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)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2013

Item 1. Reports to Stockholders

Fidelity®

Series Emerging Markets Debt

Fund

Fidelity Series Emerging Markets Debt Fund
Class F

Semiannual Report

June 30, 2013

(Fidelity Cover Art)

Contents

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.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity Series Emerging Markets Debt Fund or 1-800-835-5092 for Class F 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. © 2013 FMR LLC. All rights reserved.

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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

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 (January 1, 2013 to June 30, 2013).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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.

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.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio B

Beginning
Account Value
January 1, 2013

Ending
Account Value
June 30, 2013

Expenses Paid
During Period*
January 1, 2013
to June 30, 2013

Series Emerging Markets Debt

.85%

 

 

 

Actual

 

$ 1,000.00

$ 938.60

$ 4.09

HypotheticalA

 

$ 1,000.00

$ 1,020.58

$ 4.26

Class F

.73%

 

 

 

Actual

 

$ 1,000.00

$ 939.20

$ 3.51

HypotheticalA

 

$ 1,000.00

$ 1,021.17

$ 3.66

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Countries as of June 30, 2013

(excluding cash equivalents)

% of fund's
net assets

% of fund's net assets
6 months ago

Venezuela

11.9

13.3

Argentina

6.9

6.1

Turkey

6.9

7.7

Mexico

6.7

6.8

Indonesia

5.8

5.6

Percentages are adjusted for the effect of open futures contracts, if applicable.

Top Five Holdings as of June 30, 2013

(by issuer, excluding cash equivalents)

% of fund's
net assets

% of fund's net assets
6 months ago

Petroleos de Venezuela SA

6.2

6.5

Turkish Republic

6.2

6.9

Venezuelan Republic

5.7

6.8

Russian Federation

5.0

5.8

Indonesian Republic

4.2

4.4

 

27.3

Asset Allocation (% of fund's net assets)

As of June 30, 2013

As of December 31, 2012

sed134153

Corporate Bonds 33.1%

 

sed134153

Corporate Bonds 32.3%

 

sed134156

Government
Obligations 58.2%

 

sed134156

Government
Obligations 60.0%

 

sed134159

Supranational
Obligations 0.1%

 

sed134161

Supranational
Obligations 0.0%

 

sed134163

Stocks 0.0%†

 

sed134161

Stocks 0.0%

 

sed134166

Preferred Securities 1.3%

 

sed134166

Preferred Securities 0.9%

 

sed134169

Other Investments 0.5%

 

sed134169

Other Investments 0.6%

 

sed134172

Short-Term
Investments and
Net Other Assets
(Liabilities) 6.8%

 

sed134172

Short-Term
Investments and
Net Other Assets
(Liabilities) 6.2%

 

† Amount represents less than 0.1%

sed134175

Semiannual Report

Investments June 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 33.1%

 

Principal Amount (d)

Value

Argentina - 1.7%

Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (f)

$ 4,487,400

$ 4,128,408

Empresa Distribuidora y Comercializadora Norte SA 9.75% 10/25/22 (f)

4,893,000

2,385,338

Pan American Energy LLC 7.875% 5/7/21 (f)

4,100,000

3,946,250

Transportadora de Gas del Sur SA 7.875% 5/14/17 (f)

9,360,000

8,236,800

TOTAL ARGENTINA

18,696,796

Bailiwick of Jersey - 0.3%

Polyus Gold International Ltd. 5.625% 4/29/20 (f)

2,975,000

2,826,250

British Virgin Islands - 0.8%

Arcos Dorados Holdings, Inc. 10.25% 7/13/16 (f)

BRL

10,322,000

4,637,464

Gold Fields Orogen Holding BVI Ltd. 4.875% 10/7/20 (f)

2,950,000

2,419,000

Magnesita Finance Ltd. 8.625% (f)(g)

1,695,000

1,678,050

TOTAL BRITISH VIRGIN ISLANDS

8,734,514

Canada - 0.4%

Pacific Rubiales Energy Corp. 7.25% 12/12/21 (f)

4,648,000

4,926,880

Sino-Forest Corp. 6.25% 10/21/17 (c)(f)

3,220,000

0

TOTAL CANADA

4,926,880

Cayman Islands - 1.7%

Emerald Plantation Holdings Ltd. 6% 1/30/20 pay-in-kind (h)

558,196

321,124

Mongolian Mining Corp. 8.875% 3/29/17 (f)

1,350,000

1,147,500

Odebrecht Finance Ltd. 7.5% (f)(g)

8,150,000

8,068,500

Petrobras International Finance Co. Ltd.:

5.375% 1/27/21

3,265,000

3,280,326

6.875% 1/20/40

2,915,000

2,903,632

8.375% 12/10/18

3,055,000

3,614,829

TOTAL CAYMAN ISLANDS

19,335,911

Croatia - 0.2%

Agrokor d.d. 8.875% 2/1/20 (f)

1,480,000

1,559,920

Hrvatska Elektroprivreda 6% 11/9/17 (f)

1,025,000

1,025,000

TOTAL CROATIA

2,584,920

El Salvador - 0.4%

Telemovil Finance Co. Ltd. 8% 10/1/17 (f)

3,734,000

3,948,705

Georgia - 0.7%

Georgia Bank Joint Stock Co. 7.75% 7/5/17 (f)

3,765,000

3,915,600

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Georgia - continued

Georgian Oil & Gas Corp. 6.875% 5/16/17 (f)

$ 1,915,000

$ 1,905,425

JSC Georgian Railway 7.75% 7/11/22 (f)

1,565,000

1,690,200

TOTAL GEORGIA

7,511,225

Germany - 0.2%

Rearden G Holdings Eins GmbH 7.875% 3/30/20 (f)

2,290,000

2,335,800

Hungary - 0.2%

Magyar Export-Import Bank 5.5% 2/12/18 (f)

1,755,000

1,733,063

Indonesia - 1.6%

PT Adaro Indonesia 7.625% 10/22/19 (f)

4,670,000

4,903,500

PT Gadjah Tunggal Tbk 7.75% 2/6/18 (f)

1,725,000

1,699,125

PT Pertamina Persero:

4.3% 5/20/23 (f)

470,000

432,400

4.875% 5/3/22 (f)

3,070,000

2,939,525

5.25% 5/23/21 (f)

2,200,000

2,178,000

5.625% 5/20/43 (f)

784,000

670,320

6% 5/3/42 (f)

2,445,000

2,286,075

6.5% 5/27/41 (f)

3,220,000

3,107,300

TOTAL INDONESIA

18,216,245

Ireland - 1.5%

CBOM Finance PLC 8.25% 8/5/14

1,620,000

1,675,080

RusHydro Finance Ltd. 7.875% 10/28/15

RUB

66,400,000

1,995,663

Vimpel Communications OJSC 7.748% 2/2/21 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (f)

2,575,000

2,748,813

Vnesheconombank Via VEB Finance PLC:

6.025% 7/5/22 (f)

2,695,000

2,772,347

6.8% 11/22/25 (f)

2,869,000

3,066,100

6.902% 7/9/20 (f)

4,515,000

4,955,213

TOTAL IRELAND

17,213,216

Kazakhstan - 1.4%

Development Bank of Kazakhstan JSC 4.125% 12/10/22 (f)

1,100,000

968,000

Kazagro National Management Holding JSC 4.625% 5/24/23 (f)

1,050,000

960,750

KazMunaiGaz National Co.:

4.4% 4/30/23 (f)

1,640,000

1,507,324

5.75% 4/30/43 (f)

2,570,000

2,269,310

KazMunaiGaz Finance Sub BV 7% 5/5/20 (f)

2,385,000

2,695,050

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Kazakhstan - continued

Zhaikmunai Finance BV 10.5% 10/19/15 (f)

$ 3,975,000

$ 4,169,775

Zhaikmunai International BV 7.125% 11/13/19 (f)

3,330,000

3,330,000

TOTAL KAZAKHSTAN

15,900,209

Korea (South) - 0.1%

Export-Import Bank of Korea 6% 6/4/16 (Reg. S)

INR

92,400,000

1,522,591

Luxembourg - 2.8%

Alrosa Finance SA 7.75% 11/3/20 (f)

2,650,000

2,835,500

Aquarius Investments Luxemburg 8.25% 2/18/16

3,685,000

3,832,400

EVRAZ Group SA:

6.5% 4/22/20 (f)

1,615,000

1,457,538

8.25% 11/10/15 (f)

5,625,000

5,934,375

9.5% 4/24/18 (Reg. S)

1,950,000

2,067,000

RSHB Capital SA 6% 6/3/21 (f)(h)

1,005,000

996,156

TMK Capital SA 7.75% 1/27/18

4,770,000

4,746,150

Unicredit Luxembourg SA 5.1875% 10/13/15 (f)

2,110,000

2,152,200

Vimpel Communications 8.25% 5/23/16 (Reg. S) (Issued by UBS Luxembourg SA for Vimpel Communications)

6,250,000

6,812,500

TOTAL LUXEMBOURG

30,833,819

Mexico - 3.9%

Alestra SA de RL de CV 11.75% 8/11/14

2,530,000

2,732,400

Comision Federal de Electricid 5.75% 2/14/42 (f)

950,000

885,875

Gruma S.A.B. de CV 7.75% (Reg. S) (g)

4,544,000

4,544,000

Petroleos Mexicanos:

3.5% 1/30/23 (f)

2,605,000

2,403,113

4.875% 1/24/22

2,305,000

2,339,575

5.5% 1/21/21

2,950,000

3,160,925

5.5% 6/27/44

3,380,000

3,050,450

5.5% 6/27/44 (f)

1,175,000

1,059,263

6% 3/5/20

2,000,000

2,210,000

6.5% 6/2/41

5,255,000

5,425,788

6.625% (f)(g)

10,270,000

10,449,725

8% 5/3/19

1,350,000

1,647,000

TV Azteca SA de CV 7.5% 5/25/18 (Reg. S)

3,685,000

3,878,463

TOTAL MEXICO

43,786,577

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Netherlands - 3.5%

Access Finance BV 7.25% 7/25/17 (f)

$ 2,445,000

$ 2,408,325

DTEK Finance BV 9.5% 4/28/15 (f)

322,000

326,508

GTB Finance BV 7.5% 5/19/16 (f)

2,700,000

2,808,000

HSBK (Europe) BV 7.25% 5/3/17 (f)

2,625,000

2,703,750

Indo Energy Finance BV 7% 5/7/18 (f)

3,840,000

3,763,200

Indo Energy Finance II BV 6.375% 1/24/23 (f)

1,530,000

1,338,750

Indosat Palapa Co. BV 7.375% 7/29/20 (f)

1,830,000

1,930,650

Intergas Finance BV 6.375% 5/14/17 (Reg. S)

1,175,000

1,263,125

JSC Kazkommertsbank BV 8% 11/3/15 (f)

1,885,000

1,856,725

Kazkommerts International BV 7.875% 4/7/14 (Reg. S)

2,145,000

2,145,000

KazMunaiGaz Finance Sub BV:

6.375% 4/9/21 (f)

2,025,000

2,187,000

9.125% 7/2/18 (f)

2,975,000

3,555,125

Listrindo Capital BV 6.95% 2/21/19 (f)

1,530,000

1,583,550

Majapahit Holding BV 7.75% 1/20/20 (f)

1,535,000

1,703,850

Metinvest BV 10.25% 5/20/15 (f)

3,100,000

3,177,500

Nord Gold NV 6.375% 5/7/18 (f)

2,375,000

2,018,750

Petrobras Global Finance BV 2.4141% 1/15/19 (h)

2,240,000

2,181,760

VimpelCom Holdings BV 5.2% 2/13/19 (f)

1,690,000

1,639,300

TOTAL NETHERLANDS

38,590,868

Pakistan - 0.5%

Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (f)

5,714,000

5,685,430

Paraguay - 0.4%

BBVA Paraguay SA 9.75% 2/11/16 (f)

2,850,000

2,992,500

Telefonica Celular del Paraguay SA 6.75% 12/13/22 (f)

1,620,000

1,668,600

TOTAL PARAGUAY

4,661,100

Philippines - 0.5%

Development Bank of Philippines 8.375% (g)(h)

3,785,000

4,049,950

Power Sector Assets and Liabilities Management Corp. 7.39% 12/2/24 (f)

1,300,000

1,573,000

TOTAL PHILIPPINES

5,622,950

Russia - 0.6%

MTS International Funding Ltd. 8.625% 6/22/20 (f)

5,610,000

6,591,750

Singapore - 0.0%

STATS ChipPAC Ltd. 4.5% 3/20/18 (f)

615,000

587,325

Turkey - 0.7%

Akbank T.A.S. 7.5% 2/5/18 (f)

TRY

3,145,000

1,492,028

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Turkey - continued

Finansbank A/S:

5.15% 11/1/17 (f)

$ 5,680,000

$ 5,509,600

5.5% 5/11/16 (Reg. S)

1,400,000

1,386,000

TOTAL TURKEY

8,387,628

Ukraine - 0.4%

Naftogaz of Ukraine NJSC 9.5% 9/30/14

4,205,000

4,173,463

United Kingdom - 0.9%

Afren PLC 11.5% 2/1/16 (f)

1,950,000

2,145,000

Biz Finance PLC 8.375% 4/27/15 (Reg. S)

4,620,000

4,469,850

JSC Oschadbank 8.25% 3/10/16 (Issued by SSB #1 PLC for JSC Oschadbank)

550,000

514,250

Shortline PLC 9.5% 5/21/18 (f)

1,175,000

1,072,188

The State Export-Import Bank of Ukraine JSC 5.7928% 2/9/16 (Issued by Credit Suisse First Boston International for The State Export-Import Bank of Ukraine JSC) (e)

2,150,000

1,816,750

TOTAL UNITED KINGDOM

10,018,038

United States of America - 1.5%

Pemex Project Funding Master Trust:

6.625% 6/15/35

7,595,000

8,050,700

6.625% 6/15/38

285,000

298,538

8.625% 12/1/23

320,000

400,000

Severstal Columbus LLC 10.25% 2/15/18

3,180,000

3,362,850

Southern Copper Corp.:

6.75% 4/16/40

1,760,000

1,730,446

7.5% 7/27/35

2,490,000

2,664,051

TOTAL UNITED STATES OF AMERICA

16,506,585

Venezuela - 6.2%

Petroleos de Venezuela SA:

4.9% 10/28/14

11,170,000

10,443,950

5.375% 4/12/27

3,935,000

2,361,000

5.5% 4/12/37

1,710,000

987,525

8% 11/17/13

5,915,000

5,915,000

8.5% 11/2/17 (f)

31,600,000

28,756,000

9% 11/17/21 (Reg. S)

4,485,000

3,767,400

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Venezuela - continued

Petroleos de Venezuela SA: - continued

9.75% 5/17/35 (f)

$ 7,045,000

$ 5,565,550

12.75% 2/17/22 (f)

11,165,000

11,248,738

TOTAL VENEZUELA

69,045,163

TOTAL NONCONVERTIBLE BONDS

(Cost $370,818,307)


369,977,021

Government Obligations - 58.2%

 

Argentina - 5.2%

Argentine Republic:

discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

4,721,693

2,644,148

7% 9/12/13

31,246,000

31,290,265

7% 10/3/15

14,915,000

12,640,463

City of Buenos Aires 12.5% 4/6/15 (f)

8,035,000

7,994,825

Provincia de Cordoba 12.375% 8/17/17 (f)

5,280,000

3,986,400

TOTAL ARGENTINA

58,556,101

Aruba - 0.1%

Aruba Government 4.625% 9/14/23 (f)

1,670,000

1,569,800

Azerbaijan - 0.2%

State Oil Co. of Azerbaijan Republic:

4.75% 3/13/23 (Reg. S)

1,250,000

1,131,250

5.45% 2/9/17 (Reg. S)

1,115,000

1,148,450

TOTAL AZERBAIJAN

2,279,700

Bahamas (Nassau) - 0.2%

Bahamian Republic 6.95% 11/20/29 (f)

2,045,000

2,351,750

Barbados - 0.2%

Barbados Government:

7% 8/4/22 (f)

1,105,000

1,105,000

7.25% 12/15/21 (f)

1,370,000

1,383,700

TOTAL BARBADOS

2,488,700

Government Obligations - continued

 

Principal Amount (d)

Value

Belarus - 1.2%

Belarus Republic:

8.75% 8/3/15 (Reg. S)

$ 10,320,000

$ 10,268,400

8.95% 1/26/18

2,715,000

2,708,213

TOTAL BELARUS

12,976,613

Bermuda - 0.0%

Bermuda Government 4.138% 1/3/23 (f)

605,000

585,338

Bolivia - 0.2%

Plurinational State of Bolivia 4.875% 10/29/22 (f)

2,865,000

2,650,125

Brazil - 2.8%

Brazilian Federative Republic:

5.625% 1/7/41

8,730,000

8,664,525

7.125% 1/20/37

5,900,000

7,065,250

8.25% 1/20/34

3,550,000

4,703,750

10.125% 5/15/27

3,250,000

5,061,875

12.25% 3/6/30

3,235,000

5,539,938

TOTAL BRAZIL

31,035,338

Colombia - 1.5%

Colombian Republic:

6.125% 1/18/41

3,170,000

3,518,700

7.375% 9/18/37

3,650,000

4,617,250

10.375% 1/28/33

5,260,000

8,118,810

11.75% 2/25/20

720,000

1,060,200

TOTAL COLOMBIA

17,314,960

Congo - 0.6%

Congo Republic 3% 6/30/29 (e)

8,003,807

6,803,236

Costa Rica - 0.4%

Costa Rican Republic:

4.25% 1/26/23 (f)

1,750,000

1,605,625

4.375% 4/30/25 (f)

1,420,000

1,299,300

5.625% 4/30/43 (f)

1,420,000

1,306,400

TOTAL COSTA RICA

4,211,325

Croatia - 1.6%

Croatia Republic:

5.5% 4/4/23 (f)

3,315,000

3,215,550

6.25% 4/27/17 (f)

3,870,000

4,048,794

6.375% 3/24/21 (f)

3,120,000

3,256,344

Government Obligations - continued

 

Principal Amount (d)

Value

Croatia - continued

Croatia Republic: - continued

6.625% 7/14/20 (f)

$ 2,760,000

$ 2,911,800

6.75% 11/5/19 (f)

3,700,000

3,949,454

TOTAL CROATIA

17,381,942

Dominican Republic - 1.0%

Dominican Republic:

1.25% 8/30/24 (h)

3,650,000

3,285,000

5.875% 4/18/24 (f)

1,650,000

1,592,250

7.5% 5/6/21 (f)

3,510,000

3,773,250

9.04% 1/23/18 (f)

2,016,542

2,187,948

TOTAL DOMINICAN REPUBLIC

10,838,448

El Salvador - 0.3%

El Salvador Republic:

7.625% 2/1/41 (f)

1,000,000

972,500

7.65% 6/15/35 (Reg. S)

1,375,000

1,333,750

8.25% 4/10/32 (Reg. S)

1,000,000

1,040,000

TOTAL EL SALVADOR

3,346,250

Georgia - 0.2%

Georgia Republic 6.875% 4/12/21 (f)

2,375,000

2,541,250

Guatemala - 0.3%

Guatemalan Republic:

4.875% 2/13/28 (f)

1,020,000

918,000

5.75% 6/6/22 (f)

1,955,000

1,955,000

TOTAL GUATEMALA

2,873,000

Hungary - 1.1%

Hungarian Republic:

4.125% 2/19/18

1,728,000

1,678,320

4.75% 2/3/15

5,745,000

5,831,175

7.625% 3/29/41

4,228,000

4,414,032

TOTAL HUNGARY

11,923,527

Indonesia - 3.7%

Indonesian Republic:

3.375% 4/15/23 (f)

1,615,000

1,441,388

4.625% 4/15/43 (f)

1,615,000

1,396,975

4.875% 5/5/21 (f)

4,590,000

4,704,750

5.25% 1/17/42 (f)

4,395,000

4,153,275

5.875% 3/13/20 (f)

4,675,000

5,037,313

Government Obligations - continued

 

Principal Amount (d)

Value

Indonesia - continued

Indonesian Republic: - continued

6.625% 2/17/37 (f)

$ 2,950,000

$ 3,186,000

6.875% 1/17/18 (f)

2,300,000

2,581,750

7.75% 1/17/38 (f)

4,480,000

5,532,800

8.5% 10/12/35 (Reg. S)

5,100,000

6,681,000

11.625% 3/4/19 (f)

5,250,000

7,140,000

TOTAL INDONESIA

41,855,251

Iraq - 0.8%

Republic of Iraq 5.8% 1/15/28 (Reg. S)

10,550,000

8,651,000

Ivory Coast - 0.0%

Ivory Coast 7.1% 12/31/32 (e)

155,000

127,875

Jordan - 0.2%

Jordanian Kingdom 3.875% 11/12/15

2,025,000

1,989,563

Latvia - 0.2%

Latvian Republic 2.75% 1/12/20 (f)

2,930,000

2,714,059

Lebanon - 1.5%

Lebanese Republic:

4% 12/31/17

8,349,750

8,099,257

4.75% 11/2/16

1,680,000

1,629,600

5.15% 11/12/18

1,800,000

1,719,000

5.45% 11/28/19

3,305,000

3,007,550

6.375% 3/9/20

2,570,000

2,402,950

TOTAL LEBANON

16,858,357

Lithuania - 1.0%

Lithuanian Republic:

6.125% 3/9/21 (f)

3,275,000

3,650,184

6.625% 2/1/22 (f)

2,745,000

3,149,888

7.375% 2/11/20 (f)

3,650,000

4,334,375

TOTAL LITHUANIA

11,134,447

Mexico - 2.8%

United Mexican States:

4.75% 3/8/44

8,628,000

7,808,340

5.75% 10/12/2110

3,254,000

3,042,490

6.05% 1/11/40

7,682,000

8,450,200

6.75% 9/27/34

6,425,000

7,613,625

Government Obligations - continued

 

Principal Amount (d)

Value

Mexico - continued

United Mexican States: - continued

7.5% 4/8/33

$ 1,800,000

$ 2,299,500

8.3% 8/15/31

1,510,000

2,068,700

TOTAL MEXICO

31,282,855

Morocco - 0.3%

Moroccan Kingdom:

4.25% 12/11/22 (f)

2,055,000

1,818,675

5.5% 12/11/42 (f)

1,250,000

1,043,750

TOTAL MOROCCO

2,862,425

Namibia - 0.1%

Republic of Namibia 5.5% 11/3/21 (f)

1,670,000

1,677,799

Netherlands - 0.3%

Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S)

3,550,000

3,647,625

Nigeria - 0.5%

Central Bank of Nigeria warrants 11/15/20 (a)(i)

3,750

666,713

Republic of Nigeria:

0% 10/10/13

NGN

232,000,000

1,375,470

0% 11/7/13

NGN

311,660,000

1,826,086

6.75% 1/28/21 (f)

1,500,000

1,567,500

TOTAL NIGERIA

5,435,769

Pakistan - 0.7%

Islamic Republic of Pakistan 7.125% 3/31/16 (f)

7,665,000

7,300,913

Panama - 0.4%

Panamanian Republic:

4.3% 4/29/53

1,680,000

1,331,400

6.7% 1/26/36

1,190,000

1,383,375

8.875% 9/30/27

1,165,000

1,607,700

TOTAL PANAMA

4,322,475

Paraguay - 0.1%

Republic of Paraguay 4.625% 1/25/23 (f)

1,225,000

1,188,250

Peru - 1.1%

Peruvian Republic:

4% 3/7/27 (e)

3,350,000

3,350,000

5.625% 11/18/50

1,335,000

1,351,688

Government Obligations - continued

 

Principal Amount (d)

Value

Peru - continued

Peruvian Republic: - continued

6.55% 3/14/37

$ 825,000

$ 967,313

8.75% 11/21/33

4,810,000

6,974,500

TOTAL PERU

12,643,501

Philippines - 1.8%

Philippine Republic:

6.375% 1/15/32

1,190,000

1,404,200

7.75% 1/14/31

4,860,000

6,366,600

9.5% 2/2/30

4,645,000

6,944,275

10.625% 3/16/25

3,535,000

5,585,300

TOTAL PHILIPPINES

20,300,375

Poland - 0.2%

Polish Government 3% 3/17/23

2,010,000

1,819,050

Romania - 0.6%

Romanian Republic:

4.375% 8/22/23 (f)

2,308,000

2,175,290

6.75% 2/7/22 (f)

4,521,000

5,052,218

TOTAL ROMANIA

7,227,508

Russia - 5.0%

Russian Federation:

5.625% 4/4/42 (f)

4,800,000

4,980,000

7.5% 3/31/30 (Reg. S)

26,864,700

31,364,521

12.75% 6/24/28 (Reg. S)

10,930,000

19,127,500

TOTAL RUSSIA

55,472,021

Serbia - 1.1%

Republic of Serbia:

4.875% 2/25/20 (f)

2,275,000

2,093,000

5.25% 11/21/17 (f)

1,100,000

1,072,500

6.75% 11/1/24 (f)

6,768,629

6,700,943

7.25% 9/28/21 (f)

2,200,000

2,260,500

TOTAL SERBIA

12,126,943

Sri Lanka - 1.1%

Democratic Socialist Republic of Sri Lanka:

5.875% 7/25/22 (f)

995,000

935,300

6.25% 10/4/20 (f)

4,880,000

4,782,400

Government Obligations - continued

 

Principal Amount (d)

Value

Sri Lanka - continued

Democratic Socialist Republic of Sri Lanka: - continued

6.25% 7/27/21 (f)

$ 2,520,000

$ 2,469,600

7.4% 1/22/15 (f)

3,775,000

3,963,750

TOTAL SRI LANKA

12,151,050

Tanzania - 0.2%

Tanzania United Republic of 6.4499% 3/8/20 (h)

2,260,000

2,271,300

Turkey - 6.2%

Export Credit Bank of Turkey 5.375% 11/4/16 (f)

270,000

279,261

Turkish Republic:

4.875% 4/16/43

1,615,000

1,388,900

5.125% 3/25/22

2,515,000

2,584,163

5.625% 3/30/21

3,275,000

3,504,250

6% 1/14/41

3,880,000

3,909,100

6.25% 9/26/22

2,725,000

3,017,938

6.75% 4/3/18

4,500,000

5,062,500

6.75% 5/30/40

4,530,000

5,039,625

6.875% 3/17/36

7,770,000

8,702,400

7% 9/26/16

3,050,000

3,400,750

7% 3/11/19

1,770,000

2,031,075

7.25% 3/5/38

4,825,000

5,657,313

7.375% 2/5/25

7,175,000

8,574,125

7.5% 7/14/17

2,875,000

3,299,063

7.5% 11/7/19

4,350,000

5,133,000

8% 2/14/34

1,900,000

2,384,500

11.875% 1/15/30

2,840,000

4,785,400

TOTAL TURKEY

68,753,363

Ukraine - 2.3%

Ukraine Financing of Infrastructure Projects State Enterprise 8.375% 11/3/17 (f)

4,375,000

4,030,469

Ukraine Government:

6.25% 6/17/16 (f)

3,415,000

3,167,413

6.75% 11/14/17 (f)

1,775,000

1,624,125

7.75% 9/23/20 (f)

2,970,000

2,702,700

7.8% 11/28/22 (f)

2,400,000

2,148,000

7.95% 6/4/14 (f)

5,105,000

5,066,713

7.95% 2/23/21 (f)

2,200,000

2,013,000

9.25% 7/24/17 (f)

4,815,000

4,797,185

TOTAL UKRAINE

25,549,605

Government Obligations - continued

 

Principal Amount (d)

Value

United Arab Emirates - 0.1%

United Arab Emirates 7.75% 10/5/20 (Reg. S)

$ 1,190,000

$ 1,371,475

United States of America - 1.2%

U.S. Treasury Bonds 2.75% 11/15/42

14,988,000

12,941,209

Uruguay - 0.6%

Uruguay Republic 7.875% 1/15/33 pay-in-kind

4,980,000

6,299,700

Venezuela - 5.7%

Venezuelan Republic:

oil recovery rights 4/15/20 (i)

57,010

1,468,008

6% 12/9/20

2,680,000

1,943,000

7% 3/31/38

2,000,000

1,325,000

8.5% 10/8/14

5,460,000

5,364,450

9% 5/7/23 (Reg. S)

10,835,000

8,938,875

9.25% 9/15/27

4,205,000

3,542,713

9.25% 5/7/28 (Reg. S)

3,975,000

3,199,875

9.375% 1/13/34

3,160,000

2,559,600

10.75% 9/19/13

1,960,000

1,955,100

11.75% 10/21/26 (Reg. S)

6,915,000

6,500,100

11.95% 8/5/31 (Reg. S)

10,545,000

9,912,300

12.75% 8/23/22

11,860,000

12,067,550

13.625% 8/15/18

4,795,000

4,890,900

TOTAL VENEZUELA

63,667,471

Vietnam - 1.2%

Vietnamese Socialist Republic:

1.3125% 3/12/16 (h)

2,290,958

2,084,772

4% 3/12/28 (e)

8,579,583

6,949,462

6.875% 1/15/16 (f)

3,740,000

3,945,700

TOTAL VIETNAM

12,979,934

Zambia - 0.1%

Republic of Zambia 5.375% 9/20/22 (f)

1,635,000

1,446,975

TOTAL GOVERNMENT OBLIGATIONS

(Cost $654,813,372)


649,797,546

Supranational Obligations - 0.1%

 

Eastern and Southern African Trade and Development Bank 6.875% 1/9/16 (Reg. S)

(Cost $1,487,700)

1,500,000

1,470,000

Common Stocks - 0.0%

Shares

Value

Cayman Islands - 0.0%

Emerald Plantation Holdings Ltd. (a)
(Cost $13)

499,568

$ 129,888

Sovereign Loan Participations - 0.5%

 

Principal Amount (d)

 

Indonesia - 0.5%

Indonesian Republic loan participation:

Goldman Sachs 1.1875% 12/14/19 (h)

$ 4,126,424

3,755,045

1.1875% 12/14/19 (h)

1,982,759

1,804,310

TOTAL SOVEREIGN LOAN PARTICIPATIONS

(Cost $5,835,878)


5,559,355

Preferred Securities - 1.3%

 

 

 

 

Brazil - 0.7%

Cosan Overseas Ltd. 8.25% (g)

2,150,000

2,220,487

Globo Comunicacoes e Participacoes SA 6.25% (e)(f)(g)

5,560,000

5,823,268

TOTAL BRAZIL

8,043,755

Cayman Islands - 0.4%

CSN Islands XII Corp. 7% (Reg. S) (g)

4,875,000

4,419,301

Odebrecht Finance Ltd. 7.5% (Reg. S) (g)

150,000

149,020

TOTAL CAYMAN ISLANDS

4,568,321

India - 0.2%

Reliance Industries Ltd. 5.875% (f)(g)

1,800,000

1,613,300

TOTAL PREFERRED SECURITIES

(Cost $14,972,432)


14,225,376

Money Market Funds - 4.9%

Shares

 

Fidelity Cash Central Fund, 0.13% (b)
(Cost $54,953,588)

54,953,588


54,953,588

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $1,102,881,290)

1,096,112,774

NET OTHER ASSETS (LIABILITIES) - 1.9%

20,943,059

NET ASSETS - 100%

$ 1,117,055,833

Currency Abbreviations

BRL

-

Brazilian real

INR

-

Indian rupee

NGN

-

Nigerian naira

RUB

-

Russian ruble

TRY

-

Turkish Lira

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Non-income producing - Security is in default.

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) 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 $442,159,174 or 39.6% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) Quantity represents share amount.

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

$ 35,177

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of June 30, 2013, involving the Fund's assets and liabilities carried at fair 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 in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Materials

$ 129,888

$ 129,888

$ -

$ -

Corporate Bonds

369,977,021

-

369,977,021

-

Government Obligations

649,797,546

-

645,780,833

4,016,713

Supranational Obligations

1,470,000

-

1,470,000

-

Sovereign Loan Participations

5,559,355

-

-

5,559,355

Preferred Securities

14,225,376

-

14,225,376

-

Money Market Funds

54,953,588

54,953,588

-

-

Total Investments in Securities:

$ 1,096,112,774

$ 55,083,476

$ 1,031,453,230

$ 9,576,068

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited):

U.S. Government and U.S.
Government Agency Obligations

1.2%

AAA,AA,A

1.3%

BBB

36.7%

BB

16.5%

B

23.6%

CCC,CC,C

3.1%

Not Rated

10.6%

Equities

0.2%

Short-Term Investments and Net
Other Assets

6.8%

 

100.0%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 

June 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,047,927,702)

$ 1,041,159,186

 

Fidelity Central Funds (cost $54,953,588)

54,953,588

 

Total Investments (cost $1,102,881,290)

 

$ 1,096,112,774

Cash

 

5,491,429

Receivable for investments sold

6,010,401

Receivable for fund shares sold

324,012

Interest receivable

19,347,412

Distributions receivable from Fidelity Central Funds

6,138

Total assets

1,127,292,166

 

 

 

Liabilities

Payable for investments purchased

$ 9,072,142

Payable for fund shares redeemed

373,489

Accrued management fee

625,342

Other affiliated payables

103,186

Other payables and accrued expenses

62,174

Total liabilities

10,236,333

 

 

 

Net Assets

$ 1,117,055,833

Net Assets consist of:

 

Paid in capital

$ 1,107,425,735

Undistributed net investment income

9,690,904

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

6,712,200

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

(6,773,006)

Net Assets

$ 1,117,055,833

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

Semiannual Report

Statement of Assets and Liabilities - continued

 

June 30, 2013 (Unaudited)

 

 

 

Series Emerging Markets Debt:
Net Asset Value, offering price and redemption price per share ($583,979,528 ÷ 57,367,030 shares)

$ 10.18

 

 

 

Class F:
Net Asset Value, offering price and redemption price per share ($533,076,305 ÷ 52,366,553 shares)

$ 10.18

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended June 30, 2013 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 560,411

Interest

 

36,622,660

Income from Fidelity Central Funds

 

35,177

Total income

 

37,218,248

 

 

 

Expenses

Management fee

$ 3,850,370

Transfer agent fees

365,036

Accounting fees and expenses

266,513

Custodian fees and expenses

38,882

Independent trustees' compensation

3,545

Registration fees

6,857

Audit

29,073

Legal

1,123

Miscellaneous

7,368

Total expenses before reductions

4,568,767

Expense reductions

(441)

4,568,326

Net investment income (loss)

32,649,922

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

7,139,737

Foreign currency transactions

(11,404)

Total net realized gain (loss)

 

7,128,333

Change in net unrealized appreciation (depreciation) on:

Investment securities

(112,245,264)

Assets and liabilities in foreign currencies

(5,524)

Total change in net unrealized appreciation (depreciation)

 

(112,250,788)

Net gain (loss)

(105,122,455)

Net increase (decrease) in net assets resulting from operations

$ (72,472,533)

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
June 30, 2013
(Unaudited)

Year ended
December 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 32,649,922

$ 61,501,573

Net realized gain (loss)

7,128,333

6,375,269

Change in net unrealized appreciation (depreciation)

(112,250,788)

112,797,443

Net increase (decrease) in net assets resulting
from operations

(72,472,533)

180,674,285

Distributions to shareholders from net investment income

(29,705,430)

(55,386,827)

Distributions to shareholders from net realized gain

(2,515,870)

(5,144,731)

Total distributions

(32,221,300)

(60,531,558)

Share transactions - net increase (decrease)

57,044,533

223,346,889

Total increase (decrease) in net assets

(47,649,300)

343,489,616

 

 

 

Net Assets

Beginning of period

1,164,705,133

821,215,517

End of period (including undistributed net investment income of $9,690,904 and undistributed net investment income of $6,746,412, respectively)

$ 1,117,055,833

$ 1,164,705,133

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

Semiannual Report

Financial Highlights - Series Emerging Markets Debt

 

Six months ended
June 30, 2013

Years ended
December 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 11.15

$ 9.92

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .304

  .627

  .420

Net realized and unrealized gain (loss)

  (.974)

  1.218

  (.127)

Total from investment operations

  (.670)

  1.845

  .293

Distributions from net investment income

  (.276)

  (.565)

  (.365)

Distributions from net realized gain

  (.024)

  (.050)

  (.008)

Total distributions

  (.300)

  (.615)

  (.373)

Net asset value, end of period

$ 10.18

$ 11.15

$ 9.92

Total Return B, C

  (6.14)%

  19.09%

  2.97%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .85% A

  .85%

  .90% A

Expenses net of fee waivers, if any

  .85% A

  .85%

  .90% A

Expenses net of all reductions

  .85% A

  .85%

  .90% A

Net investment income (loss)

  5.62% A

  5.95%

  5.37% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 583,980

$ 675,329

$ 567,740

Portfolio turnover rate F

  40% A

  41%

  45% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any 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 For the period March 17, 2011 (commencement of operations) to December 31, 2011.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Class F

 

Six months ended
June 30, 2013

Years ended
December 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 11.15

$ 9.92

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .310

  .641

  .430

Net realized and unrealized gain (loss)

  (.973)

  1.217

  (.126)

Total from investment operations

  (.663)

  1.858

  .304

Distributions from net investment income

  (.283)

  (.578)

  (.376)

Distributions from net realized gain

  (.024)

  (.050)

  (.008)

Total distributions

  (.307)

  (.628)

  (.384)

Net asset value, end of period

$ 10.18

$ 11.15

$ 9.92

Total Return B, C

  (6.08)%

  19.24%

  3.08%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .73% A

  .73%

  .76% A

Expenses net of fee waivers, if any

  .73% A

  .73%

  .76% A

Expenses net of all reductions

  .73% A

  .73%

  .76% A

Net investment income (loss)

  5.73% A

  6.07%

  5.51% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 533,076

$ 489,376

$ 253,475

Portfolio turnover rate F

  40% A

  41%

  45% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any 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 For the period March 17, 2011 (commencement of operations) to December 31, 2011.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2013 (Unaudited)

1. Organization.

Fidelity® Series Emerging Markets Debt Fund (the Fund) is a non-diversified fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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 offers Series Emerging Markets Debt and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, 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 unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, foreign government and government agency obligations, preferred securities, supranational obligations, U.S. government and government agency obligations and sovereign loan participations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and 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 rates 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.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, market discount and losses deferred due to wash sales.

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

Gross unrealized appreciation

$ 37,712,734

Gross unrealized depreciation

(36,454,248)

Net unrealized appreciation (depreciation) on securities and other investments

$ 1,258,486

 

 

Tax cost

$ 1,094,854,288

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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation, or may be made directly to a borrower. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these loans. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $225,300,572 and $194,614,001, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the period, the total annualized management fee rate was .66% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Series Emerging Markets Debt. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each applicable class were as follows:

 

Amount

% of
Average
Net Assets*

Series Emerging Markets Debt

$ 365,036

.12

* Annualized

Accounting Fees. Fidelity Service Company, Inc.(FSC),an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 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 $1,504 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $441.

Semiannual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
June 30, 2013

Year ended
December 31, 2012

From net investment income

 

 

Series Emerging Markets Debt

$ 15,837,321

$ 33,240,280

Class F

13,868,109

22,146,547

Total

$ 29,705,430

$ 55,386,827

From net realized gain

 

 

Series Emerging Markets Debt

$ 1,366,650

$ 3,004,650

Class F

1,149,220

2,140,081

Total

$ 2,515,870

$ 5,144,731

9. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended
June 30,
2013

Year ended
December 31,
2012

Six months ended
June 30,
2013

Year ended
December 31,
2012

Series Emerging Markets Debt

 

 

 

 

Shares sold

3,444,203

2,525,424

$ 38,040,218

$ 26,533,140

Reinvestment of distributions

1,589,999

3,411,848

17,203,971

36,244,930

Shares redeemed

(8,256,255)

(2,561,102)

(91,373,768)

(27,003,613)

Net increase (decrease)

(3,222,053)

3,376,170

$ (36,129,579)

$ 35,774,457

Class F

 

 

 

 

Shares sold

7,433,181

16,543,341

$ 82,034,908

$ 168,414,695

Reinvestment of distributions

1,389,323

2,279,253

15,017,329

24,286,628

Shares redeemed

(361,683)

(460,381)

(3,878,125)

(5,128,891)

Net increase (decrease)

8,460,821

18,362,213

$ 93,174,112

$ 187,572,432

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Other - continued

At the end of the period, mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the Fund.

11. Credit Risk.

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (UK) Ltd.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

SED-SANN-0813
1.924253.102

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. Investments

(a) Not applicable.

(b) 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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 23, 2013

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:

August 23, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 23, 2013