N-Q 1 charles.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3221

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

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:

June 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Asset Manager® 50%

June 30, 2007

1.803291.103

FAA-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 42.6%

Shares

Value (000s)

Fidelity Consumer Discretionary Central Fund (g)

3,387,771

$ 431,128

Fidelity Consumer Staples Central Fund (g)

2,673,325

311,870

Fidelity Energy Central Fund (g)

3,045,137

395,228

Fidelity Financials Central Fund (g)

6,903,705

792,614

Fidelity Health Care Central Fund (g)

3,865,298

446,674

Fidelity Industrials Central Fund (g)

3,501,469

450,289

Fidelity Information Technology Central Fund (g)

4,415,888

614,382

Fidelity Materials Central Fund (g)

1,010,037

138,749

Fidelity Telecom Services Central Fund (g)

939,550

138,518

Fidelity Utilities Central Fund (g)

1,165,553

143,060

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $3,042,705)

3,862,512

Fixed-Income Central Funds - 42.8%

High Yield Fixed-Income Funds - 4.8%

Fidelity Floating Rate Central Fund (g)

2,784,522

279,705

Fidelity High Income Central Fund 1 (g)

1,560,526

156,427

TOTAL HIGH YIELD FIXED-INCOME FUNDS

436,132

Investment Grade Fixed-Income Funds - 38.0%

Fidelity Tactical Income Central Fund (g)

35,610,638

3,442,834

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $3,906,120)

3,878,966

Common Stocks - 3.8%

Argentina - 0.1%

Cresud S.A.C.I.F. y A. sponsored ADR

241,100

5,157

Inversiones y Representaciones SA sponsored GDR (a)

88,700

1,641

Pampa Holding SA (a)

3,938,960

3,529

TOTAL ARGENTINA

10,327

Canada - 0.9%

Abitibi-Consolidated, Inc.

2,494,100

7,282

Aquiline Resources, Inc. (a)

806,700

8,330

Canadian Natural Resources Ltd.

169,400

11,256

Canfor Corp. New (a)

209,000

2,643

Catalyst Paper Corp. (a)

3,588,000

11,418

European Goldfields Ltd. (a)

1,137,500

6,023

Guyana Goldfields, Inc.

181,800

1,737

IAMGOLD Corp.

992,700

7,642

Meridian Gold, Inc. (a)

95,500

2,634

NuVista Energy Ltd. (a)

233,700

3,181

ProEx Energy Ltd. (a)

307,400

4,329

Saskatchewan Wheat Pool, Inc. (a)

30,500

315

Common Stocks - continued

Shares

Value (000s)

Canada - continued

Saskatchewan Wheat Pool, Inc. (a)(e)

908,800

$ 9,376

Suncor Energy, Inc.

77,900

7,017

TOTAL CANADA

83,183

Cayman Islands - 0.1%

GlobalSantaFe Corp.

118,600

8,569

Czech Republic - 0.1%

Philip Morris CR AS

14,000

7,279

France - 0.1%

Sanofi-Aventis sponsored ADR

186,700

7,518

Germany - 0.2%

E.ON AG

63,100

10,533

Lanxess AG

91,400

5,119

TOTAL GERMANY

15,652

Hong Kong - 0.2%

Hutchison Whampoa Ltd.

1,758,000

17,458

Japan - 0.9%

Aioi Insurance Co. Ltd.

845,000

5,496

Canon, Inc.

63,700

3,735

Kose Corp.

362,200

10,264

Kubota Corp.

1,064,000

8,639

Millea Holdings, Inc.

182,096

7,481

Mitsui Sumitomo Insurance Co. Ltd.

421,000

5,408

Nissin Healthcare Food Service Co.

140,200

1,821

SFCG Co. Ltd.

35,760

5,990

Shinsei Bank Ltd.

2,073,000

8,382

Takeda Pharamaceutical Co. Ltd.

224,700

14,523

Takefuji Corp.

241,830

8,129

Tokyo Steel Manufacturing Co. Ltd.

115,900

1,820

TOTAL JAPAN

81,688

Korea (South) - 0.0%

Samwhan Corp.

61,700

2,171

Luxembourg - 0.1%

SES SA FDR unit

319,718

6,923

Netherlands - 0.2%

CNH Global NV

30,000

1,533

Koninklijke Philips Electronics NV

174,900

7,402

Nutreco Holding NV

120,300

8,816

TOTAL NETHERLANDS

17,751

Common Stocks - continued

Shares

Value (000s)

Philippines - 0.0%

DMCI Holdings, Inc.

12,097,000

$ 2,460

Semirara Mining Corp.

5,062,200

3,176

TOTAL PHILIPPINES

5,636

South Africa - 0.2%

Gold Fields Ltd.

54,300

853

Gold Fields Ltd. sponsored ADR

955,300

14,998

TOTAL SOUTH AFRICA

15,851

Switzerland - 0.1%

Actelion Ltd. (Reg.) (a)

155,655

6,963

Taiwan - 0.0%

Taiwan Cellular Co. Ltd.

5,016,000

6,167

United Kingdom - 0.1%

Benfield Group PLC

1,291,900

8,386

United States of America - 0.5%

Bowater, Inc. (d)

356,100

8,885

Deere & Co.

56,900

6,870

Monsanto Co.

53,000

3,580

Synthes, Inc.

94,711

11,389

Virgin Media, Inc.

505,150

12,311

TOTAL UNITED STATES OF AMERICA

43,035

TOTAL COMMON STOCKS

(Cost $308,729)

344,557

Money Market Central Funds - 10.5%

Fidelity Cash Central Fund, 5.32% (b)

521,154,948

521,155

Fidelity Money Market Central Fund, 5.43% (b)

425,013,442

425,013

Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)

1,287,500

1,288

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $947,456)

947,456

U.S. Treasury Obligations - 0.2%

Principal Amount (000s)

U.S. Treasury Bills, yield at date of purchase 4.39% to 4.93% 7/12/07 to 9/6/07 (f)
(Cost $14,970)

$ 15,100

14,974

Nonconvertible Preferred Stocks - 0.0%

Shares

Value (000s)

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Istituto Finanziario Industriale SpA (IFI) (a)

(Cost $4,433)

115,700

$ 4,652

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $8,224,413)

9,053,117

NET OTHER ASSETS - 0.1%

10,985

NET ASSETS - 100%

$ 9,064,102

Futures Contracts

Expiration Date

Underlying Face Amount at Value
(000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

734 Dow Jones Euro Stoxx 50 Index Contracts (Germany)

Sept. 2007

$ 44,852

$ 862

268 FTSE 100 Index Contracts
(United Kingdom)

Sept. 2007

35,724

551

635 S&P 500 Index Contracts

Sept. 2007

240,570

(1,553)

225 TOPIX 150 Index Contracts (Japan)

Sept. 2007

32,427

(72)

TOTAL EQUITY INDEX CONTRACTS

$ 353,573

$ (212)

The face value of futures purchased as a percentage of net assets - 3.9%

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.

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

(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 $9,376,000 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 $14,974,000.

(g) 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 web site at www.sec.gov. In addition, each Fidelity Central Fund's financial statements 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

$ 13,427

Fidelity Consumer Discretionary Central Fund

5,688

Fidelity Consumer Staples Central Fund

5,326

Fidelity Energy Central Fund

3,334

Fidelity Financials Central Fund

14,424

Fidelity Floating Rate Central Fund

15,742

Fidelity Health Care Central Fund

5,009

Fidelity High Income Central Fund 1

17,271

Fidelity Industrials Central Fund

5,529

Fidelity Information Technology Central Fund

1,527

Fidelity Materials Central Fund

2,283

Fidelity Money Market Central Fund

17,131

Fidelity Securities Lending Cash Central Fund

120

Fidelity Tactical Income Central Fund

132,678

Fidelity Telecom Services Central Fund

2,316

Fidelity Utilities Central Fund

2,873

Total

$ 244,678

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

$ 431,128

57.8%

Fidelity Consumer Staples Central Fund

345,846

-

70,886

311,870

57.8%

Fidelity Energy Central Fund

374,154

-

91,997

395,228

57.8%

Fidelity Financials Central Fund

929,877

-

198,133

792,614

57.8%

Fidelity Floating Rate Central Fund

279,343

-

-

279,705

11.7%

Fidelity Health Care Central Fund

522,446

-

118,359

446,674

57.8%

Fidelity High Income Central Fund 1

327,866

-

180,272

156,427

51.7%

Fidelity Industrials Central Fund

456,421

-

91,174

450,289

57.8%

Fidelity Information Technology Central Fund

639,785

-

137,938

614,382

57.8%

Fidelity Materials Central Fund

128,311

-

27,819

138,749

57.8%

Fidelity Tactical Income Central Fund

3,312,935

210,049

14,992

3,442,834

63.7%

Fidelity Telecom Services Central Fund

132,358

-

27,728

138,518

57.8%

Fidelity Utilities Central Fund

152,097

-

38,200

143,060

57.8%

Total

$ 8,079,193

$ 210,049

$ 1,096,136

$ 7,741,478

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $8,225,351,000. Net unrealized appreciation aggregated $827,766,000, of which $877,512,000 related to appreciated investment securities and $49,746,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Asset Manager® 50%
Class A
Class T
Class B
Class C
Institutional Class

June 30, 2007

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

1.851907.100

AAM50-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 42.6%

Shares

Value (000s)

Fidelity Consumer Discretionary Central Fund (g)

3,387,771

$ 431,128

Fidelity Consumer Staples Central Fund (g)

2,673,325

311,870

Fidelity Energy Central Fund (g)

3,045,137

395,228

Fidelity Financials Central Fund (g)

6,903,705

792,614

Fidelity Health Care Central Fund (g)

3,865,298

446,674

Fidelity Industrials Central Fund (g)

3,501,469

450,289

Fidelity Information Technology Central Fund (g)

4,415,888

614,382

Fidelity Materials Central Fund (g)

1,010,037

138,749

Fidelity Telecom Services Central Fund (g)

939,550

138,518

Fidelity Utilities Central Fund (g)

1,165,553

143,060

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $3,042,705)

3,862,512

Fixed-Income Central Funds - 42.8%

High Yield Fixed-Income Funds - 4.8%

Fidelity Floating Rate Central Fund (g)

2,784,522

279,705

Fidelity High Income Central Fund 1 (g)

1,560,526

156,427

TOTAL HIGH YIELD FIXED-INCOME FUNDS

436,132

Investment Grade Fixed-Income Funds - 38.0%

Fidelity Tactical Income Central Fund (g)

35,610,638

3,442,834

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $3,906,120)

3,878,966

Common Stocks - 3.8%

Argentina - 0.1%

Cresud S.A.C.I.F. y A. sponsored ADR

241,100

5,157

Inversiones y Representaciones SA sponsored GDR (a)

88,700

1,641

Pampa Holding SA (a)

3,938,960

3,529

TOTAL ARGENTINA

10,327

Canada - 0.9%

Abitibi-Consolidated, Inc.

2,494,100

7,282

Aquiline Resources, Inc. (a)

806,700

8,330

Canadian Natural Resources Ltd.

169,400

11,256

Canfor Corp. New (a)

209,000

2,643

Catalyst Paper Corp. (a)

3,588,000

11,418

European Goldfields Ltd. (a)

1,137,500

6,023

Guyana Goldfields, Inc.

181,800

1,737

IAMGOLD Corp.

992,700

7,642

Meridian Gold, Inc. (a)

95,500

2,634

NuVista Energy Ltd. (a)

233,700

3,181

ProEx Energy Ltd. (a)

307,400

4,329

Saskatchewan Wheat Pool, Inc. (a)

30,500

315

Common Stocks - continued

Shares

Value (000s)

Canada - continued

Saskatchewan Wheat Pool, Inc. (a)(e)

908,800

$ 9,376

Suncor Energy, Inc.

77,900

7,017

TOTAL CANADA

83,183

Cayman Islands - 0.1%

GlobalSantaFe Corp.

118,600

8,569

Czech Republic - 0.1%

Philip Morris CR AS

14,000

7,279

France - 0.1%

Sanofi-Aventis sponsored ADR

186,700

7,518

Germany - 0.2%

E.ON AG

63,100

10,533

Lanxess AG

91,400

5,119

TOTAL GERMANY

15,652

Hong Kong - 0.2%

Hutchison Whampoa Ltd.

1,758,000

17,458

Japan - 0.9%

Aioi Insurance Co. Ltd.

845,000

5,496

Canon, Inc.

63,700

3,735

Kose Corp.

362,200

10,264

Kubota Corp.

1,064,000

8,639

Millea Holdings, Inc.

182,096

7,481

Mitsui Sumitomo Insurance Co. Ltd.

421,000

5,408

Nissin Healthcare Food Service Co.

140,200

1,821

SFCG Co. Ltd.

35,760

5,990

Shinsei Bank Ltd.

2,073,000

8,382

Takeda Pharamaceutical Co. Ltd.

224,700

14,523

Takefuji Corp.

241,830

8,129

Tokyo Steel Manufacturing Co. Ltd.

115,900

1,820

TOTAL JAPAN

81,688

Korea (South) - 0.0%

Samwhan Corp.

61,700

2,171

Luxembourg - 0.1%

SES SA FDR unit

319,718

6,923

Netherlands - 0.2%

CNH Global NV

30,000

1,533

Koninklijke Philips Electronics NV

174,900

7,402

Nutreco Holding NV

120,300

8,816

TOTAL NETHERLANDS

17,751

Common Stocks - continued

Shares

Value (000s)

Philippines - 0.0%

DMCI Holdings, Inc.

12,097,000

$ 2,460

Semirara Mining Corp.

5,062,200

3,176

TOTAL PHILIPPINES

5,636

South Africa - 0.2%

Gold Fields Ltd.

54,300

853

Gold Fields Ltd. sponsored ADR

955,300

14,998

TOTAL SOUTH AFRICA

15,851

Switzerland - 0.1%

Actelion Ltd. (Reg.) (a)

155,655

6,963

Taiwan - 0.0%

Taiwan Cellular Co. Ltd.

5,016,000

6,167

United Kingdom - 0.1%

Benfield Group PLC

1,291,900

8,386

United States of America - 0.5%

Bowater, Inc. (d)

356,100

8,885

Deere & Co.

56,900

6,870

Monsanto Co.

53,000

3,580

Synthes, Inc.

94,711

11,389

Virgin Media, Inc.

505,150

12,311

TOTAL UNITED STATES OF AMERICA

43,035

TOTAL COMMON STOCKS

(Cost $308,729)

344,557

Money Market Central Funds - 10.5%

Fidelity Cash Central Fund, 5.32% (b)

521,154,948

521,155

Fidelity Money Market Central Fund, 5.43% (b)

425,013,442

425,013

Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)

1,287,500

1,288

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $947,456)

947,456

U.S. Treasury Obligations - 0.2%

Principal Amount (000s)

U.S. Treasury Bills, yield at date of purchase 4.39% to 4.93% 7/12/07 to 9/6/07 (f)
(Cost $14,970)

$ 15,100

14,974

Nonconvertible Preferred Stocks - 0.0%

Shares

Value (000s)

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Istituto Finanziario Industriale SpA (IFI) (a)

(Cost $4,433)

115,700

$ 4,652

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $8,224,413)

9,053,117

NET OTHER ASSETS - 0.1%

10,985

NET ASSETS - 100%

$ 9,064,102

Futures Contracts

Expiration Date

Underlying Face Amount at Value
(000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

734 Dow Jones Euro Stoxx 50 Index Contracts (Germany)

Sept. 2007

$ 44,852

$ 862

268 FTSE 100 Index Contracts
(United Kingdom)

Sept. 2007

35,724

551

635 S&P 500 Index Contracts

Sept. 2007

240,570

(1,553)

225 TOPIX 150 Index Contracts (Japan)

Sept. 2007

32,427

(72)

TOTAL EQUITY INDEX CONTRACTS

$ 353,573

$ (212)

The face value of futures purchased as a percentage of net assets - 3.9%

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.

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

(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 $9,376,000 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 $14,974,000.

(g) 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 web site at www.sec.gov. In addition, each Fidelity Central Fund's financial statements 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

$ 13,427

Fidelity Consumer Discretionary Central Fund

5,688

Fidelity Consumer Staples Central Fund

5,326

Fidelity Energy Central Fund

3,334

Fidelity Financials Central Fund

14,424

Fidelity Floating Rate Central Fund

15,742

Fidelity Health Care Central Fund

5,009

Fidelity High Income Central Fund 1

17,271

Fidelity Industrials Central Fund

5,529

Fidelity Information Technology Central Fund

1,527

Fidelity Materials Central Fund

2,283

Fidelity Money Market Central Fund

17,131

Fidelity Securities Lending Cash Central Fund

120

Fidelity Tactical Income Central Fund

132,678

Fidelity Telecom Services Central Fund

2,316

Fidelity Utilities Central Fund

2,873

Total

$ 244,678

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

$ 431,128

57.8%

Fidelity Consumer Staples Central Fund

345,846

-

70,886

311,870

57.8%

Fidelity Energy Central Fund

374,154

-

91,997

395,228

57.8%

Fidelity Financials Central Fund

929,877

-

198,133

792,614

57.8%

Fidelity Floating Rate Central Fund

279,343

-

-

279,705

11.7%

Fidelity Health Care Central Fund

522,446

-

118,359

446,674

57.8%

Fidelity High Income Central Fund 1

327,866

-

180,272

156,427

51.7%

Fidelity Industrials Central Fund

456,421

-

91,174

450,289

57.8%

Fidelity Information Technology Central Fund

639,785

-

137,938

614,382

57.8%

Fidelity Materials Central Fund

128,311

-

27,819

138,749

57.8%

Fidelity Tactical Income Central Fund

3,312,935

210,049

14,992

3,442,834

63.7%

Fidelity Telecom Services Central Fund

132,358

-

27,728

138,518

57.8%

Fidelity Utilities Central Fund

152,097

-

38,200

143,060

57.8%

Total

$ 8,079,193

$ 210,049

$ 1,096,136

$ 7,741,478

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $8,225,351,000. Net unrealized appreciation aggregated $827,766,000, of which $877,512,000 related to appreciated investment securities and $49,746,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Asset Manager® 85%

June 30, 2007

1.803292.103

AGG-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 64.9%

Shares

Value

Fidelity Consumer Discretionary Central Fund (g)

316,109

$ 40,228,059

Fidelity Consumer Staples Central Fund (g)

249,556

29,113,171

Fidelity Energy Central Fund (g)

284,071

36,869,534

Fidelity Financials Central Fund (g)

643,617

73,893,622

Fidelity Health Care Central Fund (g)

360,507

41,660,131

Fidelity Industrials Central Fund (g)

326,757

42,020,960

Fidelity Information Technology Central Fund (g)

411,852

57,301,011

Fidelity Materials Central Fund (g)

94,209

12,941,464

Fidelity Telecom Services Central Fund (g)

87,687

12,927,693

Fidelity Utilities Central Fund (g)

108,920

13,368,884

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $298,943,954)

360,324,529

Fixed-Income Central Funds - 13.2%

High Yield Fixed-Income Funds - 1.6%

Fidelity High Income Central Fund 1 (g)

90,832

9,104,970

Investment Grade Fixed-Income Funds - 11.6%

Fidelity Tactical Income Central Fund (g)

665,792

64,368,771

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $73,181,713)

73,473,741

Common Stocks - 11.3%

Argentina - 0.3%

Cresud S.A.C.I.F. y A. sponsored ADR

41,800

894,102

Inversiones y Representaciones SA sponsored GDR (a)

16,900

312,650

Pampa Holding SA (a)

618,991

554,529

Pampa Holding SA unit (a)(e)

4,100

91,826

TOTAL ARGENTINA

1,853,107

Canada - 2.7%

Abitibi-Consolidated, Inc.

473,600

1,382,676

Aquiline Resources, Inc. (a)

111,400

1,150,340

Aquiline Resources, Inc. (a)(e)

42,500

438,864

Canadian Natural Resources Ltd.

29,400

1,953,468

Canfor Corp. New (a)

33,500

423,605

Catalyst Paper Corp. (a)

678,400

2,158,907

European Goldfields Ltd. (a)

147,300

779,885

Guyana Goldfields, Inc.

32,500

310,584

IAMGOLD Corp.

187,800

1,445,632

Meridian Gold, Inc. (a)

16,300

449,554

NuVista Energy Ltd. (a)

40,800

555,363

Common Stocks - continued

Shares

Value

Canada - continued

ProEx Energy Ltd. (a)

53,700

$ 756,161

Saskatchewan Wheat Pool, Inc. (a)

1,700

17,539

Saskatchewan Wheat Pool, Inc. (a)(e)

178,100

1,837,427

Suncor Energy, Inc.

13,500

1,216,109

TOTAL CANADA

14,876,114

Cayman Islands - 0.3%

GlobalSantaFe Corp.

20,600

1,488,350

Czech Republic - 0.2%

Philip Morris CR AS

2,700

1,403,736

France - 0.3%

Sanofi-Aventis sponsored ADR

35,900

1,445,693

Germany - 0.5%

E.ON AG

11,300

1,886,196

Lanxess AG

17,300

968,864

TOTAL GERMANY

2,855,060

Hong Kong - 0.6%

Hutchison Whampoa Ltd.

336,000

3,336,710

Japan - 2.7%

Aioi Insurance Co. Ltd.

161,000

1,047,101

Canon, Inc.

11,200

656,768

Kose Corp. (d)

67,900

1,924,091

Kubota Corp.

202,000

1,640,143

Millea Holdings, Inc.

33,474

1,375,271

Mitsui Sumitomo Insurance Co. Ltd.

77,000

989,071

Nissin Healthcare Food Service Co.

16,000

207,860

SFCG Co. Ltd.

6,830

1,144,064

Shinsei Bank Ltd.

396,000

1,601,234

Takeda Pharamaceutical Co. Ltd.

42,900

2,772,686

Takefuji Corp.

46,360

1,558,383

Tokyo Steel Manufacturing Co. Ltd.

21,800

342,329

TOTAL JAPAN

15,259,001

Korea (South) - 0.1%

Samwhan Corp.

11,610

408,427

Luxembourg - 0.2%

SES SA FDR unit

53,813

1,165,288

Netherlands - 0.6%

CNH Global NV

5,700

291,213

Common Stocks - continued

Shares

Value

Netherlands - continued

Koninklijke Philips Electronics NV

33,200

$ 1,405,024

Nutreco Holding NV

20,900

1,531,690

TOTAL NETHERLANDS

3,227,927

Philippines - 0.2%

DMCI Holdings, Inc.

1,972,000

401,056

Semirara Mining Corp.

788,400

494,669

TOTAL PHILIPPINES

895,725

South Africa - 0.5%

Gold Fields Ltd. sponsored ADR

176,100

2,764,770

Switzerland - 0.2%

Actelion Ltd. (Reg.) (a)

28,570

1,278,119

Taiwan - 0.2%

Taiwan Cellular Co. Ltd.

955,000

1,174,061

United Kingdom - 0.3%

Benfield Group PLC

234,700

1,523,481

United States of America - 1.4%

Bowater, Inc. (d)

67,600

1,686,620

Deere & Co.

10,800

1,303,992

Monsanto Co.

10,200

688,908

Synthes, Inc.

16,295

1,959,508

Virgin Media, Inc.

95,400

2,324,898

TOTAL UNITED STATES OF AMERICA

7,963,926

TOTAL COMMON STOCKS

(Cost $58,248,480)

62,919,495

Money Market Central Funds - 10.2%

Fidelity Cash Central Fund, 5.32% (b)

54,280,083

54,280,083

Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)

2,416,205

2,416,205

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $56,696,288)

56,696,288

U.S. Treasury Obligations - 0.4%

Principal Amount

U.S. Treasury Bills, yield at date of purchase 4.64% to 4.81% 8/2/07 to 9/6/07 (f)
(Cost $2,059,125)

$ 2,075,000

2,059,812

Nonconvertible Preferred Stocks - 0.2%

Shares

Value

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

Istituto Finanziario Industriale SpA (IFI) (a)

21,900

$ 880,588

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $848,345)

880,588

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $489,977,905)

556,354,453

NET OTHER ASSETS - (0.2)%

(1,371,565)

NET ASSETS - 100%

$ 554,982,888

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

137 Dow Jones Euro Stoxx 50 Index Contracts (Germany)

Sept. 2007

$ 8,371,523

$ 160,812

50 FTSE 100 Index Contracts (United Kingdom)

Sept. 2007

6,664,884

102,716

67 S&P 500 Index Contracts

Sept. 2007

25,382,950

(163,723)

42 TOPIX 150 Index Contracts (Japan)

Sept. 2007

6,053,101

(13,452)

TOTAL EQUITY INDEX CONTRACTS

$ 46,472,458

$ 86,353

The face value of futures purchased as a percentage of net assets - 8.4%

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.

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

(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 $2,368,117 or 0.4% 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 $2,044,941.

(g) 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 web site at www.sec.gov. In addition, each Fidelity Central Fund's financial statements 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:

Funds

Income earned

Fidelity Cash Central Fund

$ 2,042,925

Fidelity Consumer Discretionary Central Fund

452,081

Fidelity Consumer Staples Central Fund

432,308

Fidelity Energy Central Fund

270,255

Fidelity Financials Central Fund

1,174,786

Fidelity Health Care Central Fund

401,326

Fidelity High Income Central Fund 1

594,298

Fidelity Industrials Central Fund

446,829

Fidelity Information Technology Central Fund

123,095

Fidelity Materials Central Fund

181,253

Fidelity Securities Lending Cash Central Fund

33,858

Fidelity Tactical Income Central Fund

2,138,981

Fidelity Telecom Services Central Fund

184,504

Fidelity Utilities Central Fund

234,359

Total

$ 8,710,858

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

Funds

Value, beginning of period

Purchases

Sales
Proceeds

Value,
end of
period

% ownership,
end of
period

Fidelity Consumer Discretionary Central Fund

$ 34,132,808

$ 2,252,962

$ -

$ 40,228,059

5.4%

Fidelity Consumer Staples Central Fund

24,708,836

1,598,257

67,859

29,113,171

5.4%

Fidelity Energy Central Fund

26,731,211

1,986,074

1,193,138

36,869,534

5.4%

Fidelity Financials Central Fund

66,434,548

3,261,879

45,765

73,893,622

5.4%

Fidelity Health Care Central Fund

37,325,790

1,587,633

620,137

41,660,131

5.4%

Fidelity High Income Central Fund 1

5,533,509

17,888,266

14,460,971

9,104,970

3.0%

Fidelity Industrials Central Fund

32,608,742

2,487,169

-

42,020,960

5.4%

Fidelity Information Technology Central Fund

45,709,007

3,176,257

712,772

57,301,011

5.4%

Fidelity Materials Central Fund

9,167,019

839,585

89,491

12,941,464

5.4%

Fidelity Tactical Income Central Fund

54,338,215

10,997,735

-

64,368,771

1.2%

Fidelity Telecom Services Central Fund

9,456,209

843,718

98,352

12,927,693

5.4%

Fidelity Utilities Central Fund

10,866,470

607,235

314,078

13,368,884

5.4%

Total

$ 357,012,364

$ 47,526,770

$ 17,602,563

$ 433,798,270

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $490,067,139. Net unrealized appreciation aggregated $66,287,314, of which $68,238,710 related to appreciated investment securities and $1,951,396 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Asset Manager® 85%
Class A
Class T
Class B
Class C
Institutional Class

June 30, 2007

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity
Asset Manager® 85%

1.851908.100

AAM85-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 64.9%

Shares

Value

Fidelity Consumer Discretionary Central Fund (g)

316,109

$ 40,228,059

Fidelity Consumer Staples Central Fund (g)

249,556

29,113,171

Fidelity Energy Central Fund (g)

284,071

36,869,534

Fidelity Financials Central Fund (g)

643,617

73,893,622

Fidelity Health Care Central Fund (g)

360,507

41,660,131

Fidelity Industrials Central Fund (g)

326,757

42,020,960

Fidelity Information Technology Central Fund (g)

411,852

57,301,011

Fidelity Materials Central Fund (g)

94,209

12,941,464

Fidelity Telecom Services Central Fund (g)

87,687

12,927,693

Fidelity Utilities Central Fund (g)

108,920

13,368,884

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $298,943,954)

360,324,529

Fixed-Income Central Funds - 13.2%

High Yield Fixed-Income Funds - 1.6%

Fidelity High Income Central Fund 1 (g)

90,832

9,104,970

Investment Grade Fixed-Income Funds - 11.6%

Fidelity Tactical Income Central Fund (g)

665,792

64,368,771

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $73,181,713)

73,473,741

Common Stocks - 11.3%

Argentina - 0.3%

Cresud S.A.C.I.F. y A. sponsored ADR

41,800

894,102

Inversiones y Representaciones SA sponsored GDR (a)

16,900

312,650

Pampa Holding SA (a)

618,991

554,529

Pampa Holding SA unit (a)(e)

4,100

91,826

TOTAL ARGENTINA

1,853,107

Canada - 2.7%

Abitibi-Consolidated, Inc.

473,600

1,382,676

Aquiline Resources, Inc. (a)

111,400

1,150,340

Aquiline Resources, Inc. (a)(e)

42,500

438,864

Canadian Natural Resources Ltd.

29,400

1,953,468

Canfor Corp. New (a)

33,500

423,605

Catalyst Paper Corp. (a)

678,400

2,158,907

European Goldfields Ltd. (a)

147,300

779,885

Guyana Goldfields, Inc.

32,500

310,584

IAMGOLD Corp.

187,800

1,445,632

Meridian Gold, Inc. (a)

16,300

449,554

NuVista Energy Ltd. (a)

40,800

555,363

Common Stocks - continued

Shares

Value

Canada - continued

ProEx Energy Ltd. (a)

53,700

$ 756,161

Saskatchewan Wheat Pool, Inc. (a)

1,700

17,539

Saskatchewan Wheat Pool, Inc. (a)(e)

178,100

1,837,427

Suncor Energy, Inc.

13,500

1,216,109

TOTAL CANADA

14,876,114

Cayman Islands - 0.3%

GlobalSantaFe Corp.

20,600

1,488,350

Czech Republic - 0.2%

Philip Morris CR AS

2,700

1,403,736

France - 0.3%

Sanofi-Aventis sponsored ADR

35,900

1,445,693

Germany - 0.5%

E.ON AG

11,300

1,886,196

Lanxess AG

17,300

968,864

TOTAL GERMANY

2,855,060

Hong Kong - 0.6%

Hutchison Whampoa Ltd.

336,000

3,336,710

Japan - 2.7%

Aioi Insurance Co. Ltd.

161,000

1,047,101

Canon, Inc.

11,200

656,768

Kose Corp. (d)

67,900

1,924,091

Kubota Corp.

202,000

1,640,143

Millea Holdings, Inc.

33,474

1,375,271

Mitsui Sumitomo Insurance Co. Ltd.

77,000

989,071

Nissin Healthcare Food Service Co.

16,000

207,860

SFCG Co. Ltd.

6,830

1,144,064

Shinsei Bank Ltd.

396,000

1,601,234

Takeda Pharamaceutical Co. Ltd.

42,900

2,772,686

Takefuji Corp.

46,360

1,558,383

Tokyo Steel Manufacturing Co. Ltd.

21,800

342,329

TOTAL JAPAN

15,259,001

Korea (South) - 0.1%

Samwhan Corp.

11,610

408,427

Luxembourg - 0.2%

SES SA FDR unit

53,813

1,165,288

Netherlands - 0.6%

CNH Global NV

5,700

291,213

Common Stocks - continued

Shares

Value

Netherlands - continued

Koninklijke Philips Electronics NV

33,200

$ 1,405,024

Nutreco Holding NV

20,900

1,531,690

TOTAL NETHERLANDS

3,227,927

Philippines - 0.2%

DMCI Holdings, Inc.

1,972,000

401,056

Semirara Mining Corp.

788,400

494,669

TOTAL PHILIPPINES

895,725

South Africa - 0.5%

Gold Fields Ltd. sponsored ADR

176,100

2,764,770

Switzerland - 0.2%

Actelion Ltd. (Reg.) (a)

28,570

1,278,119

Taiwan - 0.2%

Taiwan Cellular Co. Ltd.

955,000

1,174,061

United Kingdom - 0.3%

Benfield Group PLC

234,700

1,523,481

United States of America - 1.4%

Bowater, Inc. (d)

67,600

1,686,620

Deere & Co.

10,800

1,303,992

Monsanto Co.

10,200

688,908

Synthes, Inc.

16,295

1,959,508

Virgin Media, Inc.

95,400

2,324,898

TOTAL UNITED STATES OF AMERICA

7,963,926

TOTAL COMMON STOCKS

(Cost $58,248,480)

62,919,495

Money Market Central Funds - 10.2%

Fidelity Cash Central Fund, 5.32% (b)

54,280,083

54,280,083

Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)

2,416,205

2,416,205

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $56,696,288)

56,696,288

U.S. Treasury Obligations - 0.4%

Principal Amount

U.S. Treasury Bills, yield at date of purchase 4.64% to 4.81% 8/2/07 to 9/6/07 (f)
(Cost $2,059,125)

$ 2,075,000

2,059,812

Nonconvertible Preferred Stocks - 0.2%

Shares

Value

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

Istituto Finanziario Industriale SpA (IFI) (a)

21,900

$ 880,588

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $848,345)

880,588

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $489,977,905)

556,354,453

NET OTHER ASSETS - (0.2)%

(1,371,565)

NET ASSETS - 100%

$ 554,982,888

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

137 Dow Jones Euro Stoxx 50 Index Contracts (Germany)

Sept. 2007

$ 8,371,523

$ 160,812

50 FTSE 100 Index Contracts (United Kingdom)

Sept. 2007

6,664,884

102,716

67 S&P 500 Index Contracts

Sept. 2007

25,382,950

(163,723)

42 TOPIX 150 Index Contracts (Japan)

Sept. 2007

6,053,101

(13,452)

TOTAL EQUITY INDEX CONTRACTS

$ 46,472,458

$ 86,353

The face value of futures purchased as a percentage of net assets - 8.4%

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.

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

(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 $2,368,117 or 0.4% 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 $2,044,941.

(g) 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 web site at www.sec.gov. In addition, each Fidelity Central Fund's financial statements 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:

Funds

Income earned

Fidelity Cash Central Fund

$ 2,042,925

Fidelity Consumer Discretionary Central Fund

452,081

Fidelity Consumer Staples Central Fund

432,308

Fidelity Energy Central Fund

270,255

Fidelity Financials Central Fund

1,174,786

Fidelity Health Care Central Fund

401,326

Fidelity High Income Central Fund 1

594,298

Fidelity Industrials Central Fund

446,829

Fidelity Information Technology Central Fund

123,095

Fidelity Materials Central Fund

181,253

Fidelity Securities Lending Cash Central Fund

33,858

Fidelity Tactical Income Central Fund

2,138,981

Fidelity Telecom Services Central Fund

184,504

Fidelity Utilities Central Fund

234,359

Total

$ 8,710,858

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

Funds

Value, beginning of period

Purchases

Sales
Proceeds

Value,
end of
period

% ownership,
end of
period

Fidelity Consumer Discretionary Central Fund

$ 34,132,808

$ 2,252,962

$ -

$ 40,228,059

5.4%

Fidelity Consumer Staples Central Fund

24,708,836

1,598,257

67,859

29,113,171

5.4%

Fidelity Energy Central Fund

26,731,211

1,986,074

1,193,138

36,869,534

5.4%

Fidelity Financials Central Fund

66,434,548

3,261,879

45,765

73,893,622

5.4%

Fidelity Health Care Central Fund

37,325,790

1,587,633

620,137

41,660,131

5.4%

Fidelity High Income Central Fund 1

5,533,509

17,888,266

14,460,971

9,104,970

3.0%

Fidelity Industrials Central Fund

32,608,742

2,487,169

-

42,020,960

5.4%

Fidelity Information Technology Central Fund

45,709,007

3,176,257

712,772

57,301,011

5.4%

Fidelity Materials Central Fund

9,167,019

839,585

89,491

12,941,464

5.4%

Fidelity Tactical Income Central Fund

54,338,215

10,997,735

-

64,368,771

1.2%

Fidelity Telecom Services Central Fund

9,456,209

843,718

98,352

12,927,693

5.4%

Fidelity Utilities Central Fund

10,866,470

607,235

314,078

13,368,884

5.4%

Total

$ 357,012,364

$ 47,526,770

$ 17,602,563

$ 433,798,270

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $490,067,139. Net unrealized appreciation aggregated $66,287,314, of which $68,238,710 related to appreciated investment securities and $1,951,396 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Asset Manager® 70%

June 30, 2007

1.818368.102

AMG-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 56.7%

Shares

Value (000s)

Fidelity Consumer Discretionary Central Fund (g)

1,615,010

$ 205,526

Fidelity Consumer Staples Central Fund (g)

1,274,458

148,678

Fidelity Energy Central Fund (g)

1,451,059

188,333

Fidelity Financials Central Fund (g)

3,294,772

378,273

Fidelity Health Care Central Fund (g)

1,841,301

212,781

Fidelity Industrials Central Fund (g)

1,669,175

214,656

Fidelity Information Technology Central Fund (g)

2,104,954

292,862

Fidelity Materials Central Fund (g)

481,375

66,127

Fidelity Telecom Services Central Fund (g)

447,906

66,035

Fidelity Utilities Central Fund (g)

556,155

68,262

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $1,543,516)

1,841,533

Fixed-Income Central Funds - 25.1%

Investment Grade Fixed-Income Funds - 20.6%

Fidelity Tactical Income Central Fund (g)

6,946,472

671,586

High Yield Fixed-Income Funds - 4.5%

Fidelity Floating Rate Central Fund (g)

900,452

90,450

Fidelity High Income Central Fund 1 (g)

550,130

55,145

TOTAL HIGH YIELD FIXED-INCOME CENTRAL FUNDS

145,595

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $819,406)

817,181

Common Stocks - 4.7%

Argentina - 0.1%

Cresud S.A.C.I.F. y A. sponsored ADR

100,100

2,141

Inversiones y Representaciones SA sponsored GDR (a)

40,800

755

Pampa Holding SA (a)

1,723,154

1,544

TOTAL ARGENTINA

4,440

Canada - 1.1%

Abitibi-Consolidated, Inc.

1,148,900

3,354

Aquiline Resources, Inc. (a)

371,700

3,838

Canadian Natural Resources Ltd.

70,400

4,678

Canfor Corp. New (a)

87,100

1,101

Catalyst Paper Corp. (a)

1,667,800

5,308

European Goldfields Ltd. (a)

524,200

2,775

Guyana Goldfields, Inc.

82,200

786

IAMGOLD Corp.

461,700

3,554

Meridian Gold, Inc. (a)

39,800

1,098

NuVista Energy Ltd. (a)

97,000

1,320

ProEx Energy Ltd. (a)

127,600

1,797

Common Stocks - continued

Shares

Value (000s)

Canada - continued

Saskatchewan Wheat Pool, Inc. (a)

10,800

$ 111

Saskatchewan Wheat Pool, Inc. (a)(e)

421,200

4,345

Suncor Energy, Inc.

32,300

2,910

TOTAL CANADA

36,975

Cayman Islands - 0.1%

GlobalSantaFe Corp.

49,200

3,555

Czech Republic - 0.1%

Philip Morris CR AS

6,500

3,379

France - 0.1%

Sanofi-Aventis sponsored ADR

86,300

3,475

Germany - 0.2%

E.ON AG

27,300

4,557

Lanxess AG

42,500

2,380

TOTAL GERMANY

6,937

Hong Kong - 0.3%

Hutchison Whampoa Ltd.

808,000

8,024

Japan - 1.2%

Aioi Insurance Co. Ltd.

388,000

2,523

Canon, Inc.

28,000

1,642

Kose Corp.

164,600

4,664

Kubota Corp.

490,000

3,979

Millea Holdings, Inc.

74,201

3,049

Mitsui Sumitomo Insurance Co. Ltd.

197,000

2,530

Nissin Healthcare Food Service Co.

63,300

822

SFCG Co. Ltd.

16,750

2,806

Shinsei Bank Ltd.

953,000

3,853

Takeda Pharamaceutical Co. Ltd.

103,300

6,676

Takefuji Corp.

111,580

3,751

Tokyo Steel Manufacturing Co. Ltd.

53,800

845

TOTAL JAPAN

37,140

Korea (South) - 0.0%

Samwhan Corp.

28,640

1,008

Luxembourg - 0.1%

SES SA FDR unit

139,341

3,017

Netherlands - 0.2%

CNH Global NV

13,800

705

Koninklijke Philips Electronics NV

80,400

3,403

Nutreco Holding NV

50,000

3,664

TOTAL NETHERLANDS

7,772

Common Stocks - continued

Shares

Value (000s)

Philippines - 0.1%

DMCI Holdings, Inc.

5,035,700

$ 1,024

Semirara Mining Corp.

2,186,700

1,372

TOTAL PHILIPPINES

2,396

South Africa - 0.2%

Gold Fields Ltd.

19,600

308

Gold Fields Ltd. sponsored ADR

432,900

6,797

TOTAL SOUTH AFRICA

7,105

Switzerland - 0.1%

Actelion Ltd. (Reg.) (a)

72,165

3,228

Taiwan - 0.1%

Taiwan Cellular Co. Ltd.

2,308,000

2,837

United Kingdom - 0.1%

Benfield Group PLC

592,000

3,843

United States of America - 0.6%

Bowater, Inc. (d)

164,100

4,094

Deere & Co.

26,400

3,188

Monsanto Co.

24,500

1,655

Synthes, Inc.

39,327

4,729

Virgin Media, Inc.

233,950

5,701

TOTAL UNITED STATES OF AMERICA

19,367

TOTAL COMMON STOCKS

(Cost $142,952)

154,498

Money Market Central Funds - 12.9%

Fidelity Cash Central Fund, 5.32% (b)

406,107,777

406,108

Fidelity Money Market Central Fund, 5.43% (b)

8,056,119

8,056

Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)

4,223,000

4,223

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $418,387)

418,387

U.S. Treasury Obligations - 0.4%

Principal Amount (000s)

U.S. Treasury Bills, yield at date of purchase 4.58% to 4.93% 7/12/07 to 9/6/07 (f)
(Cost $13,733)

$ 13,850

13,737

Nonconvertible Preferred Stocks - 0.1%

Shares

Value (000s)

FINANCIALS - 0.1%

Diversified Financial Services - 0.1%

Istituto Finanziario Industriale SpA (IFI) (a)

53,200

$ 2,139

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $2,046)

2,139

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $2,940,040)

3,247,475

NET OTHER ASSETS - 0.1%

2,407

NET ASSETS - 100%

$ 3,249,882

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

1,166 Dow Jones Euro Stoxx 50 Index Contracts (Germany)

Sept. 2007

$ 70,096

$ 1,369

426 FTSE 100 Index Contracts (United Kingdom)

Sept. 2007

55,803

875

309 S&P 500 Index Contracts

Sept. 2007

117,065

(755)

357 TOPIX 150 Index Contracts (Japan)

Sept. 2007

52,210

(114)

TOTAL EQUITY INDEX CONTRACTS

$ 295,174

$ 1,375

The face value of futures purchased as a percentage of net assets - 9.1%

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.

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

(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 $4,345,000 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 $13,737,000.

(g) 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 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 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

$ 11,876

Fidelity Consumer Discretionary Central Fund

2,619

Fidelity Consumer Staples Central Fund

2,456

Fidelity Energy Central Fund

1,536

Fidelity Financials Central Fund

6,655

Fidelity Floating Rate Central Fund

5,091

Fidelity Health Care Central Fund

2,306

Fidelity High Income Central Fund 1

4,545

Fidelity Industrials Central Fund

2,549

Fidelity Information Technology Central Fund

704

Fidelity Materials Central Fund

1,047

Fidelity Money Market Central Fund

325

Fidelity Securities Lending Cash Central Fund

92

Fidelity Tactical Income Central Fund

26,856

Fidelity Telecom Services Central Fund

1,058

Fidelity Utilities Central Fund

1,328

Total

$ 71,043

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

$ 205,526

27.6%

Fidelity Consumer Staples Central Fund

153,338

-

21,577

148,678

27.6%

Fidelity Energy Central Fund

165,889

-

29,621

188,333

27.6%

Fidelity Financials Central Fund

412,280

-

61,247

378,273

27.6%

Fidelity Floating Rate Central Fund

90,333

-

-

90,450

3.8%

Fidelity Health Care Central Fund

231,638

-

38,364

212,781

27.6%

Fidelity High Income Central Fund 1

61,509

45,049

53,157

55,145

18.2%

Fidelity Industrials Central Fund

202,364

-

26,832

214,656

27.6%

Fidelity Information Technology Central Fund

283,662

-

42,827

292,862

27.6%

Fidelity Materials Central Fund

56,889

89

8,344

66,127

27.6%

Fidelity Tactical Income Central Fund

706,767

39,980

62,578

671,586

12.4%

Fidelity Telecom Services Central Fund

58,683

-

8,216

66,035

27.6%

Fidelity Utilities Central Fund

67,436

-

12,408

68,262

27.6%

Total

$ 2,702,610

$ 85,118

$ 394,933

$ 2,658,714

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $2,940,252,000. Net unrealized appreciation aggregated $307,223,000, of which $316,556,000 related to appreciated investment securities and $9,333,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Asset
Manager 70%
Class A
Class T
Class B
Class C
Institutional Class

June 30, 2007

1.805770.103

AAL-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 56.0%

Shares

Value

Fidelity Consumer Discretionary Central Fund (e)

141,685

$ 18,030,857

Fidelity Consumer Staples Central Fund (e)

111,849

13,048,286

Fidelity Energy Central Fund (e)

127,372

16,531,572

Fidelity Financials Central Fund (e)

288,439

33,115,659

Fidelity Health Care Central Fund (e)

161,603

18,674,811

Fidelity Industrials Central Fund (e)

146,420

18,829,575

Fidelity Information Technology Central Fund (e)

184,674

25,693,756

Fidelity Materials Central Fund (e)

42,235

5,801,882

Fidelity Telecom Services Central Fund (e)

39,308

5,795,142

Fidelity Utilities Central Fund (e)

48,823

5,992,549

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $134,406,337)

161,514,089

Fixed-Income Central Funds - 24.4%

Investment Grade Fixed-Income Funds - 20.5%

Fidelity Tactical Income Central Fund (e)

611,075

59,078,740

High Yield Fixed-Income Funds - 3.9%

Fidelity Floating Rate Central Fund (e)

65,087

6,537,989

Fidelity High Income Central Fund 1 (e)

47,848

4,796,234

TOTAL HIGH YIELD FIXED-INCOME FUNDS

11,334,223

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $70,601,000)

70,412,963

Common Stocks - 4.7%

Argentina - 0.1%

Cresud S.A.C.I.F. y A. sponsored ADR

8,200

175,398

Inversiones y Representaciones SA sponsored GDR (a)

3,600

66,600

Pampa Holding SA (a)

138,665

124,224

TOTAL ARGENTINA

366,222

Canada - 1.1%

Abitibi-Consolidated, Inc.

101,100

295,162

Aquiline Resources, Inc. (a)

32,900

339,732

Canadian Natural Resources Ltd.

5,900

392,023

Canfor Corp. New (a)

7,100

89,779

Catalyst Paper Corp. (a)

147,200

468,442

European Goldfields Ltd. (a)

46,400

245,666

Guyana Goldfields, Inc.

7,400

70,718

IAMGOLD Corp.

40,800

314,067

Meridian Gold, Inc. (a)

3,200

88,256

NuVista Energy Ltd. (a)

7,800

106,172

ProEx Energy Ltd. (a)

10,300

145,036

Common Stocks - continued

Shares

Value

Canada - continued

Saskatchewan Wheat Pool, Inc. (a)

5,800

$ 59,838

Saskatchewan Wheat Pool, Inc. (a)(c)

32,100

331,170

Suncor Energy, Inc.

2,700

243,222

TOTAL CANADA

3,189,283

Cayman Islands - 0.1%

GlobalSantaFe Corp.

4,100

296,225

Czech Republic - 0.1%

Philip Morris CR AS

600

311,941

France - 0.1%

Sanofi-Aventis sponsored ADR

7,600

306,052

Germany - 0.2%

E.ON AG

2,400

400,608

Lanxess AG

3,800

212,814

TOTAL GERMANY

613,422

Hong Kong - 0.3%

Hutchison Whampoa Ltd.

72,000

715,009

Japan - 1.2%

Aioi Insurance Co. Ltd.

35,000

227,631

Canon, Inc.

2,300

134,872

Kose Corp.

14,400

408,055

Kubota Corp.

44,000

357,259

Millea Holdings, Inc.

6,667

273,912

Mitsui Sumitomo Insurance Co. Ltd.

17,000

218,366

Nissin Healthcare Food Service Co.

5,500

71,452

SFCG Co. Ltd.

1,480

247,908

Shinsei Bank Ltd.

85,000

343,699

Takeda Pharamaceutical Co. Ltd.

9,200

594,609

Takefuji Corp.

9,910

333,123

Tokyo Steel Manufacturing Co. Ltd.

4,700

73,805

TOTAL JAPAN

3,284,691

Korea (South) - 0.0%

Samwhan Corp.

2,520

88,651

Luxembourg - 0.1%

SES SA FDR unit

11,675

252,815

Netherlands - 0.2%

CNH Global NV

1,000

51,090

Koninklijke Philips Electronics NV

7,100

300,472

Nutreco Holding NV

4,200

307,804

TOTAL NETHERLANDS

659,366

Common Stocks - continued

Shares

Value

Philippines - 0.1%

DMCI Holdings, Inc.

399,000

$ 81,147

Semirara Mining Corp.

155,900

97,817

TOTAL PHILIPPINES

178,964

South Africa - 0.2%

Gold Fields Ltd.

800

12,560

Gold Fields Ltd. sponsored ADR

39,400

618,580

TOTAL SOUTH AFRICA

631,140

Switzerland - 0.1%

Actelion Ltd. (Reg.) (a)

6,205

277,589

Taiwan - 0.1%

Taiwan Cellular Co. Ltd.

204,000

250,794

United Kingdom - 0.1%

Benfield Group PLC

51,100

331,699

United States of America - 0.6%

Bowater, Inc.

14,400

359,280

Deere & Co.

2,300

277,702

Monsanto Co.

2,200

148,588

Synthes, Inc.

3,288

395,389

Virgin Media, Inc.

20,700

504,459

TOTAL UNITED STATES OF AMERICA

1,685,418

TOTAL COMMON STOCKS

(Cost $12,219,927)

13,439,281

Money Market Central Funds - 14.6%

Fidelity Cash Central Fund, 5.32% (b)
(Cost $42,036,588)

42,036,588

42,036,588

U.S. Treasury Obligations - 0.4%

Principal Amount

U.S. Treasury Bills, yield at date of purchase 4.64% to 4.93% 7/12/07 to 9/6/07 (d)
(Cost $1,288,877)

$ 1,300,000

1,289,239

Nonconvertible Preferred Stocks - 0.1%

Shares

Value

FINANCIALS - 0.1%

Diversified Financial Services - 0.1%

Istituto Finanziario Industriale SpA (IFI) (a)
(Cost $180,683)

4,700

$ 188,985

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $260,733,412)

288,881,145

NET OTHER ASSETS - (0.2)%

(485,976)

NET ASSETS - 100%

$ 288,395,169

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

107 Dow Jones Euro Stoxx 50 Index Contracts (Germany)

Sept. 2007

$ 6,538,343

$ 125,597

39 FTSE 100 Index Contracts (United Kingdom)

Sept. 2007

5,198,609

80,118

30 S&P 500 Index Contracts

Sept. 2007

11,365,500

(73,313)

33 TOPIX 150 Index Contracts (Japan)

Sept. 2007

4,756,008

(10,572)

TOTAL EQUITY INDEX CONTRACTS

$ 27,858,460

$ 121,830

The face value of futures purchased as a percentage of net assets - 9.6%

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.

(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 $331,170 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 $1,269,411.

(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 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 advisor.fidelity.com.
In addition, each Fidelity Central Fund's financial statements 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

$ 1,445,691

Fidelity Consumer Discretionary Central Fund

201,376

Fidelity Consumer Staples Central Fund

192,645

Fidelity Energy Central Fund

120,501

Fidelity Financials Central Fund

523,756

Fidelity Floating Rate Central Fund

367,967

Fidelity Health Care Central Fund

178,775

Fidelity High Income Central Fund 1

353,001

Fidelity Industrials Central Fund

199,145

Fidelity Information Technology Central Fund

54,849

Fidelity Materials Central Fund

80,774

Fidelity Securities Lending Cash Central Fund

2,810

Fidelity Tactical Income Central Fund

2,123,203

Fidelity Telecom Services Central Fund

82,126

Fidelity Utilities Central Fund

104,493

Total

$ 6,031,112

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

$ 18,030,857

2.4%

Fidelity Consumer Staples Central Fund

10,970,951

829,169

29,951

13,048,286

2.4%

Fidelity Energy Central Fund

11,868,938

952,682

456,166

16,531,572

2.4%

Fidelity Financials Central Fund

29,497,889

1,758,429

20,391

33,115,659

2.4%

Fidelity Floating Rate Central Fund

6,529,528

-

-

6,537,989

0.3%

Fidelity Health Care Central Fund

16,573,171

998,817

396,821

18,674,811

2.4%

Fidelity High Income Central Fund 1

4,634,110

3,503,838

3,463,867

4,796,234

1.6%

Fidelity Industrials Central Fund

14,478,724

1,261,498

-

18,829,575

2.4%

Fidelity Information Technology Central Fund

20,295,446

1,720,764

396,234

25,693,756

2.4%

Fidelity Materials Central Fund

4,070,208

386,005

-

5,801,882

2.4%

Fidelity Tactical Income Central Fund

52,177,801

7,987,764

-

59,078,740

1.1%

Fidelity Telecom Services Central Fund

4,198,709

442,504

61,655

5,795,142

2.4%

Fidelity Utilities Central Fund

4,824,862

330,406

139,385

5,992,549

2.4%

Total

$ 195,275,679

$ 21,398,599

$ 5,024,181

$ 231,927,052

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $260,770,474. Net unrealized appreciation aggregated $28,110,671, of which $29,134,681 related to appreciated investment securities and $1,024,010 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Asset Manager® 20%

June 30, 2007

1.803294.103

AMI-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 18.7%

Shares

Value (000s)

Fidelity Consumer Discretionary Central Fund (c)

400,444

$ 50,960

Fidelity Consumer Staples Central Fund (c)

316,343

36,905

Fidelity Energy Central Fund (c)

359,823

46,701

Fidelity Financials Central Fund (c)

817,890

93,902

Fidelity Health Care Central Fund (c)

456,942

52,804

Fidelity Industrials Central Fund (c)

413,880

53,225

Fidelity Information Technology Central Fund (c)

522,529

72,699

Fidelity Materials Central Fund (c)

119,420

16,405

Fidelity Telecom Services Central Fund (c)

111,124

16,383

Fidelity Utilities Central Fund (c)

138,056

16,945

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $370,268)

456,929

Fixed-Income Central Funds - 52.0%

Investment Grade Fixed-Income Funds - 47.8%

Fidelity Tactical Income Central Fund (c)

12,095,717

1,169,415

High Yield Fixed-Income Funds - 4.2%

Fidelity Floating Rate Central Fund (c)

628,271

63,110

Fidelity High Income Central Fund 1 (c)

402,214

40,318

TOTAL HIGH YIELD FIXED-INCOME FUNDS

103,428

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $1,283,900)

1,272,843

Money Market Central Funds - 25.5%

Fidelity Cash Central Fund, 5.32% (a)

489,073,169

489,073

Fidelity Money Market Central Fund, 5.43% (a)

135,550,134

135,550

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $624,623)

624,623

U.S. Treasury Obligations - 0.0%

Principal Amount (000s)

U.S. Treasury Bills, yield at date of purchase 4.64% to 4.74% 9/6/07 (b)
(Cost $1,239)

$ 1,250

1,239

Cash Equivalents - 3.4%

Maturity Amount (000s)

Value
(000s)

Investments in repurchase agreements in a joint trading account at 4.21%, dated 6/29/07 due 7/2/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $82,417)

$ 82,446

$ 82,417

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $2,362,447)

2,438,051

NET OTHER ASSETS - 0.4%

9,776

NET ASSETS - 100%

$ 2,447,827

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/ (Depreciation) (000s)

Purchased

Equity Index Contracts

3 S&P 500 E-Mini Index Contracts

Sept. 2007

$ 227

$ (1)

82 S&P 500 Index Contracts

Sept. 2007

31,066

(201)

TOTAL EQUITY INDEX CONTRACTS

$ 31,293

$ (202)

The face value of futures purchased as a percentage of net assets - 1.3%

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 $1,210,000.

(c) 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 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 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)

$82,417,000 due 7/02/07 at 4.21%

ABN AMRO Bank N.V., New York Branch

$ 3,018

BNP Paribas Securities Corp.

20,803

Bear Stearns & Co., Inc.

8,460

J.P. Morgan Securities, Inc.

5

Lehman Brothers, Inc.

12,066

Merrill Lynch Government Securities, Inc.

27,736

Morgan Stanley & Co., Inc.

10,329

$ 82,417

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

$ 18,233

Fidelity Consumer Discretionary Central Fund

613

Fidelity Consumer Staples Central Fund

578

Fidelity Energy Central Fund

363

Fidelity Financials Central Fund

1,572

Fidelity Floating Rate Central Fund

3,552

Fidelity Health Care Central Fund

542

Fidelity High Income Central Fund 1

4,955

Fidelity Industrials Central Fund

600

Fidelity Information Technology Central Fund

166

Fidelity Materials Central Fund

245

Fidelity Money Market Central Fund

5,464

Fidelity Tactical Income Central Fund

38,937

Fidelity Telecom Services Central Fund

248

Fidelity Utilities Central Fund

314

Total

$ 76,382

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

$ 50,960

6.8%

Fidelity Consumer Staples Central Fund

34,712

157

1,879

36,905

6.8%

Fidelity Energy Central Fund

37,554

-

3,203

46,701

6.8%

Fidelity Financials Central Fund

93,331

-

5,423

93,902

6.8%

Fidelity Floating Rate Central Fund

63,028

-

-

63,110

2.6%

Fidelity Health Care Central Fund

52,438

-

4,142

52,804

6.8%

Fidelity High Income Central Fund 1

104,532

-

66,971

40,318

13.3%

Fidelity Industrials Central Fund

45,811

305

2,096

53,225

6.8%

Fidelity Information Technology Central Fund

64,215

856

4,590

72,699

6.8%

Fidelity Materials Central Fund

12,878

45

597

16,405

6.8%

Fidelity Tactical Income Central Fund

944,066

244,882

-

1,169,415

21.3%

Fidelity Telecom Services Central Fund

13,285

358

915

16,383

6.8%

Fidelity Utilities Central Fund

15,266

-

1,348

16,945

6.8%

Total

$ 1,529,068

$ 246,603

$ 93,496

$ 1,729,772

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $2,362,447,000. Net unrealized appreciation aggregated $75,604,000, of which $89,450,000 related to appreciated investment securities and $13,846,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor
Asset Manager® 20%
Class A
Class T
Class B
Class C
Institutional Class

June 30, 2007

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

1.851906.100

AAM20-QTLY-0807

Investments June 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Equity Sector Central Funds - 18.7%

Shares

Value (000s)

Fidelity Consumer Discretionary Central Fund (c)

400,444

$ 50,960

Fidelity Consumer Staples Central Fund (c)

316,343

36,905

Fidelity Energy Central Fund (c)

359,823

46,701

Fidelity Financials Central Fund (c)

817,890

93,902

Fidelity Health Care Central Fund (c)

456,942

52,804

Fidelity Industrials Central Fund (c)

413,880

53,225

Fidelity Information Technology Central Fund (c)

522,529

72,699

Fidelity Materials Central Fund (c)

119,420

16,405

Fidelity Telecom Services Central Fund (c)

111,124

16,383

Fidelity Utilities Central Fund (c)

138,056

16,945

TOTAL EQUITY SECTOR CENTRAL FUNDS

(Cost $370,268)

456,929

Fixed-Income Central Funds - 52.0%

Investment Grade Fixed-Income Funds - 47.8%

Fidelity Tactical Income Central Fund (c)

12,095,717

1,169,415

High Yield Fixed-Income Funds - 4.2%

Fidelity Floating Rate Central Fund (c)

628,271

63,110

Fidelity High Income Central Fund 1 (c)

402,214

40,318

TOTAL HIGH YIELD FIXED-INCOME FUNDS

103,428

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $1,283,900)

1,272,843

Money Market Central Funds - 25.5%

Fidelity Cash Central Fund, 5.32% (a)

489,073,169

489,073

Fidelity Money Market Central Fund, 5.43% (a)

135,550,134

135,550

TOTAL MONEY MARKET CENTRAL FUNDS

(Cost $624,623)

624,623

U.S. Treasury Obligations - 0.0%

Principal Amount (000s)

U.S. Treasury Bills, yield at date of purchase 4.64% to 4.74% 9/6/07 (b)
(Cost $1,239)

$ 1,250

1,239

Cash Equivalents - 3.4%

Maturity Amount (000s)

Value
(000s)

Investments in repurchase agreements in a joint trading account at 4.21%, dated 6/29/07 due 7/2/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $82,417)

$ 82,446

$ 82,417

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $2,362,447)

2,438,051

NET OTHER ASSETS - 0.4%

9,776

NET ASSETS - 100%

$ 2,447,827

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/ (Depreciation) (000s)

Purchased

Equity Index Contracts

3 S&P 500 E-Mini Index Contracts

Sept. 2007

$ 227

$ (1)

82 S&P 500 Index Contracts

Sept. 2007

31,066

(201)

TOTAL EQUITY INDEX CONTRACTS

$ 31,293

$ (202)

The face value of futures purchased as a percentage of net assets - 1.3%

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 $1,210,000.

(c) 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 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 advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements 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)

$82,417,000 due 7/02/07 at 4.21%

ABN AMRO Bank N.V., New York Branch

$ 3,018

BNP Paribas Securities Corp.

20,803

Bear Stearns & Co., Inc.

8,460

J.P. Morgan Securities, Inc.

5

Lehman Brothers, Inc.

12,066

Merrill Lynch Government Securities, Inc.

27,736

Morgan Stanley & Co., Inc.

10,329

$ 82,417

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

$ 18,233

Fidelity Consumer Discretionary Central Fund

613

Fidelity Consumer Staples Central Fund

578

Fidelity Energy Central Fund

363

Fidelity Financials Central Fund

1,572

Fidelity Floating Rate Central Fund

3,552

Fidelity Health Care Central Fund

542

Fidelity High Income Central Fund 1

4,955

Fidelity Industrials Central Fund

600

Fidelity Information Technology Central Fund

166

Fidelity Materials Central Fund

245

Fidelity Money Market Central Fund

5,464

Fidelity Tactical Income Central Fund

38,937

Fidelity Telecom Services Central Fund

248

Fidelity Utilities Central Fund

314

Total

$ 76,382

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

$ 50,960

6.8%

Fidelity Consumer Staples Central Fund

34,712

157

1,879

36,905

6.8%

Fidelity Energy Central Fund

37,554

-

3,203

46,701

6.8%

Fidelity Financials Central Fund

93,331

-

5,423

93,902

6.8%

Fidelity Floating Rate Central Fund

63,028

-

-

63,110

2.6%

Fidelity Health Care Central Fund

52,438

-

4,142

52,804

6.8%

Fidelity High Income Central Fund 1

104,532

-

66,971

40,318

13.3%

Fidelity Industrials Central Fund

45,811

305

2,096

53,225

6.8%

Fidelity Information Technology Central Fund

64,215

856

4,590

72,699

6.8%

Fidelity Materials Central Fund

12,878

45

597

16,405

6.8%

Fidelity Tactical Income Central Fund

944,066

244,882

-

1,169,415

21.3%

Fidelity Telecom Services Central Fund

13,285

358

915

16,383

6.8%

Fidelity Utilities Central Fund

15,266

-

1,348

16,945

6.8%

Total

$ 1,529,068

$ 246,603

$ 93,496

$ 1,729,772

Income Tax Information

At June 30, 2007, the aggregate cost of investment securities for income tax purposes was $2,362,447,000. Net unrealized appreciation aggregated $75,604,000, of which $89,450,000 related to appreciated investment securities and $13,846,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

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

Fidelity Charles Street Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

August 27, 2007

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

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

August 27, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

August 27, 2007