N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-215

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

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:	December 31, 2006

Item 1. Reports to Stockholders

Fidelity®

Growth Discovery Fund

(formerly known as
Fidelity Discovery Fund)

Semiannual Report

December 31, 2006

(2_fidelity_logos) (Registered_Trademark)

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

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

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

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

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

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We have seen consistently strong performance from stocks and bonds of late, and some relief in energy prices, but the housing market slowdown bears watching for how it might affect the consumer. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.

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

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

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

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

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2006 to December 31, 2006).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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

	Beginning Account Value July 1, 2006	Ending Account Value December 31, 2006	Expenses Paid During Period* July 1, 2006 to December 31, 2006
Actual	$ 1,000.00	$ 1,120.70	$ 4.12
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.32	$ 3.92

* Expenses are equal to the Fund's annualized expense ratio of .77%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp.	7.0	4.3
General Electric Co.	5.8	6.9
American International Group, Inc.	4.9	6.8
Google, Inc. Class A (sub. vtg.)	3.0	0.0
Ciena Corp.	2.3	3.1
American Tower Corp. Class A	2.3	1.6
Nintendo Co. Ltd.	2.2	0.1
SLM Corp.	1.9	3.8
EMC Corp.	1.9	0.2
Berkshire Hathaway, Inc. Class A	1.9	0.0
	33.2
Top Five Market Sectors as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	34.0	17.5
Financials	16.6	14.7
Industrials	13.1	13.5
Consumer Discretionary	9.3	3.3
Health Care	8.2	21.1

Asset Allocation (% of fund's net assets)
As of December 31, 2006 *			As of June 30, 2006 **
	Stocks 96.1%			Stocks 91.4%
	Convertible Securities 0.7%			Convertible Securities 0.7%
	Short-Term Investments and Net Other Assets 3.2%			Short-Term Investments and Net Other Assets 7.9%
* Foreign investments		13.1%	** Foreign investments		10.1%

Semiannual Report

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - 9.3%
Hotels, Restaurants & Leisure - 1.3%
Ctrip.com International Ltd. sponsored ADR	15,100		$ 943
International Game Technology	104,900		4,846
			5,789
Internet & Catalog Retail - 0.5%
Priceline.com, Inc. (a)(d)	46,900		2,045
Leisure Equipment & Products - 0.0%
Hasbro, Inc.	7,310		199
Media - 5.7%
CKX, Inc. (a)	77,177		905
DreamWorks Animation SKG, Inc. Class A (a)	228,100		6,727
Martha Stewart Living Omnimedia, Inc. Class A (d)	70,839		1,551
McGraw-Hill Companies, Inc.	67,100		4,564
News Corp. Class A	165,700		3,559
NTL, Inc.	166,707		4,208
Viacom, Inc. Class B (non-vtg.) (a)	95,100		3,902
			25,416
Specialty Retail - 1.8%
Best Buy Co., Inc.	300		15
Gamestop Corp. Class B (a)	51,755		2,834
Staples, Inc.	169,863		4,535
The Game Group PLC	316,324		703
			8,087
TOTAL CONSUMER DISCRETIONARY			41,536
CONSUMER STAPLES - 5.0%
Beverages - 0.7%
The Coca-Cola Co.	67,200		3,242
Food & Staples Retailing - 0.0%
Wal-Mart Stores, Inc.	4,800		222
Food Products - 2.5%
Bunge Ltd.	9,400		682
Nestle SA:
(Reg.)	14,303		5,081
sponsored ADR	59,800		5,322
			11,085
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER STAPLES - continued
Tobacco - 1.8%
Altria Group, Inc.	72,600		$ 6,231
Loews Corp. - Carolina Group	28,200		1,825
			8,056
TOTAL CONSUMER STAPLES			22,605
ENERGY - 2.3%
Energy Equipment & Services - 0.9%
National Oilwell Varco, Inc. (a)	4,800		294
Schlumberger Ltd. (NY Shares)	56,100		3,543
			3,837
Oil, Gas & Consumable Fuels - 1.4%
Exxon Mobil Corp.	74,610		5,717
OAO Gazprom sponsored ADR	11,900		552
Petroleo Brasileiro SA Petrobras sponsored ADR	1,900		196
			6,465
TOTAL ENERGY			10,302
FINANCIALS - 16.6%
Capital Markets - 2.9%
Goldman Sachs Group, Inc.	16,500		3,289
Morgan Stanley	76,500		6,229
Northern Trust Corp.	3,600		218
State Street Corp.	46,815		3,157
			12,893
Commercial Banks - 0.4%
Boston Private Financial Holdings, Inc.	6,753		191
JSC Halyk Bank of Kazakhstan GDR (a)(e)	3,800		84
Standard Chartered PLC (United Kingdom)	52,400		1,531
			1,806
Consumer Finance - 1.9%
SLM Corp.	181,750		8,864
Diversified Financial Services - 1.5%
Bank of America Corp.	111,460		5,951
JPMorgan Chase & Co.	14,500		700
			6,651
Common Stocks - continued
	Shares		Value (Note 1) (000s)
FINANCIALS - continued
Insurance - 9.9%
ACE Ltd.	100,400		$ 6,081
AFLAC, Inc.	13,980		643
American International Group, Inc.	308,019		22,073
Aspen Insurance Holdings Ltd.	35,100		925
Axis Capital Holdings Ltd.	19,411		648
Berkshire Hathaway, Inc. Class A (a)	78		8,579
IPC Holdings Ltd.	69,134		2,174
Montpelier Re Holdings Ltd.	123,200		2,293
Platinum Underwriters Holdings Ltd.	11,200		347
The St. Paul Travelers Companies, Inc.	9,000		483
			44,246
TOTAL FINANCIALS			74,460
HEALTH CARE - 8.2%
Biotechnology - 1.8%
Gilead Sciences, Inc. (a)	104,149		6,762
Human Genome Sciences, Inc. (a)	98,900		1,230
			7,992
Health Care Equipment & Supplies - 1.1%
Advanced Medical Optics, Inc. (a)	10,900		384
ArthroCare Corp. (a)	36,612		1,462
C.R. Bard, Inc.	27,977		2,321
Inverness Medical Innovations, Inc. (a)	13,600		526
Mentor Corp.	7,800		381
			5,074
Life Sciences Tools & Services - 0.8%
Charles River Laboratories International, Inc. (a)	87,344		3,778
Pharmaceuticals - 4.5%
Allergan, Inc.	55,900		6,693
Cipla Ltd.	325,697		1,856
Johnson & Johnson	33,370		2,203
Roche Holding AG (participation certificate)	24,966		4,475
Wyeth	92,690		4,720
			19,947
TOTAL HEALTH CARE			36,791
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INDUSTRIALS - 13.1%
Aerospace & Defense - 4.9%
General Dynamics Corp.	93,100		$ 6,922
Honeywell International, Inc.	183,630		8,307
Raytheon Co.	128,300		6,774
			22,003
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	3,620		271
Building Products - 0.1%
Pfleiderer AG	20,500		555
Construction & Engineering - 0.9%
Fluor Corp.	21,200		1,731
Jacobs Engineering Group, Inc. (a)	28,200		2,299
			4,030
Industrial Conglomerates - 7.1%
General Electric Co.	697,950		25,971
Tyco International Ltd.	187,300		5,694
			31,665
Road & Rail - 0.0%
Knight Transportation, Inc.	1,900		32
TOTAL INDUSTRIALS			58,556
INFORMATION TECHNOLOGY - 33.3%
Communications Equipment - 7.1%
Alcatel-Lucent SA sponsored ADR	538,800		7,662
Avanex Corp. (a)	404,964		765
Ciena Corp. (a)	374,451		10,376
Cisco Systems, Inc. (a)	214,100		5,851
Corning, Inc. (a)	18,400		344
Harris Corp.	150,800		6,916
NETGEAR, Inc. (a)	3,400		89
			32,003
Computers & Peripherals - 4.2%
EMC Corp. (a)	668,300		8,822
Hewlett-Packard Co.	152,700		6,290
NCR Corp. (a)	83,100		3,553
			18,665
Internet Software & Services - 5.3%
Akamai Technologies, Inc. (a)	89,700		4,765
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
eBay, Inc. (a)	176,502		$ 5,307
Google, Inc. Class A (sub. vtg.) (a)	29,673		13,664
			23,736
IT Services - 0.3%
Infosys Technologies Ltd.	22,709		1,154
Semiconductors & Semiconductor Equipment - 4.7%
Applied Micro Circuits Corp. (a)	100,191		357
ARM Holdings PLC sponsored ADR	500		4
Cymer, Inc. (a)	200		9
Hittite Microwave Corp. (a)	20,439		661
Integrated Device Technology, Inc. (a)	349,909		5,417
Intel Corp.	51,700		1,047
Linear Technology Corp.	147,337		4,467
Microchip Technology, Inc.	169,200		5,533
PixArt Imaging, Inc.	34,000		511
PMC-Sierra, Inc. (a)	298,751		2,005
Skyworks Solutions, Inc. (a)	150,400		1,065
			21,076
Software - 11.7%
Adobe Systems, Inc. (a)	24,500		1,007
Electronic Arts, Inc. (a)	110,173		5,548
Microsoft Corp.	1,050,460		31,370
NDS Group PLC sponsored ADR (a)	14,683		709
Nintendo Co. Ltd.	37,000		9,604
THQ, Inc. (a)	123,008		4,000
			52,238
TOTAL INFORMATION TECHNOLOGY			148,872
MATERIALS - 0.5%
Chemicals - 0.5%
FMC Corp.	23,800		1,822
Syngenta AG sponsored ADR	16,700		620
			2,442
TELECOMMUNICATION SERVICES - 7.4%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	118,500		4,236
BellSouth Corp.	137,600		6,482
Common Stocks - continued
	Shares		Value (Note 1) (000s)
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Cogent Communications Group, Inc. (a)	55,800		$ 905
Qwest Communications International, Inc. (a)	330,618		2,767
Verizon Communications, Inc.	66,530		2,478
			16,868
Wireless Telecommunication Services - 3.6%
ALLTEL Corp.	21,900		1,325
American Tower Corp. Class A (a)	272,098		10,144
China Mobile (Hong Kong) Ltd. sponsored ADR	1,500		65
SBA Communications Corp. Class A (a)	66,339		1,824
Sprint Nextel Corp.	148,400		2,803
			16,161
TOTAL TELECOMMUNICATION SERVICES			33,029
UTILITIES - 0.4%
Independent Power Producers & Energy Traders - 0.4%
TXU Corp.	29,300		1,588
TOTAL COMMON STOCKS (Cost $403,960)		430,181
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%
Life Sciences Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(f)	64,000		0
TOTAL PREFERRED STOCKS (Cost $451)		0

Convertible Bonds - 0.7%
	Principal Amount (000s)		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - 0.7%
Communications Equipment - 0.7%
Ciena Corp. 3.75% 2/1/08	$ 2,960		$ 2,875
TOTAL CONVERTIBLE BONDS (Cost $2,865)		2,875
U.S. Treasury Obligations - 0.0%

U.S. Treasury Bills, yield at date of purchase 4.98% 2/8/07 (Cost $99)	100		100

Money Market Funds - 4.7%
	Shares
Fidelity Cash Central Fund, 5.37% (b)	18,274,523		18,275
Fidelity Securities Lending Cash Central Fund, 5.38% (b)(c)	2,592,400		2,592
TOTAL MONEY MARKET FUNDS (Cost $20,867)		20,867
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $428,242)			454,023
NET OTHER ASSETS - (1.5)%			(6,532)
NET ASSETS - 100%		$ 447,491

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.

(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 end of the period, the value of these securities amounted to $84,000 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	$ 347

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 595
Fidelity Securities Lending Cash Central Fund	4
Total	$ 599

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	86.9%
Switzerland	3.4%
Japan	2.2%
France	1.7%
Bermuda	1.7%
Cayman Islands	1.6%
Others (individually less than 1%)	2.5%
	100.0%

Income Tax Information

At June 30, 2006, the fund had a capital loss carryforward of approximately $198,331,000 of which $108,240,000 and $90,091,000 will expire on June 30, 2010 and 2011, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	December 31, 2006 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $2,507) - See accompanying schedule: Unaffiliated issuers (cost $407,375)	$ 433,156
Fidelity Central Funds (cost $20,867)	20,867
Total Investments (cost $428,242)		$ 454,023
Receivable for investments sold		3,111
Receivable for fund shares sold		375
Dividends receivable		439
Interest receivable		101
Prepaid expenses		2
Other receivables		271
Total assets		458,322

Liabilities
Payable for investments purchased	$ 6,987
Payable for fund shares redeemed	751
Accrued management fee	162
Other affiliated payables	114
Other payables and accrued expenses	225
Collateral on securities loaned, at value	2,592
Total liabilities		10,831

Net Assets		$ 447,491
Net Assets consist of:
Paid in capital		$ 603,175
Undistributed net investment income		152
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(181,435)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		25,599
Net Assets, for 34,825 shares outstanding		$ 447,491
Net Asset Value, offering price and redemption price per share ($447,491 ÷ 34,825 shares)		$ 12.85

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended December 31, 2006 (Unaudited)
Investment Income
Dividends		$ 2,675
Interest		98
Income from Fidelity Central Funds		599
Total income		3,372

Expenses
Management fee Basic fee	$ 1,215
Performance adjustment	(317)
Transfer agent fees	595
Accounting and security lending fees	81
Custodian fees and expenses	49
Independent trustees' compensation	1
Registration fees	7
Audit	24
Legal	7
Miscellaneous	(12)
Total expenses before reductions	1,650
Expense reductions	(25)	1,625
Net investment income (loss)		1,747
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	19,090
Foreign currency transactions	5
Futures contracts	(5)
Total net realized gain (loss)		19,090
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $55)	27,993
Assets and liabilities in foreign currencies	1
Total change in net unrealized appreciation (depreciation)		27,994
Net gain (loss)		47,084
Net increase (decrease) in net assets resulting from operations		$ 48,831

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended December 31, 2006 (Unaudited)	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,747	$ 4,572
Net realized gain (loss)	19,090	31,544
Change in net unrealized appreciation (depreciation)	27,994	5,524
Net increase (decrease) in net assets resulting from operations	48,831	41,640
Distributions to shareholders from net investment income	(4,210)	(5,199)
Distributions to shareholders from net realized gain	(705)	-
Total distributions	(4,915)	(5,199)
Share transactions Proceeds from sales of shares	29,449	47,668
Reinvestment of distributions	4,800	5,074
Cost of shares redeemed	(42,826)	(136,024)
Net increase (decrease) in net assets resulting from share transactions	(8,577)	(83,282)
Total increase (decrease) in net assets	35,339	(46,841)

Net Assets
Beginning of period	412,152	458,993
End of period (including undistributed net investment income of $152 and undistributed net investment income of $2,615, respectively)	$ 447,491	$ 412,152
Other Information Shares
Sold	2,399	4,041
Issued in reinvestment of distributions	399	451
Redeemed	(3,494)	(11,861)
Net increase (decrease)	(696)	(7,369)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2006	Years ended June 30,
	(Unaudited)	2006	2005	2004	2003	2002
Selected Per-Share Data
Net asset value, beginning of period	$ 11.60	$ 10.70	$ 10.35	$ 9.40	$ 9.33	$ 11.36
Income from Investment Operations
Net investment income (loss) ^D	.05	.12	.16 ^G	.07	.04	.03
Net realized and unrealized gain (loss)	1.34	.91	.32	.93	.06	(2.02)
Total from investment operations	1.39	1.03	.48	1.00	.10	(1.99)
Distributions from net investment income	(.12)	(.13)	(.13)	(.05)	(.03)	(.04)
Distributions from net realized gain	(.02)	-	-	-	-	-
Total distributions	(.14)	(.13)	(.13)	(.05)	(.03)	(.04)
Net asset value, end of period	$ 12.85	$ 11.60	$ 10.70	$ 10.35	$ 9.40	$ 9.33
Total Return ^{B, C}	12.07%	9.67%	4.64%	10.67%	1.11%	(17.56)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.77% ^A	.68%	.81%	.91%	1.17%	1.11%
Expenses net of fee waivers, if any	.77% ^A	.68%	.81%	.91%	1.17%	1.11%
Expenses net of all reductions	.75% ^A	.61%	.70%	.84%	.97%	.99%
Net investment income (loss)	.81% ^A	1.04%	1.54% ^G	.73%	.43%	.32%
Supplemental Data
Net assets, end of period (in millions)	$ 447	$ 412	$ 459	$ 541	$ 690	$ 806
Portfolio turnover rate^F	194% ^A	184%	229%	249%	367%	259%

^A Annualized

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

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

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

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.13%.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2006 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Growth Discovery Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is authorized to issue an unlimited number of shares. On September 21, 2006, the Board of Trustees approved a change in the name of Fidelity Discovery Fund to Fidelity Growth Discovery Fund effective February 1, 2007.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund, which are also consistently followed by the Fidelity Central Funds:

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. 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, including the Fidelity Central 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any income distributions receivable as of period end included in Interest Receivable on the Statement of Assets and Liabilities. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation	$ 32,667
Unrealized depreciation	(8,765)
Net unrealized appreciation (depreciation)	$ 23,902
Cost for federal income tax purposes	$ 430,121

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

New Accounting Pronouncements - continued

measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

2. Operating Policies.

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

Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale

Semiannual Report

2. Operating Policies - continued

Restricted Securities - continued

at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $404,590 and $398,530, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .42% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .28% of average net assets.

Accounting and Security Lending Fees. FSC maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Investments in Fidelity Central Funds - continued

holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds, are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5 for the period.

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $4.

Semiannual Report

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $14 for the period. In addition, through arrangements with the Fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's transfer agent expenses by $4.

8. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on January 17, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1
To approve a change in the performance adjustment index for the fund.
	# of Votes	% of Votes
Affirmative	218,945,113.09	82.714
Against	35,652,788.28	13.469
Abstain	10,104,753.39	3.817
TOTAL	264,702,654.76	100.000
PROPOSAL 2
To authorize the Trustees to change the performance adjustment index for the fund in the future without a shareholder vote.
Affirmative	199,420,867.95	75.338
Against	55,371,453.26	20.918
Abstain	9,910,333.55	3.744
TOTAL	264,702,654.76	100.000

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth Discovery Fund (formerly known as Fidelity Discovery Fund)

Each year, typically in July, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Equity Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered that Fidelity voluntarily pays for market data out of its own resources.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Semiannual Report

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that, since the last Advisory Contract renewals in July 2005, Fidelity has taken a number of actions that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) voluntarily entering into contractual arrangements with certain brokers pursuant to which Fidelity pays for research products and services separately out of its own resources, rather than bundling with fund commissions; (iii) launching the Fidelity Advantage Class of its five Spartan stock index funds and three Spartan bond index funds, which is a lower-fee class available to shareholders with higher account balances; (iv) contractually agreeing to impose expense limitations on Fidelity U.S. Bond Index Fund and reducing the fund's initial investment minimum; and (v) offering shareholders of each of the Fidelity Institutional Money Market Funds the privilege of exchanging shares of the fund for shares of other Fidelity funds.

Investment Performance and Compliance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2005, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the fund.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Discovery Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the fourth quartile for the one- and three-year periods and the second quartile for the five-year period. The Board also stated that the relative investment performance of the fund was lower than its benchmark for the one- and three-year periods, although the fund's five-year cumulative total return was higher than its benchmark. The Board discussed with FMR actions to be taken by FMR to improve the fund's more recent disappointing performance. The Board also reviewed the fund's relative investment performance against a peer group defined by Morningstar. The Board will continue to closely monitor the performance of the fund in the coming year.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board noted with favor FMR's reorganization of its senior management team in 2005 and FMR's dedication of additional resources to investment research, and participated in the process that led to those changes.

Semiannual Report

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 9% means that 91% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Discovery Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the fund's negative performance adjustment. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2005.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Semiannual Report

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) portfolio manager compensation; (iii) the extent to which any economies of scale exist and are shared between the funds and Fidelity; (iv) the total expenses of certain funds and classes relative to competitors, including the extent to which the expenses of certain funds have been or could be capped; (v) fund performance trends; and (vi) Fidelity's fee structures, including use of performance fees.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

On September 21, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended management contract (the Amended Contract) for the fund and to submit the Amended Contract to shareholders for their approval. If approved by shareholders, the Amended Contract will prospectively change the index used to calculate the fund's performance adjustment from the S&P 500 Index (the Current Index) to the Russell 3000 Growth Index (the Proposed Index). The Amended Contract also will allow the Board to change the fund's performance adjustment index in the future without a shareholder vote, if applicable law permits the Board to do so. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Semiannual Report

In determining whether to approve the Amended Contract for the fund, the Board was aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the nature, quality, cost and extent of administrative, distribution and shareholder services performed by the investment adviser, FMR, and the sub-advisers, and by affiliated companies.

Shareholder and Administrative Services. The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment Performance. In determining whether the Proposed Index is an appropriate index against which to measure the fund's investment performance, the Board considered that the fund seeks capital appreciation by investing primarily in common stocks. The Board also considered that the Current Index is designed as a broad measure of the performance of the overall U.S. stock market and includes both growth and value stocks, whereas the Proposed Index emphasizes growth stocks.

The Board considered the rolling 36-month returns of the fund compared to the rolling 36-month returns of the Current Index and the Proposed Index over the three years ended August 31, 2006. The Board noted that over the rolling 36-month period ended August 31, 2006, the fund generally underperformed the Current Index, and that the fund outperformed the Proposed Index for a portion of the period and underperformed the Proposed Index for a portion of the period.

The Board considered the performance of the Current Index compared to the performance of the Proposed Index over the past seven calendar years (since the fund's inception) and for the eight months ended August 31, 2006. The Board noted that the two indices have performed differently at times over the period, with the Proposed Index underperforming the Current Index in four of the past seven calendar years. The Board also noted that the fund outperformed the Current Index in four of the past seven calendar years and the Proposed Index in five of the past seven calendar years. The Board recognized that past performance would have no impact on performance in the future. The Board recognized that, in connection with its annual renewal of the fund's current management contract and sub-advisory agreements at its July 2006 meeting, the Board had reviewed the fund's returns and the returns of the Current Index over the one-, three-, and five-year periods ended December 31, 2005, and had stated that the relative investment performance of the fund was lower than the Current Index for the one- and three-year periods, although the fund's five-year cumulative return was higher than the Current Index. At its July meeting, the Board discussed with FMR actions to be taken by FMR to improve the fund's more recent disappointing performance.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board also noted that the Amended Contract would give the Board the ability to designate an alternative appropriate index for the fund without the delay and expense of having first to conduct a proxy solicitation, if applicable law would permit the Board to do so.

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered that, because the change in the index used to calculate the fund's performance adjustment will be implemented prospectively, the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index.

Nonetheless, the Board considered the management fee that the fund incurred under the current management contract (with the Current Index) for the 12-month period ended August 31, 2006, compared to the hypothetical management fee that the fund would have incurred if the Amended Contract (with the Proposed Index) had been in effect during that period.

The Board noted that, under the current management contract, the fund's basic fee was reduced by a negative performance adjustment of 24.2 basis points and that, if the Amended Contract had been in effect during the 12-month period ended August 31, 2006, the fund's basic fee would have been reduced by a negative performance adjustment of 12.0 basis points. As a result, the fund's hypothetical management fee would have been 12.3 basis points ($526,950) higher if the Amended Contract had been in effect during that period. The Board noted that the fund underperformed the Current Index and the Proposed Index over that period.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Because the fund's management fee impacts the fund's total expenses - and because the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index - the Board will review the fund's total expenses compared to competitive fund median expenses in connection with its future renewal of the fund's management contract and sub-advisory agreements.

Semiannual Report

In its review of total expenses, the Board also noted that at previous meetings during the year it received and considered materials relating to its review of total expenses for each Fidelity fund. This information includes Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Costs of the Services and Profitability. Because the Board was approving an arrangement under which the management fee that the fund pays FMR will depend solely on the fund's future performance relative to the Proposed Index, it did not consider data regarding the impact on Fidelity's costs of services, revenues, or profitability from the new arrangement to be a significant factor in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.

Economies of Scale. The Board recognized that the fund's Amended Contract, like the current contract, incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the Amended Contract is fair and reasonable, and that the Amended Contract should be approved and submitted to shareholders for their approval.

Semiannual Report

Managing Your Investments

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

By Phone

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

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

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

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1572 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

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

Fidelity Investments Japan Limited

Fidelity International Investment
Advisor

Fidelity International Investment
Advisor (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555

(automated graphic) Automated line for quickest service

CII-USAN-0207
1.787778.103

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity®

Growth & Income II

Portfolio

Semiannual Report

December 31, 2006

(2_fidelity_logos) (Registered_Trademark)

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2006 to December 31, 2006).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2006	Ending Account Value December 31, 2006	Expenses Paid During Period * July 1, 2006 to December 31, 2006
Actual	$ 1,000.00	$ 1,110.90	$ 4.36
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.07	$ 4.18

* Expenses are equal to the Fund's annualized expense ratio of .82%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
General Electric Co.	4.9	4.8
American International Group, Inc.	4.0	3.3
Microsoft Corp.	3.5	3.0
Exxon Mobil Corp.	2.4	2.8
Procter & Gamble Co.	2.4	1.3
Cisco Systems, Inc.	1.8	1.5
Altria Group, Inc.	1.5	1.4
AT&T, Inc.	1.4	1.2
Bank of America Corp.	1.4	2.4
Google, Inc. Class A (sub. vtg.)	1.3	1.6
	24.6
Top Five Market Sectors as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.9	20.9
Information Technology	20.0	18.7
Health Care	13.1	14.0
Industrials	11.3	14.4
Energy	9.4	9.8

Asset Allocation (% of fund's net assets)
As of December 31, 2006 *			As of June 30, 2006 * *
	Stocks 95.1%			Stocks 97.5%
	Short-Term Investments and Net Other Assets 4.9%			Short-Term Investments and Net Other Assets 2.5%
* Foreign investments		10.5%	* * Foreign investments		9.9%

Semiannual Report

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 6.3%
Hotels, Restaurants & Leisure - 0.5%
Jamba, Inc. (a)(d)	48,200		$ 485,374
Starbucks Corp. (a)	15,800		559,636
			1,045,010
Household Durables - 0.8%
Koninklijke Philips Electronics NV (NY Shares)	14,100		529,878
Sony Corp. sponsored ADR	12,800		548,224
Whirlpool Corp.	5,000		415,100
			1,493,202
Media - 1.8%
E.W. Scripps Co. Class A	7,000		349,580
News Corp. Class B	43,900		977,214
Time Warner, Inc.	99,900		2,175,822
			3,502,616
Multiline Retail - 1.0%
Target Corp.	32,900		1,876,945
Specialty Retail - 2.0%
Best Buy Co., Inc.	13,400		659,146
Esprit Holdings Ltd.	37,500		418,713
Lowe's Companies, Inc.	16,200		504,630
PETsMART, Inc.	9,003		259,827
Staples, Inc.	42,343		1,130,558
Tiffany & Co., Inc.	9,000		353,160
TJX Companies, Inc.	23,800		678,776
			4,004,810
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	11,000		478,060
TOTAL CONSUMER DISCRETIONARY			12,400,643
CONSUMER STAPLES - 6.8%
Beverages - 0.6%
Molson Coors Brewing Co. Class B	9,400		718,536
PepsiCo, Inc.	7,100		444,105
			1,162,641
Food & Staples Retailing - 0.6%
CVS Corp.	17,900		553,289
Safeway, Inc.	19,600		677,376
			1,230,665
Common Stocks - continued
	Shares		Value (Note 1)
CONSUMER STAPLES - continued
Food Products - 0.8%
Nestle SA sponsored ADR	18,300		$ 1,628,700
Household Products - 3.3%
Colgate-Palmolive Co.	26,100		1,702,764
Procter & Gamble Co.	72,700		4,672,429
			6,375,193
Tobacco - 1.5%
Altria Group, Inc.	35,130		3,014,857
TOTAL CONSUMER STAPLES			13,412,056
ENERGY - 9.4%
Energy Equipment & Services - 5.6%
Baker Hughes, Inc.	14,030		1,047,480
Cameron International Corp. (a)	39,900		2,116,695
Diamond Offshore Drilling, Inc.	9,300		743,442
Halliburton Co.	82,300		2,555,415
Nabors Industries Ltd. (a)	24,400		726,632
Schlumberger Ltd. (NY Shares)	40,915		2,584,191
Smith International, Inc.	30,600		1,256,742
			11,030,597
Oil, Gas & Consumable Fuels - 3.8%
Exxon Mobil Corp.	62,100		4,758,723
Peabody Energy Corp.	16,100		650,601
Petroplus Holdings AG	2,410		146,306
Plains Exploration & Production Co. (a)	16,400		779,492
Ultra Petroleum Corp. (a)	4,800		229,200
Valero Energy Corp.	15,600		798,096
			7,362,418
TOTAL ENERGY			18,393,015
FINANCIALS - 22.9%
Capital Markets - 4.3%
Ameriprise Financial, Inc.	18,800		1,024,600
Charles Schwab Corp.	56,900		1,100,446
E*TRADE Financial Corp.	24,800		556,016
Franklin Resources, Inc.	7,800		859,326
Goldman Sachs Group, Inc.	5,300		1,056,555
Investors Financial Services Corp.	18,900		806,463
Lehman Brothers Holdings, Inc.	5,200		406,224
Common Stocks - continued
	Shares		Value (Note 1)
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	31,100		$ 2,097,384
UBS AG (NY Shares)	9,200		555,036
			8,462,050
Commercial Banks - 3.8%
Commerce Bancorp, Inc., New Jersey (d)	11,300		398,551
Mizuho Financial Group, Inc.	67		478,370
PNC Financial Services Group, Inc.	13,100		969,924
Standard Chartered PLC (United Kingdom)	38,208		1,116,498
Sumitomo Mitsui Financial Group, Inc.	47		481,646
U.S. Bancorp, Delaware	27,600		998,844
Wachovia Corp.	22,551		1,284,279
Wells Fargo & Co.	47,200		1,678,432
			7,406,544
Consumer Finance - 0.7%
American Express Co.	19,400		1,176,998
Capital One Financial Corp.	3,200		245,824
			1,422,822
Diversified Financial Services - 2.4%
Bank of America Corp.	51,800		2,765,602
Citigroup, Inc.	34,700		1,932,790
			4,698,392
Insurance - 10.1%
ACE Ltd.	20,400		1,235,628
AFLAC, Inc.	15,200		699,200
American International Group, Inc.	110,630		7,927,746
Berkshire Hathaway, Inc. Class A (a)	16		1,759,840
Endurance Specialty Holdings Ltd.	6,997		255,950
Everest Re Group Ltd.	11,200		1,098,832
Fidelity National Financial, Inc. Class A	21,900		522,972
Hartford Financial Services Group, Inc.	17,000		1,586,270
Lincoln National Corp.	13,199		876,414
National Financial Partners Corp.	17,200		756,284
PartnerRe Ltd.	9,300		660,579
Prudential Financial, Inc.	18,300		1,571,238
W.R. Berkley Corp.	28,354		978,497
			19,929,450
Common Stocks - continued
	Shares		Value (Note 1)
FINANCIALS - continued
Real Estate Investment Trusts - 0.4%
Equity Residential (SBI)	7,210		$ 365,908
Vornado Realty Trust	2,700		328,050
			693,958
Real Estate Management & Development - 0.3%
Mitsui Fudosan Co. Ltd.	20,000		488,030
Move, Inc.	26,000		143,260
			631,290
Thrifts & Mortgage Finance - 0.9%
Countrywide Financial Corp.	5,700		241,965
Hudson City Bancorp, Inc.	56,100		778,668
People's Bank, Connecticut	14,300		638,066
Washington Mutual, Inc.	4,100		186,509
			1,845,208
TOTAL FINANCIALS			45,089,714
HEALTH CARE - 13.1%
Biotechnology - 2.6%
Amgen, Inc. (a)	12,590		860,023
Biogen Idec, Inc. (a)	21,100		1,037,909
Celgene Corp. (a)	8,500		489,005
Cephalon, Inc. (a)	6,900		485,829
Genentech, Inc. (a)	3,700		300,181
Gilead Sciences, Inc. (a)	14,300		928,499
MedImmune, Inc. (a)	20,700		670,059
PDL BioPharma, Inc. (a)	18,800		378,632
			5,150,137
Health Care Equipment & Supplies - 2.6%
Alcon, Inc.	2,400		268,248
Baxter International, Inc.	29,600		1,373,144
Becton, Dickinson & Co.	15,700		1,101,355
C.R. Bard, Inc.	9,800		813,106
Cooper Companies, Inc.	11,600		516,200
DJO, Inc. (a)	17,100		732,222
St. Jude Medical, Inc. (a)	8,030		293,577
			5,097,852
Health Care Providers & Services - 2.4%
Brookdale Senior Living, Inc.	4,700		225,600
Cardinal Health, Inc.	8,700		560,541
Common Stocks - continued
	Shares		Value (Note 1)
HEALTH CARE - continued
Health Care Providers & Services - continued
Health Net, Inc. (a)	18,100		$ 880,746
Healthways, Inc. (a)	1,100		52,481
Henry Schein, Inc. (a)	18,563		909,216
I-trax, Inc. (a)	27,800		86,180
Medco Health Solutions, Inc. (a)	10,900		582,496
Sierra Health Services, Inc. (a)	11,900		428,876
UnitedHealth Group, Inc.	18,600		999,378
			4,725,514
Health Care Technology - 0.2%
IMS Health, Inc.	11,600		318,768
Life Sciences Tools & Services - 0.8%
Affymetrix, Inc. (a)	8,300		191,398
Invitrogen Corp. (a)	17,800		1,007,302
Millipore Corp. (a)	7,300		486,180
			1,684,880
Pharmaceuticals - 4.5%
Allergan, Inc.	6,000		718,440
Johnson & Johnson	36,400		2,403,128
Merck & Co., Inc.	38,800		1,691,680
Novartis AG sponsored ADR	13,400		769,696
Pfizer, Inc.	32,900		852,110
Roche Holding AG (participation certificate)	5,752		1,031,061
Wyeth	27,500		1,400,300
			8,866,415
TOTAL HEALTH CARE			25,843,566
INDUSTRIALS - 11.3%
Aerospace & Defense - 2.5%
EDO Corp.	15,700		372,718
General Dynamics Corp.	10,000		743,500
Honeywell International, Inc.	29,800		1,348,152
KBR, Inc.	1,000		26,160
United Technologies Corp.	38,500		2,407,020
			4,897,550
Air Freight & Logistics - 0.4%
FedEx Corp.	2,300		249,826
United Parcel Service, Inc. Class B	8,300		622,334
			872,160
Common Stocks - continued
	Shares		Value (Note 1)
INDUSTRIALS - continued
Airlines - 0.6%
AMR Corp. (a)	11,400		$ 344,622
UAL Corp. (a)	16,600		730,400
			1,075,022
Electrical Equipment - 0.5%
Evergreen Solar, Inc. (a)	23,900		180,923
Suntech Power Holdings Co. Ltd. sponsored ADR	13,600		462,536
Vestas Wind Systems AS (a)	9,600		405,771
			1,049,230
Industrial Conglomerates - 5.9%
General Electric Co.	258,300		9,611,342
McDermott International, Inc. (a)	38,900		1,978,454
			11,589,796
Machinery - 0.6%
Danaher Corp.	6,200		449,128
Deere & Co.	6,700		636,969
			1,086,097
Road & Rail - 0.8%
Laidlaw International, Inc.	22,200		675,546
Landstar System, Inc.	12,700		484,886
Norfolk Southern Corp.	8,000		402,320
			1,562,752
TOTAL INDUSTRIALS			22,132,607
INFORMATION TECHNOLOGY - 20.0%
Communications Equipment - 4.7%
Adtran, Inc.	5,937		134,770
Alcatel-Lucent SA sponsored ADR	52,000		739,440
Cisco Systems, Inc. (a)	130,300		3,561,099
Comverse Technology, Inc. (a)	24,900		525,639
Corning, Inc. (a)	27,300		510,783
Harris Corp.	13,900		637,454
Juniper Networks, Inc. (a)	20,000		378,800
Motorola, Inc.	18,000		370,080
Nortel Networks Corp. (a)	17,680		474,297
QUALCOMM, Inc.	33,600		1,269,744
Research In Motion Ltd. (a)	4,300		549,454
			9,151,560
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 3.3%
Apple Computer, Inc. (a)	22,400		$ 1,900,416
Dell, Inc. (a)	12,400		311,116
EMC Corp. (a)	60,200		794,640
Hewlett-Packard Co.	60,300		2,483,757
Network Appliance, Inc. (a)	13,900		545,992
Sun Microsystems, Inc. (a)	66,600		360,972
			6,396,893
Electronic Equipment & Instruments - 0.6%
Agilent Technologies, Inc. (a)	36,594		1,275,301
Internet Software & Services - 1.5%
eBay, Inc. (a)	3,500		105,245
Google, Inc. Class A (sub. vtg.) (a)	5,750		2,647,760
Yahoo!, Inc. (a)	11,000		280,940
			3,033,945
IT Services - 1.0%
First Data Corp.	29,700		757,944
Paychex, Inc.	20,200		798,708
The Western Union Co.	17,300		387,866
			1,944,518
Semiconductors & Semiconductor Equipment - 3.8%
Analog Devices, Inc.	13,500		443,745
Applied Materials, Inc.	106,918		1,972,637
ARM Holdings PLC sponsored ADR	25,000		182,500
ASML Holding NV (NY Shares) (a)	7,500		184,725
Broadcom Corp. Class A (a)	11,800		381,258
Fairchild Semiconductor International, Inc. (a)	30,700		516,067
FormFactor, Inc. (a)	11,400		424,650
Intersil Corp. Class A	23,600		564,512
Lam Research Corp. (a)	600		30,372
Linear Technology Corp.	14,000		424,480
Microchip Technology, Inc.	16,100		526,470
National Semiconductor Corp.	37,900		860,330
Samsung Electronics Co. Ltd.	590		388,893
Verigy Ltd.	9,033		160,336
Xilinx, Inc.	14,900		354,769
			7,415,744
Software - 5.1%
Adobe Systems, Inc. (a)	25,300		1,040,336
Cognos, Inc. (a)	14,500		615,670
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	229,100		$ 6,840,926
Oracle Corp. (a)	47,800		819,292
Quest Software, Inc. (a)	28,000		410,200
Symantec Corp. (a)	18,100		377,385
			10,103,809
TOTAL INFORMATION TECHNOLOGY			39,321,770
MATERIALS - 2.1%
Chemicals - 1.3%
Ashland, Inc.	4,500		311,310
Monsanto Co.	17,900		940,287
Praxair, Inc.	19,700		1,168,801
			2,420,398
Containers & Packaging - 0.3%
Owens-Illinois, Inc.	18,500		341,325
Smurfit-Stone Container Corp. (a)	28,600		302,016
			643,341
Metals & Mining - 0.5%
Alcoa, Inc.	4,900		147,049
Meridian Gold, Inc. (a)	15,400		428,321
Titanium Metals Corp.	14,730		434,682
			1,010,052
TOTAL MATERIALS			4,073,791
TELECOMMUNICATION SERVICES - 2.6%
Diversified Telecommunication Services - 2.2%
AT&T, Inc.	79,800		2,852,850
Level 3 Communications, Inc. (a)	56,600		316,960
Qwest Communications International, Inc. (a)	53,000		443,610
Verizon Communications, Inc.	21,300		793,212
			4,406,632
Wireless Telecommunication Services - 0.4%
American Tower Corp. Class A (a)	20,700		771,696
TOTAL TELECOMMUNICATION SERVICES			5,178,328
Common Stocks - continued
	Shares		Value (Note 1)
UTILITIES - 0.6%
Electric Utilities - 0.4%
Exelon Corp.	13,100		$ 810,759
Independent Power Producers & Energy Traders - 0.2%
TXU Corp.	6,600		357,786
TOTAL UTILITIES			1,168,545
TOTAL COMMON STOCKS (Cost $161,747,159)		187,014,035
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 5.37% (b)	9,444,647		9,444,647
Fidelity Securities Lending Cash Central Fund, 5.38% (b)(c)	315,825		315,825
TOTAL MONEY MARKET FUNDS (Cost $9,760,472)		9,760,472
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $171,507,631)			196,774,507
NET OTHER ASSETS - (0.1)%			(191,268)
NET ASSETS - 100%		$ 196,583,239

Legend

(a) Non-income producing

(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 investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 223,148
Fidelity Securities Lending Cash Central Fund	19,527
Total	$ 242,675

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	89.5%
Switzerland	2.2%
Netherlands Antilles	1.3%
Canada	1.1%
Bermuda	1.0%
Panama	1.0%
Others (individually less than 1%)	3.9%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2006 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $309,033) - See accompanying schedule: Unaffiliated issuers (cost $161,747,159)	$ 187,014,035
Fidelity Central Funds (cost $9,760,472)	9,760,472
Total Investments (cost $171,507,631)		$ 196,774,507
Cash		1,749
Receivable for fund shares sold		312,969
Dividends receivable		215,466
Interest receivable		42,407
Prepaid expenses		923
Other receivables		4,970
Total assets		197,352,991

Liabilities
Payable for fund shares redeemed	$ 298,252
Accrued management fee	75,861
Transfer agent fee payable	42,869
Other affiliated payables	6,143
Other payables and accrued expenses	30,802
Collateral on securities loaned, at value	315,825
Total liabilities		769,752

Net Assets		$ 196,583,239
Net Assets consist of:
Paid in capital		$ 170,599,252
Undistributed net investment income		22,697
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		694,197
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		25,267,093
Net Assets, for 17,585,826 shares outstanding		$ 196,583,239
Net Asset Value, offering price and redemption price per share ($196,583,239 ÷ 17,585,826 shares)		$ 11.18

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

Semiannual Report

Financial Statements - continued

Statement of Operations

	Six months ended December 31, 2006 (Unaudited)
Investment Income
Dividends		$ 1,333,789
Interest		6
Income from Fidelity Central Funds		242,675
Total income		1,576,470

Expenses
Management fee	$ 437,368
Transfer agent fees	255,489
Accounting and security lending fees	35,418
Custodian fees and expenses	15,819
Independent trustees' compensation	337
Registration fees	7,204
Audit	23,176
Legal	2,603
Miscellaneous	(3,502)
Total expenses before reductions	773,912
Expense reductions	(5,310)	768,602
Net investment income (loss)		807,868
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	2,694,993
Foreign currency transactions	(1,289)
Total net realized gain (loss)		2,693,704
Change in net unrealized appreciation (depreciation) on: Investment securities	16,292,375
Assets and liabilities in foreign currencies	18
Total change in net unrealized appreciation (depreciation)		16,292,393
Net gain (loss)		18,986,097
Net increase (decrease) in net assets resulting from operations		$ 19,793,965

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended December 31, 2006 (Unaudited)	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 807,868	$ 947,705
Net realized gain (loss)	2,693,704	19,228,624
Change in net unrealized appreciation (depreciation)	16,292,393	3,511,074
Net increase (decrease) in net assets resulting from operations	19,793,965	23,687,403
Distributions to shareholders from net investment income	(1,233,395)	(1,127,349)
Distributions to shareholders from net realized gain	(3,189,079)	(3,100,158)
Total distributions	(4,422,474)	(4,227,507)
Share transactions Proceeds from sales of shares	13,658,525	30,078,523
Reinvestment of distributions	4,241,992	4,052,304
Cost of shares redeemed	(19,522,354)	(50,100,941)
Net increase (decrease) in net assets resulting from share transactions	(1,621,837)	(15,970,114)
Total increase (decrease) in net assets	13,749,654	3,489,782

Net Assets
Beginning of period	182,833,585	179,343,803
End of period (including undistributed net investment income of $22,697 and undistributed net investment income of $448,224, respectively)	$ 196,583,239	$ 182,833,585
Other Information Shares
Sold	1,277,101	2,940,128
Issued in reinvestment of distributions	413,185	400,446
Redeemed	(1,842,278)	(4,933,700)
Net increase (decrease)	(151,992)	(1,593,126)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2006	Years ended June 30,
	(Unaudited)	2006	2005	2004	2003	2002
Selected Per-Share Data
Net asset value, beginning of period	$ 10.31	$ 9.28	$ 9.24	$ 8.48	$ 7.88	$ 9.63
Income from Investment Operations
Net investment income (loss) ^D	.05	.05	.14 ^G	.06	.07	.08
Net realized and unrealized gain (loss)	1.07	1.21	.02	.76	.60	(1.75)
Total from investment operations	1.12	1.26	.16	.82	.67	(1.67)
Distributions from net investment income	(.07)	(.06)	(.12)	(.06)	(.07)	(.08)
Distributions from net realized gain	(.18)	(.17)	-	-	-	-
Total distributions	(.25)	(.23)	(.12)	(.06)	(.07)	(.08)
Net asset value, end of period	$ 11.18	$ 10.31	$ 9.28	$ 9.24	$ 8.48	$ 7.88
Total Return ^B, ^C	11.09%	13.63%	1.71%	9.68%	8.60%	(17.42)%
Ratios to Average Net Assets ^E, ^H
Expenses before reductions	.82% ^A	.86%	.84%	.86%	.94%	.90%
Expenses net of fee waivers, if any	.82% ^A	.86%	.84%	.86%	.94%	.90%
Expenses net of all reductions	.82% ^A	.82%	.81%	.85%	.93%	.89%
Net investment income (loss)	.86% ^A	.51%	1.52% ^G	.72%	.90%	.94%
Supplemental Data
Net assets, end of period (000 omitted)	$ 196,583	$ 182,834	$ 179,344	$ 209,344	$ 195,717	$ 132,542
Portfolio turnover rate ^F	98% ^A	180%	79%	26%	51%	54%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%. ^HExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2006 (Unaudited)

1. Significant Accounting Policies.

Fidelity Growth & Income II Portfolio (the Fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may invest in Fidelity Central Funds which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund, which are also consistently followed by the Fidelity Central Funds:

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Semiannual Report

1. Significant Accounting Policies - continued

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to foreign currency transactions, market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation	$ 26,601,260
Unrealized depreciation	(2,364,405)
Net unrealized appreciation (depreciation)	$ 24,236,855
Cost for federal income tax purposes	$ 172,537,652

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $88,574,165 and $98,736,052, respectively.

4. Fees and Other Transactions with Affiliates.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Investments in Fidelity Central Funds. The Fund may invest in Fidelity Central Funds. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $237 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending - continued

associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $19,527.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $591 for the period. In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $168 and $1,669, respectively.

8. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth & Income II Portfolio

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Growth & Income II Portfolio

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the second quartile for the one-year period, the fourth quartile for the three-year period, and the third quartile for the five-year period. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for the one- and five-year periods, although the fund's three-year cumulative total return was lower than its benchmark. The Board also reviewed the fund's relative investment performance against a peer group defined by Morningstar.

Semiannual Report

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 10% means that 90% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Growth & Income II Portfolio

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2005.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
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(letter_graphic)

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Accounts

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Fidelity Investments
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100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1572 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

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

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555

(automated graphic) Automated line for quickest service

GII-USAN-0207
1.787781.103

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity Fifty®

Semiannual Report

December 31, 2006

(2_fidelity_logos) (Registered_Trademark)

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2006 to December 31, 2006).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Investments - continued

	Beginning Account Value July 1, 2006	Ending Account Value December 31, 2006	Expenses Paid During Period* July 1, 2006 to December 31, 2006
Actual	$ 1,000.00	$ 1,069.40	$ 4.02
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,021.32	$ 3.92

* Expenses are equal to the Fund's annualized expense ratio of .77%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	8.4	1.0
Time Warner, Inc.	6.3	0.0
Agilent Technologies, Inc.	6.1	0.0
Harman International Industries, Inc.	4.1	0.0
Cisco Systems, Inc.	4.0	0.0
First Data Corp.	4.0	1.5
Juniper Networks, Inc.	3.7	0.0
Home Depot, Inc.	3.1	0.0
Microsoft Corp.	3.0	1.9
NAVTEQ Corp.	3.0	0.0
	45.7
Top Five Market Sectors as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	38.2	26.1
Consumer Discretionary	24.4	10.5
Telecommunication Services	13.9	2.3
Industrials	12.7	11.7
Consumer Staples	4.9	9.6

Asset Allocation (% of fund's net assets)
As of December 31, 2006 *			As of June 30, 2006 **
	Stocks 99.1%			Stocks 98.9%
	Short-Term Investments and Net Other Assets 0.9%			Short-Term Investments and Net Other Assets 1.1%
* Foreign investments		14.2%	** Foreign investments		19.4%

Semiannual Report

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value (Note 1)
CONSUMER DISCRETIONARY - 24.4%
Automobiles - 2.8%
Renault SA	302,703		$ 36,366,194
Diversified Consumer Services - 3.2%
DeVry, Inc.	679,955		19,038,740
Weight Watchers International, Inc.	411,006		21,590,145
			40,628,885
Hotels, Restaurants & Leisure - 1.0%
International Game Technology	277,900		12,838,980
Starbucks Corp. (a)	100		3,542
Yum! Brands, Inc.	100		5,880
			12,848,402
Household Durables - 4.1%
Harman International Industries, Inc.	521,741		52,127,143
Media - 7.3%
R.H. Donnelley Corp.	100		6,273
The Walt Disney Co.	374,400		12,830,688
Time Warner, Inc.	3,711,800		80,843,004
			93,679,965
Multiline Retail - 2.9%
Sears Holdings Corp. (a)	220,600		37,045,358
Specialty Retail - 3.1%
Home Depot, Inc.	971,200		39,003,392
TOTAL CONSUMER DISCRETIONARY			311,699,339
CONSUMER STAPLES - 4.9%
Beverages - 2.0%
Molson Coors Brewing Co. Class B	334,400		25,561,536
Food & Staples Retailing - 2.9%
Safeway, Inc.	1,062,450		36,718,272
TOTAL CONSUMER STAPLES			62,279,808
ENERGY - 0.9%
Oil, Gas & Consumable Fuels - 0.9%
Ultra Petroleum Corp. (a)	239,900		11,455,225
FINANCIALS - 0.0%
Insurance - 0.0%
American International Group, Inc.	100		7,166
Common Stocks - continued
	Shares		Value (Note 1)
FINANCIALS - continued
Real Estate Management & Development - 0.0%
The St. Joe Co.	100		$ 5,357
Thrifts & Mortgage Finance - 0.0%
Countrywide Financial Corp.	100		4,245
TOTAL FINANCIALS			16,768
HEALTH CARE - 1.1%
Biotechnology - 0.0%
Cepheid, Inc. (a)	100		850
Health Care Providers & Services - 1.1%
Caremark Rx, Inc.	246,000		14,049,060
Patterson Companies, Inc. (a)	100		3,551
			14,052,611
TOTAL HEALTH CARE			14,053,461
INDUSTRIALS - 12.7%
Aerospace & Defense - 0.0%
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	100		4,143
Airlines - 1.4%
US Airways Group, Inc. (a)	320,700		17,269,695
Construction & Engineering - 0.0%
Quanta Services, Inc. (a)	100		1,967
Electrical Equipment - 2.0%
ABB Ltd. sponsored ADR	1,429,600		25,704,208
Industrial Conglomerates - 1.6%
McDermott International, Inc. (a)	391,300		19,901,518
Machinery - 4.9%
Deere & Co.	391,600		37,229,412
Flowserve Corp. (a)	502,000		25,335,940
			62,565,352
Marine - 0.0%
Diana Shipping, Inc.	100		1,581
Road & Rail - 2.8%
Hertz Global Holdings, Inc.	2,091,200		36,365,968
TOTAL INDUSTRIALS			161,814,432
Common Stocks - continued
	Shares		Value (Note 1)
INFORMATION TECHNOLOGY - 38.2%
Communications Equipment - 9.8%
Alcatel-Lucent SA sponsored ADR	1,862,500		$ 26,484,750
Cisco Systems, Inc. (a)	1,865,600		50,986,848
Juniper Networks, Inc. (a)	2,533,555		47,985,532
			125,457,130
Computers & Peripherals - 4.9%
Dell, Inc. (a)	1,494,500		37,497,005
Sun Microsystems, Inc. (a)	4,512,900		24,459,918
			61,956,923
Electronic Equipment & Instruments - 6.1%
Agilent Technologies, Inc. (a)	2,247,300		78,318,405
IT Services - 6.9%
First Data Corp.	1,988,500		50,746,520
The Western Union Co.	1,641,900		36,811,398
			87,557,918
Semiconductors & Semiconductor Equipment - 0.0%
Intel Corp.	100		2,025
Software - 10.5%
Electronic Arts, Inc. (a)	613,252		30,883,371
Microsoft Corp.	1,270,500		37,937,130
NAVTEQ Corp. (a)	1,084,590		37,928,112
Nintendo Co. Ltd.	105,600		27,408,988
			134,157,601
TOTAL INFORMATION TECHNOLOGY			487,450,002
MATERIALS - 3.0%
Chemicals - 3.0%
Potash Corp. of Saskatchewan, Inc.	136,700		19,613,716
The Mosaic Co. (d)	878,600		18,766,896
			38,380,612
Metals & Mining - 0.0%
Mittal Steel Co. NV Class A (NY Shares)	100		4,218
TOTAL MATERIALS			38,384,830
TELECOMMUNICATION SERVICES - 13.9%
Diversified Telecommunication Services - 10.0%
AT&T, Inc.	2,993,100		107,003,325
Common Stocks - continued
	Shares		Value (Note 1)
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Global Crossing Ltd. (a)	101,964		$ 2,503,216
Level 3 Communications, Inc. (a)(d)	3,270,900		18,317,040
			127,823,581
Wireless Telecommunication Services - 3.9%
American Tower Corp. Class A (a)	973,000		36,273,440
Vodafone Group PLC sponsored ADR	464,400		12,901,032
			49,174,472
TOTAL TELECOMMUNICATION SERVICES			176,998,053
TOTAL COMMON STOCKS (Cost $1,212,349,785)		1,264,151,918
Money Market Funds - 0.9%

Fidelity Cash Central Fund, 5.37% (b)	6,218,825		6,218,825
Fidelity Securities Lending Cash Central Fund, 5.38% (b)(c)	5,142,000		5,142,000
TOTAL MONEY MARKET FUNDS (Cost $11,360,825)		11,360,825
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,223,710,610)			1,275,512,743
NET OTHER ASSETS - 0.0%			263,562
NET ASSETS - 100%		$ 1,275,776,305

Legend

(a) Non-income producing

(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 investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,157,676
Fidelity Securities Lending Cash Central Fund	254,865
Total	$ 1,412,541

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	85.8%
France	4.9%
Canada	2.4%
Japan	2.1%
Switzerland	2.0%
Panama	1.6%
United Kingdom	1.0%
Others (individually less than 1%)	0.2%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2006 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,833,760) - See accompanying schedule: Unaffiliated issuers (cost $1,212,349,785)	$ 1,264,151,918
Fidelity Central Funds (cost $11,360,825)	11,360,825
Total Investments (cost $1,223,710,610)		$ 1,275,512,743
Cash		44
Receivable for investments sold		50,554,657
Receivable for fund shares sold		2,712,904
Dividends receivable		1,211,824
Interest receivable		72,581
Prepaid expenses		5,876
Other receivables		157,522
Total assets		1,330,228,151

Liabilities
Payable for investments purchased	$ 45,314,081
Payable for fund shares redeemed	3,116,794
Accrued management fee	556,186
Other affiliated payables	285,637
Other payables and accrued expenses	37,148
Collateral on securities loaned, at value	5,142,000
Total liabilities		54,451,846

Net Assets		$ 1,275,776,305
Net Assets consist of:
Paid in capital		$ 1,074,271,246
Undistributed net investment income		1,630,015
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		148,072,911
Net unrealized appreciation (depreciation) on investments		51,802,133
Net Assets, for 55,081,821 shares outstanding		$ 1,275,776,305
Net Asset Value, offering price and redemption price per share ($1,275,776,305 ÷ 55,081,821 shares)		$ 23.16

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

Semiannual Report

Financial Statements - continued

Statement of Operations

	Six months ended December 31, 2006 (Unaudited)

Investment Income
Dividends		$ 5,511,371
Interest		9,509
Income from Fidelity Central Funds		1,412,541
Total income		6,933,421

Expenses
Management fee Basic fee	$ 3,394,097
Performance adjustment	(602,847)
Transfer agent fees	1,497,462
Accounting and security lending fees	190,232
Custodian fees and expenses	43,913
Independent trustees' compensation	2,135
Registration fees	42,855
Audit	25,912
Legal	17,958
Interest	3,299
Miscellaneous	3,867
Total expenses before reductions	4,618,883
Expense reductions	(62,195)	4,556,688
Net investment income (loss)		2,376,733
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $1,929,881)	151,082,611
Foreign currency transactions	(441,969)
Total net realized gain (loss)		150,640,642
Change in net unrealized appreciation (depreciation) on investment securities		(70,696,653)
Net gain (loss)		79,943,989
Net increase (decrease) in net assets resulting from operations		$ 82,320,722

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended December 31, 2006 (Unaudited)	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,376,733	$ 4,568,265
Net realized gain (loss)	150,640,642	125,175,197
Change in net unrealized appreciation (depreciation)	(70,696,653)	13,891,020
Net increase (decrease) in net assets resulting from operations	82,320,722	143,634,482
Distributions to shareholders from net investment income	(4,645,407)	(389,287)
Distributions to shareholders from net realized gain	(91,127,084)	(6,228,409)
Total distributions	(95,772,491)	(6,617,696)
Share transactions Proceeds from sales of shares	181,604,264	458,115,692
Reinvestment of distributions	93,419,111	6,473,994
Cost of shares redeemed	(181,445,965)	(201,045,014)
Net increase (decrease) in net assets resulting from share transactions	93,577,410	263,544,672
Redemption fees	2,764	28,643
Total increase (decrease) in net assets	80,128,405	400,590,101

Net Assets
Beginning of period	1,195,647,900	795,057,799
End of period (including undistributed net investment income of $1,630,015 and undistributed net investment income of $4,205,558, respectively)	$ 1,275,776,305	$ 1,195,647,900
Other Information Shares
Sold	8,204,904	19,587,055
Issued in reinvestment of distributions	4,525,390	282,091
Redeemed	(8,261,906)	(8,861,415)
Net increase (decrease)	4,468,388	11,007,731

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2006	Years ended June 30,
	(Unaudited)	2006	2005	2004	2003	2002
Selected Per-Share Data
Net asset value, beginning of period	$ 23.62	$ 20.07	$ 19.59	$ 17.90	$ 17.19	$ 16.80
Income from Investment Operations
Net investment income (loss) ^E	.04	.11^H	.07^I	(.05)	.11	.10
Net realized and unrealized gain (loss)	1.37	3.61	.49	1.77	.73	.36
Total from investment operations	1.41	3.72	.56	1.72	.84	.46
Distributions from net investment income	(.09)	(.01)	(.08)	(.03)	(.13)	(.08)
Distributions from net realized gain	(1.78)	(.16)	-	-	-	-
Total distributions	(1.87)	(.17)	(.08)	(.03)	(.13)	(.08)
Redemption fees added to paid in capital	-^K	-^K	-^K	-^K	-^K	.01
Net asset value, end of period	$ 23.16	$ 23.62	$ 20.07	$ 19.59	$ 17.90	$ 17.19
Total Return ^{B, C, D}	6.94%	18.56%	2.85%	9.63%	4.98%	2.83%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	.77% ^A	.79%	.97%	1.05%	1.08%	1.12%
Expenses net of fee waivers, if any	.77% ^A	.79%	.97%	1.05%	1.08%	1.12%
Expenses net of all reductions	.76% ^A	.77%	.92%	.99%	.93%	1.09%
Net investment income (loss)	.40% ^A	.46%^H	.35%^I	(.29) %	.66%	.61%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,275,776	$ 1,195,648	$ 795,058	$ 926,174	$ 892,524	$ 741,446
Portfolio turnover rate ^G	336% ^A	107%	110%	161%	230%	50%
^A Annualized^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the former sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .27%. ^I Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.14)%. ^J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^K Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2006 (Unaudited)

1. Significant Accounting Policies.

Fidelity Fifty (the Fund) is a non-diversified fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The Fund may invest in Fidelity Central Funds which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund, which are also consistently followed by the Fidelity Central Funds:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Semiannual Report

1. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

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

Unrealized appreciation	$ 71,064,472
Unrealized depreciation	(22,091,394)
Net unrealized appreciation (depreciation)	$ 48,973,078
Cost for federal income tax purposes	$ 1,226,539,665

Short-Term Trading (Redemption) Fees. During the period, shares held in the Fund less than 30 days were subject to a redemption fee equal to .75% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital. On July 20, 2006, the Board of Trustees approved the removal of the redemption fee beginning July 24, 2006 for shares redeemed from accounts held directly with Fidelity, and on or before September 1, 2006 for shares redeemed through intermediaries.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

2. Operating Policies.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,972,927,284 and $1,971,529,720, respectively.

Semiannual Report

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .46% of the Fund's average net assets.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 5,516,750	5.38%	$ 3,299

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1,509 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Semiannual Report

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $22,196 for the period. In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $356 and $22,811 respectively.

8. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Fifty

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Fifty

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one- and five-year periods and the third quartile for the three-year period. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for the one- and five-year periods, although the fund's three-year cumulative total return was lower than its benchmark. The Board also reviewed the fund's relative investment performance against a customized peer group based on a combination of categories defined by Morningstar.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Fifty

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the fund's total expenses ranked below its competitive median for 2005.

Semiannual Report

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

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

Fidelity Investments Japan Limited

Fidelity International Investment Advisors

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555

(automated graphic) Automated line for quickest service

FIF-USAN-0207
1.787779.103

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity®

Fund

Semiannual Report

December 31, 2006

(2_fidelity_logos) (Registered_Trademark)

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2006 to December 31, 2006).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2006	Ending Account Value December 31, 2006	Expenses Paid During Period* July 1, 2006 to December 31, 2006
Actual	$ 1,000.00	$ 1,108.90	$ 3.03
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,022.33	$ 2.91

* Expenses are equal to the Fund's annualized expense ratio of .57%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
McGraw-Hill Companies, Inc.	3.2	2.4
Merrill Lynch & Co., Inc.	3.1	2.4
Google, Inc. Class A (sub. vtg.)	2.7	2.2
American Express Co.	2.6	2.5
Monsanto Co.	2.5	2.1
Exxon Mobil Corp.	2.3	1.5
Bank of America Corp.	2.3	2.6
Honeywell International, Inc.	2.2	2.1
Staples, Inc.	2.2	2.3
Altria Group, Inc.	2.1	1.8
	25.2
Top Five Market Sectors as of December 31, 2006
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.7	22.7
Information Technology	18.7	15.5
Health Care	11.9	11.3
Consumer Discretionary	10.7	11.9
Industrials	10.4	9.5

Asset Allocation (% of fund's net assets)
As of December 31, 2006*			As of June 30, 2006**
	Stocks 99.9%			Stocks 99.1%
	Convertible Securities 0.0%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets 0.1%			Short-Term Investments and Net Other Assets 0.8%
* Foreign investments		15.5%	** Foreign investments		15.5%

Semiannual Report

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value (Note 1) (000s)
CONSUMER DISCRETIONARY - 10.7%
Automobiles - 0.1%
Renault SA	79,545		$ 9,556
Hotels, Restaurants & Leisure - 0.8%
Starbucks Corp. (a)	834,000		29,540
Starwood Hotels & Resorts Worldwide, Inc.	302,600		18,913
Vail Resorts, Inc. (a)	174,600		7,826
			56,279
Household Durables - 0.4%
Koninklijke Philips Electronics NV (NY Shares)	868,300		32,631
Media - 4.5%
Comcast Corp. Class A	364,600		15,434
McGraw-Hill Companies, Inc.	3,580,500		243,540
News Corp. Class B	1,334,500		29,706
Time Warner, Inc.	2,368,800		51,592
			340,272
Multiline Retail - 1.7%
Federated Department Stores, Inc.	3,478,800		132,647
Specialty Retail - 3.2%
AutoZone, Inc. (a)	243,300		28,116
Best Buy Co., Inc.	272,100		13,385
Circuit City Stores, Inc.	601,300		11,413
PETsMART, Inc.	852,851		24,613
Staples, Inc.	6,280,450		167,688
			245,215
TOTAL CONSUMER DISCRETIONARY			816,600
CONSUMER STAPLES - 8.0%
Beverages - 1.6%
PepsiCo, Inc.	1,927,890		120,590
Food & Staples Retailing - 0.3%
Rite Aid Corp.	3,417,000		18,588
Food Products - 1.8%
Bunge Ltd.	322,100		23,355
Kellogg Co.	546,300		27,348
Lindt & Spruengli AG (participation certificate)	14,246		35,155
Nestle SA (Reg.)	154,494		54,880
			140,738
Common Stocks - continued
	Shares		Value (Note 1) (000s)
CONSUMER STAPLES - continued
Household Products - 2.2%
Colgate-Palmolive Co.	428,100		$ 27,929
Procter & Gamble Co.	2,160,544		138,858
			166,787
Tobacco - 2.1%
Altria Group, Inc.	1,906,300		163,599
TOTAL CONSUMER STAPLES			610,302
ENERGY - 8.1%
Energy Equipment & Services - 2.5%
GlobalSantaFe Corp.	664,400		39,053
Halliburton Co.	468,600		14,550
Noble Corp.	254,700		19,395
Schlumberger Ltd. (NY Shares)	1,873,600		118,337
			191,335
Oil, Gas & Consumable Fuels - 5.6%
Chesapeake Energy Corp.	920,900		26,752
ConocoPhillips	409,292		29,449
CONSOL Energy, Inc.	796,900		25,604
Exxon Mobil Corp.	2,311,300		177,115
Hess Corp.	93,600		4,640
Occidental Petroleum Corp.	1,366,800		66,741
Ultra Petroleum Corp. (a)	620,979		29,652
Valero Energy Corp.	1,429,000		73,108
			433,061
TOTAL ENERGY			624,396
FINANCIALS - 22.7%
Capital Markets - 6.1%
Goldman Sachs Group, Inc.	529,500		105,556
Janus Capital Group, Inc.	389,900		8,418
Lazard Ltd. Class A	493,200		23,348
Merrill Lynch & Co., Inc.	2,568,400		239,118
Morgan Stanley	415,700		33,850
State Street Corp.	234,500		15,815
UBS AG (Reg.)	638,602		38,527
			464,632
Common Stocks - continued
	Shares		Value (Note 1) (000s)
FINANCIALS - continued
Commercial Banks - 3.8%
Barclays PLC	1,581,200		$ 22,983
Mizuho Financial Group, Inc.	4,389		31,337
Sumitomo Mitsui Financial Group, Inc.	2,213		22,678
U.S. Bancorp, Delaware	962,700		34,840
Wachovia Corp.	492,303		28,037
Wells Fargo & Co.	4,256,600		151,365
			291,240
Consumer Finance - 2.8%
American Express Co.	3,301,192		200,283
Capital One Financial Corp.	200,600		15,410
			215,693
Diversified Financial Services - 2.6%
Bank of America Corp.	3,297,765		176,068
Moody's Corp.	377,400		26,063
			202,131
Insurance - 3.8%
American International Group, Inc.	2,149,700		154,048
Hartford Financial Services Group, Inc.	628,400		58,636
MetLife, Inc.	426,100		25,144
Prudential Financial, Inc.	90,500		7,770
The St. Paul Travelers Companies, Inc.	144,400		7,753
Willis Group Holdings Ltd.	850,400		33,769
			287,120
Real Estate Investment Trusts - 0.8%
AvalonBay Communities, Inc.	241,100		31,355
Duke Realty LP	5,700		233
Equity Residential (SBI)	528,700		26,832
			58,420
Real Estate Management & Development - 2.3%
Mitsubishi Estate Co. Ltd.	2,864,000		74,096
Mitsui Fudosan Co. Ltd.	4,095,000		99,924
			174,020
Thrifts & Mortgage Finance - 0.5%
Countrywide Financial Corp.	984,100		41,775
TOTAL FINANCIALS			1,735,031
Common Stocks - continued
	Shares		Value (Note 1) (000s)
HEALTH CARE - 11.9%
Biotechnology - 0.9%
Biogen Idec, Inc. (a)	1,126,217		$ 55,399
Gilead Sciences, Inc. (a)	241,100		15,655
			71,054
Health Care Equipment & Supplies - 3.2%
Becton, Dickinson & Co. (d)	1,938,100		135,958
C.R. Bard, Inc.	1,300,800		107,927
			243,885
Health Care Providers & Services - 1.0%
Medco Health Solutions, Inc. (a)	472,600		25,256
UnitedHealth Group, Inc.	925,300		49,716
			74,972
Pharmaceuticals - 6.8%
Elan Corp. PLC sponsored ADR (a)	1,435,200		21,169
Johnson & Johnson	2,102,900		138,833
Merck & Co., Inc.	1,761,100		76,784
Novartis AG sponsored ADR	676,500		38,858
Roche Holding AG (participation certificate)	885,061		158,650
Wyeth	1,758,440		89,540
			523,834
TOTAL HEALTH CARE			913,745
INDUSTRIALS - 10.4%
Aerospace & Defense - 6.2%
General Dynamics Corp.	316,200		23,509
Goodrich Corp.	784,900		35,752
Hexcel Corp. (a)	1,412,400		24,590
Honeywell International, Inc.	3,710,700		167,872
Lockheed Martin Corp.	772,330		71,108
Raytheon Co. warrants 6/16/11 (a)	1,177		21
Rolls-Royce Group PLC	3,101,219		27,196
The Boeing Co.	1,401,800		124,536
			474,584
Commercial Services & Supplies - 0.7%
Avery Dennison Corp.	412,700		28,035
Consolidated Graphics, Inc. (a)	326,068		19,261
Stericycle, Inc. (a)	55,200		4,168
			51,464
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INDUSTRIALS - continued
Construction & Engineering - 0.2%
Quanta Services, Inc. (a)	677,100		$ 13,319
Electrical Equipment - 0.5%
ABB Ltd. (Reg.)	2,409,978		43,199
Industrial Conglomerates - 2.1%
General Electric Co.	2,825,626		105,142
Tyco International Ltd.	1,741,900		52,954
			158,096
Machinery - 0.5%
ITT Corp.	224,600		12,762
Manitowoc Co., Inc.	504,000		29,953
			42,715
Road & Rail - 0.2%
Laidlaw International, Inc.	564,710		17,184
TOTAL INDUSTRIALS			800,561
INFORMATION TECHNOLOGY - 18.7%
Communications Equipment - 4.4%
Cisco Systems, Inc. (a)	5,092,276		139,172
Corning, Inc. (a)	1,201,300		22,476
Harris Corp.	617,900		28,337
Motorola, Inc.	2,570,800		52,856
QUALCOMM, Inc.	2,514,772		95,033
			337,874
Computers & Peripherals - 5.2%
Apple Computer, Inc. (a)	883,400		74,948
Dell, Inc. (a)	975,600		24,478
Hewlett-Packard Co.	2,534,400		104,392
NCR Corp. (a)	1,901,521		81,309
Network Appliance, Inc. (a)	1,048,217		41,174
Sun Microsystems, Inc. (a)	12,528,300		67,903
			394,204
Electronic Equipment & Instruments - 1.2%
Amphenol Corp. Class A	1,154,900		71,696
Nippon Electric Glass Co. Ltd.	802,000		16,842
			88,538
Common Stocks - continued
	Shares		Value (Note 1) (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 2.8%
Akamai Technologies, Inc. (a)	145,100		$ 7,708
Google, Inc. Class A (sub. vtg.) (a)	443,985		204,446
			212,154
IT Services - 0.7%
Cognizant Technology Solutions Corp. Class A (a)	515,100		39,745
Paychex, Inc.	394,900		15,614
			55,359
Office Electronics - 0.4%
Canon, Inc.	594,150		33,623
Semiconductors & Semiconductor Equipment - 1.9%
Applied Materials, Inc.	1,915,800		35,347
Broadcom Corp. Class A (a)	1,536,621		49,648
Fairchild Semiconductor International, Inc. (a)	661,800		11,125
Infineon Technologies AG sponsored ADR (a)	595,000		8,348
Maxim Integrated Products, Inc.	944,300		28,914
Microchip Technology, Inc.	321,400		10,510
			143,892
Software - 2.1%
Adobe Systems, Inc. (a)	236,500		9,725
Cognos, Inc. (a)	425,000		18,046
Microsoft Corp.	1,964,100		58,648
Nintendo Co. Ltd.	166,200		43,138
Oracle Corp. (a)	980,800		16,811
Red Hat, Inc. (a)	741,800		17,061
			163,429
TOTAL INFORMATION TECHNOLOGY			1,429,073
MATERIALS - 4.8%
Chemicals - 4.4%
Ecolab, Inc.	1,355,200		61,255
Monsanto Co.	3,672,054		192,893
Praxair, Inc.	1,384,522		82,144
			336,292
Metals & Mining - 0.4%
Allegheny Technologies, Inc.	340,800		30,904
TOTAL MATERIALS			367,196
Common Stocks - continued
	Shares		Value (Note 1) (000s)
TELECOMMUNICATION SERVICES - 2.8%
Diversified Telecommunication Services - 2.8%
AT&T, Inc.	2,319,095		$ 82,908
Verizon Communications, Inc.	3,451,600		128,538
			211,446
UTILITIES - 1.8%
Electric Utilities - 1.2%
E.ON AG	500,167		67,808
Edison International	649,100		29,521
			97,329
Independent Power Producers & Energy Traders - 0.6%
Constellation Energy Group, Inc.	298,600		20,565
NRG Energy, Inc.	419,500		23,496
			44,061
TOTAL UTILITIES			141,390
TOTAL COMMON STOCKS (Cost $6,268,682)		7,649,740
Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%
Life Sciences Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(e)	710,000		0
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,845)		0
Money Market Funds - 0.3%
	Shares		Value (Note 1) (000s)
Fidelity Cash Central Fund, 5.37% (b)	21,624,277		$ 21,624
Fidelity Securities Lending Cash Central Fund, 5.38% (b)(c)	259,200		259
TOTAL MONEY MARKET FUNDS (Cost $21,883)		21,883
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $6,294,410)			7,671,623
NET OTHER ASSETS - (0.2)%			(18,871)
NET ASSETS - 100%		$ 7,652,752

Legend

(a) Non-income producing

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

(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 $0 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	$ 3,845

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 680
Fidelity Securities Lending Cash Central Fund	204
Total	$ 884

Other Information

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America	84.5%
Switzerland	4.8%
Japan	4.2%
Netherlands Antilles	1.5%
Bermuda	1.1%
Germany	1.0%
Others (individually less than 1%)	2.9%
	100.0%

Income Tax Information

At June 30, 2006, the fund had a capital loss carryforward of approximately $659,980,000 all of which will expire on June 30, 2011.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	December 31, 2006 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $253) - See accompanying schedule: Unaffiliated issuers (cost $6,272,527)	$ 7,649,740
Fidelity Central Funds (cost $21,883)	21,883
Total Investments (cost $6,294,410)		$ 7,671,623
Receivable for investments sold		4,529
Receivable for fund shares sold		4,560
Dividends receivable		8,793
Interest receivable		130
Prepaid expenses		41
Other receivables		400
Total assets		7,690,076

Liabilities
Payable for investments purchased	$ 64
Payable for fund shares redeemed	33,020
Accrued management fee	2,292
Other affiliated payables	1,601
Other payables and accrued expenses	88
Collateral on securities loaned, at value	259
Total liabilities		37,324

Net Assets		$ 7,652,752
Net Assets consist of:
Paid in capital		$ 6,603,352
Distributions in excess of net investment income		(123)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(327,690)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,377,213
Net Assets, for 213,501 shares outstanding		$ 7,652,752
Net Asset Value, offering price and redemption price per share ($7,652,752 ÷ 213,501 shares)		$ 35.84

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended December 31, 2006 (Unaudited)
Investment Income
Dividends		$ 50,706
Interest		28
Income from Fidelity Central Funds		884
Total income		51,618

Expenses
Management fee	$ 14,073
Transfer agent fees	7,748
Accounting and security lending fees	583
Custodian fees and expenses	143
Independent trustees' compensation	15
Depreciation in deferred trustee compensation account	(3)
Registration fees	24
Audit	49
Legal	110
Interest	47
Miscellaneous	(60)
Total expenses before reductions	22,729
Expense reductions	(410)	22,319
Net investment income (loss)		29,299
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	353,501
Foreign currency transactions	(115)
Total net realized gain (loss)		353,386
Change in net unrealized appreciation (depreciation) on: Investment securities	432,704
Assets and liabilities in foreign currencies	(5)
Total change in net unrealized appreciation (depreciation)		432,699
Net gain (loss)		786,085
Net increase (decrease) in net assets resulting from operations		$ 815,384

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended December 31, 2006 (Unaudited)	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 29,299	$ 82,809
Net realized gain (loss)	353,386	1,010,384
Change in net unrealized appreciation (depreciation)	432,699	(116,059)
Net increase (decrease) in net assets resulting from operations	815,384	977,134
Distributions to shareholders from net investment income	(56,567)	(83,656)
Share transactions Proceeds from sales of shares	325,702	622,059
Reinvestment of distributions	53,156	79,479
Cost of shares redeemed	(1,768,853)	(3,489,418)
Net increase (decrease) in net assets resulting from share transactions	(1,389,995)	(2,787,880)
Total increase (decrease) in net assets	(631,178)	(1,894,402)

Net Assets
Beginning of period	8,283,930	10,178,332
End of period (including distributions in excess of net investment income of $123 and undistributed net investment income of $27,145, respectively)	$ 7,652,752	$ 8,283,930
Other Information Shares
Sold	9,544	19,485
Issued in reinvestment of distributions	1,571	2,554
Redeemed	(52,078)	(109,855)
Net increase (decrease)	(40,963)	(87,816)

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

Semiannual Report

Financial Highlights

	Six months ended December 31, 2006	Years ended June 30,
	(Unaudited)	2006	2005	2004	2003	2002
Selected Per-Share Data
Net asset value, beginning of period	$ 32.55	$ 29.74	$ 28.81	$ 24.46	$ 25.03	$ 31.84
Income from Investment Operations
Net investment income (loss) ^D	.13	.28	.44^G	.24	.21	.23
Net realized and unrealized gain (loss)	3.40	2.80	.87	4.35	(.57)	(6.83)
Total from investment operations	3.53	3.08	1.31	4.59	(.36)	(6.60)
Distributions from net investment income	(.24)	(.27)	(.38)	(.24)	(.21)	(.21)
Net asset value, end of period	$ 35.84	$ 32.55	$ 29.74	$ 28.81	$ 24.46	$ 25.03
Total Return^{B , C}	10.89%	10.40%	4.58%	18.81%	(1.36)%	(20.78)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.57% ^A	.59%	.60%	.61%	.63%	.59%
Expenses net of fee waivers, if any	.57%^A	.59%	.60%	.61%	.63%	.59%
Expenses net of all reductions	.56%^A	.56%	.57%	.59%	.61%	.53%
Net investment income (loss)	.74%^A	.87%	1.52%^G	.89%	.93%	.82%
Supplemental Data
Net assets, end of period (in millions)	$ 7,653	$ 8,284	$ 10,178	$ 10,499	$ 9,335	$ 10,486
Portfolio turnover rate ^F	45%^A	72%	74%	53%	32%	155%

^A Annualized

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

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

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

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a special dividend which amounted to $.12 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%.

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

Semiannual Report

Notes to Financial Statements

For the period ended December 31, 2006 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may invest in Fidelity Central Funds which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund, which are also consistently followed by the Fidelity Central Funds:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until

Semiannual Report

1. Significant Accounting Policies - continued

Deferred Trustee Compensation - continued

distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation	$ 1,477,611
Unrealized depreciation	(114,766)
Net unrealized appreciation (depreciation)	$ 1,362,845
Cost for federal income tax purposes	$ 6,308,778

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

New Accounting Pronouncements - continued

2. Operating Policies.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,765,831 and $3,120,743, respectively.

Semiannual Report

4. Fees and Other Transactions with Affiliates.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program - continued

The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 14,221	5.39%	$ 47

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Semiannual Report

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $78 for the period. In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $14 and $182, respectively.

8. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the second quartile for the one-year period and the third quartile for the three- and five-year periods. The Board also stated that the relative investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's relative investment performance against a peer group defined by Morningstar.

Semiannual Report

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 5% means that 95% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Fidelity Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked below its competitive median for 2005.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1572 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

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

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555

(automated graphic) Automated line for quickest service

FID-USAN-0207
1.787780.103

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Hastings Street Trust's Board of Trustees.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Hastings Street Trust

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	February 9, 2007

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	February 9, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	February 9, 2007

Growth Discovery Fund

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2006 (Unaudited)

Financial Statements

Notes to Financial Statements

Proxy Voting Results

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Visit Fidelity

Growth & Income II

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2006 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Write Fidelity

To Visit Fidelity

Fidelity Fifty®

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2006 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

Fidelity®

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes

Investments December 31, 2006 (Unaudited)

Financial Statements

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Write Fidelity

To Visit Fidelity