N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-215

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)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

June 30

 

 

Date of reporting period:

March 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Fifty®

March 31, 2010 

1.799847.106

FIF-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%

Shares

Value

CONSUMER DISCRETIONARY - 19.1%

Automobiles - 0.0%

Volkswagen AG rights 4/13/10 (a)

405,000

$ 251,635

Diversified Consumer Services - 3.6%

DeVry, Inc.

431,388

28,126,498

Hotels, Restaurants & Leisure - 7.0%

International Game Technology

879,015

16,217,827

Las Vegas Sands Corp. (a)(c)

535,500

11,325,825

McDonald's Corp.

173,946

11,605,677

Starbucks Corp.

620,000

15,047,400

 

54,196,729

Household Durables - 2.0%

Harman International Industries, Inc.

329,344

15,406,712

Media - 6.4%

DIRECTV (a)

799,000

27,014,190

The Walt Disney Co.

631,245

22,036,763

 

49,050,953

Specialty Retail - 0.1%

Abercrombie & Fitch Co. Class A

8,600

392,504

TOTAL CONSUMER DISCRETIONARY

147,425,031

CONSUMER STAPLES - 4.3%

Beverages - 1.8%

Anheuser-Busch InBev SA NV

277,069

13,957,173

Tobacco - 2.5%

Philip Morris International, Inc.

368,546

19,223,359

TOTAL CONSUMER STAPLES

33,180,532

ENERGY - 6.9%

Energy Equipment & Services - 2.1%

Baker Hughes, Inc.

76,332

3,575,391

Weatherford International Ltd. (a)

814,800

12,922,728

 

16,498,119

Oil, Gas & Consumable Fuels - 4.8%

EXCO Resources, Inc.

143,100

2,630,178

Exxon Mobil Corp.

353,092

23,650,102

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

InterOil Corp. (a)(c)

39,500

$ 2,559,600

Williams Companies, Inc.

336,500

7,773,150

 

36,613,030

TOTAL ENERGY

53,111,149

FINANCIALS - 16.7%

Capital Markets - 2.0%

Janus Capital Group, Inc.

1,067,738

15,257,976

Commercial Banks - 5.4%

Marshall & Ilsley Corp.

96,600

777,630

PNC Financial Services Group, Inc.

294,643

17,590,187

Regions Financial Corp.

1,506,542

11,826,355

SunTrust Banks, Inc.

436,100

11,683,119

 

41,877,291

Consumer Finance - 0.9%

American Express Co.

175,300

7,232,878

Diversified Financial Services - 8.4%

Bank of America Corp.

794,804

14,187,251

JPMorgan Chase & Co.

390,435

17,471,966

Moody's Corp. (c)

1,014,764

30,189,229

NBH Holdings Corp. Class A (a)(d)

131,400

2,628,000

 

64,476,446

Insurance - 0.0%

Allstate Corp.

11,800

381,258

TOTAL FINANCIALS

129,225,849

HEALTH CARE - 8.8%

Health Care Equipment & Supplies - 1.5%

Edwards Lifesciences Corp. (a)

115,385

11,409,269

Health Care Providers & Services - 1.5%

Express Scripts, Inc. (a)

114,200

11,620,992

Pharmaceuticals - 5.8%

Merck & Co., Inc.

454,100

16,960,635

Pfizer, Inc.

1,607,034

27,560,633

 

44,521,268

TOTAL HEALTH CARE

67,551,529

Common Stocks - continued

Shares

Value

INDUSTRIALS - 11.6%

Aerospace & Defense - 2.0%

Precision Castparts Corp.

122,000

$ 15,458,620

Airlines - 1.0%

Southwest Airlines Co.

587,900

7,772,038

Commercial Services & Supplies - 0.3%

Interface, Inc. Class A

175,400

2,031,132

Standard Parking Corp. (a)

3,200

52,544

 

2,083,676

Construction & Engineering - 1.5%

Fluor Corp.

252,300

11,734,473

Machinery - 2.1%

Flowserve Corp.

36,400

4,013,828

Ingersoll-Rand Co. Ltd.

353,400

12,323,058

 

16,336,886

Road & Rail - 4.7%

America Latina Logistica SA unit

763,400

6,978,431

CSX Corp.

301,585

15,350,677

Union Pacific Corp.

184,749

13,542,102

 

35,871,210

TOTAL INDUSTRIALS

89,256,903

INFORMATION TECHNOLOGY - 20.5%

Communications Equipment - 5.2%

Juniper Networks, Inc. (a)

506,742

15,546,845

QUALCOMM, Inc.

590,300

24,786,697

 

40,333,542

Internet Software & Services - 1.3%

Baidu.com, Inc. sponsored ADR (a)

16,700

9,969,900

IT Services - 7.6%

Fiserv, Inc. (a)

606,700

30,796,092

MasterCard, Inc. Class A

109,611

27,841,194

 

58,637,286

Semiconductors & Semiconductor Equipment - 0.9%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

693,000

7,269,570

Software - 5.5%

AsiaInfo Holdings, Inc. (a)

366,000

9,691,680

Citrix Systems, Inc. (a)

122,600

5,819,822

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Microsoft Corp.

779,813

$ 22,825,127

VMware, Inc. Class A (a)

72,150

3,845,595

 

42,182,224

TOTAL INFORMATION TECHNOLOGY

158,392,522

MATERIALS - 5.4%

Chemicals - 5.4%

Dow Chemical Co.

605,500

17,904,635

Monsanto Co.

333,000

23,782,860

 

41,687,495

TELECOMMUNICATION SERVICES - 1.3%

Wireless Telecommunication Services - 1.3%

American Tower Corp. Class A (a)

231,325

9,856,758

TOTAL COMMON STOCKS

(Cost $637,616,407)

729,687,768

Nonconvertible Preferred Stocks - 5.4%

 

 

 

 

CONSUMER DISCRETIONARY - 5.4%

Automobiles - 5.4%

Porsche Automobil Holding SE

65,700

4,009,762

Volkswagen AG

405,000

37,143,573

 

41,153,335

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $37,635,077)

41,153,335

Money Market Funds - 5.0%

Shares

Value

Fidelity Cash Central Fund, 0.16% (e)

2,523,912

$ 2,523,912

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(e)

35,972,750

35,972,750

TOTAL MONEY MARKET FUNDS

(Cost $38,496,662)

38,496,662

TOTAL INVESTMENT PORTFOLIO - 105.0%

(Cost $713,748,146)

809,337,765

NET OTHER ASSETS - (5.0)%

(38,205,514)

NET ASSETS - 100%

$ 771,132,251

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

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

(d) 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 $2,628,000 or 0.3% of net assets.

(e) 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.

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

$ 10,903

Fidelity Securities Lending Cash Central Fund

189,124

Total

$ 200,027

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value, beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Ashmore Global Opps Ltd.

$ 8,696,056

$ -

$ 9,994,789

$ -

$ -

Total

$ 8,696,056

$ -

$ 9,994,789

$ -

$ -

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 188,578,366

$ 188,578,366

$ -

$ -

Consumer Staples

33,180,532

33,180,532

-

-

Energy

53,111,149

53,111,149

-

-

Financials

129,225,849

126,597,849

-

2,628,000

Health Care

67,551,529

67,551,529

-

-

Industrials

89,256,903

89,256,903

-

-

Information Technology

158,392,522

158,392,522

-

-

Materials

41,687,495

41,687,495

-

-

Telecommunication Services

9,856,758

9,856,758

-

-

Money Market Funds

38,496,662

38,496,662

-

-

Total Investments in Securities:

$ 809,337,765

$ 806,709,765

$ -

$ 2,628,000

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

Investments in Securities:

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(55,301)

Cost of Purchases

2,683,301

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 2,628,000

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2010

$ (55,301)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $722,229,890. Net unrealized appreciation aggregated $87,107,875, of which $98,557,354 related to appreciated investment securities and $11,449,479 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Fund

Fidelity Fund
Class K

March 31, 2010 

1.799854.106

FID-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.7%

Auto Components - 0.7%

ArvinMeritor, Inc. (a)

467,800

$ 6,245

Autoliv, Inc. (c)

358,700

18,484

BorgWarner, Inc. (a)

387,600

14,799

 

39,528

Automobiles - 0.7%

Ford Motor Co. (a)

3,058,500

38,445

Hotels, Restaurants & Leisure - 0.4%

Starbucks Corp.

836,900

20,312

Household Durables - 1.3%

Pulte Group, Inc. (a)

1,854,500

20,863

Stanley Black & Decker, Inc.

334,900

19,227

Whirlpool Corp.

344,000

30,014

 

70,104

Internet & Catalog Retail - 0.5%

Amazon.com, Inc. (a)

190,500

25,857

Media - 2.4%

McGraw-Hill Companies, Inc.

759,800

27,087

The Walt Disney Co.

3,136,400

109,492

 

136,579

Multiline Retail - 0.5%

Target Corp.

585,300

30,787

Specialty Retail - 2.2%

Lowe's Companies, Inc.

2,768,300

67,104

Staples, Inc.

2,338,650

54,701

 

121,805

Textiles, Apparel & Luxury Goods - 1.0%

Polo Ralph Lauren Corp. Class A (c)

677,073

57,578

TOTAL CONSUMER DISCRETIONARY

540,995

CONSUMER STAPLES - 9.3%

Beverages - 1.0%

Anheuser-Busch InBev SA NV

534,183

26,909

The Coca-Cola Co.

496,400

27,302

 

54,211

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.3%

Kroger Co.

612,900

$ 13,275

Walgreen Co.

1,658,900

61,529

 

74,804

Food Products - 2.2%

Archer Daniels Midland Co.

1,045,400

30,212

Bunge Ltd.

354,884

21,872

Kellogg Co.

402,100

21,484

Nestle SA

990,651

50,740

 

124,308

Household Products - 3.5%

Colgate-Palmolive Co.

714,000

60,876

Procter & Gamble Co.

2,081,444

131,693

 

192,569

Personal Products - 0.4%

Herbalife Ltd.

530,800

24,480

Tobacco - 0.9%

Philip Morris International, Inc.

935,200

48,780

TOTAL CONSUMER STAPLES

519,152

ENERGY - 9.7%

Energy Equipment & Services - 2.5%

Ensco International Ltd. ADR

733,900

32,864

National Oilwell Varco, Inc.

531,100

21,552

Schlumberger Ltd.

972,800

61,734

Transocean Ltd. (a)

295,133

25,494

 

141,644

Oil, Gas & Consumable Fuels - 7.2%

Anadarko Petroleum Corp.

675,400

49,189

Chevron Corp.

650,900

49,358

ConocoPhillips

869,200

44,477

Exxon Mobil Corp.

1,198,800

80,296

Marathon Oil Corp.

1,191,800

37,709

Occidental Petroleum Corp.

1,341,700

113,427

Southern Union Co.

973,400

24,695

 

399,151

TOTAL ENERGY

540,795

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - 17.6%

Capital Markets - 4.4%

Ameriprise Financial, Inc.

719,700

$ 32,646

Charles Schwab Corp.

1,621,900

30,313

Goldman Sachs Group, Inc.

278,600

47,538

Morgan Stanley

2,844,600

83,318

T. Rowe Price Group, Inc.

905,200

49,723

 

243,538

Commercial Banks - 4.9%

Comerica, Inc.

756,600

28,781

KeyCorp

2,164,900

16,778

M&T Bank Corp. (c)

203,400

16,146

PNC Financial Services Group, Inc.

171,600

10,245

Regions Financial Corp.

1,993,900

15,652

SunTrust Banks, Inc.

1,381,000

36,997

Wells Fargo & Co.

4,312,800

134,214

Zions Bancorp

665,000

14,510

 

273,323

Consumer Finance - 1.2%

American Express Co.

1,703,592

70,290

Diversified Financial Services - 6.1%

Bank of America Corp.

7,342,035

131,055

Citigroup, Inc. (a)

12,895,300

52,226

JPMorgan Chase & Co.

3,506,000

156,894

 

340,175

Insurance - 1.0%

Berkshire Hathaway, Inc. Class B (a)

681,600

55,394

TOTAL FINANCIALS

982,720

HEALTH CARE - 13.0%

Biotechnology - 1.9%

Amgen, Inc. (a)

938,700

56,097

Biogen Idec, Inc. (a)

616,600

35,368

Cephalon, Inc. (a)

240,200

16,281

 

107,746

Health Care Equipment & Supplies - 1.4%

Covidien PLC

953,300

47,932

Thoratec Corp. (a)

462,800

15,481

William Demant Holding AS (a)

252,800

17,889

 

81,302

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - 2.7%

CIGNA Corp.

491,500

$ 17,979

Express Scripts, Inc. (a)

318,100

32,370

Medco Health Solutions, Inc. (a)

1,098,900

70,945

UnitedHealth Group, Inc.

841,700

27,498

 

148,792

Life Sciences Tools & Services - 0.8%

Covance, Inc. (a)

274,600

16,858

Life Technologies Corp. (a)

546,100

28,545

 

45,403

Pharmaceuticals - 6.2%

Abbott Laboratories

823,800

43,398

Allergan, Inc.

449,800

29,381

Elan Corp. PLC sponsored ADR (a)

1,954,296

14,814

Johnson & Johnson

1,301,100

84,832

King Pharmaceuticals, Inc. (a)

1,291,200

15,185

Merck & Co., Inc.

1,626,700

60,757

Pfizer, Inc.

3,089,508

52,985

Teva Pharmaceutical Industries Ltd. sponsored ADR

693,400

43,740

 

345,092

TOTAL HEALTH CARE

728,335

INDUSTRIALS - 13.6%

Aerospace & Defense - 1.4%

Raytheon Co.

366,100

20,912

United Technologies Corp.

778,500

57,305

 

78,217

Building Products - 0.6%

Armstrong World Industries, Inc. (a)

337,900

12,269

Masco Corp.

1,501,200

23,299

 

35,568

Construction & Engineering - 0.3%

Quanta Services, Inc. (a)

867,900

16,629

Electrical Equipment - 1.3%

Cooper Industries PLC Class A

790,800

37,911

Regal-Beloit Corp.

545,900

32,432

 

70,343

Industrial Conglomerates - 2.5%

General Electric Co.

4,950,100

90,092

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - continued

Textron, Inc.

626,600

$ 13,303

Tyco International Ltd.

930,400

35,588

 

138,983

Machinery - 3.9%

Briggs & Stratton Corp.

627,400

12,234

Cummins, Inc.

1,060,500

65,698

Danaher Corp.

458,200

36,615

Deere & Co.

194,800

11,583

Eaton Corp.

354,600

26,868

Ingersoll-Rand Co. Ltd.

1,282,800

44,731

Toro Co. (c)

417,800

20,543

 

218,272

Professional Services - 0.4%

Manpower, Inc.

385,000

21,991

Road & Rail - 3.2%

CSX Corp.

1,232,100

62,714

Union Pacific Corp.

1,589,100

116,481

 

179,195

TOTAL INDUSTRIALS

759,198

INFORMATION TECHNOLOGY - 19.5%

Communications Equipment - 2.9%

Cisco Systems, Inc. (a)

4,250,876

110,650

Juniper Networks, Inc. (a)

1,720,700

52,791

 

163,441

Computers & Peripherals - 5.4%

Apple, Inc. (a)

690,500

162,211

Hewlett-Packard Co.

2,360,100

125,439

Western Digital Corp. (a)

396,600

15,463

 

303,113

Electronic Equipment & Components - 2.1%

Agilent Technologies, Inc. (a)

818,900

28,162

Amphenol Corp. Class A

2,068,838

87,284

 

115,446

Internet Software & Services - 2.3%

Google, Inc. Class A (a)

224,285

127,172

Semiconductors & Semiconductor Equipment - 3.9%

Intel Corp.

3,519,900

78,353

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

KLA-Tencor Corp.

451,300

$ 13,954

Lam Research Corp. (a)

790,400

29,498

Samsung Electronics Co. Ltd.

34,871

25,211

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,484,456

15,572

Texas Instruments, Inc.

1,186,400

29,031

Xilinx, Inc.

1,012,000

25,806

 

217,425

Software - 2.9%

Citrix Systems, Inc. (a)

617,000

29,289

Microsoft Corp.

2,093,500

61,277

Oracle Corp.

2,698,900

69,335

 

159,901

TOTAL INFORMATION TECHNOLOGY

1,086,498

MATERIALS - 4.5%

Chemicals - 3.4%

Air Products & Chemicals, Inc.

330,100

24,411

Albemarle Corp.

577,000

24,598

Dow Chemical Co.

2,235,100

66,092

Monsanto Co.

403,200

28,797

Solutia, Inc. (a)

1,071,800

17,267

W.R. Grace & Co. (a)

980,000

27,205

 

188,370

Metals & Mining - 0.8%

Goldcorp, Inc.

442,100

16,522

Newcrest Mining Ltd.

447,353

13,472

Titanium Metals Corp. (a)

1,035,900

17,186

 

47,180

Paper & Forest Products - 0.3%

Weyerhaeuser Co.

360,300

16,311

TOTAL MATERIALS

251,861

TELECOMMUNICATION SERVICES - 0.3%

Wireless Telecommunication Services - 0.3%

Sprint Nextel Corp. (a)

4,535,800

17,236

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.7%

Electric Utilities - 0.4%

Entergy Corp.

161,700

$ 13,154

FirstEnergy Corp.

299,200

11,696

 

24,850

Multi-Utilities - 0.3%

PG&E Corp.

367,800

15,602

TOTAL UTILITIES

40,452

TOTAL COMMON STOCKS

(Cost $4,924,571)

5,467,242

Money Market Funds - 2.7%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (d)

119,696,258

119,696

Fidelity Securities Lending Cash Central Fund, 0.20% (b)(d)

30,950,057

30,950

TOTAL MONEY MARKET FUNDS

(Cost $150,646)

150,646

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $5,075,217)

5,617,888

NET OTHER ASSETS - (0.6)%

(33,116)

NET ASSETS - 100%

$ 5,584,772

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

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

(d) 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.

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

$ 169

Fidelity Securities Lending Cash Central Fund

37

Total

$ 206

Other Information

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

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $5,168,557,000. Net unrealized appreciation aggregated $449,331,000, of which $681,275,000 related to appreciated investment securities and $231,944,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Growth Discovery Fund

March 31, 2010 

1.799853.106

CII-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.1%

Auto Components - 0.2%

Gentex Corp.

83,500

$ 1,622

Automobiles - 2.3%

Harley-Davidson, Inc. (c)

622,409

17,471

Diversified Consumer Services - 1.5%

Navitas Ltd.

502,977

2,354

Strayer Education, Inc. (c)

37,073

9,028

Universal Technical Institute, Inc. (a)

2,000

46

 

11,428

Hotels, Restaurants & Leisure - 1.9%

Chipotle Mexican Grill, Inc. (a)

3,307

373

Denny's Corp. (a)

302,322

1,161

Home Inns & Hotels Management, Inc. sponsored ADR (a)

24,791

812

Marriott International, Inc. Class A

43,835

1,382

Starbucks Corp.

212,926

5,168

Starwood Hotels & Resorts Worldwide, Inc.

71,745

3,346

The Cheesecake Factory, Inc. (a)

29,150

789

Universal Travel Group (a)

101,346

1,004

WMS Industries, Inc. (a)

5,300

222

 

14,257

Household Durables - 0.5%

Mohawk Industries, Inc. (a)

68,812

3,742

Internet & Catalog Retail - 2.1%

Amazon.com, Inc. (a)

42,841

5,815

Expedia, Inc.

195,915

4,890

Priceline.com, Inc. (a)

22,323

5,692

 

16,397

Media - 0.5%

McGraw-Hill Companies, Inc.

105,120

3,748

Multiline Retail - 0.9%

Dollarama, Inc.

72,800

1,574

Target Corp.

95,350

5,015

 

6,589

Specialty Retail - 2.7%

Lowe's Companies, Inc.

159,255

3,860

Ross Stores, Inc.

87,033

4,654

Sherwin-Williams Co.

28,829

1,951

TJX Companies, Inc.

135,898

5,778

Urban Outfitters, Inc. (a)

104,502

3,974

 

20,217

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 1.5%

Coach, Inc.

102,400

$ 4,047

Lululemon Athletica, Inc. (a)(c)

143,211

5,943

Polo Ralph Lauren Corp. Class A

21,100

1,794

 

11,784

TOTAL CONSUMER DISCRETIONARY

107,255

CONSUMER STAPLES - 8.5%

Beverages - 0.8%

The Coca-Cola Co.

117,700

6,474

Food & Staples Retailing - 1.3%

Costco Wholesale Corp.

14,800

884

Walgreen Co.

131,053

4,861

Whole Foods Market, Inc. (a)

107,400

3,883

 

9,628

Food Products - 1.1%

Bunge Ltd.

57,800

3,562

Diamond Foods, Inc.

78,379

3,295

Mead Johnson Nutrition Co. Class A

23,331

1,214

 

8,071

Household Products - 3.0%

Colgate-Palmolive Co.

102,641

8,751

Procter & Gamble Co.

223,265

14,126

 

22,877

Personal Products - 1.5%

Estee Lauder Companies, Inc. Class A

80,528

5,224

Herbalife Ltd.

34,892

1,609

NBTY, Inc. (a)

96,372

4,624

 

11,457

Tobacco - 0.8%

Philip Morris International, Inc.

119,800

6,249

TOTAL CONSUMER STAPLES

64,756

ENERGY - 2.5%

Energy Equipment & Services - 0.8%

Schlumberger Ltd.

96,301

6,111

Oil, Gas & Consumable Fuels - 1.7%

Denbury Resources, Inc. (a)

342,876

5,784

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Peabody Energy Corp.

21,251

$ 971

Range Resources Corp.

41,400

1,940

Southwestern Energy Co. (a)

95,703

3,897

 

12,592

TOTAL ENERGY

18,703

FINANCIALS - 8.8%

Capital Markets - 1.8%

BlackRock, Inc. Class A

16,891

3,678

BlueBay Asset Management

139,703

764

Charles Schwab Corp.

253,451

4,737

JMP Group, Inc.

30,900

263

Morgan Stanley

123,200

3,609

T. Rowe Price Group, Inc.

6,900

379

 

13,430

Commercial Banks - 2.6%

M&T Bank Corp. (c)

30,402

2,413

PNC Financial Services Group, Inc.

101,896

6,083

Wells Fargo & Co.

362,765

11,289

 

19,785

Consumer Finance - 1.3%

American Express Co.

237,400

9,795

Diversified Financial Services - 3.0%

CME Group, Inc.

18,488

5,844

Gimv NV

7,200

389

JPMorgan Chase & Co.

366,766

16,413

MSCI, Inc. Class A (a)

11,584

418

 

23,064

Real Estate Management & Development - 0.1%

CB Richard Ellis Group, Inc. Class A (a)

43,000

682

TOTAL FINANCIALS

66,756

HEALTH CARE - 14.4%

Biotechnology - 3.1%

Alexion Pharmaceuticals, Inc. (a)

41,290

2,245

Celgene Corp. (a)

32,590

2,019

Clinical Data, Inc. (a)

96,521

1,873

Dendreon Corp. (a)

45,700

1,667

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Gilead Sciences, Inc. (a)

51,628

$ 2,348

Human Genome Sciences, Inc. (a)(c)

81,900

2,473

Incyte Corp. (a)(c)

151,137

2,110

United Therapeutics Corp. (a)

165,302

9,146

 

23,881

Health Care Equipment & Supplies - 2.6%

AGA Medical Holdings, Inc.

72,200

1,173

C. R. Bard, Inc.

7,577

656

Conceptus, Inc. (a)

100,434

2,005

Covidien PLC

95,114

4,782

DENTSPLY International, Inc.

55,738

1,942

Edwards Lifesciences Corp. (a)

20,119

1,989

HeartWare International, Inc. CDI unit (a)

814,788

1,039

NuVasive, Inc. (a)(c)

107,419

4,855

Sonova Holding AG Class B

8,663

1,076

 

19,517

Health Care Providers & Services - 4.9%

Emergency Medical Services Corp. Class A (a)

42,800

2,420

Express Scripts, Inc. (a)

116,426

11,848

Henry Schein, Inc. (a)

45,077

2,655

Medco Health Solutions, Inc. (a)

250,506

16,173

VCA Antech, Inc. (a)

157,768

4,422

 

37,518

Life Sciences Tools & Services - 1.6%

Illumina, Inc. (a)

143,076

5,566

Life Technologies Corp. (a)

75,110

3,926

QIAGEN NV (a)

125,470

2,885

 

12,377

Pharmaceuticals - 2.2%

Allergan, Inc.

12,500

817

Novo Nordisk AS Series B

104,959

8,145

Teva Pharmaceutical Industries Ltd. sponsored ADR

123,265

7,776

 

16,738

TOTAL HEALTH CARE

110,031

INDUSTRIALS - 9.5%

Aerospace & Defense - 4.2%

Goodrich Corp.

32,121

2,265

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Honeywell International, Inc.

152,739

$ 6,914

Precision Castparts Corp.

44,200

5,601

United Technologies Corp.

240,100

17,674

 

32,454

Air Freight & Logistics - 0.5%

C.H. Robinson Worldwide, Inc.

66,600

3,720

Airlines - 0.3%

Southwest Airlines Co.

181,190

2,395

Commercial Services & Supplies - 0.4%

Republic Services, Inc.

67,300

1,953

Stericycle, Inc. (a)

5,500

300

Waste Connections, Inc. (a)

30,100

1,022

 

3,275

Electrical Equipment - 0.9%

Acuity Brands, Inc.

18,266

771

AMETEK, Inc.

83,500

3,462

Cooper Industries PLC Class A

17,500

839

Crompton Greaves Ltd.

253,564

1,476

 

6,548

Industrial Conglomerates - 0.3%

3M Co.

30,000

2,507

Machinery - 1.8%

Cummins, Inc.

71,200

4,411

Danaher Corp.

49,500

3,956

Ingersoll-Rand Co. Ltd.

43,823

1,528

PACCAR, Inc.

51,500

2,232

Weg SA

120,100

1,290

 

13,417

Professional Services - 0.6%

51job, Inc. sponsored ADR (a)

21,310

384

CoStar Group, Inc. (a)(c)

9,065

376

Equifax, Inc.

13,100

469

Robert Half International, Inc.

104,100

3,168

 

4,397

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 0.5%

Avis Budget Group, Inc. (a)

80,585

$ 927

Union Pacific Corp.

41,368

3,032

 

3,959

TOTAL INDUSTRIALS

72,672

INFORMATION TECHNOLOGY - 38.7%

Communications Equipment - 11.7%

Cisco Systems, Inc. (a)

1,471,674

38,308

Juniper Networks, Inc. (a)

688,245

21,115

QUALCOMM, Inc.

601,272

25,247

Riverbed Technology, Inc. (a)

160,732

4,565

 

89,235

Computers & Peripherals - 5.1%

3PAR, Inc. (a)

144,296

1,443

Apple, Inc. (a)

134,612

31,624

EMC Corp. (a)

42,940

775

NetApp, Inc. (a)

160,456

5,224

 

39,066

Electronic Equipment & Components - 3.2%

Agilent Technologies, Inc. (a)

580,708

19,971

Corning, Inc.

161,385

3,262

IPG Photonics Corp. (a)

25,400

376

Keyence Corp.

1,600

383

 

23,992

Internet Software & Services - 7.2%

Baidu.com, Inc. sponsored ADR (a)

8,546

5,102

Constant Contact, Inc. (a)

26,150

607

eBay, Inc. (a)

46,200

1,245

Google, Inc. Class A (a)

46,034

26,102

GREE, Inc. (c)

29,000

1,772

NetEase.com, Inc. sponsored ADR (a)

92,847

3,293

Tencent Holdings Ltd.

67,300

1,350

The Knot, Inc. (a)

76,938

602

VeriSign, Inc. (a)

343,773

8,942

WebMD Health Corp. (a)(c)

133,286

6,182

 

55,197

IT Services - 3.0%

Accenture PLC Class A

39,915

1,674

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Cognizant Technology Solutions Corp. Class A (a)

79,200

$ 4,038

CyberSource Corp. (a)

198,340

3,499

MasterCard, Inc. Class A

17,738

4,505

The Western Union Co.

18,695

317

Visa, Inc. Class A

99,375

9,046

 

23,079

Semiconductors & Semiconductor Equipment - 4.0%

Applied Micro Circuits Corp. (a)

105,628

912

ASML Holding NV (NY Shares)

165,800

5,869

Avago Technologies Ltd.

156,100

3,209

Broadcom Corp. Class A

117,421

3,896

Marvell Technology Group Ltd. (a)

255,075

5,198

Monolithic Power Systems, Inc. (a)

355,026

7,917

PMC-Sierra, Inc. (a)

48,900

436

Rubicon Technology, Inc. (a)

39,752

803

Samsung Electronics Co. Ltd.

2,446

1,768

Xilinx, Inc.

30,500

778

 

30,786

Software - 4.5%

Advent Software, Inc. (a)(c)

1,987

89

AsiaInfo Holdings, Inc. (a)

55,200

1,462

Check Point Software Technologies Ltd. (a)

36,900

1,294

Citrix Systems, Inc. (a)

111,930

5,313

Informatica Corp. (a)

31,800

854

Nice Systems Ltd. sponsored ADR (a)

88,994

2,826

Oracle Corp.

146,328

3,759

Red Hat, Inc. (a)

42,500

1,244

Salesforce.com, Inc. (a)

28,850

2,148

Shanda Games Ltd. sponsored ADR

86,800

625

Solera Holdings, Inc.

138,145

5,339

Sourcefire, Inc. (a)

108,870

2,499

Taleo Corp. Class A (a)

27,763

719

VanceInfo Technologies, Inc. ADR (a)(c)

155,935

3,476

VMware, Inc. Class A (a)

45,715

2,437

 

34,084

TOTAL INFORMATION TECHNOLOGY

295,439

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 3.3%

Chemicals - 1.9%

Air Products & Chemicals, Inc.

94,500

$ 6,988

Ecolab, Inc.

31,000

1,362

The Mosaic Co.

106,200

6,454

 

14,804

Metals & Mining - 1.4%

Compass Minerals International, Inc.

48,000

3,851

Consolidated Thompson Iron Mines Ltd. (a)

678,800

6,390

 

10,241

TOTAL MATERIALS

25,045

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

Dynegy, Inc. Class A (a)

708,300

892

TOTAL COMMON STOCKS

(Cost $683,285)

761,549

Money Market Funds - 5.2%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (d)

3,069,860

3,070

Fidelity Securities Lending Cash Central Fund, 0.20% (b)(d)

36,737,408

36,737

TOTAL MONEY MARKET FUNDS

(Cost $39,807)

39,807

TOTAL INVESTMENT PORTFOLIO - 105.1%

(Cost $723,092)

801,356

NET OTHER ASSETS - (5.1)%

(38,690)

NET ASSETS - 100%

$ 762,666

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

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

(d) 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.

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

$ 3

Fidelity Securities Lending Cash Central Fund

120

Total

$ 123

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 107,255

$ 107,255

$ -

$ -

Consumer Staples

64,756

64,756

-

-

Energy

18,703

18,703

-

-

Financials

66,756

66,756

-

-

Health Care

110,031

110,031

-

-

Industrials

72,672

72,672

-

-

Information Technology

295,439

293,284

2,155

-

Materials

25,045

25,045

-

-

Utilities

892

892

-

-

Money Market Funds

39,807

39,807

-

-

Total Investments in Securities:

$ 801,356

$ 799,201

$ 2,155

$ -

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $730,759,000. Net unrealized appreciation aggregated $70,597,000, of which $100,143,000 related to appreciated investment securities and $29,546,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mega Cap Stock Fund

March 31, 2010 

1.799848.106

GII-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 9.6%

Auto Components - 0.6%

Johnson Controls, Inc.

96,000

$ 3,167,040

Automobiles - 0.0%

Volkswagen AG rights 4/13/10 (a)

25,900

16,092

Media - 2.1%

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

237,200

4,262,484

McGraw-Hill Companies, Inc.

99,100

3,532,915

Time Warner, Inc.

22,800

712,956

Viacom, Inc. Class B (non-vtg.) (a)

63,200

2,172,816

 

10,681,171

Multiline Retail - 1.3%

Target Corp.

129,400

6,806,440

Specialty Retail - 5.6%

Best Buy Co., Inc.

107,500

4,573,050

Home Depot, Inc.

200,600

6,489,410

Lowe's Companies, Inc.

356,000

8,629,440

Staples, Inc.

405,643

9,487,990

 

29,179,890

TOTAL CONSUMER DISCRETIONARY

49,850,633

CONSUMER STAPLES - 6.9%

Beverages - 0.7%

The Coca-Cola Co.

62,600

3,443,000

Food & Staples Retailing - 1.5%

CVS Caremark Corp.

37,600

1,374,656

Walgreen Co.

167,500

6,212,575

 

7,587,231

Food Products - 1.2%

Danone

58,117

3,501,039

Kellogg Co.

14,300

764,049

Nestle SA

42,627

2,183,305

 

6,448,393

Household Products - 1.5%

Procter & Gamble Co.

124,400

7,870,788

Tobacco - 2.0%

Philip Morris International, Inc.

197,430

10,297,949

TOTAL CONSUMER STAPLES

35,647,361

Common Stocks - continued

Shares

Value

ENERGY - 11.7%

Energy Equipment & Services - 1.5%

Baker Hughes, Inc.

50,200

$ 2,351,368

Schlumberger Ltd.

10,600

672,676

Smith International, Inc.

47,100

2,016,822

Weatherford International Ltd. (a)

156,900

2,488,434

 

7,529,300

Oil, Gas & Consumable Fuels - 10.2%

BG Group PLC

51,755

895,935

Chevron Corp.

191,100

14,491,113

EOG Resources, Inc.

11,000

1,022,340

Exxon Mobil Corp.

302,071

20,232,716

Hess Corp.

4,100

256,455

Marathon Oil Corp.

104,000

3,290,560

Occidental Petroleum Corp.

71,500

6,044,610

Royal Dutch Shell PLC Class A sponsored ADR

57,838

3,346,507

Southwestern Energy Co. (a)

25,400

1,034,288

Suncor Energy, Inc.

68,900

2,241,031

 

52,855,555

TOTAL ENERGY

60,384,855

FINANCIALS - 20.5%

Capital Markets - 3.1%

Bank of New York Mellon Corp.

72,900

2,251,152

Charles Schwab Corp.

166,100

3,104,409

Goldman Sachs Group, Inc.

35,100

5,989,113

Morgan Stanley

126,300

3,699,327

Northern Trust Corp.

22,100

1,221,246

 

16,265,247

Commercial Banks - 8.4%

BB&T Corp.

89,600

2,902,144

PNC Financial Services Group, Inc.

145,500

8,686,350

U.S. Bancorp, Delaware

239,200

6,190,496

Wells Fargo & Co.

815,653

25,383,119

 

43,162,109

Diversified Financial Services - 8.3%

Bank of America Corp.

1,165,035

20,795,875

JPMorgan Chase & Co.

492,800

22,052,800

 

42,848,675

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 0.4%

ACE Ltd.

13,000

$ 679,900

Allstate Corp.

13,600

439,416

The Chubb Corp.

16,900

876,265

 

1,995,581

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

99,400

1,575,490

TOTAL FINANCIALS

105,847,102

HEALTH CARE - 13.3%

Biotechnology - 1.7%

Amgen, Inc. (a)

99,290

5,933,570

Celgene Corp. (a)

7,400

458,504

Genzyme Corp. (a)

42,400

2,197,592

 

8,589,666

Health Care Equipment & Supplies - 0.5%

Baxter International, Inc.

12,900

750,780

St. Jude Medical, Inc. (a)

52,000

2,134,600

 

2,885,380

Health Care Providers & Services - 1.5%

Express Scripts, Inc. (a)

19,000

1,933,440

McKesson Corp.

11,800

775,496

Medco Health Solutions, Inc. (a)

45,300

2,924,568

WellPoint, Inc. (a)

31,400

2,021,532

 

7,655,036

Pharmaceuticals - 9.6%

Abbott Laboratories

150,000

7,902,000

Allergan, Inc.

25,700

1,678,724

GlaxoSmithKline PLC

2,700

51,838

Johnson & Johnson

188,300

12,277,160

Merck & Co., Inc.

290,700

10,857,645

Pfizer, Inc.

865,300

14,839,895

Roche Holding AG (participation certificate)

5,644

915,417

Teva Pharmaceutical Industries Ltd. sponsored ADR

20,000

1,261,600

 

49,784,279

TOTAL HEALTH CARE

68,914,361

Common Stocks - continued

Shares

Value

INDUSTRIALS - 8.2%

Aerospace & Defense - 2.5%

European Aeronautic Defence and Space Co. EADS NV

63,200

$ 1,271,500

Honeywell International, Inc.

211,600

9,579,132

Lockheed Martin Corp.

1,000

83,220

Raytheon Co.

31,400

1,793,568

 

12,727,420

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

22,300

1,245,455

United Parcel Service, Inc. Class B

79,700

5,133,477

 

6,378,932

Commercial Services & Supplies - 0.2%

Waste Management, Inc.

22,800

785,004

Industrial Conglomerates - 0.2%

Siemens AG

12,995

1,299,110

Machinery - 3.1%

Danaher Corp.

18,500

1,478,335

Deere & Co.

33,700

2,003,802

Ingersoll-Rand Co. Ltd.

259,000

9,031,330

PACCAR, Inc.

85,700

3,714,238

 

16,227,705

Road & Rail - 1.0%

Union Pacific Corp.

69,500

5,094,350

TOTAL INDUSTRIALS

42,512,521

INFORMATION TECHNOLOGY - 24.9%

Communications Equipment - 6.8%

Cisco Systems, Inc. (a)

750,800

19,543,324

Juniper Networks, Inc. (a)

148,800

4,565,184

QUALCOMM, Inc.

268,700

11,282,713

 

35,391,221

Computers & Peripherals - 7.1%

Apple, Inc. (a)

56,800

13,344,024

EMC Corp. (a)

332,500

5,998,300

Hewlett-Packard Co.

162,000

8,610,300

International Business Machines Corp.

66,400

8,515,800

 

36,468,424

Electronic Equipment & Components - 0.9%

Corning, Inc.

224,200

4,531,082

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 1.4%

Google, Inc. Class A (a)

13,250

$ 7,512,883

IT Services - 2.1%

Accenture PLC Class A

51,900

2,177,205

MasterCard, Inc. Class A

22,000

5,588,000

Visa, Inc. Class A

31,900

2,903,857

 

10,669,062

Semiconductors & Semiconductor Equipment - 3.8%

Applied Materials, Inc.

137,600

1,854,848

ASML Holding NV (NY Shares)

150,300

5,320,620

Broadcom Corp. Class A

37,800

1,254,204

KLA-Tencor Corp.

44,500

1,375,940

Samsung Electronics Co. Ltd.

1,144

827,074

Taiwan Semiconductor Manufacturing Co. Ltd.

947,974

1,836,667

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

335,600

3,520,444

Texas Instruments, Inc.

153,000

3,743,910

 

19,733,707

Software - 2.8%

Adobe Systems, Inc. (a)

118,500

4,191,345

Autonomy Corp. PLC (a)

108,647

3,006,307

Microsoft Corp.

44,500

1,302,515

Oracle Corp.

229,300

5,890,717

 

14,390,884

TOTAL INFORMATION TECHNOLOGY

128,697,263

MATERIALS - 3.1%

Chemicals - 3.1%

Air Products & Chemicals, Inc.

18,400

1,360,680

Dow Chemical Co.

50,300

1,487,371

E.I. du Pont de Nemours & Co.

184,718

6,878,898

Monsanto Co.

88,100

6,292,102

 

16,019,051

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.2%

Verizon Communications, Inc.

39,600

1,228,392

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

233,200

$ 886,160

TOTAL TELECOMMUNICATION SERVICES

2,114,552

UTILITIES - 0.3%

Electric Utilities - 0.3%

FirstEnergy Corp.

35,400

1,383,786

TOTAL COMMON STOCKS

(Cost $482,513,739)

511,371,485

Nonconvertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.7%

Porsche Automobil Holding SE

11,400

695,758

Volkswagen AG

25,900

2,375,355

Volkswagen AG (Bearer) (a)

4,000

351,182

 

3,422,295

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $3,360,161)

3,422,295

Money Market Funds - 0.3%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)
(Cost $1,583,540)

1,583,540

1,583,540

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $487,457,440)

516,377,320

NET OTHER ASSETS - 0.1%

358,236

NET ASSETS - 100%

$ 516,735,556

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.

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

$ 2,140

Fidelity Securities Lending Cash Central Fund

4,535

Total

$ 6,675

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 53,272,928

$ 52,921,746

$ 351,182

$ -

Consumer Staples

35,647,361

35,647,361

-

-

Energy

60,384,855

60,384,855

-

-

Financials

105,847,102

105,847,102

-

-

Health Care

68,914,361

68,862,523

51,838

-

Industrials

42,512,521

41,213,411

1,299,110

-

Information Technology

128,697,263

128,697,263

-

-

Materials

16,019,051

16,019,051

-

-

Telecommunication Services

2,114,552

2,114,552

-

-

Utilities

1,383,786

1,383,786

-

-

Money Market Funds

1,583,540

1,583,540

-

-

Total Investments in Securities:

$ 516,377,320

$ 514,675,190

$ 1,702,130

$ -

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $496,105,405. Net unrealized appreciation aggregated $20,271,915, of which $40,324,205 related to appreciated investment securities and $20,052,290 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor Mega Cap
Stock Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2010

Class A, Class T, Class B, Class C and
Institutional Class are classes of
Fidelity® Mega Cap Stock Fund 

1.864815.102

AGII-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 9.6%

Auto Components - 0.6%

Johnson Controls, Inc.

96,000

$ 3,167,040

Automobiles - 0.0%

Volkswagen AG rights 4/13/10 (a)

25,900

16,092

Media - 2.1%

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

237,200

4,262,484

McGraw-Hill Companies, Inc.

99,100

3,532,915

Time Warner, Inc.

22,800

712,956

Viacom, Inc. Class B (non-vtg.) (a)

63,200

2,172,816

 

10,681,171

Multiline Retail - 1.3%

Target Corp.

129,400

6,806,440

Specialty Retail - 5.6%

Best Buy Co., Inc.

107,500

4,573,050

Home Depot, Inc.

200,600

6,489,410

Lowe's Companies, Inc.

356,000

8,629,440

Staples, Inc.

405,643

9,487,990

 

29,179,890

TOTAL CONSUMER DISCRETIONARY

49,850,633

CONSUMER STAPLES - 6.9%

Beverages - 0.7%

The Coca-Cola Co.

62,600

3,443,000

Food & Staples Retailing - 1.5%

CVS Caremark Corp.

37,600

1,374,656

Walgreen Co.

167,500

6,212,575

 

7,587,231

Food Products - 1.2%

Danone

58,117

3,501,039

Kellogg Co.

14,300

764,049

Nestle SA

42,627

2,183,305

 

6,448,393

Household Products - 1.5%

Procter & Gamble Co.

124,400

7,870,788

Tobacco - 2.0%

Philip Morris International, Inc.

197,430

10,297,949

TOTAL CONSUMER STAPLES

35,647,361

Common Stocks - continued

Shares

Value

ENERGY - 11.7%

Energy Equipment & Services - 1.5%

Baker Hughes, Inc.

50,200

$ 2,351,368

Schlumberger Ltd.

10,600

672,676

Smith International, Inc.

47,100

2,016,822

Weatherford International Ltd. (a)

156,900

2,488,434

 

7,529,300

Oil, Gas & Consumable Fuels - 10.2%

BG Group PLC

51,755

895,935

Chevron Corp.

191,100

14,491,113

EOG Resources, Inc.

11,000

1,022,340

Exxon Mobil Corp.

302,071

20,232,716

Hess Corp.

4,100

256,455

Marathon Oil Corp.

104,000

3,290,560

Occidental Petroleum Corp.

71,500

6,044,610

Royal Dutch Shell PLC Class A sponsored ADR

57,838

3,346,507

Southwestern Energy Co. (a)

25,400

1,034,288

Suncor Energy, Inc.

68,900

2,241,031

 

52,855,555

TOTAL ENERGY

60,384,855

FINANCIALS - 20.5%

Capital Markets - 3.1%

Bank of New York Mellon Corp.

72,900

2,251,152

Charles Schwab Corp.

166,100

3,104,409

Goldman Sachs Group, Inc.

35,100

5,989,113

Morgan Stanley

126,300

3,699,327

Northern Trust Corp.

22,100

1,221,246

 

16,265,247

Commercial Banks - 8.4%

BB&T Corp.

89,600

2,902,144

PNC Financial Services Group, Inc.

145,500

8,686,350

U.S. Bancorp, Delaware

239,200

6,190,496

Wells Fargo & Co.

815,653

25,383,119

 

43,162,109

Diversified Financial Services - 8.3%

Bank of America Corp.

1,165,035

20,795,875

JPMorgan Chase & Co.

492,800

22,052,800

 

42,848,675

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 0.4%

ACE Ltd.

13,000

$ 679,900

Allstate Corp.

13,600

439,416

The Chubb Corp.

16,900

876,265

 

1,995,581

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

99,400

1,575,490

TOTAL FINANCIALS

105,847,102

HEALTH CARE - 13.3%

Biotechnology - 1.7%

Amgen, Inc. (a)

99,290

5,933,570

Celgene Corp. (a)

7,400

458,504

Genzyme Corp. (a)

42,400

2,197,592

 

8,589,666

Health Care Equipment & Supplies - 0.5%

Baxter International, Inc.

12,900

750,780

St. Jude Medical, Inc. (a)

52,000

2,134,600

 

2,885,380

Health Care Providers & Services - 1.5%

Express Scripts, Inc. (a)

19,000

1,933,440

McKesson Corp.

11,800

775,496

Medco Health Solutions, Inc. (a)

45,300

2,924,568

WellPoint, Inc. (a)

31,400

2,021,532

 

7,655,036

Pharmaceuticals - 9.6%

Abbott Laboratories

150,000

7,902,000

Allergan, Inc.

25,700

1,678,724

GlaxoSmithKline PLC

2,700

51,838

Johnson & Johnson

188,300

12,277,160

Merck & Co., Inc.

290,700

10,857,645

Pfizer, Inc.

865,300

14,839,895

Roche Holding AG (participation certificate)

5,644

915,417

Teva Pharmaceutical Industries Ltd. sponsored ADR

20,000

1,261,600

 

49,784,279

TOTAL HEALTH CARE

68,914,361

Common Stocks - continued

Shares

Value

INDUSTRIALS - 8.2%

Aerospace & Defense - 2.5%

European Aeronautic Defence and Space Co. EADS NV

63,200

$ 1,271,500

Honeywell International, Inc.

211,600

9,579,132

Lockheed Martin Corp.

1,000

83,220

Raytheon Co.

31,400

1,793,568

 

12,727,420

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

22,300

1,245,455

United Parcel Service, Inc. Class B

79,700

5,133,477

 

6,378,932

Commercial Services & Supplies - 0.2%

Waste Management, Inc.

22,800

785,004

Industrial Conglomerates - 0.2%

Siemens AG

12,995

1,299,110

Machinery - 3.1%

Danaher Corp.

18,500

1,478,335

Deere & Co.

33,700

2,003,802

Ingersoll-Rand Co. Ltd.

259,000

9,031,330

PACCAR, Inc.

85,700

3,714,238

 

16,227,705

Road & Rail - 1.0%

Union Pacific Corp.

69,500

5,094,350

TOTAL INDUSTRIALS

42,512,521

INFORMATION TECHNOLOGY - 24.9%

Communications Equipment - 6.8%

Cisco Systems, Inc. (a)

750,800

19,543,324

Juniper Networks, Inc. (a)

148,800

4,565,184

QUALCOMM, Inc.

268,700

11,282,713

 

35,391,221

Computers & Peripherals - 7.1%

Apple, Inc. (a)

56,800

13,344,024

EMC Corp. (a)

332,500

5,998,300

Hewlett-Packard Co.

162,000

8,610,300

International Business Machines Corp.

66,400

8,515,800

 

36,468,424

Electronic Equipment & Components - 0.9%

Corning, Inc.

224,200

4,531,082

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 1.4%

Google, Inc. Class A (a)

13,250

$ 7,512,883

IT Services - 2.1%

Accenture PLC Class A

51,900

2,177,205

MasterCard, Inc. Class A

22,000

5,588,000

Visa, Inc. Class A

31,900

2,903,857

 

10,669,062

Semiconductors & Semiconductor Equipment - 3.8%

Applied Materials, Inc.

137,600

1,854,848

ASML Holding NV (NY Shares)

150,300

5,320,620

Broadcom Corp. Class A

37,800

1,254,204

KLA-Tencor Corp.

44,500

1,375,940

Samsung Electronics Co. Ltd.

1,144

827,074

Taiwan Semiconductor Manufacturing Co. Ltd.

947,974

1,836,667

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

335,600

3,520,444

Texas Instruments, Inc.

153,000

3,743,910

 

19,733,707

Software - 2.8%

Adobe Systems, Inc. (a)

118,500

4,191,345

Autonomy Corp. PLC (a)

108,647

3,006,307

Microsoft Corp.

44,500

1,302,515

Oracle Corp.

229,300

5,890,717

 

14,390,884

TOTAL INFORMATION TECHNOLOGY

128,697,263

MATERIALS - 3.1%

Chemicals - 3.1%

Air Products & Chemicals, Inc.

18,400

1,360,680

Dow Chemical Co.

50,300

1,487,371

E.I. du Pont de Nemours & Co.

184,718

6,878,898

Monsanto Co.

88,100

6,292,102

 

16,019,051

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.2%

Verizon Communications, Inc.

39,600

1,228,392

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

233,200

$ 886,160

TOTAL TELECOMMUNICATION SERVICES

2,114,552

UTILITIES - 0.3%

Electric Utilities - 0.3%

FirstEnergy Corp.

35,400

1,383,786

TOTAL COMMON STOCKS

(Cost $482,513,739)

511,371,485

Nonconvertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.7%

Porsche Automobil Holding SE

11,400

695,758

Volkswagen AG

25,900

2,375,355

Volkswagen AG (Bearer) (a)

4,000

351,182

 

3,422,295

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $3,360,161)

3,422,295

Money Market Funds - 0.3%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)
(Cost $1,583,540)

1,583,540

1,583,540

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $487,457,440)

516,377,320

NET OTHER ASSETS - 0.1%

358,236

NET ASSETS - 100%

$ 516,735,556

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.

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

$ 2,140

Fidelity Securities Lending Cash Central Fund

4,535

Total

$ 6,675

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 53,272,928

$ 52,921,746

$ 351,182

$ -

Consumer Staples

35,647,361

35,647,361

-

-

Energy

60,384,855

60,384,855

-

-

Financials

105,847,102

105,847,102

-

-

Health Care

68,914,361

68,862,523

51,838

-

Industrials

42,512,521

41,213,411

1,299,110

-

Information Technology

128,697,263

128,697,263

-

-

Materials

16,019,051

16,019,051

-

-

Telecommunication Services

2,114,552

2,114,552

-

-

Utilities

1,383,786

1,383,786

-

-

Money Market Funds

1,583,540

1,583,540

-

-

Total Investments in Securities:

$ 516,377,320

$ 514,675,190

$ 1,702,130

$ -

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $496,105,405. Net unrealized appreciation aggregated $20,271,915, of which $40,324,205 related to appreciated investment securities and $20,052,290 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

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

Fidelity Hastings Street Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 1, 2010

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 1, 2010