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, 2007

Item 1. Reports to Stockholders

Fidelity Fifty®

Semiannual Report

December 31, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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

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

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

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

Semiannual Report

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many stock and bond markets around the world have been unsettled of late; however, volatility can often lead to opportunity for patient investors. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.

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

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

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

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

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2007 to December 31, 2007).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value July 1, 2007	Ending Account Value December 31, 2007	Expenses Paid During Period* July 1, 2007 to December 31, 2007
Actual	$ 1,000.00	$ 999.80	$ 4.93
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.21	$ 4.98

* Expenses are equal to the Fund's annualized expense ratio of .98%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Juniper Networks, Inc.	4.9	3.7
Time Warner, Inc.	4.8	6.3
Harman International Industries, Inc.	4.7	5.4
AT&T, Inc.	4.7	8.1
Alstom SA	4.6	0.0
Agilent Technologies, Inc.	3.6	4.6
Flowserve Corp.	3.6	2.5
Electronic Arts, Inc.	3.4	2.8
The Walt Disney Co.	3.4	5.8
Molson Coors Brewing Co. Class B	3.3	1.7
	41.0
Top Five Market Sectors as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	24.8	30.2
Consumer Discretionary	23.9	27.9
Industrials	20.8	14.9
Telecommunication Services	10.9	15.2
Financials	8.3	3.7

Asset Allocation (% of fund's net assets)
As of December 31, 2007 *		As of June 30, 2007 **
	Stocks 101.0%		Stocks 99.0%
	Short-Term Investments and Net Other Assets^(dagger) (1.0)%		Short-Term Investments and Net Other Assets 1.0%

* Foreign investments

27.9%

** Foreign investments

16.1%

^(dagger)Short-Term Investments and Net Other Assets are not included in the pie chart.

Semiannual Report

Investments December 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 101.0%
	Shares		Value
CONSUMER DISCRETIONARY - 23.9%
Auto Components - 1.7%
WABCO Holdings, Inc.	541,800		$ 27,138,762
Automobiles - 1.5%
Renault SA	177,303		25,101,919
Diversified Consumer Services - 6.0%
DeVry, Inc.	833,855		43,327,106
Universal Technical Institute, Inc. (a)(d)	1,246,100		21,183,700
Weight Watchers International, Inc.	773,606		34,951,519
			99,462,325
Hotels, Restaurants & Leisure - 0.6%
Starbucks Corp. (a)	486,000		9,948,420
Household Durables - 4.7%
Harman International Industries, Inc.	1,056,041		77,840,782
Media - 8.2%
The Walt Disney Co.	1,708,600		55,153,608
Time Warner, Inc.	4,803,200		79,300,832
			134,454,440
Textiles, Apparel & Luxury Goods - 1.2%
Phillips-Van Heusen Corp.	548,202		20,206,726
TOTAL CONSUMER DISCRETIONARY			394,153,374
CONSUMER STAPLES - 3.3%
Beverages - 3.3%
Molson Coors Brewing Co. Class B	1,053,200		54,366,184
ENERGY - 5.0%
Energy Equipment & Services - 0.3%
Diamond Offshore Drilling, Inc.	32,900		4,671,800
Oil, Gas & Consumable Fuels - 4.7%
Chesapeake Energy Corp.	107,200		4,202,240
EOG Resources, Inc.	230,400		20,563,200
Tesoro Corp.	530,300		25,295,310
Valero Energy Corp.	405,000		28,362,150
			78,422,900
TOTAL ENERGY			83,094,700
Common Stocks - continued
	Shares		Value
FINANCIALS - 8.3%
Capital Markets - 2.9%
EFG International	760,430		$ 30,529,926
Lehman Brothers Holdings, Inc. (d)	272,400		17,825,856
			48,355,782
Diversified Financial Services - 4.2%
Apollo Global Management LLC (e)	532,100		11,573,175
Bolsa de Mercadorias & Futuros - BM&F SA	2,494,100		34,679,199
Citigroup, Inc.	5,300		156,032
MSCI, Inc. Class A	599,568		23,023,411
			69,431,817
Real Estate Management & Development - 1.2%
Indiabulls Real Estate Ltd. (a)	1,048,672		19,791,838
The St. Joe Co. (d)	2,600		92,326
			19,884,164
TOTAL FINANCIALS			137,671,763
HEALTH CARE - 2.0%
Health Care Technology - 2.0%
HLTH Corp. (a)(d)	2,479,391		33,223,839
Life Sciences Tools & Services - 0.0%
Pharmaceutical Product Development, Inc.	4,100		165,517
TOTAL HEALTH CARE			33,389,356
INDUSTRIALS - 20.8%
Airlines - 1.2%
Delta Air Lines, Inc. (a)(d)	1,355,617		20,185,137
Electrical Equipment - 12.2%
ABB Ltd. sponsored ADR	1,628,600		46,903,680
Alstom SA	352,700		75,665,366
Nexans SA	262,700		32,779,365
Prysmian SpA	1,899,972		46,832,915
			202,181,326
Machinery - 5.3%
Flowserve Corp.	612,800		58,951,360
Hansen Transmission International NV	2,179,800		12,473,095
Sulzer AG (Reg.)	10,645		15,639,217
			87,063,672
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 2.1%
Hertz Global Holdings, Inc.	2,152,400		$ 34,201,636
TOTAL INDUSTRIALS			343,631,771
INFORMATION TECHNOLOGY - 24.8%
Communications Equipment - 10.8%
Cisco Systems, Inc. (a)	1,202,800		32,559,796
Juniper Networks, Inc. (a)	2,425,955		80,541,707
Nokia Corp. sponsored ADR	470,800		18,074,012
Powerwave Technologies, Inc. (a)(d)	2,722,800		10,972,884
Research In Motion Ltd. (a)	323,700		36,707,580
			178,855,979
Electronic Equipment & Instruments - 3.6%
Agilent Technologies, Inc. (a)	1,623,400		59,643,716
Internet Software & Services - 3.0%
Akamai Technologies, Inc. (a)(d)	1,424,157		49,275,832
IT Services - 2.3%
Fiserv, Inc. (a)	675,800		37,500,142
Semiconductors & Semiconductor Equipment - 1.7%
Marvell Technology Group Ltd. (a)	1,130,300		15,801,594
SiRF Technology Holdings, Inc. (a)	482,700		12,130,251
			27,931,845
Software - 3.4%
Electronic Arts, Inc. (a)	949,452		55,457,491
TOTAL INFORMATION TECHNOLOGY			408,665,005
MATERIALS - 2.0%
Construction Materials - 1.0%
Texas Industries, Inc. (d)	225,600		15,814,560
Metals & Mining - 1.0%
ArcelorMittal SA (NY Reg.) Class A	225,600		17,450,160
TOTAL MATERIALS			33,264,720
TELECOMMUNICATION SERVICES - 10.9%
Diversified Telecommunication Services - 6.8%
AT&T, Inc.	1,872,734		77,830,825
Global Crossing Ltd. (a)	1,510,000		33,295,500
			111,126,325
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 4.1%
American Tower Corp. Class A (a)	1,082,800		$ 46,127,280
NII Holdings, Inc. (a)	451,944		21,837,934
			67,965,214
TOTAL TELECOMMUNICATION SERVICES			179,091,539
TOTAL COMMON STOCKS (Cost $1,581,585,591)		1,667,328,412
Money Market Funds - 2.9%

Fidelity Securities Lending Cash Central Fund, 4.65% (b)(c) (Cost $48,036,275)	48,036,275		48,036,275
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $1,629,621,866)			1,715,364,687
NET OTHER ASSETS - (3.9)%			(64,981,441)
NET ASSETS - 100%		$ 1,650,383,246

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,573,175 or 0.7% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 776,443
Fidelity Securities Lending Cash Central Fund	48,874
Total	$ 825,317

Other Information

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

United States of America	72.1%
France	8.1%
Switzerland	5.5%
Bermuda	3.1%
Italy	2.8%
Canada	2.2%
Brazil	2.1%
India	1.2%
Finland	1.1%
Luxembourg	1.0%
Others (individually less than 1%)	0.8%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2007 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $46,474,818) - See accompanying schedule: Unaffiliated issuers (cost $1,581,585,591)	$ 1,667,328,412
Fidelity Central Funds (cost $48,036,275)	48,036,275
Total Investments (cost $1,629,621,866)		$ 1,715,364,687
Receivable for fund shares sold		3,364,292
Dividends receivable		921,924
Distributions receivable from Fidelity Central Funds		107,067
Prepaid expenses		5,556
Other receivables		10,181
Total assets		1,719,773,707

Liabilities
Payable to custodian bank	$ 1,819,615
Payable for investments purchased	7,030,311
Payable for fund shares redeemed	10,603,551
Accrued management fee	966,120
Other affiliated payables	372,932
Other payables and accrued expenses	561,657
Collateral on securities loaned, at value	48,036,275
Total liabilities		69,390,461

Net Assets		$ 1,650,383,246
Net Assets consist of:
Paid in capital		$ 1,585,186,704
Accumulated net investment loss		(2,848,415)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(17,173,079)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		85,218,036
Net Assets, for 75,700,595 shares outstanding		$ 1,650,383,246
Net Asset Value, offering price and redemption price per share ($1,650,383,246 ÷ 75,700,595 shares)		$ 21.80

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, 2007 (Unaudited)
Investment Income
Dividends		$ 4,522,567
Interest		4,469
Income from Fidelity Central Funds		825,317
Total income		5,352,353

Expenses
Management fee Basic fee	$ 4,539,186
Performance adjustment	1,127,021
Transfer agent fees	1,898,222
Accounting and security lending fees	256,133
Custodian fees and expenses	22,090
Independent trustees' compensation	3,055
Registration fees	68,807
Audit	40,274
Legal	5,721
Interest	1,411
Miscellaneous	4,343
Total expenses before reductions	7,966,263
Expense reductions	(27,070)	7,939,193
Net investment income (loss)		(2,586,840)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $11,964)	71,746,465
Foreign currency transactions	34,169
Total net realized gain (loss)		71,780,634
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $525,987)	(75,122,291)
Assets and liabilities in foreign currencies	22,920
Total change in net unrealized appreciation (depreciation)		(75,099,371)
Net gain (loss)		(3,318,737)
Net increase (decrease) in net assets resulting from operations		$ (5,905,577)

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, 2007 (Unaudited)	Year ended June 30, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (2,586,840)	$ 3,952,503
Net realized gain (loss)	71,780,634	210,392,737
Change in net unrealized appreciation (depreciation)	(75,099,371)	37,818,621
Net increase (decrease) in net assets resulting from operations	(5,905,577)	252,163,861
Distributions to shareholders from net investment income	(1,168,030)	(4,645,410)
Distributions to shareholders from net realized gain	(264,782,510)	(91,127,090)
Total distributions	(265,950,540)	(95,772,500)
Share transactions Proceeds from sales of shares	426,311,217	488,434,858
Reinvestment of distributions	259,382,457	93,419,538
Cost of shares redeemed	(250,906,036)	(446,446,711)
Net increase (decrease) in net assets resulting from share transactions	434,787,638	135,407,685
Redemption fees	-	4,779
Total increase (decrease) in net assets	162,931,521	291,803,825

Net Assets
Beginning of period	1,487,451,725	1,195,647,900
End of period (including accumulated net investment loss of $2,848,415 and undistributed net investment income of $1,079,975, respectively)	$ 1,650,383,246	$ 1,487,451,725
Other Information Shares
Sold	17,873,443	20,712,293
Issued in reinvestment of distributions	11,524,320	4,525,411
Redeemed	(10,714,349)	(18,833,956)
Net increase (decrease)	18,683,414	6,403,748

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2007	Years ended June 30,
	(Unaudited)	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 26.09	$ 23.62	$ 20.07	$ 19.59	$ 17.90	$ 17.19
Income from Investment Operations
Net investment income (loss) ^D	(.04)	.07	.11 ^G	.07 ^H	(.05)	.11
Net realized and unrealized gain (loss)	.02 ^I	4.27	3.61	.49	1.77	.73
Total from investment operations	(.02)	4.34	3.72	.56	1.72	.84
Distributions from net investment income	(.02)	(.09)	(.01)	(.08)	(.03)	(.13)
Distributions from net realized gain	(4.25)	(1.78)	(.16)	-	-	-
Total distributions	(4.27)	(1.87)	(.17)	(.08)	(.03)	(.13)
Redemption fee added to paid in capital ^D	-	- ^{K, L}	- ^K	- ^K	- ^K	- ^K
Net asset value, end of period	$ 21.80	$ 26.09	$ 23.62	$ 20.07	$ 19.59	$ 17.90
Total Return ^{B, C}	(.02)%	20.47%	18.56%	2.85%	9.63%	4.98%
Ratios to Average Net Assets ^{E, J}
Expenses before reductions	.98% ^A	.84%	.79%	.97%	1.05%	1.08%
Expenses net of fee waivers, if any	.98% ^A	.84%	.79%	.97%	1.05%	1.08%
Expenses net of all reductions	.97% ^A	.83%	.77%	.92%	.99%	.93%
Net investment income (loss)	(.32)% ^A	.30%	.46% ^G	.35% ^H	(.29)%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,650,383	$ 1,487,452	$ 1,195,648	$ 795,058	$ 926,174	$ 892,524
Portfolio turnover rate ^F	121% ^A	236%	107%	110%	161%	230%
^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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.^G Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .27%.^H Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.14)%.^I 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.^J 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.^K Amount represents less than $.01 per share.^L The redemption fee was eliminated during the year ended June 30, 2007.

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2007 (Unaudited)

1. Organization.

Fidelity Fifty (the Fund) is a non-diversified fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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

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

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3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Effective with the beginning of the Fund's fiscal year the Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 195,847,147
Unrealized depreciation	(116,678,405)
Net unrealized appreciation (depreciation)	$ 79,168,742
Cost for federal income tax purposes	$ 1,636,195,945

New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

4. Operating Policies.

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

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,165,300,509 and $968,073,322, respectively.

Semiannual Report

6. 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 .26% 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 .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the transfer agent fees were equivalent to an annualized rate of .23% of average net assets. Effective January 1, 2008, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR replaced FSC as transfer agent for the Fund.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $10,558 for the period.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program - continued

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

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 5,335,000	4.76%	$ 1,411

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1,352 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $48,874.

Semiannual Report

9. Expense Reductions.

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 $907 and $26,163, respectively.

10. Other.

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

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Fifty

Each year, typically in July, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Equity Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2007 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved amendments to the fund's agreements with foreign sub-advisers to clarify that each sub-adviser provides services as an independent contractor.

In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered that Fidelity voluntarily pays for market data out of its own resources. The Board also considered the agreement reached between the Independent Trustees and Fidelity in December 2006 following an independent review of matters relating to receipt of travel, entertainment, gifts and gratuities in violation of Fidelity policies.

Semiannual Report

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that, since the last Advisory Contract renewals in July 2006, Fidelity has taken a number of actions that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fee on Fidelity Advisor Floating Rate High Income Fund; (iii) contractually agreeing to reduce the management fees on Fidelity's California, Massachusetts, New Jersey, and New York AMT Tax-Free Money Market Funds, launching new Institutional Classes and Service Classes of these funds, and contractually agreeing to impose expense limitations on these funds; (iv) eliminating the exchange fee on the Fidelity Select Portfolios and reducing the pricing and bookkeeping fee rates for these funds; (v) reducing the maximum transfer agency fee rates on high income funds and certain equity funds; (vi) proposing amended management contracts that, if approved by shareholders, will add a performance adjustment component to the management fees paid by 18 Fidelity Advisor equity funds; (vii) contractually agreeing to reduce fees for Ultra-Short Central Fund and the money market Central Funds; (viii) waiving the Fidelity Advisor funds' contingent deferred sales charge on certain redemptions made through systematic withdrawal programs; and (ix) amending the management contracts for equity and fixed-income funds whose management contracts incorporate a "group fee" structure by adding four new fee "breakpoints" to the group fee rate schedules.

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a custom peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc. Morningstar, Inc. assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Fifty

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the third quartile for the one- and three-year periods and the first quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for the one- and three-year periods, although the fund's five-year cumulative total return was higher than its benchmark. The Board discussed with FMR actions to be taken by FMR to improve the fund's more recent disappointing performance relative to its peer group. The Board will continue to closely monitor the performance of the fund in the coming year.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

Semiannual Report

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared. The Board also considered supplemental information about how the fund's management fee and total expenses ranked relative to groups based on Lipper classifications, which take into account a fund's market capitalization and style.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 10% means that 90% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Fifty

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the fund's negative performance adjustment. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2006.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Semiannual Report

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. In connection with the renewal of the fund's management contract, the Board approved amendments to the fund's management contract that added four new fee breakpoints to the group fee rate schedule for assets under FMR's management above $1,386 billion. The Board considered that the group fee rate declines under both the present and amended schedules, but that under the amended schedule, the group fee rate declines faster as assets under FMR's management exceed $1,386 billion. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on several topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) Fidelity's portfolio manager compensation structure, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (iii) Fidelity's fee structures; (iv) the funds' sub-advisory arrangements; and (v) accounts managed by Fidelity other than the Fidelity funds.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Research & Analysis Company

Fidelity Investments Japan Limited

Fidelity International Investment Advisors

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

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

FIF-USAN-0208
1.787779.104

Fidelity®

Fund

Semiannual Report

December 31, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2007 to December 31, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

	Beginning Account Value July 1, 2007	Ending Account Value December 31, 2007	Expenses Paid During Period* July 1, 2007 to December 31, 2007
Actual	$ 1,000.00	$ 1,071.70	$ 2.86
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,022.37	$ 2.80

* Expenses are equal to the Fund's annualized expense ratio of .55%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Monsanto Co.	3.3	2.9
Microsoft Corp.	2.5	0.0
Google, Inc. Class A (sub. vtg.)	2.4	3.0
Verizon Communications, Inc.	2.3	2.3
Exxon Mobil Corp.	2.2	1.7
Hewlett-Packard Co.	2.0	0.5
Becton, Dickinson & Co.	1.9	1.9
Honeywell International, Inc.	1.8	1.7
Valero Energy Corp.	1.8	2.0
Procter & Gamble Co.	1.6	1.1
	21.8
Top Five Market Sectors as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	16.5	17.3
Financials	15.1	18.6
Industrials	13.4	10.9
Energy	12.8	10.5
Health Care	11.8	12.1

Asset Allocation (% of fund's net assets)
As of December 31, 2007*			As of June 30, 2007**
	Stocks 97.0%			Stocks 99.4%
	Short-Term Investments and Net Other Assets 3.0%			Short-Term Investments and Net Other Assets 0.6%
* Foreign investments		20.1%	** Foreign investments		18.7%

Semiannual Report

Investments December 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 5.4%
Auto Components - 0.3%
Johnson Controls, Inc.	526,600		$ 18,979
Hotels, Restaurants & Leisure - 1.7%
McDonald's Corp.	1,820,700		107,257
Vail Resorts, Inc. (a)(d)	500,300		26,921
			134,178
Household Durables - 0.2%
Lennar Corp. Class A (d)	666,800		11,929
Media - 1.5%
McGraw-Hill Companies, Inc.	1,036,500		45,409
Regal Entertainment Group Class A	1,354,628		24,478
Time Warner, Inc.	3,064,400		50,593
			120,480
Multiline Retail - 0.7%
Macy's, Inc.	723,400		18,714
Sears Holdings Corp. (a)	128,800		13,144
Target Corp.	510,300		25,515
			57,373
Specialty Retail - 1.0%
AutoZone, Inc. (a)	212,700		25,505
PetSmart, Inc.	1,093,451		25,729
Staples, Inc.	1,321,650		30,490
			81,724
TOTAL CONSUMER DISCRETIONARY			424,663
CONSUMER STAPLES - 8.4%
Beverages - 1.2%
PepsiCo, Inc.	1,288,890		97,827
Food & Staples Retailing - 0.5%
CVS Caremark Corp.	945,900		37,600
Food Products - 2.8%
Bunge Ltd.	780,400		90,846
Kellogg Co.	380,600		19,955
Lindt & Spruengli AG (participation certificate)	12,834		44,392
Nestle SA (Reg.)	142,841		65,421
			220,614
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 2.1%
Colgate-Palmolive Co.	428,100		$ 33,375
Procter & Gamble Co.	1,737,944		127,600
			160,975
Tobacco - 1.8%
Altria Group, Inc.	1,271,000		96,062
British American Tobacco PLC sponsored ADR	588,700		46,248
			142,310
TOTAL CONSUMER STAPLES			659,326
ENERGY - 12.8%
Energy Equipment & Services - 1.9%
Schlumberger Ltd. (NY Shares)	1,233,500		121,339
Transocean, Inc. (a)	203,933		29,193
			150,532
Oil, Gas & Consumable Fuels - 10.9%
Canadian Natural Resources Ltd.	348,800		25,480
Chesapeake Energy Corp.	1,137,800		44,602
Denbury Resources, Inc. (a)	726,500		21,613
Devon Energy Corp.	169,800		15,097
Energy Transfer Equity LP	567,700		20,000
EOG Resources, Inc.	481,100		42,938
Exxon Mobil Corp.	1,838,200		172,221
Hess Corp.	419,400		42,301
Marathon Oil Corp.	1,634,100		99,451
Occidental Petroleum Corp.	1,236,500		95,198
Peabody Energy Corp.	1,110,000		68,420
Ultra Petroleum Corp. (a)	541,079		38,687
Valero Energy Corp.	1,998,900		139,983
Williams Companies, Inc.	823,700		29,472
			855,463
TOTAL ENERGY			1,005,995
FINANCIALS - 15.1%
Capital Markets - 5.1%
Bank of New York Mellon Corp.	1,114,300		54,333
Goldman Sachs Group, Inc.	340,600		73,246
Julius Baer Holding AG	661,199		54,609
Lazard Ltd. Class A	580,300		23,607
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Lehman Brothers Holdings, Inc.	373,500		$ 24,442
State Street Corp.	1,476,100		119,859
T. Rowe Price Group, Inc.	765,300		46,591
			396,687
Commercial Banks - 0.9%
First Community Bancorp, California	67,300		2,775
PNC Financial Services Group, Inc.	263,700		17,312
Wells Fargo & Co.	1,744,000		52,651
			72,738
Consumer Finance - 0.9%
American Express Co.	1,394,692		72,552
Diversified Financial Services - 2.9%
Bank of America Corp.	2,300,565		94,921
Bovespa Holding SA	1,196,200		22,405
Citigroup, Inc.	1,278,700		37,645
Deutsche Boerse AG	372,700		73,837
			228,808
Insurance - 5.2%
AFLAC, Inc.	630,200		39,469
American International Group, Inc.	1,816,700		105,914
Berkshire Hathaway, Inc. Class A (a)	301		42,622
Hartford Financial Services Group, Inc.	592,500		51,660
MetLife, Inc.	627,600		38,673
Principal Financial Group, Inc.	838,900		57,750
Prudential Financial, Inc.	414,600		38,574
Willis Group Holdings Ltd.	850,400		32,290
			406,952
Thrifts & Mortgage Finance - 0.1%
Fannie Mae	258,700		10,343
TOTAL FINANCIALS			1,188,080
HEALTH CARE - 11.8%
Biotechnology - 1.6%
Cephalon, Inc. (a)	232,700		16,699
CSL Ltd.	1,850,100		58,921
Gilead Sciences, Inc. (a)	919,000		42,283
PDL BioPharma, Inc. (a)	296,600		5,196
			123,099
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 4.7%
Becton, Dickinson & Co.	1,795,900		$ 150,101
C.R. Bard, Inc.	1,300,800		123,316
Smith & Nephew PLC	1,631,100		18,732
Sonova Holding AG	346,437		39,098
St. Jude Medical, Inc. (a)	882,900		35,881
			367,128
Health Care Providers & Services - 0.4%
Medco Health Solutions, Inc. (a)	320,000		32,448
Pharmaceuticals - 5.1%
Abbott Laboratories	545,300		30,619
Allergan, Inc.	574,300		36,893
Elan Corp. PLC sponsored ADR (a)	1,954,296		42,955
Merck & Co., Inc.	1,706,300		99,153
Roche Holding AG (participation certificate)	614,985		105,039
Schering-Plough Corp.	693,400		18,472
Wyeth	1,619,140		71,550
			404,681
TOTAL HEALTH CARE			927,356
INDUSTRIALS - 13.4%
Aerospace & Defense - 5.9%
General Dynamics Corp.	884,800		78,738
Goodrich Corp.	489,600		34,571
Hexcel Corp. (a)	1,161,300		28,196
Honeywell International, Inc.	2,304,600		141,894
Lockheed Martin Corp.	917,430		96,569
Raytheon Co.	412,300		25,027
Rockwell Collins, Inc.	107,400		7,730
Rolls-Royce Group PLC	2,004,821		21,749
The Boeing Co.	353,600		30,926
			465,400
Airlines - 0.2%
Delta Air Lines, Inc. (a)	1,238,700		18,444
Commercial Services & Supplies - 0.6%
Stericycle, Inc. (a)	394,900		23,457
The Brink's Co.	406,600		24,290
			47,747
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - 0.9%
Fluor Corp.	292,300		$ 42,594
Jacobs Engineering Group, Inc. (a)	187,200		17,898
Quanta Services, Inc. (a)	536,100		14,067
			74,559
Electrical Equipment - 2.6%
ABB Ltd. (Reg.)	2,214,314		63,735
Alstom SA	213,700		45,845
Q-Cells AG (a)	170,800		24,328
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	538,400		44,321
Vestas Wind Systems AS (a)	212,200		22,925
			201,154
Industrial Conglomerates - 2.2%
General Electric Co.	2,429,326		90,055
Siemens AG sponsored ADR	511,300		80,458
			170,513
Machinery - 1.0%
Danaher Corp.	400,000		35,096
Eaton Corp.	220,200		21,348
Sulzer AG (Reg.)	14,241		20,922
			77,366
TOTAL INDUSTRIALS			1,055,183
INFORMATION TECHNOLOGY - 16.5%
Communications Equipment - 2.4%
Cisco Systems, Inc. (a)	4,689,276		126,939
Harris Corp.	442,600		27,742
Research In Motion Ltd. (a)	344,500		39,066
			193,747
Computers & Peripherals - 3.8%
Apple, Inc. (a)	612,500		121,324
Hewlett-Packard Co.	3,033,600		153,136
NCR Corp. (a)	981,421		24,634
			299,094
Electronic Equipment & Instruments - 1.4%
Amphenol Corp. Class A	2,309,800		107,105
Internet Software & Services - 2.4%
Google, Inc. Class A (sub. vtg.) (a)	278,385		192,498
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 2.1%
Broadcom Corp. Class A (a)	858,821		$ 22,450
Infineon Technologies AG sponsored ADR (a)	1,319,500		15,359
Intel Corp.	3,534,200		94,222
Nec Electronics Corp. (a)	624,300		14,821
Skyworks Solutions, Inc. (a)	1,820,200		15,472
			162,324
Software - 4.4%
Microsoft Corp.	5,461,800		194,440
Nintendo Co. Ltd.	164,900		97,687
Oracle Corp. (a)	953,800		21,537
VMware, Inc. Class A	426,900		36,282
			349,946
TOTAL INFORMATION TECHNOLOGY			1,304,714
MATERIALS - 6.7%
Chemicals - 6.2%
Agrium, Inc.	747,700		53,936
Albemarle Corp.	545,000		22,481
Ecolab, Inc.	1,062,900		54,431
Monsanto Co.	2,359,854		263,577
Potash Corp. of Saskatchewan, Inc.	154,600		22,256
Praxair, Inc.	831,422		73,755
			490,436
Metals & Mining - 0.5%
Barrick Gold Corp.	494,500		20,794
Newcrest Mining Ltd.	527,203		15,285
			36,079
TOTAL MATERIALS			526,515
TELECOMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	2,740,695		113,903
Verizon Communications, Inc.	4,215,500		184,175
			298,078
UTILITIES - 2.9%
Electric Utilities - 1.4%
E.ON AG	254,467		54,248
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
Entergy Corp.	328,900		$ 39,310
PPL Corp.	412,700		21,498
			115,056
Independent Power Producers & Energy Traders - 1.5%
AES Corp. (a)	372,900		7,976
Constellation Energy Group, Inc.	406,000		41,627
Dynegy, Inc. Class A (a)	3,835,000		27,382
NRG Energy, Inc. (a)	935,200		40,532
			117,517
TOTAL UTILITIES			232,573
TOTAL COMMON STOCKS (Cost $5,893,433)		7,622,483
Nonconvertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Porsche Automobil Holding SE	10,501		21,239
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,429)		21,239
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 4.58% (b)	233,633,708		233,634
Fidelity Securities Lending Cash Central Fund, 4.65% (b)(c)	9,785,325		9,785
TOTAL MONEY MARKET FUNDS (Cost $243,419)		243,419
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $6,156,281)			7,887,141
NET OTHER ASSETS - (0.1)%			(10,473)
NET ASSETS - 100%		$ 7,876,668

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 2,923
Fidelity Securities Lending Cash Central Fund	100
Total	$ 3,023

Other Information

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

United States of America	79.9%
Switzerland	5.0%
Germany	3.3%
Canada	2.6%
Bermuda	1.9%
Netherlands Antilles	1.5%
Japan	1.4%
United Kingdom	1.1%
Australia	1.0%
Others (individually less than 1%)	2.3%
	100.0%

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, 2007 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $9,718) - See accompanying schedule: Unaffiliated issuers (cost $5,912,862)	$ 7,643,722
Fidelity Central Funds (cost $243,419)	243,419
Total Investments (cost $6,156,281)		$ 7,887,141
Receivable for investments sold		161
Receivable for fund shares sold		16,916
Dividends receivable		6,547
Distributions receivable from Fidelity Central Funds		965
Prepaid expenses		25
Other receivables		326
Total assets		7,912,081

Liabilities
Payable for investments purchased	$ 133
Payable for fund shares redeemed	21,626
Accrued management fee	2,267
Other affiliated payables	1,269
Other payables and accrued expenses	333
Collateral on securities loaned, at value	9,785
Total liabilities		35,413

Net Assets		$ 7,876,668
Net Assets consist of:
Paid in capital		$ 6,106,526
Undistributed net investment income		28
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		39,234
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,730,880
Net Assets, for 197,647 shares outstanding		$ 7,876,668
Net Asset Value, offering price and redemption price per share ($7,876,668 ÷ 197,647 shares)		$ 39.85

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, 2007 (Unaudited)
Investment Income
Dividends		$ 48,037
Interest		6
Income from Fidelity Central Funds		3,023
Total income		51,066

Expenses
Management fee	$ 13,114
Transfer agent fees	6,843
Accounting and security lending fees	600
Custodian fees and expenses	131
Independent trustees' compensation	14
Appreciation in deferred trustee compensation account	1
Registration fees	24
Audit	50
Legal	28
Miscellaneous	26
Total expenses before reductions	20,831
Expense reductions	(217)	20,614
Net investment income (loss)		30,452
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	320,752
Foreign currency transactions	56
Total net realized gain (loss)		320,808
Change in net unrealized appreciation (depreciation) on: Investment securities	173,892
Assets and liabilities in foreign currencies	20
Total change in net unrealized appreciation (depreciation)		173,912
Net gain (loss)		494,720
Net increase (decrease) in net assets resulting from operations		$ 525,172

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, 2007 (Unaudited)	Year ended June 30, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 30,452	$ 65,819
Net realized gain (loss)	320,808	775,600
Change in net unrealized appreciation (depreciation)	173,912	612,454
Net increase (decrease) in net assets resulting from operations	525,172	1,453,873
Distributions to shareholders from net investment income	(51,220)	(72,277)
Distributions to shareholders from net realized gain	(310,352)	-
Total distributions	(361,572)	(72,277)
Share transactions Proceeds from sales of shares	536,300	634,996
Reinvestment of distributions	339,687	67,769
Cost of shares redeemed	(581,328)	(2,949,882)
Net increase (decrease) in net assets resulting from share transactions	294,659	(2,247,117)
Total increase (decrease) in net assets	458,259	(865,521)

Net Assets
Beginning of period	7,418,409	8,283,930
End of period (including undistributed net investment income of $28 and undistributed net investment income of $20,796, respectively)	$ 7,876,668	$ 7,418,409
Other Information Shares
Sold	13,422	17,815
Issued in reinvestment of distributions	8,560	1,967
Redeemed	(14,648)	(83,933)
Net increase (decrease)	7,334	(64,151)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2007	Years ended June 30,
	(Unaudited)	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 38.98	$ 32.55	$ 29.74	$ 28.81	$ 24.46	$ 25.03
Income from Investment Operations
Net investment income (loss)^D	.16	.30	.28	.44^G	.24	.21
Net realized and unrealized gain (loss)	2.61	6.45	2.80	.87	4.35	(.57)
Total from investment operations	2.77	6.75	3.08	1.31	4.59	(.36)
Distributions from net investment income	(.27)	(.32)	(.27)	(.38)	(.24)	(.21)
Distributions from net realized gain	(1.63)	-	-	-	-	-
Total distributions	(1.90)	(.32)	(.27)	(.38)	(.24)	(.21)
Net asset value, end of period	$ 39.85	$ 38.98	$ 32.55	$ 29.74	$ 28.81	$ 24.46
Total Return^{B, C}	7.17%	20.86%	10.40%	4.58%	18.81%	(1.36)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.55%^A	.57%	.59%	.60%	.61%	.63%
Expenses net of fee waivers, if any	.55%^A	.57%	.59%	.60%	.61%	.63%
Expenses net of all reductions	.55%^A	.56%	.56%	.57%	.59%	.61%
Net investment income (loss)	.81%^A	.86%	.87%	1.52%^G	.89%	.93%
Supplemental Data
Net assets, end of period (in millions)	$ 7,877	$ 7,418	$ 8,284	$ 10,178	$ 10,499	$ 9,335
Portfolio turnover rate^F	63%^A	50%	72%	74%	53%	32%

^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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

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

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

^H 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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, 2007 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

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.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Effective with the beginning of the Fund's fiscal year, the Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

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

Unrealized appreciation	$ 1,892,436
Unrealized depreciation	(178,363)
Net unrealized appreciation (depreciation)	$ 1,714,073
Cost for federal income tax purposes	$ 6,173,068

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,335,700 and $2,561,827, respectively.

Semiannual Report

6. Fees and Other Transactions with Affiliates.

Effective January 1, 2008, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR replaced FSC as transfer agent for the Fund.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

8. Security Lending - continued

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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $100.

9. 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 $104 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 $1 and $112, respectively.

10. Other.

Semiannual Report

10. Other - continued

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the third quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions to be taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board will continue to closely monitor the performance of the fund in the coming year.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Semiannual Report

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 6% means that 94% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2006.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

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

To Visit Fidelity

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

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, 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

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

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

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Research & Analysis Company

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

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

FID-USAN-0208
1.787780.104

Fidelity®

Growth Discovery Fund

Semiannual Report

December 31, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2007 to December 31, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

	Beginning Account Value July 1, 2007	Ending Account Value December 31, 2007	Expenses Paid During Period* July 1, 2007 to December 31, 2007
Actual	$ 1,000.00	$ 1,135.00	$ 4.94
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.51	$ 4.67

* Expenses are equal to the Fund's annualized expense ratio of .92%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Nokia Corp. sponsored ADR	5.1	1.7
Procter & Gamble Co.	4.4	0.6
Berkshire Hathaway, Inc. Class B	4.2	0.0
EMC Corp.	3.8	4.3
ABB Ltd. sponsored ADR	3.3	2.4
Microsoft Corp.	3.0	1.7
Nintendo Co. Ltd.	2.8	3.5
Schlumberger Ltd. (NY Shares)	2.7	2.1
Applied Materials, Inc.	2.6	1.8
The Western Union Co.	2.5	1.7
	34.4
Top Five Market Sectors as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	37.0	41.4
Industrials	12.4	9.2
Health Care	10.5	14.9
Financials	10.4	8.8
Energy	9.6	9.2

Asset Allocation (% of fund's net assets)
As of December 31, 2007*			As of June 30, 2007**
	Stocks 96.8%			Stocks 96.9%
	Short-Term Investments and Net Other Assets 3.2%			Short-Term Investments and Net Other Assets 3.1%
* Foreign investments		26.0%	** Foreign investments		25.0%

Semiannual Report

Investments December 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 3.1%
Hotels, Restaurants & Leisure - 1.8%
BJ's Restaurants, Inc. (a)(d)	262,600		$ 4,270
McDonald's Corp.	453,600		26,722
Starbucks Corp. (a)	234,300		4,796
			35,788
Household Durables - 0.3%
TomTom Group BV (a)	74,100		5,569
Leisure Equipment & Products - 0.7%
Nikon Corp.	399,000		13,598
Media - 0.1%
National CineMedia, Inc.	51,100		1,288
Specialty Retail - 0.2%
DSW, Inc. Class A (a)(d)	196,300		3,683
TOTAL CONSUMER DISCRETIONARY			59,926
CONSUMER STAPLES - 8.6%
Beverages - 0.4%
PepsiCo, Inc.	111,300		8,448
Food & Staples Retailing - 0.6%
CVS Caremark Corp.	285,500		11,349
Food Products - 0.9%
Nestle SA sponsored ADR	148,700		17,026
Household Products - 6.7%
Colgate-Palmolive Co.	574,400		44,780
Procter & Gamble Co.	1,147,400		84,242
			129,022
TOTAL CONSUMER STAPLES			165,845
ENERGY - 9.6%
Energy Equipment & Services - 3.8%
Cameron International Corp. (a)	89,500		4,308
FMC Technologies, Inc. (a)	73,600		4,173
National Oilwell Varco, Inc. (a)	115,100		8,455
Schlumberger Ltd. (NY Shares)	523,700		51,516
Transocean, Inc. (a)	27,900		3,994
			72,446
Oil, Gas & Consumable Fuels - 5.8%
Chesapeake Energy Corp.	219,500		8,604
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Denbury Resources, Inc. (a)	493,700		$ 14,688
EnCana Corp.	43,300		2,942
Energy Transfer Equity LP	50,500		1,779
Enterprise Products Partners LP	74,700		2,381
EOG Resources, Inc.	174,800		15,601
Hess Corp.	20,700		2,088
OAO Gazprom sponsored ADR	190,300		10,714
Petroleo Brasileiro SA - Petrobras sponsored ADR	110,200		12,699
Ultra Petroleum Corp. (a)	73,600		5,262
Valero Energy Corp.	231,800		16,233
Williams Companies, Inc.	522,700		18,702
			111,693
TOTAL ENERGY			184,139
FINANCIALS - 10.4%
Capital Markets - 3.1%
Charles Schwab Corp.	1,112,800		28,432
Janus Capital Group, Inc.	220,500		7,243
Northern Trust Corp.	84,800		6,494
T. Rowe Price Group, Inc.	282,300		17,186
			59,355
Commercial Banks - 0.2%
East West Bancorp, Inc.	36,200		877
UCBH Holdings, Inc.	222,900		3,156
			4,033
Diversified Financial Services - 0.3%
Bovespa Holding SA	107,000		2,004
CME Group, Inc.	5,700		3,910
			5,914
Insurance - 6.8%
AFLAC, Inc.	139,480		8,736
Berkshire Hathaway, Inc.:
Class A (a)	97		13,735
Class B (a)	16,970		80,370
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Principal Financial Group, Inc.	215,300		$ 14,821
Prudential Financial, Inc.	123,900		11,528
			129,190
TOTAL FINANCIALS			198,492
HEALTH CARE - 10.5%
Biotechnology - 3.0%
Acorda Therapeutics, Inc. (a)	188,000		4,128
Altus Pharmaceuticals, Inc. (a)	147,400		764
Biogen Idec, Inc. (a)	505,500		28,773
CSL Ltd.	378,010		12,039
Gilead Sciences, Inc. (a)	268,598		12,358
			58,062
Health Care Equipment & Supplies - 3.5%
Alcon, Inc.	57,400		8,210
ArthroCare Corp. (a)	46,412		2,230
Becton, Dickinson & Co.	196,800		16,449
C.R. Bard, Inc.	81,877		7,762
Cochlear Ltd.	49,103		3,221
DENTSPLY International, Inc.	140,600		6,330
Inverness Medical Innovations, Inc. (a)	13,600		764
Medtronic, Inc.	340,000		17,092
Sirona Dental Systems, Inc. (a)(d)	150,958		5,054
			67,112
Health Care Providers & Services - 0.9%
Henry Schein, Inc. (a)	174,500		10,714
Medco Health Solutions, Inc. (a)	66,300		6,723
			17,437
Life Sciences Tools & Services - 1.0%
Charles River Laboratories International, Inc. (a)	27,800		1,829
Covance, Inc. (a)	199,500		17,281
			19,110
Pharmaceuticals - 2.1%
Allergan, Inc.	26,600		1,709
Merck & Co., Inc.	666,100		38,707
			40,416
TOTAL HEALTH CARE			202,137
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 12.4%
Aerospace & Defense - 0.9%
General Dynamics Corp.	198,600		$ 17,673
Airlines - 0.0%
Ryanair Holdings PLC sponsored ADR (a)	20,700		816
Commercial Services & Supplies - 0.2%
Corrections Corp. of America (a)	117,500		3,467
Construction & Engineering - 3.3%
Fluor Corp.	114,300		16,656
Foster Wheeler Ltd. (a)	62,800		9,735
Jacobs Engineering Group, Inc. (a)	117,194		11,205
KBR, Inc.	220,900		8,571
Shaw Group, Inc. (a)	281,400		17,008
			63,175
Electrical Equipment - 5.1%
ABB Ltd. sponsored ADR	2,172,500		62,568
Alstom SA	43,900		9,418
Cooper Industries Ltd. Class A	58,700		3,104
Gamesa Corporacion Tecnologica, SA	13,300		621
Vestas Wind Systems AS (a)	205,400		22,190
			97,901
Industrial Conglomerates - 2.2%
Global Consumer Acquisition Corp. unit	100,000		986
McDermott International, Inc. (a)	681,800		40,247
			41,233
Machinery - 0.7%
Hansen Transmission International NV	399,200		2,284
Sulzer AG (Reg.)	7,932		11,653
			13,937
TOTAL INDUSTRIALS			238,202
INFORMATION TECHNOLOGY - 37.0%
Communications Equipment - 9.4%
Cisco Systems, Inc. (a)	1,683,700		45,578
Corning, Inc.	1,206,900		28,954
Harris Corp.	114,400		7,171
Nokia Corp. sponsored ADR	2,561,700		98,346
			180,049
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 4.0%
EMC Corp. (a)	3,904,400		$ 72,349
Western Digital Corp. (a)	158,400		4,785
			77,134
Electronic Equipment & Instruments - 0.1%
Amphenol Corp. Class A	44,800		2,077
Internet Software & Services - 4.4%
Akamai Technologies, Inc. (a)	218,100		7,546
eBay, Inc. (a)	261,302		8,673
Google, Inc. Class A (sub. vtg.) (a)	62,500		43,218
Omniture, Inc. (a)	48,000		1,598
The Knot, Inc. (a)	237,000		3,778
VeriSign, Inc. (a)	520,400		19,572
			84,385
IT Services - 4.6%
Cognizant Technology Solutions Corp. Class A (a)	577,300		19,594
ExlService Holdings, Inc. (a)	47,111		1,087
Infosys Technologies Ltd.	224,848		10,099
Infosys Technologies Ltd. sponsored ADR	97,100		4,404
Mastercard, Inc. Class A	22,200		4,777
The Western Union Co.	1,987,200		48,249
			88,210
Semiconductors & Semiconductor Equipment - 5.6%
Applied Materials, Inc.	2,790,600		49,561
Broadcom Corp. Class A (a)	1,809,300		47,295
MediaTek, Inc.	289,000		3,752
Microchip Technology, Inc.	237,900		7,475
			108,083
Software - 8.9%
Activision, Inc. (a)	550,700		16,356
Citrix Systems, Inc. (a)	49,500		1,881
Electronic Arts, Inc. (a)	131,873		7,703
Microsoft Corp.	1,643,900		58,523
Nintendo Co. Ltd.	91,800		54,382
Red Hat, Inc. (a)	28,700		598
Salesforce.com, Inc. (a)	80,100		5,021
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
THQ, Inc. (a)(d)	318,908		$ 8,990
Ubisoft Entertainment SA (a)	162,959		16,522
			169,976
TOTAL INFORMATION TECHNOLOGY			709,914
MATERIALS - 2.9%
Chemicals - 2.5%
Albemarle Corp.	144,400		5,957
Monsanto Co.	171,100		19,110
The Mosaic Co. (a)	229,400		21,642
			46,709
Metals & Mining - 0.4%
Compass Minerals International, Inc.	196,300		8,048
TOTAL MATERIALS			54,757
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV Series L sponsored ADR	77,800		4,776
UTILITIES - 2.0%
Electric Utilities - 1.2%
Allegheny Energy, Inc.	209,100		13,301
Entergy Corp.	75,500		9,024
PPL Corp.	34,900		1,818
			24,143
Independent Power Producers & Energy Traders - 0.5%
Constellation Energy Group, Inc.	89,900		9,217
Multi-Utilities - 0.3%
Wisconsin Energy Corp.	115,600		5,631
TOTAL UTILITIES			38,991
TOTAL COMMON STOCKS (Cost $1,752,141)		1,857,179
Money Market Funds - 6.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 4.58% (b)	124,265,383		$ 124,265
Fidelity Securities Lending Cash Central Fund, 4.65% (b)(c)	4,801,000		4,801
TOTAL MONEY MARKET FUNDS (Cost $129,066)		129,066
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $1,881,207)			1,986,245
NET OTHER ASSETS - (3.5)%			(67,356)
NET ASSETS - 100%		$ 1,918,889

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,694
Fidelity Securities Lending Cash Central Fund	46
Total	$ 1,740

Other Information

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

United States of America	74.0%
Switzerland	5.2%
Finland	5.1%
Japan	3.5%
Netherlands Antilles	2.7%
Panama	2.1%
France	1.4%
Denmark	1.1%
Others (individually less than 1%)	4.9%
	100.0%

Income Tax Information

At June 30, 2007, the fund had a capital loss carryforward of approximately $155,604,000 of which $65,513,000 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, 2007 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $4,653) - See accompanying schedule: Unaffiliated issuers (cost $1,752,141)	$ 1,857,179
Fidelity Central Funds (cost $129,066)	129,066
Total Investments (cost $1,881,207)		$ 1,986,245
Receivable for investments sold		1,155
Receivable for fund shares sold		45,388
Dividends receivable		655
Distributions receivable from Fidelity Central Funds		392
Prepaid expenses		4
Other receivables		129
Total assets		2,033,968

Liabilities
Payable for investments purchased	$ 104,666
Payable for fund shares redeemed	4,339
Accrued management fee	921
Other affiliated payables	299
Other payables and accrued expenses	53
Collateral on securities loaned, at value	4,801
Total liabilities		115,079

Net Assets		$ 1,918,889
Net Assets consist of:
Paid in capital		$ 1,913,566
Distributions in excess of net investment income		(366)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(99,353)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		105,042
Net Assets, for 118,005 shares outstanding		$ 1,918,889
Net Asset Value, offering price and redemption price per share ($1,918,889 ÷ 118,005 shares)		$ 16.26

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, 2007 (Unaudited)
Investment Income
Dividends		$ 4,121
Interest		6
Income from Fidelity Central Funds		1,740
Total income		5,867

Expenses
Management fee Basic fee	$ 3,168
Performance adjustment	457
Transfer agent fees	1,109
Accounting and security lending fees	186
Custodian fees and expenses	65
Independent trustees' compensation	2
Registration fees	143
Audit	45
Legal	3
Miscellaneous	2
Total expenses before reductions	5,180
Expense reductions	(31)	5,149
Net investment income (loss)		718
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	57,302
Foreign currency transactions	(6)
Total net realized gain (loss)		57,296
Change in net unrealized appreciation (depreciation) on: Investment securities	54,808
Assets and liabilities in foreign currencies	13
Total change in net unrealized appreciation (depreciation)		54,821
Net gain (loss)		112,117
Net increase (decrease) in net assets resulting from operations		$ 112,835

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 31,2007 (Unaudited)	Year ended June 30, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 718	$ 2,431
Net realized gain (loss)	57,296	43,973
Change in net unrealized appreciation (depreciation)	54,821	52,616
Net increase (decrease) in net assets resulting from operations	112,835	99,020
Distributions to shareholders from net investment income	(2,017)	(4,210)
Distributions to shareholders from net realized gain	-	(705)
Total distributions	(2,017)	(4,915)
Share transactions Proceeds from sales of shares	1,455,368	90,736
Reinvestment of distributions	1,926	4,800
Cost of shares redeemed	(129,810)	(121,206)
Net increase (decrease) in net assets resulting from share transactions	1,327,484	(25,670)
Total increase (decrease) in net assets	1,438,302	68,435

Net Assets
Beginning of period	480,587	412,152
End of period (including distributions in excess of net investment income of $366 and undistributed net investment income of $933, respectively)	$ 1,918,889	$ 480,587
Other Information Shares
Sold	92,608	6,838
Issued in reinvestment of distributions	126	399
Redeemed	(8,202)	(9,285)
Net increase (decrease)	84,532	(2,048)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2007	Years ended June 30,
	(Unaudited)	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 14.36	$ 11.60	$ 10.70	$ 10.35	$ 9.40	$ 9.33
Income from Investment Operations
Net investment income (loss)^D	.01	.07	.12	.16^G	.07	.04
Net realized and unrealized gain (loss)	1.93	2.83	.91	.32	.93	.06
Total from investment operations	1.94	2.90	1.03	.48	1.00	.10
Distributions from net investment income	(.04)	(.12)	(.13)	(.13)	(.05)	(.03)
Distributions from net realized gain	-	(.02)	-	-	-	-
Total distributions	(.04)	(.14)	(.13)	(.13)	(.05)	(.03)
Net asset value, end of period	$ 16.26	$ 14.36	$ 11.60	$ 10.70	$ 10.35	$ 9.40
Total Return^B,C	13.50%	25.24%	9.67%	4.64%	10.67%	1.11%
Ratios to Average Net Assets^E,H
Expenses before reductions	.92%^A	.81%	.68%	.81%	.91%	1.17%
Expenses net of fee waivers, if any	.92%^A	.81%	.68%	.81%	.91%	1.17%
Expenses net of all reductions	.91%^A	.80%	.61%	.70%	.84%	.97%
Net investment income (loss)	.13%^A	.55%	1.04%	1.54%^G	.73%	.43%
Supplemental Data
Net assets, end of period (in millions)	$ 1,919	$ 481	$ 412	$ 459	$ 541	$ 690
Portfolio turnover rate^F	94%^A	199%	184%	229%	249%	367%

^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.

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

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

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2007 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

Fidelity Growth Discovery Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation - continued

business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Effective with the beginning of the Fund's fiscal year, the Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48).
FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 165,742
Unrealized depreciation	(61,546)
Net unrealized appreciation (depreciation)	$ 104,196
Cost for federal income tax purposes	$ 1,882,049

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,795,577 and $516,226, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 .64% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the transfer agent fees were equivalent to an annualized rate of .20% of average net assets. Effective January 1, 2008, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR replaced FSC as transfer agent for the Fund.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Security Lending.

9. 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 $25 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 $1 and $5, respectively.

10. Other.

Semiannual Report

10. Other - continued

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth Discovery Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Growth Discovery Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the third quartile for the one- and five-year periods and the fourth quartile for the three-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions to be taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board will continue to closely monitor the performance of the fund in the coming year.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Growth Discovery Fund

Furthermore, the Board considered that, on January 17, 2007, after the periods shown in the chart above, shareholders approved a prospective change in the index used to calculate the fund's performance adjustment from the S&P 500 Index to the Russell 3000 Growth Index.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Semiannual Report

The Board noted that the fund's total expenses ranked below its competitive median for 2006.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

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

To Visit Fidelity

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

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, 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

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

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

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

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CII-USAN-0208
1.787778.104

Fidelity®

Mega Cap Stock

Fund

(formerly Fidelity Growth & Income II Portfolio)

Semiannual Report

December 31, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2007 to December 31, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

	Beginning Account Value July 1, 2007	Ending Account Value December 31, 2007	Expenses Paid During Period* July 1, 2007 to December 31, 2007
Actual	$ 1,000.00	$ 1,027.70	$ 3.87
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.32	$ 3.86

* Expenses are equal to the Fund's annualized expense ratio of .76%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Merck & Co., Inc.	2.7	1.2
Microsoft Corp.	2.6	2.4
JPMorgan Chase & Co.	2.5	0.0
Exxon Mobil Corp.	2.4	3.0
Bank of America Corp.	2.4	1.3
Verizon Communications, Inc.	2.4	1.1
Chevron Corp.	2.1	0.0
Altria Group, Inc.	2.1	0.7
American International Group, Inc.	2.1	3.7
Hewlett-Packard Co.	2.0	1.0
	23.3
Top Five Market Sectors as of December 31, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	17.5	19.5
Financials	17.1	20.1
Energy	13.0	10.7
Health Care	12.6	12.1
Industrials	11.5	12.1

Asset Allocation (% of fund's net assets)
As of December 31, 2007 *			As of June 30, 2007 **
	Stocks 98.0%			Stocks 95.0%
	Short-Term Investments and Net Other Assets 2.0%			Short-Term Investments and Net Other Assets 5.0%
* Foreign investments		3.9%	** Foreign investments		9.9%

Semiannual Report

Investments December 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 0.3%
Johnson Controls, Inc.	53,700		$ 1,935,348
Automobiles - 0.3%
General Motors Corp. (d)	57,100		1,421,219
Hotels, Restaurants & Leisure - 1.9%
McDonald's Corp.	161,100		9,490,401
Yum! Brands, Inc.	26,600		1,017,982
			10,508,383
Household Durables - 1.3%
Whirlpool Corp.	92,200		7,526,286
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (a)	6,600		611,424
Media - 2.5%
CBS Corp. Class B	14,300		389,675
McGraw-Hill Companies, Inc.	50,400		2,208,024
News Corp. Class A	40,100		821,649
Omnicom Group, Inc.	21,100		1,002,883
The DIRECTV Group, Inc. (a)	72,100		1,666,952
The Walt Disney Co.	123,600		3,989,808
Time Warner Cable, Inc. (a)	18,400		507,840
Time Warner, Inc.	217,700		3,594,227
			14,181,058
Multiline Retail - 1.3%
JCPenney Co., Inc.	21,100		928,189
Sears Holdings Corp. (a)(d)	39,800		4,061,590
Target Corp.	46,500		2,325,000
			7,314,779
Specialty Retail - 1.5%
Abercrombie & Fitch Co. Class A	21,100		1,687,367
AutoZone, Inc. (a)	10,600		1,271,046
Home Depot, Inc.	111,600		3,006,504
Sherwin-Williams Co.	10,000		580,400
Staples, Inc.	35,243		813,056
TJX Companies, Inc.	34,300		985,439
			8,343,812
Textiles, Apparel & Luxury Goods - 1.2%
NIKE, Inc. Class B	104,500		6,713,080
TOTAL CONSUMER DISCRETIONARY			58,555,389
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 7.3%
Beverages - 0.4%
Coca-Cola Enterprises, Inc.	14,300		$ 372,229
Molson Coors Brewing Co. Class B	43,893		2,265,757
			2,637,986
Food & Staples Retailing - 2.5%
CVS Caremark Corp.	25,000		993,750
Kroger Co.	239,300		6,391,703
Wal-Mart Stores, Inc.	138,584		6,586,898
			13,972,351
Food Products - 0.5%
General Mills, Inc.	6,100		347,700
Kellogg Co.	38,100		1,997,583
Tyson Foods, Inc. Class A	35,800		548,814
			2,894,097
Household Products - 1.8%
Procter & Gamble Co.	136,100		9,992,462
Tobacco - 2.1%
Altria Group, Inc.	156,630		11,838,095
TOTAL CONSUMER STAPLES			41,334,991
ENERGY - 13.0%
Energy Equipment & Services - 2.6%
Halliburton Co.	85,700		3,248,887
Noble Corp.	18,900		1,068,039
Schlumberger Ltd. (NY Shares)	21,115		2,077,083
Transocean, Inc. (a)	57,952		8,295,829
			14,689,838
Oil, Gas & Consumable Fuels - 10.4%
Anadarko Petroleum Corp.	10,000		656,900
Apache Corp.	10,000		1,075,400
Canadian Natural Resources Ltd.	5,000		365,256
Chevron Corp.	128,200		11,964,906
ConocoPhillips	115,700		10,216,310
Exxon Mobil Corp.	144,471		13,535,488
Marathon Oil Corp.	134,400		8,179,584
Occidental Petroleum Corp.	20,000		1,539,800
Plains Exploration & Production Co. (a)	6,100		329,400
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp.	128,100		$ 6,110,370
Valero Energy Corp.	62,300		4,362,869
			58,336,283
TOTAL ENERGY			73,026,121
FINANCIALS - 17.1%
Capital Markets - 3.9%
Franklin Resources, Inc.	14,600		1,670,678
Goldman Sachs Group, Inc.	44,700		9,612,735
Janus Capital Group, Inc.	122,900		4,037,265
Lehman Brothers Holdings, Inc.	66,100		4,325,584
Merrill Lynch & Co., Inc.	8,600		461,648
Morgan Stanley	31,500		1,672,965
			21,780,875
Commercial Banks - 1.1%
Wachovia Corp.	21,100		802,433
Wells Fargo & Co.	181,500		5,479,485
			6,281,918
Consumer Finance - 0.1%
American Express Co.	15,700		816,714
Diversified Financial Services - 5.7%
Bank of America Corp.	326,680		13,478,817
Citigroup, Inc.	140,800		4,145,152
JPMorgan Chase & Co.	326,700		14,260,455
			31,884,424
Insurance - 5.8%
ACE Ltd.	21,100		1,303,558
AFLAC, Inc.	10,000		626,300
Allstate Corp.	79,500		4,152,285
American International Group, Inc.	201,530		11,749,199
Everest Re Group Ltd.	11,900		1,194,760
Hartford Financial Services Group, Inc.	16,600		1,447,354
Loews Corp.	53,000		2,668,020
MetLife, Inc.	27,500		1,694,550
Prudential Financial, Inc.	41,600		3,870,464
The Travelers Companies, Inc.	74,900		4,029,620
			32,736,110
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.5%
Countrywide Financial Corp.	113,700		$ 1,016,478
Fannie Mae	48,500		1,939,030
			2,955,508
TOTAL FINANCIALS			96,455,549
HEALTH CARE - 12.6%
Biotechnology - 1.1%
Amgen, Inc. (a)	23,690		1,100,164
Biogen Idec, Inc. (a)	20,000		1,138,400
Genentech, Inc. (a)	39,400		2,642,558
Gilead Sciences, Inc. (a)	25,220		1,160,372
			6,041,494
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.	47,800		2,774,790
Becton, Dickinson & Co.	47,800		3,995,124
Medtronic, Inc.	42,100		2,116,367
			8,886,281
Health Care Providers & Services - 3.0%
Aetna, Inc.	8,200		473,386
Humana, Inc. (a)	68,700		5,173,797
McKesson Corp.	37,300		2,443,523
Medco Health Solutions, Inc. (a)	41,300		4,187,820
UnitedHealth Group, Inc.	68,100		3,963,420
WellPoint, Inc. (a)	10,000		877,300
			17,119,246
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc. (a)	43,800		2,526,384
Pharmaceuticals - 6.4%
Allergan, Inc.	10,000		642,400
Bristol-Myers Squibb Co.	68,200		1,808,664
Johnson & Johnson	142,800		9,524,760
Merck & Co., Inc.	257,900		14,986,566
Pfizer, Inc.	125,500		2,852,615
Schering-Plough Corp.	158,800		4,230,432
Wyeth	46,000		2,032,740
			36,078,177
TOTAL HEALTH CARE			70,651,582
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 11.5%
Aerospace & Defense - 4.9%
General Dynamics Corp.	23,100		$ 2,055,669
Honeywell International, Inc.	91,100		5,609,027
L-3 Communications Holdings, Inc.	2,900		307,226
Lockheed Martin Corp.	58,300		6,136,658
Northrop Grumman Corp.	50,100		3,939,864
Raytheon Co.	53,100		3,223,170
The Boeing Co.	40,800		3,568,368
United Technologies Corp.	36,300		2,778,402
			27,618,384
Airlines - 0.6%
AMR Corp. (a)	37,200		521,916
Continental Airlines, Inc. Class B (a)	42,100		936,725
Delta Air Lines, Inc. (a)	9,600		142,944
UAL Corp.	28,800		1,027,008
US Airways Group, Inc. (a)	40,900		601,639
			3,230,232
Commercial Services & Supplies - 0.2%
Manpower, Inc.	16,900		961,610
Industrial Conglomerates - 2.7%
3M Co.	55,400		4,671,328
General Electric Co.	287,500		10,657,625
			15,328,953
Machinery - 2.6%
Caterpillar, Inc.	38,800		2,815,328
Cummins, Inc.	23,000		2,929,510
Deere & Co.	34,000		3,166,080
Eaton Corp.	12,700		1,231,265
Ingersoll-Rand Co. Ltd. Class A	41,100		1,909,917
Manitowoc Co., Inc.	10,000		488,300
PACCAR, Inc.	21,100		1,149,528
Terex Corp. (a)	14,400		944,208
			14,634,136
Road & Rail - 0.5%
Union Pacific Corp.	22,600		2,839,012
YRC Worldwide, Inc. (a)	3,130		53,492
			2,892,504
TOTAL INDUSTRIALS			64,665,819
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 17.5%
Communications Equipment - 2.9%
Cisco Systems, Inc. (a)	311,300		$ 8,426,891
Corning, Inc.	42,100		1,009,979
Motorola, Inc.	136,900		2,195,876
Nokia Corp. sponsored ADR	84,500		3,243,955
QUALCOMM, Inc.	34,100		1,341,835
			16,218,536
Computers & Peripherals - 6.0%
Apple, Inc. (a)	52,500		10,399,200
Dell, Inc. (a)	44,100		1,080,891
EMC Corp. (a)	33,300		617,049
Hewlett-Packard Co.	218,900		11,050,072
International Business Machines Corp.	78,600		8,496,660
Sun Microsystems, Inc. (a)	17,175		311,383
Western Digital Corp. (a)	52,100		1,573,941
			33,529,196
Electronic Equipment & Instruments - 0.7%
Arrow Electronics, Inc. (a)	26,600		1,044,848
Tyco Electronics Ltd.	71,100		2,639,943
			3,684,791
Internet Software & Services - 1.4%
Google, Inc. Class A (sub. vtg.) (a)	11,150		7,710,002
Yahoo!, Inc. (a)	14,300		332,618
			8,042,620
IT Services - 0.5%
Accenture Ltd. Class A	84,800		3,055,344
Office Electronics - 0.3%
Xerox Corp.	109,600		1,774,424
Semiconductors & Semiconductor Equipment - 1.4%
Applied Materials, Inc.	103,418		1,836,704
ASML Holding NV (NY Shares) (a)	98,700		3,088,323
Intel Corp.	113,200		3,017,912
Micron Technology, Inc. (a)	28,700		208,075
			8,151,014
Software - 4.3%
Adobe Systems, Inc. (a)	42,100		1,798,933
Microsoft Corp.	404,000		14,382,400
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Oracle Corp. (a)	318,100		$ 7,182,698
Symantec Corp. (a)	33,300		537,462
			23,901,493
TOTAL INFORMATION TECHNOLOGY			98,357,418
MATERIALS - 2.5%
Chemicals - 0.8%
Celanese Corp. Class A	79,500		3,364,440
Dow Chemical Co.	25,200		993,384
			4,357,824
Containers & Packaging - 0.2%
Owens-Illinois, Inc. (a)	21,100		1,044,450
Metals & Mining - 1.1%
ArcelorMittal SA (NY Reg.) Class A	28,100		2,173,535
Commercial Metals Co.	27,500		809,875
Freeport-McMoRan Copper & Gold, Inc. Class B	31,100		3,185,884
			6,169,294
Paper & Forest Products - 0.4%
International Paper Co.	78,200		2,532,116
TOTAL MATERIALS			14,103,684
TELECOMMUNICATION SERVICES - 3.7%
Diversified Telecommunication Services - 3.7%
AT&T, Inc.	173,600		7,214,816
Verizon Communications, Inc.	306,700		13,399,723
			20,614,539
UTILITIES - 2.4%
Electric Utilities - 0.1%
Entergy Corp.	5,000		597,600
Independent Power Producers & Energy Traders - 1.6%
AES Corp. (a)	143,500		3,069,465
Constellation Energy Group, Inc.	40,800		4,183,224
Mirant Corp. (a)	43,200		1,683,936
			8,936,625
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 0.7%
Public Service Enterprise Group, Inc.	38,000		$ 3,733,120
TOTAL UTILITIES			13,267,345
TOTAL COMMON STOCKS (Cost $535,026,875)		551,032,437

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.2% 1/10/08 (Cost $349,596)	$ 350,000	349,810

Money Market Funds - 3.6%
	Shares
Fidelity Cash Central Fund, 4.58% (b)	16,855,091		16,855,091
Fidelity Securities Lending Cash Central Fund, 4.65% (b)(c)	3,671,250		3,671,250
TOTAL MONEY MARKET FUNDS (Cost $20,526,341)		20,526,341
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $555,902,812)			571,908,588
NET OTHER ASSETS - (1.7)%			(9,539,991)
NET ASSETS - 100%		$ 562,368,597

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 318,193
Fidelity Securities Lending Cash Central Fund	12,181
Total	$ 330,374

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2007 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $3,561,780) - See accompanying schedule: Unaffiliated issuers (cost $535,376,471)	$ 551,382,247
Fidelity Central Funds (cost $20,526,341)	20,526,341
Total Investments (cost $555,902,812)		$ 571,908,588
Cash		518,975
Receivable for fund shares sold		14,508,565
Dividends receivable		534,267
Distributions receivable from Fidelity Central Funds		86,753
Prepaid expenses		1,771
Other receivables		3,709
Total assets		587,562,628

Liabilities
Payable for investments purchased	$ 19,715,762
Payable for fund shares redeemed	1,511,011
Accrued management fee	185,163
Other affiliated payables	72,962
Other payables and accrued expenses	37,883
Collateral on securities loaned, at value	3,671,250
Total liabilities		25,194,031

Net Assets		$ 562,368,597
Net Assets consist of:
Paid in capital		$ 534,389,209
Distributions in excess of net investment income		(248,383)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		12,221,362
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		16,006,409
Net Assets, for 48,187,620 shares outstanding		$ 562,368,597
Net Asset Value, offering price and redemption price per share ($562,368,597 ÷ 48,187,620 shares)		$ 11.67

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, 2007 (Unaudited)

Investment Income
Dividends		$ 2,089,469
Interest		6,544
Income from Fidelity Central Funds		330,374
Total income		2,426,387

Expenses
Management fee	$ 639,273
Transfer agent fees	299,464
Accounting and security lending fees	54,769
Custodian fees and expenses	22,261
Independent trustees' compensation	441
Registration fees	20,712
Audit	24,706
Legal	747
Miscellaneous	244
Total expenses before reductions	1,062,617
Expense reductions	(5,825)	1,056,792
Net investment income (loss)		1,369,595
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	16,055,246
Foreign currency transactions	3,064
Futures contracts	(562,680)
Total net realized gain (loss)		15,495,630
Change in net unrealized appreciation (depreciation) on: Investment securities	(15,524,305)
Assets and liabilities in foreign currencies	570
Total change in net unrealized appreciation (depreciation)		(15,523,735)
Net gain (loss)		(28,105)
Net increase (decrease) in net assets resulting from operations		$ 1,341,490

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, 2007 (Unaudited)	Year ended June 30, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,369,595	$ 1,533,606
Net realized gain (loss)	15,495,630	11,201,563
Change in net unrealized appreciation (depreciation)	(15,523,735)	22,555,444
Net increase (decrease) in net assets resulting from operations	1,341,490	35,290,613
Distributions to shareholders from net investment income	(2,028,051)	(1,575,615)
Distributions to shareholders from net realized gain	(12,126,337)	(3,189,149)
Total distributions	(14,154,388)	(4,764,764)
Share transactions Proceeds from sales of shares	385,334,246	31,267,121
Reinvestment of distributions	13,245,682	4,570,058
Cost of shares redeemed	(28,561,650)	(44,033,396)
Net increase (decrease) in net assets resulting from share transactions	370,018,278	(8,196,217)
Total increase (decrease) in net assets	357,205,380	22,329,632

Net Assets
Beginning of period	205,163,217	182,833,585
End of period (including distributions in excess of net investment income of $248,383 and undistributed net investment income of $410,073, respectively)	$ 562,368,597	$ 205,163,217

Other Information Shares
Sold	32,434,919	2,800,133
Issued in reinvestment of distributions	1,173,311	441,763
Redeemed	(2,430,929)	(3,969,395)
Net increase (decrease)	31,177,301	(727,499)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2007	Years ended June 30,
	(Unaudited)	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 12.06	$ 10.31	$ 9.28	$ 9.24	$ 8.48	$ 7.88
Income from Investment Operations
Net investment income (loss) ^D	.06	.09	.05	.14^G	.06	.07
Net realized and unrealized gain (loss)	.24 ^H	1.93	1.21	.02	.76	.60
Total from investment operations	.30	2.02	1.26	.16	.82	.67
Distributions from net investment income	(.07)	(.09)	(.06)	(.12)	(.06)	(.07)
Distributions from net realized gain	(.62)	(.18)	(.17)	-	-	-
Total distributions	(.69)	(.27)	(.23)	(.12)	(.06)	(.07)
Net asset value, end of period	$ 11.67	$ 12.06	$ 10.31	$ 9.28	$ 9.24	$ 8.48
Total Return ^{B, C}	2.77%	20.05%	13.63%	1.71%	9.68%	8.60%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.76% ^A	.81%	.86%	.84%	.86%	.94%
Expenses net of fee waivers, if any	.76% ^A	.81%	.86%	.84%	.86%	.94%
Expenses net of all reductions	.76% ^A	.81%	.82%	.81%	.85%	.93%
Net investment income (loss)	.98% ^A	.79%	.51%	1.52% ^G	.72%	.90%
Supplemental Data
Net assets, end of period (000 omitted)	$ 562,369	$ 205,163	$ 182,834	$ 179,344	$ 209,344	$ 195,717
Portfolio turnover rate ^F	172% ^A	94%	180%	79%	26%	51%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%. ^HThe 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. ^IExpense 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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, 2007 (Unaudited)

1. Organization.

Fidelity Mega Cap Stock Fund (the Fund)(formerly Fidelity Growth & Income II Portfolio) 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. On November 15, 2007, the Board of Trustees approved the creation of additional classes of shares. The Fund will commence sale of shares of Class A, Class T, Class B, Class C, and Institutional Class and the existing class will be designated Mega Cap Stock on February 5, 2008.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 29,390,358
Unrealized depreciation	(17,324,584)
Net unrealized appreciation (depreciation)	$ 12,065,774

Cost for federal income tax purposes	$ 559,842,814

4. Operating Policies.

Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures

Semiannual Report

4. Operating Policies - continued

Futures Contracts - continued

contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $594,473,196 and $238,855,698, respectively.

6. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the transfer agent fees were equivalent to an annualized rate of .22% of average net assets. Effective January 1, 2008, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR replaced FSC as transfer agent for the Fund.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $180 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,990 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 $101 and $1,734, respectively.

Semiannual Report

10. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Mega Cap Stock Fund (formerly known as Fidelity Growth & Income II Portfolio)

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2006, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Growth & Income II Portfolio

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance.

Semiannual Report

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 12% means that 88% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Growth & Income II Portfolio

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2006.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2006.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Visit Fidelity

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

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, 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

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

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

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound 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
(U.K.) Inc.

Fidelity Research & Analysis Company

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

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

GII-USAN-0208
1.787781.104

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. Schedule of Investments

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures

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

Item 12. Exhibits

(a)	(1)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Hastings Street Trust

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	February 22, 2008

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

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	February 22, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	February 22, 2008

Fidelity Fifty®

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2007 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity®

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2007 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Write Fidelity

To Visit Fidelity

Growth Discovery Fund

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2007 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Write Fidelity

To Visit Fidelity

Mega Cap Stock

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2007 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Visit Fidelity

To Write Fidelity