N-CSR 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3221

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

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

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:	September 30

Date of reporting period:	September 30, 2009

Item 1. Reports to Stockholders

Fidelity Asset Manager® Funds -
20%, 30%, 40%, 50%, 60%, 70%, 85%

Annual Report

September 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Performance	<Click Here>	How the funds have done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Asset Manager 20%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Asset Manager 30%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Asset Manager 40%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Asset Manager 50%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Asset Manager 60%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Asset Manager 70%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Asset Manager 85%	<Click Here>	Investment Changes
	<Click Here>	Investment Summary
	<Click Here>	Investments
	<Click Here>	Financial Statements
Notes	<Click Here>	Notes to the financial statements.
Reports of Independent Registered Public Accounting Firms	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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

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

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

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

Annual Report

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

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

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

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

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

Sincerely,

/s/Abigail P. Johnson

Abigail P. Johnson

Annual Report

Fidelity Asset Manager 20%

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Past 5 years	Past 10 years
Asset Manager 20%	7.90%	4.60%	4.70%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Asset Manager 20%, a class of the fund, on September 30, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.

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Annual Report

Fidelity Asset Manager 30%

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Life of class ^A
Asset Manager 30%	7.77%	-2.32%

^A From October 9, 2007.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Asset Manager 30%, a class of the fund, on October 9, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.

fid50

Annual Report

Fidelity Asset Manager 40%

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Life of class ^A
Asset Manager 40%	7.00%	-4.22%

^A From October 9, 2007.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Asset Manager 40%, a class of the fund, on October 9, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.

fid52

Annual Report

Fidelity Asset Manager 50%

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Past 5 years	Past 10 years
Asset Manager 50%	7.78%	3.08%	3.22%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Asset Manager 50%, a class of the fund, on September 30, 1999. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500 ^SM Index (S&P 500 ®) performed over the same period.

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Annual Report

Fidelity Asset Manager 60%

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Life of class^A
Asset Manager 60%	7.81%	-7.22%

^A From October 9, 2007.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Asset Manager 60%, a class of the fund, on October 9, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

fid56

Annual Report

Fidelity Asset Manager 70%

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Past 5 years	Past 10 years
Asset Manager 70%	5.59%	2.22%	1.45%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Asset Manager 70%, a class of the fund, on September 30, 1999. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.

fid58

Annual Report

Fidelity Asset Manager 85%

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2009	Past 1 year	Past 5 years	Past 10 years
Asset Manager 85%	4.54%	3.16%	2.64%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Asset Manager 85%, a class of the fund, on September 30, 1999. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

fid60

Annual Report

Management's Discussion of Fund Performance

Market Recap: Global equity markets came almost full circle during the 12 months ending September 30, 2009, recouping large portions of the deep losses suffered in last fall's big sell-off, as unprecedented government intervention programs to shore up the credit markets and stimulate economic growth began to take root. In early March, as signs of improvement were emerging, equity markets began to rally sharply. The Standard & Poor's 500^SM Index returned -6.91% for the year, the blue-chip Dow Jones Industrial Average^SMreturned -7.38% and the technology-laden Nasdaq Composite® Index gained 2.53%. International equities, which had fared worse than their domestic counterparts during the sell-off, outperformed for the year as a whole, with the MSCI®EAFE®Index (Europe, Australasia, Far East) - a measure of developed markets outside the U.S. and Canada - advancing 3.37%, bolstered in part by a weaker dollar. Within the bond space, spread-based products replaced Treasuries later in the period as the favored sector for fixed-income investors. For the year, the overall investment-grade bond universe, as measured by the Barclays Capital U.S. Aggregate Bond Index, returned 10.56%, while high-yield corporate bonds finished the period with an advance of 22.73%, as gauged by the Merrill Lynch® U.S. High Yield Master II Constrained Index.

Comments from Geoffrey Stein, who became Portfolio Manager of Fidelity Asset Manager® Funds on June 1, 2009: In the midst of a dramatically improved market environment during most of the period for both stocks and credit-sensitive bonds, all seven of the Asset Manager funds outperformed their Composite benchmarks by substantial margins for the year ending September 30, 2009. Strong domestic-equity stock selection and favorable asset-allocation positioning overall fueled the funds' solid relative results. Shifting into higher-beta - meaning more-volatile - stocks during the first quarter of 2009 proved to be the right strategy at the right time to capitalize on the ensuing market rally. In total, nine of the 10 underlying domestic equity sector central funds beat their respective components of the Composite index, with consumer discretionary performing in line with its benchmark component. Within the domestic equity sector central funds, favorable security selection in technology contributed the most to relative returns, followed by picks in financials, health care, industrials and energy. From a market-capitalization perspective, overweighting mid- and small-cap stocks - particularly in the $1 billion to $10 billion range - was the correct positioning, as stocks in these capitalization tiers outperformed their large-cap counterparts amid a sustained market rebound during the period's second half. Concerning our equity and fixed-income asset-allocation strategies, by continually rebalancing our domestic equity stakes early in the period, our allocations were positioned to rebound as the market bottomed in March and then rallied sharply, which aided performance in most of the funds. In addition to domestic equities, out-of-index positions in emerging-markets (EM) equities, high-yield bonds and floating-rate bank-loan securities also contributed. In order to fund our allocations to high-yield and floating-rate debt and EM equities, we underweighted cash across all of the funds - except Asset Manager 85% -which also boosted relative returns. In Asset Manager 85%, an out-of-benchmark cash position of roughly 2% actually helped on a relative basis because the positive return generated by the cash beat the negative return of the fund's benchmark. In terms of detractors, stock selection in international equity dampened returns across all funds, but the negative impact was minimal in Asset Manager 20% and 30%, where the allocation to foreign equities was very small. In addition, our generally underweighted exposure to investment-grade bonds detracted from performance in most of the funds, despite the underlying central fund outperforming its benchmark.

Note to shareholders: In conjunction with an adjustment to Fidelity's planning and guidance methodology, Fidelity will modify the international equity exposure within the Asset Manager funds' target asset allocations. Effective October 2, 2009, each Asset Manager fund will increase the international equity exposure within its target asset allocation to 30% of total equity, and modify its composite performance benchmark accordingly. Fidelity believes this change improves the risk and return characteristics of the funds.

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

Annual Report

Shareholder Expense Example

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

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2009 to September 30, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period* April 1, 2009 to September 30, 2009
Fidelity Asset Manager 20%
Class A	.86%
Actual		$ 1,000.00	$ 1,168.60	$ 4.68
Hypothetical^A		$ 1,000.00	$ 1,020.76	$ 4.36
Class T	1.10%
Actual		$ 1,000.00	$ 1,166.30	$ 5.97
Hypothetical^A		$ 1,000.00	$ 1,019.55	$ 5.57
Class B	1.65%
Actual		$ 1,000.00	$ 1,164.50	$ 8.95
Hypothetical^A		$ 1,000.00	$ 1,016.80	$ 8.34
Class C	1.63%
Actual		$ 1,000.00	$ 1,164.90	$ 8.85
Hypothetical^A		$ 1,000.00	$ 1,016.90	$ 8.24
Asset Manager 20%	.58%
Actual		$ 1,000.00	$ 1,170.90	$ 3.16
Hypothetical^A		$ 1,000.00	$ 1,022.16	$ 2.94
Institutional Class	.55%
Actual		$ 1,000.00	$ 1,171.00	$ 2.99
Hypothetical^A		$ 1,000.00	$ 1,022.31	$ 2.79
	Annualized Expense Ratio	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period* April 1, 2009 to September 30, 2009
Fidelity Asset Manager 30%
Class A	.90%
Actual		$ 1,000.00	$ 1,212.70	$ 4.99
Hypothetical^A		$ 1,000.00	$ 1,020.56	$ 4.56
Class T	1.15%
Actual		$ 1,000.00	$ 1,210.20	$ 6.37
Hypothetical^A		$ 1,000.00	$ 1,019.30	$ 5.82
Class B	1.65%
Actual		$ 1,000.00	$ 1,207.00	$ 9.13
Hypothetical^A		$ 1,000.00	$ 1,016.80	$ 8.34
Class C	1.65%
Actual		$ 1,000.00	$ 1,206.20	$ 9.13
Hypothetical^A		$ 1,000.00	$ 1,016.80	$ 8.34
Asset Manager 30%	.65%
Actual		$ 1,000.00	$ 1,212.70	$ 3.61
Hypothetical^A		$ 1,000.00	$ 1,021.81	$ 3.29
Institutional Class	.65%
Actual		$ 1,000.00	$ 1,212.70	$ 3.61
Hypothetical^A		$ 1,000.00	$ 1,021.81	$ 3.29
Fidelity Asset Manager 40%
Class A	.90%
Actual		$ 1,000.00	$ 1,248.50	$ 5.07
Hypothetical^A		$ 1,000.00	$ 1,020.56	$ 4.56
Class T	1.15%
Actual		$ 1,000.00	$ 1,246.40	$ 6.48
Hypothetical^A		$ 1,000.00	$ 1,019.30	$ 5.82
Class B	1.65%
Actual		$ 1,000.00	$ 1,241.80	$ 9.27
Hypothetical^A		$ 1,000.00	$ 1,016.80	$ 8.34
Class C	1.65%
Actual		$ 1,000.00	$ 1,243.10	$ 9.28
Hypothetical^A		$ 1,000.00	$ 1,016.80	$ 8.34
Asset Manager 40%	.65%
Actual		$ 1,000.00	$ 1,249.20	$ 3.66
Hypothetical^A		$ 1,000.00	$ 1,021.81	$ 3.29
Institutional Class	.65%
Actual		$ 1,000.00	$ 1,249.20	$ 3.66
Hypothetical^A		$ 1,000.00	$ 1,021.81	$ 3.29
Fidelity Asset Manager 50%
Class A	1.00%
Actual		$ 1,000.00	$ 1,293.90	$ 5.75
Hypothetical^A		$ 1,000.00	$ 1,020.05	$ 5.06
Class T	1.27%
Actual		$ 1,000.00	$ 1,292.40	$ 7.30
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.43
Class B	1.85%
Actual		$ 1,000.00	$ 1,288.80	$ 10.61
Hypothetical^A		$ 1,000.00	$ 1,015.79	$ 9.35
	Annualized Expense Ratio	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period* April 1, 2009 to September 30, 2009
Class C	1.80%
Actual		$ 1,000.00	$ 1,288.20	$ 10.33
Hypothetical^A		$ 1,000.00	$ 1,016.04	$ 9.10
Asset Manager 50%	.76%
Actual		$ 1,000.00	$ 1,295.20	$ 4.37
Hypothetical^A		$ 1,000.00	$ 1,021.26	$ 3.85
Institutional Class	.69%
Actual		$ 1,000.00	$ 1,296.10	$ 3.97
Hypothetical^A		$ 1,000.00	$ 1,021.61	$ 3.50
Fidelity Asset Manager 60%
Class A	1.10%
Actual		$ 1,000.00	$ 1,324.40	$ 6.41
Hypothetical^A		$ 1,000.00	$ 1,019.55	$ 5.57
Class T	1.35%
Actual		$ 1,000.00	$ 1,323.90	$ 7.86
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.83
Class B	1.85%
Actual		$ 1,000.00	$ 1,320.20	$ 10.76
Hypothetical^A		$ 1,000.00	$ 1,015.79	$ 9.35
Class C	1.85%
Actual		$ 1,000.00	$ 1,322.30	$ 10.77
Hypothetical^A		$ 1,000.00	$ 1,015.79	$ 9.35
Asset Manager 60%	.85%
Actual		$ 1,000.00	$ 1,327.60	$ 4.96
Hypothetical^A		$ 1,000.00	$ 1,020.81	$ 4.31
Institutional Class	.85%
Actual		$ 1,000.00	$ 1,327.60	$ 4.96
Hypothetical^A		$ 1,000.00	$ 1,020.81	$ 4.31
Fidelity Asset Manager 70%
Class A	1.18%
Actual		$ 1,000.00	$ 1,361.30	$ 6.98
Hypothetical^A		$ 1,000.00	$ 1,019.15	$ 5.97
Class T	1.43%
Actual		$ 1,000.00	$ 1,358.40	$ 8.45
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.23
Class B	1.95%
Actual		$ 1,000.00	$ 1,356.20	$ 11.52
Hypothetical^A		$ 1,000.00	$ 1,015.29	$ 9.85
Class C	1.89%
Actual		$ 1,000.00	$ 1,356.20	$ 11.16
Hypothetical^A		$ 1,000.00	$ 1,015.59	$ 9.55
Asset Manager 70%	.85%
Actual		$ 1,000.00	$ 1,362.90	$ 5.03
Hypothetical^A		$ 1,000.00	$ 1,020.81	$ 4.31
Institutional Class	.87%
Actual		$ 1,000.00	$ 1,362.90	$ 5.15
Hypothetical^A		$ 1,000.00	$ 1,020.71	$ 4.41
	Annualized Expense Ratio	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period* April 1, 2009 to September 30, 2009
Fidelity Asset Manager 85%
Class A	1.15%
Actual		$ 1,000.00	$ 1,409.80	$ 6.95
Hypothetical^A		$ 1,000.00	$ 1,019.30	$ 5.82
Class T	1.42%
Actual		$ 1,000.00	$ 1,408.30	$ 8.57
Hypothetical^A		$ 1,000.00	$ 1,017.95	$ 7.18
Class B	1.98%
Actual		$ 1,000.00	$ 1,403.80	$ 11.93
Hypothetical^A		$ 1,000.00	$ 1,015.14	$ 10.00
Class C	1.93%
Actual		$ 1,000.00	$ 1,404.30	$ 11.63
Hypothetical^A		$ 1,000.00	$ 1,015.39	$ 9.75
Asset Manager 85%	.94%
Actual		$ 1,000.00	$ 1,412.10	$ 5.68
Hypothetical^A		$ 1,000.00	$ 1,020.36	$ 4.76
Institutional Class	.82%
Actual		$ 1,000.00	$ 1,413.80	$ 4.96
Hypothetical^A		$ 1,000.00	$ 1,020.96	$ 4.15

^A 5% return per year before expenses

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

In addition to the expenses noted above, the Funds also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .01% to .12%.

Annual Report

Fidelity Asset Manager 20%

Investment Changes (Unaudited)

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

Top Five Bond Issuers as of September 30, 2009
(with maturities greater than one year)	% of fund's net assets	% of fund's net assets 6 months ago
Fannie Mae	15.7	15.6
U.S. Treasury Obligations	14.3	6.4
Freddie Mac	2.2	2.6
Government National Mortgage Association	0.6	2.6
JPMorgan Chase Capital XX	0.5	0.4
	33.3

Quality Diversification (% of fund's net assets)
As of September 30, 2009		As of March 31, 2009
	U.S. Government and U.S. Government Agency Obligations 32.8%		U.S. Government and U.S. Government Agency Obligations 27.6%
	AAA,AA,A 12.4%		AAA,AA,A 13.3%
	BBB 10.7%		BBB 10.0%
	BB and Below 6.3%		BB and Below 7.1%
	Not Rated 0.2%		Not Rated 0.3%
	Equities 21.0%		Equities 19.4%
	Short-Term Investments and Net Other Assets 16.6%		Short-Term Investments and Net Other Assets 22.3%

fid83

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

Top Five Stocks as of September 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	0.3	0.2
Google, Inc. Class A	0.3	0.3
Procter & Gamble Co.	0.2	0.3
Pfizer, Inc.	0.2	0.1
Charles Schwab Corp.	0.2	0.0
	1.2

Asset Allocation (% of fund's net assets)
As of September 30, 2009		As of March 31, 2009
	Stock Class and Equity Futures 20.9%		Stock Class and Equity Futures 19.4%
	Bond Class 58.4%		Bond Class 56.6%
	Short-Term Class 20.7%		Short-Term Class 24.0%

fid91

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

Annual Report

Fidelity Asset Manager 20%

Investment Summary (Unaudited)

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

Fund Holdings as of September 30, 2009
	% of fund's net assets
Equity Central Funds
Fidelity Information Technology Central Fund	3.8
Fidelity Financials Central Fund	3.1
Fidelity Health Care Central Fund	2.6
Fidelity Energy Central Fund	2.3
Fidelity Industrials Central Fund	2.2
Fidelity Consumer Discretionary Central Fund	1.9
Fidelity Consumer Staples Central Fund	1.9
Fidelity International Equity Central Fund	1.1
Fidelity Materials Central Fund	0.9
Fidelity Telecom Services Central Fund	0.7
Fidelity Utilities Central Fund	0.7
Total Equity Central Funds	21.2
Fixed-Income Central Funds
High Yield Fixed-Income Funds	5.1
Investment Grade Fixed-Income Funds	54.8
Total Fixed-Income Central Funds	59.9
Money Market Central Funds	18.9
Net Other Assets	0.0
Total	100.0

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds was 9.0% of net assets.

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

Annual Report

Fidelity Asset Manager 20%

Investments September 30, 2009

Showing Percentage of Net Assets

Equity Central Funds - 21.2%
	Shares		Value
Fidelity Consumer Discretionary Central Fund (b)	485,022		$ 44,675,351
Fidelity Consumer Staples Central Fund (b)	394,725		45,057,822
Fidelity Energy Central Fund (b)	546,892		54,207,979
Fidelity Financials Central Fund (b)	1,267,434		73,751,990
Fidelity Health Care Central Fund (b)	610,494		61,659,926
Fidelity Industrials Central Fund (b)	518,506		52,695,777
Fidelity Information Technology Central Fund (b)	724,762		89,102,247
Fidelity International Equity Central Fund (b)	409,869		26,661,977
Fidelity Materials Central Fund (b)	160,366		20,193,264
Fidelity Telecom Services Central Fund (b)	152,867		15,219,399
Fidelity Utilities Central Fund (b)	187,247		16,532,066
TOTAL EQUITY CENTRAL FUNDS (Cost $525,660,348)		499,757,798
Fixed-Income Central Funds - 59.9%

High Yield Fixed-Income Funds - 5.1%
Fidelity Floating Rate Central Fund (b)	295,201		26,813,071
Fidelity High Income Central Fund 1 (b)	1,048,404		92,773,272
TOTAL HIGH YIELD FIXED-INCOME FUNDS		119,586,343
Investment Grade Fixed-Income Funds - 54.8%
Fidelity Tactical Income Central Fund (b)	13,649,544	1,291,110,352
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,428,182,003)		1,410,696,695
Money Market Central Funds - 18.9%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (a)	33,566,053		$ 33,566,053
Fidelity Money Market Central Fund, 0.60% (a)	410,550,134		410,550,134
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $444,116,187)		444,116,187

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,397,958,538)

2,354,570,680

NET OTHER ASSETS - 0.0%

239,537

NET ASSETS - 100%

$ 2,354,810,217

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) 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 and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,171,183
Fidelity Consumer Discretionary Central Fund	679,426
Fidelity Consumer Staples Central Fund	1,140,450
Fidelity Energy Central Fund	499,004
Fidelity Financials Central Fund	1,514,306
Fidelity Floating Rate Central Fund	2,459,618
Fidelity Health Care Central Fund	722,757
Fidelity High Income Central Fund 1	6,546,550
Fidelity Industrials Central Fund	955,918
Fidelity Information Technology Central Fund	585,733
Fidelity International Equity Central Fund	321,199
Fidelity Materials Central Fund	309,593
Fidelity Money Market Central Fund	5,109,378
Fidelity Tactical Income Central Fund	53,793,437
Fidelity Telecom Services Central Fund	274,648
Fidelity Utilities Central Fund	589,546
Total	$ 76,672,746

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	$ 42,899,299	$ 9,187,790	$ 7,369,840	$ 44,675,351	8.6%
Fidelity Consumer Staples Central Fund	43,280,780	9,915,583	7,701,524	45,057,822	8.7%
Fidelity Energy Central Fund	45,971,670	19,298,823	8,173,672	54,207,979	9.4%
Fidelity Financials Central Fund	67,032,602	22,632,822	7,854,488	73,751,990	9.6%
Fidelity Floating Rate Central Fund	67,675,508	2,823,864	40,135,484	26,813,071	0.9%
Fidelity Health Care Central Fund	54,027,771	17,282,411	10,784,516	61,659,926	9.2%
Fidelity High Income Central Fund 1	42,245,646	43,077,160	1,724,386	92,773,272	18.2%
Fidelity Industrials Central Fund	50,521,309	12,506,465	8,710,687	52,695,777	8.8%
Fidelity Information Technology Central Fund	62,956,141	18,067,661	11,828,955	89,102,247	8.9%
Fidelity International Equity Central Fund	-	22,200,728	193,681	26,661,977	4.2%
Fidelity Materials Central Fund	15,341,018	4,597,107	2,993,757	20,193,264	8.8%
Fidelity Tactical Income Central Fund	1,082,230,662	283,043,467	133,925,715	1,291,110,352	29.3%
Fidelity Telecom Services Central Fund	12,667,166	3,171,200	2,534,078	15,219,399	8.8%
Fidelity Utilities Central Fund	15,447,872	4,648,407	2,738,740	16,532,066	9.2%
Total	$ 1,602,297,444	$ 472,453,488	$ 246,669,523	$ 1,910,454,493

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At September 30, 2009, the fund had a capital loss carryforward of approximately $109,929,389 all of which will expire on September 30, 2017.

The fund intends to elect to defer to its fiscal year ending September 30, 2010 approximately $70,092,243 of losses recognized during the period November 1, 2008 to September 30, 2009.

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

Annual Report

Fidelity Asset Manager 20%

Financial Statements

Statement of Assets and Liabilities

	September 30, 2009

Assets
Investment in securities, at value (cost $2,397,958,538) - See accompanying schedule:		$ 2,354,570,680
Receivable for investments sold		633,325
Receivable for fund shares sold		3,913,305
Distributions receivable from Fidelity Central Funds		5,408,210
Prepaid expenses		11,317
Receivable from investment adviser for expense reductions		95
Total assets		2,364,536,932

Liabilities
Payable for investments purchased	$ 6,292,125
Payable for fund shares redeemed	2,324,954
Accrued management fee	801,294
Distribution fees payable	18,132
Other affiliated payables	261,399
Other payables and accrued expenses	28,811
Total liabilities		9,726,715

Net Assets		$ 2,354,810,217
Net Assets consist of:
Paid in capital		$ 2,497,555,882
Undistributed net investment income		3,231,753
Accumulated undistributed net realized gain (loss) on investments		(102,589,560)
Net unrealized appreciation (depreciation) on investments		(43,387,858)
Net Assets		$ 2,354,810,217

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($24,487,577 ÷ 2,074,584 shares)		$ 11.80

Maximum offering price per share (100/94.25 of $11.80)		$ 12.52
Class T: Net Asset Value and redemption price per share ($10,032,090 ÷ 851,260 shares)		$ 11.78

Maximum offering price per share (100/96.50 of $11.78)		$ 12.21
Class B: Net Asset Value and offering price per share ($2,712,207 ÷ 230,420 shares)^A		$ 11.77

Class C: Net Asset Value and offering price per share ($9,189,262 ÷ 781,554 shares)^A		$ 11.76

Asset Manager 20%: Net Asset Value, offering price and redemption price per share ($2,305,691,732 ÷ 195,088,270 shares)		$ 11.82

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,697,349 ÷ 228,280 shares)		$ 11.82

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

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

Annual Report

Statement of Operations

	Year ended September 30, 2009

Investment Income
Interest		$ 2,448
Income from Fidelity Central Funds		76,672,746
Total income		76,675,194

Expenses
Management fee	$ 8,288,972
Transfer agent fees	2,213,862
Distribution fees	142,116
Accounting fees and expenses	651,792
Custodian fees and expenses	5,025
Independent trustees' compensation	7,308
Registration fees	125,233
Audit	51,703
Legal	10,719
Miscellaneous	85,713
Total expenses before reductions	11,582,443
Expense reductions	(34,107)	11,548,336
Net investment income (loss)		65,126,858
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	634,279
Fidelity Central Funds	(23,977,067)
Futures contracts	(7,536,941)
Total net realized gain (loss)		(30,879,729)
Change in net unrealized appreciation (depreciation) on: Investment securities	106,345,918
Futures contracts	1,367,696
Total change in net unrealized appreciation (depreciation)		107,713,614
Net gain (loss)		76,833,885
Net increase (decrease) in net assets resulting from operations		$ 141,960,743

Statement of Changes in Net Assets

	Year ended September 30, 2009	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 65,126,858	$ 86,585,401
Net realized gain (loss)	(30,879,729)	(18,069,996)
Change in net unrealized appreciation (depreciation)	107,713,614	(241,275,471)
Net increase (decrease) in net assets resulting from operations	141,960,743	(172,760,066)
Distributions to shareholders from net investment income	(71,793,201)	(91,104,113)
Distributions to shareholders from net realized gain	-	(49,576,396)
Total distributions	(71,793,201)	(140,680,509)
Share transactions - net increase (decrease)	(1,051,686)	79,342,713
Total increase (decrease) in net assets	69,115,856	(234,097,862)

Net Assets
Beginning of period	2,285,694,361	2,519,792,223
End of period (including undistributed net investment income of $3,231,753 and undistributed net investment income of $11,795,814, respectively)	$ 2,354,810,217	$ 2,285,694,361

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

Annual Report

Financial Highlights - Class A

Years ended September 30,	2009	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.35	$ 12.90	$ 13.13
Income from Investment Operations
Net investment income (loss) ^E	.33	.39	.48
Net realized and unrealized gain (loss)	.48	(1.27)	.40
Total from investment operations	.81	(.88)	.88
Distributions from net investment income	(.36)	(.42)	(.52)
Distributions from net realized gain	-	(.25)	(.59)
Total distributions	(.36)	(.67)	(1.11)
Net asset value, end of period	$ 11.80	$ 11.35	$ 12.90
Total Return ^B,C,D	7.51%	(7.18)%	7.03%
Ratios to Average Net Assets ^H
Expenses before reductions	.87%	.86%	.87% ^A
Expenses net of fee waivers, if any	.87%	.86%	.87% ^A
Expenses net of all reductions	.87%	.86%	.87% ^A
Net investment income (loss)	3.01%	3.18%	3.84% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,488	$ 8,030	$ 3,422
Portfolio turnover rate ^F	16%	5%	6%

^A Annualized

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

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

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

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

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

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

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .03%.

Financial Highlights - Class T

Years ended September 30,	2009	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.33	$ 12.88	$ 13.13
Income from Investment Operations
Net investment income (loss) ^E	.30	.36	.45
Net realized and unrealized gain (loss)	.48	(1.28)	.40
Total from investment operations	.78	(.92)	.85
Distributions from net investment income	(.33)	(.38)	(.51)
Distributions from net realized gain	-	(.25)	(.59)
Total distributions	(.33)	(.63)	(1.10)
Net asset value, end of period	$ 11.78	$ 11.33	$ 12.88
Total Return ^B,C,D	7.26%	(7.43)%	6.75%
Ratios to Average Net Assets ^H
Expenses before reductions	1.11%	1.12%	1.11% ^A
Expenses net of fee waivers, if any	1.11%	1.12%	1.11% ^A
Expenses net of all reductions	1.11%	1.12%	1.11% ^A
Net investment income (loss)	2.76%	2.93%	3.60% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,032	$ 4,915	$ 3,954
Portfolio turnover rate ^F	16%	5%	6%

^A Annualized

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

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

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

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

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

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

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .03%.

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

Annual Report

Financial Highlights - Class B

Years ended September 30,	2009	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.32	$ 12.87	$ 13.13
Income from Investment Operations
Net investment income (loss) ^E	.24	.29	.39
Net realized and unrealized gain (loss)	.49	(1.27)	.38
Total from investment operations	.73	(.98)	.77
Distributions from net investment income	(.28)	(.32)	(.44)
Distributions from net realized gain	-	(.25)	(.59)
Total distributions	(.28)	(.57)	(1.03)
Net asset value, end of period	$ 11.77	$ 11.32	$ 12.87
Total Return ^B,C,D	6.70%	(7.89)%	6.13%
Ratios to Average Net Assets ^H
Expenses before reductions	1.69%	1.67%	1.65% ^A
Expenses net of fee waivers, if any	1.65%	1.66%	1.65% ^A
Expenses net of all reductions	1.65%	1.66%	1.65% ^A
Net investment income (loss)	2.23%	2.38%	3.06% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,712	$ 1,975	$ 991
Portfolio turnover rate ^F	16%	5%	6%

^A Annualized

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

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

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

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

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

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

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .03%.

Financial Highlights - Class C

Years ended September 30,	2009	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.31	$ 12.86	$ 13.13
Income from Investment Operations
Net investment income (loss) ^E	.24	.29	.39
Net realized and unrealized gain (loss)	.49	(1.26)	.38
Total from investment operations	.73	(.97)	.77
Distributions from net investment income	(.28)	(.33)	(.45)
Distributions from net realized gain	-	(.25)	(.59)
Total distributions	(.28)	(.58)	(1.04)
Net asset value, end of period	$ 11.76	$ 11.31	$ 12.86
Total Return ^B,C,D	6.75%	(7.87)%	6.15%
Ratios to Average Net Assets ^H
Expenses before reductions	1.63%	1.65%	1.64% ^A
Expenses net of fee waivers, if any	1.63%	1.65%	1.64% ^A
Expenses net of all reductions	1.63%	1.64%	1.64% ^A
Net investment income (loss)	2.24%	2.40%	3.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,189	$ 3,668	$ 1,697
Portfolio turnover rate ^F	16%	5%	6%