N-Q 1 main.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)

Scott C. Goebel, 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:

October 31

 

 

Date of reporting period:

January 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Global Balanced Fund

January 31, 2009 

1.813033.104

GBL-QTLY-0309

Investments January 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 45.7%

Shares

Value

Australia - 2.0%

AMP Ltd.

173,576

$ 572,435

ASX Ltd.

14,022

238,115

Australia & New Zealand Banking Group Ltd.

23,298

193,349

BHP Billiton Ltd.

53,934

1,000,198

Commonwealth Bank of Australia

29,164

495,569

Computershare Ltd.

68,708

311,110

CSL Ltd.

30,817

726,744

Lion Nathan Ltd.

82,951

427,000

National Australia Bank Ltd.

23,546

277,730

Origin Energy Ltd.

47,549

419,019

QBE Insurance Group Ltd.

25,538

384,072

Rio Tinto Ltd.

4,787

124,267

Sunland Group Ltd.

52,205

16,404

Telstra Corp. Ltd.

186,744

445,534

Wesfarmers Ltd.

21,483

208,848

Wesfarmers Ltd. (a)(j)

9,207

86,798

Woolworths Ltd.

45,019

783,639

TOTAL AUSTRALIA

6,710,831

Belgium - 0.2%

Anheuser-Busch InBev NV

18,080

460,873

Anheuser-Busch InBev NV (strip VVPR) (a)

9,280

48

Umicore SA

9,900

185,181

TOTAL BELGIUM

646,102

Bermuda - 0.1%

Noble Group Ltd.

115,000

77,469

Signet Jewelers Ltd. (United Kingdom)

15,200

107,474

TOTAL BERMUDA

184,943

Brazil - 0.1%

Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)

10,200

220,932

Canada - 1.8%

Agnico-Eagle Mines Ltd.

1,500

80,148

Agrium, Inc.

1,100

36,863

ARC Energy Trust unit

1,000

13,452

Astral Media, Inc. Class A (non-vtg.)

400

8,510

Bank of Montreal

3,300

89,509

Bank of Nova Scotia

6,100

147,642

Barrick Gold Corp.

9,500

357,572

BCE, Inc.

7,200

147,483

Common Stocks - continued

Shares

Value

Canada - continued

Bombardier, Inc. Class B (sub. vtg.)

10,500

$ 32,549

Brookfield Asset Management, Inc. Class A

6,000

94,220

Cameco Corp.

3,000

49,778

Canadian Imperial Bank of Commerce

2,600

98,901

Canadian National Railway Co.

6,200

217,330

Canadian Natural Resources Ltd.

3,600

128,893

Canadian Pacific Railway Ltd.

2,300

69,834

Canadian Utilities Ltd. Class A (non-vtg.)

1,500

48,652

CGI Group, Inc. Class A (sub. vtg.) (a)

4,300

34,832

CI Financial Corp.

1,500

18,293

Corus Entertainment, Inc. Class B (non-vtg.)

400

4,268

Emera, Inc.

2,300

40,808

Enbridge, Inc.

5,400

177,261

EnCana Corp.

9,100

405,096

Fairfax Financial Holdings Ltd.

300

97,622

Finning International, Inc.

1,600

16,433

Fortis, Inc.

4,500

89,424

George Weston Ltd.

700

37,306

Goldcorp, Inc.

8,600

254,804

Husky Energy, Inc.

1,500

37,248

IGM Financial, Inc.

1,300

34,466

Imperial Oil Ltd.

3,400

108,031

Keyera Facilities Income Fund

5,000

71,338

Kinross Gold Corp.

8,400

148,902

Loblaw Companies Ltd.

1,200

33,988

Manulife Financial Corp.

12,700

210,933

Metro, Inc. Class A (sub. vtg.)

3,300

105,527

Nexen, Inc.

4,300

62,649

Niko Resources Ltd.

600

24,688

Open Text Corp. (a)

1,000

35,347

Petro-Canada

4,400

95,441

Petrobank Energy & Resources Ltd. (a)

11,100

175,666

Potash Corp. of Saskatchewan, Inc.

2,800

209,608

Power Corp. of Canada (sub. vtg.)

4,700

81,091

Power Financial Corp.

1,500

27,691

Research In Motion Ltd. (a)

5,000

277,000

RioCan (REIT)

4,100

48,631

Rogers Communications, Inc. Class B (non-vtg.)

7,200

203,105

Royal Bank of Canada

12,200

302,649

Shaw Communications, Inc. Class B

3,900

63,279

Shoppers Drug Mart Corp.

2,800

103,631

SNC-Lavalin Group, Inc.

1,400

39,515

Common Stocks - continued

Shares

Value

Canada - continued

Sun Life Financial, Inc.

2,700

$ 54,976

Suncor Energy, Inc.

7,200

138,085

Talisman Energy, Inc.

8,900

84,292

TELUS Corp. (a)

3,400

96,410

Toronto-Dominion Bank

7,900

256,491

TransCanada Corp.

8,600

231,373

Yamana Gold, Inc.

6,000

48,652

Yellow Pages Income Fund

2,000

10,442

TOTAL CANADA

6,218,628

Cayman Islands - 0.3%

Belle International Holdings Ltd.

145,000

57,810

Noble Corp.

31,000

841,650

TOTAL CAYMAN ISLANDS

899,460

China - 0.1%

Tencent Holdings Ltd.

65,800

402,059

Denmark - 0.2%

Genmab AS (a)

4,600

192,713

Novo Nordisk AS:

Series B

7,800

418,512

Series B sponsored ADR

2,400

127,512

TOTAL DENMARK

738,737

Finland - 0.1%

Nokia Corp. sponsored ADR

13,100

160,737

Nokian Tyres Ltd.

11,362

111,428

TOTAL FINLAND

272,165

France - 2.5%

AXA SA

20,000

314,953

BNP Paribas SA

14,300

549,432

Bouygues SA

5,600

191,861

Cap Gemini SA

9,400

325,542

Essilor International SA

5,700

218,056

GDF Suez

8,200

315,689

Pernod Ricard SA

3,000

189,126

Pinault Printemps-Redoute SA

6,200

314,577

Sanofi-Aventis

10,000

562,389

Schneider Electric SA

4,200

267,572

Societe Generale Series A

8,800

371,236

Total SA sponsored ADR (g)

92,400

4,599,672

Common Stocks - continued

Shares

Value

France - continued

Unibail-Rodamco

2,100

$ 282,857

Vallourec SA

1,000

98,436

TOTAL FRANCE

8,601,398

Germany - 1.0%

Bayer AG

4,400

234,402

Bayerische Motoren Werke AG (BMW)

11,300

269,238

Deutsche Post AG

9,800

122,709

E.ON AG

20,900

675,379

Fresenius SE

3,900

192,237

Fresenius Medical Care AG

4,300

192,740

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

4,700

624,005

SAP AG

8,200

290,102

SAP AG sponsored ADR (g)

2,600

91,988

Siemens AG (Reg.)

8,900

498,933

Wincor Nixdorf AG

5,700

271,694

TOTAL GERMANY

3,463,427

Hong Kong - 0.6%

Cheung Kong Holdings Ltd.

24,000

221,442

Esprit Holdings Ltd.

48,600

257,975

Hang Seng Bank Ltd.

64,500

776,607

Hutchison Whampoa Ltd.

58,000

295,125

Sun Hung Kai Properties Ltd.

35,000

310,082

Swire Pacific Ltd. (A Shares)

43,500

280,923

TOTAL HONG KONG

2,142,154

Ireland - 0.2%

CRH PLC

15,400

358,842

Ryanair Holdings PLC sponsored ADR (a)

8,000

192,160

TOTAL IRELAND

551,002

Italy - 0.5%

ENI SpA sponsored ADR

20,700

877,473

Fiat SpA

19,100

93,780

Intesa Sanpaolo SpA

133,700

423,233

UniCredit SpA

122,000

215,864

TOTAL ITALY

1,610,350

Japan - 6.2%

ABC-Mart, Inc.

1,500

49,235

Aoyama Trading Co. Ltd.

12,700

185,839

Astellas Pharma, Inc.

21,700

821,659

Common Stocks - continued

Shares

Value

Japan - continued

Benesse Corp.

8,600

$ 367,206

Bridgestone Corp.

18,100

230,098

Canon, Inc.

1,700

46,389

Capcom Co. Ltd. (g)

5,800

103,617

Central Japan Ry Co.

89

634,780

Credit Saison Co. Ltd.

12,100

118,703

Daiei, Inc. (a)(g)

29,350

131,779

Daihen Corp.

19,000

74,594

Daiichi Sankyo Co. Ltd.

16,100

361,527

Dainippon Screen Manufacturing Co. Ltd.

184,000

323,409

Daiwa House Industry Co. Ltd.

144,000

1,288,527

Denso Corp.

7,400

134,085

Doutor Nichires Holdings Co., Ltd.

5,400

90,988

Fuji Machine Manufacturing Co. Ltd.

9,800

80,547

Fuji Oil Co. Ltd.

14,600

180,422

Fujitsu Ltd.

62,000

278,722

Haseko Corp.

293,500

272,697

Hitachi Ltd.

58,000

176,925

Kao Corp.

1,000

24,289

Kobayashi Pharmaceutical Co. Ltd.

11,100

419,410

KOEI Co. Ltd.

4,400

42,148

Konica Minolta Holdings, Inc.

40,500

315,410

Kubota Corp.

35,000

190,370

Kuraray Co. Ltd.

28,000

220,278

Lawson, Inc.

700

34,595

Maeda Road Construction Co. Ltd.

30,000

282,010

Matsumotokiyoshi Holdings Co. Ltd.

14,300

281,582

Meiji Dairies Corp.

31,000

145,532

Mitsubishi Gas Chemical Co., Inc.

27,000

107,257

Mitsubishi UFJ Financial Group, Inc.

216,400

1,200,507

Mitsubishi UFJ Lease & Finance Co. Ltd.

6,130

144,603

Mitsui & Co. Ltd.

46,000

480,048

Mitsui Chemicals, Inc.

75,000

215,601

Mitsui O.S.K. Lines Ltd.

72,000

411,237

Nintendo Co. Ltd.

600

174,720

Nippon Building Fund, Inc.

35

375,514

Nippon Mining Holdings, Inc.

30,500

110,934

Nissin Food Holdings Co. Ltd.

12,100

414,501

Nomura Holdings, Inc.

5,900

38,216

Nomura Real Estate Office Fund, Inc.

34

213,914

NTT DoCoMo, Inc.

713

1,242,157

Obayashi Corp.

71,000

333,788

Common Stocks - continued

Shares

Value

Japan - continued

Okinawa Cellular Telephone Co.

79

$ 180,028

Osaka Securities Exchange Co. Ltd.

56

254,139

Panasonic Electric Works Co., Ltd.

41,000

322,139

Park24 Co. Ltd.

18,500

121,656

Promise Co. Ltd.

11,200

205,569

Rakuten, Inc.

788

464,585

Rinnai Corp.

1,900

74,211

Sankyo Co. Ltd. (Gunma)

1,700

81,538

Sega Sammy Holdings, Inc.

21,500

272,045

Seven & i Holdings Co., Ltd.

12,400

330,687

SHO-BOND Holdings Co. Ltd.

6,100

127,730

SMC Corp.

1,200

106,999

Sompo Japan Insurance, Inc.

113,000

704,660

Sony Corp.

14,900

290,404

Square Enix Holdings Co. Ltd.

9,100

244,332

Stanley Electric Co. Ltd.

9,700

93,608

Sumitomo Corp.

82,100

743,003

Sumitomo Electric Industries Ltd.

55,000

414,017

Sumitomo Metal Industries Ltd.

125,000

250,127

Sumitomo Mitsui Financial Group, Inc.

16,500

653,953

Taiheiyo Cement Corp.

120,000

164,435

THK Co. Ltd.

9,300

118,053

Toho Pharmaceutical Co. Ltd.

12,000

134,752

Tohokushinsha Film Corp.

11,700

83,178

Tokio Marine Holdings, Inc.

3,700

97,865

Tokuyama Corp.

41,000

244,298

Tokyo Electric Power Co.

18,300

572,328

Toyota Motor Corp.

12,800

411,775

Uni-Charm Corp.

700

48,233

TOTAL JAPAN

21,180,716

Luxembourg - 0.0%

ArcelorMittal SA (Netherlands)

7,100

160,941

Netherlands - 0.7%

Akzo Nobel NV

5,500

197,448

ASML Holding NV:

(Netherlands)

7,700

127,334

(NY Shares)

3,000

49,620

ING Groep NV (Certificaten Van Aandelen)

17,200

141,942

James Hardie Industries NV unit

19,177

47,034

Koninklijke Ahold NV

30,700

369,901

Common Stocks - continued

Shares

Value

Netherlands - continued

Koninklijke KPN NV

54,500

$ 729,163

Unilever NV (Certificaten Van Aandelen)

37,600

831,365

TOTAL NETHERLANDS

2,493,807

Norway - 0.1%

Pronova BioPharma ASA (a)

16,900

50,005

Telenor ASA

37,000

242,188

TOTAL NORWAY

292,193

Papua New Guinea - 0.1%

Lihir Gold Ltd. (a)

61,118

121,286

Oil Search Ltd.

140,195

379,577

TOTAL PAPUA NEW GUINEA

500,863

Russia - 0.0%

OAO Gazprom sponsored ADR

2,900

38,019

Singapore - 0.4%

Ascendas Real Estate Investment Trust (A-REIT)

74,000

69,912

CapitaCommercial Trust (REIT)

310,000

192,333

CapitaLand Ltd.

97,000

150,205

DBS Group Holdings Ltd.

30,000

172,714

Raffles Education Corp. Ltd.

682,000

233,599

Rickmers Maritime

396,000

96,332

United Overseas Bank Ltd.

43,000

333,677

TOTAL SINGAPORE

1,248,772

Spain - 0.6%

Banco Santander SA

32,200

260,546

Gestevision Telecinco SA

20,900

180,351

Iberdrola SA

56,500

439,809

Inditex SA

6,500

248,660

Telefonica SA sponsored ADR

19,600

1,050,756

TOTAL SPAIN

2,180,122

Sweden - 0.2%

H&M Hennes & Mauritz AB (B Shares)

12,850

497,479

Hexagon AB (B Shares)

3,200

10,744

TOTAL SWEDEN

508,223

Switzerland - 1.7%

ABB Ltd. (Reg.)

9,797

127,879

Actelion Ltd. (Reg.) (a)

1,989

108,376

Credit Suisse Group sponsored ADR

2,000

50,980

Common Stocks - continued

Shares

Value

Switzerland - continued

Credit Suisse Group (Reg.)

18,063

$ 460,995

EFG International

4,980

60,538

Nestle SA (Reg.)

48,661

1,685,662

Nobel Biocare Holding AG (Switzerland)

3,739

57,734

Novartis AG (Reg.)

12,137

498,715

Roche Holding AG (participation certificate)

8,655

1,219,266

Schindler Holding AG (participation certificate)

3,003

135,535

Sonova Holding AG

2,705

130,597

UBS AG:

(For. Reg.)

30,086

377,288

(NY Shares)

19,945

248,315

Zurich Financial Services AG (Reg.)

3,659

662,462

TOTAL SWITZERLAND

5,824,342

United Kingdom - 3.8%

Aegis Group PLC

86,900

96,371

Autonomy Corp. PLC (a)

14,700

233,130

BAE Systems PLC

53,500

311,970

Barclays PLC

197,300

290,359

Bellway PLC

19,200

160,320

BG Group PLC

44,700

615,918

BHP Billiton PLC

30,600

523,883

Bovis Homes Group PLC

28,000

156,678

BP PLC

98,800

699,927

BP PLC sponsored ADR

11,000

467,170

British Airways PLC

42,100

73,297

British American Tobacco PLC (United Kingdom)

24,700

677,481

Burberry Group PLC

46,800

171,644

Capita Group PLC

30,000

303,557

Centrica PLC

85,600

320,152

easyJet PLC (a)

15,200

65,884

Experian PLC

111,200

696,792

HSBC Holdings PLC sponsored ADR

15,000

582,600

Imperial Tobacco Group PLC

15,200

417,116

Informa PLC

32,400

112,607

Kesa Electricals PLC

124,100

181,701

Kingfisher PLC

159,300

321,223

Man Group PLC

81,200

242,780

National Grid PLC

31,900

299,660

NEXT PLC

6,200

105,787

Persimmon PLC

59,200

247,803

Prudential PLC

68,200

329,719

Common Stocks - continued

Shares

Value

United Kingdom - continued

Reckitt Benckiser Group PLC

17,000

$ 659,228

Redrow PLC

22,300

50,430

Royal Dutch Shell PLC Class A (United Kingdom)

49,200

1,233,884

SSL International PLC

34,000

248,412

Standard Chartered PLC (United Kingdom)

38,959

494,738

Tesco PLC

51,600

267,941

Tullow Oil PLC

11,500

115,363

Vodafone Group PLC

266,600

495,317

Vodafone Group PLC sponsored ADR

29,700

552,123

TOTAL UNITED KINGDOM

12,822,965

United States of America - 22.2%

Abbott Laboratories

25,000

1,386,000

Amazon.com, Inc.

6,100

358,802

Amgen, Inc. (a)

11,000

603,350

Apple, Inc. (a)

14,900

1,342,937

Applied Materials, Inc.

65,000

609,050

Archer Daniels Midland Co.

18,000

492,840

Arrow Electronics, Inc. (a)

10,000

190,700

Avnet, Inc. (a)

69,000

1,367,580

Baxter International, Inc.

25,000

1,466,250

Biogen Idec, Inc. (a)

8,000

389,200

Bristol-Myers Squibb Co.

46,000

984,860

Celgene Corp. (a)

9,000

476,550

Cephalon, Inc. (a)

20,700

1,597,626

Chevron Corp.

23,000

1,621,960

Cisco Systems, Inc. (a)

68,000

1,017,960

Citigroup, Inc.

16,700

59,285

Coach, Inc. (a)

7,700

112,420

Comcast Corp. Class A (special) (non-vtg.)

148,000

2,054,240

Commercial Metals Co.

7,000

80,500

DISH Network Corp. Class A (a)

5,000

64,200

Exelon Corp.

44,000

2,385,680

Fastenal Co.

6,000

205,080

Fidelity National Financial, Inc. Class A

23,000

336,260

First Solar, Inc. (a)

1,700

242,760

FMC Corp.

21,100

941,482

FPL Group, Inc.

17,000

876,350

Freeport-McMoRan Copper & Gold, Inc. Class B

2,000

50,280

Genentech, Inc. (a)

2,300

186,852

Genzyme Corp. (a)

15,700

1,082,044

Gilead Sciences, Inc. (a)

45,000

2,284,650

Common Stocks - continued

Shares

Value

United States of America - continued

Goldman Sachs Group, Inc.

10,100

$ 815,373

Google, Inc. Class A (sub. vtg.) (a)

7,300

2,471,269

Granite Construction, Inc.

2,000

70,440

Greif, Inc. Class A

2,000

60,520

Hewlett-Packard Co.

48,000

1,668,000

Honeywell International, Inc.

33,000

1,082,730

International Business Machines Corp.

15,000

1,374,750

James River Coal Co. (a)

31,000

420,360

Johnson & Johnson

24,000

1,384,560

Johnson Controls, Inc.

5,000

62,550

JPMorgan Chase & Co.

83,800

2,137,738

Lam Research Corp. (a)

20,000

404,200

Louisiana-Pacific Corp.

30,000

62,400

Marriott International, Inc. Class A

7,000

114,170

McDonald's Corp.

19,000

1,102,380

Merck & Co., Inc.

86,000

2,455,300

Molson Coors Brewing Co. Class B

5,200

209,404

Monsanto Co.

2,100

159,726

Morgan Stanley

33,000

667,590

National Oilwell Varco, Inc. (a)

6,000

158,640

Newmont Mining Corp.

56,000

2,227,680

Norfolk Southern Corp.

5,000

191,800

Novellus Systems, Inc. (a)

18,000

248,220

Nucor Corp.

3,000

122,370

Occidental Petroleum Corp.

14,000

763,700

Oracle Corp. (a)

180,900

3,044,547

PACCAR, Inc.

59,200

1,562,288

People's United Financial, Inc.

18,000

294,480

Pfizer, Inc.

83,000

1,210,140

Philip Morris International, Inc.

83,000

3,083,450

Precision Castparts Corp.

8,500

552,075

Procter & Gamble Co.

18,000

981,000

Pulte Homes, Inc.

111,400

1,130,710

QUALCOMM, Inc.

45,800

1,582,390

Qwest Communications International, Inc.

80,000

257,600

Raytheon Co. warrants 6/16/11 (a)

112

1,705

Smith International, Inc.

7,000

158,900

Southwestern Energy Co. (a)

27,000

854,550

Starwood Hotels & Resorts Worldwide, Inc.

2,000

30,240

Synthes, Inc.

1,485

179,624

Temple-Inland, Inc.

38,000

215,460

The Boeing Co.

21,000

888,510

Common Stocks - continued

Shares

Value

United States of America - continued

The Coca-Cola Co.

71,000

$ 3,033,120

The DIRECTV Group, Inc. (a)

15,000

328,500

The First American Corp.

10,000

218,400

The Goodyear Tire & Rubber Co. (a)

7,000

43,190

The Travelers Companies, Inc.

91,000

3,516,240

Tim Hortons, Inc.

2,200

54,054

Union Pacific Corp.

45,800

2,005,582

Valero Energy Corp.

9,000

217,080

Varian Semiconductor Equipment Associates, Inc. (a)

9,300

177,072

VF Corp.

2,100

117,642

Virgin Media, Inc.

10,500

47,670

Visa, Inc.

3,000

148,050

W.R. Berkley Corp.

28,800

762,624

Wal-Mart Stores, Inc.

29,600

1,394,752

Wells Fargo & Co.

71,000

1,341,900

Weyerhaeuser Co.

3,000

82,020

Wyeth

10,000

429,700

TOTAL UNITED STATES OF AMERICA

75,248,883

TOTAL COMMON STOCKS

(Cost $181,807,507)

155,162,034

Nonconvertible Preferred Stocks - 0.0%

 

 

 

 

Italy - 0.0%

Telecom Italia SpA (Risparmio Shares)
(Cost $107,814)

102,600

99,570

Nonconvertible Bonds - 10.7%

 

Principal Amount (e)

 

Australia - 0.1%

Didon Tunisia Pty. Ltd. 5.4963% 3/13/12 (h)(k)

$ 100,000

58,000

QBE Capital Funding II LP 6.797% (h)(k)

130,000

71,391

WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12

EUR

300,000

275,934

TOTAL AUSTRALIA

405,325

Belgium - 0.2%

Anheuser-Busch InBev NV:

8.625% 1/30/17 (j)

EUR

200,000

262,295

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

Belgium - continued

Anheuser-Busch InBev NV: - continued

9.75% 7/30/24

GBP

200,000

$ 301,977

Fortis Banque SA 4.625% (Reg. S) (k)

EUR

150,000

45,674

TOTAL BELGIUM

609,946

Bermuda - 0.0%

MPF Corp. (Norway) AS 8.275% 9/20/11 (d)(h)(k)

300,000

15,000

Northern Offshore Ltd. 6.4963% 6/14/10 (h)(k)

100,000

37,000

Rubicon Offshore Holdings Ltd. 6.0825% 4/16/12 (h)(k)

200,000

84,000

TOTAL BERMUDA

136,000

Canada - 0.4%

Ontario Province 4.2% 3/8/18

CAD

1,800,000

1,465,652

Cayman Islands - 0.3%

Bosphorus Financial Services Ltd. 3.9488% 2/15/12 (k)

203,125

152,344

Finans Capital Finance Ltd. 9% 10/7/14 (Reg. S) (f)

160,000

164,986

MUFG Capital Finance 5 Ltd. 6.299% (k)

GBP

100,000

89,165

PetroProd Ltd. 7.3538% 1/12/12 (h)(k)

200,000

40,000

SMFG Finance Ltd. 6.164% (k)

GBP

75,000

54,362

SMFG Preferred Capital USD 1 Ltd. 6.078% (h)(k)

300,000

200,613

Thames Water Utilities Cayman Finance Ltd. 6.125% 2/4/13 (j)

EUR

150,000

193,706

TOTAL CAYMAN ISLANDS

895,176

Cyprus - 0.1%

Colgrade Ltd. 8.25% 6/28/10

380,000

71,169

Mizuho Capital Investment Europe 1 Ltd. 5.02% (k)

EUR

100,000

75,671

Remedial Cyprus PCL 6.7163% 3/28/12 (h)(k)

200,000

70,000

TOTAL CYPRUS

216,840

France - 0.8%

BNP Paribas SA:

2.3531% 11/23/15 (k)

200,000

169,294

8.667% (k)

EUR

100,000

93,890

Caisse Nationale des Caisses d' Epargne et de Prevoyance 6.117% (k)

EUR

50,000

30,316

Compagnie de St. Gobain 2.979% 4/11/12 (k)

EUR

175,000

189,060

Credit Logement SA:

3.929% 12/2/49 (k)

EUR

150,000

134,432

4.604% (k)

EUR

250,000

129,096

Electricite de France:

6.25% 1/25/21

EUR

300,000

379,686

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

France - continued

Electricite de France: - continued

6.875% 12/12/22

GBP

250,000

$ 386,835

GDF Suez 6.375% 1/18/21

EUR

300,000

387,743

Natixis SA:

2.504% 1/26/17 (k)

EUR

100,000

78,577

6.307% (k)

EUR

100,000

37,121

Societe Generale 3.844% 6/7/17 (k)

EUR

100,000

98,971

Total Capital SA 4.875% 1/28/19

EUR

150,000

192,127

Veolia Environnement 6.125% 10/29/37

GBP

200,000

242,587

Vivendi 5.75% 4/4/13 (Reg. S)

300,000

273,378

TOTAL FRANCE

2,823,113

Germany - 0.3%

Bayer AG:

2.829% 4/10/10 (k)

EUR

200,000

252,803

5.625% 5/23/18

GBP

150,000

208,039

Commerzbank AG 5% 2/6/14

EUR

200,000

255,120

Deutsche Boerse AG 7.5% 6/13/38 (k)

EUR

200,000

204,638

Wuerttembergische Lebens AG 5.375% 6/1/26 (k)

EUR

75,000

34,340

TOTAL GERMANY

954,940

Hong Kong - 0.1%

Chong Hing Bank Ltd. 2.8513% 12/16/16 (k)

175,000

147,247

Dah Sing Bank Ltd. 2.97% 6/3/16 (k)

250,000

202,123

Wing Hang Bank Ltd. 6% (k)

260,000

100,685

TOTAL HONG KONG

450,055

India - 0.1%

Export-Import Bank of India 1.4488% 6/7/12 (k)

JPY

40,000,000

380,719

ICICI Bank Ltd. 1.8938% 1/12/10 (Reg. S) (k)

125,000

111,046

TOTAL INDIA

491,765

Ireland - 0.1%

Anglo Irish Bank Corp. PLC 3.405% 6/19/17 (k)

EUR

100,000

61,055

Ardagh Glass Group PLC 10.75% 3/1/15 pay-in-kind

EUR

289,713

113,431

Bank of Ireland UK Holdings PLC 7.4% (k)

EUR

400,000

107,658

Irish Nationwide Building Society 4.348% 5/18/09 (k)

EUR

300,000

383,187

ROSBANK (OJSC JSCB) 8% 9/30/09 (Issued by Dali Capital PLC for ROSBANK (OJSC JSCB))

RUB

3,800,000

87,698

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

Ireland - continued

TransCapitalInvest Ltd. 5.67% 3/5/14 (Reg. S)

$ 400,000

$ 275,620

VTB24 Capital PLC 3.0125% 12/7/09 (k)

520,000

486,616

TOTAL IRELAND

1,515,265

Italy - 0.3%

Banca Italease SpA 4.994% 2/2/10 (k)

EUR

400,000

427,744

Banca Popolare di Milano 9% (k)

EUR

200,000

140,833

ENI SpA 5% 1/28/16

EUR

200,000

255,629

IFIL Finanziaria di Partecipazioni SpA 5.375% 6/12/17

EUR

150,000

117,017

Intesa Sanpaolo SpA 6.375% 11/12/17 (k)

GBP

150,000

205,579

TOTAL ITALY

1,146,802

Kazakhstan - 0.1%

ATF Bank JSC 8.875% 11/9/09

200,000

187,572

Korea (South) - 0.1%

GS Caltex Corp. 5.5% 4/24/17 (Reg. S)

300,000

190,158

Hyundai Capital Services, Inc. 5.625% 1/24/12

200,000

168,100

TOTAL KOREA (SOUTH)

358,258

Luxembourg - 0.4%

Gaz Capital SA (Luxembourg):

6.58% 10/31/13

GBP

100,000

111,954

7.51% 7/31/13 (Reg S.)

200,000

165,752

Glencore Finance (Europe) SA:

6.5% 2/27/19

GBP

200,000

150,129

7.125% 4/23/15

EUR

150,000

106,105

ICB OJSC 6.2% 9/29/15 (Issued by Or-ICB for ICB OJSC) (k)

500,000

256,250

Lux-Development SA 6.1% 10/31/16 (f)

EUR

200,000

270,773

Russian Standard Finance SA 6.825% 9/16/09

EUR

150,000

157,477

Slavinvestbank LLC 9.875% 12/21/09 (Issued by Slavinvest Finance SA for Slavinvestbank LLC)

110,000

57,024

TNK-BP Finance SA 7.5% 7/18/16

250,000

140,860

TOTAL LUXEMBOURG

1,416,324

Malaysia - 0.1%

IOI Ventures (L) Bhd 5.25% 3/16/15

300,000

241,218

Netherlands - 0.7%

ALB Finance BV 8.75% 4/20/11

100,000

39,453

ASML Holding NV 5.75% 6/13/17

EUR

250,000

195,246

Asset Repackaging Trust Five BV 9.87% 12/21/11 pay-in-kind (k)

EUR

128,300

93,629

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

Netherlands - continued

BOATS Investments (Netherlands) BV 11% 3/31/17 pay-in-kind

EUR

305,745

$ 75,285

CEMEX Finance Europe BV 4.75% 3/5/14

EUR

75,000

44,380

CenterCredit International BV 8.625% 1/30/14 (Reg. S)

100,000

37,667

E.ON International Finance BV 6.75% 1/27/39

GBP

200,000

276,439

Eureko BV 5.125% (k)

EUR

200,000

105,707

ING Bank NV 1.41% 10/14/14 (k)

175,000

152,072

Intergas Finance BV 6.375% 5/14/17 (Reg. S)

300,000

195,000

Invitel Holdings NN 10.862% 4/15/13 (Reg. S) (k)

EUR

228,114

42,486

Linde Finance BV 6.75% 12/8/15

EUR

150,000

202,321

Media Nusantara Citra BV 10.75% 9/12/11

148,958

93,862

RWE Finance BV 6.625% 1/31/19

EUR

150,000

202,974

Siemens Financieringsmaatschappij NV 6.125% 9/14/66 (k)

GBP

150,000

162,179

TuranAlem Finance BV 6.25% 9/27/11

EUR

250,000

129,538

Volkswagen International Finance NV:

5.625% 2/9/12 (j)

EUR

250,000

319,223

7% 2/9/16 (j)

EUR

100,000

127,065

TOTAL NETHERLANDS

2,494,526

Norway - 0.6%

Africa Offshore Services AS 7.4663% 6/29/12 (h)(k)

100,000

23,000

DDI Holding AS 9.3% 1/19/12 (m)

78,492

39,246

Kommunalbanken AS 5.125% 5/30/12

1,900,000

2,041,645

Petrolia Drilling ASA 12% 6/20/12 (h)

NOK

500,000

25,259

ProdJack AS 11.25% 3/8/13 (h)

100,000

28,000

TOTAL NORWAY

2,157,150

Russia - 0.1%

Bank St. Petersburg 9.501% 11/25/09 (Issued by BSPB Finance PLC for Bank St. Petersburg)

250,000

235,558

Raspadskaya Securities Ltd. 7.5% 5/22/12

200,000

115,752

TOTAL RUSSIA

351,310

Spain - 0.4%

Bancaja Emisiones SA 4.625% (k)

EUR

139,000

37,817

Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja) 4.375% (k)

EUR

100,000

30,886

Corporacion Mapfre SA 5.921% 7/24/37 (k)

EUR

350,000

191,565

Iberdrola Finanzas SAU 7.375% 1/29/24

GBP

250,000

358,726

Santander Issuances SA Unipersonal 2.629% 7/25/17 (k)

EUR

150,000

150,803

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

Spain - continued

Telefonica Emisiones SAU:

5.431% 2/3/14 (j)

EUR

200,000

$ 260,567

5.888% 1/31/14

GBP

100,000

144,487

TOTAL SPAIN

1,174,851

Sweden - 0.1%

Svenska Handelsbanken AB 2.1463% 3/15/16 (k)

200,000

168,028

Switzerland - 0.0%

UBS AG London Branch 6.625% 4/11/18

GBP

100,000

148,051

United Arab Emirates - 0.1%

Emirates Bank International PJSC 2.7925% 12/7/16 (k)

300,000

185,958

United Kingdom - 1.7%

Bank of Scotland 6.375% 8/16/19

GBP

400,000

491,165

Barclays Bank PLC 6.75% 1/16/23 (k)

GBP

300,000

390,671

BAT International Finance PLC 8.125% 11/15/13

200,000

210,850

Broadgate PLC 3.57% 10/5/25 (k)

GBP

37,250

24,300

Cattles PLC 7.125% 7/5/17

GBP

100,000

22,475

Centrica PLC:

7% 9/19/33

GBP

200,000

277,868

7.125% 12/9/13

EUR

250,000

333,283

EFG Hellas Funding Ltd. 4.565% (k)

EUR

200,000

62,735

Getin Finance PLC 6.592% 5/13/09 (k)

EUR

100,000

117,089

HBOS PLC 2.9813% 2/6/14 (k)

200,000

199,016

Imperial Tobacco Finance 7.25% 9/15/14

EUR

150,000

179,007

Lloyds TSB Bank PLC 4.385% (k)

EUR

200,000

110,002

Lloyds TSB Group PLC 6.267% (h)(k)

200,000

49,649

National Grid PLC 6.125% 4/15/14

GBP

325,000

468,333

Nationwide Building Society 3.375% 8/17/15 (k)

EUR

455,000

519,902

Northern Rock PLC 1.2325% 10/21/10 (k)

250,000

219,575

Old Mutual Capital Funding L.P. 8%

320,000

97,280

Old Mutual PLC 4.5% 1/18/17 (k)

EUR

100,000

37,332

Rexam PLC 4.375% 3/15/13

EUR

250,000

260,653

Royal Bank of Scotland PLC:

1.4594% 7/24/14 (k)

200,000

160,367

3.492% (k)

EUR

100,000

32,043

Scottish & Southern Energy PLC 6.25% 8/27/38

GBP

150,000

185,542

Tesco PLC 5.875% 9/12/16

EUR

300,000

378,505

UBS AG Jersey Branch 1.2925% 4/18/16 (k)

200,000

154,212

UBS AG London Branch 6.25% 9/3/13

EUR

100,000

130,172

Ukrsotsbank 8% 2/22/10 (Issued by Credit Suisse First Boston International for Ukrsotsbank)

300,000

120,000

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

United Kingdom - continued

Vodafone Group PLC:

2.4613% 2/27/12 (k)

$ 160,000

$ 138,613

6.25% 1/15/16

EUR

300,000

386,295

TOTAL UNITED KINGDOM

5,756,934

United States of America - 3.1%

Altria Group, Inc. 8.5% 11/10/13

560,000

615,754

BA Covered Bond Issuer 4.125% 4/5/12

EUR

1,700,000

2,178,904

Banca Popolare di Lodi Investor Trust III 6.742% (k)

EUR

120,000

60,686

Bank of America Corp. 5.125% 9/26/14

EUR

250,000

305,467

BSP Finance BV 10.75% 11/1/11

100,000

45,000

Citigroup, Inc. 4.25% 2/25/30 (k)

EUR

200,000

135,563

ConocoPhillips 4.75% 2/1/14

250,000

252,098

Credit Suisse First Boston New York Branch 5% 5/15/13

400,000

387,478

DaimlerChrysler NA Holding Corp. 2.4263% 3/13/09 (k)

100,000

97,940

General Electric Co. 5.25% 12/6/17

200,000

189,255

Glencore Funding LLC 6% 4/15/14 (Reg. S)

309,000

150,298

Goldman Sachs Group, Inc.:

5.375% 2/15/13

EUR

200,000

232,770

6.15% 4/1/18

200,000

182,627

6.5% 10/6/10

EUR

250,000

323,653

7.125% 8/7/25

GBP

200,000

252,394

HVB Funding Trust VIII 7.055% 3/28/49 (k)

EUR

800,000

266,302

John Deere Capital Corp. 7.5% 1/24/14

EUR

100,000

130,125

JPMorgan Chase & Co. 5.25% 5/8/13

EUR

250,000

320,709

Lehman Brothers Holdings E-Capital Trust I 3.0187% 8/19/65 (d)(k)

350,000

35

Merrill Lynch & Co., Inc.:

4.625% 10/2/13

EUR

260,000

295,036

6.15% 4/25/13

500,000

482,516

6.75% 5/21/13

EUR

150,000

187,499

Morgan Stanley 2.753% 7/20/12 (k)

EUR

430,000

438,094

PPL Energy Supply LLC 6.5% 5/1/18

160,000

136,624

RBS Capital Trust IV 2.2588% (k)

205,000

33,909

Schering-Plough Corp. 5.375% 10/1/14

EUR

200,000

244,448

SLM Corp.:

3.529% 12/15/10 (k)

EUR

200,000

198,190

3.659% 6/17/13 (k)

EUR

112,000

85,764

Sprint Capital Corp. 8.75% 3/15/32

325,000

200,688

Time Warner Cable, Inc. 8.25% 2/14/14

200,000

212,501

Nonconvertible Bonds - continued

 

Principal Amount (e)

Value

United States of America - continued

Toyota Motor Credit Corp.:

5.25% 2/3/12

EUR

200,000

$ 259,645

6.625% 2/3/16

EUR

200,000

262,257

Verizon Wireless Capital LLC:

5.55% 2/1/14 (h)

400,000

400,116

8.75% 12/18/15

EUR

350,000

471,106

WaMu Covered Bond Program 4.375% 5/19/14

EUR

550,000

600,715

TOTAL UNITED STATES OF AMERICA

10,636,166

TOTAL NONCONVERTIBLE BONDS

(Cost $48,833,154)

36,387,225

Government Obligations - 33.6%

 

Belgium - 0.8%

Belgian Kingdom 4% 3/28/14

EUR

2,200,000

2,871,585

Canada - 0.5%

Canadian Government 5.25% 6/1/12

CAD

1,750,000

1,581,160

France - 0.6%

French Republic 2.5% 1/12/14

EUR

1,750,000

2,193,407

Germany - 6.1%

German Federal Republic:

3.75% 1/4/19

EUR

9,175,000

12,183,843

4% 7/4/16

EUR

1,587,500

2,151,518

4.25% 1/4/14

EUR

400,000

553,289

4.25% 7/4/14

EUR

350,000

484,195

5.625% 1/4/28

EUR

3,460,000

5,260,123

TOTAL GERMANY

20,632,968

Greece - 1.1%

Greek Government:

4.5% 9/20/37

EUR

1,150,000

1,150,873

4.6% 7/20/18

EUR

1,100,000

1,288,749

5.5% 8/20/14

EUR

1,000,000

1,290,952

TOTAL GREECE

3,730,574

Japan - 17.3%

Japan Government:

Inflation-Indexed Bond 1.1% 12/10/16

JPY

996,730,000

9,797,535

0.2452% to 0.4965% 2/2/09 to 4/20/09

JPY

800,000,000

8,900,314

0.9% 6/20/13

JPY

110,000,000

1,236,119

Government Obligations - continued

 

Principal Amount (e)

Value

Japan - continued

Japan Government: - continued

1.3% 3/20/15

JPY

1,040,000,000

$ 11,901,707

1.5% 3/20/14

JPY

400,000,000

4,622,732

1.5% 9/20/18

JPY

25,000,000

284,084

1.9% 3/20/09

JPY

350,000,000

3,904,119

1.9% 6/20/16

JPY

935,000,000

11,157,236

2.5% 9/20/36

JPY

350,000,000

4,374,474

2.5% 9/20/37

JPY

200,000,000

2,504,508

TOTAL JAPAN

58,682,828

Netherlands - 1.2%

Dutch Government 4% 1/15/37

EUR

3,200,000

3,973,191

Poland - 0.4%

Polish Government 5.625% 6/20/18

EUR

1,100,000

1,326,478

United Kingdom - 0.4%

UK Treasury GILT:

4.5% 3/7/19

GBP

430,000

653,688

4.75% 12/7/38

GBP

355,000

544,623

5% 3/7/12

GBP

30,000

47,087

TOTAL UNITED KINGDOM

1,245,398

United States of America - 5.2%

Federal Home Loan Bank 3.625% 10/18/13

300,000

312,575

U.S. Treasury Bonds:

5% 5/15/37

265,000

326,613

7.25% 5/15/16

2,100,000

2,682,914

U.S. Treasury Inflation-Indexed Notes 1.625% 1/15/15

5,009,355

4,883,292

U.S. Treasury Notes:

3.5% 2/15/18

40,000

42,150

4% 8/15/18

8,650,000

9,496,074

TOTAL UNITED STATES OF AMERICA

17,743,618

TOTAL GOVERNMENT OBLIGATIONS

(Cost $105,730,769)

113,981,207

U.S. Government and Government Agency Obligations - 0.5%

 

Other Government Related - 0.5%

JPMorgan Chase & Co.:

3.125% 12/1/11 (i)

550,000

565,780

U.S. Government and Government Agency Obligations - continued

 

Principal Amount (e)

Value

Other Government Related - continued

JPMorgan Chase & Co.: - continued

3.75%12/12/11 (i)

GBP

550,000

$ 827,496

Morgan Stanley 2.9% 12/1/10 (i)

350,000

358,420

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $1,740,219)

1,751,696

U.S. Government Agency - Mortgage Securities - 0.7%

 

Fannie Mae - 0.7%

6% 2/1/39 (j)
(Cost $2,329,189)

2,250,000

2,318,395

Asset-Backed Securities - 0.3%

 

Clock Finance BV Series 2007-1 Class B2, 4.191% 2/25/15 (k)

EUR

100,000

83,220

Leek Finance PLC Series 2005-15X Class BA, 6.35% 3/21/37 (k)

GBP

100,000

113,073

Mermaid Secured Finance Ltd. Series 2007-1:

Class C, 2.415% 1/30/40 (k)

EUR

50,000

57,543

Class D, 2.615% 1/30/40 (k)

EUR

100,000

110,989

Prime Bricks Series 2007-1:

Class B, 2.415% 1/30/40 (k)

EUR

50,000

57,575

Class C, 2.615% 1/30/40 (k)

EUR

50,000

56,340

Promise K 2006-1 GmbH Series I 2006-1 Class D, 4.158% 3/10/17 (k)

EUR

100,000

99,454

Provide Bricks Series 2007-1 Class B, 2.475% 1/30/40 (k)

EUR

200,000

200,213

TS Co.mit One GmbH Series 1 Class C, 3.319% 6/29/13 (Reg. S) (k)

EUR

78,654

88,707

Volkswagen Car Lease Series 9 Class B, 2.2246% 10/21/13 (k)

EUR

250,000

290,246

Whinstone Capital Management Ltd. Series 2005-1X Class B1, 3.075% 10/25/45 (k)

GBP

70,098

6,097

TOTAL ASSET-BACKED SECURITIES

(Cost $1,654,483)

1,163,457

Collateralized Mortgage Obligations - 0.1%

 

Principal Amount (e)

Value

Private Sponsor - 0.1%

Arkle Master Issuer PLC floater Series 2006-1X Class 5M1, 4.515% 2/17/52 (k)

EUR

100,000

$ 93,726

Arran Residential Mortgages Funding No. 1 PLC Series 2006-1X Class CC, 2.959% 4/12/56 (k)

EUR

91,010

97,285

Holmes Master Issuer PLC floater Series 2007-1 Class 3C2, 3.032% 7/15/40 (k)

EUR

150,000

130,132

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $455,304)

321,143

Commercial Mortgage Securities - 0.3%

 

France - 0.0%

Paris Prime Community Real Estate Series 2006-1
Class B, 2.62% 4/22/14 (h)(k)

EUR

72,109

55,393

Ireland - 0.1%

European Property Capital Series 4 Class C, 2.5113% 7/20/14 (k)

GBP

41,701

49,351

German Residential Asset Note Distributor PLC Series 1 Class A, 2.693% 7/20/16 (k)

EUR

176,392

193,318

Rivoli Pan Europe PLC Series 2006-1 Class B 5.074% 8/3/18 (k)

EUR

100,000

84,897

TOTAL IRELAND

327,566

Japan - 0.1%

JLOC 37 LLC (Reg. S) Series X Class B1, 1.14% 1/15/15 (k)

JPY

13,470,000

144,627

Netherlands - 0.0%

Skyline BV Series 2007-1 Class D, 3.18% 7/22/43 (k)

EUR

100,000

52,428

United Kingdom - 0.1%

Canary Wharf Finance II PLC Series 3MUK Class C2, 2.7513% 10/22/37 (k)

GBP

150,000

91,328

Eddystone Finance PLC Series 2006-1:

Class B, 2.62% 4/19/21 (k)

GBP

100,000

95,161

Class C, 2.82% 4/19/21 (k)

GBP

50,000

43,753

London & Regional Debt Securitisation No. 1 PLC Class A, 2.4763% 10/15/14 (k)

GBP

100,000

111,766

TOTAL UNITED KINGDOM

342,008

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $1,488,910)

922,022

Supranational Obligations - 0.4%

 

Principal Amount (e)

Value

European Investment Bank 5.625% 6/7/32
(Cost $1,747,869)

GBP

800,000

$ 1,271,146

Preferred Securities - 0.1%

 

 

 

 

Cayman Islands - 0.0%

MUFG Capital Finance 2 Ltd. 4.85% (k)

150,000

106,981

Germany - 0.1%

BayernLB Capital Trust I 6.2032% (k)

650,000

171,300

TOTAL PREFERRED SECURITIES

(Cost $695,925)

278,281

International Equity Funds - 1.0%

Shares

 

Fidelity Emerging Markets Equity Central Fund (l)
(Cost $3,600,000)

36,000

3,485,160

Money Market Funds - 9.6%

 

 

 

 

Fidelity Cash Central Fund, 0.78% (b)

28,227,315

28,227,315

Fidelity Securities Lending Cash Central Fund, 0.71% (b)(c)

4,207,800

4,207,800

TOTAL MONEY MARKET FUNDS

(Cost $32,435,115)

32,435,115

Cash Equivalents - 0.0%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.24%, dated 1/30/09 due 2/2/09 (Collateralized by U.S. Treasury Obligations) #
(Cost $47,000)

$ 47,001

47,000

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $382,673,258)

349,623,451

NET OTHER ASSETS - (3.0)%

(10,302,893)

NET ASSETS - 100%

$ 339,320,558

Currency Abbreviations

CAD

-

Canadian dollar

EUR

-

European Monetary Unit

GBP

-

British pound

JPY

-

Japanese yen

NOK

-

Norwegian krone

RUB

-

Russian ruble

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) Non-income producing - Issuer is in default.

(e) Principal amount is stated in United States dollars unless otherwise noted.

(f) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(h) 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 $1,157,421 or 0.3% of net assets.

(i) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $1,751,696 or 0.5% of net assets.

(j) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(k) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

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

(m) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $39,246 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

DDI Holding AS 9.3% 1/19/12

3/22/07

$ 81,141

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

Repurchase Agreement / Counterparty

Value

$47,000 due 2/02/09 at 0.24%

J.P. Morgan Securities, Inc.

$ 34,801

UBS Securities LLC

12,199

 

$ 47,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 77,765

Fidelity Emerging Markets Equity Central Fund

6,840

Fidelity Securities Lending Cash Central Fund

5,352

Total

$ 89,957

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 Emerging Markets Equity Central Fund

$ -

$ 3,600,000

$ -

$ 3,485,160

4.1%

Other Information

The following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 349,623,451

$ 153,204,688

$ 195,751,367

$ 667,396

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

 

Investments in Securities

Beginning Balance

$ 223,425

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

24,784

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

601

Transfer in/out of Level 3

418,586

Ending Balance

$ 667,396

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At January 31, 2009, the aggregate cost of investment securities for income tax purposes was $389,295,879. Net unrealized depreciation aggregated $39,672,428, of which $16,274,653 related to appreciated investment securities and $55,947,081 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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, 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 available dealer supplied prices. Certain of the Fund's securities are valued at period end by a single source or dealer. 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.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 LLC 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/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

April 1, 2009

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/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

April 1, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 1, 2009