(668)
Futures contracts	16,725
Total net realized gain (loss)		291,166
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $94)	476,564
Assets and liabilities in foreign currencies	5
Futures contracts	9,052
Total change in net unrealized appreciation (depreciation)		485,621
Net gain (loss)		776,787
Net increase (decrease) in net assets resulting from operations		$ 1,044,331

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended September 30, 2007	Year ended September 30, 2006
Amount in thousands
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 267,544	$ 269,443
Net realized gain (loss)	291,166	493,498
Change in net unrealized appreciation (depreciation)	485,621	(60,153)
Net increase (decrease) in net assets resulting from operations	1,044,331	702,788
Distributions to shareholders from net investment income	(271,879)	(269,411)
Distributions to shareholders from net realized gain	(485,946)	(251,289)
Total distributions	(757,825)	(520,700)
Share transactions - net increase (decrease)	(523,997)	(1,167,821)
Total increase (decrease) in net assets	(237,491)	(985,733)

Net Assets
Beginning of period	9,204,214	10,189,947
End of period (including undistributed net investment income of $82,560 and $79,831, respectively)	$ 8,966,723	$ 9,204,214

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.43
Net realized and unrealized gain (loss)	1.45
Total from investment operations	1.88
Distributions from net investment income	(.47)
Distributions from net realized gain	(.90)
Total distributions	(1.37)
Net asset value, end of period	$ 17.08
Total Return ^{B, C, D}	11.93%
Ratios to Average Net Assets ^H
Expenses before reductions	1.01% ^A
Expenses net of fee waivers, if any	1.01% ^A
Expenses net of all reductions	1.00% ^A
Net investment income (loss)	2.62% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,432
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.39
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.85
Distributions from net investment income	(.46)
Distributions from net realized gain	(.90)
Total distributions	(1.36)
Net asset value, end of period	$ 17.06
Total Return ^{B, C, D}	11.68%
Ratios to Average Net Assets ^H
Expenses before reductions	1.24% ^A
Expenses net of fee waivers, if any	1.24% ^A
Expenses net of all reductions	1.23% ^A
Net investment income (loss)	2.40% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,148
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.30
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.76
Distributions from net investment income	(.41)
Distributions from net realized gain	(.90)
Total distributions	(1.31)
Net asset value, end of period	$ 17.02
Total Return ^{B, C, D}	11.10%
Ratios to Average Net Assets ^H
Expenses before reductions	1.79% ^A
Expenses net of fee waivers, if any	1.79% ^A
Expenses net of all reductions	1.78% ^A
Net investment income (loss)	1.84% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,007
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.31
Net realized and unrealized gain (loss)	1.45
Total from investment operations	1.76
Distributions from net investment income	(.43)
Distributions from net realized gain	(.90)
Total distributions	(1.33)
Net asset value, end of period	$ 17.00
Total Return ^{B, C, D}	11.08%
Ratios to Average Net Assets ^H
Expenses before reductions	1.75% ^A
Expenses net of fee waivers, if any	1.75% ^A
Expenses net of all reductions	1.74% ^A
Net investment income (loss)	1.88% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,840
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Asset Manager 50%

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 16.60	$ 16.28	$ 15.58	$ 14.95	$ 13.01
Income from Investment Operations
Net investment income (loss) ^B	.49	.45	.41 ^D	.33	.40
Net realized and unrealized gain (loss)	1.41	.73	.69	.57	1.95
Total from investment operations	1.90	1.18	1.10	.90	2.35
Distributions from net investment income	(.50)	(.45)	(.40)	(.27)	(.41)
Distributions from net realized gain	(.90)	(.41)	-	-	-
Total distributions	(1.40)	(.86)	(.40)	(.27)	(.41)
Net asset value, end of period	$ 17.10	$ 16.60	$ 16.28	$ 15.58	$ 14.95
Total Return ^A	12.02%	7.50%	7.15%	6.00%	18.26%
Ratios to Average Net Assets ^E
Expenses before reductions	.71%	.72%	.73%	.74%	.75%
Expenses net of fee waivers, if any	.71%	.72%	.73%	.74%	.75%
Expenses net of all reductions	.70%	.71%	.72%	.73%	.74%
Net investment income (loss)	2.93%	2.79%	2.55% ^D	2.12%	2.82%
Supplemental Data
Net assets, end of period (in millions)	$ 8,955	$ 9,204	$ 10,190	$ 10,903	$ 10,813
Portfolio turnover rate ^C	12%	65% ^F	32% ^F	78%	120%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Year ended September 30,	2007 ^F
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^D	.48
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.94
Distributions from net investment income	(.50)
Distributions from net realized gain	(.90)
Total distributions	(1.40)
Net asset value, end of period	$ 17.11
Total Return ^{B, C}	12.27%
Ratios to Average Net Assets ^G
Expenses before reductions	.72% ^A
Expenses net of fee waivers, if any	.72% ^A
Expenses net of all reductions	.72% ^A
Net investment income (loss)	2.91% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 186
Portfolio turnover rate ^E	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

1. Organization.

2. Investments in Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity Equity Sector Central Funds	Fidelity Manage- ment & Research Company, Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Repurchase Agreements Restricted Securities	Less than .01% to .01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Manage- ment, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

Annual Report

2. Investments in Fidelity Central Funds - continued

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

3. Significant Accounting Policies - continued

Expenses - continued

most recent shareholder report date, expenses of the Fidelity Central Funds ranged from less than .01% to .01%.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 695,830,518
Unrealized depreciation	(81,036,204)
Net unrealized appreciation (depreciation)	614,794,314
Undistributed ordinary income	428,899,522
Undistributed long-term capital gain	152,454,777
Cost for federal income tax purposes	$ 8,366,910,171

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 396,065,389	$ 318,443,555
Long-term Capital Gains	361,760,126	202,257,246
Total	$ 757,825,515	$ 520,700,801

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and

Annual Report

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

Annual Report

Notes to Financial Statements - continued

4. Operating Policies - continued

Restricted Securities - continued

at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $958,944,998 and $1,934,063,044 respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .51% of the Fund's average net assets.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 3,678	$ 1,121
Class T	.25%	.25%	6,707	495
Class B	.75%	.25%	4,766	3,832
Class C	.75%	.25%	10,344	9,217
			$ 25,495	$ 14,665

Annual Report

6. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11,618
Class T	6,081
Class B*	162
Class C*	594
	$ 18,455

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Asset Manager 50%. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Asset Manager 50% shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 3,320	.23*
Class T	2,773	.21*
Class B	1,258	.26*
Class C	2,283	.22*
Asset Manager 50%	15,735,570	.17
Institutional Class	247	.19*
	$ 15,745,451

* Annualized

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $21,366 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Annual Report

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Asset Manager 50%'s operating expenses. During the period, this reimbursement reduced the class' expenses by $85,783.

Many of the brokers with whom FMR places trades on behalf of the Fund and the Equity Sector Central Funds provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $417,349 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5,937. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class A	$ 8
Class C	5
Asset Manager 50%	387,531
	$ 387,544

10. Other.

Annual Report

Notes to Financial Statements - continued

10. Other - continued

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended September 30,	2007 ^A	2006
From net investment income
Class A	$ 24,674	$ -
Class T	23,998	-
Class B	8,690	-
Class C	16,728	-
Asset Manager 50%	271,801,550	269,411,495
Institutional Class	3,438	-
Total	$ 271,879,078	$ 269,411,495
From net realized gain
Class A	$ 12,138	$ -
Class T	16,061	-
Class B	7,032	-
Class C	9,224	-
Asset Manager 50%	485,895,701	251,289,306
Institutional Class	6,281	-
Total	$ 485,946,437	$ 251,289,306

^A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

Annual Report

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended September 30,	2007 ^A	2006	2007 ^A	2006
Class A
Shares sold	289,790	-	$ 4,808,317	$ -
Reinvestment of distributions	2,223	-	36,700	-
Shares redeemed	(32,610)	-	(544,306)	-
Net increase (decrease)	259,403	-	$ 4,300,711	$ -
Class T
Shares sold	190,527	-	$ 3,166,113	$ -
Reinvestment of distributions	2,395	-	39,464	-
Shares redeemed	(8,403)	-	(140,444)	-
Net increase (decrease)	184,519	-	$ 3,065,133	$ -
Class B
Shares sold	70,302	-	$ 1,168,687	$ -
Reinvestment of distributions	894	-	14,680	-
Shares redeemed	(11,996)	-	(199,588)	-
Net increase (decrease)	59,200	-	$ 983,779	$ -
Class C
Shares sold	169,588	-	$ 2,814,455	$ -
Reinvestment of distributions	1,375	-	22,635	-
Shares redeemed	(3,910)	-	(64,143)	-
Net increase (decrease)	167,053	-	$ 2,772,947	$ -
Asset Manager 50%
Shares sold	35,519,889	37,568,253	$ 590,109,148	$ 610,699,461
Reinvestment of distributions	45,243,905	31,521,454	737,377,217	507,182,460
Shares redeemed	(111,732,894)	(140,502,838)	(1,862,786,005)	(2,285,702,637)
Net increase (decrease)	(30,969,100)	(71,413,131)	$ (535,299,640)	$ (1,167,820,716)
Institutional Class
Shares sold	11,204	-	$ 185,721	$ -
Reinvestment of distributions	596	-	9,719	-
Shares redeemed	(951)	-	(15,495)	-
Net increase (decrease)	10,849	-	$ 179,945	$ -

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 50%:

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Asset Manager 50% as of September 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005- present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994- 2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997- 1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers**:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001- present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006- present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of the fund. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2007 Vice President of the fund. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007-present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of the fund. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003- present). Mr. Greer is an Executive Vice President of FMR (2005- present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of the fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of the fund. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of the fund. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of the fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002- present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of the fund. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

** FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

A total of 2.40% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class A designates 8%, 27%, and 27%; Class T designates 8%, 29%, and 29%; Class B designates 9%, 30%, and 34%; and Class C designates 8%, 31%, and 33%; of the dividends distributed in December 2006, April 2007 & July 2007, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 9%, 35%, and 36%; Class T designates 9%, 38%, and 37%; Class B designates 10%, 39%, and 44%; and Class C designates 10%, 40%, and 43%; of the dividends distributed in December 2006, April 2007 & July 2007, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees.^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A _{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 50%

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Asset Manager 50% (retail class), as well as the fund's relative investment performance for Asset Manager 50% (retail class) measured against (i) a proprietary custom index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the cumulative total returns of Asset Manager 50% (retail class), the cumulative total returns of a proprietary custom index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (The Advisor classes of the fund had less than one year of performance as of December 31, 2006.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Asset Manager 50% (retail class). The fund's proprietary custom index is an index developed by FMR that represents the performance of the fund's three asset classes according to their respective weightings in the fund's neutral mix.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 50%

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 50%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2006.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money
Management, Inc.

Fidelity Management & Research

(U.K.) Inc.

Fidelity Research & Analysis Company

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AAM50-UANN-1107
1.834334.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

Asset Manager^SM 50% -

Institutional Class

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Institutional Class is a class of
Fidelity Asset Manager® 50%

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees & Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

Dear Shareholder:(photo_of_Edward_C_Johnson_3d)

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2007		Past 1 year	Past 5 years	Past 10 years
Institutional Class ^A		12.07%	10.10%	6.43%

^AThe initial offering of Institutional Class shares took place on October 2, 2006. Returns prior to October 2, 2006 are those of Asset Manager 50%, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Asset Manager^SM 50% - Institutional Class, a class of the fund, on September 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Advisor Asset Manager 50% during the period covered by this report

The fund's Institutional Class shares rose 12.07% during the year, versus 11.41% for the Fidelity Asset Manager 50% Composite Index. Most of this outperformance stemmed from excellent security selection in the underlying equity sector central funds and in the foreign stock subportfolio. We also got a boost from asset allocation. Specifically, favoring equities and high-yield securities relative to investment-grade debt was a positive versus the index. Increasing our equity exposure prior to the strong late-period market rally also contributed. Within equities, overweighting foreign securities overall was helpful, as overseas markets beat their U.S. counterparts, supported by currency fluctuations. Nine out of the 10 equity sector central funds handily outperformed their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,051.80	$ 5.25
Hypothetical ^A	$ 1,000.00	$ 1,019.95	$ 5.17
Class T
Actual	$ 1,000.00	$ 1,050.50	$ 6.43
Hypothetical ^A	$ 1,000.00	$ 1,018.80	$ 6.33
Class B
Actual	$ 1,000.00	$ 1,048.00	$ 9.29
Hypothetical ^A	$ 1,000.00	$ 1,015.99	$ 9.15
Class C
Actual	$ 1,000.00	$ 1,047.50	$ 9.09
Hypothetical ^A	$ 1,000.00	$ 1,016.19	$ 8.95
Asset Manager 50%
Actual	$ 1,000.00	$ 1,053.40	$ 3.65
Hypothetical ^A	$ 1,000.00	$ 1,021.51	$ 3.60
Institutional Class
Actual	$ 1,000.00	$ 1,053.20	$ 3.76
Hypothetical ^A	$ 1,000.00	$ 1,021.41	$ 3.70

^A 5% return per year before expenses

	Annualized Expense Ratio
Class A	1.02%
Class T	1.25%
Class B	1.81%
Class C	1.77%
Asset Manager 50%	.71%
Institutional Class	.73%

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Ten Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.7	0.4
Procter & Gamble Co.	0.6	0.6
Google, Inc. Class A	0.6	0.4
Cisco Systems, Inc.	0.6	0.3
General Electric Co.	0.6	0.8
AT&T, Inc.	0.6	0.6
American International Group, Inc.	0.5	0.6
JPMorgan Chase & Co.	0.4	0.5
Wells Fargo & Co.	0.4	0.4
Bank of America Corp.	0.4	0.5
	5.4
Top Five Bond Issuers as of September 30, 2007
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	11.2	10.9
U.S. Treasury Obligations	5.2	5.7
Freddie Mac	4.1	3.1
Credit Suisse First Boston Mortgage Securities Corp.	0.7	0.7
Ginnie Mae	0.7	0.9
	21.9

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 50.8%		Stock class and Equity Futures 50.6%
	Bond class 51.5%		Bond class 49.2%
	Short-term class* (2.3)%		Short-term class 0.2%

*Short-term class is not included in the pie chart.

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	8.5
Fidelity Information Technology Central Fund	7.4
Fidelity Industrials Central Fund	5.3
Fidelity Health Care Central Fund	5.2
Fidelity Energy Central Fund	4.8
Fidelity Consumer Discretionary Central Fund	4.6
Fidelity Consumer Staples Central Fund	3.8
Fidelity Materials Central Fund	1.6
Fidelity Telecom Services Central Fund	1.6
Fidelity Utilities Central Fund	1.6
Total Equity Sector Central Funds	44.4
All Other Equity Investments	3.6^A
Total Equity Holdings	48.0
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	39.0
High Yield Fixed-Income Funds	4.7
Total Fixed-Income Central Funds	43.7
Money Market Central Funds	8.3
Other Short-Term Investments and Net Other Assets	0.0
Total	100.0

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 15.3% of net assets.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 44.4%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (g)	3,387,771		$ 412,360
Fidelity Consumer Staples Central Fund (g)	2,673,325		337,240
Fidelity Energy Central Fund (g)	3,045,137		427,750
Fidelity Financials Central Fund (g)	6,903,705		765,273
Fidelity Health Care Central Fund (g)	3,865,298		462,483
Fidelity Industrials Central Fund (g)	3,501,469		473,294
Fidelity Information Technology Central Fund (g)	4,415,888		662,781
Fidelity Materials Central Fund (g)	1,010,037		148,405
Fidelity Telecom Services Central Fund (g)	939,550		143,131
Fidelity Utilities Central Fund (g)	1,165,553		143,573
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $3,042,703)		3,976,290
Fixed-Income Central Funds - 43.7%

Investment Grade Fixed-Income Funds - 39.0%
Fidelity Tactical Central Fund (g)	36,102,723		3,496,910
High Yield Fixed-Income Funds - 4.7%
Fidelity Floating Rate Central Fund (g)	2,784,522		271,825
Fidelity High Income Central Fund 1 (g)	1,560,526		153,712
TOTAL HIGH YIELD FIXED - INCOME FUNDS			425,537
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $3,953,659)		3,922,447
Common Stocks - 3.5%

Argentina - 0.1%
Cresud S.A.C.I.F. y A. sponsored ADR	241,100		5,478
Inversiones y Representaciones SA sponsored GDR (a)	88,700		1,408
Pampa Holding SA (a)	3,579,060		3,136
TOTAL ARGENTINA			10,022
Australia - 0.0%
Newcrest Mining Ltd.	78,491		1,951
Canada - 0.9%
Abitibi-Consolidated, Inc. (a)	4,124,700		7,300
Aquiline Resources, Inc. (a)	966,100		9,909
Canadian Natural Resources Ltd.	84,900		6,451
Canfor Corp. (a)	500,400		5,560
Catalyst Paper Corp. (a)	3,867,200		7,349
European Goldfields Ltd. (a)	1,144,400		6,743
Guyana Goldfields, Inc. (a)	207,200		2,063
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
IAMGOLD Corp.	992,700		$ 8,634
Meridian Gold, Inc. (a)	55,400		1,834
NuVista Energy Ltd. (a)	131,700		1,821
ProEx Energy Ltd. (a)	266,100		3,783
Saskatchewan Wheat Pool, Inc. (a)	30,500		356
Saskatchewan Wheat Pool, Inc. (a)(e)	458,400		5,347
Suncor Energy, Inc.	42,900		4,075
Trican Well Service Ltd.	393,300		8,008
TOTAL CANADA			79,233
Cayman Islands - 0.0%
Apex Silver Mines Ltd. (a)	170,900		3,324
Czech Republic - 0.1%
Philip Morris CR AS	17,200		8,809
France - 0.1%
Sanofi-Aventis sponsored ADR	263,400		11,173
Germany - 0.2%
E.ON AG	59,200		10,899
Lanxess AG	103,900		4,931
TOTAL GERMANY			15,830
Hong Kong - 0.2%
Hutchison Whampoa Ltd.	1,822,000		19,488
India - 0.1%
Reliance Industries Ltd.	88,827		5,147
Japan - 0.9%
Aioi Insurance Co. Ltd.	977,000		5,681
Kose Corp.	303,000		8,044
Kubota Corp.	1,612,000		13,164
Kubota Corp. sponsored ADR	57,500		2,349
Millea Holdings, Inc.	141,596		5,657
Mitsui Marine & Fire Insurance Co. Ltd.	462,000		5,403
Nissin Healthcare Food Service Co.	137,700		1,918
Parco Co. Ltd.	280,000		3,736
Seino Holdings Co. Ltd.	188,000		1,736
SFCG Co. Ltd.	40,550		5,679
Shinsei Bank Ltd.	3,174,000		9,952
Takeda Pharamaceutical Co. Ltd.	233,800		16,393
Tokyo Steel Manufacturing Co. Ltd.	115,900		1,800
Torii Pharmaceutical Co. Ltd.	33,200		584
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Tsutsumi Jewelry Co. Ltd.	64,300		$ 1,561
USS Co. Ltd.	28,120		1,848
TOTAL JAPAN			85,505
Korea (South) - 0.0%
Samwhan Corp.	3,140		109
Netherlands - 0.1%
Koninklijke Philips Electronics NV	139,500		6,269
Philippines - 0.1%
DMCI Holdings, Inc.	10,787,000		2,172
Semirara Mining Corp.	4,052,400		3,093
TOTAL PHILIPPINES			5,265
South Africa - 0.2%
Gold Fields Ltd.	54,300		982
Gold Fields Ltd. sponsored ADR	852,900		15,429
TOTAL SOUTH AFRICA			16,411
Switzerland - 0.1%
Actelion Ltd. (Reg.) (a)	194,985		10,803
Taiwan - 0.1%
Taiwan Mobile Co. Ltd.	5,947,000		8,091
United Kingdom - 0.0%
Benfield Group PLC	770,158		4,570
United States of America - 0.3%
Bowater, Inc. (d)	433,300		6,465
Deere & Co.	700		104
Synthes, Inc.	90,405		10,119
Virgin Media, Inc.	308,150		7,479
TOTAL UNITED STATES OF AMERICA			24,167
TOTAL COMMON STOCKS (Cost $296,448)		316,167
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value (000s)
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $6,372)	167,000		$ 6,432
Money Market Central Funds - 8.3%

Fidelity Cash Central Fund, 5.12% (b)	316,571,460		316,571
Fidelity Money Market Central Fund, 5.54% (b)	425,013,442		425,013
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	3,633,200		3,633
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $745,217)		745,217

U.S. Treasury Obligations - 0.2%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.65% to 4.84% 10/4/07 to 12/20/07 (f) (Cost $15,138)	$ 15,250	15,151

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $8,059,537)

8,981,704

NET OTHER ASSETS - (0.2)%

(14,981)

NET ASSETS - 100%

$ 8,966,723

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
770 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2007	$ 48,434	$ 2,083
353 FTSE 100 Index Contracts (United Kingdom)	Dec. 2007	47,092	1,725
Futures Contracts - continued
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased - continued
Equity Index Contracts - continued
462 S&P 500 Index Contracts	Dec. 2007	$ 177,651	$ 4,635
312 TOPIX 150 Index Contracts (Japan)	Dec. 2007	44,102	2,439
TOTAL EQUITY INDEX CONTRACTS		$ 317,279	$ 10,882

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $15,111,000.

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 18,727
Fidelity Consumer Discretionary Central Fund	6,671
Fidelity Consumer Staples Central Fund	7,064
Fidelity Energy Central Fund	4,125
Fidelity Financials Central Fund	18,911
Fidelity Floating Rate Central Fund	21,177
Fidelity Health Care Central Fund	6,169
Fidelity High Income Central Fund 1	20,436
Fidelity Industrials Central Fund	6,860
Fidelity Information Technology Central Fund	2,101
Fidelity Materials Central Fund	2,788
Fidelity Money Market Central Fund	22,991
Fidelity Securities Lending Cash Central Fund	127
Fidelity Tactical Income Central Fund	180,213
Fidelity Telecom Services Central Fund	2,908
Fidelity Utilities Central Fund	3,805
Total	$ 325,073

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 477,754	$ -	$ 98,638	$ 412,360	57.8%
Fidelity Consumer Staples Central Fund	345,846	-	70,886	337,240	57.8%
Fidelity Energy Central Fund	374,154	-	91,997	427,750	57.8%
Fidelity Financials Central Fund	929,877	-	198,133	765,273	57.8%
Fidelity Floating Rate Central Fund	279,343	-	-	271,825	11.4%
Fidelity Health Care Central Fund	522,446	-	118,359	462,483	57.8%
Fidelity High Income Central Fund 1	327,866	-	180,272	153,712	51.7%
Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Industrials Central Fund	$ 456,421	$ -	$ 91,174	$ 473,294	57.8%
Fidelity Information Technology Central Fund	639,785	-	137,938	662,781	57.8%
Fidelity Materials Central Fund	128,311	-	27,819	148,405	57.8%
Fidelity Tactical Income Central Fund	3,312,935	241,423	14,992	3,496,910	63.7%
Fidelity Telecom Services Central Fund	132,358	-	27,728	143,131	57.8%
Fidelity Utilities Central Fund	152,097	-	38,200	143,573	57.8%
Total	$ 8,079,193	$ 241,423	$ 1,096,136	$ 7,898,737

Other Information

The information in the following table is based on the combined investment of the Fund and its pro rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	22.1%
AAA,AA,A	14.1%
BBB	7.2%
BB	3.2%
B	1.4%
CCC,CC,C	0.3%
Not Rated	1.0%
Equities	50.8%
Short-Term Investments and Net Other Assets	(0.1)%
	100.0%

Distribution of investments by country of issue, as a percentage of total net assets, is as follows. Percentages are adjusted for the effect of futures contracts, if applicable.

United States of America	84.7%
United Kingdom	2.7%
Canada	2.0%
Bermuda	1.6%
Japan	1.6%
Germany	1.1%
Cayman Islands	1.0%
Others (individually less than 1%)	5.3%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	September 30, 2007
Amount in thousands (except per-share amounts)
Assets
Investment in securities, at value (including securities loaned of $3,497) - See accompanying schedule: Unaffiliated issuers (cost $317,958)	$ 337,750
Fidelity Central Funds (cost $7,741,579)	8,643,954
Total Investments (cost $8,059,537)		$ 8,981,704
Receivable for investments sold Regular delivery		6
Delayed delivery		2,305
Receivable for fund shares sold		4,805
Dividends receivable		703
Distributions receivable from Fidelity Central Funds		22,363
Prepaid expenses		9
Other receivables		333
Total assets		9,012,228

Liabilities
Payable for investments purchased	$ 16,202
Payable for fund shares redeemed	18,854
Accrued management fee	3,761
Distribution fees payable	5
Payable for daily variation on futures contracts	912
Other affiliated payables	1,404
Other payables and accrued expenses	734
Collateral on securities loaned, at value	3,633
Total liabilities		45,505

Net Assets		$ 8,966,723
Net Assets consist of:
Paid in capital		$ 7,770,884
Undistributed net investment income		82,560
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		180,336
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		932,943
Net Assets		$ 8,966,723

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	September 30, 2007
Amount in thousands (except per-share amounts)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,431.5 ÷ 259.40 shares)		$ 17.08

Maximum offering price per share (100/94.25 of $17.08)		$ 18.12
Class T: Net Asset Value and redemption price per share ($3,148.3 ÷ 184.52 shares)		$ 17.06

Maximum offering price per share (100/96.50 of $17.06)		$ 17.68
Class B: Net Asset Value and offering price per share ($1,007.3 ÷ 59.20 shares)^A		$ 17.02

Class C: Net Asset Value and offering price per share ($2,840.4 ÷ 167.05 shares)^A		$ 17.00

Asset Manager 50%: Net Asset Value, offering price and redemption price per share ($8,955,110.3 ÷ 523,560.92 shares)		$ 17.10

Institutional Class: Net Asset Value, offering price and redemption price per share ($185.6 ÷ 10.85 shares)		$ 17.11

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended September 30, 2007
Amount in thousands
Investment Income
Dividends		$ 5,248
Interest		900
Income from Fidelity Central Funds		325,073
Total income		331,221

Expenses
Management fee	$ 46,603
Transfer agent fees	15,745
Distribution fees	25
Accounting and security lending fees	1,523
Custodian fees and expenses	99
Independent trustees' compensation	31
Appreciation in deferred trustee compensation account	2
Registration fees	151
Audit	110
Legal	96
Miscellaneous	339
Total expenses before reductions	64,724
Expense reductions	(1,047)	63,677
Net investment income (loss)		267,544
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $149)	112,511
Fidelity Central Funds	162,598
Foreign currency transactions	(668)
Futures contracts	16,725
Total net realized gain (loss)		291,166
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $94)	476,564
Assets and liabilities in foreign currencies	5
Futures contracts	9,052
Total change in net unrealized appreciation (depreciation)		485,621
Net gain (loss)		776,787
Net increase (decrease) in net assets resulting from operations		$ 1,044,331

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended September 30, 2007	Year ended September 30, 2006
Amount in thousands
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 267,544	$ 269,443
Net realized gain (loss)	291,166	493,498
Change in net unrealized appreciation (depreciation)	485,621	(60,153)
Net increase (decrease) in net assets resulting from operations	1,044,331	702,788
Distributions to shareholders from net investment income	(271,879)	(269,411)
Distributions to shareholders from net realized gain	(485,946)	(251,289)
Total distributions	(757,825)	(520,700)
Share transactions - net increase (decrease)	(523,997)	(1,167,821)
Total increase (decrease) in net assets	(237,491)	(985,733)

Net Assets
Beginning of period	9,204,214	10,189,947
End of period (including undistributed net investment income of $82,560 and $79,831, respectively)	$ 8,966,723	$ 9,204,214

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.43
Net realized and unrealized gain (loss)	1.45
Total from investment operations	1.88
Distributions from net investment income	(.47)
Distributions from net realized gain	(.90)
Total distributions	(1.37)
Net asset value, end of period	$ 17.08
Total Return ^{B, C, D}	11.93%
Ratios to Average Net Assets ^H
Expenses before reductions	1.01% ^A
Expenses net of fee waivers, if any	1.01% ^A
Expenses net of all reductions	1.00% ^A
Net investment income (loss)	2.62% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,432
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.39
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.85
Distributions from net investment income	(.46)
Distributions from net realized gain	(.90)
Total distributions	(1.36)
Net asset value, end of period	$ 17.06
Total Return ^{B, C, D}	11.68%
Ratios to Average Net Assets ^H
Expenses before reductions	1.24% ^A
Expenses net of fee waivers, if any	1.24% ^A
Expenses net of all reductions	1.23% ^A
Net investment income (loss)	2.40% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,148
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.30
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.76
Distributions from net investment income	(.41)
Distributions from net realized gain	(.90)
Total distributions	(1.31)
Net asset value, end of period	$ 17.02
Total Return ^{B, C, D}	11.10%
Ratios to Average Net Assets ^H
Expenses before reductions	1.79% ^A
Expenses net of fee waivers, if any	1.79% ^A
Expenses net of all reductions	1.78% ^A
Net investment income (loss)	1.84% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,007
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Year ended September 30,	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^E	.31
Net realized and unrealized gain (loss)	1.45
Total from investment operations	1.76
Distributions from net investment income	(.43)
Distributions from net realized gain	(.90)
Total distributions	(1.33)
Net asset value, end of period	$ 17.00
Total Return ^{B, C, D}	11.08%
Ratios to Average Net Assets ^H
Expenses before reductions	1.75% ^A
Expenses net of fee waivers, if any	1.75% ^A
Expenses net of all reductions	1.74% ^A
Net investment income (loss)	1.88% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,840
Portfolio turnover rate ^F	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Asset Manager 50%

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 16.60	$ 16.28	$ 15.58	$ 14.95	$ 13.01
Income from Investment Operations
Net investment income (loss) ^B	.49	.45	.41 ^D	.33	.40
Net realized and unrealized gain (loss)	1.41	.73	.69	.57	1.95
Total from investment operations	1.90	1.18	1.10	.90	2.35
Distributions from net investment income	(.50)	(.45)	(.40)	(.27)	(.41)
Distributions from net realized gain	(.90)	(.41)	-	-	-
Total distributions	(1.40)	(.86)	(.40)	(.27)	(.41)
Net asset value, end of period	$ 17.10	$ 16.60	$ 16.28	$ 15.58	$ 14.95
Total Return ^A	12.02%	7.50%	7.15%	6.00%	18.26%
Ratios to Average Net Assets ^E
Expenses before reductions	.71%	.72%	.73%	.74%	.75%
Expenses net of fee waivers, if any	.71%	.72%	.73%	.74%	.75%
Expenses net of all reductions	.70%	.71%	.72%	.73%	.74%
Net investment income (loss)	2.93%	2.79%	2.55% ^D	2.12%	2.82%
Supplemental Data
Net assets, end of period (in millions)	$ 8,955	$ 9,204	$ 10,190	$ 10,903	$ 10,813
Portfolio turnover rate ^C	12%	65% ^F	32% ^F	78%	120%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Year ended September 30,	2007 ^F
Selected Per-Share Data
Net asset value, beginning of period	$ 16.57
Income from Investment Operations
Net investment income (loss) ^D	.48
Net realized and unrealized gain (loss)	1.46
Total from investment operations	1.94
Distributions from net investment income	(.50)
Distributions from net realized gain	(.90)
Total distributions	(1.40)
Net asset value, end of period	$ 17.11
Total Return ^{B, C}	12.27%
Ratios to Average Net Assets ^G
Expenses before reductions	.72% ^A
Expenses net of fee waivers, if any	.72% ^A
Expenses net of all reductions	.72% ^A
Net investment income (loss)	2.91% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 186
Portfolio turnover rate ^E	12%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

1. Organization.

2. Investments in Fidelity Central Funds.

Annual Report

Notes to Financial Statements - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity Equity Sector Central Funds	Fidelity Manage- ment & Research Company, Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Repurchase Agreements Restricted Securities	Less than .01% to .01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Manage- ment, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

Annual Report

2. Investments in Fidelity Central Funds - continued

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

3. Significant Accounting Policies - continued

Expenses - continued

most recent shareholder report date, expenses of the Fidelity Central Funds ranged from less than .01% to .01%.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 695,830,518
Unrealized depreciation	(81,036,204)
Net unrealized appreciation (depreciation)	614,794,314
Undistributed ordinary income	428,899,522
Undistributed long-term capital gain	152,454,777
Cost for federal income tax purposes	$ 8,366,910,171

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 396,065,389	$ 318,443,555
Long-term Capital Gains	361,760,126	202,257,246
Total	$ 757,825,515	$ 520,700,801

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and

Annual Report

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

Annual Report

Notes to Financial Statements - continued

4. Operating Policies - continued

Restricted Securities - continued

at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $958,944,998 and $1,934,063,044 respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .51% of the Fund's average net assets.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 3,678	$ 1,121
Class T	.25%	.25%	6,707	495
Class B	.75%	.25%	4,766	3,832
Class C	.75%	.25%	10,344	9,217
			$ 25,495	$ 14,665

Annual Report

6. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11,618
Class T	6,081
Class B*	162
Class C*	594
	$ 18,455

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Asset Manager 50%. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Asset Manager 50% shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:

	Amount	% of Average Net Assets
Class A	$ 3,320	.23*
Class T	2,773	.21*
Class B	1,258	.26*
Class C	2,283	.22*
Asset Manager 50%	15,735,570	.17
Institutional Class	247	.19*
	$ 15,745,451

* Annualized

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $21,366 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Annual Report

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Asset Manager 50%'s operating expenses. During the period, this reimbursement reduced the class' expenses by $85,783.

Many of the brokers with whom FMR places trades on behalf of the Fund and the Equity Sector Central Funds provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $417,349 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5,937. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class A	$ 8
Class C	5
Asset Manager 50%	387,531
	$ 387,544

10. Other.

Annual Report

Notes to Financial Statements - continued

10. Other - continued

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended September 30,	2007 ^A	2006
From net investment income
Class A	$ 24,674	$ -
Class T	23,998	-
Class B	8,690	-
Class C	16,728	-
Asset Manager 50%	271,801,550	269,411,495
Institutional Class	3,438	-
Total	$ 271,879,078	$ 269,411,495
From net realized gain
Class A	$ 12,138	$ -
Class T	16,061	-
Class B	7,032	-
Class C	9,224	-
Asset Manager 50%	485,895,701	251,289,306
Institutional Class	6,281	-
Total	$ 485,946,437	$ 251,289,306

^A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

Annual Report

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended September 30,	2007 ^A	2006	2007 ^A	2006
Class A
Shares sold	289,790	-	$ 4,808,317	$ -
Reinvestment of distributions	2,223	-	36,700	-
Shares redeemed	(32,610)	-	(544,306)	-
Net increase (decrease)	259,403	-	$ 4,300,711	$ -
Class T
Shares sold	190,527	-	$ 3,166,113	$ -
Reinvestment of distributions	2,395	-	39,464	-
Shares redeemed	(8,403)	-	(140,444)	-
Net increase (decrease)	184,519	-	$ 3,065,133	$ -
Class B
Shares sold	70,302	-	$ 1,168,687	$ -
Reinvestment of distributions	894	-	14,680	-
Shares redeemed	(11,996)	-	(199,588)	-
Net increase (decrease)	59,200	-	$ 983,779	$ -
Class C
Shares sold	169,588	-	$ 2,814,455	$ -
Reinvestment of distributions	1,375	-	22,635	-
Shares redeemed	(3,910)	-	(64,143)	-
Net increase (decrease)	167,053	-	$ 2,772,947	$ -
Asset Manager 50%
Shares sold	35,519,889	37,568,253	$ 590,109,148	$ 610,699,461
Reinvestment of distributions	45,243,905	31,521,454	737,377,217	507,182,460
Shares redeemed	(111,732,894)	(140,502,838)	(1,862,786,005)	(2,285,702,637)
Net increase (decrease)	(30,969,100)	(71,413,131)	$ (535,299,640)	$ (1,167,820,716)
Institutional Class
Shares sold	11,204	-	$ 185,721	$ -
Reinvestment of distributions	596	-	9,719	-
Shares redeemed	(951)	-	(15,495)	-
Net increase (decrease)	10,849	-	$ 179,945	$ -

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period October 2, 2006 (commencement of sale of shares) to September 30, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 50%:

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Asset Manager 50% as of September 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005- present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994- 2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997- 1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers**:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001- present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006- present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of the fund. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2007 Vice President of the fund. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007-present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of the fund. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003- present). Mr. Greer is an Executive Vice President of FMR (2005- present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of the fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of the fund. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of the fund. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of the fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002- present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of the fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of the fund. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of the fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

** FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

A total of 2.40% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees.^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A _{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 50%

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Asset Manager 50% (retail class), as well as the fund's relative investment performance for Asset Manager 50% (retail class) measured against (i) a proprietary custom index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the cumulative total returns of Asset Manager 50% (retail class), the cumulative total returns of a proprietary custom index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (The Advisor classes of the fund had less than one year of performance as of December 31, 2006.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Asset Manager 50% (retail class). The fund's proprietary custom index is an index developed by FMR that represents the performance of the fund's three asset classes according to their respective weightings in the fund's neutral mix.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 50%

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Asset Manager 50%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2006.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money
Management, Inc.

Fidelity Management & Research

(U.K.) Inc.

Fidelity Research & Analysis Company

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AAM50I-UANN-1107
1.834324.100

Fidelity

Asset Manager® 70%

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2007	Past 1 year	Past 5 years	Past 10 years
Fidelity Asset Manager® 70%	15.07%	12.06%	5.67%

$10,000 Over 10 years

Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 70% on September 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Asset Manager® 70% during the period covered by this report

Asset Manager 70% was up 15.07% during the past year, versus 14.18% for the Fidelity Asset Manager 70% Composite Index. Most of this outperformance stemmed from excellent security selection in the underlying equity sector central funds and in the foreign stock subportfolio. We also got a boost from asset allocation. Specifically, favoring equities and high-yield securities relative to investment-grade debt was a positive versus the index. Increasing our equity exposure prior to the strong late-period market rally also contributed. Within equities, overweighting foreign securities overall was helpful, as overseas markets beat their U.S. counterparts, supported by currency fluctuations. Nine out of the 10 equity sector central funds handily outperformed their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the strategic cash portion of the fund - including the money market central fund - topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Fund invests in Fidelity Central Funds, which are open-end investment companies with similar investment objectives to those of the Fund, available only to other mutual funds and accounts managed by Fidelity Management & Research Company, (FMR) and its affiliates. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying Fidelity Central Funds, the fund also indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Fund's annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period * April 1, 2007 to September 30, 2007
Actual	$ 1,000.00	$ 1,068.50	$ 4.15
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.06	$ 4.05

* Expenses are equal to the Fund's annualized expense ratio of .80%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

Top Ten Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	1.0	0.6
Procter & Gamble Co.	0.9	0.9
Google, Inc. Class A (sub. vtg.)	0.8	0.5
Cisco Systems, Inc.	0.8	0.4
General Electric Co.	0.8	1.1
AT&T, Inc.	0.8	0.8
American International Group, Inc.	0.6	0.8
JPMorgan Chase & Co.	0.6	0.6
Wells Fargo & Co.	0.6	0.5
Bank of America Corp.	0.6	0.6
	7.5

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 70.7%		Stock class and Equity Futures 70.4%
	Bond class 29.3%		Bond class 31.1%
	Short-term class* 0.0%		Short-term class* (1.5)%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of futures contracts and swap contracts, if applicable.

* Short-term class is not included in the pie chart.

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the Fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	11.2
Fidelity Information Technology Central Fund	9.7
Fidelity Industrials Central Fund	6.9
Fidelity Health Care Central Fund	6.8
Fidelity Energy Central Fund	6.2
Fidelity Consumer Discretionary Central Fund	6.0
Fidelity Consumer Staples Central Fund	4.9
Fidelity Materials Central Fund	2.2
Fidelity Utilities Central Fund	2.1
Fidelity Telecom Services Central Fund	2.1
Total Equity Sector Central Funds	58.1
All Other Equity Investments	4.5 ^A
Total Equity Holdings	62.6
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	20.9
High Yield Fixed-Income Funds	4.4
Total Fixed-Income Central Funds	25.3
Money Market Central Funds	11.7
Other Short-Term Investments and Net Other Assets	0.4
Total	100.0

^A Represents percentage of the Fund's total net assets in direct investments of equity holdings with international exposure. The Fund also has exposure to foreign investments indirectly through investment in the Fidelity Central Funds.

At period end, foreign investments, including the Fund's pro-rata share of the underlying Central Funds, was 20.7% of net assets.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 58.1%
	Shares		Value (000s)
Fidelity Consumer Discretionary Central Fund (g)	1,615,010		$ 196,579
Fidelity Consumer Staples Central Fund (g)	1,274,458		160,773
Fidelity Energy Central Fund (g)	1,451,059		203,830
Fidelity Financials Central Fund (g)	3,294,772		365,226
Fidelity Health Care Central Fund (g)	1,841,301		220,312
Fidelity Industrials Central Fund (g)	1,669,175		225,622
Fidelity Information Technology Central Fund (g)	2,104,954		315,933
Fidelity Materials Central Fund (g)	481,375		70,728
Fidelity Telecom Services Central Fund (g)	447,906		68,234
Fidelity Utilities Central Fund (g)	556,155		68,507
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $1,543,515)		1,895,744
Fixed-Income Central Funds - 25.3%

Investment Grade Fixed-Income Funds - 20.9%
Fidelity Tactical Income Central Fund (g)	7,042,462		682,133
High Yield Fixed-Income Funds - 4.4%
Fidelity Floating Rate Central Fund (g)	900,452		87,902
Fidelity High Income Central Fund 1 (g)	550,130		54,188
TOTAL HIGH YIELD FIXED-INCOME CENTRAL FUNDS			142,090
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $828,679)		824,223
Common Stocks - 4.4%

Argentina - 0.1%
Cresud S.A.C.I.F. y A. sponsored ADR	100,100		2,274
Inversiones y Representaciones SA sponsored GDR (a)	40,800		647
Pampa Holding SA (a)	1,624,454		1,424
TOTAL ARGENTINA			4,345
Australia - 0.0%
Newcrest Mining Ltd.	28,216		701
Canada - 1.1%
Abitibi-Consolidated, Inc. (a)	1,844,200		3,264
Aquiline Resources, Inc. (a)	438,800		4,501
Canadian Natural Resources Ltd.	38,300		2,910
Canfor Corp. (a)	232,600		2,584
Catalyst Paper Corp. (a)	1,768,800		3,362
European Goldfields Ltd. (a)	519,400		3,061
Guyana Goldfields, Inc. (a)	95,800		954
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
IAMGOLD Corp.	445,400		$ 3,874
Meridian Gold, Inc. (a)	25,800		854
NuVista Energy Ltd. (a)	60,800		841
ProEx Energy Ltd. (a)	121,300		1,725
Saskatchewan Wheat Pool, Inc. (a)	10,800		126
Saskatchewan Wheat Pool, Inc. (a)(e)	209,600		2,445
Suncor Energy, Inc.	19,500		1,852
Trican Well Service Ltd.	181,600		3,698
TOTAL CANADA			36,051
Cayman Islands - 0.0%
Apex Silver Mines Ltd. (a)	78,500		1,527
Czech Republic - 0.1%
Philip Morris CR AS	7,900		4,046
France - 0.2%
Sanofi-Aventis sponsored ADR	118,800		5,039
Germany - 0.2%
E.ON AG	27,300		5,026
Lanxess AG	46,100		2,188
TOTAL GERMANY			7,214
Hong Kong - 0.3%
Hutchison Whampoa Ltd.	830,000		8,878
India - 0.1%
Reliance Industries Ltd.	40,487		2,346
Japan - 1.2%
Aioi Insurance Co. Ltd.	445,000		2,587
Kose Corp.	139,100		3,693
Kubota Corp.	735,000		6,002
Kubota Corp. sponsored ADR	27,100		1,107
Millea Holdings, Inc.	64,701		2,585
Mitsui Marine & Fire Insurance Co. Ltd.	211,000		2,467
Nissin Healthcare Food Service Co.	62,000		863
Parco Co. Ltd.	120,200		1,604
Seino Holdings Co. Ltd.	86,000		794
SFCG Co. Ltd.	18,540		2,596
Shinsei Bank Ltd.	1,475,000		4,625
Takeda Pharamaceutical Co. Ltd.	106,600		7,474
Tokyo Steel Manufacturing Co. Ltd.	53,800		835
Torii Pharmaceutical Co. Ltd.	15,500		273
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Tsutsumi Jewelry Co. Ltd.	28,600		$ 695
USS Co. Ltd.	12,860		845
TOTAL JAPAN			39,045
Korea (South) - 0.0%
Samwhan Corp.	1,450		50
Netherlands - 0.1%
Koninklijke Philips Electronics NV	64,200		2,885
Philippines - 0.1%
DMCI Holdings, Inc.	4,896,700		986
Semirara Mining Corp.	1,905,800		1,455
TOTAL PHILIPPINES			2,441
South Africa - 0.2%
Gold Fields Ltd.	19,600		355
Gold Fields Ltd. sponsored ADR	396,200		7,167
TOTAL SOUTH AFRICA			7,522
Switzerland - 0.2%
Actelion Ltd. (Reg.) (a)	89,545		4,961
Taiwan - 0.1%
Taiwan Mobile Co. Ltd.	2,761,000		3,756
United Kingdom - 0.1%
Benfield Group PLC	357,900		2,124
United States of America - 0.3%
Bowater, Inc. (d)	193,700		2,890
Deere & Co.	300		45
Synthes, Inc.	41,206		4,612
Virgin Media, Inc.	141,050		3,423
TOTAL UNITED STATES OF AMERICA			10,970
TOTAL COMMON STOCKS (Cost $140,077)		143,901
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value (000s)
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Istituto Finanziario Industriale SpA (IFI) (a)	76,100		$ 2,931
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,920)		2,931
Money Market Central Funds - 11.7%

Fidelity Cash Central Fund, 5.12% (b)	372,229,187		372,229
Fidelity Money Market Central Fund, 5.54% (b)	8,056,119		8,056
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	2,599,350		2,599
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $382,884)		382,884

U.S. Treasury Obligations - 0.5%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 3.95% to 4.83% 10/4/07 to 12/6/07 (f) (Cost $14,492)	$ 14,600	14,505

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $2,912,567)

3,264,188

NET OTHER ASSETS - (0.1)%

(2,095)

NET ASSETS - 100%

$ 3,262,093

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,107 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2007	$ 69,631	$ 2,995
438 FTSE 100 Index Contracts (United Kingdom)	Dec. 2007	58,432	2,141
273 S&P 500 Index Contracts	Dec. 2007	104,975	2,739
369 TOPIX 150 Index Contracts (Japan)	Dec. 2007	52,159	2,884
TOTAL EQUITY INDEX CONTRACTS		$ 285,197	$ 10,759

The face value of futures purchased as a percentage of net assets - 8.7%

Legend

(a) Non-income producing

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $14,505,000.

(g) Affiliated fund that is available only to investment companies and accounts managed by Fidelity Investments. A complete 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 web site at www.sec.gov. A 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. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 16,949
Fidelity Consumer Discretionary Central Fund	3,088
Fidelity Consumer Staples Central Fund	3,284
Fidelity Energy Central Fund	1,913
Fidelity Financials Central Fund	8,796
Fidelity Floating Rate Central Fund	6,848
Fidelity Health Care Central Fund	2,858
Fidelity High Income Central Fund 1	5,660
Fidelity Industrials Central Fund	3,183
Fidelity Information Technology Central Fund	978
Fidelity Materials Central Fund	1,287
Fidelity Money Market Central Fund	436
Fidelity Securities Lending Cash Central Fund	100
Fidelity Tactical Income Central Fund	36,130
Fidelity Telecom Services Central Fund	1,340
Fidelity Utilities Central Fund	1,772
Total	$ 94,622

Affiliated Central Funds - continued

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 211,822	$ -	$ 29,762	$ 196,579	27.5%
Fidelity Consumer Staples Central Fund	153,338	-	21,577	160,773	27.5%
Fidelity Energy Central Fund	165,889	-	29,621	203,830	27.5%
Fidelity Financials Central Fund	412,280	-	61,247	365,226	27.6%
Fidelity Floating Rate Central Fund	90,333	-	-	87,902	3.7%
Fidelity Health Care Central Fund	231,638	-	38,364	220,312	27.5%
Fidelity High Income Central Fund 1	61,509	45,049	53,157	54,188	18.2%
Fidelity Industrials Central Fund	202,364	-	26,832	225,622	27.5%
Fidelity Information Technology Central Fund	283,662	-	42,827	315,933	27.5%
Fidelity Materials Central Fund	56,889	89	8,344	70,728	27.5%
Fidelity Tactical Income Central Fund	706,767	49,252	62,578	682,133	12.4%
Fidelity Telecom Services Central Fund	58,683	-	8,216	68,234	27.6%
Fidelity Utilities Central Fund	67,436	-	12,408	68,507	27.6%
Total	$ 2,702,610	$ 94,390	$ 394,933	$ 2,719,967

Other Information

The information in the following table is based on the combined investment of the Fund and its pro-rata share of the investments of Fidelity's Equity and Fixed-Income Central Funds.

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	11.7%
AAA,AA,A	8.4%
BBB	3.5%
BB	2.5%
B	1.3%
CCC,CC,C	0.2%
Not Rated	0.5%
Equities	70.3%
Short-Term Investments and Net Other Assets	1.6%
	100.0%

We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. Percentages are adjusted for the effect of futures contracts, if applicable.

Distribution of investments by country of issue, as a percentage of total net assets, is as follows. Percentages are adjusted for the effect of futures contracts, if applicable.

United States of America	79.3%
Germany	2.8%
Canada	2.3%
Bermuda	2.1%
United Kingdom	3.6%
Japan	3.0%
Cayman Islands	1.1%
Others (individually less than 1%)	5.8%
	100.0%

At September 30, 2007, the fund had a capital loss carryforward of approximately $108,204,000 which will expire on September 30, 2011.

Annual Report

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	September 30, 2007
Assets
Investment in securities, at value (including securities loaned of $2,502) - See accompanying schedule: Unaffiliated issuers (cost $157,489)	$ 161,337
Fidelity Central Funds (cost $2,755,078)	3,102,851
Total Investments (cost $2,912,567)		$ 3,264,188
Receivable for investments sold Regular delivery		1
Delayed delivery		1,074
Receivable for fund shares sold		2,175
Dividends receivable		324
Distributions receivable from Fidelity Central Funds		5,702
Prepaid expenses		3
Other receivables		119
Total assets		3,273,586

Liabilities
Payable for investments purchased	$ 3,263
Payable for fund shares redeemed	2,563
Accrued management fee	1,490
Payable for daily variation on futures contracts	658
Other affiliated payables	591
Other payables and accrued expenses	329
Collateral on securities loaned, at value	2,599
Total liabilities		11,493

Net Assets		$ 3,262,093
Net Assets consist of:
Paid in capital		$ 3,050,850
Undistributed net investment income		56,361
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(207,449)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		362,331
Net Assets, for 183,478 shares outstanding		$ 3,262,093
Net Asset Value, offering price and redemption price per share ($3,262,093 ÷ 183,478 shares)		$ 17.78

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended September 30, 2007
Investment Income
Dividends		$ 2,294
Interest		702
Income from Fidelity Central Funds		94,622
Total income		97,618

Expenses
Management fee	$ 17,967
Transfer agent fees	6,006
Accounting and security lending fees	1,191
Custodian fees and expenses	59
Independent trustees' compensation	10
Appreciation in deferred trustee compensation account	1
Registration fees	41
Audit	85
Legal	37
Miscellaneous	141
Total expenses before reductions	25,538
Expense reductions	(387)	25,151
Net investment income (loss)		72,467
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $61)	44,446
Fidelity Central Funds	39,856
Foreign currency transactions	(718)
Futures contracts	13,614
Total net realized gain (loss)		97,198
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $24)	272,363
Assets and liabilities in foreign currencies	1
Futures contracts	7,168
Total change in net unrealized appreciation (depreciation)		279,532
Net gain (loss)		376,730
Net increase (decrease) in net assets resulting from operations		$ 449,197

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended September 30, 2007	Year ended September 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 72,467	$ 70,440
Net realized gain (loss)	97,198	108,590
Change in net unrealized appreciation (depreciation)	279,532	68,926
Net increase (decrease) in net assets resulting from operations	449,197	247,956
Distributions to shareholders from net investment income	(74,719)	(62,448)
Distributions to shareholders from net realized gain	-	(2,151)
Total distributions	(74,719)	(64,599)
Share transactions Proceeds from sales of shares	246,833	247,926
Reinvestment of distributions	73,511	63,603
Cost of shares redeemed	(569,823)	(641,829)
Net increase (decrease) in net assets resulting from share transactions	(249,479)	(330,300)
Total increase (decrease) in net assets	124,999	(146,943)

Net Assets
Beginning of period	3,137,094	3,284,037
End of period (including undistributed net investment income of $56,361 and undistributed net investment income of $56,618, respectively)	$ 3,262,093	$ 3,137,094
Other Information Shares
Sold	14,701	16,151
Issued in reinvestment of distributions	4,502	4,188
Redeemed	(33,998)	(41,823)
Net increase (decrease)	(14,795)	(21,484)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended September 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 15.82	$ 14.94	$ 14.10	$ 13.47	$ 11.30
Income from Investment Operations
Net investment income (loss) ^B	.38	.34	.31 ^D	.25	.32
Net realized and unrealized gain (loss)	1.97	.84	.85	.69	2.21
Total from investment operations	2.35	1.18	1.16	.94	2.53
Distributions from net investment income	(.39)	(.29)	(.32)	(.31)	(.36)
Distributions from net realized gain	-	(.01)	-	-	-
Total distributions	(.39)	(.30)	(.32)	(.31)	(.36)
Net asset value, end of period	$ 17.78	$ 15.82	$ 14.94	$ 14.10	$ 13.47
Total Return ^A	15.07%	7.98%	8.28%	6.99%	22.74%
Ratios to Average Net Assets ^E
Expenses before reductions	.80%	.81%	.82%	.83%	.84%
Expenses net of fee waivers, if any	.80%	.81%	.82%	.83%	.84%
Expenses net of all reductions	.78%	.79%	.80%	.82%	.83%
Net investment income (loss)	2.26%	2.20%	2.11% ^D	1.77%	2.53%
Supplemental Data
Net assets, end of period (in millions)	$ 3,262	$ 3,137	$ 3,284	$ 3,588	$ 3,521
Portfolio turnover rate ^C	14%	82% ^F	37% ^F	67%	72%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^D Investment income per share reflects a special dividend which amounted to $.06 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.73%.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%.

^F Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended September 30, 2007

(Amounts in thousands except ratios)

1. Organization.

Fidelity Asset Manager 70% (the Fund) is a fund of Fidelity Charles Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Fidelity
Central Fund

Investment
Manager

Investment Objective

Investment Practices

Expense
Ratio*

Fidelity Equity
Sector Central Funds

Fidelity
Management & Research Company, Inc. (FMRC)

Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.

Foreign Securities

Repurchase
Agreements

Restricted Securities

Less than .01% to .01%

Fidelity Floating
Rate Central
Fund

FMRC

Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.

Loans & Direct Debt
Instruments

Repurchase Agreements

Restricted Securities

Less
than .01%

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

2. Investments in Fidelity Central Funds - continued

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio*
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Repurchase Agreements Restricted Securities	Less than .01%
Fidelity Tactical Income Central Fund	Fidelity Investments Money Management, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade debt securities.	Delayed Delivery & When Issued Securities Mortgage Dollar Rolls Repurchase Agreements Restricted Securities Swap Agreements	Less than .01%
Fidelity Money Market Central Funds	FIMM	Seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .01% to .01%

* Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A holdings listing for the Fund, which presents direct holdings as well as the pro rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com. A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

Annual Report

3. Significant Accounting Policies.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets, evaluating the performance of ADRs, futures contracts and exchange-traded funds and monitoring current market trading activity, interests rates, credit quality and default rates for debt instruments. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Foreign Currency - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income and capital gain distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's net asset value. Based on their most recent shareholder report date, expenses of the Fidelity Central Funds ranged from less than .01% to .01%.

Annual Report

3. Significant Accounting Policies - continued

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. Certain adjustments have been made to the accounts relating to prior periods. Collectively, these adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, passive foreign investment companies (PFIC), market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 281,769
Unrealized depreciation	(22,228)
Net unrealized appreciation (depreciation)	259,541
Undistributed ordinary income	58,311
Capital loss carryforward	(108,204)
Cost for federal income tax purposes	$ 3,004,647

The tax character of distributions paid was as follows:

	September 30, 2007	September 30, 2006
Ordinary Income	$ 74,719	$ 64,599

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

New Accounting Pronouncements - continued

has concluded that the adoption of FIN 48 will not result in a material impact on the Fund's net assets, results of operations and financial statement disclosures.

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Annual Report

4. Operating Policies - continued

Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market and to fluctuations in currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Equity and Fixed-Income Central Funds), other than short-term securities, aggregated $395,300 and $735,633, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .56% of the Fund's average net assets.

FMR pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the transfer agent fees were equivalent to an annual rate of .19% of average net assets.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Annual Report

8. Security Lending - continued

Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $100.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund and the Equity Sector Central Funds provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $176 for the period. In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $2 and $159, respectively.

10. Other.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

10. Other - continued

A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Charles Street Trust and Shareholders of Fidelity Asset Manager 70%:

We have audited the accompanying statement of assets and liabilities of Fidelity Asset Manager 70% (the Fund), a fund of Fidelity Charles Street Trust, including the schedule of investments as of September 30, 2007, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Asset Manager 70% as of September 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2007

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 369 funds advised by FMR or an affiliate. Mr. Curvey oversees 339 funds advised by FMR or an affiliate.

Interested Trustees*:

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
Name, Age; Principal Occupation
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey serves as a Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994- 2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (63)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers**:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006- present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Michael E. Wiley (57)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Charles Street Trust. Mr. Wiley also serves as Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-present) and a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005- present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present), and an Advisory Director of Riverstone Holdings (private investment firm). Previously, Mr. Wiley served as Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Asset Manager 70%. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000- 2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2007 Vice President of Asset Manager 70%. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present). Mr. Cheng is Chief Investment Officer of the Global Asset Allocation group (2007- present). Mr. Cheng also serves as Vice President of FMR and FMR Co., Inc. Mr. Cheng served as Managing Director of the Global Asset Allocation group (2005-2007). Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds.
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 Vice President of Asset Manager 70%. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Asset Manager 70%. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Asset Manager 70%. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Asset Manager 70%. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Asset Manager 70%. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005- present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Asset Manager 70%. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004- present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Asset Manager 70%. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (38)
	Year of Election or Appointment: 2005 Deputy Treasurer of Asset Manager 70%. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Asset Manager 70%. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Asset Manager 70%. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Paul M. Murphy (60)
	Year of Election or Appointment: 2007 Assistant Treasurer of Asset Manager 70%. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007).
Gary W. Ryan (49)
	Year of Election or Appointment: 2005 Assistant Treasurer of Asset Manager 70%. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

* FMR Corp. merged with FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

The fund designates $70,275,531 of distributions paid during the period January 1, 2007 to September 30, 2007, as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates 35% of the dividends distributed in December, 2006 as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 46% of the dividends distributed in December, 2006 as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.^A
	# of Votes	% of Votes
Affirmative	6,953,965,017.17	79.755
Against	1,116,475,941.81	12.805
Abstain	402,432,004.05	4.615
Broker Non-Votes	246,268,969.22	2.825
TOTAL	8,719,141,932.25	100.000
PROPOSAL 2
To elect a Board of Trustees.^A
James C. Curvey
Affirmative	8,328,205,089.40	95.516
Withheld	390,936,842.85	4.484
TOTAL	8,719,141,932.25	100.000
Dennis J. Dirks
Affirmative	8,352,585,592.40	95.796
Withheld	366,556,339.85	4.204
TOTAL	8,719,141,932.25	100.000
Albert R. Gamper, Jr.
Affirmative	8,351,144,334.10	95.779
Withheld	367,997,598.15	4.221
TOTAL	8,719,141,932.25	100.000
George H. Heilmeier
Affirmative	8,337,589,827.43	95.624
Withheld	381,552,104.82	4.376
TOTAL	8,719,141,932.25	100.000
	# of Votes	% of Votes
Edward C. Johnson 3d
Affirmative	8,318,438,978.01	95.404
Withheld	400,702,954.24	4.596
TOTAL	8,719,141,932.25	100.000
James H. Keyes
Affirmative	8,352,335,774.33	95.793
Withheld	366,806,157.92	4.207
TOTAL	8,719,141,932.25	100.000
Marie L. Knowles
Affirmative	8,344,274,535.68	95.701
Withheld	374,867,396.57	4.299
TOTAL	8,719,141,932.25	100.000
Ned C. Lautenbach
Affirmative	8,346,116,027.99	95.722
Withheld	373,025,904.26	4.278
TOTAL	8,719,141,932.25	100.000
Cornelia M. Small
Affirmative	8,347,140,792.84	95.734
Withheld	372,001,139.41	4.266
TOTAL	8,719,141,932.25	100.000
William S. Stavropoulos
Affirmative	8,337,376,352.74	95.622
Withheld	381,765,579.51	4.378
TOTAL	8,719,141,932.25	100.000
Kenneth L. Wolfe
Affirmative	8,346,909,016.15	95.731
Withheld	372,232,916.10	4.269
TOTAL	8,719,141,932.25	100.000

^A _{Denotes trust-wide proposal and voting results.}

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Asset Manager 70%

On April 19, 2007, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund in connection with reorganizing the fund from one Trust to another. The Board reached this determination because the contractual terms of and fees payable under the fund's Advisory Contracts are identical to those in the fund's current Advisory Contracts. The Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board considered that it approved the Advisory Contracts for the fund during the past year and that it will again consider renewal of the Advisory Contracts in July 2007.

Because the Board was approving Advisory Contracts with terms identical to the current Advisory Contracts, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved, without modification, as part of the process of reorganizing the fund from one Trust to another.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a proprietary custom index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the fund's cumulative total returns, the cumulative total returns of a proprietary custom index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund. The fund's proprietary custom index is an index developed by FMR that represents the performance of the fund's three asset classes according to their respective weightings in the fund's neutral mix.

Annual Report

Fidelity Asset Manager 70%

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the third quartile for the one- and five-year periods and the fourth quartile for the three-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions to be taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board will continue to closely monitor the performance of the fund in the coming year.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 9% means that 91% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Asset Manager 70%

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2006.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research

(U.K.) Inc.

Fidelity Research & Analysis Company

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
(for the deaf and hearing impaired)
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®) (automated graphic) 1-800-544-5555

(automated graphic) Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AMG-UANN-1107
1.792130.104

(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor

Asset Manager^SM 70% -

Class A, Class T, Class B and Class C

Annual Report

September 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The managers' review of fund performance, strategy and outlook
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended September 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2007	Past 1 year	Past 5 years	Life of fund^A
Class A (incl. 5.75% sales charge)	7.73%	13.03%	5.07%
Class T (incl. 3.50% sales charge)	9.89%	13.23%	5.05%
Class B (incl. contingent deferred sales charge)^B	8.26%	13.20%	5.12%
Class C (incl. contingent deferred sales charge) ^C	12.43%	13.49%	4.97%

^AFrom December 28, 1998.

^BClass B shares' contingent deferred sales charges included in the past one year, past five year, and life of fund total return figures are 5%, 2%, and 0%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year, past five year, and life of fund total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Asset Manager^SM 70% - Class T on December 28, 1998, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Richard Habermann, Portfolio Manager of Fidelity Advisor Asset Manager^SM 70% during the period covered by this report

The fund's Class A, Class T, Class B and Class C shares rose 14.30%, 13.87%, 13.26% and 13.43%, respectively (excluding sales charges) during the year, versus 14.18% for the Fidelity Asset Manager 70% Composite Index. We had excellent security selection in the underlying equity sector central funds and in the foreign stock subportfolio. Asset allocation also provided a boost. Specifically, favoring equities and high-yield securities relative to investment-grade debt was a positive. Increasing our equity exposure prior to the strong late-period market rally also contributed. Within equities, overweighting foreign securities overall was helpful, as overseas markets beat their U.S. counterparts, supported by currency fluctuations. Nine out of the 10 equity sector central funds handily outperformed their respective components of the Dow Jones Wilshire 5000 Composite Index^SM, with consumer staples, telecom services and information technology leading the way. Consumer discretionary was the lone detractor, lagging that sector of the index due to suboptimal industry positioning. The fund's collective bond holdings trailed the Lehman Brothers index due to weak results from the investment-grade central fund, which had exposure to the sell-off in subprime mortgage securities. A high single-digit return from the high-income central fund helped offset some of the drag from investment grade, while the cash component of the fund topped its benchmark.

Note to shareholders: Derek Young will become Co-Manager of the fund on October 1, 2007.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2007 to September 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Investments - continued

	Beginning Account Value April 1, 2007	Ending Account Value September 30, 2007	Expenses Paid During Period* April 1, 2007 to September 30, 2007
Class A
Actual	$ 1,000.00	$ 1,065.80	$ 6.01
Hypothetical^A	$ 1,000.00	$ 1,019.25	$ 5.87
Class T
Actual	$ 1,000.00	$ 1,064.40	$ 7.35
Hypothetical^A	$ 1,000.00	$ 1,017.95	$ 7.18
Class B
Actual	$ 1,000.00	$ 1,061.00	$ 10.23
Hypothetical^A	$ 1,000.00	$ 1,015.14	$ 10.00
Class C
Actual	$ 1,000.00	$ 1,061.80	$ 9.82
Hypothetical^A	$ 1,000.00	$ 1,015.54	$ 9.60
Institutional Class
Actual	$ 1,000.00	$ 1,067.20	$ 4.92
Hypothetical^A	$ 1,000.00	$ 1,020.31	$ 4.81

^A 5% return per year before expenses

	Annualized Expense Ratio
Class A	1.16%
Class T	1.42%
Class B	1.98%
Class C	1.90%
Institutional Class	.95%

In addition to the expenses noted above, the Fund also indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of the most recent fiscal half year ranged from less than .01% to .01%.

Annual Report

Investment Changes

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of its investments in each Fidelity Equity and Fixed-Income Central Funds.

Top Ten Stocks as of September 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	0.9	0.6
Procter & Gamble Co.	0.8	0.8
Google, Inc. Class A	0.8	0.5
Cisco Systems, Inc.	0.8	0.4
General Electric Co.	0.8	1.1
AT&T, Inc.	0.7	0.8
American International Group, Inc.	0.6	0.7
JPMorgan Chase & Co.	0.6	0.6
Wells Fargo & Co.	0.6	0.5
Bank of America Corp.	0.6	0.6
	7.2

Asset Allocation (% of fund's net assets)
As of September 30, 2007		As of March 31, 2007
	Stock class and Equity Futures 70.0%		Stock class and Equity Futures 70.7%
	Bond class 27.8%		Bond class 29.6%
	Short-term class 2.2%		Short-term class* (0.3)%

* Short-term class is not included in the pie chart.

Annual Report

Investment Summary

The information in the following table is based on the direct investments of the Fund.

Fund Holdings as of September 30, 2007
	% of fund's net assets
Equity Holdings
Equity Sector Central Funds
Fidelity Financials Central Fund	10.9
Fidelity Information Technology Central Fund	9.5
Fidelity Industrials Central Fund	6.7
Fidelity Health Care Central Fund	6.6
Fidelity Energy Central Fund	6.1
Fidelity Consumer Discretionary Central Fund	5.9
Fidelity Consumer Staples Central Fund	4.8
Fidelity Materials Central Fund	2.1
Fidelity Utilities Central Fund	2.1
Fidelity Telecom Services Central Fund	2.0
Total Equity Sector Central Funds	56.7
All Other Equity Investments	4.5^A
Total Equity Holdings	61.2
Fixed-Income Central Funds
Investment Grade Fixed-Income Funds	20.5
High Yield Fixed-Income Funds	3.7
Total Fixed-Income Central Funds	24.2
Money Market Central Funds	15.6
Other Short-Term Investments and Net Other Assets	(1.0)
Total	100.0
^A Represents percentage of the Fund's total net assets in direct investments of equity holdings with international exposure. The Fund also has exposure to foreign investments indirectly through investment in the Fidelity Central Funds.
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 20.8% of net assets.
A holdings listing for the Fund, which presents direct holdings as well as the pro rata share of any securities and other investments held indirectly through its investments in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com.

Annual Report

Investments September 30, 2007

Showing Percentage of Net Assets

Equity Sector Central Funds - 56.7%
	Shares		Value
Fidelity Consumer Discretionary Central Fund (e)	141,685		$ 17,245,921
Fidelity Consumer Staples Central Fund (e)	111,849		14,109,731
Fidelity Energy Central Fund (e)	127,372		17,891,901
Fidelity Financials Central Fund (e)	288,439		31,973,442
Fidelity Health Care Central Fund (e)	161,603		19,335,767
Fidelity Industrials Central Fund (e)	146,420		19,791,552
Fidelity Information Technology Central Fund (e)	184,674		27,717,788
Fidelity Materials Central Fund (e)	42,235		6,205,653
Fidelity Telecom Services Central Fund (e)	39,308		5,988,143
Fidelity Utilities Central Fund (e)	48,823		6,014,031
TOTAL EQUITY SECTOR CENTRAL FUNDS (Cost $134,406,338)		166,273,929
Fixed-Income Central Funds - 24.2%

Investment Grade Fixed-Income Funds - 20.5%
Fidelity Tactical Income Central Fund (e)	619,519		60,006,631
High Yield Fixed-Income Funds - 3.7%
Fidelity Floating Rate Central Fund (e)	65,087		6,353,793
Fidelity High Income Central Fund 1 (e)	47,848		4,712,980
TOTAL HIGH YIELD FIXED-INCOME CENTRAL FUNDS			11,066,773
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $71,416,689)		71,073,404
Common Stocks - 4.4%

Argentina - 0.1%
Cresud S.A.C.I.F. y A. sponsored ADR	8,200		186,304
Inversiones y Representaciones SA sponsored GDR (a)	3,600		57,132
Pampa Holding SA (a)	143,565		125,810
TOTAL ARGENTINA			369,246
Australia - 0.0%
Newcrest Mining Ltd.	2,570		63,882
Canada - 1.1%
Abitibi-Consolidated, Inc. (a)	163,500		289,351
Aquiline Resources, Inc. (a)	38,800		397,949
Canadian Natural Resources Ltd.	3,400		258,325
Canfor Corp. (a)	20,600		228,889
Catalyst Paper Corp. (a)	157,300		298,941
European Goldfields Ltd. (a)	45,900		270,462
Guyana Goldfields, Inc. (a)	8,500		84,615
IAMGOLD Corp.	39,500		343,565
Meridian Gold, Inc. (a)	2,300		76,130
NuVista Energy Ltd. (a)	5,500		76,043
ProEx Energy Ltd. (a)	10,300		146,447
Saskatchewan Wheat Pool, Inc. (a)	5,800		67,652
Saskatchewan Wheat Pool, Inc. (a)(c)	18,600		216,953
Common Stocks - continued
	Shares		Value
Canada - continued
Suncor Energy, Inc.	1,700		$ 161,470
Trican Well Service Ltd.	16,500		335,973
TOTAL CANADA			3,252,765
Cayman Islands - 0.0%
Apex Silver Mines Ltd. (a)	7,000		136,150
Czech Republic - 0.1%
Philip Morris CR AS	700		358,514
France - 0.2%
Sanofi-Aventis sponsored ADR	10,700		453,894
Germany - 0.2%
E.ON AG	2,400		441,864
Lanxess AG	4,100		194,575
TOTAL GERMANY			636,439
Hong Kong - 0.3%
Hutchison Whampoa Ltd.	74,000		791,513
India - 0.1%
Reliance Industries Ltd.	3,589		207,960
Japan - 1.2%
Aioi Insurance Co. Ltd.	39,000		226,756
Kose Corp.	12,300		326,530
Kubota Corp.	65,000		530,817
Kubota Corp. sponsored ADR	2,400		98,064
Millea Holdings, Inc.	5,767		230,392
Mitsui Marine & Fire Insurance Co. Ltd.	19,000		222,191
Nissin Healthcare Food Service Co.	5,300		73,810
Parco Co. Ltd.	10,600		141,438
Seino Holdings Co. Ltd.	8,000		73,879
SFCG Co. Ltd.	1,650		231,078
Shinsei Bank Ltd.	131,000		410,738
Takeda Pharamaceutical Co. Ltd.	9,400		659,087
Tokyo Steel Manufacturing Co. Ltd.	4,700		72,981
Torii Pharmaceutical Co. Ltd.	1,400		24,615
Tsutsumi Jewelry Co. Ltd.	2,500		60,710
USS Co. Ltd.	1,140		74,915
TOTAL JAPAN			3,458,001
Korea (South) - 0.0%
Samwhan Corp.	130		4,496
Common Stocks - continued
	Shares		Value
Netherlands - 0.1%
Koninklijke Philips Electronics NV	5,700		$ 256,158
Philippines - 0.1%
DMCI Holdings, Inc.	433,000		87,175
Semirara Mining Corp.	162,800		124,261
TOTAL PHILIPPINES			211,436
South Africa - 0.2%
Gold Fields Ltd.	800		14,472
Gold Fields Ltd. sponsored ADR	35,100		634,959
TOTAL SOUTH AFRICA			649,431
Switzerland - 0.2%
Actelion Ltd. (Reg.) (a)	8,095		448,505
Taiwan - 0.1%
Taiwan Mobile Co. Ltd.	245,000		333,323
United Kingdom - 0.1%
Benfield Group PLC	31,781		188,592
United States of America - 0.3%
Bowater, Inc.	17,200		256,624
Synthes, Inc.	3,653		408,870
Virgin Media, Inc.	12,500		303,375
TOTAL UNITED STATES OF AMERICA			968,869
TOTAL COMMON STOCKS (Cost $12,087,689)		12,789,174
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $257,222)	6,700		258,059
Money Market Central Funds - 15.6%

Fidelity Cash Central Fund, 5.12% (b) (Cost $45,770,991)	45,770,991		45,770,991

U.S. Treasury Obligations - 0.5%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 3.66% to 4.83% 10/4/07 to 12/20/07 (d) (Cost $1,563,528)	$ 1,575,000	$ 1,564,830

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $265,502,457)

297,730,387

NET OTHER ASSETS - (1.5)%

(4,310,093)

NET ASSETS - 100%

$ 293,420,294

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
101 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2007	$ 6,352,987	$ 273,261
45 FTSE 100 Index Contracts (United Kingdom)	Dec. 2007	6,003,237	219,942
36 S&P 500 Index Contracts	Dec. 2007	13,842,900	361,170
36 TOPIX 150 Index Contracts (Japan)	Dec. 2007	5,088,694	281,382
TOTAL EQUITY INDEX CONTRACTS		$ 31,287,818	$ 1,135,755

The face value of futures purchased as a percentage of net assets - 10.6%

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $216,953 or 0.1% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,549,927.

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete 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. A 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 investments in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,031,813
Fidelity Consumer Discretionary Central Fund	242,465
Fidelity Consumer Staples Central Fund	265,347
Fidelity Energy Central Fund	153,617
Fidelity Financials Central Fund	711,241
Fidelity Floating Rate Central Fund	495,007
Fidelity Health Care Central Fund	227,256
Fidelity High Income Central Fund 1	450,042
Fidelity Industrials Central Fund	254,784
Fidelity Information Technology Central Fund	78,857
Fidelity Materials Central Fund	101,892
Fidelity Securities Lending Cash Central Fund	2,810
Fidelity Tactical Income Central Fund	2,938,888
Fidelity Telecom Services Central Fund	106,890
Fidelity Utilities Central Fund	143,552
Total	$ 8,204,461

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ 15,155,342	$ 1,226,723	$ 59,711	$ 17,245,921	2.4%
Fidelity Consumer Staples Central Fund	10,970,951	829,169	29,951	14,109,731	2.4%
Fidelity Energy Central Fund	11,868,938	952,682	456,166	17,891,901	2.4%
Fidelity Financials Central Fund	29,497,889	1,758,429	20,391	31,973,442	2.4%
Fidelity Floating Rate Central Fund	6,529,528	-	-	6,353,793	0.3%
Fidelity Health Care Central Fund	16,573,171	998,817	396,821	19,335,767	2.4%
Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity High Income Central Fund 1	$ 4,634,110	$ 3,503,838	$ 3,463,867	$ 4,712,980	1.6%
Fidelity Industrials Central Fund	14,478,724	1,261,498	-	19,791,552	2.4%
Fidelity Information Technology Central Fund	20,295,446	1,720,764	396,234	27,717,788	2.4%
Fidelity Materials Central Fund	4,070,208	386,005	-	6,205,653	2.4%
Fidelity Tactical Income Central Fund	52,177,801	8,803,450	-	60,006,631	1.1%
Fidelity Telecom Services Central Fund	4,198,709	442,504	61,655	5,988,143	2.4%
Fidelity Utilities Central Fund	4,824,862	330,406	139,385	6,014,031	2.4%
Total	$ 195,275,679	$ 22,214,285	$ 5,024,181	$ 237,347,333

Other Information

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of its investments of Fidelity's Equity and Fixed-Income Central Funds.

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations	11.6%
AAA,AA,A	7.8%
BBB	3.6%
BB	2.1%
B	1.3%
CCC,CC,C	0.2%
Not Rated	0.4%
Equities	71.0%
Short-Term Investments and Net Other Assets	2.0%
	100.0%

We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. Percentages are adjusted for the effect of futures contracts, if applicable.

Distribution of investments by country of issue, as a percentage of total net assets, is as follows. Percentages are adjusted for the effect of futures contracts, if applicable.

United States of America	79.2%
United Kingdom	3.8%
Japan	3.1%
Germany	2.9%
Canada	2.3%
Bermuda	2.1%
Cayman Islands	1.1%
Others (individually less than 1%)	5.5%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	September 30, 2007
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,908,439)	$ 14,612,063
Fidelity Central Funds (cost $251,594,018)	283,118,324
Total Investments (cost $265,502,457)		$ 297,730,387
Foreign currency held at value (cost $26)		26
Receivable for investments sold on a delayed delivery basis		94,497
Receivable for fund shares sold		516,874
Dividends receivable		27,594
Distributions receivable from Fidelity Central Funds		542,259
Prepaid expenses		209
Other receivables		3,409
Total assets		298,915,255

Liabilities
Payable for investments purchased	$ 284,849
Payable for fund shares redeemed	4,730,782
Accrued management fee	135,815
Distribution fees payable	129,084
Payable for daily variation on futures contracts	79,928
Other affiliated payables	72,488
Other payables and accrued expenses	62,015
Total liabilities		5,494,961

Net Assets		$ 293,420,294
Net Assets consist of:
Paid in capital		$ 256,250,080
Undistributed net investment income		1,585,123
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		2,225,844
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		33,359,247
Net Assets		$ 293,420,294

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	September 30, 2007
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($122,510,002 ÷ 9,339,099 shares)		$ 13.12

Maximum offering price per share (100/94.25 of $13.12)		$ 13.92
Class T: Net Asset Value and redemption price per share ($71,579,777 ÷ 5,483,559 shares)		$ 13.05

Maximum offering price per share (100/96.50 of $13.05)		$ 13.52
Class B: Net Asset Value and offering price per share ($37,752,194 ÷ 2,910,491 shares)^A		$ 12.97

Class C: Net Asset Value and offering price per share ($51,554,375 ÷ 3,977,598 shares)^A		$ 12.96


Institutional Class: Net Asset Value, offering price and redemption price per share ($10,023,946 ÷ 761,800 shares)		$ 13.16

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended September 30, 2007

Investment Income
Dividends		$ 173,252
Interest		63,295
Income from Fidelity Central Funds		8,204,461
Total income		8,441,008

Expenses
Management fee	$ 1,504,168
Transfer agent fees	700,127
Distribution fees	1,488,118
Accounting and security lending fees	134,555
Custodian fees and expenses	32,071
Independent trustees' compensation	887
Registration fees	79,645
Audit	56,290
Legal	2,721
Miscellaneous	21,757
Total expenses before reductions	4,020,339
Expense reductions	(24,962)	3,995,377
Net investment income (loss)		4,445,631
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $4,343)	2,466,853
Fidelity Central Funds	146,863
Foreign currency transactions	(58,595)
Futures contracts	1,712,112
Total net realized gain (loss)		4,267,233
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $297)	24,779,177
Assets and liabilities in foreign currencies	(430)
Futures contracts	778,252
Total change in net unrealized appreciation (depreciation)		25,556,999
Net gain (loss)		29,824,232
Net increase (decrease) in net assets resulting from operations		$ 34,269,863

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended September 30, 2007	Ten months ended September 30, 2006*	Year ended November 30, 2005
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,445,631	$ 2,404,881	$ 750,557
Net realized gain (loss)	4,267,233	7,968,915	27,183,668
Change in net unrealized appreciation (depreciation)	25,556,999	1,376,708	(8,481,001)
Net increase (decrease) in net assets resulting from operations	34,269,863	11,750,504	19,453,224
Distributions to shareholders from net investment income	(4,327,004)	(1,585,422)	(539,768)
Distributions to shareholders from net realized gain	(8,126,935)	(14,782,196)	-
Total distributions	(12,453,939)	(16,367,618)	(539,768)
Share transactions - net increase (decrease)	39,052,304	48,768,557	21,707,568
Total increase (decrease) in net assets	60,868,228	44,151,443	40,621,024

Net Assets
Beginning of period	232,552,066	188,400,623	147,779,599
End of period (including undistributed net investment income of $1,585,123, $1,368,482, and $340,043, respectively)	$ 293,420,294	$ 232,552,066	$ 188,400,623

*The Fund changed its fiscal year end from November 30 to September 30, effective September 30, 2006.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended September 30,	2007	2006^G	2005^J	2004^J	2003^J	2002^J
Selected Per-Share Data
Net asset value, beginning of period	$ 12.10	$ 12.48	$ 11.10	$ 9.93	$ 8.77	$ 9.83
Income from Investment Operations
Net investment income (loss)^E	.25	.17	.10	.08	.12	.15
Net realized and unrealized gain (loss)	1.43	.54	1.36	1.17	1.16	(1.05)
Total from investment operations	1.68	.71	1.46	1.25	1.28	(.90)
Distributions from net investment income	(.25)	(.13)	(.08)	(.08)	(.12)	(.16)
Distributions from net realized gain	(.41)	(.96)	-	-	-	-
Total distributions	(.66)	(1.09)	(.08)	(.08)	(.12)	(.16)
Net asset value, end of period	$ 13.12	$ 12.10	$ 12.48	$ 11.10	$ 9.93	$ 8.77
Total Return^{B, C, D}	14.30%	6.04%	13.22%	12.66%	14.79%	(9.28)%
Ratios to Average Net Assets^H
Expenses before reductions	1.18%	1.24%^A	1.26%	1.28%	1.27%	1.29%
Expenses net of fee waivers, if any	1.18%	1.24%^A	1.26%	1.28%	1.27%	1.29%
Expenses net of all reductions	1.17%	1.22%^A	1.23%	1.25%	1.23%	1.25%
Net investment income (loss)	1.98%	1.72%^A	.85%	.75%	1.33%	1.65%
Supplemental Data
Net assets, end of period (000 omitted)	$ 122,510	$ 76,226	$ 52,137	$ 36,512	$ 36,234	$ 29,894
Portfolio turnover rate^F	12%	105%^{A, I}	125%	106%	99%	120%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the ten month period ended September 30. The Fund changed its fiscal year from November 30 to September 30, effective September 30, 2006.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%.

^I The portfolio turnover rate does not include the activity from in-kind exchange.

^J For the year ended November 30.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended September 30,	2007	2006^G	2005^J	2004^J	2003^J	2002^J
Selected Per-Share Data
Net asset value, beginning of period	$ 12.05	$ 12.42	$ 11.05	$ 9.90	$ 8.75	$ 9.79
Income from Investment Operations
Net investment income (loss)^E	.21	.14	.07	.05	.09	.13
Net realized and unrealized gain (loss)	1.41	.55	1.35	1.17	1.15	(1.05)
Total from investment operations	1.62	.69	1.42	1.22	1.24	(.92)
Distributions from net investment income	(.21)	(.10)	(.05)	(.07)	(.09)	(.12)
Distributions from net realized gain	(.41)	(.96)	-	-	-	-
Total distributions	(.62)	(1.06)	(.05)	(.07)	(.09)	(.12)
Net asset value, end of period	$ 13.05	$ 12.05	$ 12.42	$ 11.05	$ 9.90	$ 8.75
Total Return^{B, C, D}	13.87%	5.90%	12.83%	12.39%	14.33%	(9.50)%
Ratios to Average Net Assets^H
Expenses before reductions	1.45%	1.50%^A	1.52%	1.57%	1.59%	1.56%
Expenses net of fee waivers, if any	1.45%	1.50%^A	1.52%	1.57%	1.59%	1.56%
Expenses net of all reductions	1.44%	1.48%^A	1.50%	1.55%	1.56%	1.53%
Net investment income (loss)	1.70%	1.45%^A	.58%	.46%	1.00%	1.38%
Supplemental Data
Net assets, end of period (000 omitted)	$ 71,580	$ 72,582	$ 62,862	$ 57,816	$ 54,298	$ 45,804
Portfolio turnover rate^F	12%	105%^{A, I}	125%	106%	99%	120%