N-CSRS 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:	December 31, 2003

Item 1. Reports to Stockholders

Fidelity®

Discovery Fund

(formerly Fidelity® Contrafund® II)

Semiannual Report

December 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
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.

For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securites and Exchange Commission (SEC)'s web site at www.sec.gov.

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.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

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.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We 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. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments 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. Many of them were family and friends. 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

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Johnson & Johnson	6.8	2.5
SBC Communications, Inc.	5.9	0.7
Merck & Co., Inc.	5.7	5.5
Verizon Communications, Inc.	4.7	3.0
Microsoft Corp.	4.5	5.8
Lockheed Martin Corp.	4.1	1.6
Northrop Grumman Corp.	3.4	1.7
SLM Corp.	3.2	0.0
Procter & Gamble Co.	3.1	1.7
Berkshire Hathaway, Inc.	2.3	1.7
	43.7
Top Five Market Sectors as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Health Care	20.5	20.8
Industrials	16.3	18.7
Telecommunication Services	13.0	3.7
Information Technology	9.3	11.5
Energy	9.3	8.5

Asset Allocation (% of fund's net assets)
As of December 31, 2003 *			As of June 30, 2003 **
	Stocks 90.7%			Stocks 84.8%
	Convertible Securities 0.7%			Convertible Securities 0.3%
	Short-Term Investments and Net Other Assets 8.6%			Short-Term Investments and Net Other Assets 14.9%
* Foreign investments		9.5%	** Foreign investments		4.1%

Semiannual Report

Investments December 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.7%
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - 7.2%
Auto Components - 0.0%
Gentex Corp.	400		$ 18
Automobiles - 0.8%
Monaco Coach Corp. (a)	102,350		2,436
Winnebago Industries, Inc.	41,000		2,819
			5,255
Hotels, Restaurants & Leisure - 0.6%
McDonald's Corp.	65,700		1,631
Shuffle Master, Inc. (a)	58,377		2,021
			3,652
Household Durables - 0.2%
Garmin Ltd.	25,231		1,375
Internet & Catalog Retail - 0.0%
Amazon.com, Inc. (a)	300		16
Media - 5.5%
British Sky Broadcasting Group PLC (BSkyB) (a)	719,300		9,029
Hughes Electronics Corp. (a)	103,132		1,707
Liberty Media Corp. Class A (a)	360,900		4,291
News Corp. Ltd.:
ADR	23,600		852
sponsored ADR	11,499		348
Pixar (a)	116,456		8,069
Time Warner, Inc. (a)	116,400		2,094
Viacom, Inc. Class B (non-vtg.)	189,000		8,388
Walt Disney Co.	48,600		1,134
XM Satellite Radio Holdings, Inc. Class A (a)	500		13
			35,925
Specialty Retail - 0.1%
Monro Muffler Brake, Inc. (a)	31,950		639
Staples, Inc. (a)	1,900		52
			691
Textiles Apparel & Luxury Goods - 0.0%
NIKE, Inc. Class B	1,300		89
TOTAL CONSUMER DISCRETIONARY			47,021
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER STAPLES - 6.3%
Beverages - 2.1%
Anheuser-Busch Companies, Inc.	20,700		$ 1,090
The Coca-Cola Co.	249,500		12,662
			13,752
Food Products - 0.3%
Smithfield Foods, Inc. (a)	85,400		1,768
Household Products - 3.2%
Colgate-Palmolive Co.	6,800		340
Procter & Gamble Co.	204,400		20,415
			20,755
Personal Products - 0.2%
Avon Products, Inc.	19,200		1,296
Tobacco - 0.5%
UST, Inc.	96,200		3,433
TOTAL CONSUMER STAPLES			41,004
ENERGY - 9.0%
Energy Equipment & Services - 3.7%
BJ Services Co. (a)	101,998		3,662
ENSCO International, Inc.	84,560		2,297
Pride International, Inc. (a)	269,110		5,016
Rowan Companies, Inc. (a)	254,362		5,894
Schlumberger Ltd. (NY Shares)	101,200		5,538
Transocean, Inc. (a)	62,200		1,493
			23,900
Oil & Gas - 5.3%
Apache Corp.	132,365		10,735
BP PLC sponsored ADR	65,900		3,252
Burlington Resources, Inc.	67,800		3,755
Chesapeake Energy Corp.	25,400		345
Lukoil Oil Co. sponsored ADR	37,900		3,528
Murphy Oil Corp.	51,500		3,363
Stelmar Shipping Ltd.	44,400		971
Teekay Shipping Corp.	57,500		3,279
YUKOS Corp. sponsored ADR	120,947		5,080
			34,308
TOTAL ENERGY			58,208
Common Stocks - continued
	Shares		Value (Note 1) (000s)
FINANCIALS - 7.0%
Capital Markets - 0.1%
Goldman Sachs Group, Inc.	600		$ 59
Morgan Stanley	5,450		315
			374
Commercial Banks - 0.2%
Bank of America Corp.	8,900		716
State Bank of India	49,200		581
			1,297
Consumer Finance - 3.2%
SLM Corp.	555,200		20,920
Diversified Financial Services - 0.0%
Citigroup, Inc.	1,300		63
Insurance - 2.3%
American International Group, Inc.	200		13
Berkshire Hathaway, Inc.:
Class A (a)	89		7,498
Class B (a)	2,696		7,589
			15,100
Real Estate - 0.5%
Spirit Finance Corp. (c)	310,300		3,103
Thrifts & Mortgage Finance - 0.7%
Sovereign Bancorp, Inc.	196,900		4,676
TOTAL FINANCIALS			45,533
HEALTH CARE - 20.5%
Biotechnology - 0.7%
MedImmune, Inc. (a)	154,400		3,922
Millennium Pharmaceuticals, Inc. (a)	27,400		512
			4,434
Health Care Equipment & Supplies - 1.0%
Biomet, Inc.	183,850		6,694
Health Care Providers & Services - 0.4%
Lincare Holdings, Inc. (a)	10,200		306
PacifiCare Health Systems, Inc. (a)	21,700		1,467
UnitedHealth Group, Inc.	9,000		524
			2,297
Common Stocks - continued
	Shares		Value (Note 1) (000s)
HEALTH CARE - continued
Pharmaceuticals - 18.4%
Abbott Laboratories	92,900		$ 4,329
Barr Laboratories, Inc. (a)	145,050		11,162
Cipla Ltd.	136,506		3,941
Johnson & Johnson	864,515		44,665
Merck & Co., Inc.	803,800		37,136
Novartis AG sponsored ADR	73,500		3,373
Pfizer, Inc.	204,800		7,236
Pharmaceutical Resources, Inc. (a)	76,400		4,977
Ranbaxy Laboratories Ltd.	128,273		3,088
			119,907
TOTAL HEALTH CARE			133,332
INDUSTRIALS - 16.3%
Aerospace & Defense - 8.8%
Honeywell International, Inc.	249,600		8,344
Lockheed Martin Corp.	525,300		27,000
Northrop Grumman Corp.	231,100		22,093
			57,437
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	8,400		626
Construction & Engineering - 0.1%
Granite Construction, Inc.	17,400		409
Industrial Conglomerates - 2.5%
3M Co.	11,600		986
General Electric Co.	143,980		4,461
Tyco International Ltd.	419,100		11,106
			16,553
Machinery - 4.7%
AGCO Corp. (a)	104,700		2,109
Caterpillar, Inc.	96,210		7,987
Ingersoll-Rand Co. Ltd. Class A	118,000		8,010
ITT Industries, Inc.	167,800		12,452
Manitowoc Co., Inc.	4,900		153
			30,711
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INDUSTRIALS - continued
Road & Rail - 0.1%
Union Pacific Corp.	6,300		$ 438
TOTAL INDUSTRIALS			106,174
INFORMATION TECHNOLOGY - 8.9%
Communications Equipment - 2.0%
Alcatel SA sponsored ADR (a)	241,200		3,099
CIENA Corp. (a)	953,000		6,328
Cisco Systems, Inc. (a)	12,600		306
Comverse Technology, Inc. (a)	3,400		60
JDS Uniphase Corp. (a)	850,500		3,104
			12,897
Computers & Peripherals - 0.4%
Dell, Inc. (a)	600		20
Diebold, Inc.	51,500		2,774
EMC Corp. (a)	500		6
Seagate Technology	22		0
			2,800
Internet Software & Services - 0.4%
DoubleClick, Inc. (a)	168,700		1,724
Yahoo!, Inc. (a)	21,200		958
			2,682
IT Services - 1.0%
Computer Sciences Corp. (a)	55,393		2,450
Infosys Technologies Ltd.	33,458		4,080
			6,530
Semiconductors & Semiconductor Equipment - 0.1%
Agere Systems, Inc. Class B (a)	3,500		10
Samsung Electronics Co. Ltd.	10		4
Teradyne, Inc. (a)	18,000		458
United Microelectronics Corp. sponsored ADR (a)	1,768		9
Xilinx, Inc. (a)	200		8
			489
Software - 5.0%
Autodesk, Inc.	38,081		936
BEA Systems, Inc. (a)	4,600		57
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
I-Flex Solutions Ltd.	130,351		$ 2,415
Microsoft Corp.	1,060,060		29,194
			32,602
TOTAL INFORMATION TECHNOLOGY			58,000
MATERIALS - 2.5%
Chemicals - 0.0%
Dow Chemical Co.	300		12
Nitto Denko Corp.	500		27
			39
Metals & Mining - 2.5%
Apex Silver Mines Ltd. (a)	110,200		2,303
Arch Coal, Inc.	2,700		84
Newmont Mining Corp.	123,800		6,018
Nucor Corp.	700		39
Peabody Energy Corp.	2,500		104
Phelps Dodge Corp. (a)	100,500		7,647
			16,195
TOTAL MATERIALS			16,234
TELECOMMUNICATION SERVICES - 13.0%
Diversified Telecommunication Services - 12.1%
BellSouth Corp.	248,600		7,035
Citizens Communications Co. (a)	203,000		2,521
SBC Communications, Inc.	1,475,500		38,466
Verizon Communications, Inc.	883,030		30,977
			78,999
Wireless Telecommunication Services - 0.9%
Vodafone Group PLC sponsored ADR	224,600		5,624
TOTAL TELECOMMUNICATION SERVICES			84,623
TOTAL COMMON STOCKS (Cost $562,608)		590,129
Preferred Stocks - 0.3%
	Shares		Value (Note 1) (000s)
Convertible Preferred Stocks - 0.3%
ENERGY - 0.3%
Oil & Gas - 0.3%
Chesapeake Energy Corp. 6.00% (c)	29,000		$ 2,077
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (d)	6,900		0
TOTAL CONVERTIBLE PREFERRED STOCKS		2,077
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Geneprot, Inc. Series A (d)	64,000		224
TOTAL PREFERRED STOCKS (Cost $2,170)		2,301

Convertible Bonds - 0.4%
	Principal Amount (000s)
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.4%
CIENA Corp. 3.75% 2/1/08	$ 2,960		2,701
TOTAL CONVERTIBLE BONDS (Cost $2,638)		2,701

Money Market Funds - 8.5%
	Shares
Fidelity Cash Central Fund, 1.07% (b) (Cost $55,353)	55,353,320		55,353
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $622,769)			650,484
NET OTHER ASSETS - 0.1%			534
NET ASSETS - 100%		$ 651,018

Legend

(a) Non-income producing

(b) 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 fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $5,180,000 or 0.8% of net assets.

(d) 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 $224,000 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

Purchases and sales of securities, other than short-term securities, aggregated $907,337,000 and $962,176,000, respectively.

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 $35,000 for the period.

Income Tax Information

At June 30, 2003, the fund had a capital loss carryforward of approximately $330,128,000 of which $240,037,000 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.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	December 31, 2003 (Unaudited)

Assets
Investment in securities, at value (cost $622,769) - See accompanying schedule		$ 650,484
Foreign currency held at value (cost $2,484)		2,478
Receivable for investments sold		8,897
Receivable for fund shares sold		313
Dividends receivable		843
Interest receivable		91
Prepaid expenses		4
Other receivables		129
Total assets		663,239

Liabilities
Payable for investments purchased	$ 5,650
Payable for fund shares redeemed	5,579
Accrued management fee	350
Other affiliated payables	166
Other payables and accrued expenses	476
Total liabilities		12,221

Net Assets		$ 651,018
Net Assets consist of:
Paid in capital		$ 905,750
Undistributed net investment income		342
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(282,366)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		27,292
Net Assets, for 62,950 shares outstanding		$ 651,018
Net Asset Value, offering price and redemption price per share ($651,018 ÷ 62,950 shares)		$ 10.34

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended December 31, 2003 (Unaudited)

Investment Income
Dividends		$ 4,734
Interest		434
Security lending		5
Total income		5,173

Expenses
Management fee Basic fee	$ 1,902
Performance adjustment	(12)
Transfer agent fees	906
Accounting and security lending fees	104
Non-interested trustees' compensation	1
Custodian fees and expenses	73
Registration fees	12
Audit	26
Legal	4
Miscellaneous	3
Total expenses before reductions	3,019
Expense reductions	(244)	2,775
Net investment income (loss)		2,398
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities (Net of foreign taxes of $788)	57,945
Foreign currency transactions	(10)
Total net realized gain (loss)		57,935
Change in net unrealized appreciation (depreciation) on: Investment securities (Net of deferred foreign taxes of $424)	4,715
Assets and liabilities in foreign currencies	(2)
Total change in net unrealized appreciation (depreciation)		4,713
Net gain (loss)		62,648
Net increase (decrease) in net assets resulting from operations		$ 65,046

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended December 31, 2003 (Unaudited)	Year ended June 30, 2003
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,398	$ 2,906
Net realized gain (loss)	57,935	(58,015)
Change in net unrealized appreciation (depreciation)	4,713	52,624
Net increase (decrease) in net assets resulting from operations	65,046	(2,485)
Distributions to shareholders from net investment income	(3,347)	(2,374)
Share transactions Net proceeds from sales of shares	38,176	108,856
Reinvestment of distributions	3,261	2,315
Cost of shares redeemed	(142,372)	(221,879)
Net increase (decrease) in net assets resulting from share transactions	(100,935)	(110,708)
Total increase (decrease) in net assets	(39,236)	(115,567)

Net Assets
Beginning of period	690,254	805,821
End of period (including undistributed net investment income of $342 and undistributed net investment income of $1,291, respectively)	$ 651,018	$ 690,254
Other Information Shares
Sold	3,921	12,558
Issued in reinvestment of distributions	334	272
Redeemed	(14,704)	(25,819)
Net increase (decrease)	(10,449)	(12,989)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2003	Years ended June 30,
	(Unaudited)	2003	2002	2001	2000	1999
Selected Per-Share Data
Net asset value, beginning of period	$ 9.40	$ 9.33	$ 11.36	$ 15.84	$ 12.60	$ 10.35
Income from Investment Operations
Net investment income (loss)^D	.04	.04	.03	.02	(.01)	-^G
Net realized and unrealized gain (loss)	.95	.06^E	(2.02)	(2.05)	3.97	2.25
Total from investment operations	.99	.10	(1.99)	(2.03)	3.96	2.25
Distributions from net investment income	(.05)	(.03)	(.04)	-	-	-
Distributions from net realized gain	-	-	-	(1.93)	(.72)	-
Distributions in excess of net realized gain	-	-	-	(.52)	-	-
Total distributions	(.05)	(.03)	(.04)	(2.45)	(.72)	-
Net asset value, end of period	$ 10.34	$ 9.40	$ 9.33	$ 11.36	$ 15.84	$ 12.60
Total Return^{B, C}	10.56%	1.11%	(17.56)%	(14.70)%	33.87%	21.74%
Ratios to Average Net Assets^F
Expenses before expense reductions	.92%^A	1.17%	1.11%	.95%	.91%	.93%
Expenses net of voluntary waivers, if any	.92%^A	1.17%	1.11%	.95%	.91%	.93%
Expenses net of all reductions	.84%^A	.97%	.99%	.91%	.86%	.86%
Net investment income (loss)	.73%^A	.43%	.32%	.19%	(.08)%	(.01)%
Supplemental Data
Net assets, end of period (in millions)	$ 651	$ 690	$ 806	$ 1,344	$ 1,577	$ 901
Portfolio turnover rate	308%^A	367%	259%	168%	291%	293%

^A Annualized

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

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

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

^E The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

^F 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.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Discovery Fund (the fund) (formerly Fidelity Contrafund II) 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 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 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 an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

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

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. 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. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities, which is accrued using the interest method. 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 the funds 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 each 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 and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation	$ 41,318
Unrealized depreciation	(17,631)
Net unrealized appreciation (depreciation)	$ 23,687
Cost for federal income tax purposes	$ 626,797

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. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

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.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 annualized management fee rate, including the performance adjustment, was .57% 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 all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .28% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

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 Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $406 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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 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.

Semiannual Report

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 cash equivalents. At period end there were no security loans outstanding.

7. Expense Reductions.

Semiannual 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.

Semiannual 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

Semiannual 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 Shareholder
Servicing Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

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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-USAN-0204
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(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity®

Fund

Semiannual Report

December 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
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.

For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

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.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp.	4.0	4.0
Pfizer, Inc.	3.6	3.5
Citigroup, Inc.	3.5	3.9
General Electric Co.	3.1	3.2
American International Group, Inc.	2.8	2.7
Viacom, Inc. Class B (non-vtg.)	2.6	2.6
Morgan Stanley	2.2	1.8
Exxon Mobil Corp.	2.1	2.5
3M Co.	2.0	1.2
Merrill Lynch & Co., Inc.	2.0	1.7
	27.9
Top Five Market Sectors as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.2	20.3
Industrials	17.9	12.5
Information Technology	13.7	12.5
Health Care	13.3	17.4
Consumer Discretionary	11.4	11.7

Asset Allocation (% of fund's net assets)
As of December 31, 2003 *			As of June 30, 2003 **
	Stocks 99.9%			Stocks 97.8%
	Short-Term Investments and Net Other Assets 0.1%			Short-Term Investments and Net Other Assets 2.2%
* Foreign investments		5.6%	** Foreign investments		2.2%

Semiannual Report

Investments December 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - 11.4%
Automobiles - 0.2%
Harley-Davidson, Inc.	493,100		$ 23,437
Household Durables - 0.7%
Fortune Brands, Inc.	446,000		31,885
Mohawk Industries, Inc. (a)	357,103		25,190
Whirlpool Corp.	231,400		16,811
			73,886
Media - 8.2%
Clear Channel Communications, Inc.	2,330,400		109,133
Comcast Corp.:
Class A (a)	513,423		16,876
Class A (special) (a)	1,684,500		52,691
Dow Jones & Co., Inc.	579,500		28,888
Fox Entertainment Group, Inc. Class A (a)	960,600		28,001
Liberty Media Corp. Class A (a)	4,811,600		57,210
McGraw-Hill Companies, Inc.	782,600		54,719
News Corp. Ltd. ADR	1,247,800		45,046
Time Warner, Inc. (a)	5,820,260		104,706
Viacom, Inc. Class B (non-vtg.)	6,027,713		267,510
Walt Disney Co.	3,301,400		77,022
			841,802
Specialty Retail - 2.2%
Borders Group, Inc.	760,100		16,661
Gap, Inc.	1,686,900		39,153
Home Depot, Inc.	2,226,500		79,018
Lowe's Companies, Inc.	505,700		28,011
Staples, Inc. (a)	2,373,100		64,786
			227,629
Textiles Apparel & Luxury Goods - 0.1%
Polo Ralph Lauren Corp. Class A	453,400		13,058
TOTAL CONSUMER DISCRETIONARY			1,179,812
CONSUMER STAPLES - 8.0%
Beverages - 2.3%
Anheuser-Busch Companies, Inc.	711,200		37,466
PepsiCo, Inc.	1,445,890		67,407
The Coca-Cola Co.	2,713,300		137,700
			242,573
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - 2.0%
Sysco Corp.	1,051,700		$ 39,155
Wal-Mart Stores, Inc.	3,064,320		162,562
			201,717
Food Products - 0.1%
Smithfield Foods, Inc. (a)	446,600		9,245
Household Products - 1.4%
Colgate-Palmolive Co.	659,400		33,003
Procter & Gamble Co.	1,130,800		112,944
			145,947
Personal Products - 1.4%
Gillette Co.	3,980,520		146,204
Tobacco - 0.8%
Altria Group, Inc.	1,607,400		87,475
TOTAL CONSUMER STAPLES			833,161
ENERGY - 6.0%
Energy Equipment & Services - 2.8%
Baker Hughes, Inc.	2,054,700		66,079
BJ Services Co. (a)	1,503,800		53,986
Nabors Industries Ltd. (a)	1,465,300		60,810
Noble Corp. (a)	904,687		32,370
Schlumberger Ltd. (NY Shares)	1,395,300		76,351
			289,596
Oil & Gas - 3.2%
ConocoPhillips	742,346		48,676
Exxon Mobil Corp.	5,179,600		212,364
Occidental Petroleum Corp.	948,100		40,048
Valero Energy Corp.	558,700		25,890
			326,978
TOTAL ENERGY			616,574
FINANCIALS - 19.2%
Capital Markets - 6.2%
Bear Stearns Companies, Inc.	545,800		43,637
Goldman Sachs Group, Inc.	1,352,300		133,513
Lehman Brothers Holdings, Inc.	381,300		29,444
Common Stocks - continued
	Shares		Value (Note 1) (000s)
FINANCIALS - continued
Capital Markets - continued
Merrill Lynch & Co., Inc.	3,463,000		$ 203,105
Morgan Stanley	4,028,500		233,129
			642,828
Commercial Banks - 3.6%
Bank of America Corp.	1,850,800		148,860
Bank of Hawaii Corp.	1,056,200		44,572
Wells Fargo & Co.	2,995,700		176,417
			369,849
Consumer Finance - 2.0%
American Express Co.	3,445,492		166,176
SLM Corp.	1,066,550		40,188
			206,364
Diversified Financial Services - 3.5%
Citigroup, Inc.	7,432,132		360,756
Insurance - 3.9%
AFLAC, Inc.	1,632,900		59,078
Allstate Corp.	1,094,100		47,068
American International Group, Inc.	4,441,400		294,376
			400,522
TOTAL FINANCIALS			1,980,319
HEALTH CARE - 13.3%
Health Care Equipment & Supplies - 4.4%
Becton, Dickinson & Co.	1,394,200		57,357
Biomet, Inc.	1,366,900		49,769
Boston Scientific Corp. (a)	1,319,800		48,516
C.R. Bard, Inc.	394,800		32,078
Medtronic, Inc.	1,672,300		81,291
Respironics, Inc. (a)	736,100		33,191
St. Jude Medical, Inc. (a)	1,672,400		102,602
Zimmer Holdings, Inc. (a)	601,032		42,313
			447,117
Pharmaceuticals - 8.9%
Abbott Laboratories	1,643,100		76,568
Allergan, Inc.	301,800		23,181
Common Stocks - continued
	Shares		Value (Note 1) (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
AstraZeneca PLC sponsored ADR	1,148,100		$ 55,545
Eli Lilly & Co.	353,200		24,841
Forest Laboratories, Inc. (a)	385,300		23,812
Johnson & Johnson	3,158,600		163,173
Merck & Co., Inc.	723,500		33,426
Novartis AG sponsored ADR	1,215,800		55,793
Pfizer, Inc.	10,356,820		365,906
Schering-Plough Corp.	993,900		17,284
Wyeth	1,915,340		81,306
			920,835
TOTAL HEALTH CARE			1,367,952
INDUSTRIALS - 17.9%
Aerospace & Defense - 3.7%
Boeing Co.	2,531,900		106,694
Bombardier, Inc. Class B (sub. vtg.)	5,536,400		23,346
EADS NV	3,216,400		76,265
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	1,427,400		50,002
Honeywell International, Inc.	3,158,400		105,585
Lockheed Martin Corp.	401,830		20,654
			382,546
Air Freight & Logistics - 0.9%
CNF, Inc.	690,000		23,391
United Parcel Service, Inc. Class B	904,200		67,408
			90,799
Building Products - 0.7%
American Standard Companies, Inc. (a)	398,100		40,089
Masco Corp.	1,179,200		32,322
			72,411
Commercial Services & Supplies - 0.1%
Aramark Corp. Class B	389,100		10,669
Industrial Conglomerates - 6.2%
3M Co.	2,430,800		206,691
General Electric Co.	10,309,726		319,395
Tyco International Ltd.	4,477,700		118,659
			644,745
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INDUSTRIALS - continued
Machinery - 5.3%
Caterpillar, Inc.	1,049,400		$ 87,121
Cummins, Inc.	398,200		19,488
Danaher Corp.	609,500		55,922
Eaton Corp.	691,370		74,654
Illinois Tool Works, Inc.	960,000		80,554
Ingersoll-Rand Co. Ltd. Class A	1,368,220		92,875
ITT Industries, Inc.	717,800		53,268
Navistar International Corp. (a)	835,100		39,993
Parker Hannifin Corp.	711,600		42,340
			546,215
Road & Rail - 1.0%
Canadian National Railway Co.	483,300		30,551
Union Pacific Corp.	968,770		67,310
			97,861
TOTAL INDUSTRIALS			1,845,246
INFORMATION TECHNOLOGY - 13.7%
Communications Equipment - 2.7%
Cisco Systems, Inc. (a)	7,156,300		173,827
Motorola, Inc.	4,288,300		60,336
Nortel Networks Corp. (a)	5,551,400		23,482
Telefonaktiebolaget LM Ericsson ADR (a)	1,222,800		21,644
			279,289
Computers & Peripherals - 2.7%
Dell, Inc. (a)	2,604,400		88,445
Hewlett-Packard Co.	3,185,500		73,171
International Business Machines Corp.	941,300		87,240
Lexmark International, Inc. Class A (a)	325,800		25,621
			274,477
Electronic Equipment & Instruments - 1.1%
Agilent Technologies, Inc. (a)	1,897,000		55,468
Amphenol Corp. Class A (a)	669,250		42,785
Vishay Intertechnology, Inc. (a)	830,400		19,016
			117,269
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 0.4%
Affiliated Computer Services, Inc. Class A (a)	380,500		$ 20,722
Paychex, Inc.	474,200		17,640
			38,362
Semiconductors & Semiconductor Equipment - 2.7%
Applied Materials, Inc. (a)	1,567,900		35,199
Intel Corp.	3,853,030		124,068
Lam Research Corp. (a)	644,700		20,824
National Semiconductor Corp. (a)	1,064,800		41,964
Teradyne, Inc. (a)	891,851		22,698
Texas Instruments, Inc.	1,245,300		36,587
			281,340
Software - 4.1%
Microsoft Corp.	14,812,800		407,941
Oracle Corp. (a)	1,186,600		15,663
			423,604
TOTAL INFORMATION TECHNOLOGY			1,414,341
MATERIALS - 6.3%
Chemicals - 3.3%
BASF AG sponsored ADR	396,100		22,083
Dow Chemical Co.	2,822,830		117,345
E.I. du Pont de Nemours & Co.	659,624		30,270
Ecolab, Inc.	1,152,400		31,541
Praxair, Inc.	3,675,476		140,403
			341,642
Containers & Packaging - 0.2%
Ball Corp.	348,200		20,742
Metals & Mining - 2.8%
Alcan, Inc.	1,698,430		79,305
Alcoa, Inc.	3,628,900		137,898
Phelps Dodge Corp. (a)	908,300		69,113
			286,316
TOTAL MATERIALS			648,700
Common Stocks - continued
	Shares		Value (Note 1) (000s)
TELECOMMUNICATION SERVICES - 3.6%
Diversified Telecommunication Services - 3.6%
BellSouth Corp.	3,805,900		$ 107,707
SBC Communications, Inc.	5,483,700		142,960
Verizon Communications, Inc.	3,388,300		118,862
			369,529
UTILITIES - 0.5%
Electric Utilities - 0.3%
PG&E Corp. (a)	1,289,800		35,818
Multi-Utilities & Unregulated Power - 0.2%
Constellation Energy Group, Inc.	414,100		16,216
TOTAL UTILITIES			52,034
TOTAL COMMON STOCKS (Cost $8,809,060)		10,307,668
Preferred Stocks - 0.0%
Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Procket Networks, Inc. Series C (c)	1,612,868		403
Non-Convertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Geneprot, Inc. Series A (c)	710,000		2,485
TOTAL PREFERRED STOCKS (Cost $19,834)		2,888
Money Market Funds - 1.0%
Fidelity Cash Central Fund, 1.07% (b)	79,014,862		79,015
Fidelity Securities Lending Cash Central Fund, 1.09% (b)	22,278,117		22,278
TOTAL MONEY MARKET FUNDS (Cost $101,293)		101,293
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $8,930,187)			10,411,849
NET OTHER ASSETS - (0.9)%			(92,416)
NET ASSETS - 100%		$ 10,319,433

Legend

(a) Non-income producing

(b) 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 fiscal year end is available upon request.

(c) 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 $2,888,000 or 0.0% of net assets.

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

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $2,027,837,000 and $2,213,945,000, respectively.

Income Tax Information

At June 30, 2003, the fund had a capital loss carryforward of approximately $2,845,708,000 of which $1,749,301,000 and $1,096,407,000 will expire on June 30, 2010 and 2011, respectively.

The fund intends to elect to defer to its fiscal year ending June 30, 2004 approximately $168,047,000 of losses recognized during the period November 1, 2002 to June 30, 2003.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	December 31, 2003 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $21,054) (cost $8,930,187) - See accompanying schedule		$ 10,411,849
Receivable for fund shares sold		10,382
Dividends receivable		9,581
Interest receivable		93
Prepaid expenses		57
Other receivables		326
Total assets		10,432,288

Liabilities
Payable for investments purchased	$ 95
Payable for fund shares redeemed	85,282
Accrued management fee	3,096
Other affiliated payables	1,888
Other payables and accrued expenses	216
Collateral on securities loaned, at value	22,278
Total liabilities		112,855

Net Assets		$ 10,319,433
Net Assets consist of:
Paid in capital		$ 11,520,671
Distributions in excess of net investment income		(229)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,682,671)
Net unrealized appreciation (depreciation) on investments		1,481,662
Net Assets, for 367,453 shares outstanding		$ 10,319,433
Net Asset Value, offering price and redemption price per share ($10,319,433 ÷ 367,453 shares)		$ 28.08

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended December 31, 2003 (Unaudited)

Investment Income
Dividends		$ 72,396
Interest		832
Security lending		103
Total income		73,331

Expenses
Management fee	$ 17,970
Transfer agent fees	10,857
Accounting and security lending fees	429
Non-interested trustees' compensation	28
Appreciation in deferred trustee compensation account	17
Custodian fees and expenses	62
Registration fees	26
Audit	45
Legal	26
Miscellaneous	46
Total expenses before reductions	29,506
Expense reductions	(468)	29,038
Net investment income (loss)		44,293
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	383,351
Foreign currency transactions	73
Total net realized gain (loss)		383,424
Change in net unrealized appreciation (depreciation) on investment securities		985,589
Net gain (loss)		1,369,013
Net increase (decrease) in net assets resulting from operations		$ 1,413,306

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended December 31, 2003 (Unaudited)	Year ended June 30, 2003
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 44,293	$ 83,315
Net realized gain (loss)	383,424	(756,783)
Change in net unrealized appreciation (depreciation)	985,589	403,721
Net increase (decrease) in net assets resulting from operations	1,413,306	(269,747)
Distributions to shareholders from net investment income	(52,495)	(82,413)
Share transactions Net proceeds from sales of shares	668,985	1,436,330
Reinvestment of distributions	49,684	77,554
Cost of shares redeemed	(1,094,707)	(2,312,652)
Net increase (decrease) in net assets resulting from share transactions	(376,038)	(798,768)
Total increase (decrease) in net assets	984,773	(1,150,928)

Net Assets
Beginning of period	9,334,660	10,485,588
End of period (including distributions in excess of net investment income of $229 and undistributed net investment income of $7,973, respectively)	$ 10,319,433	$ 9,334,660
Other Information Shares
Sold	25,724	65,924
Issued in reinvestment of distributions	1,863	3,455
Redeemed	(41,835)	(106,676)
Net increase (decrease)	(14,248)	(37,297)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2003	Years ended June 30,
	(Unaudited)	2003	2002	2001	2000	1999
Selected Per-Share Data
Net asset value, beginning of period	$ 24.46	$ 25.03	$ 31.84	$ 41.81	$ 40.39	$ 35.22
Income from Invest- ment Operations
Net investment income (loss)^D	.12	.21	.23	.19	.23	.31
Net realized and unrealized gain (loss)	3.64	(.57)	(6.83)	(4.72)	3.61	6.96
Total from investment operations	3.76	(.36)	(6.60)	(4.53)	3.84	7.27
Distributions from net investment income	(.14)	(.21)	(.21)	(.21)	(.21)	(.29)
Distributions in excess of net investment income	-	-	-	(.03)	-	-
Distributions from net realized gain	-	-	-	(2.87)	(2.21)	(1.81)
Distributions in excess of net realized gain	-	-	-	(2.33)	-	-
Total distributions	(.14)	(.21)	(.21)	(5.44)	(2.42)	(2.10)
Net asset value, end of period	$ 28.08	$ 24.46	$ 25.03	$ 31.84	$ 41.81	$ 40.39
Total Return^{B, C}	15.40%	(1.36)%	(20.78)%	(11.76)%	10.47%	21.95%
Ratios to Average Net Assets^E
Expenses before expense reductions	.61%^A	.63%	.59%	.56%	.56%	.57%
Expenses net of voluntary waivers, if any	.61%^A	.63%	.59%	.56%	.56%	.57%
Expenses net of all reductions	.60%^A	.61%	.53%	.51%	.53%	.55%
Net investment income (loss)	.91%^A	.93%	.82%	.55%	.57%	.87%
Supplemental Data
Net assets, end of period (in millions)	$ 10,319	$ 9,335	$ 10,486	$ 14,294	$ 17,379	$ 13,842
Portfolio turnover rate	42%^A	32%	155%	217%	113%	71%

^A Annualized

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

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

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

^E 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.

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2003 (Unaudited)

(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 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 an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. 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 denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested 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.

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 and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, non-taxable dividends, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation	$ 1,734,458	\|
Unrealized depreciation	(303,547)
Net unrealized appreciation (depreciation)	$ 1,430,911
Cost for federal income tax purposes	$ 8,980,938

2. Operating Policies.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the fund's average net assets.

5. Committed Line of Credit.

Semiannual Report

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 cash equivalents. 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 $448 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 $20.

Semiannual Report

Managing Your Investments

By Phone

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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.

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Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Write Fidelity

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

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

Fidelity Investments
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General Correspondence

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

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For Retirement
Accounts

Buying shares

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

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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

Semiannual 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

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Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Fidelity's Growth and Income Funds

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The Fidelity Telephone Connection

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and Account Assistance 1-800-544-6666

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Fidelity Fifty®

Semiannual Report

December 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
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.

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.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

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Dear Shareholder:

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Viacom, Inc. Class B (non-vtg.)	4.8	1.2
Clear Channel Communications, Inc.	4.8	2.9
Cisco Systems, Inc.	3.6	0.0
Bank of New York Co., Inc.	3.4	2.6
Nabors Industries Ltd.	3.2	1.7
Cymer, Inc.	3.0	0.0
Microsoft Corp.	2.9	0.0
First Data Corp.	2.9	3.0
Analog Devices, Inc.	2.8	1.2
American Express Co.	2.7	2.0
	34.1
Top Five Market Sectors as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	31.6	19.0
Financials	20.5	13.9
Consumer Discretionary	17.6	14.2
Health Care	8.3	9.6
Industrials	6.8	8.9

Asset Allocation (% of fund's net assets)
As of December 31, 2003*			As of June 30, 2003**
	Stocks 97.9%			Stocks 90.4%
	Short-Term Investments and Net Other Assets 2.1%			Short-Term Investments and Net Other Assets 9.6%
* Foreign investments		14.5%	** Foreign investments		7.3%

Semiannual Report

Investments December 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 17.6%
Hotels, Restaurants & Leisure - 4.7%
Carnival Corp. unit	441,300		$ 17,532,849
Kerzner International Ltd. (a)	317,300		12,362,008
Krispy Kreme Doughnuts, Inc. (a)	158,900		5,815,740
McDonald's Corp.	395,200		9,812,816
			45,523,413
Media - 12.2%
Clear Channel Communications, Inc.	979,200		45,855,936
Lamar Advertising Co. Class A (a)	85,600		3,194,592
Radio One, Inc. Class D (non-vtg.) (a)	822,672		15,877,570
SBS Broadcasting SA (a)	167,000		5,444,200
Viacom, Inc. Class B (non-vtg.)	1,041,500		46,221,770
			116,594,068
Specialty Retail - 0.7%
Weight Watchers International, Inc. (a)	166,400		6,384,768
TOTAL CONSUMER DISCRETIONARY			168,502,249
CONSUMER STAPLES - 1.3%
Food & Staples Retailing - 1.3%
Sysco Corp.	253,100		9,422,913
Whole Foods Market, Inc.	45,500		3,054,415
			12,477,328
ENERGY - 3.8%
Energy Equipment & Services - 3.6%
Grey Wolf, Inc. (a)	1,080,900		4,042,566
Nabors Industries Ltd. (a)	725,400		30,104,100
			34,146,666
Oil & Gas - 0.2%
EnCana Corp.	60,100		2,362,858
TOTAL ENERGY			36,509,524
FINANCIALS - 20.5%
Capital Markets - 4.8%
Bank of New York Co., Inc.	976,000		32,325,120
Merrill Lynch & Co., Inc.	236,300		13,858,995
			46,184,115
Commercial Banks - 2.1%
Wells Fargo & Co.	331,800		19,539,702
Common Stocks - continued
	Shares		Value (Note 1)
FINANCIALS - continued
Consumer Finance - 4.2%
American Express Co.	528,700		$ 25,499,201
MBNA Corp.	595,200		14,790,720
			40,289,921
Insurance - 5.6%
AFLAC, Inc.	484,600		17,532,828
AMBAC Financial Group, Inc.	227,200		15,765,408
American International Group, Inc.	310,400		20,573,312
			53,871,548
Thrifts & Mortgage Finance - 3.8%
Countrywide Financial Corp.	169,464		12,853,844
Golden West Financial Corp., Delaware	229,920		23,725,445
			36,579,289
TOTAL FINANCIALS			196,464,575
HEALTH CARE - 8.3%
Biotechnology - 0.3%
Trimeris, Inc. (a)	133,100		2,792,438
Health Care Equipment & Supplies - 2.4%
Medtronic, Inc.	283,000		13,756,630
ResMed, Inc. (a)	208,500		8,661,090
			22,417,720
Health Care Providers & Services - 2.3%
Health Management Associates, Inc. Class A	507,500		12,180,000
Henry Schein, Inc. (a)	151,200		10,218,096
			22,398,096
Pharmaceuticals - 3.3%
Biovail Corp. (a)	630,500		13,565,568
Johnson & Johnson	356,000		18,390,960
			31,956,528
TOTAL HEALTH CARE			79,564,782
INDUSTRIALS - 6.8%
Airlines - 2.7%
Ryanair Holdings PLC sponsored ADR (a)	318,400		16,123,776
Southwest Airlines Co.	597,600		9,645,264
			25,769,040
Common Stocks - continued
	Shares		Value (Note 1)
INDUSTRIALS - continued
Commercial Services & Supplies - 2.1%
Monster Worldwide, Inc. (a)	632,800		$ 13,896,288
Universal Technical Institute, Inc. (a)	205,700		6,171,000
			20,067,288
Industrial Conglomerates - 2.0%
3M Co.	229,600		19,522,888
TOTAL INDUSTRIALS			65,359,216
INFORMATION TECHNOLOGY - 31.6%
Communications Equipment - 6.6%
Cisco Systems, Inc. (a)	1,413,100		34,324,199
QUALCOMM, Inc.	162,800		8,779,804
Telefonaktiebolaget LM Ericsson ADR (a)	1,136,500		20,116,050
			63,220,053
Electronic Equipment & Instruments - 1.3%
Ingram Micro, Inc. Class A (a)	817,800		13,003,020
Internet Software & Services - 3.8%
VeriSign, Inc. (a)	854,500		13,928,350
Yahoo!, Inc. (a)	499,100		22,544,347
			36,472,697
IT Services - 4.9%
First Data Corp.	674,400		27,711,096
Paychex, Inc.	306,100		11,386,920
Satyam Computer Services Ltd. ADR	290,400		8,517,432
			47,615,448
Semiconductors & Semiconductor Equipment - 6.7%
Analog Devices, Inc.	590,700		26,965,455
Cymer, Inc. (a)	619,000		28,591,610
Sigmatel, Inc.	40,300		994,604
Taiwan Semiconductor Manufacturing Co. Ltd. (a)	3,949,000		7,384,025
			63,935,694
Software - 8.3%
Amdocs Ltd. (a)	109,400		2,459,312
Microsoft Corp.	1,017,300		28,016,442
SAP AG sponsored ADR	450,600		18,726,936
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - continued
Software - continued
Siebel Systems, Inc. (a)	1,256,779		$ 17,431,525
Synopsys, Inc. (a)	378,100		12,764,656
			79,398,871
TOTAL INFORMATION TECHNOLOGY			303,645,783
TELECOMMUNICATION SERVICES - 6.7%
Wireless Telecommunication Services - 6.7%
American Tower Corp. Class A (a)	1,087,996		11,772,117
Crown Castle International Corp. (a)	2,238,600		24,691,758
Nextel Communications, Inc. Class A (a)	501,700		14,077,702
Vodafone Group PLC sponsored ADR	543,500		13,609,240
			64,150,817
UTILITIES - 1.3%
Multi-Utilities & Unregulated Power - 1.3%
AES Corp. (a)	1,316,400		12,426,816
TOTAL COMMON STOCKS (Cost $831,592,478)		939,101,090
Money Market Funds - 3.7%

Fidelity Cash Central Fund, 1.07% (b)	14,537,308		14,537,308
Fidelity Securities Lending Cash Central Fund, 1.09% (b)	21,206,175		21,206,175
TOTAL MONEY MARKET FUNDS (Cost $35,743,483)		35,743,483

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $867,335,961)

974,844,573

NET OTHER ASSETS - (1.6)%

(14,923,670)

NET ASSETS - 100%

$ 959,920,903

Legend

(a) Non-income producing

(b) 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 fiscal year end is available upon request.

Other Information

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

United States of America	85.5%
Sweden	2.1%
Germany	2.0%
Panama	1.8%
Ireland	1.7%
United Kingdom	1.7%
Canada	1.6%
Bahamas (Nassau)	1.3%
Others (individually less than 1%)	2.3%
	100.0%

Purchases and sales of securities, other than short-term securities, aggregated $829,833,900 and $768,439,416, respectively.

Income Tax Information

At June 30, 2003, the fund had a capital loss carryforward of approximately $117,513,000 of which $24,074,000, $23,233,000 and $70,206,000 will expire on June 30, 2009, 2010 and 2011, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2003 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $20,743,377) (cost $867,335,961) - See accompanying schedule		$ 974,844,573
Cash		2,113
Foreign currency held at value (cost $10,821,297)		10,828,663
Receivable for investments sold		465,774
Receivable for fund shares sold		2,395,680
Dividends receivable		421,726
Interest receivable		22,495
Prepaid expenses		5,393
Other affiliated receivables		668
Other receivables		156,111
Total assets		989,143,196

Liabilities
Payable for investments purchased	$ 3,726,524
Payable for fund shares redeemed	3,471,494
Accrued management fee	554,691
Other affiliated payables	238,904
Other payables and accrued expenses	24,505
Collateral on securities loaned, at value	21,206,175
Total liabilities		29,222,293

Net Assets		$ 959,920,903
Net Assets consist of:
Paid in capital		$ 910,250,172
Accumulated net investment loss		(1,165,840)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(56,680,355)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		107,516,926
Net Assets, for 49,778,586 shares outstanding		$ 959,920,903
Net Asset Value, offering price and redemption price per share ($959,920,903 ÷ 49,778,586 shares)		$ 19.28

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

Semiannual Report

Financial Statements - continued

Statement of Operations

	Six months ended December 31, 2003 (Unaudited)

Investment Income
Dividends		$ 3,406,035
Interest		285,138
Security lending		83,584
Total income		3,774,757

Expenses
Management fee Basic fee	$ 2,658,304
Performance adjustment	598,132
Transfer agent fees	1,284,427
Accounting and security lending fees	125,493
Non-interested trustees' compensation	2,636
Custodian fees and expenses	16,809
Registration fees	43,569
Audit	18,675
Legal	3,867
Miscellaneous	3,706
Total expenses before reductions	4,755,618
Expense reductions	(218,711)	4,536,907
Net investment income (loss)		(762,150)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	72,075,570
Foreign currency transactions	(105,002)
Total net realized gain (loss)		71,970,568
Change in net unrealized appreciation (depreciation) on: Investment securities	(1,294,415)
Assets and liabilities in foreign currencies	7,559
Total change in net unrealized appreciation (depreciation)		(1,286,856)
Net gain (loss)		70,683,712
Net increase (decrease) in net assets resulting from operations		$ 69,921,562

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended December 31, 2003 (Unaudited)	Year ended June 30, 2003
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (762,150)	$ 4,767,586
Net realized gain (loss)	71,970,568	(57,001,130)
Change in net unrealized appreciation (depreciation)	(1,286,856)	88,682,598
Net increase (decrease) in net assets resulting from operations	69,921,562	36,449,054
Distributions to shareholders from net investment income	(1,497,172)	(5,562,450)
Share transactions Net proceeds from sales of shares	190,746,805	495,715,958
Reinvestment of distributions	1,457,170	5,399,334
Cost of shares redeemed	(193,261,728)	(381,115,433)
Net increase (decrease) in net assets resulting from share transactions	(1,057,753)	119,999,859
Redemption fees	30,264	191,393
Total increase (decrease) in net assets	67,396,901	151,077,856

Net Assets
Beginning of period	892,524,002	741,446,146
End of period (including accumulated net investment loss of $1,165,840 and undistributed net investment income of $1,093,482, respectively)	$ 959,920,903	$ 892,524,002
Other Information Shares
Sold	10,352,507	30,421,468
Issued in reinvestment of distributions	83,172	339,125
Redeemed	(10,504,972)	(24,052,813)
Net increase (decrease)	(69,293)	6,707,780

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2003	Years ended June 30,
	(Unaudited)	2003	2002	2001	2000	1999
Selected Per-Share Data
Net asset value, beginning of period	$ 17.90	$ 17.19	$ 16.80	$ 21.68	$ 21.39	$ 17.25
Income from Investment Operations
Net investment income (loss)^E	(.02)	.11	.10	.12	.15	.07
Net realized and unrealized gain (loss)	1.43	.73	.36	(1.86)	1.60	4.76
Total from investment operations	1.41	.84	.46	(1.74)	1.75	4.83
Distributions from net investment income	(.03)	(.13)	(.08)	(.25)	(.03)	(.02)
Distributions from net realized gain	-	-	-	(2.30)	(1.43)	(.67)
Distributions in excess of net realized gain	-	-	-	(.60)	-	-
Total distributions	(.03)	(.13)	(.08)	(3.15)	(1.46)	(.69)
Redemption fees added to paid in capital^E	-^G	-^G	.01	.01	-	-
Net asset value, end of period	$ 19.28	$ 17.90	$ 17.19	$ 16.80	$ 21.68	$ 21.39
Total Return^B,C,D	7.89%	4.98%	2.83%	(8.76)%	9.22%	29.38%
Ratios to Average Net Assets^F
Expenses before expense reductions	1.04%^A	1.08%	1.12%	.95%	.88%	.83%
Expenses net of voluntary waivers, if any	1.04%^A	1.08%	1.12%	.95%	.88%	.83%
Expenses net of all reductions	.99%^A	.93%	1.09%	.90%	.80%	.79%
Net investment income (loss)	(.17)%^A	.66%	.61%	.66%	.70%	.37%
Supplemental Data
Net assets, end of period (000 omitted)	$ 959,921	$892,524	$741,446	$429,373	$536,085	$522,077
Portfolio turnover rate	177%^A	230%	50%	158%	295%	316%

^A Annualized

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

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

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

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

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

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2003 (Unaudited)

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 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 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 an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 the funds in the trust.

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 and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation	$ 128,005,950	\|
Unrealized depreciation	(22,029,191)
Net unrealized appreciation (depreciation)	$ 105,976,759
Cost for federal income tax purposes	$ 868,867,814

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .75% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

Semiannual Report

2. Operating Policies.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

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 .28% 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 annualized management fee rate, including the performance adjustment, was .71% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

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 $217,209 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 $96 and $1,406, respectively.

Semiannual Report

Managing Your Investments

By Phone

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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
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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.

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Fidelity's Web Site
www.fidelity.com

Semiannual 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

527 North Brand Boulevard
Glendale, 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

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, 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

3501 PGA Boulevard
West Palm Beach, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
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

7401 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

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

Semiannual Report

Michigan

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

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

3518 Route 1 North
Princeton, 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

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

1324 Polaris Parkway
Columbus, 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

4017 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

6005 West Park Boulevard
Plano, 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

Semiannual 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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management &
Research Company (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 Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

Fidelity's Growth Funds

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Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

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Mid-Cap Stock Fund

New Millennium Fund ®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

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
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Fidelity®

Growth & Income II

Portfolio

Semiannual Report

December 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
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.

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.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Omnicom Group, Inc.	6.4	5.3
Gillette Co.	5.7	5.2
Morgan Stanley	5.3	4.3
BellSouth Corp.	5.3	4.8
EchoStar Communications Corp. Class A	4.9	4.5
Wells Fargo & Co.	4.6	4.2
Merrill Lynch & Co., Inc.	3.6	4.6
Microsoft Corp.	3.3	3.3
Wal-Mart Stores, Inc.	3.3	3.5
Exxon Mobil Corp.	3.0	2.7
	45.4
Top Five Market Sectors as of December 31, 2003
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.2	20.2
Consumer Discretionary	20.1	18.0
Consumer Staples	16.8	15.7
Telecommunication Services	8.3	8.3
Industrials	6.2	7.2

Asset Allocation (% of fund's net assets)
As of December 31, 2003 *			As of June 30, 2003 **
	Stocks 88.5%			Stocks 85.7%
	Short-Term Investments and Net Other Assets 11.5%			Short-Term Investments and Net Other Assets 14.3%
* Foreign investments		4.3%	** Foreign investments		0.9%

Semiannual Report

Investments December 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.5%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 20.1%
Hotels, Restaurants & Leisure - 0.7%
Carnival Corp. unit	23,800		$ 945,574
Starwood Hotels & Resorts Worldwide, Inc. unit	16,300		586,311
			1,531,885
Household Durables - 0.1%
Garmin Ltd.	4,297		234,101
Media - 15.9%
Comcast Corp. Class A (special) (a)	42,500		1,329,400
E.W. Scripps Co. Class A	59,400		5,591,916
EchoStar Communications Corp. Class A (a)	332,700		11,311,800
News Corp. Ltd. ADR	71,700		2,588,370
Omnicom Group, Inc.	170,200		14,863,566
Pegasus Communications Corp. Class A (a)	23,780		667,742
Tribune Co.	7,300		376,680
			36,729,474
Multiline Retail - 2.2%
Dollar Tree Stores, Inc. (a)	35,400		1,064,124
Kohl's Corp. (a)	88,200		3,963,708
Nordstrom, Inc.	4,900		168,070
			5,195,902
Specialty Retail - 0.7%
Hollywood Entertainment Corp. (a)	119,300		1,640,375
Textiles Apparel & Luxury Goods - 0.5%
Liz Claiborne, Inc.	33,300		1,180,818
TOTAL CONSUMER DISCRETIONARY			46,512,555
CONSUMER STAPLES - 16.8%
Beverages - 1.3%
Anheuser-Busch Companies, Inc.	12,300		647,964
The Coca-Cola Co.	44,900		2,278,675
			2,926,639
Food & Staples Retailing - 5.3%
Costco Wholesale Corp. (a)	23,700		881,166
Sysco Corp.	27,400		1,020,102
Wal-Mart Stores, Inc.	142,620		7,565,991
Walgreen Co.	75,000		2,728,500
			12,195,759
Food Products - 0.8%
McCormick & Co., Inc. (non-vtg.)	65,100		1,959,510
Common Stocks - continued
	Shares		Value (Note 1)
CONSUMER STAPLES - continued
Household Products - 2.5%
Colgate-Palmolive Co.	47,700		$ 2,387,385
Kimberly-Clark Corp.	59,900		3,539,491
			5,926,876
Personal Products - 5.7%
Gillette Co.	361,200		13,266,876
Tobacco - 1.2%
Altria Group, Inc.	49,830		2,711,749
TOTAL CONSUMER STAPLES			38,987,409
ENERGY - 4.5%
Oil & Gas - 4.5%
BP PLC sponsored ADR	71,600		3,533,460
Exxon Mobil Corp.	167,392		6,863,072
			10,396,532
FINANCIALS - 21.2%
Capital Markets - 11.4%
Goldman Sachs Group, Inc.	57,900		5,716,467
Merrill Lynch & Co., Inc.	144,600		8,480,790
Morgan Stanley	213,000		12,326,310
			26,523,567
Commercial Banks - 5.2%
Bank One Corp.	28,800		1,312,992
Wells Fargo & Co.	183,500		10,806,315
			12,119,307
Consumer Finance - 0.8%
American Express Co.	36,600		1,765,218
Insurance - 3.5%
Allstate Corp.	44,600		1,918,692
American International Group, Inc.	70,330		4,661,472
PartnerRe Ltd.	17,900		1,039,095
Travelers Property Casualty Corp. Class B	22,800		386,916
			8,006,175
Real Estate - 0.3%
Equity Office Properties Trust	27,800		796,470
TOTAL FINANCIALS			49,210,737
Common Stocks - continued
	Shares		Value (Note 1)
HEALTH CARE - 4.5%
Biotechnology - 0.9%
Amgen, Inc. (a)	33,200		$ 2,051,760
Health Care Equipment & Supplies - 1.2%
Alcon, Inc.	19,900		1,204,746
Medtronic, Inc.	35,100		1,706,211
			2,910,957
Pharmaceuticals - 2.4%
Allergan, Inc.	15,700		1,205,917
Pfizer, Inc.	121,900		4,306,727
			5,512,644
TOTAL HEALTH CARE			10,475,361
INDUSTRIALS - 6.2%
Aerospace & Defense - 1.6%
EADS NV	22,000		521,651
Lockheed Martin Corp.	18,400		945,760
Northrop Grumman Corp.	13,300		1,271,480
United Technologies Corp.	9,800		928,746
			3,667,637
Airlines - 1.5%
Continental Airlines, Inc. Class B (a)	108,600		1,766,922
MAIR Holdings, Inc. (a)	73,600		535,808
Northwest Airlines Corp. (a)	54,100		682,742
Southwest Airlines Co.	30,000		484,200
			3,469,672
Building Products - 0.2%
American Standard Companies, Inc. (a)	4,800		483,360
Commercial Services & Supplies - 0.4%
Avery Dennison Corp.	15,200		851,504
Industrial Conglomerates - 1.8%
General Electric Co.	131,620		4,077,588
Machinery - 0.1%
Illinois Tool Works, Inc.	2,300		192,993
Road & Rail - 0.6%
Union Pacific Corp.	21,800		1,514,664
TOTAL INDUSTRIALS			14,257,418
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - 5.9%
Communications Equipment - 1.9%
Cisco Systems, Inc. (a)	176,300		$ 4,282,327
Nokia Corp. sponsored ADR	3,300		56,100
			4,338,427
Computers & Peripherals - 0.1%
Diebold, Inc.	300		16,161
Lexmark International, Inc. Class A (a)	2,100		165,144
			181,305
IT Services - 0.6%
Paychex, Inc.	38,000		1,413,600
Software - 3.3%
Microsoft Corp.	280,700		7,730,478
TOTAL INFORMATION TECHNOLOGY			13,663,810
MATERIALS - 0.1%
Chemicals - 0.1%
PPG Industries, Inc.	4,600		294,492
Praxair, Inc.	600		22,920
			317,412
TELECOMMUNICATION SERVICES - 8.3%
Diversified Telecommunication Services - 8.3%
BellSouth Corp.	433,530		12,268,899
SBC Communications, Inc.	122,290		3,188,100
Verizon Communications, Inc.	108,500		3,806,180
			19,263,179
UTILITIES - 0.9%
Electric Utilities - 0.9%
Entergy Corp.	35,300		2,016,689
FPL Group, Inc.	400		26,168
			2,042,857
TOTAL COMMON STOCKS (Cost $189,586,936)		205,127,270
Money Market Funds - 12.3%
	Shares		Value (Note 1)
Fidelity Cash Central Fund, 1.07% (b)	27,781,455		$ 27,781,455
Fidelity Securities Lending Cash Central Fund, 1.09% (b)	678,500		678,500
TOTAL MONEY MARKET FUNDS (Cost $28,459,955)		28,459,955
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $218,046,891)			233,587,225
NET OTHER ASSETS - (0.8)%			(1,842,988)
NET ASSETS - 100%		$ 231,744,237

Legend

(a) Non-income producing

(b) 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 fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $39,220,853 and $21,680,771, respectively.

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 $986 for the period.

Income Tax Information

At June 30, 2003, the fund had a capital loss carryforward of approximately $23,965,000 of which $51,000, $10,246,000 and $13,668,000 will expire on June 30, 2008, 2010 and 2011, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2003 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $645,840) (cost $218,046,891) - See accompanying schedule		$ 233,587,225
Receivable for fund shares sold		685,748
Dividends receivable		186,422
Interest receivable		24,624
Prepaid expenses		1,252
Other receivables		4,372
Total assets		234,489,643

Liabilities
Payable for investments purchased	$ 888,029
Payable for fund shares redeemed	998,222
Accrued management fee	91,655
Other affiliated payables	63,713
Other payables and accrued expenses	25,287
Collateral on securities loaned, at value	678,500
Total liabilities		2,745,406

Net Assets		$ 231,744,237
Net Assets consist of:
Paid in capital		$ 239,332,356
Distributions in excess of net investment income		(107,699)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(23,020,754)
Net unrealized appreciation (depreciation) on investments		15,540,334
Net Assets, for 24,989,600 shares outstanding		$ 231,744,237
Net Asset Value, offering price and redemption price per share ($231,744,237 ÷ 24,989,600 shares)		$ 9.27

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

Semiannual Report

Financial Statements - continued

Statement of Operations

	Six months ended December 31, 2003 (Unaudited)

Investment Income
Dividends		$ 1,573,738
Interest		164,788
Security lending		5,186
Total income		1,743,712

Expenses
Management fee	$ 531,836
Transfer agent fees	331,309
Accounting and security lending fees	40,938
Non-interested trustees' compensation	443
Custodian fees and expenses	4,058
Registration fees	19,805
Audit	24,081
Legal	615
Miscellaneous	743
Total expenses before reductions	953,828
Expense reductions	(3,927)	949,901
Net investment income (loss)		793,811
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities	2,881,467
Foreign currency transactions	(48)
Total net realized gain (loss)		2,881,419
Change in net unrealized appreciation (depreciation) on investment securities		17,106,065
Net gain (loss)		19,987,484
Net increase (decrease) in net assets resulting from operations		$ 20,781,295

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended December 31, 2003 (Unaudited)	Year ended June 30, 2003
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 793,811	$ 1,265,645
Net realized gain (loss)	2,881,419	(4,635,160)
Change in net unrealized appreciation (depreciation)	17,106,065	18,217,884
Net increase (decrease) in net assets resulting from operations	20,781,295	14,848,369
Distributions to shareholders from net investment income	(1,008,131)	(1,228,566)
Share transactions Net proceeds from sales of shares	66,456,703	133,378,891
Reinvestment of distributions	952,575	1,165,487
Cost of shares redeemed	(51,155,095)	(84,988,867)
Net increase (decrease) in net assets resulting from share transactions	16,254,183	49,555,511
Total increase (decrease) in net assets	36,027,347	63,175,314

Net Assets
Beginning of period	195,716,890	132,541,576
End of period (including distributions in excess of net investment income of $107,699 and undistributed net investment income of $106,621, respectively)	$ 231,744,237	$ 195,716,890
Other Information Shares
Sold	7,556,978	16,835,640
Issued in reinvestment of distributions	105,541	151,071
Redeemed	(5,763,350)	(10,706,560)
Net increase (decrease)	1,899,169	6,280,151

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2003	Years ended June 30,
	(Unaudited)	2003	2002	2001	2000	1999^E
Selected Per-Share Data
Net asset value, beginning of period	$ 8.48	$ 7.88	$ 9.63	$ 10.49	$ 10.75	$ 10.00
Income from Invest- ment Operations
Net investment income (loss)^D	.03	.07	.08	.11	.09	.03
Net realized and unrealized gain (loss)	.80	.60	(1.75)	(.86)	(.22)	.75
Total from investment operations	.83	.67	(1.67)	(.75)	(.13)	.78
Distributions from net investment income	(.04)	(.07)	(.08)	(.11)	(.08)	(.02)
Distributions in excess of net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	-	-	-	(.04)	-
Distributions in excess of net realized gain	-	-	-	-	(.01)	-
Total distributions	(.04)	(.07)	(.08)	(.11)	(.13)	(.03)
Net asset value, end of period	$ 9.27	$ 8.48	$ 7.88	$ 9.63	$ 10.49	$ 10.75
Total Return^{B, C}	9.80%	8.60%	(17.42)%	(7.19)%	(1.17)%	7.81%
Ratios to Average Net Assets^F
Expenses before expense reductions	.86%^A	.94%	.90%	.88%	.85%	1.14%^A
Expenses net of voluntary waivers, if any	.86%^A	.94%	.90%	.88%	.85%	1.14%^A
Expenses net of all reductions	.86%^A	.93%	.89%	.86%	.84%	1.12%^A
Net investment income (loss)	.72%^A	.90%	.94%	1.12%	.83%	.62%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 231,744	$ 195,717	$ 132,542	$ 158,467	$ 174,372	$ 216,289
Portfolio turnover rate	23%^A	51%	54%	79%	59%	59%^A

^A Annualized

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

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

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

^E For the period December 28, 1998 (commencement of operations) to June 30, 1999.

^F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2003 (Unaudited)

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 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 an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

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. 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. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities, which is accrued using the interest method. 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 the funds in the trust.

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 and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation	$ 27,541,584	\|
Unrealized depreciation	(13,267,104)
Net unrealized appreciation (depreciation)	14,274,480

Cost for federal income tax purposes	219,312,745

Semiannual Report

2. Operating Policies.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 cash equivalents. 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.

Semiannual Report

7. Expense Reductions - continued

arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $5.

Semiannual Report

Managing Your Investments

By Phone

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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
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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.

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Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Visit Fidelity

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

Arizona

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California

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Burlingame, CA

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Colorado

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Connecticut

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Illinois

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Maine

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Maryland

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Massachusetts

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300 Granite Street
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405 Cochituate Road
Framingham, MA

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

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
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Minnesota

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Missouri

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New Jersey

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501 Route 17, South
Paramus, NJ

3518 Route 1 North
Princeton, NJ

New York

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1271 Avenue of the Americas
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North Carolina

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Ohio

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Oregon

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Pennsylvania

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Rhode Island

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Tennessee

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Texas

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Dallas, TX

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Houston, TX

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San Antonio, TX

19740 IH 45 North
Spring, TX

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Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
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Washington

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Seattle, WA

Washington, DC

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Wisconsin

595 North Barker Road
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Semiannual Report

To Write Fidelity

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

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

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

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Buying shares

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General Correspondence

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For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
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General Correspondence

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Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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(U.K.) Inc.

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(Far East) Inc.

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Advisors

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Advisors (U.K.) Limited

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Transfer and Shareholder
Servicing Agent

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Custodian

JPMorgan Chase Bank

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Fidelity's Growth and Income Funds

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Real Estate Income Fund

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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

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

Not applicable.

Item 8. Reserved

Item 9. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 10. Controls and Procedures

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

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

Item 11. Exhibits

(a)	(1)	Not applicable.
(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.
(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/Maria Dwyer
	Maria Dwyer
	President and Treasurer

Date:	February 17, 2004

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/Maria Dwyer
	Maria Dwyer
	President and Treasurer

Date:	February 17, 2004
By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	February 13, 2004

Discovery Fund

Contents

Chairman's Message

Investment Changes

Investments December 31, 2003 (Unaudited)

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Write Fidelity

Fidelity®

Contents

Chairman's Message

Investment Changes

Investments December 31, 2003 (Unaudited)

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Write Fidelity

Fidelity Fifty®

Contents

Chairman's Message

Investment Changes

Investments December 31, 2003 (Unaudited)

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Visit Fidelity

To Write Fidelity

Growth & Income II

Contents

Chairman's Message

Investment Changes

Investments December 31, 2003 (Unaudited)

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Visit Fidelity

To Write Fidelity