N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-215

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

June 30

Date of reporting period:

March 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Fifty®

March 31, 2007

1.799847.103

FIF-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%

Shares

Value

CONSUMER DISCRETIONARY - 22.9%

Automobiles - 2.9%

Renault SA

348,103

$ 40,710,399

Diversified Consumer Services - 4.6%

DeVry, Inc.

787,055

23,100,064

Weight Watchers International, Inc.

915,406

42,191,063

65,291,127

Hotels, Restaurants & Leisure - 0.0%

Starbucks Corp. (a)

100

3,136

Household Durables - 4.8%

Harman International Industries, Inc.

698,541

67,115,819

Media - 7.8%

The Walt Disney Co.

1,196,600

41,198,938

Time Warner, Inc.

3,478,500

68,596,020

109,794,958

Multiline Retail - 2.8%

Sears Holdings Corp. (a)

223,400

40,247,744

Specialty Retail - 0.0%

Home Depot, Inc.

4,700

172,678

TOTAL CONSUMER DISCRETIONARY

323,335,861

CONSUMER STAPLES - 3.9%

Beverages - 2.4%

Molson Coors Brewing Co. Class B

350,100

33,126,462

Food & Staples Retailing - 1.5%

Safeway, Inc.

580,650

21,275,016

TOTAL CONSUMER STAPLES

54,401,478

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

EOG Resources, Inc.

1,900

135,546

FINANCIALS - 4.3%

Capital Markets - 3.3%

Ashmore Group plc

863,485

4,923,458

Goldman Sachs Group, Inc.

67,700

13,988,851

Greenhill & Co., Inc. (d)

202,500

12,431,475

Julius Baer Holding AG (Bearer)

113,197

15,441,881

46,785,665

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - 0.0%

The St. Joe Co.

100

$ 5,231

Thrifts & Mortgage Finance - 1.0%

Countrywide Financial Corp.

100

3,364

MGIC Investment Corp.

223,862

13,189,949

13,193,313

TOTAL FINANCIALS

59,984,209

HEALTH CARE - 1.5%

Biotechnology - 0.0%

Cepheid, Inc. (a)

100

1,188

Health Care Technology - 1.5%

Emdeon Corp. (a)

1,374,100

20,790,133

TOTAL HEALTH CARE

20,791,321

INDUSTRIALS - 11.1%

Aerospace & Defense - 0.9%

Honeywell International, Inc.

291,000

13,403,460

Airlines - 2.4%

US Airways Group, Inc. (a)

738,700

33,596,076

Electrical Equipment - 0.9%

ABB Ltd. sponsored ADR

728,300

12,512,194

Machinery - 3.6%

Deere & Co.

192,500

20,913,200

Flowserve Corp.

521,800

29,841,742

50,754,942

Marine - 0.0%

Diana Shipping, Inc.

100

1,761

Road & Rail - 3.3%

Hertz Global Holdings, Inc.

1,960,700

46,468,590

TOTAL INDUSTRIALS

156,737,023

INFORMATION TECHNOLOGY - 36.8%

Communications Equipment - 8.5%

Cisco Systems, Inc. (a)

992,100

25,328,313

Juniper Networks, Inc. (a)

2,557,155

50,324,810

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Opnext, Inc.

861,194

$ 12,737,059

QUALCOMM, Inc.

719,400

30,689,604

119,079,786

Computers & Peripherals - 7.0%

Apple, Inc. (a)

160,200

14,884,182

SanDisk Corp. (a)

1,006,625

44,090,175

Sun Microsystems, Inc. (a)

6,621,900

39,797,619

98,771,976

Electronic Equipment & Instruments - 5.1%

Agilent Technologies, Inc. (a)

2,150,300

72,443,607

Internet Software & Services - 2.1%

eBay, Inc. (a)

902,042

29,902,692

IT Services - 5.6%

First Data Corp.

1,609,200

43,287,480

The Western Union Co.

1,618,300

35,521,685

78,809,165

Software - 8.5%

Electronic Arts, Inc. (a)

846,752

42,642,431

NAVTEQ Corp. (a)

1,341,590

46,284,855

Nintendo Co. Ltd.

106,900

31,072,944

120,000,230

TOTAL INFORMATION TECHNOLOGY

519,007,456

MATERIALS - 1.0%

Construction Materials - 1.0%

Texas Industries, Inc. (d)

187,300

14,146,769

TELECOMMUNICATION SERVICES - 15.7%

Diversified Telecommunication Services - 12.8%

AT&T, Inc.

3,028,200

119,401,927

Global Crossing Ltd. (a)

1,510,000

41,525,000

Level 3 Communications, Inc. (a)

3,245,800

19,799,380

180,726,307

Wireless Telecommunication Services - 2.9%

American Tower Corp. Class A (a)

1,049,000

40,858,550

TOTAL TELECOMMUNICATION SERVICES

221,584,857

Common Stocks - continued

Shares

Value

UTILITIES - 0.0%

Independent Power Producers & Energy Traders - 0.0%

Dynegy, Inc. Class A (a)

14,900

$ 137,974

Mirant Corp. (a)

3,400

137,564

NRG Energy, Inc.

1,900

136,876

412,414

TOTAL COMMON STOCKS

(Cost $1,293,592,989)

1,370,536,934

Nonconvertible Bonds - 1.1%

Principal Amount

INDUSTRIALS - 1.1%

Airlines - 1.1%

Delta Air Lines, Inc.:

7.9% 12/15/09 (e)

$ 9,500,000

5,296,250

8.3% 12/15/29 (e)

16,050,000

9,008,865

10% 8/15/08 (e)

1,260,000

680,400

10.375% 2/1/11 (e)

610,000

337,025

15,322,540

TOTAL NONCONVERTIBLE BONDS

(Cost $15,208,788)

15,322,540

Money Market Funds - 4.0%

Shares

Fidelity Cash Central Fund, 5.41% (b)

46,420,453

46,420,453

Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)

9,612,020

9,612,020

TOTAL MONEY MARKET FUNDS

(Cost $56,032,473)

56,032,473

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $1,364,834,250)

1,441,891,947

NET OTHER ASSETS - (2.3)%

(32,270,512)

NET ASSETS - 100%

$ 1,409,621,435

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Non-income producing - Issuer is in default.

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

$ 1,401,600

Fidelity Securities Lending Cash Central Fund

260,960

Total

$ 1,662,560

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,368,686,947. Net unrealized appreciation aggregated $73,205,000, of which $104,464,905 related to appreciated investment securities and $31,259,905 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Fund

March 31, 2007

1.799854.103

FID-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.1%

Automobiles - 0.1%

Renault SA

79,545

$ 9,303

Hotels, Restaurants & Leisure - 0.9%

Starbucks Corp. (a)

1,094,300

34,317

Starwood Hotels & Resorts Worldwide, Inc.

302,600

19,624

Vail Resorts, Inc. (a)

174,600

9,486

63,427

Household Durables - 0.7%

Koninklijke Philips Electronics NV (NY Shares)

462,000

17,602

LG Electronics, Inc.

508,990

34,733

52,335

Media - 4.5%

McGraw-Hill Companies, Inc.

3,352,600

210,816

News Corp. Class B

1,334,500

32,655

Regal Entertainment Group Class A

543,428

10,798

Time Warner, Inc.

3,376,800

66,590

320,859

Multiline Retail - 2.2%

Federated Department Stores, Inc.

3,478,800

156,720

Specialty Retail - 2.7%

AutoZone, Inc. (a)

243,300

31,176

PETsMART, Inc.

1,093,451

36,040

Staples, Inc.

4,832,350

124,868

192,084

TOTAL CONSUMER DISCRETIONARY

794,728

CONSUMER STAPLES - 8.9%

Beverages - 1.7%

PepsiCo, Inc.

1,927,890

122,537

Food & Staples Retailing - 0.5%

Rite Aid Corp. (d)

6,197,300

35,758

Food Products - 2.4%

Bunge Ltd.

642,500

52,826

Kellogg Co.

380,600

19,574

Lindt & Spruengli AG (participation certificate)

12,834

33,664

Nestle SA (Reg.)

171,659

66,840

172,904

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - 2.3%

Colgate-Palmolive Co.

428,100

$ 28,593

Procter & Gamble Co.

2,160,544

136,460

165,053

Tobacco - 2.0%

Altria Group, Inc.

1,605,300

140,961

TOTAL CONSUMER STAPLES

637,213

ENERGY - 8.2%

Energy Equipment & Services - 1.7%

Schlumberger Ltd. (NY Shares)

1,429,900

98,806

Transocean, Inc. (a)

291,500

23,816

122,622

Oil, Gas & Consumable Fuels - 6.5%

Chesapeake Energy Corp.

920,900

28,437

Devon Energy Corp.

169,800

11,754

Exxon Mobil Corp.

1,687,400

127,314

Marathon Oil Corp.

758,500

74,963

Occidental Petroleum Corp.

1,325,000

65,336

Ultra Petroleum Corp. (a)

541,079

28,748

Valero Energy Corp.

1,998,900

128,909

465,461

TOTAL ENERGY

588,083

FINANCIALS - 20.2%

Capital Markets - 5.8%

EFG International (a)

68,540

2,989

Goldman Sachs Group, Inc.

451,700

93,335

Julius Baer Holding AG (Bearer)

294,339

40,153

Lazard Ltd. Class A

580,300

29,119

Merrill Lynch & Co., Inc.

1,933,200

157,884

Morgan Stanley

415,700

32,741

State Street Corp.

895,500

57,984

414,205

Commercial Banks - 2.3%

Barclays PLC

1,581,200

22,508

Mizuho Financial Group, Inc. (d)

2,571

16,517

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

PNC Financial Services Group, Inc.

305,500

$ 21,987

Wells Fargo & Co.

3,106,400

106,953

167,965

Consumer Finance - 2.3%

American Express Co.

2,725,792

153,735

Capital One Financial Corp.

200,600

15,137

168,872

Diversified Financial Services - 2.7%

Bank of America Corp.

3,297,765

168,252

Moody's Corp.

377,400

23,421

191,673

Insurance - 3.8%

American International Group, Inc.

2,042,200

137,277

Hartford Financial Services Group, Inc.

628,400

60,062

MetLife, Inc.

426,100

26,908

Prudential Financial, Inc.

177,800

16,048

Willis Group Holdings Ltd.

850,400

33,659

273,954

Real Estate Investment Trusts - 0.3%

AvalonBay Communities, Inc.

156,500

20,345

Real Estate Management & Development - 2.3%

Mitsubishi Estate Co. Ltd.

2,281,000

74,604

Mitsui Fudosan Co. Ltd.

3,120,000

91,216

165,820

Thrifts & Mortgage Finance - 0.7%

Countrywide Financial Corp.

984,100

33,105

Freddie Mac

281,100

16,723

49,828

TOTAL FINANCIALS

1,452,662

HEALTH CARE - 11.5%

Biotechnology - 1.2%

Biogen Idec, Inc. (a)

1,126,217

49,982

Gilead Sciences, Inc. (a)

459,500

35,152

85,134

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - 3.5%

Becton, Dickinson & Co.

1,938,100

$ 149,021

C.R. Bard, Inc.

1,300,800

103,427

252,448

Health Care Providers & Services - 0.8%

Medco Health Solutions, Inc. (a)

420,900

30,528

UnitedHealth Group, Inc.

468,000

24,790

55,318

Pharmaceuticals - 6.0%

Elan Corp. PLC sponsored ADR (a)

1,460,900

19,415

Johnson & Johnson

855,300

51,540

Merck & Co., Inc.

1,761,100

77,788

Novartis AG sponsored ADR

351,900

19,224

Roche Holding AG (participation certificate)

885,061

156,564

Schering-Plough Corp.

859,600

21,928

Wyeth

1,758,440

87,975

434,434

TOTAL HEALTH CARE

827,334

INDUSTRIALS - 10.6%

Aerospace & Defense - 7.0%

General Dynamics Corp.

929,900

71,044

Goodrich Corp.

541,000

27,851

Hexcel Corp. (a)(d)

1,412,400

28,036

Honeywell International, Inc.

3,710,700

170,915

Lockheed Martin Corp.

993,530

96,392

Raytheon Co. warrants 6/16/11 (a)

1,177

20

Rolls-Royce Group PLC

1,976,119

19,220

The Boeing Co.

1,019,400

90,635

504,113

Commercial Services & Supplies - 0.6%

Avery Dennison Corp.

224,300

14,414

Consolidated Graphics, Inc. (a)

303,068

22,442

Stericycle, Inc. (a)

55,200

4,499

41,355

Construction & Engineering - 0.4%

Fluor Corp.

159,700

14,328

Quanta Services, Inc. (a)

677,100

17,076

31,404

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - 0.8%

ABB Ltd. (Reg.)

2,409,978

$ 41,244

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

538,400

18,634

59,878

Industrial Conglomerates - 1.5%

General Electric Co.

1,794,826

63,465

Tyco International Ltd.

1,399,700

44,161

107,626

Road & Rail - 0.3%

Laidlaw International, Inc.

564,710

19,539

TOTAL INDUSTRIALS

763,915

INFORMATION TECHNOLOGY - 16.7%

Communications Equipment - 4.1%

Cisco Systems, Inc. (a)

6,187,276

157,961

Harris Corp.

774,100

39,440

QUALCOMM, Inc.

2,179,072

92,959

290,360

Computers & Peripherals - 4.6%

Apple, Inc. (a)

941,600

87,484

Hewlett-Packard Co.

753,300

30,237

NCR Corp. (a)

1,750,921

83,641

Network Appliance, Inc. (a)

369,017

13,477

SanDisk Corp. (a)

525,700

23,026

Sun Microsystems, Inc. (a)

15,144,100

91,016

328,881

Electronic Equipment & Instruments - 1.0%

Amphenol Corp. Class A

1,154,900

74,572

Internet Software & Services - 2.9%

Akamai Technologies, Inc. (a)

145,100

7,243

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

443,985

203,416

210,659

IT Services - 0.6%

Cognizant Technology Solutions Corp. Class A (a)

515,100

45,468

Office Electronics - 0.3%

Canon, Inc.

330,850

17,760

Semiconductors & Semiconductor Equipment - 1.8%

Applied Materials, Inc.

1,521,300

27,870

Broadcom Corp. Class A (a)

1,439,021

46,149

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Fairchild Semiconductor International, Inc. (a)

661,800

$ 11,065

Infineon Technologies AG sponsored ADR (a)(d)

2,849,100

44,360

129,444

Software - 1.4%

Nintendo Co. Ltd.

285,800

83,074

Red Hat, Inc. (a)

801,100

18,369

101,443

TOTAL INFORMATION TECHNOLOGY

1,198,587

MATERIALS - 5.2%

Chemicals - 4.8%

Agrium, Inc.

347,100

13,333

Ecolab, Inc.

1,271,800

54,687

Minerals Technologies, Inc.

40,000

2,486

Monsanto Co.

3,614,054

198,628

Praxair, Inc.

1,209,422

76,145

345,279

Metals & Mining - 0.4%

Allegheny Technologies, Inc.

273,900

29,222

TOTAL MATERIALS

374,501

TELECOMMUNICATION SERVICES - 3.6%

Diversified Telecommunication Services - 3.6%

AT&T, Inc.

2,756,595

108,693

Verizon Communications, Inc.

3,855,900

146,216

254,909

UTILITIES - 2.3%

Electric Utilities - 1.4%

E.ON AG

500,167

67,763

Entergy Corp.

328,900

34,508

102,271

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.9%

Constellation Energy Group, Inc.

406,000

$ 35,302

NRG Energy, Inc.

419,500

30,221

65,523

TOTAL UTILITIES

167,794

TOTAL COMMON STOCKS

(Cost $5,790,028)

7,059,726

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

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

710,000

0

INDUSTRIALS - 0.0%

Aerospace & Defense - 0.0%

Rolls-Royce Group PLC B Shares

139,494,084

281

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,118)

281

Money Market Funds - 1.1%

Fidelity Cash Central Fund, 5.41% (b)

59,505,457

59,505

Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)

20,016,900

20,017

TOTAL MONEY MARKET FUNDS

(Cost $79,522)

79,522

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $5,873,668)

7,139,529

NET OTHER ASSETS - 0.6%

40,288

NET ASSETS - 100%

$ 7,179,817

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) 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

$ 922

Fidelity Securities Lending Cash Central Fund

332

Total

$ 1,254

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $5,886,099,000. Net unrealized appreciation aggregated $1,253,430,000, of which $1,363,576,000 related to appreciated investment securities and $110,146,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Discovery Fund


(formerly Fidelity Discovery Fund)

March 31, 2007

1.799853.103

CII-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 4.9%

Auto Components - 0.3%

The Goodyear Tire & Rubber Co. (a)

39,100

$ 1,220

Distributors - 0.1%

Li & Fung Ltd.

196,000

616

Diversified Consumer Services - 0.6%

Sotheby's Class A (ltd. vtg.)

60,200

2,678

Hotels, Restaurants & Leisure - 0.9%

Ctrip.com International Ltd. sponsored ADR

7,144

479

Life Time Fitness, Inc. (a)

25,600

1,316

Starbucks Corp. (a)

69,500

2,180

3,975

Internet & Catalog Retail - 0.6%

Priceline.com, Inc. (a)

46,900

2,498

Media - 1.5%

Focus Media Holding Ltd. ADR (a)(d)

24,300

1,907

McGraw-Hill Companies, Inc.

53,500

3,364

National CineMedia, Inc.

49,700

1,327

6,598

Specialty Retail - 0.9%

Gamestop Corp. Class A (a)

92,710

3,020

The Game Group PLC

316,324

875

3,895

TOTAL CONSUMER DISCRETIONARY

21,480

CONSUMER STAPLES - 7.0%

Beverages - 1.8%

PepsiCo, Inc.

62,400

3,966

The Coca-Cola Co.

84,200

4,042

8,008

Food & Staples Retailing - 2.1%

CVS Corp.

267,000

9,115

Food Products - 1.6%

Nestle SA:

(Reg.)

2,942

1,146

sponsored ADR

59,800

5,810

6,956

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - 1.5%

Colgate-Palmolive Co.

52,000

$ 3,473

Procter & Gamble Co.

48,800

3,082

6,555

Personal Products - 0.0%

Bare Escentuals, Inc.

5,700

204

TOTAL CONSUMER STAPLES

30,838

ENERGY - 4.5%

Energy Equipment & Services - 0.9%

Schlumberger Ltd. (NY Shares)

59,200

4,091

Oil, Gas & Consumable Fuels - 3.6%

Canadian Oil Sands Trust unit

76,600

1,875

OAO Gazprom sponsored ADR

85,000

3,545

Petroplus Holdings AG

12,910

919

Ultra Petroleum Corp. (a)

29,000

1,541

Valero Energy Corp.

78,400

5,056

Western Oil Sands, Inc. Class A (a)

89,100

2,632

15,568

TOTAL ENERGY

19,659

FINANCIALS - 11.0%

Capital Markets - 3.5%

Charles Schwab Corp.

231,000

4,225

Fortress Investment Group LLC

1,100

32

Morgan Stanley

42,200

3,324

Northern Trust Corp.

37,400

2,249

State Street Corp.

84,715

5,485

15,315

Commercial Banks - 2.2%

Commerce Bancorp, Inc., New Jersey

287,700

9,603

JSC Halyk Bank of Kazakhstan GDR (a)(e)

3,800

91

9,694

Consumer Finance - 1.0%

American Express Co.

77,000

4,343

Insurance - 4.3%

AFLAC, Inc.

13,980

658

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

174,619

$ 11,738

Berkshire Hathaway, Inc. Class A (a)

58

6,321

18,717

TOTAL FINANCIALS

48,069

HEALTH CARE - 16.8%

Biotechnology - 6.3%

3SBio, Inc. ADR

1,000

11

Altus Pharmaceuticals, Inc. (a)

59,500

906

Biogen Idec, Inc. (a)

350,400

15,551

CSL Ltd.

37,100

2,473

Gilead Sciences, Inc. (a)

109,549

8,380

27,321

Health Care Equipment & Supplies - 3.1%

Accuray, Inc.

700

16

American Medical Systems Holdings, Inc. (a)

21,600

457

ArthroCare Corp. (a)

40,812

1,471

Becton, Dickinson & Co.

55,900

4,298

BioLase Technology, Inc. (a)

26,200

255

C.R. Bard, Inc.

41,077

3,266

Cochlear Ltd.

22,200

1,163

Inverness Medical Innovations, Inc. (a)

13,600

595

Mentor Corp.

7,800

359

Sirona Dental Systems, Inc.

53,800

1,854

13,734

Health Care Providers & Services - 1.2%

Brookdale Senior Living, Inc.

27,300

1,219

Henry Schein, Inc. (a)

72,800

4,017

5,236

Life Sciences Tools & Services - 1.2%

Charles River Laboratories International, Inc. (a)

87,344

4,041

Millipore Corp. (a)

3,000

217

Pharmaceutical Product Development, Inc.

27,600

930

5,188

Pharmaceuticals - 5.0%

Allergan, Inc.

61,700

6,838

Johnson & Johnson

29,670

1,788

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Merck & Co., Inc.

201,400

$ 8,896

Roche Holding AG (participation certificate)

24,966

4,416

21,938

TOTAL HEALTH CARE

73,417

INDUSTRIALS - 7.6%

Aerospace & Defense - 3.0%

General Dynamics Corp.

93,100

7,113

Honeywell International, Inc.

134,730

6,206

13,319

Commercial Services & Supplies - 0.9%

Corrections Corp. of America (a)

29,900

1,579

Equifax, Inc.

43,000

1,567

Kenexa Corp. (a)

22,600

704

3,850

Construction & Engineering - 0.9%

Fluor Corp.

25,000

2,243

Jacobs Engineering Group, Inc. (a)

38,594

1,800

4,043

Electrical Equipment - 2.7%

ABB Ltd. sponsored ADR

531,700

9,135

General Cable Corp.

42,900

2,292

Vestas Wind Systems AS (a)

7,800

437

11,864

Machinery - 0.1%

IDEX Corp.

4,300

219

TOTAL INDUSTRIALS

33,295

INFORMATION TECHNOLOGY - 42.7%

Communications Equipment - 10.8%

Balda AG

68,200

952

Cisco Systems, Inc. (a)

517,500

13,212

Corning, Inc. (a)

1,500

34

Harris Corp.

128,200

6,532

Nice Systems Ltd. sponsored ADR

75,100

2,555

Nokia Corp. sponsored ADR

215,200

4,932

Polycom, Inc. (a)

53,000

1,766

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

QUALCOMM, Inc.

142,700

$ 6,088

Research In Motion Ltd. (a)

81,500

11,124

47,195

Computers & Peripherals - 6.2%

EMC Corp. (a)

1,170,700

16,214

NCR Corp. (a)

47,500

2,269

Network Appliance, Inc. (a)

112,200

4,098

QLogic Corp. (a)

111,900

1,902

SanDisk Corp. (a)

59,400

2,602

27,085

Internet Software & Services - 6.2%

Akamai Technologies, Inc. (a)(d)

89,700

4,478

eBay, Inc. (a)

167,802

5,563

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

35,758

16,377

Omniture, Inc. (d)

32,350

590

27,008

IT Services - 3.3%

First Data Corp.

88,100

2,370

Infosys Technologies Ltd.

95,895

4,453

The Western Union Co.

358,000

7,858

14,681

Semiconductors & Semiconductor Equipment - 4.7%

Broadcom Corp. Class A (a)

167,400

5,369

Integrated Device Technology, Inc. (a)

159,651

2,462

Linear Technology Corp.

112,937

3,568

Microchip Technology, Inc.

169,200

6,012

PixArt Imaging, Inc.

84,000

1,059

SiRF Technology Holdings, Inc. (a)(d)

83,400

2,315

20,785

Software - 11.5%

Adobe Systems, Inc. (a)

37,600

1,568

Cadence Design Systems, Inc. (a)

42,800

901

Electronic Arts, Inc. (a)

128,573

6,475

FalconStor Software, Inc. (a)(d)

22,700

237

Microsoft Corp.

552,160

15,389

Nintendo Co. Ltd.

47,700

13,865

Nuance Communications, Inc. (a)(d)

82,200

1,258

Red Hat, Inc. (a)

1,800

41

Salesforce.com, Inc. (a)

10,500

450

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Sourcefire, Inc.

38,900

$ 686

THQ, Inc. (a)

154,908

5,296

Ubisoft Entertainment SA (a)

84,659

4,133

50,299

TOTAL INFORMATION TECHNOLOGY

187,053

MATERIALS - 0.3%

Chemicals - 0.3%

Zoltek Companies, Inc. (a)

44,500

1,554

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 1.3%

AT&T, Inc.

146,920

5,793

Wireless Telecommunication Services - 2.4%

America Movil SA de CV Series L sponsored ADR

38,300

1,830

American Tower Corp. Class A (a)

165,298

6,438

SBA Communications Corp. Class A (a)

66,339

1,960

10,228

TOTAL TELECOMMUNICATION SERVICES

16,021

TOTAL COMMON STOCKS

(Cost $417,250)

431,386

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 (000s)

INFORMATION TECHNOLOGY - 0.7%

Communications Equipment - 0.7%

Ciena Corp. 3.75% 2/1/08

$ 2,960

$ 2,901

TOTAL CONVERTIBLE BONDS

(Cost $2,886)

2,901

Money Market Funds - 3.2%

Shares

Fidelity Cash Central Fund, 5.41% (b)

3,154,428

3,154

Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)

10,686,200

10,686

TOTAL MONEY MARKET FUNDS

(Cost $13,840)

13,840

Cash Equivalents - 0.5%

Maturity Amount (000s)

Investments in repurchase agreements in a joint trading account at 5.23%, dated 3/30/07 due 4/2/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $2,117)

$ 2,118

2,117

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $436,544)

450,244

NET OTHER ASSETS - (2.9)%

(12,483)

NET ASSETS - 100%

$ 437,761

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $91,000 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

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value (000s)

$2,117,000 due 4/02/07 at 5.23%

BNP Paribas Securities Corp.

$ 616

Banc of America Securities LLC

214

Barclays Capital, Inc.

727

Deutsche Bank Securities, Inc.

560

$ 2,117

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

$ 817

Fidelity Securities Lending Cash Central Fund

11

Total

$ 828

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $437,149,000. Net unrealized appreciation aggregated $13,095,000, of which $24,566,000 related to appreciated investment securities and $11,471,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income II
Portfolio

March 31, 2007

1.799848.103

GII-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 8.0%

Hotels, Restaurants & Leisure - 0.6%

Jamba, Inc. (a)(d)

52,000

$ 477,360

Starbucks Corp. (a)

24,650

773,024

1,250,384

Household Durables - 1.0%

D.R. Horton, Inc.

19,600

431,200

Koninklijke Philips Electronics NV (NY Shares)

19,700

750,570

Toll Brothers, Inc. (a)

11,100

303,918

Whirlpool Corp.

5,000

424,550

1,910,238

Media - 1.7%

E.W. Scripps Co. Class A

7,000

312,760

News Corp. Class B (d)

52,600

1,287,122

Time Warner, Inc.

90,000

1,774,800

3,374,682

Multiline Retail - 2.8%

Family Dollar Stores, Inc.

19,800

586,476

Federated Department Stores, Inc.

13,700

617,185

JCPenney Co., Inc.

6,900

566,904

Nordstrom, Inc.

7,100

375,874

Saks, Inc.

14,300

298,012

Sears Holdings Corp. (a)

4,500

810,720

Target Corp.

36,900

2,186,694

5,441,865

Specialty Retail - 1.7%

Best Buy Co., Inc.

15,900

774,648

Lowe's Companies, Inc.

7,300

229,877

PETsMART, Inc.

9,003

296,739

Staples, Inc.

53,643

1,386,135

Tiffany & Co., Inc.

12,400

563,952

3,251,351

Textiles, Apparel & Luxury Goods - 0.2%

Liz Claiborne, Inc.

7,900

338,515

TOTAL CONSUMER DISCRETIONARY

15,567,035

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 8.0%

Beverages - 1.0%

Molson Coors Brewing Co. Class B

9,400

$ 889,428

PepsiCo, Inc.

17,700

1,125,012

2,014,440

Food & Staples Retailing - 1.8%

CVS Corp.

28,400

969,576

Safeway, Inc.

14,300

523,952

Wal-Mart Stores, Inc.

37,300

1,751,235

Whole Foods Market, Inc.

6,600

296,010

3,540,773

Food Products - 0.9%

Nestle SA sponsored ADR

19,100

1,855,565

Household Products - 3.3%

Colgate-Palmolive Co.

26,100

1,743,219

Procter & Gamble Co.

72,700

4,591,732

6,334,951

Tobacco - 1.0%

Altria Group, Inc.

3,830

336,312

Altria Group, Inc. (e)

23,600

1,555,004

1,891,316

TOTAL CONSUMER STAPLES

15,637,045

ENERGY - 10.0%

Energy Equipment & Services - 5.5%

Baker Hughes, Inc.

16,030

1,060,064

Cameron International Corp. (a)

39,900

2,505,321

Diamond Offshore Drilling, Inc.

12,100

979,495

Halliburton Co.

28,400

901,416

Nabors Industries Ltd. (a)

24,400

723,948

Schlumberger Ltd. (NY Shares)

40,015

2,765,037

Smith International, Inc.

35,000

1,681,750

10,617,031

Oil, Gas & Consumable Fuels - 4.5%

Devon Energy Corp.

4,000

276,880

EOG Resources, Inc.

15,400

1,098,636

Exxon Mobil Corp.

56,636

4,273,186

Peabody Energy Corp.

13,100

527,144

Petroplus Holdings AG

2,900

206,393

Plains Exploration & Production Co. (a)

16,400

740,296

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Ultra Petroleum Corp. (a)

8,400

$ 446,292

Valero Energy Corp.

18,800

1,212,412

8,781,239

TOTAL ENERGY

19,398,270

FINANCIALS - 21.6%

Capital Markets - 4.2%

Ameriprise Financial, Inc.

18,800

1,074,232

Charles Schwab Corp.

51,520

942,301

E*TRADE Financial Corp.

11,809

250,587

Franklin Resources, Inc.

10,200

1,232,466

Goldman Sachs Group, Inc.

6,800

1,405,084

Investors Financial Services Corp.

23,100

1,343,265

Lehman Brothers Holdings, Inc.

1,200

84,084

State Street Corp.

28,400

1,838,900

8,170,919

Commercial Banks - 3.0%

Commerce Bancorp, Inc., New Jersey (d)

11,900

397,222

Mizuho Financial Group, Inc.

26

167,030

PNC Financial Services Group, Inc.

13,700

985,989

Standard Chartered PLC (United Kingdom)

27,108

780,963

U.S. Bancorp, Delaware

16,600

580,502

Wachovia Corp.

26,051

1,434,108

Wells Fargo & Co.

42,500

1,463,275

5,809,089

Consumer Finance - 0.8%

American Express Co.

19,400

1,094,160

Capital One Financial Corp.

6,100

460,306

1,554,466

Diversified Financial Services - 2.2%

Bank of America Corp.

56,000

2,857,120

Citigroup, Inc.

28,700

1,473,458

4,330,578

Insurance - 9.9%

ACE Ltd.

20,400

1,164,024

AFLAC, Inc.

17,300

814,138

American International Group, Inc.

106,830

7,181,112

Berkshire Hathaway, Inc. Class A (a)

16

1,743,840

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Endurance Specialty Holdings Ltd.

6,997

$ 250,073

Everest Re Group Ltd.

11,200

1,077,104

Fidelity National Financial, Inc. Class A

28,800

691,488

Hartford Financial Services Group, Inc.

17,000

1,624,860

Lincoln National Corp.

13,199

894,760

National Financial Partners Corp.

16,500

774,015

PartnerRe Ltd.

6,200

424,948

Prudential Financial, Inc.

18,300

1,651,758

W.R. Berkley Corp.

28,354

939,084

19,231,204

Real Estate Investment Trusts - 0.1%

Vornado Realty Trust

2,000

238,680

Real Estate Management & Development - 0.5%

Mitsui Fudosan Co. Ltd.

24,000

701,660

Move, Inc.

26,000

144,040

845,700

Thrifts & Mortgage Finance - 0.9%

Countrywide Financial Corp.

4,800

161,472

Hudson City Bancorp, Inc.

59,600

815,328

People's Bank

15,700

697,080

1,673,880

TOTAL FINANCIALS

41,854,516

HEALTH CARE - 12.8%

Biotechnology - 2.1%

Amgen, Inc. (a)

7,390

412,953

Biogen Idec, Inc. (a)

11,700

519,246

Celgene Corp. (a)

9,700

508,862

Cephalon, Inc. (a)

8,400

598,164

Genentech, Inc. (a)

2,900

238,148

Gilead Sciences, Inc. (a)

15,700

1,201,050

PDL BioPharma, Inc. (a)

27,600

598,920

4,077,343

Health Care Equipment & Supplies - 2.8%

Alcon, Inc.

2,400

316,368

Baxter International, Inc.

29,600

1,559,032

Becton, Dickinson & Co.

14,600

1,122,594

C.R. Bard, Inc.

9,800

779,198

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Cooper Companies, Inc.

13,400

$ 651,508

DJO, Inc. (a)

17,900

678,410

St. Jude Medical, Inc. (a)

6,330

238,071

5,345,181

Health Care Providers & Services - 2.8%

Brookdale Senior Living, Inc.

6,100

272,426

Cardinal Health, Inc.

15,700

1,145,315

Health Net, Inc. (a)

15,900

855,579

Healthways, Inc. (a)

1,100

51,425

Henry Schein, Inc. (a)

20,763

1,145,702

I-trax, Inc. (a)

27,800

109,254

Medco Health Solutions, Inc. (a)

13,400

971,902

UnitedHealth Group, Inc.

16,700

884,599

5,436,202

Health Care Technology - 0.1%

IMS Health, Inc.

10,000

296,600

Life Sciences Tools & Services - 0.9%

Affymetrix, Inc. (a)

12,500

375,875

Invitrogen Corp. (a)

12,100

770,165

Millipore Corp. (a)

7,300

529,031

1,675,071

Pharmaceuticals - 4.1%

Allergan, Inc.

6,900

764,658

Johnson & Johnson

26,000

1,566,760

Merck & Co., Inc.

44,400

1,961,148

Novartis AG sponsored ADR

3,500

191,205

Pfizer, Inc.

34,700

876,522

Roche Holding AG (participation certificate)

3,801

672,384

Schering-Plough Corp.

38,900

992,339

Wyeth

20,000

1,000,600

8,025,616

TOTAL HEALTH CARE

24,856,013

INDUSTRIALS - 10.3%

Aerospace & Defense - 3.1%

EDO Corp.

15,000

393,000

General Dynamics Corp.

24,400

1,864,160

Hexcel Corp. (a)

18,500

367,225

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Honeywell International, Inc.

19,400

$ 893,564

United Technologies Corp.

39,100

2,541,500

6,059,449

Air Freight & Logistics - 0.4%

FedEx Corp.

2,300

247,089

United Parcel Service, Inc. Class B

7,900

553,790

800,879

Airlines - 0.4%

AMR Corp.

8,600

261,870

UAL Corp. (a)

11,000

419,870

681,740

Electrical Equipment - 0.7%

Evergreen Solar, Inc. (a)

23,900

233,025

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

14,300

494,923

Vestas Wind Systems AS (a)

9,600

537,837

1,265,785

Industrial Conglomerates - 4.6%

General Electric Co.

187,400

6,626,464

McDermott International, Inc. (a)

37,300

1,826,954

Tyco International Ltd.

16,900

533,195

8,986,613

Machinery - 0.7%

Danaher Corp.

9,300

664,485

Deere & Co.

5,900

640,976

1,305,461

Road & Rail - 0.4%

Landstar System, Inc.

17,700

811,368

TOTAL INDUSTRIALS

19,911,295

INFORMATION TECHNOLOGY - 20.0%

Communications Equipment - 4.4%

Alcatel-Lucent SA sponsored ADR

45,300

535,446

Cisco Systems, Inc. (a)

158,000

4,033,740

Comverse Technology, Inc. (a)

24,900

531,615

Corning, Inc. (a)

37,100

843,654

Harris Corp.

13,900

708,205

Juniper Networks, Inc. (a)

20,000

393,600

Motorola, Inc.

13,300

235,011

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

QUALCOMM, Inc.

29,000

$ 1,237,140

Research In Motion Ltd. (a)

800

109,192

8,627,603

Computers & Peripherals - 3.2%

Apple, Inc. (a)

24,300

2,257,713

Dell, Inc. (a)

7,600

176,396

EMC Corp. (a)

57,600

797,760

Hewlett-Packard Co.

32,500

1,304,550

Network Appliance, Inc. (a)

12,000

438,240

SanDisk Corp. (a)

10,675

467,565

Sun Microsystems, Inc. (a)

112,700

677,327

6,119,551

Electronic Equipment & Instruments - 0.5%

Agilent Technologies, Inc. (a)

28,894

973,439

Internet Software & Services - 2.4%

CMGI, Inc. (a)

83,100

176,172

eBay, Inc. (a)

36,251

1,201,721

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

6,450

2,955,132

Yahoo!, Inc. (a)

13,400

419,286

4,752,311

IT Services - 1.0%

First Data Corp.

29,700

798,930

Paychex, Inc.

18,100

685,447

The Western Union Co.

22,600

496,070

1,980,447

Office Electronics - 0.1%

Canon, Inc.

3,800

203,984

Semiconductors & Semiconductor Equipment - 3.7%

Altera Corp. (a)

9,500

189,905

Applied Materials, Inc.

94,618

1,733,402

ARM Holdings PLC sponsored ADR

25,000

196,250

ASML Holding NV (NY Shares) (a)

7,500

185,625

Broadcom Corp. Class A (a)

26,200

840,234

Fairchild Semiconductor International, Inc. (a)

25,900

433,048

FormFactor, Inc. (a)

11,500

514,625

Infineon Technologies AG sponsored ADR (a)

38,900

605,673

Intersil Corp. Class A

23,300

617,217

Lam Research Corp. (a)

600

28,404

Linear Technology Corp.

9,700

306,423

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Microchip Technology, Inc.

16,100

$ 572,033

National Semiconductor Corp.

29,400

709,716

Samsung Electronics Co. Ltd.

270

161,575

Verigy Ltd.

2,633

61,797

7,155,927

Software - 4.7%

Adobe Systems, Inc. (a)

25,300

1,055,010

Cognos, Inc. (a)

10,300

405,717

Electronic Arts, Inc. (a)

15,000

755,400

Microsoft Corp.

200,800

5,596,296

Oracle Corp. (a)

47,800

866,614

Quest Software, Inc. (a)

21,200

344,924

9,023,961

TOTAL INFORMATION TECHNOLOGY

38,837,223

MATERIALS - 2.6%

Chemicals - 1.2%

Monsanto Co.

20,800

1,143,168

Praxair, Inc.

19,700

1,240,312

2,383,480

Containers & Packaging - 0.4%

Owens-Illinois, Inc.

13,100

337,587

Smurfit-Stone Container Corp.

28,600

322,036

659,623

Metals & Mining - 1.0%

Alcoa, Inc.

26,500

898,350

Meridian Gold, Inc. (a)

15,400

393,162

Titanium Metals Corp.

18,130

650,504

1,942,016

TOTAL MATERIALS

4,985,119

TELECOMMUNICATION SERVICES - 3.3%

Diversified Telecommunication Services - 2.8%

AT&T, Inc.

103,000

4,061,290

Level 3 Communications, Inc. (a)

70,400

429,440

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Qwest Communications International, Inc. (a)

53,000

$ 476,470

Verizon Communications, Inc.

10,000

379,200

5,346,400

Wireless Telecommunication Services - 0.5%

American Tower Corp. Class A (a)

25,700

1,001,015

TOTAL TELECOMMUNICATION SERVICES

6,347,415

UTILITIES - 0.9%

Electric Utilities - 0.6%

Exelon Corp.

17,900

1,229,909

Independent Power Producers & Energy Traders - 0.3%

TXU Corp.

8,700

557,670

TOTAL UTILITIES

1,787,579

TOTAL COMMON STOCKS

(Cost $165,338,202)

189,181,510

Money Market Funds - 3.4%

Fidelity Cash Central Fund, 5.41% (b)

4,662,361

4,662,361

Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)

1,984,300

1,984,300

TOTAL MONEY MARKET FUNDS

(Cost $6,646,661)

6,646,661

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $171,984,863)

195,828,171

NET OTHER ASSETS - (0.9)%

(1,827,687)

NET ASSETS - 100%

$ 194,000,484

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

$ 338,691

Fidelity Securities Lending Cash Central Fund

23,407

Total

$ 362,098

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $172,766,758. Net unrealized appreciation aggregated $23,061,413, of which $25,419,078 related to appreciated investment securities and $2,357,665 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Hastings Street Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 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:

May 30, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

May 30, 2007