N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-215

Fidelity Hastings Street Trust
 (Exact name of registrant as specified in charter)

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

June 30

Date of reporting period:

March 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Discovery Fund

March 31, 2005

CII-QTLY-0505

1.799853.101

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.3%

Auto Components - 0.8%

Michelin SA (Compagnie Generale des Etablissements) Series B

58,451

$ 3,841

Automobiles - 0.3%

Monaco Coach Corp.

4,000

65

Toyota Motor Corp. ADR

16,000

1,190

1,255

Hotels, Restaurants & Leisure - 1.7%

Gaylord Entertainment Co. (a)

11,800

477

International Game Technology

172,800

4,607

Sportingbet PLC (a)

175,200

886

Vail Resorts, Inc. (a)

3,900

98

WMS Industries, Inc. (a)

71,300

2,008

8,076

Household Durables - 1.4%

Sony Corp.

158,500

6,343

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

48,600

1,666

Leisure Equipment & Products - 0.6%

Brunswick Corp.

38,400

1,799

Hasbro, Inc.

59,600

1,219

3,018

Media - 3.3%

Clear Channel Communications, Inc.

68,100

2,347

Cumulus Media, Inc. Class A (a)

124,101

1,768

EchoStar Communications Corp. Class A

52,500

1,536

Entercom Communications Corp. Class A (a)

9,800

348

Getty Images, Inc. (a)

10,200

725

Lamar Advertising Co. Class A (a)

185,793

7,486

Pixar (a)

157

15

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

27,700

357

XM Satellite Radio Holdings, Inc. Class A (a)

31,600

995

15,577

Specialty Retail - 2.7%

Electronics Boutique Holding Corp. (a)

52,500

2,256

GameStop Corp. Class A (a)

103,100

2,285

Monro Muffler Brake, Inc. (a)

64,378

1,662

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Staples, Inc.

168,400

$ 5,293

Urban Outfitters, Inc. (a)

27,400

1,314

12,810

Textiles, Apparel & Luxury Goods - 0.1%

Ashworth, Inc. (a)

40,400

460

TOTAL CONSUMER DISCRETIONARY

53,046

CONSUMER STAPLES - 14.4%

Beverages - 0.9%

The Coca-Cola Co.

97,700

4,071

Food & Staples Retailing - 1.8%

Wal-Mart Stores, Inc.

169,900

8,514

Food Products - 2.6%

Bunge Ltd.

12,140

654

Groupe Danone

39,000

3,880

Hormel Foods Corp.

51,325

1,597

Kellogg Co.

15,700

679

Kraft Foods, Inc. Class A

81,900

2,707

The J.M. Smucker Co.

56,600

2,847

12,364

Household Products - 3.7%

Colgate-Palmolive Co.

125,900

6,568

Procter & Gamble Co.

199,200

10,558

17,126

Personal Products - 0.1%

Estee Lauder Companies, Inc. Class A

11,810

531

Tobacco - 5.3%

Altria Group, Inc.

295,600

19,329

Loews Corp. - Carolina Group

128,000

4,237

UST, Inc.

21,700

1,122

24,688

TOTAL CONSUMER STAPLES

67,294

ENERGY - 0.5%

Energy Equipment & Services - 0.5%

Halliburton Co.

49,100

2,124

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil & Gas - 0.0%

Quicksilver Resources, Inc. (a)

4,000

$ 195

TOTAL ENERGY

2,319

FINANCIALS - 16.0%

Capital Markets - 1.6%

Goldman Sachs Group, Inc.

23,300

2,563

T. Rowe Price Group, Inc.

77,900

4,626

7,189

Commercial Banks - 0.7%

Bank of America Corp.

12,200

538

Boston Private Financial Holdings, Inc.

2,300

55

Uniao de Bancos Brasileiros SA (Unibanco) unit

130,800

904

Wachovia Corp.

37,000

1,884

3,381

Consumer Finance - 2.9%

SLM Corp.

273,150

13,614

Insurance - 10.1%

ACE Ltd.

134,500

5,551

AFLAC, Inc.

170,500

6,353

AMBAC Financial Group, Inc.

104,700

7,826

American International Group, Inc.

416,450

23,075

Endurance Specialty Holdings Ltd.

19,300

730

Scottish Re Group Ltd.

28,100

633

St. Paul Travelers Companies, Inc.

75,900

2,788

W.R. Berkley Corp.

7,200

357

47,313

Real Estate - 0.7%

Spirit Finance Corp. (d)

310,300

3,370

TOTAL FINANCIALS

74,867

HEALTH CARE - 8.2%

Biotechnology - 0.4%

Gilead Sciences, Inc. (a)

2,000

72

Millennium Pharmaceuticals, Inc. (a)

58,300

491

ONYX Pharmaceuticals, Inc. (a)

13,600

426

OSI Pharmaceuticals, Inc. (a)

22,400

926

1,915

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - 1.6%

BioLase Technology, Inc.

63,100

$ 536

Guidant Corp.

98,200

7,257

7,793

Health Care Providers & Services - 1.2%

UnitedHealth Group, Inc.

57,900

5,523

Pharmaceuticals - 5.0%

Cipla Ltd.

25,602

150

Johnson & Johnson

36,400

2,445

Novartis AG sponsored ADR

48,600

2,274

Pfizer, Inc.

270,700

7,111

Roche Holding AG (participation certificate)

106,384

11,399

23,379

TOTAL HEALTH CARE

38,610

INDUSTRIALS - 12.8%

Aerospace & Defense - 3.7%

Honeywell International, Inc.

267,100

9,939

Northrop Grumman Corp.

52,900

2,856

The Boeing Co.

73,900

4,320

17,115

Airlines - 3.1%

AirTran Holdings, Inc. (a)

389,040

3,521

AMR Corp. (a)

117,600

1,258

Delta Air Lines, Inc. (a)

873,660

3,538

Northwest Airlines Corp. (a)

668,506

4,472

Southwest Airlines Co.

117,600

1,675

14,464

Electrical Equipment - 0.1%

Energy Conversion Devices, Inc. (a)

25,200

573

Industrial Conglomerates - 3.6%

General Electric Co.

370,180

13,349

Tyco International Ltd.

109,200

3,691

17,040

Machinery - 2.0%

Caterpillar, Inc.

42,800

3,914

Deere & Co.

58,700

3,941

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

ITT Industries, Inc.

6,000

$ 541

Manitowoc Co., Inc.

29,800

1,204

9,600

Marine - 0.3%

Alexander & Baldwin, Inc.

30,300

1,248

TOTAL INDUSTRIALS

60,040

INFORMATION TECHNOLOGY - 14.0%

Communications Equipment - 3.5%

CIENA Corp. (a)

3,302,500

5,680

Corning, Inc. (a)

679,900

7,567

Finisar Corp. (a)

1,479,424

1,849

JDS Uniphase Corp. (a)

799,600

1,335

Juniper Networks, Inc. (a)

900

20

16,451

Computers & Peripherals - 1.4%

Dell, Inc. (a)

2,400

92

Diebold, Inc.

60,300

3,307

EMC Corp. (a)

19,600

241

Fujitsu Ltd.

158,000

949

Western Digital Corp. (a)

161,400

2,058

6,647

Electronic Equipment & Instruments - 0.3%

Applied Films Corp. (a)

800

18

Symbol Technologies, Inc.

106,400

1,542

1,560

Internet Software & Services - 0.0%

Akamai Technologies, Inc. (a)

2,000

25

Yahoo!, Inc. (a)

700

24

49

IT Services - 0.1%

Anteon International Corp. (a)

2,000

78

Infosys Technologies Ltd.

2,009

104

182

Semiconductors & Semiconductor Equipment - 1.3%

Analog Devices, Inc.

5,800

210

Applied Materials, Inc.

800

13

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

ASML Holding NV (NY Shares) (a)

7,800

$ 131

Cymer, Inc. (a)

14,400

385

Integrated Circuit Systems, Inc. (a)

866

17

Integrated Device Technology, Inc. (a)

8,003

96

Intel Corp.

9,990

232

KLA-Tencor Corp.

800

37

NVIDIA Corp. (a)

31,200

741

PMC-Sierra, Inc. (a)

246,929

2,173

Samsung Electronics Co. Ltd.

10

5

Silicon Laboratories, Inc. (a)

4,354

129

Teradyne, Inc. (a)

66,400

969

United Microelectronics Corp. sponsored ADR

77,872

262

Volterra Semiconductor Corp.

20,300

274

Xilinx, Inc.

15,600

456

6,130

Software - 7.4%

Activision, Inc. (a)

59,833

886

BEA Systems, Inc. (a)

197,500

1,574

Electronic Arts, Inc. (a)

55,778

2,888

Macrovision Corp. (a)

47,745

1,088

Microsoft Corp.

1,102,660

26,649

NDS Group PLC sponsored ADR (a)

19,600

681

TIBCO Software, Inc. (a)

97,800

729

34,495

TOTAL INFORMATION TECHNOLOGY

65,514

MATERIALS - 4.5%

Chemicals - 1.8%

Monsanto Co.

130,800

8,437

Metals & Mining - 2.7%

Glamis Gold Ltd. (a)

248,700

3,862

High River Gold Mines Ltd. (a)

203,900

270

IAMGOLD Corp.

176,000

1,084

Meridian Gold, Inc. (a)

139,500

2,353

Newmont Mining Corp.

122,640

5,182

12,751

TOTAL MATERIALS

21,188

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 9.0%

Diversified Telecommunication Services - 9.0%

BellSouth Corp.

194,500

$ 5,113

SBC Communications, Inc.

856,100

20,281

Verizon Communications, Inc.

466,730

16,569

41,963

TOTAL COMMON STOCKS

(Cost $442,803)

424,841

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies, Inc. Series E (a)(e)

6,900

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(e)
(Cost $456)

64,000

55

Convertible Bonds - 0.5%

Principal Amount (000s)

INFORMATION TECHNOLOGY - 0.5%

Communications Equipment - 0.5%

CIENA Corp. 3.75% 2/1/08

$ 2,960

2,620

TOTAL CONVERTIBLE BONDS

(Cost $2,726)

2,620

Money Market Funds - 11.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 2.73% (b)

39,960,774

$ 39,961

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)

13,746,200

13,746

TOTAL MONEY MARKET FUNDS

(Cost $53,707)

53,707

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $499,692)

481,223

NET OTHER ASSETS - (2.7)%

(12,860)

NET ASSETS - 100%

$ 468,363

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $3,370,000 or 0.7% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $55,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies, Inc. Series E

9/19/00

$ 119

Geneprot, Inc. Series A

7/7/00

$ 352

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $501,573,000. Net unrealized depreciation aggregated $20,350,000, of which $12,536,000 related to appreciated investment securities and $32,886,000 related to depreciated investment securities.

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ®Fund

March 31, 2005

FID-QTLY-0505

1.799854.101

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.2%

Automobiles - 0.7%

Harley-Davidson, Inc.

1,166,300

$ 67,365

Hotels, Restaurants & Leisure - 0.5%

Carnival Corp. unit

961,285

49,804

Household Durables - 2.1%

Fortune Brands, Inc.

964,000

77,727

Sony Corp. sponsored ADR

1,540,100

61,635

Toll Brothers, Inc. (a)

980,950

77,348

216,710

Media - 4.9%

Lamar Advertising Co. Class A (a)

715,516

28,828

McGraw-Hill Companies, Inc.

1,804,000

157,399

News Corp.:

Class A

3,735,036

63,197

Class B

5,126,400

90,276

Walt Disney Co.

4,823,200

138,571

XM Satellite Radio Holdings, Inc. Class A (a)

1,025,900

32,316

510,587

Multiline Retail - 0.4%

Federated Department Stores, Inc.

665,300

42,340

Specialty Retail - 2.6%

Home Depot, Inc.

1,898,000

72,580

Staples, Inc.

6,214,100

195,309

267,889

TOTAL CONSUMER DISCRETIONARY

1,154,695

CONSUMER STAPLES - 10.8%

Beverages - 1.8%

PepsiCo, Inc.

2,763,290

146,537

The Coca-Cola Co.

895,700

37,324

183,861

Food & Staples Retailing - 2.1%

CVS Corp.

1,932,900

101,709

Sysco Corp.

730,529

26,153

Wal-Mart Stores, Inc.

668,020

33,474

Walgreen Co.

1,346,700

59,820

221,156

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - 2.1%

Archer-Daniels-Midland Co.

3,399,000

$ 83,547

Hershey Foods Corp.

506,800

30,641

Kellogg Co.

2,336,800

101,113

215,301

Household Products - 1.0%

Procter & Gamble Co.

1,986,900

105,306

Personal Products - 2.0%

Gillette Co.

4,075,620

205,737

Tobacco - 1.8%

Altria Group, Inc.

2,841,000

185,773

TOTAL CONSUMER STAPLES

1,117,134

ENERGY - 6.9%

Energy Equipment & Services - 1.7%

Baker Hughes, Inc.

810,400

36,055

Halliburton Co.

868,200

37,550

Nabors Industries Ltd. (a)

412,900

24,419

Schlumberger Ltd. (NY Shares)

1,040,800

73,356

171,380

Oil & Gas - 5.2%

ConocoPhillips

696,646

75,126

Exxon Mobil Corp.

4,345,100

258,968

Occidental Petroleum Corp.

734,500

52,274

Total SA sponsored ADR

1,007,200

118,074

Valero Energy Corp.

448,300

32,847

537,289

TOTAL ENERGY

708,669

FINANCIALS - 17.6%

Capital Markets - 5.5%

Goldman Sachs Group, Inc.

2,099,800

230,957

Lehman Brothers Holdings, Inc.

1,000,500

94,207

Merrill Lynch & Co., Inc.

2,442,500

138,246

Morgan Stanley

1,889,500

108,174

571,584

Commercial Banks - 2.8%

Bank of America Corp.

3,798,200

167,501

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

HSBC Holdings PLC sponsored ADR

318,100

$ 25,257

Wells Fargo & Co.

1,695,300

101,379

294,137

Consumer Finance - 3.1%

American Express Co.

4,725,392

242,743

SLM Corp.

1,567,550

78,127

320,870

Diversified Financial Services - 1.5%

Citigroup, Inc.

2,250,132

101,121

J.P. Morgan Chase & Co.

1,464,500

50,672

151,793

Insurance - 3.6%

AFLAC, Inc.

1,008,400

37,573

American International Group, Inc.

2,664,800

147,657

Berkshire Hathaway, Inc. Class A (a)

569

49,503

Genworth Financial, Inc. Class A

1,423,900

39,186

Hartford Financial Services Group, Inc.

1,078,300

73,928

The Chubb Corp.

345,600

27,396

375,243

Real Estate - 1.1%

AvalonBay Communities, Inc.

478,300

31,993

Equity Residential (SBI)

646,300

20,817

Vornado Realty Trust

803,900

55,686

108,496

TOTAL FINANCIALS

1,822,123

HEALTH CARE - 12.6%

Biotechnology - 0.2%

ONYX Pharmaceuticals, Inc. (a)

579,700

18,174

Health Care Equipment & Supplies - 3.8%

Becton, Dickinson & Co.

1,397,800

81,659

C.R. Bard, Inc.

1,201,600

81,805

Guidant Corp.

498,300

36,824

Medtronic, Inc.

2,092,800

106,628

St. Jude Medical, Inc. (a)

2,209,000

79,524

386,440

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - 1.3%

UnitedHealth Group, Inc.

1,433,100

$ 136,689

Pharmaceuticals - 7.3%

Connetics Corp. (a)

1,221,800

30,899

Eli Lilly & Co.

495,500

25,816

Johnson & Johnson

4,450,000

298,862

Novartis AG sponsored ADR

2,199,400

102,888

Pfizer, Inc.

2,360,620

62,013

Roche Holding AG (participation certificate)

1,033,739

110,765

Schering-Plough Corp.

1,333,200

24,198

Wyeth

2,424,840

102,280

757,721

TOTAL HEALTH CARE

1,299,024

INDUSTRIALS - 15.4%

Aerospace & Defense - 5.8%

EADS NV

2,086,779

62,377

Honeywell International, Inc.

5,464,200

203,323

Lockheed Martin Corp.

1,370,730

83,697

The Boeing Co.

4,333,600

253,342

602,739

Air Freight & Logistics - 0.6%

United Parcel Service, Inc. Class B

830,500

60,411

Industrial Conglomerates - 7.4%

3M Co.

705,800

60,480

General Electric Co.

13,221,126

476,749

Tyco International Ltd.

6,645,700

224,625

761,854

Machinery - 1.5%

Dover Corp.

1,637,600

61,885

ITT Industries, Inc.

1,073,700

96,891

158,776

Road & Rail - 0.1%

Laidlaw International, Inc. (a)

509,200

10,591

TOTAL INDUSTRIALS

1,594,371

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 15.5%

Communications Equipment - 3.9%

Cisco Systems, Inc. (a)

5,215,800

$ 93,311

Juniper Networks, Inc. (a)

4,314,400

95,176

Motorola, Inc.

5,206,700

77,944

Nokia Corp. sponsored ADR

1,746,400

26,947

QUALCOMM, Inc.

3,064,300

112,307

405,685

Computers & Peripherals - 4.6%

Dell, Inc. (a)

5,738,500

220,473

Diebold, Inc.

625,100

34,287

International Business Machines Corp.

1,584,100

144,755

Lexmark International, Inc. Class A (a)

549,200

43,920

Network Appliance, Inc. (a)

1,173,700

32,465

475,900

Electronic Equipment & Instruments - 0.6%

Amphenol Corp. Class A

1,626,600

60,249

Internet Software & Services - 0.5%

Yahoo!, Inc. (a)

1,655,800

56,132

Semiconductors & Semiconductor Equipment - 3.2%

Analog Devices, Inc.

618,100

22,338

Applied Materials, Inc.

3,105,800

50,469

Freescale Semiconductor, Inc.:

Class A

259,280

4,395

Class B (a)

1,809,597

31,216

Intel Corp.

9,594,230

222,874

331,292

Software - 2.7%

Microsoft Corp.

11,483,200

277,549

TOTAL INFORMATION TECHNOLOGY

1,606,807

MATERIALS - 5.9%

Chemicals - 5.0%

Air Products & Chemicals, Inc.

985,900

62,398

Dow Chemical Co.

1,192,630

59,453

Ecolab, Inc.

2,058,100

68,020

Monsanto Co.

2,953,627

190,509

Praxair, Inc.

3,001,176

143,636

524,016

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.9%

Owens-Illinois, Inc. (a)

2,575,700

$ 64,753

Packaging Corp. of America

1,078,700

26,202

90,955

TOTAL MATERIALS

614,971

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 1.4%

BellSouth Corp.

1,233,500

32,429

SBC Communications, Inc.

2,425,100

57,451

Verizon Communications, Inc.

1,559,000

55,345

145,225

UTILITIES - 0.4%

Electric Utilities - 0.4%

PG&E Corp.

1,289,800

43,982

TOTAL COMMON STOCKS

(Cost $9,116,456)

10,107,001

Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%

Thrifts & Mortgage Finance - 0.2%

Fannie Mae 5.375%

270

25,329

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Procket Networks, Inc. Series C (a)(c)

1,612,868

0

TOTAL CONVERTIBLE PREFERRED STOCKS

25,329

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(c)

710,000

611

TOTAL PREFERRED STOCKS

(Cost $48,099)

25,940

Money Market Funds - 1.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 2.73% (b)
(Cost $172,598)

172,598,089

$ 172,598

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $9,337,153)

10,305,539

NET OTHER ASSETS - 0.4%

38,045

NET ASSETS - 100%

$ 10,343,584

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $611,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Geneprot, Inc. Series A

7/7/00

$ 3,905

Procket Networks, Inc. Series C

11/15/00 - 2/9/01

$ 15,929

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $9,386,431,000. Net unrealized appreciation aggregated $919,108,000, of which $1,342,663,000 related to appreciated investment securities and $423,555,000 related to depreciated investment securities.

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Fifty

March 31, 2005

FIF-QTLY-0505

1.799847.101

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 17.0%

Hotels, Restaurants & Leisure - 11.0%

Carnival Corp. unit

811,400

$ 42,038,634

Kerzner International Ltd. (a)

382,550

23,423,537

McDonald's Corp.

353,100

10,995,534

Starwood Hotels & Resorts Worldwide, Inc. unit

209,500

12,576,285

89,033,990

Internet & Catalog Retail - 0.5%

eBay, Inc. (a)

118,400

4,411,584

Leisure Equipment & Products - 2.0%

Brunswick Corp.

356,900

16,720,765

Media - 1.3%

McGraw-Hill Companies, Inc.

39,900

3,481,275

Radio One, Inc. Class D (non-vtg.) (a)

466,975

6,887,881

10,369,156

Specialty Retail - 2.2%

Chico's FAS, Inc. (a)

255,100

7,209,126

The Children's Place Retail Stores, Inc. (a)

218,542

10,435,381

17,644,507

TOTAL CONSUMER DISCRETIONARY

138,180,002

CONSUMER STAPLES - 1.9%

Food & Staples Retailing - 1.9%

CVS Corp.

140,400

7,387,848

Walgreen Co.

182,300

8,097,766

15,485,614

ENERGY - 4.5%

Energy Equipment & Services - 3.6%

Halliburton Co.

199,400

8,624,050

Nabors Industries Ltd. (a)

297,600

17,600,064

Weatherford International Ltd. (a)

56,600

3,279,404

29,503,518

Oil & Gas - 0.9%

Valero Energy Corp.

93,500

6,850,745

TOTAL ENERGY

36,354,263

Common Stocks - continued

Shares

Value

FINANCIALS - 6.6%

Commercial Banks - 2.4%

Wells Fargo & Co.

331,400

$ 19,817,720

Consumer Finance - 4.2%

American Express Co.

667,200

34,274,064

TOTAL FINANCIALS

54,091,784

HEALTH CARE - 6.5%

Health Care Equipment & Supplies - 0.7%

DENTSPLY International, Inc.

96,900

5,272,329

Health Care Providers & Services - 5.1%

Henry Schein, Inc. (a)

583,600

20,916,224

UnitedHealth Group, Inc.

215,800

20,583,004

41,499,228

Pharmaceuticals - 0.7%

Novo Nordisk AS sponsored ADR

106,400

5,939,248

TOTAL HEALTH CARE

52,710,805

INDUSTRIALS - 18.6%

Aerospace & Defense - 5.7%

Honeywell International, Inc.

240,000

8,930,400

Precision Castparts Corp.

316,500

24,373,665

The Boeing Co.

149,800

8,757,308

United Technologies Corp.

44,500

4,523,870

46,585,243

Airlines - 2.7%

Ryanair Holdings PLC sponsored ADR (a)

505,000

22,103,850

Commercial Services & Supplies - 7.0%

Dun & Bradstreet Corp. (a)

87,800

5,395,310

Korn/Ferry International (a)

920,700

17,520,921

Monster Worldwide, Inc. (a)

402,000

11,276,100

Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)

598,300

10,147,168

Universal Technical Institute, Inc. (a)

326,400

12,011,520

56,351,019

Construction & Engineering - 1.0%

Jacobs Engineering Group, Inc. (a)

154,700

8,032,024

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Industrial Conglomerates - 2.2%

General Electric Co.

377,900

$ 13,627,074

Walter Industries, Inc.

96,200

4,093,310

17,720,384

TOTAL INDUSTRIALS

150,792,520

INFORMATION TECHNOLOGY - 30.7%

Communications Equipment - 1.7%

QUALCOMM, Inc.

380,300

13,937,995

Computers & Peripherals - 6.9%

Dell, Inc. (a)

202,600

7,783,892

Seagate Technology

2,249,000

43,967,950

UNOVA, Inc. (a)

217,700

4,495,505

56,247,347

Electronic Equipment & Instruments - 0.6%

AU Optronics Corp. sponsored ADR

320,300

4,695,598

Internet Software & Services - 5.4%

Google, Inc. Class A (sub. vtg.)

123,800

22,347,138

Yahoo!, Inc. (a)

621,700

21,075,630

43,422,768

IT Services - 4.0%

Automatic Data Processing, Inc.

18,400

827,080

Infosys Technologies Ltd.

615,696

31,820,241

32,647,321

Semiconductors & Semiconductor Equipment - 3.2%

Applied Materials, Inc.

272,400

4,426,500

Intel Corp.

405,500

9,419,765

Maxim Integrated Products, Inc.

296,600

12,122,042

25,968,307

Software - 8.9%

Microsoft Corp.

1,662,700

40,187,459

NAVTEQ Corp.

359,400

15,579,990

Siebel Systems, Inc. (a)

1,817,179

16,590,844

72,358,293

TOTAL INFORMATION TECHNOLOGY

249,277,629

Common Stocks - continued

Shares

Value

MATERIALS - 10.5%

Chemicals - 3.1%

Monsanto Co.

164,700

$ 10,623,150

Potash Corp. of Saskatchewan

82,700

7,256,593

Praxair, Inc.

144,200

6,901,412

24,781,155

Metals & Mining - 7.4%

Carpenter Technology Corp.

143,600

8,531,276

Companhia Vale do Rio Doce sponsored ADR

471,800

14,913,598

Massey Energy Co.

571,100

22,866,844

Phelps Dodge Corp.

139,100

14,150,643

60,462,361

TOTAL MATERIALS

85,243,516

TELECOMMUNICATION SERVICES - 3.1%

Diversified Telecommunication Services - 1.0%

Sprint Corp.

356,600

8,112,650

Wireless Telecommunication Services - 2.1%

Vodafone Group PLC sponsored ADR

654,600

17,386,176

TOTAL TELECOMMUNICATION SERVICES

25,498,826

TOTAL COMMON STOCKS

(Cost $695,559,726)

807,634,959

Money Market Funds - 3.4%

Shares

Value

Fidelity Cash Central Fund, 2.73% (b)

5,420,256

$ 5,420,256

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)

21,968,700

21,968,700

TOTAL MONEY MARKET FUNDS

(Cost $27,388,956)

27,388,956

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $722,948,682)

835,023,915

NET OTHER ASSETS - (2.8)%

(22,906,857)

NET ASSETS - 100%

$ 812,117,058

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $723,108,960. Net unrealized appreciation aggregated $111,914,955, of which $128,419,922 related to appreciated investment securities and $16,504,967 related to depreciated investment securities.

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income II
Portfolio

March 31, 2005

GII-QTLY-0505

1.799848.101

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value

CONSUMER DISCRETIONARY - 24.4%

Hotels, Restaurants & Leisure - 0.6%

Carnival Corp. unit

20,900

$ 1,082,829

Media - 19.9%

E.W. Scripps Co. Class A

86,600

4,221,750

EchoStar Communications Corp. Class A

493,700

14,440,725

Harte-Hanks, Inc.

22,600

622,856

News Corp. Class B

141,000

2,483,010

Omnicom Group, Inc.

177,300

15,694,597

37,462,938

Multiline Retail - 3.0%

Kohl's Corp. (a)

108,600

5,607,018

Textiles, Apparel & Luxury Goods - 0.9%

Liz Claiborne, Inc.

24,400

979,172

Reebok International Ltd.

18,200

806,260

1,785,432

TOTAL CONSUMER DISCRETIONARY

45,938,217

CONSUMER STAPLES - 14.8%

Beverages - 1.0%

The Coca-Cola Co.

43,600

1,816,812

Food & Staples Retailing - 6.8%

Costco Wholesale Corp.

61,600

2,721,488

Wal-Mart Stores, Inc.

138,620

6,946,248

Walgreen Co.

72,900

3,238,218

12,905,954

Food Products - 0.1%

Campbell Soup Co.

5,100

148,002

ConAgra Foods, Inc.

2,000

54,040

202,042

Household Products - 3.1%

Clorox Co.

1,000

62,990

Colgate-Palmolive Co.

38,200

1,992,894

Kimberly-Clark Corp.

58,200

3,825,486

5,881,370

Personal Products - 2.1%

Gillette Co.

77,600

3,917,248

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - 1.7%

Altria Group, Inc.

47,930

$ 3,134,143

TOTAL CONSUMER STAPLES

27,857,569

ENERGY - 5.4%

Oil & Gas - 5.4%

BP PLC sponsored ADR

45,100

2,814,240

Exxon Mobil Corp.

122,292

7,288,603

Williams Companies, Inc.

2,400

45,144

10,147,987

FINANCIALS - 22.2%

Capital Markets - 12.4%

Goldman Sachs Group, Inc.

34,000

3,739,660

Merrill Lynch & Co., Inc.

140,600

7,957,960

Morgan Stanley

176,400

10,098,900

Northern Trust Corp.

37,477

1,628,001

23,424,521

Commercial Banks - 4.8%

Wells Fargo & Co.

152,700

9,131,460

Consumer Finance - 1.0%

American Express Co.

35,300

1,813,361

Insurance - 4.0%

Allstate Corp.

21,600

1,167,696

American International Group, Inc.

68,330

3,786,165

PartnerRe Ltd.

15,300

988,380

St. Paul Travelers Companies, Inc.

44,281

1,626,441

7,568,682

TOTAL FINANCIALS

41,938,024

HEALTH CARE - 2.4%

Health Care Equipment & Supplies - 0.6%

Alcon, Inc.

13,400

1,196,486

Pharmaceuticals - 1.8%

Abbott Laboratories

24,700

1,151,514

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Pfizer, Inc.

63,500

$ 1,668,145

Wyeth

11,200

472,416

3,292,075

TOTAL HEALTH CARE

4,488,561

INDUSTRIALS - 4.4%

Aerospace & Defense - 1.2%

Lockheed Martin Corp.

15,800

964,748

Northrop Grumman Corp.

22,800

1,230,744

2,195,492

Electrical Equipment - 0.1%

Roper Industries, Inc.

4,000

262,000

Industrial Conglomerates - 2.4%

General Electric Co.

127,920

4,612,795

Road & Rail - 0.7%

Union Pacific Corp.

18,700

1,303,390

TOTAL INDUSTRIALS

8,373,677

INFORMATION TECHNOLOGY - 5.7%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

158,100

2,828,409

Computers & Peripherals - 0.6%

Diebold, Inc.

20,303

1,113,620

IT Services - 0.5%

Paychex, Inc.

33,200

1,089,624

Software - 3.1%

Microsoft Corp.

240,400

5,810,468

TOTAL INFORMATION TECHNOLOGY

10,842,121

MATERIALS - 2.2%

Containers & Packaging - 2.2%

Packaging Corp. of America

25,600

621,824

Smurfit-Stone Container Corp. (a)

226,618

3,505,780

4,127,604

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 12.2%

Diversified Telecommunication Services - 12.2%

BellSouth Corp.

415,330

$ 10,919,026

SBC Communications, Inc.

134,690

3,190,806

Verizon Communications, Inc.

247,800

8,796,900

22,906,732

TOTAL COMMON STOCKS

(Cost $166,437,664)

176,620,492

Money Market Funds - 6.6%

Fidelity Cash Central Fund, 2.73% (b)

11,840,376

11,840,376

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)

538,375

538,375

TOTAL MONEY MARKET FUNDS

(Cost $12,378,751)

12,378,751

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $178,816,415)

188,999,243

NET OTHER ASSETS - (0.3)%

(526,346)

NET ASSETS - 100%

$ 188,472,897

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $180,055,812. Net unrealized appreciation aggregated $8,943,431, of which $22,310,658 related to appreciated investment securities and $13,367,227 related to depreciated investment securities.

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Hastings Street Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

May 20, 2005

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:

May 20, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

May 20, 2005