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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Discovery Fund

March 31, 2006

1.799853.102

CII-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 7.0%

Auto Components - 0.3%

Gentex Corp.

64,400

$ 1,124

Automobiles - 0.7%

Ford Motor Co.

96,700

770

General Motors Corp. (d)

105,100

2,235

3,005

Hotels, Restaurants & Leisure - 1.3%

Boyd Gaming Corp.

33,700

1,683

Domino's Pizza, Inc.

81,900

2,338

WMS Industries, Inc. (a)

55,000

1,656

5,677

Leisure Equipment & Products - 0.5%

Marvel Entertainment, Inc. (a)

110,700

2,227

Media - 1.9%

Clear Channel Communications, Inc.

2,800

81

DreamWorks Animation SKG, Inc. Class A (a)

152,500

4,034

Getty Images, Inc. (a)

2,400

180

News Corp. Class B

6,800

119

Omnicom Group, Inc.

8,500

708

Pixar (a)

49,531

3,177

Viacom, Inc. Class A (a)

1,800

70

8,369

Specialty Retail - 2.3%

Best Buy Co., Inc.

1,700

95

Gamestop Corp.:

Class A (a)

52,545

2,477

Class B (a)

76,855

3,329

Staples, Inc.

105,450

2,691

The Game Group PLC

999,765

1,411

10,003

TOTAL CONSUMER DISCRETIONARY

30,405

CONSUMER STAPLES - 9.1%

Beverages - 0.9%

Coca-Cola Enterprises, Inc.

65,300

1,328

The Coca-Cola Co.

57,300

2,399

3,727

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.8%

CVS Corp.

143,100

$ 4,274

Wal-Mart Stores, Inc.

77,300

3,652

7,926

Food Products - 1.7%

Nestle SA:

(Reg.)

7,209

2,140

sponsored ADR

73,700

5,336

7,476

Household Products - 1.0%

Colgate-Palmolive Co.

74,600

4,260

Tobacco - 3.7%

Altria Group, Inc.

226,900

16,078

TOTAL CONSUMER STAPLES

39,467

ENERGY - 1.6%

Energy Equipment & Services - 0.0%

Diamond Offshore Drilling, Inc.

400

36

Halliburton Co.

1,000

73

109

Oil, Gas & Consumable Fuels - 1.6%

Chevron Corp.

45,800

2,655

EOG Resources, Inc.

23,800

1,714

Total SA sponsored ADR

6,800

896

Ultra Petroleum Corp. (a)

27,100

1,689

6,954

TOTAL ENERGY

7,063

FINANCIALS - 15.8%

Capital Markets - 0.0%

Northern Trust Corp.

1,700

89

Commercial Banks - 2.3%

Bank of America Corp.

114,760

5,226

Boston Private Financial Holdings, Inc.

2,300

78

Uniao de Bancos Brasileiros SA (Unibanco) unit

115,800

1,688

Wachovia Corp.

50,500

2,831

9,823

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 3.3%

SLM Corp.

278,550

$ 14,468

Insurance - 10.2%

ACE Ltd.

78,700

4,093

AFLAC, Inc.

91,280

4,119

American International Group, Inc.

488,450

32,283

Aspen Insurance Holdings Ltd.

5,900

145

Platinum Underwriters Holdings Ltd.

8,800

256

The St. Paul Travelers Companies, Inc.

82,100

3,431

44,327

TOTAL FINANCIALS

68,707

HEALTH CARE - 25.3%

Biotechnology - 3.5%

Amgen, Inc. (a)

16,300

1,186

Biogen Idec, Inc. (a)

30,400

1,432

Cephalon, Inc. (a)

10,200

615

Charles River Laboratories International, Inc. (a)

148,400

7,275

Gilead Sciences, Inc. (a)

47,900

2,980

ICOS Corp. (a)

13,600

300

Invitrogen Corp. (a)

19,500

1,368

15,156

Health Care Equipment & Supplies - 2.4%

Boston Scientific Corp. (a)

152,900

3,524

C.R. Bard, Inc.

40,500

2,746

Inverness Medical Innovations, Inc. (a)

21,800

626

Phonak Holding AG

21,262

1,210

Straumann Holding AG (d)

3,388

772

Syneron Medical Ltd. (a)

56,400

1,647

10,525

Health Care Providers & Services - 5.3%

Aetna, Inc.

33,900

1,666

Cardinal Health, Inc.

49,200

3,666

Humana, Inc. (a)

88,500

4,660

UnitedHealth Group, Inc.

231,830

12,950

22,942

Pharmaceuticals - 14.1%

Allergan, Inc.

15,300

1,660

Barr Pharmaceuticals, Inc. (a)

68,400

4,308

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Cipla Ltd.

259,633

$ 3,864

Johnson & Johnson

321,700

19,051

Novartis AG sponsored ADR

49,000

2,717

Pfizer, Inc.

190,100

4,737

Roche Holding AG (participation certificate)

57,056

8,494

Teva Pharmaceutical Industries Ltd. sponsored ADR

54,303

2,236

Wyeth

298,100

14,464

61,531

TOTAL HEALTH CARE

110,154

INDUSTRIALS - 11.7%

Aerospace & Defense - 3.8%

General Dynamics Corp.

64,400

4,120

Honeywell International, Inc.

234,330

10,022

Raytheon Co.

50,900

2,333

16,475

Commercial Services & Supplies - 0.2%

Monster Worldwide, Inc. (a)

700

35

Tele Atlas NV (a)

39,100

891

926

Industrial Conglomerates - 7.2%

3M Co.

7,800

590

General Electric Co.

694,380

24,151

Tyco International Ltd.

248,700

6,685

31,426

Machinery - 0.5%

Toro Co.

44,100

2,106

TOTAL INDUSTRIALS

50,933

INFORMATION TECHNOLOGY - 16.3%

Communications Equipment - 5.9%

Alcatel SA sponsored ADR (a)

98,400

1,515

CIENA Corp. (a)

2,783,000

14,499

Corning, Inc. (a)

81,800

2,201

CSR PLC (a)

76,200

1,588

Finisar Corp. (a)(d)

412,924

2,044

Harris Corp.

15,300

724

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

NMS Communications Corp. (a)

180,300

$ 680

Sandvine Corp. (e)

47,700

93

Sonus Networks, Inc. (a)

290,200

1,590

Sycamore Networks, Inc. (a)

162,800

765

25,699

Computers & Peripherals - 1.1%

EMC Corp. (a)

208,300

2,839

NCR Corp. (a)

40,100

1,676

Sun Microsystems, Inc. (a)

39,000

200

4,715

Electronic Equipment & Instruments - 0.0%

Universal Display Corp. (a)

12,200

175

IT Services - 0.0%

NCI, Inc. Class A

10,903

153

Semiconductors & Semiconductor Equipment - 2.7%

Applied Micro Circuits Corp. (a)

780,745

3,178

ARM Holdings PLC sponsored ADR

30,500

210

ASML Holding NV (NY Shares) (a)

520

11

ATI Technologies, Inc. (a)

284,500

4,888

Exar Corp. (a)

51,128

730

Integrated Device Technology, Inc. (a)

53,200

791

Linear Technology Corp.

18,600

652

Mindspeed Technologies, Inc. (a)

14,696

58

PMC-Sierra, Inc. (a)

88,129

1,083

Teradyne, Inc. (a)

5,000

78

Trident Microsystems, Inc. (a)

2,700

78

11,757

Software - 6.6%

Activision, Inc. (a)

298,128

4,111

Cadence Design Systems, Inc. (a)

88,233

1,631

Electronic Arts, Inc. (a)

13,600

744

Microsoft Corp.

675,960

18,393

NDS Group PLC sponsored ADR (a)

23,383

1,217

Nintendo Co. Ltd.

15,300

2,288

THQ, Inc. (a)

6,758

175

28,559

TOTAL INFORMATION TECHNOLOGY

71,058

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 0.4%

Metals & Mining - 0.4%

Alcoa, Inc.

50,900

$ 1,556

TELECOMMUNICATION SERVICES - 5.0%

Diversified Telecommunication Services - 3.1%

AT&T, Inc.

145,600

3,937

Qwest Communications International, Inc. (a)

201,900

1,373

Verizon Communications, Inc.

240,530

8,192

13,502

Wireless Telecommunication Services - 1.9%

Sprint Nextel Corp.

310,500

8,023

TOTAL TELECOMMUNICATION SERVICES

21,525

TOTAL COMMON STOCKS

(Cost $376,285)

400,868

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

6,900

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

GeneProt, Inc. Series A (a)(f)

64,000

0

TOTAL PREFERRED STOCKS

(Cost $452)

0

Convertible Bonds - 0.7%

Principal Amount (000s)

INFORMATION TECHNOLOGY - 0.7%

Communications Equipment - 0.7%

CIENA Corp. 3.75% 2/1/08

$ 2,960

2,819

TOTAL CONVERTIBLE BONDS

(Cost $2,804)

2,819

Money Market Funds - 8.1%

Shares

Value (000s)

Fidelity Cash Central Fund, 4.77% (b)

30,124,621

$ 30,125

Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)

5,155,976

5,156

TOTAL MONEY MARKET FUNDS

(Cost $35,281)

35,281

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $414,822)

438,968

NET OTHER ASSETS - (1.0)%

(4,345)

NET ASSETS - 100%

$ 434,623

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.

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

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

(e) 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 $93,000 or 0.0% of net assets.

(f) 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 $0 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

$ 104

GeneProt, Inc. Series A

7/7/00

$ 348

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 842

Fidelity Securities Lending Cash Central Fund

149

Total

$ 991

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $416,128,000. Net unrealized appreciation aggregated $22,840,000, of which $32,708,000 related to appreciated investment securities and $9,868,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Fifty

March 31, 2006

1.799847.102

FIF-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.9%

Shares

Value

CONSUMER DISCRETIONARY - 8.0%

Diversified Consumer Services - 2.3%

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

592,800

$ 17,214,912

Universal Technical Institute, Inc. (a)

327,000

9,842,700

27,057,612

Hotels, Restaurants & Leisure - 1.0%

Carnival Corp. unit

242,800

11,501,436

Household Durables - 0.2%

Garmin Ltd.

32,200

2,557,646

Internet & Catalog Retail - 0.7%

Coldwater Creek, Inc. (a)

272,700

7,581,060

Multiline Retail - 1.6%

Target Corp.

364,900

18,978,449

Specialty Retail - 2.2%

Best Buy Co., Inc.

240,100

13,428,793

Volcom, Inc.

334,200

11,874,126

25,302,919

TOTAL CONSUMER DISCRETIONARY

92,979,122

CONSUMER STAPLES - 7.6%

Food & Staples Retailing - 1.5%

Walgreen Co.

405,600

17,493,528

Household Products - 2.2%

Colgate-Palmolive Co.

451,300

25,769,230

Personal Products - 3.9%

Avon Products, Inc.

745,800

23,246,586

Herbalife Ltd. (a)

656,000

22,153,120

45,399,706

TOTAL CONSUMER STAPLES

88,662,464

ENERGY - 8.4%

Energy Equipment & Services - 1.7%

Halliburton Co.

280,500

20,482,110

Oil, Gas & Consumable Fuels - 6.7%

Chesapeake Energy Corp.

343,800

10,798,758

EOG Resources, Inc.

161,400

11,620,800

Peabody Energy Corp.

192,300

9,693,843

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Ultra Petroleum Corp. (a)

480,400

$ 29,933,724

Valero Energy Corp.

267,400

15,985,172

78,032,297

TOTAL ENERGY

98,514,407

FINANCIALS - 12.0%

Capital Markets - 1.3%

TD Ameritrade Holding Corp.

707,650

14,768,656

Commercial Banks - 1.2%

Wells Fargo & Co.

227,100

14,504,877

Consumer Finance - 1.9%

American Express Co.

421,000

22,123,550

Insurance - 6.8%

American International Group, Inc.

622,900

41,167,461

Aon Corp.

483,600

20,074,236

Prudential Financial, Inc.

243,000

18,421,830

79,663,527

Real Estate - 0.8%

CapitalSource, Inc.

369,300

9,188,184

TOTAL FINANCIALS

140,248,794

HEALTH CARE - 7.4%

Health Care Equipment & Supplies - 2.5%

Alcon, Inc.

57,900

6,036,654

ResMed, Inc. (a)

297,500

13,084,050

St. Jude Medical, Inc. (a)

242,100

9,926,100

29,046,804

Health Care Providers & Services - 4.9%

Henry Schein, Inc. (a)

617,000

29,529,620

UnitedHealth Group, Inc.

506,900

28,315,434

57,845,054

TOTAL HEALTH CARE

86,891,858

INDUSTRIALS - 9.9%

Aerospace & Defense - 0.7%

Rockwell Collins, Inc.

146,000

8,227,100

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Airlines - 1.3%

Ryanair Holdings PLC sponsored ADR (a)

279,500

$ 15,288,650

Commercial Services & Supplies - 2.2%

Monster Worldwide, Inc. (a)

321,400

16,025,004

Team, Inc. (a)

276,100

9,183,086

25,208,090

Construction & Engineering - 2.2%

Jacobs Engineering Group, Inc. (a)

295,400

25,622,996

Industrial Conglomerates - 1.4%

3M Co.

210,400

15,925,176

Machinery - 1.4%

Danaher Corp.

251,900

16,008,245

Trading Companies & Distributors - 0.7%

WESCO International, Inc. (a)

127,200

8,650,872

TOTAL INDUSTRIALS

114,931,129

INFORMATION TECHNOLOGY - 31.8%

Communications Equipment - 2.8%

Nice Systems Ltd. sponsored ADR (a)

158,100

8,056,776

QUALCOMM, Inc.

491,000

24,849,510

32,906,286

Computers & Peripherals - 2.0%

Intermec, Inc. (a)

166,900

5,092,119

Seagate Technology (d)

687,900

18,112,407

23,204,526

Electronic Equipment & Instruments - 1.4%

Agilent Technologies, Inc. (a)

431,700

16,210,335

Internet Software & Services - 8.2%

eBay, Inc. (a)

283,700

11,081,322

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

174,900

68,210,999

VeriSign, Inc. (a)

677,400

16,250,826

95,543,147

IT Services - 6.0%

First Data Corp.

383,900

17,974,198

Infosys Technologies Ltd.

552,838

37,038,903

Paychex, Inc.

350,800

14,614,328

69,627,429

Semiconductors & Semiconductor Equipment - 4.7%

Maxim Integrated Products, Inc.

398,500

14,804,275

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

MEMC Electronic Materials, Inc. (a)

569,500

$ 21,025,940

Q-Cells AG

97,800

9,137,056

SiRF Technology Holdings, Inc. (a)

290,000

10,268,900

55,236,171

Software - 6.7%

Microsoft Corp.

2,220,100

60,408,921

NAVTEQ Corp. (a)

352,400

17,849,060

78,257,981

TOTAL INFORMATION TECHNOLOGY

370,985,875

MATERIALS - 5.9%

Chemicals - 1.3%

Monsanto Co.

173,100

14,670,225

Metals & Mining - 4.6%

Carpenter Technology Corp.

388,600

36,730,472

Mittal Steel Co. NV Class A (NY Shares) (d)

451,100

17,029,025

53,759,497

TOTAL MATERIALS

68,429,722

TELECOMMUNICATION SERVICES - 0.9%

Wireless Telecommunication Services - 0.9%

American Tower Corp. Class A (a)

328,400

9,957,088

TOTAL COMMON STOCKS

(Cost $883,686,832)

1,071,600,459

Money Market Funds - 10.2%

Shares

Value

Fidelity Cash Central Fund, 4.77% (b)

83,311,928

$ 83,311,928

Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)

35,898,000

35,898,000

TOTAL MONEY MARKET FUNDS

(Cost $119,209,928)

119,209,928

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $1,002,896,760)

1,190,810,387

NET OTHER ASSETS - (2.1)%

(24,641,694)

NET ASSETS - 100%

$ 1,166,168,693

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.

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

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

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

$ 1,378,084

Fidelity Securities Lending Cash Central Fund

127,842

Total

$ 1,505,926

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,004,606,912. Net unrealized appreciation aggregated $186,203,475, of which $199,647,696 related to appreciated investment securities and $13,444,221 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Fund

March 31, 2006

1.799854.102

FID-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.5%

Auto Components - 0.4%

Johnson Controls, Inc.

515,100

$ 39,112

Hotels, Restaurants & Leisure - 0.6%

Accor SA

239,100

13,782

Starwood Hotels & Resorts Worldwide, Inc. unit

613,100

41,525

55,307

Household Durables - 1.5%

Fortune Brands, Inc.

716,200

57,747

Garmin Ltd. (d)

705,500

56,038

Koninklijke Philips Electronics NV (NY Shares)

746,000

25,103

138,888

Media - 3.3%

Grupo Televisa SA de CV (CPO) sponsored ADR

1,419,200

28,242

Lamar Advertising Co. Class A (a)

413,116

21,738

McGraw-Hill Companies, Inc.

3,924,300

226,118

News Corp. Class B (d)

1,334,500

23,434

299,532

Multiline Retail - 2.1%

Federated Department Stores, Inc.

2,695,200

196,750

Specialty Retail - 3.6%

AutoZone, Inc. (a)

196,800

19,619

Best Buy Co., Inc.

1,209,900

67,670

Circuit City Stores, Inc.

1,581,300

38,710

Staples, Inc.

7,834,650

199,940

325,939

TOTAL CONSUMER DISCRETIONARY

1,055,528

CONSUMER STAPLES - 8.5%

Beverages - 2.1%

PepsiCo, Inc.

3,011,190

174,017

Pernod Ricard SA

82,900

15,882

189,899

Food & Staples Retailing - 1.7%

CVS Corp.

3,072,700

91,782

Walgreen Co.

1,492,600

64,376

156,158

Food Products - 1.8%

Kellogg Co.

703,800

30,995

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - continued

Lindt & Spruengli AG (participation certificate)

16,082

$ 29,862

Nestle SA (Reg.)

361,516

107,307

168,164

Household Products - 1.4%

Colgate-Palmolive Co.

496,500

28,350

Procter & Gamble Co.

1,659,344

95,611

123,961

Tobacco - 1.5%

Altria Group, Inc.

2,002,500

141,897

TOTAL CONSUMER STAPLES

780,079

ENERGY - 8.3%

Energy Equipment & Services - 3.0%

GlobalSantaFe Corp.

871,300

52,931

Halliburton Co.

1,325,600

96,795

Schlumberger Ltd. (NY Shares)

1,021,000

129,228

278,954

Oil, Gas & Consumable Fuels - 5.3%

Amerada Hess Corp.

267,300

38,064

Chesapeake Energy Corp.

738,300

23,190

ConocoPhillips

836,692

52,837

EOG Resources, Inc.

513,500

36,972

Exxon Mobil Corp.

905,400

55,103

Kerr-McGee Corp.

209,200

19,974

Occidental Petroleum Corp.

921,100

85,340

Total SA sponsored ADR

356,000

46,896

Ultra Petroleum Corp. (a)

640,300

39,897

Valero Energy Corp.

1,463,600

87,494

485,767

TOTAL ENERGY

764,721

FINANCIALS - 22.8%

Capital Markets - 5.7%

Charles Schwab Corp.

640,700

11,026

Goldman Sachs Group, Inc.

708,100

111,143

Janus Capital Group, Inc.

1,133,500

26,263

Merrill Lynch & Co., Inc.

2,892,300

227,798

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Nomura Holdings, Inc. sponsored ADR

2,301,800

$ 51,031

TD Ameritrade Holding Corp.

1,770,531

36,951

UBS AG (Reg.)

572,740

62,984

527,196

Commercial Banks - 4.6%

Bank of America Corp.

3,774,265

171,880

FirstRand Ltd.

6,090,850

19,758

Mizuho Financial Group, Inc.

4,389

35,905

Standard Chartered PLC (United Kingdom)

2,700,362

67,174

Sumitomo Mitsui Financial Group, Inc.

1,796

19,834

Wells Fargo & Co.

1,684,900

107,615

422,166

Consumer Finance - 2.9%

American Express Co.

4,031,592

211,860

SLM Corp.

1,043,250

54,186

266,046

Insurance - 5.5%

AFLAC, Inc.

1,494,400

67,442

American International Group, Inc.

4,569,100

301,977

Genworth Financial, Inc. Class A (non-vtg.)

1,190,100

39,785

Hartford Financial Services Group, Inc.

861,400

69,386

Willis Group Holdings Ltd.

813,700

27,877

506,467

Real Estate - 2.5%

AvalonBay Communities, Inc.

348,100

37,978

Capital & Regional PLC

687,450

13,769

Equity Residential (SBI)

605,000

28,308

Mitsubishi Estate Co. Ltd.

2,712,000

64,278

Mitsui Fudosan Co. Ltd.

3,702,000

85,069

229,402

Thrifts & Mortgage Finance - 1.6%

Freddie Mac

312,500

19,063

Golden West Financial Corp., Delaware

1,482,500

100,662

Washington Mutual, Inc.

544,900

23,224

142,949

TOTAL FINANCIALS

2,094,226

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 12.8%

Biotechnology - 1.5%

Amgen, Inc. (a)

252,123

$ 18,342

Biogen Idec, Inc. (a)

1,354,700

63,806

Charles River Laboratories International, Inc. (a)

61,400

3,010

MedImmune, Inc. (a)

999,400

36,558

ONYX Pharmaceuticals, Inc. (a)

749,500

19,682

141,398

Health Care Equipment & Supplies - 3.7%

Becton, Dickinson & Co.

2,081,900

128,203

C.R. Bard, Inc.

1,437,600

97,484

Conor Medsystems, Inc. (a)

322,359

9,477

Hospira, Inc. (a)

640,100

25,258

St. Jude Medical, Inc. (a)

1,859,100

76,223

336,645

Health Care Providers & Services - 2.1%

Aetna, Inc.

1,098,800

53,995

Cardinal Health, Inc.

238,800

17,795

Medco Health Solutions, Inc. (a)

472,600

27,042

UnitedHealth Group, Inc.

1,698,500

94,878

193,710

Pharmaceuticals - 5.5%

Elan Corp. PLC sponsored ADR (a)

584,500

8,440

Johnson & Johnson

2,720,000

161,078

Merck & Co., Inc.

552,300

19,458

Novartis AG sponsored ADR

1,376,300

76,302

Pfizer, Inc.

1,108,400

27,621

Roche Holding AG (participation certificate)

969,901

144,392

Wyeth

1,413,940

68,604

505,895

TOTAL HEALTH CARE

1,177,648

INDUSTRIALS - 10.0%

Aerospace & Defense - 6.1%

BAE Systems PLC

3,346,369

24,459

EADS NV

834,079

35,142

Goodrich Corp.

784,900

34,229

Hexcel Corp. (a)

997,400

21,913

Honeywell International, Inc.

4,228,900

180,870

Lockheed Martin Corp.

719,030

54,021

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Rolls-Royce Group PLC

5,335,866

$ 42,453

The Boeing Co.

2,159,900

168,321

561,408

Commercial Services & Supplies - 0.1%

Avery Dennison Corp.

156,500

9,152

Electrical Equipment - 0.5%

ABB Ltd. (Reg.)

3,436,734

43,361

Industrial Conglomerates - 1.9%

General Electric Co.

5,114,526

177,883

Machinery - 1.2%

Illinois Tool Works, Inc.

303,300

29,211

ITT Industries, Inc.

1,455,000

81,800

111,011

Road & Rail - 0.2%

Laidlaw International, Inc.

564,710

15,360

TOTAL INDUSTRIALS

918,175

INFORMATION TECHNOLOGY - 17.3%

Communications Equipment - 6.7%

Cisco Systems, Inc. (a)

4,944,176

107,140

Corning, Inc. (a)

2,149,100

57,832

Harris Corp.

337,400

15,956

Lucent Technologies, Inc. (a)

25,961,000

79,181

Motorola, Inc.

3,465,300

79,390

Nortel Networks Corp. (a)

20,282,600

61,865

QUALCOMM, Inc.

3,834,272

194,053

Tellabs, Inc. (a)

1,501,000

23,866

619,283

Computers & Peripherals - 2.9%

Apple Computer, Inc. (a)

668,400

41,922

Hewlett-Packard Co.

1,377,200

45,310

NCR Corp. (a)

880,100

36,779

Network Appliance, Inc. (a)

2,124,375

76,541

Sun Microsystems, Inc. (a)

12,894,800

66,150

266,702

Electronic Equipment & Instruments - 0.9%

Amphenol Corp. Class A

1,626,600

84,876

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 2.1%

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

430,685

$ 167,967

Yahoo!, Inc. (a)

671,920

21,676

189,643

IT Services - 0.2%

Cognizant Technology Solutions Corp. Class A (a)

246,900

14,688

Office Electronics - 0.4%

Canon, Inc.

521,900

34,471

Semiconductors & Semiconductor Equipment - 1.1%

Applied Materials, Inc.

2,131,200

37,317

Freescale Semiconductor, Inc. Class B (a)

886,797

24,626

Samsung Electronics Co. Ltd.

68,790

44,604

106,547

Software - 3.0%

Adobe Systems, Inc.

726,800

25,380

Aspen Technology, Inc. (a)(e)

2,218,000

28,058

Citrix Systems, Inc. (a)

1,938,334

73,463

Cognos, Inc. (a)

730,500

28,418

Microsoft Corp.

4,588,200

124,845

280,164

TOTAL INFORMATION TECHNOLOGY

1,596,374

MATERIALS - 5.5%

Chemicals - 4.6%

Ecolab, Inc.

2,165,600

82,726

Monsanto Co.

2,289,327

194,020

Praxair, Inc.

2,681,276

147,872

Tronox, Inc. Class B (a)

84,357

1,433

426,051

Metals & Mining - 0.9%

Allegheny Technologies, Inc.

876,900

53,649

Newmont Mining Corp.

456,800

23,703

77,352

TOTAL MATERIALS

503,403

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.9%

AT&T, Inc.

2,484,295

$ 67,175

Verizon Communications, Inc.

3,067,400

104,476

171,651

UTILITIES - 0.7%

Electric Utilities - 0.7%

E.ON AG

596,767

65,525

TOTAL COMMON STOCKS

(Cost $7,879,238)

9,127,330

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

GeneProt, Inc. Series A (a)(f)

710,000

1

INDUSTRIALS - 0.0%

Aerospace & Defense - 0.0%

Rolls-Royce Group PLC Series B

224,430,250

398

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,265)

399

Money Market Funds - 1.4%

Fidelity Cash Central Fund, 4.77% (b)

76,374,840

76,375

Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)

55,979,500

55,980

TOTAL MONEY MARKET FUNDS

(Cost $132,355)

132,355

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $8,015,858)

9,260,084

NET OTHER ASSETS - (0.7)%

(63,327)

NET ASSETS - 100%

$ 9,196,757

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.

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

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

(e) Affiliated company

(f) 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 $1,000 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

$ 3,866

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,602

Fidelity Securities Lending Cash Central Fund

1,107

Total

$ 2,709

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Aspen Technology, Inc.

$ -

$ 25,138

$ -

$ -

$ 28,058

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $8,038,134,000. Net unrealized appreciation aggregated $1,221,950,000, of which $1,392,487,000 related to appreciated investment securities and $170,537,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income II
Portfolio

March 31, 2006

1.799848.102

GII-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value

CONSUMER DISCRETIONARY - 8.8%

Automobiles - 0.2%

General Motors Corp. (d)

15,000

$ 319,050

Hotels, Restaurants & Leisure - 1.1%

Ctrip.com International Ltd. sponsored ADR

2,000

165,400

Sonic Corp. (a)

21,100

741,243

Starbucks Corp. (a)

22,100

831,844

Wynn Resorts Ltd. (a)

4,106

315,546

2,054,033

Household Durables - 0.4%

Sharp Corp.

49,000

867,901

Media - 1.8%

Clear Channel Communications, Inc.

10,000

290,100

E.W. Scripps Co. Class A

14,800

661,708

Lamar Advertising Co. Class A (a)

8,700

457,794

News Corp. Class B (d)

54,900

964,044

The Walt Disney Co.

17,500

488,075

Time Warner, Inc.

16,100

270,319

Univision Communications, Inc. Class A (a)

11,300

389,511

3,521,551

Multiline Retail - 1.7%

JCPenney Co., Inc.

9,900

598,059

Kohl's Corp. (a)

12,400

657,324

Target Corp.

37,600

1,955,576

3,210,959

Specialty Retail - 3.6%

Bed Bath & Beyond, Inc. (a)

14,900

572,160

Best Buy Co., Inc.

23,800

1,331,134

Esprit Holdings Ltd.

33,500

260,776

Home Depot, Inc.

31,500

1,332,450

Lowe's Companies, Inc. (d)

12,200

786,168

PETsMART, Inc.

18,800

529,032

Staples, Inc.

47,743

1,218,401

Tiffany & Co., Inc.

14,300

536,822

TJX Companies, Inc.

15,300

379,746

6,946,689

Textiles, Apparel & Luxury Goods - 0.0%

Liz Claiborne, Inc.

2,000

81,960

TOTAL CONSUMER DISCRETIONARY

17,002,143

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 4.9%

Beverages - 1.0%

PepsiCo, Inc.

32,600

$ 1,883,954

Food & Staples Retailing - 0.9%

CVS Corp.

40,300

1,203,761

Safeway, Inc.

9,400

236,128

Sysco Corp.

9,400

301,270

1,741,159

Food Products - 0.7%

Nestle SA sponsored ADR

18,700

1,353,880

Household Products - 1.1%

Colgate-Palmolive Co.

38,800

2,215,480

Procter & Gamble Co.

200

11,524

2,227,004

Tobacco - 1.2%

Altria Group, Inc.

31,730

2,248,388

TOTAL CONSUMER STAPLES

9,454,385

ENERGY - 9.0%

Energy Equipment & Services - 4.4%

Cooper Cameron Corp. (a)

37,400

1,648,592

ENSCO International, Inc.

16,200

833,490

Halliburton Co.

40,200

2,935,404

Schlumberger Ltd. (NY Shares)

17,900

2,265,603

Smith International, Inc.

20,700

806,472

8,489,561

Oil, Gas & Consumable Fuels - 4.6%

ConocoPhillips

33,000

2,083,950

Exxon Mobil Corp.

72,500

4,412,350

Peabody Energy Corp.

22,400

1,129,184

Valero Energy Corp.

19,000

1,135,820

8,761,304

TOTAL ENERGY

17,250,865

FINANCIALS - 18.3%

Capital Markets - 3.4%

Ameriprise Financial, Inc.

16,000

720,960

Charles Schwab Corp.

26,500

456,065

Franklin Resources, Inc.

4,400

414,656

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Goldman Sachs Group, Inc.

4,400

$ 690,624

Investors Financial Services Corp.

13,100

613,997

Merrill Lynch & Co., Inc.

10,500

826,980

Nomura Holdings, Inc. sponsored ADR

33,600

744,912

State Street Corp.

26,500

1,601,395

TD Ameritrade Holding Corp.

19,000

396,530

6,466,119

Commercial Banks - 4.5%

Bank of America Corp.

65,000

2,960,100

Mitsui Trust Holdings, Inc.

15,000

219,301

Mizuho Financial Group, Inc.

11

89,989

Nishi-Nippon City Bank Ltd.

25,000

136,346

Standard Chartered PLC (United Kingdom)

27,900

694,040

Sumitomo Mitsui Financial Group, Inc.

39

430,701

Wachovia Corp.

35,300

1,978,565

Wells Fargo & Co.

34,500

2,203,515

8,712,557

Consumer Finance - 1.3%

American Express Co.

22,800

1,198,140

Capital One Financial Corp.

16,500

1,328,580

2,526,720

Diversified Financial Services - 0.3%

Citigroup, Inc.

7,200

340,056

NETeller PLC (a)

17,100

217,591

557,647

Insurance - 6.7%

AFLAC, Inc.

6,500

293,345

American International Group, Inc.

79,830

5,275,965

Berkshire Hathaway, Inc. Class A (a)

8

722,800

Endurance Specialty Holdings Ltd.

6,997

227,752

Everest Re Group Ltd.

8,000

746,960

Fidelity National Financial, Inc.

22,300

792,319

Fidelity National Title Group, Inc. Class A (d)

8,200

186,714

Hartford Financial Services Group, Inc.

18,200

1,466,010

Lincoln National Corp.

5,000

272,950

National Financial Partners Corp.

11,700

661,284

PartnerRe Ltd.

3,100

192,479

Prudential Financial, Inc.

13,300

1,008,273

PXRE Group Ltd.

14,400

47,088

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

W.R. Berkley Corp.

10,400

$ 603,824

XL Capital Ltd. Class A

5,700

365,427

12,863,190

Real Estate - 0.4%

Equity Residential (SBI)

12,100

566,159

Vornado Realty Trust

1,900

182,400

748,559

Thrifts & Mortgage Finance - 1.7%

Countrywide Financial Corp.

6,200

227,540

Freddie Mac

16,300

994,300

Golden West Financial Corp., Delaware

18,000

1,222,200

Hudson City Bancorp, Inc.

48,100

639,249

Washington Mutual, Inc.

5,200

221,624

3,304,913

TOTAL FINANCIALS

35,179,705

HEALTH CARE - 16.6%

Biotechnology - 3.7%

Affymetrix, Inc. (a)

20,800

684,944

Alexion Pharmaceuticals, Inc. (a)

1,500

53,130

Amgen, Inc. (a)

22,200

1,615,050

Biogen Idec, Inc. (a)

9,600

452,160

Cephalon, Inc. (a)

4,900

295,225

Charles River Laboratories International, Inc. (a)

11,700

573,534

Genentech, Inc. (a)

4,400

371,844

Gilead Sciences, Inc. (a)

10,100

628,422

Invitrogen Corp. (a)

16,900

1,185,197

MedImmune, Inc. (a)

7,000

256,060

PDL BioPharma, Inc. (a)

28,800

944,640

7,060,206

Health Care Equipment & Supplies - 2.4%

Alcon, Inc.

3,300

344,058

Baxter International, Inc.

27,300

1,059,513

Becton, Dickinson & Co.

16,700

1,028,386

Boston Scientific Corp. (a)

4,600

106,030

C.R. Bard, Inc.

4,700

318,707

Cooper Companies, Inc.

9,700

524,091

DJ Orthopedics, Inc. (a)

8,800

349,888

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Millipore Corp. (a)

3,300

$ 241,098

St. Jude Medical, Inc. (a)

7,030

288,230

Waters Corp. (a)

8,900

384,035

4,644,036

Health Care Providers & Services - 4.0%

Aetna, Inc.

25,800

1,267,812

American Retirement Corp. (a)

7,200

184,464

Brookdale Senior Living, Inc.

2,100

79,275

Cardinal Health, Inc.

9,000

670,680

Chemed Corp.

1,100

65,274

Emdeon Corp. (a)

21,900

236,520

Healthways, Inc. (a)

5,800

295,452

Henry Schein, Inc. (a)

16,400

784,904

I-trax, Inc. (a)(d)

29,000

98,310

IMS Health, Inc.

11,600

298,932

UnitedHealth Group, Inc.

67,500

3,770,550

7,752,173

Pharmaceuticals - 6.5%

Johnson & Johnson

81,800

4,844,196

Merck & Co., Inc.

10,100

355,823

Novartis AG sponsored ADR

13,500

748,440

Pfizer, Inc.

96,100

2,394,812

Roche Holding AG (participation certificate)

7,366

1,096,595

Sepracor, Inc. (a)

7,000

341,670

Teva Pharmaceutical Industries Ltd. sponsored ADR

14,000

576,520

Wyeth

45,400

2,202,808

12,560,864

TOTAL HEALTH CARE

32,017,279

INDUSTRIALS - 14.4%

Aerospace & Defense - 3.7%

Aviall, Inc. (a)

32,600

1,241,408

EDO Corp.

20,600

635,510

Honeywell International, Inc.

44,500

1,903,265

The Boeing Co.

7,300

568,889

United Technologies Corp.

48,100

2,788,357

7,137,429

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Air Freight & Logistics - 0.8%

Expeditors International of Washington, Inc.

2,446

$ 211,310

FedEx Corp.

10,800

1,219,752

1,431,062

Airlines - 0.4%

Southwest Airlines Co.

19,000

341,810

UAL Corp. (a)

11,100

443,223

785,033

Commercial Services & Supplies - 0.4%

Aramark Corp. Class B

10,600

313,124

Robert Half International, Inc.

7,000

270,270

Services Acquisition Corp. International (a)(d)

18,400

188,048

771,442

Construction & Engineering - 0.9%

McDermott International, Inc. (a)

32,600

1,775,070

Electrical Equipment - 0.2%

Evergreen Solar, Inc. (a)

7,000

107,800

Suntech Power Holdings Co. Ltd. sponsored ADR

7,400

273,726

381,526

Industrial Conglomerates - 5.0%

3M Co.

4,100

310,329

General Electric Co.

257,900

8,969,762

Tyco International Ltd.

11,000

295,680

9,575,771

Machinery - 1.5%

Danaher Corp.

14,600

927,830

Deere & Co.

17,200

1,359,660

Pentair, Inc.

15,400

627,550

2,915,040

Road & Rail - 1.5%

Laidlaw International, Inc.

19,400

527,680

Landstar System, Inc.

9,000

397,080

Norfolk Southern Corp.

36,400

1,968,148

2,892,908

Transportation Infrastructure - 0.0%

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

2,000

63,900

TOTAL INDUSTRIALS

27,729,181

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 19.2%

Communications Equipment - 5.0%

Alcatel SA sponsored ADR (a)

25,200

$ 388,080

Cisco Systems, Inc. (a)

128,200

2,778,094

Comverse Technology, Inc. (a)

12,600

296,478

Corning, Inc. (a)

63,100

1,698,021

Juniper Networks, Inc. (a)

22,900

437,848

Lucent Technologies, Inc. (a)

197,700

602,985

Motorola, Inc.

32,200

737,702

Nortel Networks Corp. (a)

158,000

481,921

QUALCOMM, Inc.

33,700

1,705,557

Research In Motion Ltd. (a)

6,700

568,720

9,695,406

Computers & Peripherals - 2.5%

Apple Computer, Inc. (a)

23,400

1,467,648

Dell, Inc. (a)

17,600

523,776

EMC Corp. (a)

129,100

1,759,633

Hewlett-Packard Co.

21,300

700,770

Sun Microsystems, Inc. (a)

76,500

392,445

4,844,272

Electronic Equipment & Instruments - 0.7%

Agilent Technologies, Inc. (a)

35,694

1,340,310

Internet Software & Services - 2.1%

eBay, Inc. (a)

22,300

871,038

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

4,900

1,911,000

Homestore, Inc. (a)

11,000

72,160

Yahoo!, Inc. (a)

34,000

1,096,840

3,951,038

IT Services - 0.9%

First Data Corp.

21,500

1,006,630

Paychex, Inc.

17,200

716,552

1,723,182

Semiconductors & Semiconductor Equipment - 2.1%

Altera Corp. (a)

23,000

474,720

Analog Devices, Inc.

12,100

463,309

Applied Materials, Inc.

66,018

1,155,975

ASML Holding NV (NY Shares) (a)

100

2,037

Freescale Semiconductor, Inc. Class A (a)

16,200

450,522

Intel Corp.

100

1,935

Lam Research Corp. (a)

5,800

249,400

Microchip Technology, Inc.

10,800

392,040

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

National Semiconductor Corp.

25,500

$ 709,920

Teradyne, Inc. (a)

9,300

144,243

4,044,101

Software - 5.9%

Adobe Systems, Inc.

3,400

118,728

BEA Systems, Inc. (a)

30,500

400,465

Cognos, Inc. (a)

10,300

400,687

FileNET Corp. (a)

2,200

59,444

Microsoft Corp.

345,600

9,403,777

Oracle Corp. (a)

36,500

499,685

Symantec Corp. (a)

29,400

494,802

11,377,588

TOTAL INFORMATION TECHNOLOGY

36,975,897

MATERIALS - 3.0%

Chemicals - 2.1%

Ashland, Inc.

19,700

1,400,276

Monsanto Co.

11,300

957,675

Praxair, Inc.

29,300

1,615,895

3,973,846

Containers & Packaging - 0.4%

Owens-Illinois, Inc. (a)

24,300

422,091

Smurfit-Stone Container Corp. (a)

27,000

366,390

788,481

Metals & Mining - 0.5%

Alcoa, Inc.

23,400

715,104

Newmont Mining Corp.

5,700

295,773

1,010,877

TOTAL MATERIALS

5,773,204

TELECOMMUNICATION SERVICES - 2.1%

Diversified Telecommunication Services - 1.2%

AT&T, Inc.

48,600

1,314,144

Qwest Communications International, Inc. (a)

94,400

641,920

Verizon Communications, Inc.

13,900

473,434

2,429,498

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.9%

Nextel Partners, Inc. Class A (a)

21,200

$ 600,384

Sprint Nextel Corp.

41,541

1,073,419

1,673,803

TOTAL TELECOMMUNICATION SERVICES

4,103,301

UTILITIES - 0.6%

Independent Power Producers & Energy Traders - 0.2%

TXU Corp.

9,600

429,696

Multi-Utilities - 0.4%

Public Service Enterprise Group, Inc.

12,500

800,500

TOTAL UTILITIES

1,230,196

TOTAL COMMON STOCKS

(Cost $171,696,511)

186,716,156

Money Market Funds - 4.6%

Fidelity Cash Central Fund, 4.77% (b)

6,353,108

6,353,108

Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)

2,503,325

2,503,325

TOTAL MONEY MARKET FUNDS

(Cost $8,856,433)

8,856,433

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $180,552,944)

195,572,589

NET OTHER ASSETS - (1.5)%

(2,816,838)

NET ASSETS - 100%

$ 192,755,751

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.

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

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

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

$ 160,536

Fidelity Securities Lending Cash Central Fund

3,932

Total

$ 164,468

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $181,462,294. Net unrealized appreciation aggregated $14,110,295, of which $18,095,463 related to appreciated investment securities and $3,985,168 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. 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. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR 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 19, 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:

May 19, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

May 19, 2006