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 811-215

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	June 30

Date of reporting period:	June 30, 2005

Item 1. Reports to Stockholders

Fidelity®

Discovery Fund

Annual Report

June 30, 2005

(2_fidelity_logos) (Registered_Trademark)

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. or an affiliated company.

Annual Report

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended June 30, 2005	Past 1 year	Past 5 years	Life of fund^A
Fidelity Discovery Fund	4.64%	-3.81%	4.63%

^AFrom March 31, 1998

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Discovery Fund on March 31, 1998, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Adam Hetnarski, Portfolio Manager of Fidelity® Discovery Fund

U.S. equity markets seesawed throughout the one-year period that ended June 30, 2005. Unprecedented energy prices and increased inflationary pressures moderated stock performance for a good portion of the year. Conversely, when energy prices and inflation fears retreated, stocks bounced higher. The Federal Reserve Board also had a considerable bearing on the markets' direction. The Fed raised interest rates eight times during the period, but the comments that accompanied those actions are what really swayed investor behavior. An optimistic outlook regarding inflation and the economy typically sparked a market rally, while stocks often fell if the Fed struck a more cautionary tone. Despite the fluctuations, nearly all equity indexes finished the year with gains. The three most-frequently quoted benchmarks - the Standard & Poor's 500^SM Index, the Dow Jones Industrial Average^SM and the NASDAQ Composite® Index - returned 6.32%, 0.66% and 1.10%, respectively. Mid- and small-cap stocks paced the markets' advance, as the Russell Midcap®Index climbed 17.12% and the Russell 2000® Index rose 9.45%.

For the 12 months ending June 30, 2005, the fund returned 4.64%, trailing the S&P 500® and also the 5.70% gain of the Lipper^SM Growth Funds Average. An underweighting in energy was responsible for much of the fund's underperformance relative to the index, along with an overweighting in the pharmaceuticals and biotechnology group and a lack of exposure to the strong utilities sector. Northwest Airlines was a significant detractor, as rising fuel costs triggered by record-high oil prices hampered the stock. Drug stock Pfizer also held back performance. Controversy over the safety of pain medications known as "Cox-2 inhibitors" resulted in the withdrawal of a competitor's drug from the market and damaged prospects for Pfizer's entry in this category, Celebrex. Counterbalancing these negatives to some extent was favorable stock selection in the retailing, media and diversified financials industries. Among individual holdings, technology stock Corning helped performance. Sporting an attractive valuation, the stock was aided by strong demand for flat-panel displays not only for computer monitors but also for wide-screen digital TVs. Another contributor was SLM Corp., a provider of student loans that benefited from steady demand for loans to pay for college tuition.

The views expressed in this statement reflect those of the portfolio manager only through the end of the period of the report as stated on the cover 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

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2005 to June 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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.

	Beginning Account Value January 1, 2005	Ending Account Value June 30, 2005	Expenses Paid During Period * January 1, 2005 to June 30, 2005
Actual	$ 1,000.00	$ 946.90	$ 3.57
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.12	$ 3.71

* Expenses are equal to the Fund's annualized expense ratio of .74%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
American International Group, Inc.	6.4	5.7
Microsoft Corp.	5.5	4.9
SLM Corp.	3.2	3.4
Roche Holding AG (participation certificate)	2.8	3.9
General Electric Co.	2.6	3.4
Verizon Communications, Inc.	2.5	4.3
SBC Communications, Inc.	2.3	4.3
Honeywell International, Inc.	2.2	2.8
Altria Group, Inc.	2.0	3.2
Corning, Inc.	2.0	1.0
	31.5
Top Five Market Sectors as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	17.8	5.4
Information Technology	16.3	25.5
Financials	15.5	13.0
Health Care	11.1	16.3
Consumer Staples	9.6	10.0

Asset Allocation (% of fund's net assets)
As of June 30, 2005 *			As of December 31, 2004 **
	Stocks 91.5%			Stocks 98.4%
	Convertible Securities 0.6%			Convertible Securities 0.5%
	Short-Term Investments and Net Other Assets 7.9%			Short-Term Investments and Net Other Assets 1.1%
* Foreign investments		14.2%	** Foreign investments		12.8%

Annual Report

Investments June 30, 2005

Showing Percentage of Net Assets

Common Stocks - 91.5%
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - 17.8%
Auto Components - 1.4%
Gentex Corp.	52,400		$ 954
Michelin SA (Compagnie Generale des Etablissements) Series B	91,242		5,559
			6,513
Automobiles - 0.0%
Monaco Coach Corp.	2,000		34
National R.V. Holdings, Inc. (a)	19,800		158
			192
Hotels, Restaurants & Leisure - 2.2%
Domino's Pizza, Inc.	36,300		808
GTECH Holdings Corp.	41,800		1,222
International Game Technology	144,700		4,073
Scientific Games Corp. Class A (a)	28,800		776
Sportingbet PLC (a)	97,600		571
Vail Resorts, Inc. (a)	4,900		138
WMS Industries, Inc. (a)	71,300		2,406
			9,994
Household Durables - 0.2%
Pace Micro Technology PLC (a)	65,200		69
Sony Corp.	24,700		851
			920
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (a)	26,800		887
eBay, Inc. (a)	26,700		881
			1,768
Leisure Equipment & Products - 0.1%
Brunswick Corp.	450		19
Marvel Enterprises, Inc. (a)	11,400		225
			244
Media - 8.6%
Clear Channel Communications, Inc.	277,600		8,586
Cumulus Media, Inc. Class A (a)	233,833		2,755
EchoStar Communications Corp. Class A	98,700		2,976
Entercom Communications Corp. Class A (a)	61,750		2,056
Getty Images, Inc. (a)	2,000		149
Lamar Advertising Co. Class A (a)	185,793		7,946
News Corp. Class A	304,300		4,924
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	27,700		358
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Reuters Group PLC	38,560		$ 273
Spanish Broadcasting System, Inc. Class A (a)	17,839		178
Univision Communications, Inc. Class A (a)	190,300		5,243
XM Satellite Radio Holdings, Inc. Class A (a)(d)	121,900		4,103
			39,547
Specialty Retail - 4.4%
Borders Group, Inc.	49,900		1,263
Electronics Boutique Holding Corp. (a)	74,400		4,724
GameStop Corp. Class A (a)(d)	169,800		5,554
Monro Muffler Brake, Inc.	64,578		1,906
Staples, Inc.	263,750		5,623
Urban Outfitters, Inc. (a)	23,200		1,315
			20,385
Textiles, Apparel & Luxury Goods - 0.5%
Ashworth, Inc. (a)	40,400		364
NIKE, Inc. Class B	23,200		2,009
			2,373
TOTAL CONSUMER DISCRETIONARY			81,936
CONSUMER STAPLES - 9.6%
Beverages - 1.6%
Coca-Cola Enterprises, Inc.	51,300		1,129
The Coca-Cola Co.	153,300		6,400
			7,529
Food & Staples Retailing - 0.7%
Wal-Mart Stores, Inc.	66,700		3,215
Food Products - 2.1%
Bunge Ltd.	21,940		1,391
Corn Products International, Inc.	72,400		1,720
Groupe Danone	48,300		4,249
Hormel Foods Corp.	51,325		1,505
Ralcorp Holdings, Inc.	12,700		523
			9,388
Household Products - 2.4%
Colgate-Palmolive Co.	53,300		2,660
Procter & Gamble Co.	153,700		8,108
			10,768
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER STAPLES - continued
Personal Products - 0.8%
Gillette Co.	76,100		$ 3,853
Tobacco - 2.0%
Altria Group, Inc.	144,400		9,337
TOTAL CONSUMER STAPLES			44,090
FINANCIALS - 15.5%
Capital Markets - 1.0%
T. Rowe Price Group, Inc.	75,290		4,713
Commercial Banks - 0.5%
Bank of America Corp.	9,500		433
Bank of Communications Co. Ltd. (H Shares)	38,000		14
Boston Private Financial Holdings, Inc.	2,300		58
Uniao de Bancos Brasileiros SA (Unibanco) unit	130,800		1,012
Wachovia Corp.	11,500		570
			2,087
Consumer Finance - 3.2%
SLM Corp.	293,450		14,907
Insurance - 10.6%
ACE Ltd.	151,200		6,781
AFLAC, Inc.	109,080		4,721
AMBAC Financial Group, Inc.	62,600		4,367
American International Group, Inc.	506,050		29,402
Endurance Specialty Holdings Ltd.	19,300		730
Scottish Re Group Ltd.	28,100		681
The St. Paul Travelers Companies, Inc.	37,400		1,478
W.R. Berkley Corp.	10,800		385
			48,545
Thrifts & Mortgage Finance - 0.2%
Fannie Mae	16,500		964
TOTAL FINANCIALS			71,216
HEALTH CARE - 11.1%
Biotechnology - 2.6%
Biogen Idec, Inc. (a)	43,700		1,505
Cephalon, Inc. (a)	19,200		764
Gilead Sciences, Inc. (a)	87,600		3,854
MedImmune, Inc. (a)	160,326		4,284
Common Stocks - continued
	Shares		Value (Note 1) (000s)
HEALTH CARE - continued
Biotechnology - continued
ONYX Pharmaceuticals, Inc. (a)	19,400		$ 463
OSI Pharmaceuticals, Inc. (a)	22,400		915
			11,785
Health Care Equipment & Supplies - 1.5%
BioLase Technology, Inc. (d)	63,100		399
Guidant Corp.	100,400		6,757
			7,156
Health Care Providers & Services - 1.0%
UnitedHealth Group, Inc.	85,500		4,458
Pharmaceuticals - 6.0%
Cipla Ltd.	142,134		1,025
Johnson & Johnson	53,400		3,471
Nastech Pharmaceutical Co., Inc. (a)	6,500		92
Novartis AG sponsored ADR	105,400		5,000
Pfizer, Inc.	187,700		5,177
Roche Holding AG (participation certificate)	99,615		12,607
			27,372
TOTAL HEALTH CARE			50,771
INDUSTRIALS - 9.4%
Aerospace & Defense - 4.1%
Honeywell International, Inc.	276,300		10,121
Northrop Grumman Corp.	75,000		4,144
The Boeing Co.	66,300		4,376
			18,641
Airlines - 2.1%
AirTran Holdings, Inc. (a)	191,345		1,766
Delta Air Lines, Inc. (a)(d)	873,660		3,285
Northwest Airlines Corp. (a)(d)	419,906		1,915
Southwest Airlines Co.	190,500		2,654
			9,620
Industrial Conglomerates - 2.7%
General Electric Co.	351,380		12,175
Tyco International Ltd.	12,700		371
			12,546
Marine - 0.4%
Alexander & Baldwin, Inc.	39,700		1,840
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INDUSTRIALS - continued
Road & Rail - 0.1%
Laidlaw International, Inc. (a)	28,400		$ 684
TOTAL INDUSTRIALS			43,331
INFORMATION TECHNOLOGY - 15.7%
Communications Equipment - 4.2%
CIENA Corp. (a)	3,503,000		7,321
Corning, Inc. (a)	551,800		9,171
Finisar Corp. (a)	1,655,824		1,739
NMS Communications Corp. (a)	171,000		489
TomTom Group BV	27,700		608
			19,328
Computers & Peripherals - 0.2%
Dell, Inc. (a)	15,200		601
Western Digital Corp. (a)	19,100		256
			857
Electronic Equipment & Instruments - 0.6%
Applied Films Corp. (a)	100		3
Solectron Corp. (a)	462,824		1,754
Symbol Technologies, Inc.	114,700		1,132
			2,889
Internet Software & Services - 0.4%
Akamai Technologies, Inc. (a)	96,200		1,263
NetRatings, Inc. (a)	38,400		522
Yahoo!, Inc. (a)	700		24
			1,809
IT Services - 0.8%
Anteon International Corp. (a)	18,300		835
Infosys Technologies Ltd.	52,421		2,844
			3,679
Semiconductors & Semiconductor Equipment - 2.8%
Analog Devices, Inc.	10,700		399
Applied Materials, Inc.	5,800		94
Applied Micro Circuits Corp. (a)	214,821		550
ASE Test Ltd. (a)	90,200		581
ASML Holding NV (NY Shares) (a)	81,920		1,283
Cymer, Inc. (a)	32,705		862
Intel Corp.	1,890		49
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
LTX Corp. (a)	22,911		$ 114
PMC-Sierra, Inc. (a)	280,529		2,617
Samsung Electronics Co. Ltd.	10		5
Silicon On Insulator TEChnologies SA (SOITEC) (a)(d)	121,901		1,328
Teradyne, Inc. (a)	195,200		2,337
United Microelectronics Corp. sponsored ADR (d)	573,672		2,358
Xilinx, Inc.	11,600		296
			12,873
Software - 6.7%
Activision, Inc. (a)	137,733		2,275
BEA Systems, Inc. (a)	30,405		267
Macrovision Corp. (a)	38,640		871
Microsoft Corp.	1,010,860		25,110
NAVTEQ Corp.	38,300		1,424
NDS Group PLC sponsored ADR (a)	19,600		653
			30,600
TOTAL INFORMATION TECHNOLOGY			72,035
MATERIALS - 6.7%
Chemicals - 1.4%
Monsanto Co.	99,600		6,262
Metals & Mining - 5.3%
Alamos Gold, Inc. (a)	95,100		326
Apex Silver Mines Ltd. (a)	83,700		1,150
Glamis Gold Ltd. (a)	420,400		7,199
Goldcorp, Inc.	133,600		2,125
High River Gold Mines Ltd. (a)	203,900		225
IAMGOLD Corp.	176,000		1,188
Meridian Gold, Inc. (a)	152,800		2,744
Newmont Mining Corp.	217,840		8,502
Titanium Metals Corp. (a)	16,000		909
			24,368
TOTAL MATERIALS			30,630
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 5.7%
BellSouth Corp.	156,200		4,150
Common Stocks - continued
	Shares		Value (Note 1) (000s)
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
SBC Communications, Inc.	442,600		$ 10,512
Verizon Communications, Inc.	332,630		11,492
			26,154
TOTAL COMMON STOCKS (Cost $427,480)		420,163
Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(e)	6,900		0
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Geneprot, Inc. Series A (a)(e)	64,000		55
TOTAL PREFERRED STOCKS (Cost $456)		55
Convertible Bonds - 0.6%
	Principal Amount (000s)
INFORMATION TECHNOLOGY - 0.6%
Communications Equipment - 0.6%
CIENA Corp. 3.75% 2/1/08	$ 2,960		2,579
TOTAL CONVERTIBLE BONDS (Cost $2,745)			2,579
Money Market Funds - 11.6%
	Shares		Value (Note 1) (000s)
Fidelity Cash Central Fund, 3.21% (b)	41,125,983		$ 41,126
Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)	12,017,000		12,017
TOTAL MONEY MARKET FUNDS (Cost $53,143)		53,143
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $483,824)			475,940
NET OTHER ASSETS - (3.7)%			(16,947)
NET ASSETS - 100%		$ 458,993

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

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

(e) 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 $55,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 119
Geneprot, Inc. Series A	7/7/00	$ 352

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	85.8%
Switzerland	3.9%
Canada	3.1%
France	2.4%
Bermuda	2.0%
Others (individually less than 1%)	2.8%
	100.0%

Income Tax Information

At June 30, 2005, the fund had a capital loss carryforward of approximately $229,083,000 of which $138,992,000 and $90,091,000 will expire on June 30, 2010 and 2011, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	June 30, 2005

Assets
Investment in securities, at value (including securities loaned of $11,383) (cost $483,824) - See accompanying schedule		$ 475,940
Cash		77
Receivable for investments sold		2,364
Receivable for fund shares sold		92
Dividends receivable		356
Interest receivable		151
Prepaid expenses		1
Other receivables		266
Total assets		479,247

Liabilities
Payable for investments purchased	$ 7,430
Payable for fund shares redeemed	490
Accrued management fee	122
Other affiliated payables	121
Other payables and accrued expenses	74
Collateral on securities loaned, at value	12,017
Total liabilities		20,254

Net Assets		$ 458,993
Net Assets consist of:
Paid in capital		$ 695,034
Undistributed net investment income		3,239
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(231,361)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(7,919)
Net Assets, for 42,890 shares outstanding		$ 458,993
Net Asset Value, offering price and redemption price per share ($458,993 ÷ 42,890 shares)		$ 10.70

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended June 30, 2005

Investment Income
Dividends		$ 7,944
Special Dividends		2,084
Interest		1,027
Security lending		343
Total income		11,398

Expenses
Management fee Basic fee	$ 2,911
Performance adjustment	(594)
Transfer agent fees	1,387
Accounting and security lending fees	191
Independent trustees' compensation	3
Custodian fees and expenses	114
Registration fees	24
Audit	59
Legal	2
Miscellaneous	5
Total expenses before reductions	4,102
Expense reductions	(540)	3,562
Net investment income (loss)		7,836
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities (net of foreign taxes of $285)	29,798
Foreign currency transactions	(17)
Total net realized gain (loss)		29,781
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $35)	(13,689)
Assets and liabilities in foreign currencies	2
Total change in net unrealized appreciation (depreciation)		(13,687)
Net gain (loss)		16,094
Net increase (decrease) in net assets resulting from operations		$ 23,930

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

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended June 30, 2005	Year ended June 30, 2004
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 7,836	$ 4,528
Net realized gain (loss)	29,781	78,540
Change in net unrealized appreciation (depreciation)	(13,687)	(16,811)
Net increase (decrease) in net assets resulting from operations	23,930	66,257
Distributions to shareholders from net investment income	(6,449)	(3,347)
Share transactions Proceeds from sales of shares	45,954	68,301
Reinvestment of distributions	6,299	3,261
Cost of shares redeemed	(151,373)	(284,094)
Net increase (decrease) in net assets resulting from share transactions	(99,120)	(212,532)
Total increase (decrease) in net assets	(81,639)	(149,622)

Net Assets
Beginning of period	540,632	690,254
End of period (including undistributed net investment income of $3,239 and undistributed net investment income of $2,235, respectively)	$ 458,993	$ 540,632
Other Information Shares
Sold	4,366	6,825
Issued in reinvestment of distributions	590	334
Redeemed	(14,295)	(28,329)
Net increase (decrease)	(9,339)	(21,170)

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

Annual Report

Financial Highlights

Years ended June 30,	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 10.35	$ 9.40	$ 9.33	$ 11.36	$ 15.84
Income from Investment Operations
Net investment income (loss) ^B	.16 ^C	.07	.04	.03	.02
Net realized and unrealized gain (loss)	.32	.93	.06	(2.02)	(2.05)
Total from investment operations	.48	1.00	.10	(1.99)	(2.03)
Distributions from net investment income	(.13)	(.05)	(.03)	(.04)	-
Distributions from net realized gain	-	-	-	-	(1.93)
Distributions in excess of net realized gain	-	-	-	-	(.52)
Total distributions	(.13)	(.05)	(.03)	(.04)	(2.45)
Net asset value, end of period	$ 10.70	$ 10.35	$ 9.40	$ 9.33	$ 11.36
Total Return ^A	4.64%	10.67%	1.11%	(17.56)%	(14.70)%
Ratios to Average Net Assets ^D
Expenses before expense reductions	.81%	.91%	1.17%	1.11%	.95%
Expenses net of voluntary waivers, if any	.81%	.91%	1.17%	1.11%	.95%
Expenses net of all reductions	.70%	.84%	.97%	.99%	.91%
Net investment income (loss)	1.54% ^C	.73%	.43%	.32%	.19%
Supplemental Data
Net assets, end of period (in millions)	$ 459	$ 541	$ 690	$ 806	$ 1,344
Portfolio turnover rate	229%	249%	367%	259%	168%

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

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

^C Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.13%.

^D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2005

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Discovery Fund (the fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities, including restricted securities, for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

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

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

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

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

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

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

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Annual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation	$ 20,485
Unrealized depreciation	(30,321)
Net unrealized appreciation (depreciation)	(9,836)
Undistributed ordinary income	2,877
Capital loss carryforward	(229,083)

Cost for federal income tax purposes	$ 485,776

The tax character of distributions paid was as follows:

	June 30, 2005	June 30, 2004
Ordinary Income	$ 6,449	$ 3,347

2. Operating Policies.

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

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the fund's Schedule of Investments.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,089,874 and $1,192,399, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment(up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .46% of the fund's average net assets.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .27% of average net assets.

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Money Market Central Funds seek preservation of capital and current income. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $842 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $92 for the period.

Annual Report

5. Committed Line of Credit.

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

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $538 for the period. In addition,through arrangements with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's transfer agent expenses by $2.

8. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Discovery Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Discovery Fund (a fund of Fidelity Hastings Street Trust) at June 30, 2005 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Discovery Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 9, 2005

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for William O. McCoy, Stephen P. Jonas, and Kenneth L. Wolfe, each of the Trustees oversees 319 funds advised by FMR or an affiliate. Mr. McCoy oversees 321 funds advised by FMR or an affiliate. Mr. Jonas and Mr. Wolfe oversee 310 funds advised by FMR or an affiliate.

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

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (75)**
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc.
Abigail P. Johnson (43)**
	Year of Election or Appointment: 2001 Senior Vice President of Discovery (2001-present). Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001-present). She is President and a Director of FMR (2001-present), Fidelity Investments Money Management, Inc. (2001-present), FMR Co., Inc. (2001-present), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds.
Stephen P. Jonas (52)
	Year of Election or Appointment: 2005 Mr. Jonas is Executive Director of FMR (2005-present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004-2005), Chief Administrative Officer (2002-2004), and Chief Financial Officer of FMR Co. (1998-2000). In addition, he serves on the Boards of Boston Ballet (2003-present) and Simmons College (2003-present).
Robert L. Reynolds (53)
	Year of Election or Appointment: 2003 Mr. Reynolds is a Director (2003-present) and Chief Operating Officer (2002-present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000-present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (57)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).
Robert M. Gates (61)
	Year of Election or Appointment: 1997 Dr. Gates is Vice Chairman of the Independent Trustees (2005-present). Dr. Gates is President of Texas A&M University (2002-present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001-present), and Brinker International (restaurant management, 2003-present). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001-present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy.
George H. Heilmeier (69)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), Teletech Holdings (customer management services), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE) (2000-present). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), and INET Technologies Inc. (telecommunications network surveillance, 2001-2004).
Marie L. Knowles (58)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61)
	Year of Election or Appointment: 2000 Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Council on Foreign Relations.
Marvin L. Mann (72)
	Year of Election or Appointment: 1993 Mr. Mann is Chairman of the Independent Trustees (2001-present). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals), where he served as CEO until April 1998, retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. He is a member of the Executive Committee of the Independent Director's Council of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama.
William O. McCoy (71)
	Year of Election or Appointment: 1997 Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system).
Cornelia M. Small (60)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1998). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman of the Board (2000-present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2000-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002-present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66)
	Year of Election or Appointment: 2005 Mr. Wolfe also serves as a Trustee (2005-present) or Member of the Advisory Board (2004-present) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Annual Report

Advisory Board Members and Executive Officers:

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

Name, Age; Principal Occupation
Albert R. Gamper, Jr. (63)
	Year of Election or Appointment: 2005 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System (1996-present).
Peter S. Lynch (61)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Adam Hetnarski (41)
	Year of Election or Appointment: 2000 Adam Hetnarski is vice president and manager of Discovery, which he has manged since June 2000. He also manages one other Fidelity fund. Since joining Fidelity Investments in 1991, Mr. Hetnarski has worked as a research analyst and portfolio manager.
Eric D. Roiter (56)
	Year of Election or Appointment: 1998 Secretary of Discovery. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Management & Research (Far East) Inc. (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Stuart Fross (45)
	Year of Election or Appointment: 2003 Assistant Secretary of Discovery. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003-present), Vice President and Secretary of FDC (2005-present), and is an employee of FMR.
Christine Reynolds (46)
	Year of Election or Appointment: 2004 President, Treasurer, and Anti-Money Laundering (AML) officer of Discovery. Ms. Reynolds also serves as President, Treasurer, and AML officer of other Fidelity funds (2004) and is a Vice President (2003) and an employee (2002) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was most recently an audit partner with PwC's investment management practice.
Timothy F. Hayes (54)
	Year of Election or Appointment: 2002 Chief Financial Officer of Discovery. Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002-present) and President of Fidelity Investment Operations (2005-present) which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he served as President (1998-2005). Mr. Hayes serves as President of Fidelity Service Company (2003-present) where he also serves as a Director. Mr. Hayes also served as President of Fidelity Investments Operations Group (FIOG, 2002-2005).
Kenneth A. Rathgeber (58)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Discovery. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004) and Executive Vice President of Risk Oversight for Fidelity Investments (2002). Previously, he served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
John R. Hebble (47)
	Year of Election or Appointment: 2003 Deputy Treasurer of Discovery. Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003).
Bryan A. Mehrmann (44)
	Year of Election or Appointment: 2005 Deputy Treasurer of Discovery. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kimberley H. Monasterio (41)
	Year of Election or Appointment: 2004 Deputy Treasurer of Discovery. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Kenneth B. Robins (35)
	Year of Election or Appointment: 2005 Deputy Treasurer of Discovery. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
John H. Costello (58)
	Year of Election or Appointment: 1998 Assistant Treasurer of Discovery. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Peter L. Lydecker (51)
	Year of Election or Appointment: 2004 Assistant Treasurer of Discovery. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Mark Osterheld (50)
	Year of Election or Appointment: 2002 Assistant Treasurer of Discovery. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Annual Report

Distributions

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2006 of amounts for use in preparing 2005 income tax returns.

Annual Report

Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

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

Annual Report

To Write Fidelity

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

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

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

Selling shares

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

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

General Correspondence

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

(letter_graphic)

For Retirement
Accounts

Buying shares

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

Selling shares

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

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

General Correspondence

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

Annual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity International Investment
Advisor

Fidelity International Investment
Advisor (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

CII-UANN-0805
1.787730.102

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

Fidelity Fifty®

Annual Report

June 30, 2005

(2_fidelity_logos) (Registered_Trademark)

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

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 Corp. or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended June 30, 2005	Past 1 year	Past 5 years	Past 10 years
Fidelity Fifty®	2.85%	2.12%	10.78%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Fifty® on June 30, 1995. The chart shows how the value of your investment would have grown, and also shows how the Standard & Poor's 500^SM Index did over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Jason Weiner, Portfolio Manager of Fidelity Fifty®

U.S. equity markets seesawed throughout the one-year period that ended June 30, 2005. Unprecedented energy prices and increased inflationary pressures moderated the performance of stocks for a good portion of the year. Conversely, when energy prices and inflation fears retreated, stocks bounced higher. The Federal Reserve Board also had a considerable bearing on the markets' direction. The Fed raised interest rates eight times during the past year, but the comments that accompanied those actions are what really swayed investor behavior. An optimistic outlook regarding inflation and the economy typically sparked a market rally, while stocks usually fell if the Fed struck a more cautionary tone. Despite the fluctuations, nearly all equity indexes finished the year in positive territory. The three most-frequently quoted benchmarks - the Standard & Poor's 500^SM Index, the Dow Jones Industrial Average^SM and the NASDAQ Composite® Index - gained 6.32%, 0.66% and 1.10%, respectively. Mid- and small-capitalization stocks paced the markets' advance, as the Russell Midcap® Index climbed 17.12% and the Russell 2000® Index rose 9.45%.

For the 12 months ending June 30, 2005, the fund returned 2.85%, trailing the S&P 500® index and the 5.26% return of the Lipper^SM Capital Appreciation Funds Average. The most negative influence on performance was unfavorable stock picking in the pharmaceuticals and biotechnology group, where Ireland's Elan suffered a sharp setback in its share price. The company - along with co-developer Biogen Idec - had to pull a promising drug from the market because of its apparent link to several deaths. Another detractor, Canada-based Research in Motion - maker of the BlackBerry handheld messaging device - retreated due to concerns about greater competition. On the brighter side, stock selection in the software and services, health care equipment and services, and materials groups had a favorable impact on the fund's performance. The top contributor by both absolute and relative measures was Google, the Internet search company. The stock more than doubled, as the company continued to beat earnings estimates due to robust paid-search revenues. Another software and services stock, India-based Infosys Technologies, continued to capitalize on the growing tendency of U.S. companies to outsource technology services abroad.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2005 to June 30, 2005).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2005	Ending Account Value June 30, 2005	Expenses Paid During Period* January 1, 2005 to June 30, 2005
Actual	$ 1,000.00	$ 972.90	$ 4.30
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.43	$ 4.41

* Expenses are equal to the Fund's annualized expense ratio of .88%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
Google, Inc. Class A (sub. vtg.)	5.8	0.9
Microsoft Corp.	5.6	4.1
American Express Co.	4.4	4.3
Infosys Technologies Ltd.	3.7	3.5
Seagate Technology	3.4	4.2
Carnival Corp. unit	3.1	4.9
UnitedHealth Group, Inc.	3.1	2.2
General Electric Co.	2.9	1.6
Yahoo!, Inc.	2.6	3.6
Wells Fargo & Co.	2.5	1.9
	37.1
Top Five Market Sectors as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	31.2	28.4
Industrials	16.5	17.5
Consumer Discretionary	15.4	18.5
Financials	9.3	9.9
Health Care	8.0	10.4

Asset Allocation (% of fund's net assets)
As of June 30, 2005 *			As of December 31, 2004 **
	Stocks 96.7%			Stocks 100.0%
	Short-Term Investments and Net Other Assets 3.3%			Short-Term Investments and Net Other Assets 0.0%
* Foreign investments		17.5%	** Foreign investments		28.7%

Annual Report

Investments June 30, 2005

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 15.4%
Diversified Consumer Services - 2.3%
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	528,700		$ 7,243,190
Universal Technical Institute, Inc. (a)	326,400		10,836,480
			18,079,670
Hotels, Restaurants & Leisure - 6.4%
Carnival Corp. unit	451,800		24,645,690
Kerzner International Ltd. (a)	338,050		19,251,948
Starwood Hotels & Resorts Worldwide, Inc. unit	125,400		7,344,678
			51,242,316
Internet & Catalog Retail - 0.8%
eBay, Inc. (a)	190,300		6,281,803
Media - 1.8%
McGraw-Hill Companies, Inc.	191,200		8,460,600
Radio One, Inc. Class D (non-vtg.) (a)	466,975		5,963,271
			14,423,871
Multiline Retail - 0.7%
Target Corp.	102,000		5,549,820
Specialty Retail - 3.4%
Chico's FAS, Inc. (a)	340,600		11,675,768
The Children's Place Retail Stores, Inc. (a)	220,442		10,288,028
Urban Outfitters, Inc. (a)	90,100		5,107,769
			27,071,565
TOTAL CONSUMER DISCRETIONARY			122,649,045
CONSUMER STAPLES - 3.8%
Food & Staples Retailing - 2.8%
CVS Corp.	340,400		9,895,428
Walgreen Co.	265,200		12,196,548
			22,091,976
Household Products - 1.0%
Colgate-Palmolive Co.	156,100		7,790,951
TOTAL CONSUMER STAPLES			29,882,927
ENERGY - 6.2%
Energy Equipment & Services - 5.4%
Halliburton Co.	354,400		16,947,408
Common Stocks - continued
	Shares		Value (Note 1)
ENERGY - continued
Energy Equipment & Services - continued
Nabors Industries Ltd. (a)	304,900		$ 18,483,038
Weatherford International Ltd. (a)	135,500		7,856,290
			43,286,736
Oil, Gas & Consumable Fuels - 0.8%
Valero Energy Corp.	78,900		6,241,779
TOTAL ENERGY			49,528,515
FINANCIALS - 9.3%
Commercial Banks - 2.5%
Wells Fargo & Co.	325,000		20,013,500
Consumer Finance - 4.4%
American Express Co.	654,300		34,828,389
Insurance - 2.4%
American International Group, Inc.	325,200		18,894,120
TOTAL FINANCIALS			73,736,009
HEALTH CARE - 8.0%
Health Care Equipment & Supplies - 1.9%
Alcon, Inc.	53,300		5,828,355
Animas Corp. (d)	207,900		4,189,185
DENTSPLY International, Inc.	96,900		5,232,600
			15,250,140
Health Care Providers & Services - 5.0%
Henry Schein, Inc. (a)	367,800		15,271,056
UnitedHealth Group, Inc.	472,200		24,620,508
			39,891,564
Pharmaceuticals - 1.1%
Novo Nordisk AS Series B sponsored ADR (d)	169,500		8,639,415
TOTAL HEALTH CARE			63,781,119
INDUSTRIALS - 16.5%
Aerospace & Defense - 2.5%
Precision Castparts Corp.	227,100		17,691,090
Rockwell Collins, Inc.	40,700		1,940,576
			19,631,666
Common Stocks - continued
	Shares		Value (Note 1)
INDUSTRIALS - continued
Airlines - 3.5%
AirTran Holdings, Inc. (a)	1,158,530		$ 10,693,232
Ryanair Holdings PLC sponsored ADR (a)(d)	373,600		16,752,224
			27,445,456
Commercial Services & Supplies - 2.6%
Dun & Bradstreet Corp. (a)	73,300		4,518,945
Monster Worldwide, Inc. (a)	259,900		7,453,932
R.R. Donnelley & Sons Co.	263,600		9,096,836
			21,069,713
Construction & Engineering - 2.0%
Jacobs Engineering Group, Inc. (a)	178,200		10,025,532
Shaw Group, Inc. (a)	285,800		6,147,558
			16,173,090
Industrial Conglomerates - 4.9%
3M Co.	157,400		11,380,020
General Electric Co.	655,200		22,702,680
Walter Industries, Inc.	129,500		5,205,900
			39,288,600
Machinery - 1.0%
Danaher Corp.	146,100		7,646,874
TOTAL INDUSTRIALS			131,255,399
INFORMATION TECHNOLOGY - 31.2%
Communications Equipment - 2.1%
QUALCOMM, Inc.	497,600		16,425,776
Computers & Peripherals - 6.1%
Dell, Inc. (a)	390,600		15,432,606
Seagate Technology	1,555,400		27,297,270
UNOVA, Inc. (a)	217,700		5,797,351
			48,527,227
Electronic Equipment & Instruments - 0.6%
CDW Corp.	81,000		4,624,290
Internet Software & Services - 8.4%
Google, Inc. Class A (sub. vtg.)	155,900		45,857,984
Yahoo!, Inc. (a)	609,600		21,122,640
			66,980,624
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - continued
IT Services - 3.7%
Infosys Technologies Ltd.	536,816		$ 29,118,949
Paychex, Inc.	8,400		273,336
			29,392,285
Semiconductors & Semiconductor Equipment - 2.6%
Intel Corp.	375,900		9,795,954
Maxim Integrated Products, Inc.	296,600		11,333,086
			21,129,040
Software - 7.7%
Microsoft Corp.	1,787,300		44,396,532
NAVTEQ Corp.	448,600		16,678,948
			61,075,480
TOTAL INFORMATION TECHNOLOGY			248,154,722
MATERIALS - 5.0%
Chemicals - 3.5%
Monsanto Co.	164,700		10,354,689
Potash Corp. of Saskatchewan	82,700		7,894,030
Praxair, Inc.	204,300		9,520,380
			27,769,099
Construction Materials - 0.5%
Florida Rock Industries, Inc.	56,600		4,151,610
Metals & Mining - 1.0%
Carpenter Technology Corp.	158,400		8,205,120
TOTAL MATERIALS			40,125,829
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 1.3%
Sprint Corp.	402,400		10,096,216
TOTAL COMMON STOCKS (Cost $658,151,933)		769,209,781
Money Market Funds - 5.6%
	Shares		Value (Note 1)
Fidelity Cash Central Fund, 3.21% (b)	34,361,914		$ 34,361,914
Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)	9,879,350		9,879,350
TOTAL MONEY MARKET FUNDS (Cost $44,241,264)		44,241,264
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $702,393,197)			813,451,045
NET OTHER ASSETS - (2.3)%			(18,393,246)
NET ASSETS - 100%		$ 795,057,799

Legend

(a) Non-income producing

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

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	82.5%
India	3.7%
Cayman Islands	3.4%
Panama	3.1%
Bahamas (Nassau)	2.4%
Ireland	2.1%
Denmark	1.1%
Canada	1.0%
Others (individually less than 1%)	0.7%
	100.0%

Income Tax Information

At June 30, 2005, the fund had a capital loss carryforward of approximately $19,507,658 of which $6,528,291 and $12,979,367 will expire on June 30, 2011 and 2013, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2005

Assets
Investment in securities, at value (including securities loaned of $9,631,321) (cost $702,393,197) - See accompanying schedule		$ 813,451,045
Foreign currency held at value (cost $5,064)		5,382
Receivable for investments sold		4,815,454
Receivable for fund shares sold		469,262
Dividends receivable		265,299
Interest receivable		35,103
Prepaid expenses		1,859
Other affiliated receivables		14
Other receivables		209,087
Total assets		819,252,505

Liabilities
Payable for investments purchased	$ 10,278,558
Payable for fund shares redeemed	1,078,087
Accrued management fee	264,597
Other affiliated payables	206,967
Other payables and accrued expenses	2,487,147
Collateral on securities loaned, at value	9,879,350
Total liabilities		24,194,706

Net Assets		$ 795,057,799
Net Assets consist of:
Paid in capital		$ 709,649,419
Accumulated net investment loss		(525)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(23,198,861)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		108,607,766
Net Assets, for 39,605,702 shares outstanding		$ 795,057,799
Net Asset Value, offering price and redemption price per share ($795,057,799 ÷ 39,605,702 shares)		$ 20.07

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

Annual Report

Statement of Operations

	Year ended June 30, 2005

Investment Income
Dividends		$ 5,932,906
Special Dividends		4,129,200
Interest		519,425
Security lending		69,309
Total income		10,650,840

Expenses
Management fee Basic fee	$ 4,798,844
Performance adjustment	589,729
Transfer agent fees	2,301,313
Accounting and security lending fees	279,434
Independent trustees' compensation	4,594
Custodian fees and expenses	85,543
Registration fees	29,057
Audit	44,034
Legal	2,428
Total expenses before reductions	8,134,976
Expense reductions	(423,892)	7,711,084
Net investment income (loss)		2,939,756
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	(14,832,447)
Foreign currency transactions	(44,636)
Total net realized gain (loss)		(14,877,083)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $2,215,977)	32,326,590
Assets and liabilities in foreign currencies	6,976
Total change in net unrealized appreciation (depreciation)		32,333,566
Net gain (loss)		17,456,483
Net increase (decrease) in net assets resulting from operations		$ 20,396,239

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended June 30, 2005	Year ended June 30, 2004
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,939,756	$ (2,683,885)
Net realized gain (loss)	(14,877,083)	120,111,040
Change in net unrealized appreciation (depreciation)	32,333,566	(32,529,582)
Net increase (decrease) in net assets resulting from operations	20,396,239	84,897,573
Distributions to shareholders from net investment income	(3,465,273)	(1,497,204)
Share transactions Proceeds from sales of shares	122,958,183	344,230,001
Reinvestment of distributions	3,385,192	1,457,228
Cost of shares redeemed	(274,410,739)	(395,504,496)
Net increase (decrease) in net assets resulting from share transactions	(148,067,364)	(49,817,267)
Redemption fees	20,056	67,037
Total increase (decrease) in net assets	(131,116,342)	33,650,139

Net Assets
Beginning of period	926,174,141	892,524,002
End of period (including accumulated net investment loss of $525 and accumulated net investment loss of $679, respectively)	$ 795,057,799	$ 926,174,141
Other Information Shares
Sold	6,338,234	18,165,322
Issued in reinvestment of distributions	166,267	83,175
Redeemed	(14,165,617)	(20,829,558)
Net increase (decrease)	(7,661,116)	(2,581,061)

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

Annual Report

Financial Highlights

Years ended June 30,	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 19.59	$ 17.90	$ 17.19	$ 16.80	$ 21.68
Income from Investment Operations
Net investment income (loss)^C	.07^D	(.05)	.11	.10	.12
Net realized and unrealized gain (loss)	.49	1.77	.73	.36	(1.86)
Total from investment operations	.56	1.72	.84	.46	(1.74)
Distributions from net investment income	(.08)	(.03)	(.13)	(.08)	(.25)
Distributions from net realized gain	-	-	-	-	(2.30)
Distributions in excess of net realized gain	-	-	-	-	(.60)
Total distributions	(.08)	(.03)	(.13)	(.08)	(3.15)
Redemption fees added to paid in capital^C	-^F	-^F	-^F	.01	.01
Net asset value, end of period	$ 20.07	$ 19.59	$ 17.90	$ 17.19	$ 16.80
Total Return^{A, B}	2.85%	9.63%	4.98%	2.83%	(8.76)%
Ratios to Average Net Assets^E
Expenses before expense reductions	.97%	1.05%	1.08%	1.12%	.95%
Expenses net of voluntary waivers, if any	.97%	1.05%	1.08%	1.12%	.95%
Expenses net of all reductions	.92%	.99%	.93%	1.09%	.90%
Net investment income (loss)	.35%^D	(.29)%	.66%	.61%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 795,058	$ 926,174	$ 892,524	$ 741,446	$ 429,373
Portfolio turnover rate	110%	161%	230%	50%	158%

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

^B Total returns do not include the effect of the former sales charge.

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

^D Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been (.14)%.

^E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

^F Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2005

1. Significant Accounting Policies.

Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Annual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

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

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 126,321,337
Unrealized depreciation	(17,852,615)
Net unrealized appreciation (depreciation)	108,468,722
Capital loss carryforward	(19,507,658)

Cost for federal income tax purposes	$ 704,982,323

The tax character of distributions paid was as follows:

	June 30, 2005	June 30, 2004
Ordinary Income	$ 3,465,273	$ 1,497,204

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to .75% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

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

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $890,446,274 and $1,015,233,151, respectively.

Annual Report

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .64% of the fund's average net assets.

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

Annual Report

Notes to Financial Statements - continued

5. Committed Line of Credit.

6. Security Lending.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $409,749 for the period. In addition, through arrangements with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's transfer agent expenses by $14,143.

8. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Fifty:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Fifty (a fund of Fidelity Hastings Street Trust) at June 30, 2005 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Fifty's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 9, 2005

Annual Report

Trustees and Officers

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (75)**
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc.
Abigail P. Johnson (43)**
	Year of Election or Appointment: 2001 Senior Vice President of Fidelity Fifty. Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001-present). She is President and a Director of FMR (2001-present), Fidelity Investments Money Management, Inc. (2001-present), FMR Co., Inc. (2001-present), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds.
Stephen P. Jonas (52)
	Year of Election or Appointment: 2005 Mr. Jonas is Executive Director of FMR (2005-present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004-2005), Chief Administrative Officer (2002-2004), and Chief Financial Officer of FMR Co. (1998-2000). In addition, he serves on the Boards of Boston Ballet (2003-present) and Simmons College (2003-present).
Robert L. Reynolds (53)
	Year of Election or Appointment: 2003 Mr. Reynolds is a Director (2003-present) and Chief Operating Officer (2002-present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000-present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (57)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).
Robert M. Gates (61)
	Year of Election or Appointment: 1997 Dr. Gates is Vice Chairman of the Independent Trustees (2005-present). Dr. Gates is President of Texas A&M University (2002-present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001-present), and Brinker International (restaurant management, 2003-present). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001-present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy.
George H. Heilmeier (69)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), Teletech Holdings (customer management services), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE) (2000-present). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), and INET Technologies Inc. (telecommunications network surveillance, 2001-2004).
Marie L. Knowles (58)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61)
	Year of Election or Appointment: 2000 Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Council on Foreign Relations.
Marvin L. Mann (72)
	Year of Election or Appointment: 1993 Mr. Mann is Chairman of the Independent Trustees (2001-present). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals), where he served as CEO until April 1998, retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. He is a member of the Executive Committee of the Independent Director's Council of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama.
William O. McCoy (71)
	Year of Election or Appointment: 1997 Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system).
Cornelia M. Small (60)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1998). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66)
	Year of Election or Appointment: 2002 Mr. Stavropoulos is Chairman of the Board (2000-present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2000-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002-present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66)
	Year of Election or Appointment: 2005 Mr. Wolfe also serves as a Trustee (2005-present) or Member of the Advisory Board (2004-present) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Annual Report

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation
Albert R. Gamper, Jr. (63)
	Year of Election or Appointment: 2005 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System (1996-present).
Peter S. Lynch (61)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infir-mary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Jason L. Weiner (35)
	Year of Election or Appointment: 2003 Vice President of Fidelity Fifty. Mr. Weiner also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Weiner worked as a research analyst and portfolio manager. Mr. Weiner also serves as Vice President of FMR and FMR Co., Inc. (2001).
Eric D. Roiter (56)
	Year of Election or Appointment: 1998 Secretary of Fidelity Fifty. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Management & Research (Far East) Inc. (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Stuart Fross (45)
	Year of Election or Appointment: 2003 Assistant Secretary of Fidelity Fifty. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003-present), Vice President and Secretary of FDC (2005-present), and is an employee of FMR.
Christine Reynolds (46)
	Year of Election or Appointment: 2004 President, Treasurer, and Anti-Money Laundering (AML) officer of Fidelity Fifty. Ms. Reynolds also serves as President, Treasurer, and AML officer of other Fidelity funds (2004) and is a Vice President (2003) and an employee (2002) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was most recently an audit partner with PwC's investment management practice.
Timothy F. Hayes (54)
	Year of Election or Appointment: 2002 Chief Financial Officer of Fidelity Fifty. Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002-present) and President of Fidelity Investment Operations (2005-present) which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he served as President (1998-2005). Mr. Hayes serves as President of Fidelity Service Company (2003-present) where he also serves as a Director. Mr. Hayes also served as President of Fidelity Investments Operations Group (FIOG, 2002-2005).
Kenneth A. Rathgeber (58)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity Fifty. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004) and Executive Vice President of Risk Oversight for Fidelity Investments (2002). Previously, he served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
John R. Hebble (47)
	Year of Election or Appointment: 2003 Deputy Treasurer of Fidelity Fifty. Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003).
Bryan A. Mehrmann (44)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fifty. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kimberley H. Monasterio (41)
	Year of Election or Appointment: 2004 Deputy Treasurer of Fidelity Fifty. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Kenneth B. Robins (35)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fifty. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
John H. Costello (58)
	Year of Election or Appointment: 1993 Assistant Treasurer of Fidelity Fifty. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Peter L. Lydecker (51)
	Year of Election or Appointment: 2004 Assistant Treasurer of Fidelity Fifty. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Mark Osterheld (50)
	Year of Election or Appointment: 2002 Assistant Treasurer of Fidelity Fifty. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Annual Report

Distributions

The fund designates 100% of the dividends distributed in the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2006 of amounts for use in preparing 2005 income tax returns.

Annual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Annual Report

To Visit Fidelity

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

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

3501 PGA Boulevard
West Palm Beach, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

Annual Report

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

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

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

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

Annual Report

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

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Fidelity Investments
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100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

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

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

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Fidelity®

Fund

Annual Report

June 30, 2005

(2_fidelity_logos) (Registered_Trademark)

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

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 Corp. or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

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Dear Shareholder:

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended June 30, 2005	Past 1 year	Past 5 years	Past 10 years
Fidelity ® Fund	4.58%	-3.05%	9.62%

$10,000 Over 10 years

Let's say hypothetically that $10,000 was invested in Fidelity® Fund on June 30, 1995. The chart shows how the value of your investment would have grown, and also shows how the Standard & Poor's 500^SM Index did over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from John Avery, Portfolio Manager of Fidelity® Fund

U.S. equity markets seesawed throughout the one-year period that ended June 30, 2005. Unprecedented energy prices and increased inflationary pressures moderated stock performance for a good portion of the year. Conversely, when energy prices and inflation fears retreated, stocks bounced higher. The Federal Reserve Board also had a considerable bearing on the markets' direction. The Fed raised interest rates eight times during the period, but the comments that accompanied those actions are what really swayed investor behavior. An optimistic outlook regarding inflation and the economy typically sparked a market rally, while stocks often fell if the Fed struck a more cautionary tone. Despite the fluctuations, nearly all equity indexes finished the year with gains. The three most-frequently quoted benchmarks - the Standard & Poor's 500^SM Index, the Dow Jones Industrial Average^SM and the NASDAQ Composite® Index - returned 6.32%, 0.66% and 1.10%, respectively. Mid- and small-cap stocks paced the markets' advance, as the Russell Midcap® Index climbed 17.12% and the Russell 2000® Index rose 9.45%.

For the 12 months ending June 30, 2005, the fund returned 4.58%, trailing the Standard & Poor's 500 Index and also the 7.52% gain of the Lipper^SM Growth & Income Funds Average. Most of the underperformance occurred in the fourth quarter of 2004, when there was a market rally led by mid- and small-cap stocks. Moreover, the fund was hurt by my decision to underweight the two strongest sectors in the index, energy and utilities. Industrial conglomerate Tyco International was the largest detractor compared with the index. The company reported weaker-than-expected results for the first quarter of 2005. Another detractor, insurer American International Group, was sidetracked by allegations of improper bookkeeping, its restatement of five years of earnings and the ouster of its longtime CEO. On the other hand, performance was helped by stock selection in the materials sector, along with favorable picks in the consumer durables and apparel, media, and pharmaceuticals and biotechnology groups. Luxury homebuilder Toll Brothers merits mention as a contributor to performance both in absolute terms and versus the index, aided by lower long-term interest rates and a strong housing market. Also contributing was aerospace giant Boeing, which benefited from favorable sales prospects for the company's new plane, the 787 Dreamliner, and the appointment of a respected CEO, Jim McNerney.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2005 to June 30, 2005).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2005	Ending Account Value June 30, 2005	Expenses Paid During Period * January 1, 2005 to June 30, 2005
Actual	$ 1,000.00	$ 998.40	$ 2.97
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.82	$ 3.01

* Expenses are equal to the Fund's annualized expense ratio of .60%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
General Electric Co.	4.8	4.3
Johnson & Johnson	3.0	2.5
The Boeing Co.	2.6	2.0
American Express Co.	2.5	2.2
Microsoft Corp.	2.2	3.7
Monsanto Co.	2.2	0.6
Roche Holding AG (participation certificate)	2.1	1.1
Honeywell International, Inc.	2.1	1.5
Juniper Networks, Inc.	2.0	0.6
Intel Corp.	2.0	1.8
	25.5
Top Five Market Sectors as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	17.1	16.1
Financials	15.5	18.8
Industrials	15.0	15.7
Health Care	14.4	13.0
Consumer Discretionary	12.3	10.1

Asset Allocation (% of fund's net assets)
As of June 30, 2005 *			As of December 31, 2004 **
	Stocks 99.4%			Stocks 98.7%
	Short-Term Investments and Net Other Assets 0.6%			Short-Term Investments and Net Other Assets 1.3%
* Foreign investments		9.8%	** Foreign investments		5.4%

Annual Report

Investments June 30, 2005

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - 12.3%
Hotels, Restaurants & Leisure - 0.6%
Carnival Corp. unit	1,099,385		$ 59,971
Household Durables - 2.9%
Fortune Brands, Inc.	1,200,400		106,596
Sony Corp. sponsored ADR	1,540,100		53,041
Toll Brothers, Inc. (a)	1,372,550		139,382
			299,019
Media - 5.0%
Lamar Advertising Co. Class A (a)	715,516		30,603
Martha Stewart Living Omnimedia, Inc. Class A (a)	392,079		11,441
McGraw-Hill Companies, Inc.	4,256,200		188,337
News Corp.:
Class A	3,735,036		60,433
Class B	5,126,400		86,431
Time Warner, Inc. (a)	1,496,600		25,008
Walt Disney Co.	2,493,600		62,789
XM Satellite Radio Holdings, Inc. Class A (a)	1,337,500		45,020
			510,062
Multiline Retail - 1.8%
Federated Department Stores, Inc.	2,195,600		160,894
Sears Holdings Corp. (a)	173,200		25,957
			186,851
Specialty Retail - 2.0%
Staples, Inc.	9,321,150		198,727
TOTAL CONSUMER DISCRETIONARY			1,254,630
CONSUMER STAPLES - 11.8%
Beverages - 2.6%
Coca-Cola Enterprises, Inc.	1,354,844		29,820
PepsiCo, Inc.	2,858,590		154,164
Pernod-Ricard	161,000		25,718
The Coca-Cola Co.	1,213,900		50,680
			260,382
Food & Staples Retailing - 2.8%
CVS Corp.	6,143,300		178,586
Sysco Corp.	730,529		26,438
Walgreen Co.	1,778,600		81,798
			286,822
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER STAPLES - continued
Food Products - 1.7%
Hershey Co.	506,800		$ 31,472
Kellogg Co.	2,684,500		119,299
Lindt & Spruengli AG (participation certificate)	13,324		19,887
			170,658
Household Products - 1.0%
Procter & Gamble Co.	1,986,900		104,809
Personal Products - 1.9%
Gillette Co.	3,879,820		196,435
Tobacco - 1.8%
Altria Group, Inc.	2,841,000		183,699
TOTAL CONSUMER STAPLES			1,202,805
ENERGY - 5.9%
Energy Equipment & Services - 1.8%
Baker Hughes, Inc.	810,400		41,460
Halliburton Co.	868,200		41,517
Nabors Industries Ltd. (a)	412,900		25,030
Schlumberger Ltd. (NY Shares)	1,040,800		79,038
			187,045
Oil, Gas & Consumable Fuels - 4.1%
ConocoPhillips	1,502,292		86,367
Exxon Mobil Corp.	2,031,300		116,739
Occidental Petroleum Corp.	508,000		39,080
Total SA sponsored ADR	1,007,200		117,691
Valero Energy Corp.	656,300		51,920
			411,797
TOTAL ENERGY			598,842
FINANCIALS - 15.5%
Capital Markets - 3.8%
Goldman Sachs Group, Inc.	1,272,200		129,790
Janus Capital Group, Inc.	2,137,800		32,153
Lehman Brothers Holdings, Inc.	255,500		25,366
Merrill Lynch & Co., Inc.	3,148,400		173,193
UBS AG (Reg.)	334,552		26,045
			386,547
Common Stocks - continued
	Shares		Value (Note 1) (000s)
FINANCIALS - continued
Commercial Banks - 2.9%
Bank of America Corp.	3,122,700		$ 142,426
Standard Chartered PLC (United Kingdom)	2,812,600		51,401
Wells Fargo & Co.	1,695,300		104,397
			298,224
Consumer Finance - 3.3%
American Express Co.	4,725,392		251,533
SLM Corp.	1,567,550		79,632
			331,165
Insurance - 4.5%
AFLAC, Inc.	1,544,700		66,855
American International Group, Inc.	2,822,500		163,987
Berkshire Hathaway, Inc. Class A (a)	569		47,512
Genworth Financial, Inc. Class A (non-vtg.)	1,826,000		55,200
Hartford Financial Services Group, Inc.	1,284,400		96,047
The Chubb Corp.	345,600		29,587
			459,188
Real Estate - 1.0%
AvalonBay Communities, Inc.	478,300		38,647
Equity Residential (SBI)	357,000		13,145
Vornado Realty Trust	671,000		53,948
			105,740
TOTAL FINANCIALS			1,580,864
HEALTH CARE - 14.4%
Biotechnology - 0.4%
MedImmune, Inc. (a)	999,400		26,704
ONYX Pharmaceuticals, Inc. (a)	594,400		14,194
			40,898
Health Care Equipment & Supplies - 4.7%
Becton, Dickinson & Co.	1,766,400		92,683
C.R. Bard, Inc.	1,489,800		99,087
Guidant Corp.	498,300		33,536
Hospira, Inc. (a)	874,600		34,109
Medtronic, Inc.	2,092,800		108,386
St. Jude Medical, Inc. (a)	2,613,500		113,975
			481,776
Common Stocks - continued
	Shares		Value (Note 1) (000s)
HEALTH CARE - continued
Health Care Providers & Services - 1.3%
UnitedHealth Group, Inc.	2,432,400		$ 126,825
Pharmaceuticals - 8.0%
Connetics Corp. (a)	100,900		1,780
Johnson & Johnson	4,655,600		302,614
Novartis AG sponsored ADR	2,199,400		104,340
Roche Holding AG (participation certificate)	1,695,276		214,547
Schering-Plough Corp.	1,333,200		25,411
Wyeth	3,816,640		169,840
			818,532
TOTAL HEALTH CARE			1,468,031
INDUSTRIALS - 15.0%
Aerospace & Defense - 6.6%
EADS NV (d)	2,086,779		66,542
Honeywell International, Inc.	5,803,600		212,586
Lockheed Martin Corp.	1,966,230		127,549
The Boeing Co.	4,066,700		268,402
			675,079
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	913,100		63,150
Industrial Conglomerates - 6.3%
General Electric Co.	14,199,626		492,015
Tyco International Ltd.	5,106,800		149,119
			641,134
Machinery - 1.2%
ITT Industries, Inc.	1,269,400		123,932
Road & Rail - 0.3%
Laidlaw International, Inc. (a)	988,200		23,816
TOTAL INDUSTRIALS			1,527,111
INFORMATION TECHNOLOGY - 17.1%
Communications Equipment - 6.5%
Cisco Systems, Inc. (a)	3,749,200		71,647
Corning, Inc. (a)	2,764,000		45,938
Juniper Networks, Inc. (a)	8,251,700		207,778
Motorola, Inc.	3,163,500		57,766
Nokia Corp. sponsored ADR	4,718,420		78,515
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
QUALCOMM, Inc.	3,353,372		$ 110,695
Research In Motion Ltd. (a)	1,134,600		83,502
			655,841
Computers & Peripherals - 2.8%
Dell, Inc. (a)	4,786,000		189,095
EMC Corp. (a)	1,970,567		27,016
Network Appliance, Inc. (a)	2,574,500		72,781
			288,892
Electronic Equipment & Instruments - 0.6%
Amphenol Corp. Class A	1,626,600		65,341
Internet Software & Services - 1.7%
Google, Inc. Class A (sub. vtg.)	149,800		44,064
Yahoo!, Inc. (a)	3,588,600		124,345
			168,409
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	618,100		23,061
Freescale Semiconductor, Inc.:
Class A	259,280		5,447
Class B	1,809,597		38,327
Intel Corp.	7,784,430		202,862
			269,697
Software - 2.8%
Citrix Systems, Inc. (a)	1,055,834		22,869
Microsoft Corp.	9,173,100		227,860
Symantec Corp. (a)	1,602,152		34,831
			285,560
TOTAL INFORMATION TECHNOLOGY			1,733,740
MATERIALS - 5.7%
Chemicals - 4.8%
Air Products & Chemicals, Inc.	628,000		37,868
Ecolab, Inc.	2,539,500		82,178
Monsanto Co.	3,558,727		223,737
Praxair, Inc.	3,220,176		150,060
			493,843
Common Stocks - continued
	Shares		Value (Note 1) (000s)
MATERIALS - continued
Containers & Packaging - 0.9%
Owens-Illinois, Inc. (a)	2,575,700		$ 64,521
Packaging Corp. of America	1,078,700		22,707
			87,228
TOTAL MATERIALS			581,071
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.2%
SBC Communications, Inc.	3,728,300		88,547
Verizon Communications, Inc.	813,300		28,100
			116,647
UTILITIES - 0.5%
Electric Utilities - 0.5%
PG&E Corp.	1,289,800		48,419
TOTAL COMMON STOCKS (Cost $9,032,363)		10,112,160
Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Procket Networks, Inc. Series C (a)(e)	1,612,868		0
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Geneprot, Inc. Series A (a)(e)	710,000		611
TOTAL PREFERRED STOCKS (Cost $19,834)		611
Money Market Funds - 0.8%

Fidelity Cash Central Fund, 3.21% (b)	59,865,844		59,866
Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)	26,267,500		26,268
TOTAL MONEY MARKET FUNDS (Cost $86,134)		86,134
Cash Equivalents - 0.1%
	Maturity Amount (000s)		Value (Note 1) (000s)
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.91%, dated 6/30/05 due 7/1/05) (Cost $5,177)	$ 5,177		$ 5,177
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $9,143,508)			10,204,082
NET OTHER ASSETS - (0.3)%			(25,750)
NET ASSETS - 100%		$ 10,178,332

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Geneprot, Inc. Series A	7/7/00	$ 3,905
Procket Networks, Inc. Series C	11/15/00 - 2/9/01	15,929

Income Tax Information

At June 30, 2005, the fund had a capital loss carryforward of approximately $1,653,800,000 of which $557,393,000 and $1,096,407,000 will expire on June 30, 2010 and 2011, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	June 30, 2005

Assets
Investment in securities, at value (including securities loaned of $25,202 and repurchase agreements of $5,177) (cost $9,143,508) - See accompanying schedule		$ 10,204,082
Receivable for investments sold		109,890
Receivable for fund shares sold		3,096
Dividends receivable		10,420
Interest receivable		144
Prepaid expenses		22
Other affiliated receivables		50
Other receivables		1,546
Total assets		10,329,250

Liabilities
Payable for investments purchased	$ 57,034
Payable for fund shares redeemed	62,221
Accrued management fee	3,137
Other affiliated payables	2,189
Other payables and accrued expenses	69
Collateral on securities loaned, at value	26,268
Total liabilities		150,918

Net Assets		$ 10,178,332
Net Assets consist of:
Paid in capital		$ 10,781,227
Undistributed net investment income		28,802
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,692,270)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,060,573
Net Assets, for 342,280 shares outstanding		$ 10,178,332
Net Asset Value, offering price and redemption price per share ($10,178,332 ÷ 342,280 shares)		$ 29.74

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended June 30, 2005

Investment Income
Dividends		$ 166,467
Special Dividends		44,438
Interest		4,474
Security lending		752
Total income		216,131

Expenses
Management fee	$ 37,753
Transfer agent fees	22,469
Accounting and security lending fees	1,261
Independent trustees' compensation	56
Appreciation in deferred trustee compensation account	8
Custodian fees and expenses	180
Registration fees	36
Audit	110
Legal	29
Interest	2
Miscellaneous	97
Total expenses before reductions	62,001
Expense reductions	(3,247)	58,754
Net investment income (loss)		157,377
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	394,688
Foreign currency transactions	(17)
Total net realized gain (loss)		394,671
Change in net unrealized appreciation (depreciation) on: Investment securities	(82,642)
Assets and liabilities in foreign currencies	(1)
Total change in net unrealized appreciation (depreciation)		(82,643)
Net gain (loss)		312,028
Net increase (decrease) in net assets resulting from operations		$ 469,405

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended June 30, 2005	Year ended June 30, 2004
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 157,377	$ 89,525
Net realized gain (loss)	394,671	978,259
Change in net unrealized appreciation (depreciation)	(82,643)	647,143
Net increase (decrease) in net assets resulting from operations	469,405	1,714,927
Distributions to shareholders from net investment income	(136,110)	(89,068)
Share transactions Proceeds from sales of shares	1,123,020	1,419,655
Reinvestment of distributions	129,470	84,378
Cost of shares redeemed	(1,906,926)	(1,965,079)
Net increase (decrease) in net assets resulting from share transactions	(654,436)	(461,046)
Total increase (decrease) in net assets	(321,141)	1,164,813

Net Assets
Beginning of period	10,499,473	9,334,660
End of period (including undistributed net investment income of $28,802 and undistributed net investment income of $8,568, respectively)	$ 10,178,332	$ 10,499,473
Other Information Shares
Sold	38,805	52,303
Issued in reinvestment of distributions	4,442	3,064
Redeemed	(65,414)	(72,621)
Net increase (decrease)	(22,167)	(17,254)

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

Annual Report

Financial Highlights

Years ended June 30,	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 28.81	$ 24.46	$ 25.03	$ 31.84	$ 41.81
Income from Investment Operations
Net investment income (loss)^B	.44^C	.24	.21	.23	.19
Net realized and unrealized gain (loss)	.87	4.35	(.57)	(6.83)	(4.72)
Total from investment operations	1.31	4.59	(.36)	(6.60)	(4.53)
Distributions from net investment income	(.38)	(.24)	(.21)	(.21)	(.21)
Distributions in excess of net investment income	-	-	-	-	(.03)
Distributions from net realized gain	-	-	-	-	(2.87)
Distributions in excess of net realized gain	-	-	-	-	(2.33)
Total distributions	(.38)	(.24)	(.21)	(.21)	(5.44)
Net asset value, end of period	$ 29.74	$ 28.81	$ 24.46	$ 25.03	$ 31.84
Total Return^A	4.58%	18.81%	(1.36)%	(20.78)%	(11.76)%
Ratios to Average Net Assets^D
Expenses before expense reductions	.60%	.61%	.63%	.59%	.56%
Expenses net of voluntary waivers, if any	.60%	.61%	.63%	.59%	.56%
Expenses net of all reductions	.57%	.59%	.61%	.53%	.51%
Net investment income (loss)	1.52%^C	.89%	.93%	.82%	.55%
Supplemental Data
Net assets, end of period (in millions)	$ 10,178	$ 10,499	$ 9,335	$ 10,486	$ 14,294
Portfolio turnover rate	74%	53%	32%	155%	217%

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

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

^C Investment income per share reflects a special dividend which amounted to $.12 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.09%.

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2005

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Fund (the fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Annual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales.

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

Unrealized appreciation	$ 1,321,580
Unrealized depreciation	(299,476)
Net unrealized appreciation (depreciation)	1,022,104
Undistributed ordinary income	29,019
Capital loss carryforward	(1,653,800)

Cost for federal income tax purposes	$ 9,181,978

The tax character of distributions paid was as follows:

	June 30, 2005	June 30, 2004
Ordinary Income	$ 136,110	$ 89,068

2. Operating Policies.

Annual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $7,475,237 and $7,974,904, respectively.

4. Fees and Other Transactions with Affiliates.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

5. Committed Line of Credit.

6. Security Lending.

7. Bank Borrowings.

The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $29,095. The weighted average interest rate was 2.81%. At period end, there were no bank borrowings outstanding.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $3,048 for the period. In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and transfer agent expenses by $2 and $197, respectively.

Annual Report

9. Other.

The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 24% of the total outstanding shares of the fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Fund (a fund of Fidelity Hastings Street Trust) at June 30, 2005 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 9, 2005

Annual Report

Trustees and Officers

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (75)**
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc.
Abigail P. Johnson (43)**
	Year of Election or Appointment: 2001 Senior Vice President of Fidelity Fund (2001-present). Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001-present). She is President and a Director of FMR (2001-present), Fidelity Investments Money Management, Inc. (2001-present), FMR Co., Inc. (2001-present), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds.
Stephen P. Jonas (52)
	Year of Election or Appointment: 2005 Mr. Jonas is Executive Director of FMR (2005-present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004-2005), Chief Administrative Officer (2002-2004), and Chief Financial Officer of FMR Co. (1998-2000). In addition, he serves on the Boards of Boston Ballet (2003-present) and Simmons College (2003-present).
Robert L. Reynolds (53)
	Year of Election or Appointment: 2003 Mr. Reynolds is a Director (2003-present) and Chief Operating Officer (2002-present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000-present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (57)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Com-pany (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).
Robert M. Gates (61)
	Year of Election or Appointment: 1997 Dr. Gates is Vice Chairman of the Independent Trustees (2005-present). Dr. Gates is President of Texas A&M University (2002-present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001-present), and Brinker International (restaurant management, 2003-present). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001-present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy.
George H. Heilmeier (69)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), Teletech Holdings (customer management services), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE) (2000-present). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), and INET Technologies Inc. (telecommunications network surveillance, 2001-2004).
Marie L. Knowles (58)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61)
	Year of Election or Appointment: 2000 Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Council on Foreign Relations.
Marvin L. Mann (72)
	Year of Election or Appointment: 1993 Mr. Mann is Chairman of the Independent Trustees (2001-present). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals), where he served as CEO until April 1998, retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. He is a member of the Executive Committee of the Independent Director's Council of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama.
William O. McCoy (71)
	Year of Election or Appointment: 1997 Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system).
Cornelia M. Small (60)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1998). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman of the Board (2000-present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2000-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002-present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66)
	Year of Election or Appointment: 2005 Mr. Wolfe also serves as a Trustee (2005-present) or Member of the Advisory Board (2004-present) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Annual Report

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation
Albert R. Gamper, Jr. (63)
	Year of Election or Appointment: 2005 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System (1996-present).
Peter S. Lynch (61)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
John D. Avery (40)
	Year of Election or Appointment: 2002 Vice President of Fidelity Fund. Mr. Avery also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Avery worked as a research analyst and portfolio manager.
Eric D. Roiter (56)
	Year of Election or Appointment: 1998 Secretary of Fidelity Fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Management & Research (Far East) Inc. (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Stuart Fross (45)
	Year of Election or Appointment: 2003 Assistant Secretary of Fidelity Fund. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003-present), Vice President and Secretary of FDC (2005-present), and is an employee of FMR.
Christine Reynolds (46)
	Year of Election or Appointment: 2004 President, Treasurer, and Anti-Money Laundering (AML) officer of Fidelity Fund. Ms. Reynolds also serves as President, Treasurer, and AML officer of other Fidelity funds (2004) and is a Vice President (2003) and an employee (2002) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was most recently an audit partner with PwC's investment management practice.
Timothy F. Hayes (54)
	Year of Election or Appointment: 2002 Chief Financial Officer of Fidelity Fund. Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002-present) and President of Fidelity Investment Operations (2005-present) which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he served as President (1998-2005). Mr. Hayes serves as President of Fidelity Service Company (2003-present) where he also serves as a Director. Mr. Hayes also served as President of Fidelity Investments Operations Group (FIOG, 2002-2005).
Kenneth A. Rathgeber (58)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity Fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004) and Executive Vice President of Risk Oversight for Fidelity Investments (2002). Previously, he served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
John R. Hebble (47)
	Year of Election or Appointment: 2003 Deputy Treasurer of Fidelity Fund. Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003).
Bryan A. Mehrmann (44)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kimberley H. Monasterio (41)
	Year of Election or Appointment: 2004 Deputy Treasurer of Fidelity Fund. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Kenneth B. Robins (35)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
John H. Costello (58)
	Year of Election or Appointment: 1986 Assistant Treasurer of Fidelity Fund. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Peter L. Lydecker (51)
	Year of Election or Appointment: 2004 Assistant Treasurer of Fidelity Fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Mark Osterheld (50)
	Year of Election or Appointment: 2002 Assistant Treasurer of Fidelity Fund. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Annual Report

Distributions

A total of .12% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2006 of amounts for use in preparing 2005 income tax returns.

Annual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Annual Report

To Write Fidelity

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

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

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

Selling shares

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

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

General Correspondence

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

(letter_graphic)

For Retirement
Accounts

Buying shares

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

Selling shares

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

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

General Correspondence

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

Annual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

FID-UANN-0805
1.787731.102

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

Fidelity®

Growth & Income II

Portfolio

Annual Report

June 30, 2005

(2_fidelity_logos) (Registered_Trademark)

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

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 Corp. or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended June 30, 2005	Past 1 year	Past 5 years	Life of fund^A
Fidelity® Growth & Income II Portfolio	1.71%	-1.47%	-0.17%

^AFrom December 28, 1998.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Growth & Income II Portfolio on December 28, 1998, when the fund started. 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.

Annual Report

Management's Discussion of Fund Performance

Comments from Victor Thay, who became Portfolio Manager of Fidelity® Growth & Income II Portfolio on June 21, 2005

For the year ending June 30, 2005, the fund returned 1.71%, trailing the S&P 500® index and the Lipper^SM Growth & Income Funds Average, which gained 7.52%. Poor stock selection in the materials sector was the most negative factor, as the fund was hurt by a large position in Smurfit-Stone Container, a maker of cardboard containers. The stock fell after the company warned in mid-April that its first-quarter earnings would not meet previous expectations. Also detracting from performance was EchoStar Communications. Healthy subscriber and earnings growth couldn't offset investors' concerns about competition from other satellite companies and cable television providers. The fund's large overweighting in media hurt a lot versus the index, although good stock picking in the group overall offset approximately half of the negative effect. On the positive side, energy giant Exxon Mobil was the top contributor in absolute terms. The stock's strength mirrored another surge in the price of crude oil, which touched new all-time highs of around $60 per barrel near period end. Clothing and household goods retailer Kohl's was the leading contributor relative to the index and second-best in absolute terms. Stronger-than-expected same-store sales for May gave the stock a big boost near the end of the period, and I sold the stock to lock in profits.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2005 to June 30, 2005).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2005	Ending Account Value June 30, 2005	Expenses Paid During Period* January 1, 2005 to June 30, 2005
Actual	$ 1,000.00	$ 960.70	$ 4.08
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.63	$ 4.21

* Expenses are equal to the Fund's annualized expense ratio of .84%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	3.9	3.1
Google, Inc. Class A (sub. vtg.)	3.7	0.0
Wells Fargo & Co.	3.6	5.0
Yahoo!, Inc.	3.4	0.0
Honeywell International, Inc.	3.3	0.0
American International Group, Inc.	3.2	2.2
Microsoft Corp.	3.1	3.2
Valero Energy Corp.	3.0	0.0
Halliburton Co.	2.9	0.0
Nextel Communications, Inc. Class A	2.7	0.0
	32.8
Top Five Market Sectors as of June 30, 2005
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	17.9	23.4
Information Technology	17.4	6.0
Consumer Discretionary	14.7	23.0
Energy	13.8	4.4
Health Care	7.7	1.5

Asset Allocation (% of fund's net assets)
As of June 30, 2005 *			As of December 31, 2004 **
	Stocks 95.0%			Stocks 92.6%
	Convertible Securities 0.4%			Convertible Securities 0.0%
	Short-Term Investments and Net Other Assets 4.6%			Short-Term Investments and Net Other Assets 7.4%
* Foreign investments		10.2%	** Foreign investments		3.1%

Annual Report

Investments June 30, 2005

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 14.7%
Hotels, Restaurants & Leisure - 1.3%
Carnival Corp. unit	41,500		$ 2,263,825
Household Durables - 1.0%
Toll Brothers, Inc. (a)	18,100		1,838,055
Internet & Catalog Retail - 2.3%
eBay, Inc. (a)	124,000		4,093,240
Media - 4.7%
E.W. Scripps Co. Class A	39,100		1,908,080
EchoStar Communications Corp. Class A	92,400		2,785,860
Harte-Hanks, Inc.	3,400		101,082
News Corp. Class B	48,800		822,768
Omnicom Group, Inc.	35,000		2,795,100
			8,412,890
Multiline Retail - 2.8%
Federated Department Stores, Inc.	31,300		2,293,664
Target Corp.	50,500		2,747,705
			5,041,369
Specialty Retail - 1.0%
Chico's FAS, Inc. (a)	52,700		1,806,556
DSW, Inc. Class A	200		4,990
			1,811,546
Textiles, Apparel & Luxury Goods - 1.6%
Carter's, Inc. (a)	34,200		1,996,596
Liz Claiborne, Inc.	24,400		970,144
			2,966,740
TOTAL CONSUMER DISCRETIONARY			26,427,665
CONSUMER STAPLES - 7.4%
Food & Staples Retailing - 2.0%
Walgreen Co.	78,500		3,610,215
Food Products - 1.0%
Nestle SA sponsored ADR	28,600		1,825,824
Household Products - 0.1%
Colgate-Palmolive Co.	3,800		189,658
Personal Products - 2.5%
Gillette Co.	88,818		4,496,855
Common Stocks - continued
	Shares		Value (Note 1)
CONSUMER STAPLES - continued
Tobacco - 1.8%
Altria Group, Inc.	47,930		$ 3,099,154
TOTAL CONSUMER STAPLES			13,221,706
ENERGY - 13.4%
Energy Equipment & Services - 3.9%
Halliburton Co.	110,300		5,274,546
Schlumberger Ltd. (NY Shares)	23,700		1,799,778
			7,074,324
Oil, Gas & Consumable Fuels - 9.5%
Exxon Mobil Corp.	122,292		7,028,122
Total SA sponsored ADR	31,200		3,645,720
Ultra Petroleum Corp. (a)	29,900		907,764
Valero Energy Corp.	67,900		5,371,569
			16,953,175
TOTAL ENERGY			24,027,499
FINANCIALS - 17.9%
Capital Markets - 3.9%
Goldman Sachs Group, Inc.	44,700		4,560,294
Lehman Brothers Holdings, Inc.	25,500		2,531,640
			7,091,934
Commercial Banks - 3.6%
Wells Fargo & Co.	104,800		6,453,584
Consumer Finance - 2.3%
American Express Co.	76,100		4,050,803
Insurance - 4.8%
American International Group, Inc.	99,530		5,782,693
MetLife, Inc. unit	54,200		1,421,124
PartnerRe Ltd.	10,100		650,642
Platinum Underwriters Holdings Ltd.	21,400		680,948
			8,535,407
Real Estate - 2.1%
General Growth Properties, Inc.	44,500		1,828,505
Vornado Realty Trust	23,100		1,857,240
			3,685,745
Common Stocks - continued
	Shares		Value (Note 1)
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.2%
Golden West Financial Corp., Delaware	34,900		$ 2,246,862
TOTAL FINANCIALS			32,064,335
HEALTH CARE - 7.7%
Biotechnology - 1.3%
Genentech, Inc. (a)	27,800		2,231,784
Health Care Equipment & Supplies - 3.9%
Alcon, Inc.	25,000		2,733,750
Bausch & Lomb, Inc.	12,500		1,037,500
Fisher Scientific International, Inc. (a)	14,700		954,030
Medtronic, Inc.	34,600		1,791,934
Synthes, Inc.	4,939		542,205
			7,059,419
Health Care Providers & Services - 1.0%
UnitedHealth Group, Inc.	35,100		1,830,114
Pharmaceuticals - 1.5%
Roche Holding AG (participation certificate)	21,600		2,733,601
TOTAL HEALTH CARE			13,854,918
INDUSTRIALS - 7.0%
Aerospace & Defense - 4.3%
Honeywell International, Inc.	161,200		5,904,756
Lockheed Martin Corp.	28,500		1,848,795
			7,753,551
Airlines - 0.5%
Ryanair Holdings PLC sponsored ADR (a)	20,600		923,704
Industrial Conglomerates - 1.2%
3M Co.	29,800		2,154,540
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	36,600		1,723,128
TOTAL INDUSTRIALS			12,554,923
INFORMATION TECHNOLOGY - 17.4%
Communications Equipment - 1.9%
Comverse Technology, Inc. (a)	64,300		1,520,695
Juniper Networks, Inc. (a)	78,700		1,981,666
			3,502,361
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 1.5%
Dell, Inc. (a)	68,400		$ 2,702,484
Internet Software & Services - 7.3%
aQuantive, Inc. (a)	22,500		398,700
Google, Inc. Class A (sub. vtg.)	22,500		6,618,375
Yahoo!, Inc. (a)	177,300		6,143,445
			13,160,520
Semiconductors & Semiconductor Equipment - 3.6%
Broadcom Corp. Class A (a)	51,800		1,839,418
Intel Corp.	174,000		4,534,440
			6,373,858
Software - 3.1%
Microsoft Corp.	220,600		5,479,704
TOTAL INFORMATION TECHNOLOGY			31,218,927
MATERIALS - 1.2%
Chemicals - 1.2%
Monsanto Co.	32,600		2,049,562
TELECOMMUNICATION SERVICES - 6.4%
Wireless Telecommunication Services - 6.4%
American Tower Corp. Class A (a)	192,900		4,054,758
Crown Castle International Corp. (a)	129,000		2,621,280
Nextel Communications, Inc. Class A (a)	148,200		4,788,342
			11,464,380
UTILITIES - 1.9%
Electric Utilities - 1.1%
Exelon Corp.	38,900		1,996,737
Multi-Utilities - 0.8%
CMS Energy Corp. (a)	92,900		1,399,074
TOTAL UTILITIES			3,395,811
TOTAL COMMON STOCKS (Cost $164,811,298)		170,279,726
Convertible Preferred Stocks - 0.4%
	Shares		Value (Note 1)
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
El Paso Corp. 4.99% (c)	700		$ 748,818
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $751,918)		748,818
Money Market Funds - 5.3%

Fidelity Cash Central Fund, 3.21% (b) (Cost $9,568,851)	9,568,851		9,568,851
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $175,132,067)			180,597,395
NET OTHER ASSETS - (0.7)%			(1,253,592)
NET ASSETS - 100%		$ 179,343,803

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $748,818 or 0.4% of net assets.

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	89.8%
Switzerland	4.0%
France	2.1%
Panama	1.3%
Netherlands Antilles	1.0%
Others (individually less than 1%)	1.8%
	100.0%

Income Tax Information

At June 30, 2005, the fund had a capital loss carryforward of approximately $13,122,169 all of which will expire on June 30, 2011.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2005
Assets
Investment in securities, at value (cost $175,132,067) - See accompanying schedule		$ 180,597,395
Receivable for investments sold		15,995,318
Receivable for fund shares sold		92,477
Dividends receivable		145,314
Interest receivable		37,437
Prepaid expenses		429
Other receivables		43,933
Total assets		196,912,303

Liabilities
Payable for investments purchased	$ 17,014,568
Payable for fund shares redeemed	401,893
Accrued management fee	72,248
Other affiliated payables	51,255
Other payables and accrued expenses	28,536
Total liabilities		17,568,500

Net Assets		$ 179,343,803
Net Assets consist of:
Paid in capital		$ 186,712,425
Undistributed net investment income		670,976
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(13,503,224)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,463,626
Net Assets, for 19,330,944 shares outstanding		$ 179,343,803
Net Asset Value, offering price and redemption price per share ($179,343,803 ÷ 19,330,944 shares)		$ 9.28

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

Annual Report

Statement of Operations

	Year ended June 30, 2005
Investment Income
Dividends		$ 3,479,478
Special Dividends		721,200
Interest		330,119
Security lending		13,169
Total income		4,543,966

Expenses
Management fee	$ 922,548
Transfer agent fees	562,393
Accounting and security lending fees	73,833
Independent trustees' compensation	1,072
Custodian fees and expenses	5,245
Registration fees	25,117
Audit	39,564
Legal	495
Interest	1,414
Miscellaneous	1,810
Total expenses before reductions	1,633,491
Expense reductions	(50,517)	1,582,974
Net investment income (loss)		2,960,992
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	6,774,430
Foreign currency transactions	352
Total net realized gain (loss)		6,774,782
Change in net unrealized appreciation (depreciation) on: Investment securities	(6,143,551)
Assets and liabilities in foreign currencies	(1,702)
Total change in net unrealized appreciation (depreciation)		(6,145,253)
Net gain (loss)		629,529
Net increase (decrease) in net assets resulting from operations		$ 3,590,521

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended June 30, 2005	Year ended June 30, 2004
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,960,992	$ 1,590,155
Net realized gain (loss)	6,774,782	5,616,483
Change in net unrealized appreciation (depreciation)	(6,145,253)	13,174,610
Net increase (decrease) in net assets resulting from operations	3,590,521	20,381,248
Distributions to shareholders from net investment income	(2,495,521)	(1,483,590)
Share transactions Proceeds from sales of shares	26,436,162	96,697,405
Reinvestment of distributions	2,374,972	1,403,454
Cost of shares redeemed	(59,905,867)	(103,371,871)
Net increase (decrease) in net assets resulting from share transactions	(31,094,733)	(5,271,012)
Total increase (decrease) in net assets	(29,999,733)	13,626,646

Net Assets
Beginning of period	209,343,536	195,716,890
End of period (including undistributed net investment income of $670,976 and undistributed net investment income of $189,278, respectively)	$ 179,343,803	$ 209,343,536
Other Information Shares
Sold	2,823,258	10,785,017
Issued in reinvestment of distributions	250,552	153,412
Redeemed	(6,398,854)	(11,372,872)
Net increase (decrease)	(3,325,044)	(434,443)

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

Annual Report

Financial Highlights

Years ended June 30,	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 9.24	$ 8.48	$ 7.88	$ 9.63	$ 10.49
Income from Investment Operations
Net investment income (loss) ^B	.14 ^C	.06	.07	.08	.11
Net realized and unrealized gain (loss)	.02	.76	.60	(1.75)	(.86)
Total from investment operations	.16	.82	.67	(1.67)	(.75)
Distributions from net investment income	(.12)	(.06)	(.07)	(.08)	(.11)
Net asset value, end of period	$ 9.28	$ 9.24	$ 8.48	$ 7.88	$ 9.63
Total Return ^A	1.71%	9.68%	8.60%	(17.42)%	(7.19)%
Ratios to Average Net Assets ^D
Expenses before expense reductions	.84%	.86%	.94%	.90%	.88%
Expenses net of voluntary waivers, if any	.84%	.86%	.94%	.90%	.88%
Expenses net of all reductions	.81%	.85%	.93%	.89%	.86%
Net investment income (loss)	1.52% ^C	.72%	.90%	.94%	1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$ 179,344	$ 209,344	$ 195,717	$ 132,542	$ 158,467
Portfolio turnover rate	79%	26%	51%	54%	79%

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

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

^C Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.15%.

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2005

1. Significant Accounting Policies.

Fidelity Growth & Income II Portfolio (the fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Annual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - contined

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

Unrealized appreciation	$ 10,741,774
Unrealized depreciation	(5,659,200)
Net unrealized appreciation (depreciation)	5,082,574
Undistributed ordinary income	670,976
Capital loss carryforward	(13,122,169)

Cost for federal income tax purposes	$ 175,514,821

The tax character of distributions paid was as follows:

	June 30, 2005	June 30, 2004
Ordinary Income	$ 2,495,521	$ 1,483,590

2. Operating Policies.

Annual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $142,933,081 and $175,353,463, respectively.

4. Fees and Other Transactions with Affiliates.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding.

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program - continued

The fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Earned (included in interest income)	Interest Expense
Borrower	$ 5,309,000	3.20%	$ -	$ 1,414

5. Committed Line of Credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in the Fidelity Securities Lending Cash Central Fund. At period end there were no security loans outstanding.

7. Expense Reductions.

Annual Report

8. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Growth & Income II Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Growth & Income II Portfolio (a fund of Fidelity Hastings Street Trust) at June 30, 2005 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Growth & Income II Portfolio's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 9, 2005

Annual Report

Trustees and Officers

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (75)**
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc.
Abigail P. Johnson (43)**
	Year of Election or Appointment: 2001 Senior Vice President of Growth & Income II (2001-present). Ms. Johnson also serves as Senior Vice President of other Fidelity funds (2001-present). She is President and a Director of FMR (2001-present), Fidelity Investments Money Management, Inc. (2001-present), FMR Co., Inc. (2001-present), and a Director of FMR Corp. Previously, Ms. Johnson managed a number of Fidelity funds.
Stephen P. Jonas (52)
	Year of Election or Appointment: 2005 Mr. Jonas is Executive Director of FMR (2005-present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004-2005), Chief Administrative Officer (2002-2004), and Chief Financial Officer of FMR Co. (1998-2000). In addition, he serves on the Boards of Boston Ballet (2003-present) and Simmons College (2003-present).
Robert L. Reynolds (53)
	Year of Election or Appointment: 2003 Mr. Reynolds is a Director (2003-present) and Chief Operating Officer (2002-present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000-present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996-2000).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

** Edward C. Johnson 3d, Trustee, is Abigail P. Johnson's father.

Annual Report

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (57)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).
Robert M. Gates (61)
	Year of Election or Appointment: 1997 Dr. Gates is Vice Chairman of the Independent Trustees (2005-present). Dr. Gates is President of Texas A&M University (2002-present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001-present), and Brinker International (restaurant management, 2003-present). He also serves as a member of the Advisory Board of VoteHere.net (secure internet voting, 2001-present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999-2001). Dr. Gates also is a Trustee of the Forum for International Policy.
George H. Heilmeier (69)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), Teletech Holdings (customer management services), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Technology Advisory Committee and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE) (2000-present). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), and INET Technologies Inc. (telecommunications network surveillance, 2001-2004).
Marie L. Knowles (58)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61)
	Year of Election or Appointment: 2000 Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. He was most recently Senior Vice President and Group Executive of Worldwide Sales and Services. From 1993 to 1995, he was Chairman of IBM World Trade Corporation, and from 1994 to 1998 was a member of IBM's Corporate Executive Committee. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Council on Foreign Relations.
Marvin L. Mann (72)
	Year of Election or Appointment: 1993 Mr. Mann is Chairman of the Independent Trustees (2001-present). He is Chairman Emeritus of Lexmark International, Inc. (computer peripherals), where he served as CEO until April 1998, retired as Chairman May 1999, and remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation (IBM) and President and General Manager of various IBM divisions and subsidiaries. He is a member of the Executive Committee of the Independent Director's Council of the Investment Company Institute. In addition, Mr. Mann is a member of the President's Cabinet at the University of Alabama and the Board of Visitors of the Culverhouse College of Commerce and Business Administration at the University of Alabama.
William O. McCoy (71)
	Year of Election or Appointment: 1997 Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Liberty Corporation (holding company), Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves on the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan-Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16-school system).
Cornelia M. Small (60)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1998). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman of the Board (2000-present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2000-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, and Maersk Inc. (industrial conglomerate, 2002-present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66)
	Year of Election or Appointment: 2005 Mr. Wolfe also serves as a Trustee (2005-present) or Member of the Advisory Board (2004-present) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Annual Report

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation
Albert R. Gamper, Jr. (63)
	Year of Election or Appointment: 2005 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System (1996-present).
Peter S. Lynch (61)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director (2000-present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Victor Y. Thay (31)
	Year of Election or Appointment: 2005 Vice President of Growth & Income II. Mr. Thay also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Thay managed a variety of Fidelity funds. Mr. Thay also serves as Vice President of FMR (2003) and FMR Co., Inc. (2003).
Eric D. Roiter (56)
	Year of Election or Appointment: 1998 Secretary of Growth & Income II. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Management & Research (Far East) Inc. (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Stuart Fross (45)
	Year of Election or Appointment: 2003 Assistant Secretary of Growth & Income II. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003-present), Vice President and Secretary of FDC (2005-present), and is an employee of FMR.
Christine Reynolds (46)
	Year of Election or Appointment: 2004 President, Treasurer, and Anti-Money Laundering (AML) officer of Growth & Income II. Ms. Reynolds also serves as President, Treasurer, and AML officer of other Fidelity funds (2004) and is a Vice President (2003) and an employee (2002) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was most recently an audit partner with PwC's investment management practice.
Timothy F. Hayes (54)
	Year of Election or Appointment: 2002 Chief Financial Officer of Growth & Income II. Mr. Hayes also serves as Chief Financial Officer of other Fidelity funds (2002-present) and President of Fidelity Investment Operations (2005-present) which includes Fidelity Pricing and Cash Management Services Group (FPCMS), where he served as President (1998-2005). Mr. Hayes serves as President of Fidelity Service Company (2003-present) where he also serves as a Director. Mr. Hayes also served as President of Fidelity Investments Operations Group (FIOG, 2002-2005).
Kenneth A. Rathgeber (58)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Growth & Income II. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004) and Executive Vice President of Risk Oversight for Fidelity Investments (2002). Previously, he served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
John R. Hebble (47)
	Year of Election or Appointment: 2003 Deputy Treasurer of Growth & Income II. Mr. Hebble also serves as Deputy Treasurer of other Fidelity funds (2003), and is an employee of FMR. Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds (1998-2003).
Bryan A. Mehrmann (44)
	Year of Election or Appointment: 2005 Deputy Treasurer of Growth & Income II. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kimberley H. Monasterio (41)
	Year of Election or Appointment: 2004 Deputy Treasurer of Growth & Income II. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Kenneth B. Robins (35)
	Year of Election or Appointment: 2005 Deputy Treasurer of Growth & Income II. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
John H. Costello (58)
	Year of Election or Appointment: 1998 Assistant Treasurer of Growth & Income II. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Peter L. Lydecker (51)
	Year of Election or Appointment: 2004 Assistant Treasurer of Growth & Income II. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Mark Osterheld (50)
	Year of Election or Appointment: 2002 Assistant Treasurer of Growth & Income II. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Annual Report

Distributions

A total of .39% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2006 of amounts for use in preparing 2005 income tax returns.

Annual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Annual Report

To Write Fidelity

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

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

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

Selling shares

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

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

General Correspondence

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

(letter_graphic)

For Retirement
Accounts

Buying shares

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

Selling shares

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

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

General Correspondence

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

Annual Report

To Visit Fidelity

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

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

3501 PGA Boulevard
West Palm Beach, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

Annual Report

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

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

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

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

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

GII-UANN-0805
1.787733.102

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

Item 2. Code of Ethics

As of the end of the period, June 30, 2005, Fidelity Hastings Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees.

For the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for the Fidelity Discovery Fund, Fidelity Fifty, Fidelity Fund and Fidelity Growth & Income II Portfolio (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.

Fund	2005^A	2004^A
Fidelity Discovery Fund	$34,000	$37,000
Fidelity Fifty	$35,000	$31,000
Fidelity Fund	$82,000	$69,000
Fidelity Growth & Income II Portfolio	$33,000	$36,000
All funds in the Fidelity Group of Funds audited by PwC	$11,300,000	$10,600,000

^A	Aggregate amounts may reflect rounding.

(b) Audit-Related Fees.

In each of the fiscal years ended June 30, 2005 and June 30, 2004 the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Fund	2005^A	2004^A
Fidelity Discovery Fund	$0	$0
Fidelity Fifty	$0	$0
Fidelity Fund	$0	$0
Fidelity Growth & Income II Portfolio	$0	$0

^A	Aggregate amounts may reflect rounding.

In each of the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services rendered on behalf of Fidelity Management & Research Company (FMR) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the funds ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Billed By	2005^A	2004^A
PwC	$0	$50,000

^A	Aggregate amounts may reflect rounding.

Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

In each of the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.

Fund	2005^A	2004^A
Fidelity Discovery Fund	$2,500	$2,300
Fidelity Fifty	$2,500	$2,300
Fidelity Fund	$3,400	$3,100
Fidelity Growth & Income II Portfolio	$2,500	$2,300

^A	Aggregate amounts may reflect rounding.

In each of the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2005^A	2004^A
PwC	$0	$0

^A	Aggregate amounts may reflect rounding.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees.

In each of the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.

Fund	2005^A	2004^A
Fidelity Discovery Fund	$1,800	$1,700
Fidelity Fifty	$2,100	$2,000
Fidelity Fund	$10,600	$9,700
Fidelity Growth & Income II Portfolio	$1,500	$1,400

^A	Aggregate amounts may reflect rounding.

In each of the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2005^A	2004^A
PwC	$280,000	$330,000

^A	Aggregate amounts may reflect rounding.

Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.

(e) (1)

Audit Committee Pre-Approval Policies and Procedures:

The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.

All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.

(e) (2)

Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2005 and June 30, 2004 on behalf of each fund.

There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2005 and June 30, 2004 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2005 and June 30, 2004 on behalf of each fund.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2005 and June 30, 2004 on behalf of each fund.

(f) According to PwC for the fiscal year ended June 30, 2005, the percentage of hours spent on the audit of each fund's financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of PwC is as follows:

Fund	2005
Fidelity Discovery Fund	0%
Fidelity Fifty	0%
Fidelity Fund	0%
Fidelity Growth & Income II Portfolio	0%

(g) For the fiscal years ended June 30, 2005 and June 30, 2004, the aggregate fees billed by PwC of $3,800,000^A and $1,800,000^A,Bfor non-audit services rendered on behalf of the funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.

	2005^A	2004^A
Covered Services	$300,000	$400,000
Non-Covered Services	$3,500,000	$1,400,000

^A	Aggregate amounts may reflect rounding.

(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the funds, taking into account representations from PwC, in accordance with Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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 Hastings Street Trust

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	August 19, 2005

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	August 19, 2005

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	August 19, 2005

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2005

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Managing Your Investments

To Write Fidelity

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2005

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Managing Your Investments

To Visit Fidelity

To Write Fidelity

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2005

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Managing Your Investments

To Write Fidelity

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2005

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Managing Your Investments

To Write Fidelity

To Visit Fidelity