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:

September 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Discovery Fund

September 30, 2004

1.808775.100

CII-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.2%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 7.7%

Automobiles - 0.0%

Winnebago Industries, Inc.

900

$ 31

Hotels, Restaurants & Leisure - 1.1%

Gaylord Entertainment Co. (a)

15,500

481

International Game Technology

73,300

2,635

McDonald's Corp.

29,800

835

Shuffle Master, Inc. (a)

53,994

2,023

5,974

Internet & Catalog Retail - 0.2%

IAC/InterActiveCorp (a)

46,600

1,026

Media - 5.3%

Fox Entertainment Group, Inc. Class A (a)

117,900

3,271

Lamar Advertising Co. Class A (a)

139,293

5,796

Liberty Media Corp. Class A (a)

508,400

4,433

Liberty Media International, Inc. Class A (a)

28,067

936

Pixar (a)

109,752

8,659

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

27,700

278

The DIRECTV Group, Inc. (a)

88,887

1,564

Viacom, Inc. Class B (non-vtg.)

93,300

3,131

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

400

12

28,080

Multiline Retail - 0.7%

Nordstrom, Inc.

97,400

3,725

Specialty Retail - 0.4%

Monro Muffler Brake, Inc. (a)

37,901

828

Staples, Inc.

1,900

57

Urban Outfitters, Inc. (a)

27,000

929

1,814

TOTAL CONSUMER DISCRETIONARY

40,650

CONSUMER STAPLES - 10.5%

Beverages - 2.8%

PepsiCo, Inc.

180,200

8,767

The Coca-Cola Co.

148,400

5,943

14,710

Food & Staples Retailing - 1.2%

Wal-Mart Stores, Inc.

125,200

6,661

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Food Products - 4.3%

Bunge Ltd.

104,840

$ 4,192

Hormel Foods Corp.

107,025

2,866

Kellogg Co.

74,300

3,170

Kraft Foods, Inc. Class A

133,200

4,225

McCormick & Co., Inc. (non-vtg.)

37,000

1,271

Smithfield Foods, Inc. (a)

174,600

4,365

The J.M. Smucker Co.

56,300

2,500

22,589

Household Products - 1.9%

Procter & Gamble Co.

186,300

10,083

Tobacco - 0.3%

Altria Group, Inc.

38,100

1,792

TOTAL CONSUMER STAPLES

55,835

ENERGY - 5.8%

Energy Equipment & Services - 2.5%

Halliburton Co.

129,300

4,356

Pride International, Inc. (a)

165,310

3,271

Rowan Companies, Inc. (a)

50,962

1,345

Schlumberger Ltd. (NY Shares)

61,600

4,146

13,118

Oil & Gas - 3.3%

BP PLC sponsored ADR

80,800

4,648

Exxon Mobil Corp.

10,600

512

Lukoil Oil Co. sponsored ADR

66,706

8,322

Total SA sponsored ADR

42,400

4,332

17,814

TOTAL ENERGY

30,932

FINANCIALS - 5.4%

Commercial Banks - 0.1%

Boston Private Financial Holdings, Inc.

12,900

322

Consumer Finance - 4.0%

SLM Corp.

474,500

21,163

Diversified Financial Services - 0.0%

Citigroup, Inc.

100

4

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Insurance - 0.5%

AMBAC Financial Group, Inc.

12,800

$ 1,023

American International Group, Inc.

4,500

306

Berkshire Hathaway, Inc.:

Class A (a)

5

433

Class B (a)

156

448

Scottish Re Group Ltd.

28,100

595

2,805

Real Estate - 0.8%

Redwood Trust, Inc.

18,000

1,124

Spirit Financial Corp. (d)

310,300

3,103

4,227

TOTAL FINANCIALS

28,521

HEALTH CARE - 24.9%

Biotechnology - 1.9%

Biogen Idec, Inc. (a)

17,186

1,051

Dendreon Corp. (a)

121,397

1,021

Genentech, Inc. (a)

84,800

4,445

Millennium Pharmaceuticals, Inc. (a)

180,000

2,468

OSI Pharmaceuticals, Inc. (a)

20,000

1,229

10,214

Health Care Equipment & Supplies - 4.6%

Biomet, Inc.

242,050

11,347

Guidant Corp.

101,700

6,716

Medtronic, Inc.

73,400

3,809

Zimmer Holdings, Inc. (a)

33,900

2,679

24,551

Health Care Providers & Services - 5.7%

Caremark Rx, Inc. (a)

333,600

10,699

Covance, Inc. (a)

35,900

1,435

UnitedHealth Group, Inc.

243,000

17,919

30,053

Pharmaceuticals - 12.7%

Barr Pharmaceuticals, Inc. (a)

184,675

7,651

Cipla Ltd.

1,005,278

6,486

Johnson & Johnson

112,400

6,331

Merck & Co., Inc.

55,700

1,838

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Novartis AG sponsored ADR

145,400

$ 6,786

Pfizer, Inc.

609,700

18,657

Ranbaxy Laboratories Ltd.

196,786

4,677

Roche Holding AG (participation certificate)

143,993

14,919

67,345

TOTAL HEALTH CARE

132,163

INDUSTRIALS - 11.9%

Aerospace & Defense - 9.2%

Honeywell International, Inc.

252,100

9,040

Lockheed Martin Corp.

289,900

16,171

Northrop Grumman Corp.

270,000

14,399

United Defense Industries, Inc. (a)

227,000

9,078

48,688

Airlines - 0.5%

AirTran Holdings, Inc. (a)

58,000

578

Delta Air Lines, Inc. (a)

544,440

1,791

Southwest Airlines Co.

31,700

432

2,801

Electrical Equipment - 0.5%

American Power Conversion Corp.

158,800

2,762

Industrial Conglomerates - 0.6%

General Electric Co.

88,980

2,988

Machinery - 1.1%

ITT Industries, Inc.

72,400

5,791

TOTAL INDUSTRIALS

63,030

INFORMATION TECHNOLOGY - 6.8%

Communications Equipment - 0.8%

Advanced Fibre Communications, Inc. (a)

47,700

758

CIENA Corp. (a)

1,698,700

3,363

Cisco Systems, Inc. (a)

6,400

116

4,237

Computers & Peripherals - 2.5%

Dell, Inc. (a)

400

14

Diebold, Inc.

152,600

7,126

Dot Hill Systems Corp. (a)

13,509

108

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Seagate Technology

213,900

$ 2,892

Western Digital Corp. (a)

321,400

2,825

12,965

Internet Software & Services - 0.1%

NetRatings, Inc. (a)

29,900

533

Yahoo!, Inc. (a)

800

27

560

IT Services - 0.4%

Infosys Technologies Ltd.

55,276

2,040

Semiconductors & Semiconductor Equipment - 0.3%

Integrated Device Technology, Inc. (a)

38,800

370

Intel Corp.

4,200

84

Microchip Technology, Inc.

11,400

306

O2Micro International Ltd. (a)

19,900

214

PMC-Sierra, Inc. (a)

57,900

510

Samsung Electronics Co. Ltd.

10

4

Sigmatel, Inc.

2,100

45

United Microelectronics Corp. sponsored ADR (a)

72

0

1,533

Software - 2.7%

BEA Systems, Inc. (a)

17,000

117

Microsoft Corp.

500,960

13,852

NDS Group PLC sponsored ADR (a)

19,600

529

Salesforce.com, Inc.

900

14

14,512

TOTAL INFORMATION TECHNOLOGY

35,847

MATERIALS - 2.5%

Metals & Mining - 2.5%

Goldcorp, Inc.

254,100

3,524

Meridian Gold, Inc. (a)

201,800

3,359

Peabody Energy Corp.

103,400

6,152

13,035

TELECOMMUNICATION SERVICES - 15.7%

Diversified Telecommunication Services - 14.4%

BellSouth Corp.

601,400

16,310

Common Stocks - continued

Shares

Value
(000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

SBC Communications, Inc.

1,041,700

$ 27,032

Verizon Communications, Inc.

842,230

33,171

76,513

Wireless Telecommunication Services - 1.3%

AT&T Wireless Services, Inc. (a)

462,300

6,833

TOTAL TELECOMMUNICATION SERVICES

83,346

TOTAL COMMON STOCKS

(Cost $474,822)

483,359

Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.2%

ENERGY - 0.2%

Oil & Gas - 0.2%

Chesapeake Energy Corp. 6.00% (d)

14,600

1,166

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

6,900

0

TOTAL CONVERTIBLE PREFERRED STOCKS

1,166

Nonconvertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%

Biotechnology - 0.1%

Geneprot, Inc. Series A (e)

64,000

224

TOTAL PREFERRED STOCKS

(Cost $1,363)

1,390

Convertible Bonds - 0.5%

Principal Amount (000s)

Value
(000s)

INFORMATION TECHNOLOGY - 0.5%

Communications Equipment - 0.5%

CIENA Corp. 3.75% 2/1/08

$ 2,960

$ 2,505

TOTAL CONVERTIBLE BONDS

(Cost $2,690)

2,505

Money Market Funds - 9.1%

Shares

Fidelity Cash Central Fund, 1.74% (b)

45,943,276

45,943

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

2,564,075

2,564

TOTAL MONEY MARKET FUNDS

(Cost $48,507)

48,507

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $527,382)

535,761

NET OTHER ASSETS - (1.1)%

(6,041)

NET ASSETS - 100%

$ 529,720

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 fiscal year end is available upon request.

(c) Includes 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 $4,269,000 or 0.8% 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 $224,000 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 September 30, 2004, the aggregate cost of investment securities for income tax purposes was $531,374,000. Net unrealized appreciation aggregated $4,387,000, of which $25,655,000 related to appreciated investment securities and $21,268,000 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

September 30, 2004

1.808769.100

FIF-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%

Shares

Value

CONSUMER DISCRETIONARY - 15.6%

Hotels, Restaurants & Leisure - 6.5%

Carnival Corp. unit

643,300

$ 30,421,657

Kerzner International Ltd. (a)

418,300

18,392,651

Krispy Kreme Doughnuts, Inc. (a)

411,000

5,203,260

Starwood Hotels & Resorts Worldwide, Inc. unit

18,400

854,128

54,871,696

Internet & Catalog Retail - 0.7%

Amazon.com, Inc. (a)

151,100

6,173,946

Leisure Equipment & Products - 1.0%

Brunswick Corp.

180,300

8,250,528

Media - 6.0%

Clear Channel Communications, Inc.

907,700

28,293,009

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

1,072,075

15,255,627

The DIRECTV Group, Inc. (a)

374,100

6,580,419

50,129,055

Multiline Retail - 0.5%

Kohl's Corp. (a)

92,900

4,476,851

Specialty Retail - 0.9%

Ross Stores, Inc.

305,200

7,153,888

TOTAL CONSUMER DISCRETIONARY

131,055,964

ENERGY - 4.3%

Energy Equipment & Services - 4.3%

BJ Services Co.

294,400

15,429,504

Nabors Industries Ltd. (a)

430,100

20,365,235

35,794,739

FINANCIALS - 11.0%

Commercial Banks - 1.8%

Wells Fargo & Co.

256,800

15,312,984

Consumer Finance - 4.1%

American Express Co.

672,200

34,591,412

Insurance - 3.7%

AFLAC, Inc.

360,200

14,123,442

American International Group, Inc.

253,100

17,208,269

31,331,711

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 1.4%

New York Community Bancorp, Inc.

572,900

$ 11,767,366

TOTAL FINANCIALS

93,003,473

HEALTH CARE - 14.9%

Biotechnology - 2.2%

Angiotech Pharmaceuticals, Inc. (a)

491,700

9,960,651

Genentech, Inc. (a)

173,100

9,073,902

19,034,553

Health Care Equipment & Supplies - 3.5%

DENTSPLY International, Inc.

82,200

4,269,468

Kinetic Concepts, Inc.

102,000

5,360,100

ResMed, Inc. (a)

275,800

13,130,838

St. Jude Medical, Inc. (a)

85,900

6,465,693

29,226,099

Health Care Providers & Services - 2.5%

Henry Schein, Inc. (a)

90,600

5,645,286

UnitedHealth Group, Inc.

205,400

15,146,196

20,791,482

Pharmaceuticals - 6.7%

Barr Pharmaceuticals, Inc. (a)

115,400

4,781,022

Elan Corp. PLC sponsored ADR (a)

822,100

19,237,140

Pfizer, Inc.

1,054,100

32,255,460

56,273,622

TOTAL HEALTH CARE

125,325,756

INDUSTRIALS - 11.3%

Aerospace & Defense - 3.4%

Honeywell International, Inc.

138,400

4,963,024

Precision Castparts Corp.

292,800

17,582,640

The Boeing Co.

121,500

6,271,830

28,817,494

Air Freight & Logistics - 0.3%

C.H. Robinson Worldwide, Inc.

58,000

2,690,620

Airlines - 0.9%

AirTran Holdings, Inc. (a)

729,000

7,260,840

Commercial Services & Supplies - 5.6%

Korn/Ferry International (a)

450,500

8,212,615

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Monster Worldwide, Inc. (a)

866,400

$ 21,348,096

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

511,800

8,045,496

Universal Technical Institute, Inc.

326,400

9,850,752

47,456,959

Industrial Conglomerates - 1.1%

3M Co.

116,000

9,276,520

TOTAL INDUSTRIALS

95,502,433

INFORMATION TECHNOLOGY - 26.1%

Communications Equipment - 3.3%

Cisco Systems, Inc. (a)

605,000

10,950,500

QUALCOMM, Inc.

338,000

13,195,520

Sierra Wireless, Inc. (a)

217,600

3,892,397

28,038,417

Computers & Peripherals - 4.2%

Dell, Inc. (a)

166,200

5,916,720

Seagate Technology

1,944,100

26,284,232

UNOVA, Inc. (a)

217,700

3,058,685

35,259,637

Electronic Equipment & Instruments - 0.1%

National Instruments Corp.

19,200

581,184

Internet Software & Services - 3.3%

Yahoo!, Inc. (a)

833,000

28,247,030

IT Services - 7.2%

Ceridian Corp. (a)

834,100

15,355,781

First Data Corp.

505,100

21,971,850

Infosys Technologies Ltd.

634,496

23,419,788

60,747,419

Software - 8.0%

Microsoft Corp.

1,305,500

36,097,075

NAVTEQ Corp.

188,000

6,700,320

Siebel Systems, Inc. (a)

3,211,779

24,216,814

67,014,209

TOTAL INFORMATION TECHNOLOGY

219,887,896

Common Stocks - continued

Shares

Value

MATERIALS - 5.1%

Chemicals - 0.4%

Cytec Industries, Inc.

68,200

$ 3,338,390

Metals & Mining - 4.7%

Alcoa, Inc.

193,400

6,496,306

Arch Coal, Inc.

490,200

17,397,198

Companhia Vale do Rio Doce sponsored ADR

519,900

11,682,153

Nucor Corp.

42,900

3,919,773

39,495,430

TOTAL MATERIALS

42,833,820

TELECOMMUNICATION SERVICES - 4.9%

Wireless Telecommunication Services - 4.9%

Crown Castle International Corp. (a)

1,637,800

24,370,464

Vodafone Group PLC sponsored ADR

708,800

17,089,168

41,459,632

TOTAL COMMON STOCKS

(Cost $744,759,795)

784,863,713

Money Market Funds - 6.3%

Fidelity Cash Central Fund, 1.74% (b)

45,715,939

45,715,939

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

7,342,350

7,342,350

TOTAL MONEY MARKET FUNDS

(Cost $53,058,289)

53,058,289

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $797,818,084)

837,922,002

NET OTHER ASSETS - 0.5%

4,622,664

NET ASSETS - 100%

$ 842,544,666

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 fiscal year end is available upon request.

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

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $799,621,318. Net unrealized appreciation aggregated $38,300,684, of which $89,613,111 related to appreciated investment securities and $51,312,427 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

September 30, 2004

1.808776.100

FID-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 8.8%

Automobiles - 0.5%

Harley-Davidson, Inc.

795,200

$ 47,267

Household Durables - 0.5%

Fortune Brands, Inc.

692,600

51,315

Internet & Catalog Retail - 0.1%

eBay, Inc. (a)

118,500

10,895

Media - 4.9%

Comcast Corp.:

Class A (a)

513,423

14,499

Class A (special) (a)

950,500

26,538

Fox Entertainment Group, Inc. Class A (a)

1,830,900

50,789

McGraw-Hill Companies, Inc.

845,800

67,402

News Corp. Ltd. ADR

2,563,200

84,252

Time Warner, Inc. (a)

6,228,460

100,527

Viacom, Inc. Class B (non-vtg.)

1,719,513

57,707

Walt Disney Co.

4,461,900

100,616

502,330

Specialty Retail - 2.8%

Home Depot, Inc.

4,042,000

158,446

Staples, Inc.

4,050,500

120,786

279,232

TOTAL CONSUMER DISCRETIONARY

891,039

CONSUMER STAPLES - 10.9%

Beverages - 1.8%

Anheuser-Busch Companies, Inc.

609,100

30,425

PepsiCo, Inc.

2,412,590

117,373

The Coca-Cola Co.

895,700

35,873

183,671

Food & Staples Retailing - 3.1%

Albertsons, Inc.

2,087,400

49,951

CVS Corp.

1,458,800

61,459

Sysco Corp.

730,529

21,857

Wal-Mart Stores, Inc.

3,441,220

183,073

316,340

Food Products - 1.5%

Archer-Daniels-Midland Co.

1,234,400

20,960

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - continued

Hershey Foods Corp.

956,600

$ 44,683

Kellogg Co.

2,075,900

88,558

154,201

Household Products - 1.8%

Clorox Co.

494,900

26,378

Colgate-Palmolive Co.

702,800

31,753

Procter & Gamble Co.

2,364,700

127,978

186,109

Personal Products - 2.2%

Estee Lauder Companies, Inc. Class A

938,300

39,221

Gillette Co.

4,319,420

180,293

219,514

Tobacco - 0.5%

Altria Group, Inc.

1,065,200

50,107

TOTAL CONSUMER STAPLES

1,109,942

ENERGY - 6.9%

Energy Equipment & Services - 2.0%

Baker Hughes, Inc.

1,405,400

61,444

BJ Services Co.

820,000

42,976

Nabors Industries Ltd. (a)

626,400

29,660

Schlumberger Ltd. (NY Shares)

1,072,100

72,163

206,243

Oil & Gas - 4.9%

ChevronTexaco Corp.

1,139,200

61,107

ConocoPhillips

902,146

74,743

Exxon Mobil Corp.

4,877,500

235,730

Occidental Petroleum Corp.

821,300

45,935

Total SA sponsored ADR

508,100

51,913

Valero Energy Corp.

336,700

27,007

496,435

TOTAL ENERGY

702,678

FINANCIALS - 19.4%

Capital Markets - 5.3%

Bear Stearns Companies, Inc.

912,700

87,774

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Goldman Sachs Group, Inc.

1,550,400

$ 144,559

Lehman Brothers Holdings, Inc.

531,700

42,387

Merrill Lynch & Co., Inc.

2,255,500

112,143

Morgan Stanley

2,986,700

147,244

534,107

Commercial Banks - 4.3%

Bank of America Corp.

5,082,600

220,229

Bank of Hawaii Corp.

480,600

22,708

Wells Fargo & Co.

3,179,400

189,588

432,525

Consumer Finance - 2.4%

American Express Co.

4,165,892

214,377

SLM Corp.

651,050

29,037

243,414

Diversified Financial Services - 2.8%

Citigroup, Inc.

4,842,032

213,630

J.P. Morgan Chase & Co.

1,808,600

71,856

285,486

Insurance - 3.9%

AFLAC, Inc.

1,804,400

70,751

Allstate Corp.

827,800

39,726

American International Group, Inc.

4,287,600

291,514

401,991

Real Estate - 0.7%

Equity Residential (SBI)

646,300

20,035

Vornado Realty Trust

803,900

50,388

70,423

TOTAL FINANCIALS

1,967,946

HEALTH CARE - 13.2%

Health Care Equipment & Supplies - 5.2%

Becton, Dickinson & Co.

1,087,400

56,219

Biomet, Inc.

1,942,300

91,055

Boston Scientific Corp. (a)

934,000

37,108

C.R. Bard, Inc.

1,025,400

58,068

Guidant Corp.

256,000

16,906

Medtronic, Inc.

1,764,100

91,557

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Respironics, Inc. (a)

736,100

$ 39,337

St. Jude Medical, Inc. (a)

1,284,250

96,665

Zimmer Holdings, Inc. (a)

537,132

42,455

529,370

Pharmaceuticals - 8.0%

Eli Lilly & Co.

495,500

29,755

Johnson & Johnson

3,153,800

177,654

Novartis AG sponsored ADR

1,651,700

77,085

Pfizer, Inc.

7,103,920

217,380

Roche Holding AG (participation certificate)

1,033,739

107,106

Schering-Plough Corp.

4,257,500

81,148

Wyeth

3,275,140

122,490

812,618

TOTAL HEALTH CARE

1,341,988

INDUSTRIALS - 15.2%

Aerospace & Defense - 5.0%

EADS NV

695,591

18,451

Honeywell International, Inc.

4,002,300

143,522

Lockheed Martin Corp.

2,587,630

144,338

The Boeing Co.

3,973,400

205,107

511,418

Air Freight & Logistics - 0.8%

CNF, Inc.

554,100

22,713

United Parcel Service, Inc. Class B

823,500

62,520

85,233

Commercial Services & Supplies - 0.3%

R.R. Donnelley & Sons Co.

994,300

31,141

Industrial Conglomerates - 7.2%

3M Co.

1,882,900

150,576

General Electric Co.

12,211,526

410,061

Tyco International Ltd.

5,391,800

165,313

725,950

Machinery - 1.6%

Dover Corp.

1,377,900

53,559

Illinois Tool Works, Inc.

189,100

17,618

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Ingersoll-Rand Co. Ltd. Class A

448,320

$ 30,472

ITT Industries, Inc.

693,200

55,449

157,098

Trading Companies & Distributors - 0.3%

Fastenal Co.

522,900

30,119

TOTAL INDUSTRIALS

1,540,959

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 3.3%

Cisco Systems, Inc. (a)

4,628,000

83,767

Motorola, Inc.

4,673,600

84,312

QUALCOMM, Inc.

3,599,100

140,509

Telefonaktiebolaget LM Ericsson ADR (a)

954,400

29,815

338,403

Computers & Peripherals - 3.6%

Dell, Inc. (a)

4,044,000

143,966

Diebold, Inc.

625,100

29,192

Hewlett-Packard Co.

1,145,300

21,474

International Business Machines Corp.

1,584,100

135,821

Lexmark International, Inc. Class A (a)

402,300

33,797

364,250

Electronic Equipment & Instruments - 0.4%

Amphenol Corp. Class A (a)

1,024,700

35,106

Internet Software & Services - 1.2%

Yahoo!, Inc. (a)

3,626,500

122,975

Semiconductors & Semiconductor Equipment - 1.0%

Altera Corp. (a)

1,154,500

22,594

Analog Devices, Inc.

907,600

35,197

Intel Corp.

1,996,030

40,040

97,831

Software - 4.2%

Microsoft Corp.

14,812,800

409,574

Oracle Corp. (a)

1,436,100

16,199

Red Hat, Inc. (a)

406,600

4,977

430,750

TOTAL INFORMATION TECHNOLOGY

1,389,315

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 4.3%

Chemicals - 3.9%

Air Products & Chemicals, Inc.

612,000

$ 33,281

Dow Chemical Co.

2,910,330

131,489

E.I. du Pont de Nemours & Co.

659,624

28,232

Ecolab, Inc.

1,676,100

52,697

Praxair, Inc.

3,561,176

152,205

397,904

Containers & Packaging - 0.4%

Ball Corp.

618,414

23,147

Packaging Corp. of America

775,000

18,964

42,111

TOTAL MATERIALS

440,015

TELECOMMUNICATION SERVICES - 5.4%

Diversified Telecommunication Services - 5.4%

BellSouth Corp.

4,860,100

131,806

SBC Communications, Inc.

8,252,400

214,150

Verizon Communications, Inc.

5,045,900

198,708

544,664

UTILITIES - 0.4%

Electric Utilities - 0.4%

PG&E Corp. (a)

1,289,800

39,210

TOTAL COMMON STOCKS

(Cost $9,154,924)

9,967,756

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

1,612,868

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (d)
(Cost $19,834)

710,000

2,485

Money Market Funds - 1.2%

Shares

Value (000s)

Fidelity Cash Central Fund, 1.74% (b)

120,398,984

$ 120,399

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

3,060,000

3,060

TOTAL MONEY MARKET FUNDS

(Cost $123,459)

123,459

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $9,298,217)

10,093,700

NET OTHER ASSETS - 0.6%

62,210

NET ASSETS - 100%

$ 10,155,910

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 fiscal year end is available upon request.

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

(d) 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 $2,485,000 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 September 30, 2004, the aggregate cost of investment securities for income tax purposes was $9,351,633,000. Net unrealized appreciation aggregated $742,067,000, of which $1,168,879,000 related to appreciated investment securities and $426,812,000 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 ® Growth & Income II
Portfolio

September 30, 2004

1.808770.100

GII-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.3%

Shares

Value

CONSUMER DISCRETIONARY - 21.3%

Hotels, Restaurants & Leisure - 0.5%

Carnival Corp. unit

20,900

$ 988,361

Media - 17.6%

E.W. Scripps Co. Class A

86,600

4,137,748

EchoStar Communications Corp. Class A (a)

493,700

15,363,943

News Corp. Ltd. ADR

70,500

2,317,335

Omnicom Group, Inc.

177,300

12,953,538

34,772,564

Multiline Retail - 2.7%

Kohl's Corp. (a)

108,600

5,233,434

Textiles Apparel & Luxury Goods - 0.5%

Liz Claiborne, Inc.

28,200

1,063,704

TOTAL CONSUMER DISCRETIONARY

42,058,063

CONSUMER STAPLES - 14.0%

Beverages - 0.9%

The Coca-Cola Co.

43,600

1,746,180

Food & Staples Retailing - 6.4%

Costco Wholesale Corp.

61,600

2,560,096

Wal-Mart Stores, Inc.

138,620

7,374,584

Walgreen Co.

72,900

2,612,007

12,546,687

Food Products - 0.5%

McCormick & Co., Inc. (non-vtg.)

28,800

988,992

Household Products - 2.6%

Colgate-Palmolive Co.

28,400

1,283,112

Kimberly-Clark Corp.

58,200

3,759,138

5,042,250

Personal Products - 2.5%

Gillette Co.

120,300

5,021,322

Tobacco - 1.1%

Altria Group, Inc.

47,930

2,254,627

TOTAL CONSUMER STAPLES

27,600,058

Common Stocks - continued

Shares

Value

ENERGY - 4.3%

Oil & Gas - 4.3%

BP PLC sponsored ADR

45,100

$ 2,594,603

Exxon Mobil Corp.

122,292

5,910,372

8,504,975

FINANCIALS - 22.0%

Capital Markets - 11.3%

Goldman Sachs Group, Inc.

56,300

5,249,412

Merrill Lynch & Co., Inc.

140,600

6,990,632

Morgan Stanley

204,500

10,081,850

22,321,894

Commercial Banks - 5.2%

Wells Fargo & Co.

172,700

10,298,101

Consumer Finance - 0.9%

American Express Co.

35,300

1,816,538

Insurance - 4.6%

Allstate Corp.

43,400

2,082,766

American International Group, Inc.

68,330

4,645,757

PartnerRe Ltd.

15,300

836,757

St. Paul Travelers Companies, Inc.

44,281

1,463,930

9,029,210

TOTAL FINANCIALS

43,465,743

HEALTH CARE - 2.8%

Biotechnology - 0.3%

Amgen, Inc. (a)

9,400

532,792

Health Care Equipment & Supplies - 1.0%

Alcon, Inc.

17,000

1,363,400

Medtronic, Inc.

14,000

726,600

2,090,000

Pharmaceuticals - 1.5%

Allergan, Inc.

13,500

979,425

Pfizer, Inc.

63,500

1,943,100

2,922,525

TOTAL HEALTH CARE

5,545,317

Common Stocks - continued

Shares

Value

INDUSTRIALS - 4.4%

Aerospace & Defense - 1.1%

Lockheed Martin Corp.

15,800

$ 881,324

Northrop Grumman Corp.

22,800

1,215,924

2,097,248

Airlines - 0.6%

Continental Airlines, Inc. Class B (a)

91,700

781,284

Southwest Airlines Co.

24,600

335,052

1,116,336

Industrial Conglomerates - 2.2%

General Electric Co.

127,920

4,295,554

Road & Rail - 0.5%

Union Pacific Corp.

18,700

1,095,820

TOTAL INDUSTRIALS

8,604,958

INFORMATION TECHNOLOGY - 6.0%

Communications Equipment - 1.6%

Cisco Systems, Inc. (a)

171,300

3,100,530

Computers & Peripherals - 0.6%

Diebold, Inc.

25,400

1,186,180

IT Services - 0.5%

Paychex, Inc.

33,200

1,000,980

Software - 3.3%

Microsoft Corp.

240,400

6,647,060

TOTAL INFORMATION TECHNOLOGY

11,934,750

MATERIALS - 3.1%

Containers & Packaging - 3.1%

Packaging Corp. of America

25,600

626,432

Smurfit-Stone Container Corp. (a)

286,618

5,551,791

6,178,223

TELECOMMUNICATION SERVICES - 12.4%

Diversified Telecommunication Services - 12.4%

BellSouth Corp.

415,330

11,263,750

SBC Communications, Inc.

134,690

3,495,206

Verizon Communications, Inc.

247,800

9,758,364

24,517,320

Common Stocks - continued

Shares

Value

UTILITIES - 1.0%

Electric Utilities - 1.0%

Entergy Corp.

34,000

$ 2,060,740

TOTAL COMMON STOCKS

(Cost $174,127,815)

180,470,147

Money Market Funds - 15.8%

Fidelity Cash Central Fund, 1.74% (b)

17,540,639

17,540,639

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

13,648,000

13,648,000

TOTAL MONEY MARKET FUNDS

(Cost $31,188,639)

31,188,639

TOTAL INVESTMENT PORTFOLIO - 107.1%

(Cost $205,316,454)

211,658,786

NET OTHER ASSETS - (7.1)%

(14,041,403)

NET ASSETS - 100%

$ 197,617,383

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 fiscal year end is available upon request.

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

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $206,557,126. Net unrealized appreciation aggregated $5,101,660, of which $18,090,247 related to appreciated investment securities and $12,988,587 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:

November 22, 2004

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:

November 22, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

November 22, 2004