N-CSRS

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 811-971

Fidelity Congress Street Fund
(Exact name of registrant as specified in charter)

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2006

Item 1. Reports to Stockholders

Fidelity®

Congress Street

Fund

Semiannual Report

June 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

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

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

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

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

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

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.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, inflation concerns led to mixed results through the year's mid-point. Financial markets are always unpredictable. There are, however, a number of time-tested principles that can put the historical odds in your favor.

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

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

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

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

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2006 to June 30, 2006).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning Account Value January 1, 2006	Ending Account Value June 30, 2006	Expenses Paid During Period* January 1, 2006 to June 30, 2006
Actual	$ 1,000.00	$ 1,036.60	$ 3.43 A
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.42	$ 3.41 A

* Expenses are equal to the Fund's annualized expense ratio of .68%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^A If changes to voluntary expense limitations, effective September 1, 2006 had been in effect during the entire period, the annualized expense ratio would have been .50% and the expenses paid in the actual and hypothetical examples above would have been $2.53 and $2.51, respectively.

Semiannual Report

Investment Changes

Top Ten Stocks as of June 30, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	9.5	8.9
United Technologies Corp.	8.8	7.8
General Electric Co.	8.0	8.4
Johnson & Johnson	7.4	7.3
Hewlett-Packard Co.	5.1	4.5
Motorola, Inc.	4.3	4.9
Altria Group, Inc.	4.1	4.2
Verizon Communications, Inc.	4.1	3.6
Chevron Corp.	4.0	3.5
Citigroup, Inc.	3.8	3.9
	59.1
Top Five Market Sectors as of June 30, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Industrials	21.5	21.0
Health Care	17.4	19.5
Information Technology	17.2	17.9
Energy	13.5	12.4
Consumer Staples	12.2	12.6

Asset Allocation (% of fund's net assets)
As of June 30, 2006		As of December 31, 2005
	Stocks 95.0%		Stocks 98.8%
	Short-Term Investments and Net Other Assets 5.0%		Short-Term Investments and Net Other Assets 1.2%

Semiannual Report

Investments June 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
The McClatchy Co. Class A	1,295		$ 51,955
CONSUMER STAPLES - 12.2%
Beverages - 6.2%
Anheuser-Busch Companies, Inc.	38,957		1,776,050
The Coca-Cola Co.	52,183		2,244,913
			4,020,963
Food Products - 0.2%
Del Monte Foods Co.	12,622		141,745
Household Products - 1.7%
Colgate-Palmolive Co.	18,241		1,092,636
Tobacco - 4.1%
Altria Group, Inc.	36,409		2,673,513
TOTAL CONSUMER STAPLES			7,928,857
ENERGY - 13.5%
Oil, Gas & Consumable Fuels - 13.5%
Chevron Corp.	41,316		2,564,071
Exxon Mobil Corp.	100,430		6,161,378
			8,725,449
FINANCIALS - 5.0%
Diversified Financial Services - 4.8%
Citigroup, Inc.	51,399		2,479,488
JPMorgan Chase & Co.	14,652		615,384
			3,094,872
Insurance - 0.2%
The St. Paul Travelers Companies, Inc.	3,053		136,103
TOTAL FINANCIALS			3,230,975
HEALTH CARE - 17.4%
Health Care Equipment & Supplies - 1.9%
Boston Scientific Corp. (a)	71,415		1,202,629
Pharmaceuticals - 15.5%
Eli Lilly & Co.	10,307		569,668
Johnson & Johnson	80,088		4,798,873
Merck & Co., Inc.	29,272		1,066,379
Common Stocks - continued
	Shares		Value (Note 1)
HEALTH CARE - continued
Pharmaceuticals - continued
Pfizer, Inc.	52,014		$ 1,220,769
Wyeth	54,380		2,415,016
			10,070,705
TOTAL HEALTH CARE			11,273,334
INDUSTRIALS - 21.5%
Aerospace & Defense - 11.3%
The Boeing Co.	19,744		1,617,231
United Technologies Corp.	89,977		5,706,341
			7,323,572
Commercial Services & Supplies - 0.8%
Waste Management, Inc.	14,500		520,260
Industrial Conglomerates - 8.0%
General Electric Co.	158,200		5,214,272
Road & Rail - 1.4%
Union Pacific Corp.	9,660		897,994
TOTAL INDUSTRIALS			13,956,098
INFORMATION TECHNOLOGY - 17.2%
Communications Equipment - 4.3%
Motorola, Inc.	138,934		2,799,520
Computers & Peripherals - 8.6%
Hewlett-Packard Co.	103,919		3,292,154
International Business Machines Corp.	29,934		2,299,530
			5,591,684
Electronic Equipment & Instruments - 1.1%
Agilent Technologies, Inc. (a)	21,436		676,520
Semiconductors & Semiconductor Equipment - 2.3%
Freescale Semiconductor, Inc. Class B (a)	16,417		482,660
Intel Corp.	54,105		1,025,290
			1,507,950
Software - 0.9%
Microsoft Corp.	24,730		576,209
TOTAL INFORMATION TECHNOLOGY			11,151,883
Common Stocks - continued
	Shares		Value (Note 1)
MATERIALS - 3.9%
Chemicals - 1.6%
Eastman Chemical Co.	8,793		$ 474,822
Monsanto Co.	6,548		551,276
			1,026,098
Paper & Forest Products - 2.3%
International Paper Co.	47,441		1,532,344
TOTAL MATERIALS			2,558,442
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 4.1%
Verizon Communications, Inc.	78,873		2,641,457
UTILITIES - 0.1%
Multi-Utilities - 0.1%
Consolidated Edison, Inc.	1,913		85,014
TOTAL COMMON STOCKS (Cost $14,612,572)		61,603,464
Money Market Funds - 4.9%
Fidelity Cash Central Fund, 5.11% (b) (Cost $3,162,075)	3,162,075		3,162,075
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $17,774,647)			64,765,539
NET OTHER ASSETS - 0.1%			72,324
NET ASSETS - 100%		$ 64,837,863

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 the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 38,273

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2006 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $14,612,572)	$ 61,603,464
Affiliated Central Funds (cost $3,162,075)	3,162,075
Total Investments (cost $17,774,647)		$ 64,765,539
Cash		794
Receivable for investments sold		200,038
Dividends receivable		118,004
Interest receivable		11,322
Prepaid expenses		132
Total assets		65,095,829
Liabilities
Payable for fund shares redeemed	200,059
Accrued management fee	22,483
Other affiliated payables	8,030
Other payables and accrued expenses	27,394
Total liabilities		257,966
Net Assets		$ 64,837,863
Net Assets consist of:
Paid in capital		$ 13,904,020
Undistributed net investment income		94,655
Accumulated undistributed net realized gain (loss) on investments		3,848,296
Net unrealized appreciation (depreciation) on investments		46,990,892
Net Assets, for 157,044 shares outstanding		$ 64,837,863
Net Asset Value, offering price and redemption price per share ($64,837,863 ÷ 157,044 shares)		$ 412.86

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

Semiannual Report

Financial Statements - continued

Statement of Operations

(Unaudited)	Six months ended June 30, 2006
Investment Income
Dividends		$ 764,266
Interest		249
Income from affiliated Central Funds		38,273
Total income		802,788
Expenses
Management fee	$ 148,495
Transfer agent fees	34,372
Accounting fees and expenses	12,520
Independent trustees' compensation	142
Custodian fees and expenses	3,881
Audit	24,220
Legal	10,178
Miscellaneous	3,386
Total expenses before reductions	237,194
Expense reductions	(10,944)	226,250
Net investment income (loss)		576,538
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities unaffiliated issuers		6,256,041
Change in net unrealized appreciation (depreciation) on investment securities		(4,406,509)
Net gain (loss)		1,849,532
Net increase (decrease) in net assets resulting from operations		$ 2,426,070

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, 2006 (Unaudited)	Year ended December 31, 2005
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 576,538	$ 1,087,419
Net realized gain (loss)	6,256,041	4,319,524
Change in net unrealized appreciation (depreciation)	(4,406,509)	(3,317,132)
Net increase (decrease) in net assets resulting from operations	2,426,070	2,089,811
Distributions to shareholders from net investment income	(483,967)	(1,094,099)
Share Transactions
Reinvestment of distributions	99,075	212,803
Cost of shares redeemed	(2,942,720)	(5,089,619)
Net increase (decrease) in net assets resulting from share transactions	(2,843,645)	(4,876,816)
Total increase (decrease) in net assets	(901,542)	(3,881,104)
Net Assets
Beginning of period	65,739,405	69,620,509
End of period (including undistributed net investment income of $94,655 and undistributed net investment income of $2,084, respectively)	$ 64,837,863	$ 65,739,405
Other Information
Shares
Issued in reinvestment of distributions	236	528
Redeemed	(7,064)	(12,784)
Net increase (decrease)	(6,828)	(12,256)

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

Semiannual Report

Financial Highlights

	Six months ended June, 30, 2006	Years ended December 31,
	(Unaudited)	2005	2004	2003	2002	2001
Selected Per-Share Data
Net asset value, beginning of period	$ 401.16	$ 395.28	$ 377.45	$ 311.12	$ 376.61	$ 418.88
Income from Investment Operations
Net investment income (loss) D	3.59	6.40	6.00	5.14	4.62	4.75
Net realized and unrealized gain (loss)	11.16	6.03	18.03	66.41	(65.36)	(42.22)
Total from investment operations	14.75	12.43	24.03	71.55	(60.74)	(37.47)
Distributions from net investment income	(3.05)	(6.55)	(6.20)	(5.22)	(4.75)	(4.80)
Net asset value, end of period	$ 412.86	$ 401.16	$ 395.28	$ 377.45	$ 311.12	$ 376.61
Total Return B, C	3.66%	3.14%	6.39%	23.09%	(16.19)%	(8.99)%
Ratios to Average Net Assets E
Expenses before reductions	.71% A	.68%	.67%	.70%	.69%	.64%
Expenses net of fee waivers, if any	.68% A	.65%	.67%	.70%	.69%	.64%
Expenses net of all reductions	.68% A	.65%	.67%	.70%	.69%	.64%
Net investment income (loss)	1.73% A	1.61%	1.58%	1.54%	1.34%	1.23%
Supplemental Data
Net assets, end of period (000 omitted)	$ 64,838	$ 65,739	$ 69,621	$ 73,780	$ 64,778	$ 85,163
Portfolio turnover rate	0%	0%	0%	0%	0%	4%

^A Annualized

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

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

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

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

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2006 (Unaudited)

1. Significant Accounting Policies.

Fidelity Congress Street Fund (the Fund) 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 and is authorized to issue 3.8 million shares. Shares of the Fund are not currently available for purchase. The Fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. The Fund intends to retain and pay federal income taxes at year-end on undistributed net long-term capital gains.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

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

Book-tax differences are primarily due to redemptions in kind and deferred trustees compensation.

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

Unrealized appreciation	$ 48,626,776
Unrealized depreciation	(1,635,884)
Net unrealized appreciation (depreciation)	$ 46,990,892
Cost for federal income tax purposes	$ 17,774,647

New Account Pronouncement. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48) was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax

Semiannual Report

1. Significant Accounting Policies - continued

New Account Pronouncement - continued

return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets and results of operations.

2. Operating Policies.

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

3. Purchases and Sales of Investments.

Securities delivered on an in-kind basis aggregated $2,942,720. Realized gain (loss) of $2,407,745 on securities delivered on an in-kind basis is included in the accompanying Statement of Operations as realized gain or loss on investment securities and is not taxable to the Fund.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services.

On May 17, 2006, shareholders approved an amendment to the management contract effective June 1, 2006. Under the amended contract the management fee is composed of an individual fund fee rate and a group fee rate. The individual fund fee rate is based on an annual rate of .15% of the Fund's average net assets. 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. The group fee rate was .27% as of June 30, 2006.

Prior to June 1, 2006, the Fund paid a quarterly fee that was computed monthly at an annual rate of .50% of the Fund's average net assets. The management fee was subject to a reduction to the extent that the monthly average net assets of all mutual funds advised by FMR exceeded $4 billion in any month. The management fee payable by the Fund on its portion of the excess was reduced by 10%. FMR had voluntarily agreed to waive a portion of the Fund's management fee by charging the lesser of (i) the management fee

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

discussed above, or (ii) a management fee calculated by adding a group fee rate to an individual fund fee rate of 0.15% of the Fund's average net assets.

For the period ended June 30, 2006, the total management fees paid by the Fund to FMR were $148,495 and the amount of waivers reducing management fees for the Fund were $9,684. For the period, the Fund's annualized management fee rate, net of voluntary waivers, was .42% of average net assets.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .10% of average net assets.

Accounting Fees. FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

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

The Money Market Central Funds do not pay a management fee.

5. Expense Reductions.

Through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $983 and $277, respectively.

Effective September 1, 2006, FMR voluntarily agrees to reimburse the Fund to the extent annual operating expenses exceed .50% of average net assets.

6. 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

Board Approval of Investment Advisory Contracts and Management Fees

Congress Street Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on May 17, 2006. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1
To elect a Board of Trustees. A
	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Albert R. Gamper, Jr.
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Robert M. Gates
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
George H. Heilmeier
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Edward C. Johnson 3d
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Stephen P. Jonas
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
James H. KeyesB
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Marie L. Knowles
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
	# of Votes	% of Votes
Ned C. Lautenbach
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
William O. McCoy
Affirmative	48,754,283.64	99.697
Withheld	148,033.30	.303
TOTAL	48,902,316.94	100.000
Robert L. Reynolds
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Cornelia M. Small
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
William S. Stavropoulos
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
Kenneth L. Wolfe
Affirmative	48,902,316.94	100.000
Withheld	.00	.000
TOTAL	48,902,316.94	100.000
PROPOSAL 2
To approve an amended management contract for the fund.
	# of Votes	% of Votes
Affirmative	47,561,540.69	97.258
Against	1,104,644.81	2.259
Abstain	236,131.44	.483
TOTAL	48,902,316.94	100.000
A Denotes trust-wide proposal and voting results. B Effective on or about January 1, 2007.

Annual Report

Managing Your Investments

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

By Phone

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

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Press

1   For mutual fund and brokerage trading.

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4   To review orders and mutual
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5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

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

Semiannual Report

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Semiannual Report

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Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Adviser

FMR Co., Inc.

Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)

Transfer and Service Agent

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Boston, MA

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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Congress Street Fund'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 Congress Street Fund'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 Congress Street Fund

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	August 17, 2006

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

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	August 17, 2006

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	August 17, 2006

EX-99.CERT

Exhibit EX-99.CERT

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Congress Street Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 17, 2006

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

I, Joseph B. Hollis, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Congress Street Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 17, 2006

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

EX-99.906 CERT

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Congress Street Fund (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 17, 2006

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Dated: August 17, 2006

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.