N-CSR 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:	June 30, 2007

Item 1. Reports to Stockholders

Fidelity Fifty®

Annual Report

June 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
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.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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.

Annual Report

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 holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Stocks are currently on pace to register their fifth-straight year of positive returns, although gains could be trimmed if the U.S. economy continues to slow. 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

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended June 30, 2007	Past 1 year	Past 5 years	Past 10 years
Fidelity Fifty®	20.47%	11.07%	10.41%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Fifty® on June 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from Peter Saperstone, Portfolio Manager of Fidelity Fifty®

U.S. equities had outstanding results during the 12-month period ending June 30, 2007, with several market benchmarks landing in record-high territory. Large-cap stock returns surpassed those of small-cap stocks, while value continued to lead growth, although that trend reversed in the second half of the period. Each of the 10 major market sectors finished the period with a double-digit return, led by telecommunication services, which gained roughly 39%. Materials had the second-best performance, followed closely by energy. Financials, though up nearly 15%, had the lowest return, hurt by anxiety in the capital markets related to the sell-off in subprime mortgage securities and rising interest rates. For the 12 months overall, the blue-chip Dow Jones Industrial Average^SM had one of the best showings of any broad-based U.S. equity yardstick, rising 23.04%. The Standard & Poor's 500^SM Index was up 20.59%, while the small-cap-oriented Russell 2000® Index climbed 16.43%. The technology-rich NASDAQ Composite® Index gained 20.72%, reflecting investors' renewed enthusiasm for the sector.

During the past year, the fund gained 20.47%, about in line with the S&P 500®. After taking over the fund in November 2006, I made extensive changes to its sector weightings based on my bottom-up stock selection process. On the whole, these changes benefited performance. Stock selection in industrials and materials aided our results versus the index. An overweighting in the strong-performing telecommunication services sector and an underweighting in financials also helped, as did rewarding picks in the software and services segment of the technology sector. Auto and equipment rental provider Hertz Global Holdings was the top contributor, as management continued to improve operations. Also helping was Canada-based Novelis, a producer of rolled aluminum products that received a favorable buyout offer. Other contributors included Canada's Research In Motion, maker of the BlackBerry messaging device, AT&T and NAVTEQ, a provider of digital map information. Conversely, an underweighting and unrewarding picks in energy hurt performance, as did an overweighting in consumer discretionary. My choices in both semiconductors and semiconductor equipment and in household and personal products detracted as well. Individual detractors included US Airways Group, long-distance telecom services provider Global Crossing, refiner Valero energy, integrated energy giant Exxon Mobil and oil/gas producer Ultra Petroleum. I sold some of these positions before period end, and several stocks I've mentioned were out-of-index positions.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual 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 (January 1, 2007 to June 30, 2007).

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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Annual Report

Shareholder Expense Example - continued

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. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2007	Ending Account Value June 30, 2007	Expenses Paid During Period^* January 1, 2007 to June 30, 2007
Actual	$ 1,000.00	$ 1,126.50	$ 4.69
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.38	$ 4.46

* Expenses are equal to the Fund's annualized expense ratio of .89%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	8.1	8.4
Time Warner, Inc.	6.3	6.3
The Walt Disney Co.	5.8	1.0
Harman International Industries, Inc.	5.4	4.1
NAVTEQ Corp.	4.9	3.0
Hertz Global Holdings, Inc.	4.6	2.8
Agilent Technologies, Inc.	4.6	6.1
Sears Holdings Corp.	3.8	2.9
Juniper Networks, Inc.	3.7	3.7
American Tower Corp. Class A	3.3	2.9
	50.5
Top Five Market Sectors as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	30.2	38.2
Consumer Discretionary	27.9	24.4
Telecommunication Services	15.2	13.9
Industrials	14.9	12.7
Financials	3.7	0.0

Asset Allocation (% of fund's net assets)
As of June 30, 2007 *			As of December 31, 2006 **
	Stocks 99.0%			Stocks 99.1%
	Short-Term Investments and Net Other Assets 1.0%			Short-Term Investments and Net Other Assets 0.9%
* Foreign investments		16.1%	** Foreign investments		14.2%

Annual Report

Investments June 30, 2007

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSUMER DISCRETIONARY - 27.9%
Automobiles - 2.0%
Renault SA	188,103		$ 30,348,315
Diversified Consumer Services - 4.6%
DeVry, Inc.	833,855		28,367,747
Weight Watchers International, Inc. (d)	787,306		40,026,637
			68,394,384
Hotels, Restaurants & Leisure - 0.0%
Starbucks Corp. (a)	4,400		115,456
Household Durables - 5.4%
Harman International Industries, Inc.	685,541		80,071,189
Media - 12.1%
The Walt Disney Co.	2,515,200		85,868,928
Time Warner, Inc.	4,461,500		93,869,960
			179,738,888
Multiline Retail - 3.8%
Sears Holdings Corp. (a)	329,193		55,798,214
TOTAL CONSUMER DISCRETIONARY			414,466,446
CONSUMER STAPLES - 1.7%
Beverages - 1.7%
Molson Coors Brewing Co. Class B	269,300		24,899,478
ENERGY - 1.9%
Energy Equipment & Services - 1.1%
Diamond Offshore Drilling, Inc.	152,500		15,487,900
Oil, Gas & Consumable Fuels - 0.8%
EOG Resources, Inc.	166,000		12,127,960
TOTAL ENERGY			27,615,860
FINANCIALS - 3.7%
Capital Markets - 3.7%
EFG International	667,840		30,833,477
Goldman Sachs Group, Inc.	58,600		12,701,550
Greenhill & Co., Inc. (d)	168,100		11,550,151
			55,085,178
Real Estate Management & Development - 0.0%
The St. Joe Co. (d)	2,600		120,484
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.0%
Countrywide Financial Corp.	4,000		$ 145,400
TOTAL FINANCIALS			55,351,062
HEALTH CARE - 1.7%
Biotechnology - 0.0%
Cepheid, Inc. (a)	11,500		167,900
Health Care Technology - 1.7%
Health Corp. (a)	1,824,091		25,555,515
TOTAL HEALTH CARE			25,723,415
INDUSTRIALS - 14.9%
Airlines - 1.5%
Delta Air Lines, Inc. (a)	1,155,417		22,761,715
Commercial Services & Supplies - 0.0%
Waste Management, Inc.	3,500		136,675
Electrical Equipment - 6.3%
ABB Ltd. sponsored ADR	1,457,900		32,948,540
Nexans SA	101,400		16,989,663
Prysmian SpA	1,787,194		43,441,439
			93,379,642
Machinery - 2.5%
Flowserve Corp.	521,800		37,360,880
Marine - 0.0%
Diana Shipping, Inc.	7,300		163,520
Road & Rail - 4.6%
Hertz Global Holdings, Inc.	2,582,900		68,627,653
TOTAL INDUSTRIALS			222,430,085
INFORMATION TECHNOLOGY - 30.2%
Communications Equipment - 8.0%
Infinera Corp.	87,900		2,190,468
Juniper Networks, Inc. (a)	2,199,355		55,357,765
Opnext, Inc.	1,568,365		20,765,153
Powerwave Technologies, Inc. (a)(d)	2,110,700		14,141,690
QUALCOMM, Inc.	621,000		26,945,190
			119,400,266
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 5.2%
SanDisk Corp. (a)	980,025		$ 47,962,424
Sun Microsystems, Inc. (a)	5,464,540		28,743,480
			76,705,904
Electronic Equipment & Instruments - 4.6%
Agilent Technologies, Inc. (a)	1,777,800		68,338,632
IT Services - 2.7%
Mastercard, Inc. Class A (d)	99,662		16,530,936
The Western Union Co.	1,132,200		23,583,726
			40,114,662
Semiconductors & Semiconductor Equipment - 0.0%
SiRF Technology Holdings, Inc. (a)	7,400		153,476
Software - 9.7%
Electronic Arts, Inc. (a)	896,652		42,429,573
NAVTEQ Corp. (a)(d)	1,708,190		72,324,765
Nintendo Co. Ltd.	79,500		29,160,599
			143,914,937
TOTAL INFORMATION TECHNOLOGY			448,627,877
MATERIALS - 1.8%
Construction Materials - 0.9%
Texas Industries, Inc. (d)	161,600		12,671,056
Metals & Mining - 0.9%
Arcelor Mittal	225,600		14,077,440
TOTAL MATERIALS			26,748,496
TELECOMMUNICATION SERVICES - 15.2%
Diversified Telecommunication Services - 11.0%
AT&T, Inc.	2,899,100		120,312,648
Global Crossing Ltd. (a)	1,510,000		28,508,800
Level 3 Communications, Inc. (a)	2,530,500		14,803,425
			163,624,873
Wireless Telecommunication Services - 4.2%
American Tower Corp. Class A (a)	1,162,000		48,804,000
Vodafone Group PLC sponsored ADR	425,900		14,323,017
			63,127,017
TOTAL TELECOMMUNICATION SERVICES			226,751,890
Common Stocks - continued
	Shares		Value
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Dynegy, Inc. Class A (a)	13,400		$ 126,496
Mirant Corp. (a)	3,100		132,215
NRG Energy, Inc. (a)	3,400		141,338
			400,049
TOTAL COMMON STOCKS (Cost $1,312,675,533)		1,473,014,658
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 5.32% (b)	86,759,068		86,759,068
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)	19,890,763		19,890,763
TOTAL MONEY MARKET FUNDS (Cost $106,649,831)		106,649,831
TOTAL INVESTMENT PORTFOLIO - 106.2% (Cost $1,419,325,364)			1,579,664,489
NET OTHER ASSETS - (6.2)%			(92,212,764)
NET ASSETS - 100%		$ 1,487,451,725

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.

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	$ 1,656,306
Fidelity Securities Lending Cash Central Fund	457,312
Total	$ 2,113,618

Other Information

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

United States of America	83.9%
Switzerland	4.3%
France	3.2%
Italy	2.9%
Japan	2.0%
Bermuda	1.9%
Others (individually less than 1%)	1.8%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2007
Assets
Investment in securities, at value (including securities loaned of $19,216,456) - See accompanying schedule: Unaffiliated issuers (cost $1,312,675,533)	$ 1,473,014,658
Fidelity Central Funds (cost $106,649,831)	106,649,831
Total Investments (cost $1,419,325,364)		$ 1,579,664,489
Foreign currency held at value (cost $63,921)		64,378
Receivable for investments sold		5,687,364
Receivable for fund shares sold		2,087,243
Dividends receivable		1,682,035
Distributions receivable from Fidelity Central Funds		55,083
Prepaid expenses		2,710
Other receivables		24,534
Total assets		1,589,267,836

Liabilities
Payable for investments purchased	$ 64,378
Payable for fund shares redeemed	80,632,001
Accrued management fee	849,723
Other affiliated payables	337,262
Other payables and accrued expenses	41,984
Collateral on securities loaned, at value	19,890,763
Total liabilities		101,816,111

Net Assets		$ 1,487,451,725
Net Assets consist of:
Paid in capital		$ 1,116,103,536
Undistributed net investment income		1,079,975
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		209,950,807
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		160,317,407
Net Assets, for 57,017,181 shares outstanding		$ 1,487,451,725
Net Asset Value, offering price and redemption price per share ($1,487,451,725 ÷ 57,017,181 shares)		$ 26.09

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

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended June 30, 2007
Investment Income
Dividends		$ 12,643,075
Interest		95,721
Income from Fidelity Central Funds		2,113,618
Total income		14,852,414

Expenses
Management fee Basic fee	$ 7,412,485
Performance adjustment	(223,119)
Transfer agent fees	3,189,681
Accounting and security lending fees	417,848
Custodian fees and expenses	56,550
Independent trustees' compensation	4,280
Registration fees	79,826
Audit	53,023
Legal	28,065
Interest	11,382
Miscellaneous	10,094
Total expenses before reductions	11,040,115
Expense reductions	(140,204)	10,899,911
Net investment income (loss)		3,952,503
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $1,929,881)	210,801,310
Foreign currency transactions	(408,573)
Total net realized gain (loss)		210,392,737
Change in net unrealized appreciation (depreciation) on: Investment securities	37,840,339
Assets and liabilities in foreign currencies	(21,718)
Total change in net unrealized appreciation (depreciation)		37,818,621
Net gain (loss)		248,211,358
Net increase (decrease) in net assets resulting from operations		$ 252,163,861

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

Annual Report

Statement of Changes in Net Assets

	Year ended June 30, 2007	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,952,503	$ 4,568,265
Net realized gain (loss)	210,392,737	125,175,197
Change in net unrealized appreciation (depreciation)	37,818,621	13,891,020
Net increase (decrease) in net assets resulting from operations	252,163,861	143,634,482
Distributions to shareholders from net investment income	(4,645,410)	(389,287)
Distributions to shareholders from net realized gain	(91,127,090)	(6,228,409)
Total distributions	(95,772,500)	(6,617,696)
Share transactions Proceeds from sales of shares	488,434,858	458,115,692
Reinvestment of distributions	93,419,538	6,473,994
Cost of shares redeemed	(446,446,711)	(201,045,014)
Net increase (decrease) in net assets resulting from share transactions	135,407,685	263,544,672
Redemption fees	4,779	28,643
Total increase (decrease) in net assets	291,803,825	400,590,101

Net Assets
Beginning of period	1,195,647,900	795,057,799
End of period (including undistributed net investment income of $1,079,975 and undistributed net investment income of $4,205,558, respectively)	$ 1,487,451,725	$ 1,195,647,900
Other Information Shares
Sold	20,712,293	19,587,055
Issued in reinvestment of distributions	4,525,411	282,091
Redeemed	(18,833,956)	(8,861,415)
Net increase (decrease)	6,403,748	11,007,731

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

Annual Report

Financial Highlights

Years ended June 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 23.62	$ 20.07	$ 19.59	$ 17.90	$ 17.19
Income from Investment Operations
Net investment income (loss) ^B	.07	.11 ^E	.07 ^F	(.05)	.11
Net realized and unrealized gain (loss)	4.27	3.61	.49	1.77	.73
Total from investment operations	4.34	3.72	.56	1.72	.84
Distributions from net investment income	(.09)	(.01)	(.08)	(.03)	(.13)
Distributions from net realized gain	(1.78)	(.16)	-	-	-
Total distributions	(1.87)	(.17)	(.08)	(.03)	(.13)
Redemption fee added to paid in capital ^B	- ^H, ^I	- ^H	- ^H	- ^H	- ^H
Net asset value, end of period	$ 26.09	$ 23.62	$ 20.07	$ 19.59	$ 17.90
Total Return ^A	20.47%	18.56%	2.85%	9.63%	4.98%
Ratios to Average Net Assets ^{C, G}
Expenses before reductions	.84%	.79%	.97%	1.05%	1.08%
Expenses net of fee waivers, if any	.84%	.79%	.97%	1.05%	1.08%
Expenses net of all reductions	.83%	.77%	.92%	.99%	.93%
Net investment income (loss)	.30%	.46% ^E	.35% ^F	(.29)%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,487,452	$ 1,195,648	$ 795,058	$ 926,174	$ 892,524
Portfolio turnover rate ^D	236%	107%	110%	161%	230%

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

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

^C 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.

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

^E 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%.

^F 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)%.

^G 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.

^H Amount represents less than $.01 per share.

^I The redemption fee was eliminated during the year ended June 30, 2007.

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2007

1. Organization.

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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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.

3. Significant Accounting Policies.

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:

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.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

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. 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 cannot 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.

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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 distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds 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.

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.

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 will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, certain foreign taxes, deferred trustees compensation and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 191,695,039
Unrealized depreciation	(32,730,013)
Net unrealized appreciation (depreciation)	158,965,026
Undistributed ordinary income	62,889,000
Undistributed long-term capital gain	116,314,636

Cost for federal income tax purposes	$ 1,420,699,463

The tax character of distributions paid was as follows:

	June 30, 2007	June 30, 2006
Ordinary Income	$ 25,635,358	$ 389,287
Long-term Capital Gains	70,137,142	6,228,409
Total	$ 95,772,500	$ 6,617,696

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.

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 has concluded that the adoption of FIN 48 will not result in a material impact on the Fund's net assets, results of operations and financial statement disclosures.

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.

Annual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,090,050,721 and $3,047,938,226, respectively.

6. 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 .26% 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 annual management fee rate, including the performance adjustment, was .55% 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 annual rate of .24% of average net assets.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

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.

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 $24,385 for the period.

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	$ 7,578,600	5.41%	$ 11,382

7. 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 $3,090 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Annual Report

8. Security Lending - continued

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 $457,312.

9. 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 $67,178 for the period. In addition, through arrangements with the Fund's 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 transfer agent expenses $55,910.

10. 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.

Annual Report

Notes to Financial Statements - continued

10. Other - continued

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.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Fifty:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Fifty (a fund of Fidelity Hastings Street Trust) at June 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Fifty's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2007

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 353 funds advised by FMR or an affiliate. Mr. Curvey oversees 317 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-554-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (66)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (62)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers:

Correspondence intended for Mr. Mauriello may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (72)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Fidelity Fifty. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Philip L. Bullen (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity Fifty. Mr. Bullen also serves as Vice President of certain Equity Funds (2006-present). Mr. Bullen is Senior Vice President of FMR (2001-present) and FMR Co., Inc. (2001-present). Previously, Mr. Bullen served as President and a Director of Fidelity Research & Analysis Company (2001-2005), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002-2006), and a Director of Strategic Advisers, Inc. (2002-2005).
Dwight D. Churchill (53)
	Year of Election or Appointment: 2005 Vice President of Fidelity Fifty. Mr. Churchill also serves as Vice President of certain Equity Funds (2005-present). Mr. Churchill is Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present). Previously, Mr. Churchill served as Senior Vice President of Fidelity Investments Money Management, Inc. (2005-2006), Head of Fidelity's Fixed-Income Division (2000-2005), Vice President of Fidelity's Money Market Funds (2000-2005), Vice President of Fidelity's Bond Funds, and Senior Vice President of FMR.
Peter Saperstone (40)
	Year of Election or Appointment: 2006 Vice President of Fidelity Fifty. Mr. Saperstone also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Saperstone worked as a research analyst and manager. Mr. Saperstone also serves as Vice President of FMR and FMR Co., Inc. (2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Fidelity Fifty. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Fidelity Fifty. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Fidelity Fifty. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Fidelity Fifty. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity Fifty. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fifty. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (37)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fifty. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Fifty. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Fidelity Fifty. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Gary W. Ryan (48)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Fifty. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).
Salvatore Schiavone (41)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Fifty. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003).

Annual Report

Distributions

The Board of Trustees of Fidelity Fifty voted to pay on August 6, 2007, to shareholders of record at the opening of business on August 3, 2007 a distribution of $3.07 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.02 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2007, $116,314,640, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 32% and 100% of the dividends distributed in August 2006 and December 2006, respectively as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 35% and 100% of the dividends distributed in August 2006 and December 2006, respectively as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual 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.

Annual 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

Annual 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

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-UANN-0807
1.787732.104

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

Fidelity®

Fund

Annual Report

June 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
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.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<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.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended June 30, 2007	Past 1 year	Past 5 years	Past 10 years
Fidelity ® Fund	20.86%	10.34%	7.48%

$10,000 Over 10 years

Let's say hypothetically that $10,000 was invested in Fidelity® Fund on June 30, 1997. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from John Avery, Portfolio Manager of Fidelity® Fund

During the past year, the fund returned 20.86%, edging the S&P 500®. Performance was aided by the industrials sector, where the fund benefited from favorable stock selection and its underweighted exposure versus the index. Stock picking also helped in materials and utilities. At the company level, Monsanto was the top contributor. With its hardy, genetically modified seeds, Monsanto was a key player in the effort to improve crop yields. Japanese video-game maker Nintendo also aided our results, driven by robust sales of its Wii hardware platform. Honeywell International enjoyed healthy demand in both of its core business lines, avionics and building controls. Owning publisher McGraw-Hill and Switzerland-based ABB, a provider of infrastructure for the electric power industry, proved timely as well. Conversely, the fund was hurt by unrewarding stock picking in energy, information technology and consumer discretionary. Office supplies retailer Staples was our biggest detractor. Spending by small-business owners was lackluster, and I trimmed the position. In energy, underweighting Exxon Mobil and not owning Chevron detracted. The share price of Citrix Systems, a provider of technology solutions that enable on-demand access to information and applications, declined in part because a new product cycle never materialized, and I sold the stock. In the case of Swiss pharmaceutical stock Roche Holding, I think its underperfomance was a case of investors chasing more-glamorous stocks in a rising market.

Annual 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 (January 1, 2007 to June 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Beginning Account Value January 1, 2007	Ending Account Value June 30, 2007	Expenses Paid During Period* January 1, 2007 to June 30, 2007
Actual	$ 1,000.00	$ 1,090.00	$ 2.90
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,022.02	$ 2.81

* Expenses are equal to the Fund's annualized expense ratio of .56%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
McGraw-Hill Companies, Inc.	3.0	3.2
Google, Inc. Class A (sub. vtg.)	3.0	2.7
Monsanto Co.	2.9	2.5
Verizon Communications, Inc.	2.3	1.7
Nintendo Co. Ltd.	2.2	0.6
Merrill Lynch & Co., Inc.	2.0	3.1
Valero Energy Corp.	2.0	0.9
Roche Holding AG (participation certificate)	1.9	2.1
Becton, Dickinson & Co.	1.9	1.8
Wyeth	1.9	1.1
	23.1
Top Five Market Sectors as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.6	22.7
Information Technology	17.3	18.7
Health Care	12.1	11.9
Industrials	10.9	10.4
Energy	10.5	8.1

Asset Allocation (% of fund's net assets)
As of June 30, 2007 *			As of December 31, 2006 **
	Stocks 99.4%			Stocks 99.9%
	Short-Term Investments and Net Other Assets 0.6%			Short-Term Investments and Net Other Assets 0.1%
* Foreign investments		18.7%	** Foreign investments		15.5%

Annual Report

Investments June 30, 2007

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.1%
Automobiles - 0.4%
General Motors Corp. (d)	705,800		$ 26,679
Hotels, Restaurants & Leisure - 1.1%
McDonald's Corp.	825,500		41,902
Starwood Hotels & Resorts Worldwide, Inc.	443,000		29,712
Vail Resorts, Inc. (a)	174,600		10,628
			82,242
Household Durables - 0.6%
Koninklijke Philips Electronics NV (NY Shares)	462,000		19,552
LG Electronics, Inc.	343,870		28,437
			47,989
Media - 4.9%
Getty Images, Inc. (a)	152,200		7,277
Liberty Global, Inc. Class A (a)	486,200		19,954
McGraw-Hill Companies, Inc.	3,243,500		220,813
News Corp. Class B	535,100		12,275
Regal Entertainment Group Class A (d)	1,354,628		29,707
Time Warner, Inc.	3,364,400		70,787
			360,813
Multiline Retail - 1.7%
Macy's, Inc.	2,798,000		111,304
Sears Holdings Corp. (a)	106,100		17,984
			129,288
Specialty Retail - 1.4%
AutoZone, Inc. (a)	243,300		33,240
PETsMART, Inc.	1,093,451		35,482
Staples, Inc.	1,321,650		31,363
			100,085
TOTAL CONSUMER DISCRETIONARY			747,096
CONSUMER STAPLES - 7.1%
Beverages - 1.1%
PepsiCo, Inc.	1,203,090		78,020
Food & Staples Retailing - 0.5%
Rite Aid Corp. (a)(d)	5,569,100		35,531
Food Products - 2.5%
Bunge Ltd.	672,000		56,784
Kellogg Co.	380,600		19,711
Lindt & Spruengli AG (participation certificate) (d)	12,834		34,974
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Nestle SA (Reg.)	151,267		$ 57,875
Tyson Foods, Inc. Class A	694,000		15,990
			185,334
Household Products - 1.5%
Colgate-Palmolive Co.	428,100		27,762
Procter & Gamble Co.	1,390,044		85,057
			112,819
Tobacco - 1.5%
Altria Group, Inc.	1,605,300		112,596
TOTAL CONSUMER STAPLES			524,300
ENERGY - 10.5%
Energy Equipment & Services - 2.2%
Schlumberger Ltd. (NY Shares)	1,545,900		131,309
Transocean, Inc. (a)	291,500		30,893
			162,202
Oil, Gas & Consumable Fuels - 8.3%
Cameco Corp.	352,200		17,854
Chesapeake Energy Corp. (d)	1,137,800		39,368
Devon Energy Corp.	169,800		13,294
Energy Transfer Partners LP	121,500		7,500
EOG Resources, Inc.	481,100		35,149
Exxon Mobil Corp.	1,551,400		130,131
Marathon Oil Corp.	1,634,100		97,981
Occidental Petroleum Corp.	1,125,400		65,138
Peabody Energy Corp.	356,100		17,228
Ultra Petroleum Corp. (a)	541,079		29,889
Valero Energy Corp.	1,998,900		147,639
Williams Companies, Inc.	598,100		18,912
			620,083
TOTAL ENERGY			782,285
FINANCIALS - 18.6%
Capital Markets - 6.3%
Goldman Sachs Group, Inc.	451,700		97,906
Greenhill & Co., Inc.	112,800		7,750
Julius Baer Holding AG (Bearer)	588,678		42,358
Lazard Ltd. Class A	580,300		26,131
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Merrill Lynch & Co., Inc.	1,804,100		$ 150,787
Morgan Stanley	415,700		34,869
State Street Corp.	1,319,300		90,240
T. Rowe Price Group, Inc.	373,900		19,402
			469,443
Commercial Banks - 1.3%
First Community Bancorp, California	67,300		3,850
PNC Financial Services Group, Inc.	305,500		21,868
Wells Fargo & Co.	2,049,500		72,081
			97,799
Consumer Finance - 1.6%
American Express Co.	1,912,892		117,031
Diversified Financial Services - 2.7%
Bank of America Corp.	1,911,065		93,432
Citigroup, Inc.	1,041,700		53,429
Deutsche Boerse AG	266,100		30,162
Moody's Corp.	377,400		23,474
			200,497
Insurance - 3.7%
American International Group, Inc.	1,303,700		91,298
Berkshire Hathaway, Inc. Class A (a)	265		29,011
Hartford Financial Services Group, Inc.	592,500		58,367
MetLife, Inc.	627,600		40,468
Prudential Financial, Inc.	177,800		17,287
Willis Group Holdings Ltd.	850,400		37,469
			273,900
Real Estate Management & Development - 2.0%
Mitsubishi Estate Co. Ltd.	2,281,000		62,044
Mitsui Fudosan Co. Ltd.	3,000,000		84,281
			146,325
Thrifts & Mortgage Finance - 1.0%
Countrywide Financial Corp.	984,100		35,772
Fannie Mae	499,400		32,626
FirstFed Financial Corp., Delaware (a)	182,700		10,365
			78,763
TOTAL FINANCIALS			1,383,758
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 12.1%
Biotechnology - 2.2%
Biogen Idec, Inc. (a)	289,117		$ 15,468
Celgene Corp. (a)	603,400		34,593
Cephalon, Inc. (a)	232,700		18,707
CSL Ltd.	516,500		38,541
Gilead Sciences, Inc. (a)	919,000		35,630
PDL BioPharma, Inc. (a)	746,100		17,384
			160,323
Health Care Equipment & Supplies - 3.5%
Becton, Dickinson & Co.	1,890,100		140,812
C.R. Bard, Inc.	1,300,800		107,485
Phonak Holding AG	161,858		14,575
			262,872
Health Care Providers & Services - 0.3%
Medco Health Solutions, Inc. (a)	320,000		24,957
Health Care Technology - 0.2%
Cerner Corp. (a)	268,000		14,866
Pharmaceuticals - 5.9%
Elan Corp. PLC sponsored ADR (a)	1,561,600		34,246
Merck & Co., Inc.	1,706,300		84,974
Roche Holding AG (participation certificate)	802,809		142,820
Schering-Plough Corp.	1,188,600		36,181
Wyeth	2,442,140		140,032
			438,253
TOTAL HEALTH CARE			901,271
INDUSTRIALS - 10.9%
Aerospace & Defense - 6.1%
General Dynamics Corp.	929,900		72,737
Goodrich Corp.	541,000		32,222
Hexcel Corp. (a)(d)	1,243,000		26,190
Honeywell International, Inc.	2,233,900		125,724
Lockheed Martin Corp.	954,030		89,803
Rolls-Royce Group PLC	2,004,821		21,679
The Boeing Co.	860,800		82,775
			451,130
Air Freight & Logistics - 0.4%
Panalpina Welttransport Holding AG	128,110		27,162
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 0.8%
Consolidated Graphics, Inc. (a)	303,068		$ 20,997
Stericycle, Inc. (a)	443,600		19,722
The Brink's Co.	342,700		21,210
			61,929
Construction & Engineering - 0.7%
Fluor Corp.	276,100		30,749
Quanta Services, Inc. (a)	677,100		20,767
			51,516
Electrical Equipment - 1.1%
ABB Ltd. (Reg.)	2,770,685		63,053
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	538,400		19,635
			82,688
Industrial Conglomerates - 1.8%
General Electric Co.	1,399,026		53,555
Siemens AG sponsored ADR	224,500		32,117
Tyco International Ltd.	1,399,700		47,296
			132,968
TOTAL INDUSTRIALS			807,393
INFORMATION TECHNOLOGY - 17.3%
Communications Equipment - 3.3%
Cisco Systems, Inc. (a)	4,566,276		127,171
Harris Corp.	633,900		34,579
QUALCOMM, Inc.	2,008,572		87,152
			248,902
Computers & Peripherals - 4.0%
Apple, Inc. (a)	816,900		99,694
Hewlett-Packard Co.	843,400		37,633
NCR Corp. (a)	1,523,421		80,041
SanDisk Corp. (a)	606,500		29,682
Sun Microsystems, Inc. (a)	9,096,800		47,849
			294,899
Electronic Equipment & Instruments - 1.1%
Amphenol Corp. Class A	2,309,800		82,344
Internet Software & Services - 3.0%
Google, Inc. Class A (sub. vtg.) (a)	421,285		220,492
IT Services - 0.4%
Cognizant Technology Solutions Corp. Class A (a)	417,000		31,313
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Office Electronics - 0.3%
Canon, Inc.	330,850		$ 19,401
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc. (a)	2,442,400		34,926
Applied Materials, Inc.	2,310,100		45,902
Broadcom Corp. Class A (a)	1,187,821		34,744
Fairchild Semiconductor International, Inc. (a)	661,800		12,786
Infineon Technologies AG sponsored ADR (a)	2,849,100		47,096
Micron Technology, Inc. (a)	326,400		4,090
Nec Electronics Corp. (a)	293,700		7,726
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,720,759		19,152
			206,422
Software - 2.4%
Nintendo Co. Ltd.	439,200		161,099
Red Hat, Inc. (a)	801,100		17,849
			178,948
TOTAL INFORMATION TECHNOLOGY			1,282,721
MATERIALS - 5.5%
Chemicals - 5.0%
Agrium, Inc.	544,100		23,848
Ecolab, Inc.	1,150,900		49,143
Monsanto Co.	3,204,854		216,456
Praxair, Inc.	1,065,222		76,685
			366,132
Metals & Mining - 0.5%
Allegheny Technologies, Inc.	193,800		20,326
Arcelor Mittal	303,100		18,913
			39,239
TOTAL MATERIALS			405,371
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 4.1%
AT&T, Inc.	3,215,795		133,455
Verizon Communications, Inc.	4,215,500		173,552
			307,007
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 3.2%
Electric Utilities - 1.6%
E.ON AG	254,467		$ 42,476
Entergy Corp.	328,900		35,307
PPL Corp.	412,700		19,310
Reliant Energy, Inc. (a)	757,800		20,423
			117,516
Independent Power Producers & Energy Traders - 1.4%
Constellation Energy Group, Inc.	406,000		35,391
Dynegy, Inc. Class A (a)	3,284,200		31,003
NRG Energy, Inc. (a)	839,000		34,877
			101,271
Multi-Utilities - 0.2%
Sempra Energy	259,300		15,358
TOTAL UTILITIES			234,145
TOTAL COMMON STOCKS (Cost $5,818,379)		7,375,347
Money Market Funds - 1.7%

Fidelity Cash Central Fund, 5.32% (b)	36,572,220		36,572
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)	90,386,950		90,387
TOTAL MONEY MARKET FUNDS (Cost $126,959)		126,959
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $5,945,338)			7,502,306
NET OTHER ASSETS - (1.1)%			(83,897)
NET ASSETS - 100%		$ 7,418,409

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,494
Fidelity Securities Lending Cash Central Fund	707
Total	$ 2,201

Other Information

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

United States of America	81.3%
Switzerland	5.2%
Japan	4.6%
Germany	2.0%
Netherlands Antilles	1.8%
Bermuda	1.5%
Others (individually less than 1%)	3.6%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	June 30, 2007
Assets
Investment in securities, at value (including securities loaned of $88,066) - See accompanying schedule: Unaffiliated issuers (cost $5,818,379)	$ 7,375,347
Fidelity Central Funds (cost $126,959)	126,959
Total Investments (cost $5,945,338)		$ 7,502,306
Foreign currency held at value (cost $1,824)		1,824
Receivable for investments sold		98,354
Receivable for fund shares sold		3,503
Dividends receivable		5,954
Distributions receivable from Fidelity Central Funds		138
Prepaid expenses		19
Other receivables		320
Total assets		7,612,418

Liabilities
Payable for investments purchased	$ 12,602
Payable for fund shares redeemed	87,224
Accrued management fee	2,197
Other affiliated payables	1,267
Other payables and accrued expenses	332
Collateral on securities loaned, at value	90,387
Total liabilities		194,009

Net Assets		$ 7,418,409
Net Assets consist of:
Paid in capital		$ 5,746,230
Undistributed net investment income		20,796
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		94,415
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,556,968
Net Assets, for 190,313 shares outstanding		$ 7,418,409
Net Asset Value, offering price and redemption price per share ($7,418,409 ÷ 190,313 shares)		$ 38.98

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended June 30, 2007
Investment Income
Dividends		$ 106,415
Interest		33
Income from Fidelity Central Funds		2,201
Total income		108,649

Expenses
Management fee	$ 27,113
Transfer agent fees	14,611
Accounting and security lending fees	1,178
Custodian fees and expenses	264
Independent trustees' compensation	27
Depreciation in deferred trustee compensation account	(3)
Registration fees	42
Audit	101
Legal	131
Interest	97
Miscellaneous	(18)
Total expenses before reductions	43,543
Expense reductions	(713)	42,830
Net investment income (loss)		65,819
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	775,838
Foreign currency transactions	(238)
Total net realized gain (loss)		775,600
Change in net unrealized appreciation (depreciation) on: Investment securities	612,459
Assets and liabilities in foreign currencies	(5)
Total change in net unrealized appreciation (depreciation)		612,454
Net gain (loss)		1,388,054
Net increase (decrease) in net assets resulting from operations		$ 1,453,873

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended June 30, 2007	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 65,819	$ 82,809
Net realized gain (loss)	775,600	1,010,384
Change in net unrealized appreciation (depreciation)	612,454	(116,059)
Net increase (decrease) in net assets resulting from operations	1,453,873	977,134
Distributions to shareholders from net investment income	(72,277)	(83,656)
Share transactions Proceeds from sales of shares	634,996	622,059
Reinvestment of distributions	67,769	79,479
Cost of shares redeemed	(2,949,882)	(3,489,418)
Net increase (decrease) in net assets resulting from share transactions	(2,247,117)	(2,787,880)
Total increase (decrease) in net assets	(865,521)	(1,894,402)

Net Assets
Beginning of period	8,283,930	10,178,332
End of period (including undistributed net investment income of $20,796 and undistributed net investment income of $27,145, respectively)	$ 7,418,409	$ 8,283,930
Other Information Shares
Sold	17,815	19,485
Issued in reinvestment of distributions	1,967	2,554
Redeemed	(83,933)	(109,855)
Net increase (decrease)	(64,151)	(87,816)

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

Annual Report

Financial Highlights

Years ended June 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 32.55	$ 29.74	$ 28.81	$ 24.46	$ 25.03
Income from Investment Operations
Net investment income (loss) ^B	.30	.28	.44 ^E	.24	.21
Net realized and unrealized gain (loss)	6.45	2.80	.87	4.35	(.57)
Total from investment operations	6.75	3.08	1.31	4.59	(.36)
Distributions from net investment income	(.32)	(.27)	(.38)	(.24)	(.21)
Net asset value, end of period	$ 38.98	$ 32.55	$ 29.74	$ 28.81	$ 24.46
Total Return ^A	20.86%	10.40%	4.58%	18.81%	(1.36)%
Ratios to Average Net Assets ^{C, F}
Expenses before reductions	.57%	.59%	.60%	.61%	.63%
Expenses net of fee waivers, if any	.57%	.59%	.60%	.61%	.63%
Expenses net of all reductions	.56%	.56%	.57%	.59%	.61%
Net investment income (loss)	.86%	.87%	1.52% ^E	.89%	.93%
Supplemental Data
Net assets, end of period (in millions)	$ 7,418	$ 8,284	$ 10,178	$ 10,499	$ 9,335
Portfolio turnover rate ^D	50%	72%	74%	53%	32%

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

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

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

^E 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%.

^F 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.

Annual Report

Notes to Financial Statements

For the period ended June 30, 2007

(Amounts in thousands except ratios)

1. Organization.

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.

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

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

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

which quotations are not readily available are valued at amortized cost, which approximates value.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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 distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds 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.

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 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.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 1,601,924
Unrealized depreciation	(50,677)
Net unrealized appreciation (depreciation)	1,551,247
Undistributed ordinary income	20,840
Undistributed long-term capital gain	34,696
Cost for federal income tax purposes	$ 5,951,059

The tax character of distributions paid was as follows:

	June 30, 2007	June 30, 2006
Ordinary Income	$ 72,277	$ 83,656

4. Operating Policies.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Repurchase Agreements - continued

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,856,401 and $6,087,727, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 12,689	5.39%	$ 97

7. 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 $20 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 $707.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

9. 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 $224 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 $15 and $336, respectively.

10. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Fund (a fund of Fidelity Hastings Street Trust) at June 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2007

Annual Report

Trustees and Officers

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Members may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (66)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (62)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (62)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Fidelity Fund. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Philip L. Bullen (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity Fund. Mr. Bullen also serves as Vice President of certain Equity Funds (2006-present). Mr. Bullen is Senior Vice President of FMR (2001-present) and FMR Co., Inc. (2001-present). Previously, Mr. Bullen served as President and a Director of Fidelity Research & Analysis Company (2001-2005), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002-2006), and a Director of Strategic Advisers, Inc. (2002-2005).
Dwight D. Churchill (53)
	Year of Election or Appointment: 2005 Vice President of Fidelity Fund. Mr. Churchill also serves as Vice President of certain Equity Funds (2005-present). Mr. Churchill is Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present). Previously, Mr. Churchill served as Senior Vice President of Fidelity Investments Money Management, Inc. (2005-2006), Head of Fidelity's Fixed-Income Division (2000-2005), Vice President of Fidelity's Money Market Funds (2000-2005), Vice President of Fidelity's Bond Funds, and Senior Vice President of FMR.
John D. Avery (42)
	Year of Election or Appointment: 2002 Vice President of Fidelity Fund. Prior to assuming his current responsibilities, Mr. Avery worked as a research analyst and portfolio manager. Mr. Avery also serves as Vice President of FMR (1999) and FMR Co., Inc. (2001).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Fidelity Fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Fidelity Fund. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Fidelity Fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Fidelity Fund. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity Fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (37)
	Year of Election or Appointment: 2005 Deputy Treasurer of Fidelity Fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Fund. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Fidelity Fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Gary W. Ryan (48)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).
Salvatore Schiavone (41)
	Year of Election or Appointment: 2005 Assistant Treasurer of Fidelity Fund. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003).

Annual Report

Distributions

The Board of Trustees of Fidelity Fund voted to pay on August 6, 2007, to shareholders of record at the opening of business on August 3, 2007, a distribution of $.19 per share derived from capital gains realized from sales of portfolio securities.

A total of .03% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2007, $100,332,978, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual 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

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-UANN-0807
1.787731.104

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

Fidelity®

Growth Discovery Fund
(formerly Fidelity Discovery Fund)

Annual Report

June 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
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.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<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.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended June 30, 2007	Past 1 year	Past 5 years	Life of fund ^A
Fidelity Growth Discovery Fund	25.24%	9.97%	7.23%

^AFrom March 31, 1998

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Discovery Fund on March 31, 1998, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index and the Standard & Poor's 500 ^SM Index (S&P 500 ®)performed over the same period. Beginning on February 1, 2007, the Russell 3000 Growth Index replaced the S&P 500 Index as the fund's primary index for all time periods because the Russell 3000 Growth Index conforms more closely to the fund's investment strategy.

Annual Report

Management's Discussion of Fund Performance

Comments from Jason Weiner, Portfolio Manager of Fidelity® Growth Discovery Fund

U.S. equities had outstanding results during the 12-month period ending June 30, 2007, with several market benchmarks landing in record-high territory. Large-cap stock returns surpassed those of small-cap stocks, while value continued to lead growth, although that trend reversed in the second half of the period. Each of the 10 major market sectors finished the period with a double-digit return, led by telecommunication services, which gained roughly 39%. Materials had the second-best performance, followed closely by energy. Financials, though up nearly 15%, had the lowest return, hurt by anxiety in the capital markets over the sell-off in subprime mortgage securities and rising interest rates. For the 12 months overall, the blue-chip Dow Jones Industrial Average^SM had one of the best showings of any broad-based U.S. equity yardstick, rising 23.04%. The Standard & Poor's 500^SM Index was up 20.59%, while the small-cap-oriented Russell 2000® Index climbed 16.43%. The NASDAQ Composite® Index gained 20.72%, reflecting investors' renewed enthusiasm for the technology sector.

Growth Discovery was up 25.24% for the year, outpacing the 18.84% return of the Russell 3000® Growth Index - which became the fund's primary benchmark on February 1, 2007 - and the S&P 500®. Results also eclipsed the 20.83% gain of a Linked index combining the returns of the S&P 500, which the fund was compared with through January, and the new Russell benchmark, which the fund was measured against during the period's final five months. The benchmark change came in conjunction with the adoption of a new growth-oriented investment strategy. Favorable stock selection and sector positioning both helped the fund outperform the Linked index. Japanese video game maker Nintendo was the biggest contributor relative to the index. Data storage provider EMC was another strong pick in information technology, where a sector overweighting versus the index also helped. Industrials firm McDermott International, an engineering/construction company, was a beneficial holding as well. Performance was held back by unproductive stock picking in the diversified financials and semiconductors groups. Among the biggest individual detractors were student loan provider SLM and networking equipment maker Ciena, both of which were sold from the portfolio by period end. A modest cash position also hurt.

Annual 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 (January 1, 2007 to June 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Beginning Account Value January 1, 2007	Ending Account Value June 30, 2007	Expenses Paid During Period* January 1, 2007 to June 30, 2007
Actual	$ 1,000.00	$ 1,117.50	$ 4.52
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.53	$ 4.31

* Expenses are equal to the Fund's annualized expense ratio of .86%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
EMC Corp.	4.3	1.9
Biogen Idec, Inc.	3.8	0.0
Google, Inc. Class A (sub. vtg.)	3.8	3.0
Nintendo Co. Ltd.	3.5	2.2
Cisco Systems, Inc.	2.9	1.3
Research In Motion Ltd.	2.7	0.0
Commerce Bancorp, Inc.	2.4	0.0
ABB Ltd. sponsored ADR	2.4	0.0
Broadcom Corp. Class A	2.2	0.0
McDermott International, Inc.	2.2	0.0
	30.2
Top Five Market Sectors as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	41.4	34.0
Health Care	14.9	8.2
Industrials	9.2	13.1
Energy	9.2	2.3
Financials	8.8	16.6

Asset Allocation (% of fund's net assets)
As of June 30, 2007 *			As of December 31, 2006 **
	Stocks 96.9%			Stocks 96.1%
	Convertible Securities 0.0%			Convertible Securities 0.7%
	Short-Term Investments and Net Other Assets 3.1%			Short-Term Investments and Net Other Assets 3.2%
* Foreign investments		25.0%	** Foreign investments		13.1%

Annual Report

Investments June 30, 2007

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 5.7%
Distributors - 0.1%
Li & Fung Ltd.	188,000		$ 677
Hotels, Restaurants & Leisure - 1.0%
McDonald's Corp.	55,200		2,802
Starbucks Corp. (a)	66,900		1,755
			4,557
Household Durables - 1.0%
Garmin Ltd.	41,600		3,077
Tele Atlas NV (a)	75,500		1,623
			4,700
Internet & Catalog Retail - 0.6%
Priceline.com, Inc. (a)(d)	45,100		3,100
Media - 1.8%
Focus Media Holding Ltd. ADR (a)(d)	46,800		2,363
Lamar Advertising Co. Class A	34,000		2,134
McGraw-Hill Companies, Inc.	34,500		2,349
National CineMedia, Inc.	66,200		1,854
			8,700
Specialty Retail - 0.5%
Guess?, Inc.	35,100		1,686
PETsMART, Inc.	19,400		630
			2,316
Textiles, Apparel & Luxury Goods - 0.7%
Polo Ralph Lauren Corp. Class A	23,000		2,257
Volcom, Inc. (a)	22,300		1,118
			3,375
TOTAL CONSUMER DISCRETIONARY			27,425
CONSUMER STAPLES - 4.8%
Beverages - 0.6%
PepsiCo, Inc.	46,800		3,035
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	114,800		4,184
Walgreen Co.	67,600		2,943
			7,127
Food Products - 1.1%
Nestle SA sponsored ADR	57,500		5,500
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 1.3%
Colgate-Palmolive Co.	49,900		$ 3,236
Procter & Gamble Co.	47,000		2,876
			6,112
Personal Products - 0.3%
Bare Escentuals, Inc.	26,700		912
Physicians Formula Holdings, Inc.	23,600		371
			1,283
TOTAL CONSUMER STAPLES			23,057
ENERGY - 9.2%
Energy Equipment & Services - 2.1%
Schlumberger Ltd. (NY Shares)	118,400		10,057
Oil, Gas & Consumable Fuels - 7.1%
Canadian Natural Resources Ltd.	20,600		1,369
Canadian Oil Sands Trust	97,200		3,006
Chesapeake Energy Corp.	91,900		3,180
Denbury Resources, Inc. (a)	20,800		780
EOG Resources, Inc.	62,700		4,581
Gazprom OAO sponsored ADR	81,800		3,423
Petroplus Holdings AG	13,974		1,439
Ultra Petroleum Corp. (a)	34,200		1,889
Valero Energy Corp.	84,600		6,249
Western Oil Sands, Inc. Class A (a)	57,800		1,926
Williams Companies, Inc.	150,100		4,746
XTO Energy, Inc.	25,200		1,515
			34,103
TOTAL ENERGY			44,160
FINANCIALS - 8.8%
Capital Markets - 3.5%
Charles Schwab Corp.	320,900		6,585
Goldman Sachs Group, Inc.	7,800		1,691
Northern Trust Corp.	36,000		2,313
State Street Corp.	71,315		4,878
T. Rowe Price Group, Inc.	22,700		1,178
			16,645
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - 2.7%
Commerce Bancorp, Inc.	315,300		$ 11,663
East West Bancorp, Inc.	30,200		1,174
			12,837
Consumer Finance - 0.9%
American Express Co.	74,100		4,533
Insurance - 1.7%
AFLAC, Inc.	44,980		2,312
American International Group, Inc.	84,619		5,926
			8,238
TOTAL FINANCIALS			42,253
HEALTH CARE - 14.9%
Biotechnology - 6.2%
Acorda Therapeutics, Inc. (a)	62,000		1,058
Altus Pharmaceuticals, Inc. (a)	77,900		899
Biogen Idec, Inc. (a)	337,200		18,040
CSL Ltd.	47,000		3,507
Genentech, Inc. (a)	29,200		2,209
Gilead Sciences, Inc. (a)	107,898		4,183
			29,896
Health Care Equipment & Supplies - 3.1%
ArthroCare Corp. (a)	40,812		1,792
Becton, Dickinson & Co.	53,800		4,008
BioLase Technology, Inc. (a)	15,120		92
C.R. Bard, Inc.	39,577		3,270
Cochlear Ltd.	21,400		1,107
DENTSPLY International, Inc.	57,100		2,185
Inverness Medical Innovations, Inc. (a)	13,600		694
Sirona Dental Systems, Inc. (d)	39,600		1,498
			14,646
Health Care Providers & Services - 1.7%
Brookdale Senior Living, Inc.	46,900		2,137
Henry Schein, Inc. (a)	62,100		3,318
Medco Health Solutions, Inc. (a)	28,900		2,254
VCA Antech, Inc. (a)	11,000		415
			8,124
Life Sciences Tools & Services - 1.2%
Covance, Inc. (a)	55,300		3,791
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Millipore Corp. (a)	2,900		$ 218
Pharmaceutical Product Development, Inc.	37,100		1,420
Waters Corp. (a)	7,600		451
			5,880
Pharmaceuticals - 2.7%
Allergan, Inc.	56,400		3,251
Merck & Co., Inc.	193,800		9,651
			12,902
TOTAL HEALTH CARE			71,448
INDUSTRIALS - 9.2%
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.	8,900		467
Commercial Services & Supplies - 1.2%
Corrections Corp. of America (a)	28,800		1,818
Equifax, Inc.	76,900		3,416
Kenexa Corp. (a)	9,592		362
			5,596
Construction & Engineering - 1.5%
Fluor Corp.	34,400		3,831
Granite Construction, Inc.	14,000		899
Jacobs Engineering Group, Inc. (a)	46,094		2,651
			7,381
Electrical Equipment - 4.2%
ABB Ltd. sponsored ADR	511,700		11,564
General Cable Corp.	82,300		6,234
Grupo Corporacion Tecnologica SA	13,300		486
Vestas Wind Systems AS (a)	28,200		1,867
			20,151
Industrial Conglomerates - 2.2%
McDermott International, Inc. (a)	125,300		10,415
Machinery - 0.0%
IDEX Corp.	6,250		241
TOTAL INDUSTRIALS			44,251
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 41.4%
Communications Equipment - 11.7%
Balda AG	68,200		$ 979
Cisco Systems, Inc. (a)	498,000		13,869
Corning, Inc. (a)	280,100		7,157
Harris Corp.	42,100		2,297
Nice Systems Ltd. sponsored ADR	75,100		2,609
Nokia Corp. sponsored ADR	292,700		8,228
Polycom, Inc. (a)	77,200		2,594
QUALCOMM, Inc.	137,300		5,957
Research In Motion Ltd. (a)	63,700		12,739
			56,429
Computers & Peripherals - 6.6%
Apple, Inc. (a)	37,600		4,589
Dell, Inc. (a)	85,300		2,435
Diebold, Inc.	9,200		480
EMC Corp. (a)	1,139,900		20,631
Network Appliance, Inc. (a)	21,700		634
SanDisk Corp. (a)	57,200		2,799
			31,568
Electronic Equipment & Instruments - 0.1%
Itron, Inc. (a)	3,400		265
Internet Software & Services - 6.1%
Akamai Technologies, Inc. (a)	86,300		4,198
Baidu.com, Inc. sponsored ADR (a)	2,700		454
comScore, Inc.	500		12
eBay, Inc. (a)	95,102		3,060
Google, Inc. Class A (sub. vtg.) (a)	34,458		18,035
Omniture, Inc. (d)	42,400		972
VeriSign, Inc. (a)	82,200		2,608
			29,339
IT Services - 3.7%
ExlService Holdings, Inc.	1,907		36
Infosys Technologies Ltd.	112,233		5,342
Mastercard, Inc. Class A	14,900		2,471
Paychex, Inc.	49,900		1,952
The Western Union Co.	386,000		8,040
			17,841
Semiconductors & Semiconductor Equipment - 4.9%
Applied Materials, Inc.	427,500		8,494
Broadcom Corp. Class A (a)	367,400		10,746
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Microchip Technology, Inc.	118,300		$ 4,382
SiRF Technology Holdings, Inc. (a)	5,737		119
			23,741
Software - 8.3%
Cadence Design Systems, Inc. (a)	60,600		1,331
Electronic Arts, Inc. (a)	55,773		2,639
FalconStor Software, Inc. (a)(d)	21,800		230
Microsoft Corp.	282,260		8,318
Nintendo Co. Ltd.	45,900		16,836
Pros Holdings, Inc.	2,600		34
Red Hat, Inc. (a)	41,100		916
Salesforce.com, Inc. (a)	11,100		476
Sourcefire, Inc.	16,175		226
THQ, Inc. (a)	149,108		4,551
Ubisoft Entertainment SA (a)	81,459		4,316
			39,873
TOTAL INFORMATION TECHNOLOGY			199,056
MATERIALS - 2.0%
Chemicals - 1.7%
Monsanto Co.	73,300		4,951
The Mosaic Co.(a)	15,300		597
Zoltek Companies, Inc. (a)(d)	59,000		2,450
			7,998
Metals & Mining - 0.3%
Arcelor Mittal	26,500		1,654
TOTAL MATERIALS			9,652
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.4%
AT&T, Inc.	51,920		2,155
Wireless Telecommunication Services - 0.5%
America Movil SAB de CV Series L sponsored ADR	36,900		2,285
TOTAL TELECOMMUNICATION SERVICES			4,440
TOTAL COMMON STOCKS (Cost $415,512)		465,742
Money Market Funds - 5.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.32% (b)	17,773,189		$ 17,773
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)	7,239,675		7,240
TOTAL MONEY MARKET FUNDS (Cost $25,013)		25,013
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $440,525)			490,755
NET OTHER ASSETS - (2.1)%			(10,168)
NET ASSETS - 100%		$ 480,587

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 940
Fidelity Securities Lending Cash Central Fund	53
Total	$ 993

Other Information

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

United States of America	75.0%
Canada	4.4%
Switzerland	3.8%
Japan	3.5%
Panama	2.2%
Netherlands Antilles	2.1%
Finland	1.7%
India	1.1%
Others (individually less than 1%)	6.2%
	100.0%

Income Tax Information

At June 30, 2007, the fund had a capital loss carryforward of approximately $155,604,000 of which $65,513,000 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.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	June 30, 2007
Assets
Investment in securities, at value (including securities loaned of $7,426) - See accompanying schedule: Unaffiliated issuers (cost $415,512)	$ 465,742
Fidelity Central Funds (cost $25,013)	25,013
Total Investments (cost $440,525)		$ 490,755
Receivable for investments sold		2,605
Receivable for fund shares sold		505
Dividends receivable		446
Distributions receivable from Fidelity Central Funds		76
Prepaid expenses		1
Other receivables		29
Total assets		494,417

Liabilities
Payable for investments purchased	$ 5,713
Payable for fund shares redeemed	472
Accrued management fee	242
Other affiliated payables	115
Other payables and accrued expenses	48
Collateral on securities loaned, at value	7,240
Total liabilities		13,830

Net Assets		$ 480,587
Net Assets consist of:
Paid in capital		$ 586,082
Undistributed net investment income		933
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(156,649)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		50,221
Net Assets, for 33,473 shares outstanding		$ 480,587
Net Asset Value, offering price and redemption price per share ($480,587 ÷ 33,473 shares)		$ 14.36

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended June 30, 2007
Investment Income
Dividends		$ 4,828
Interest		159
Income from Fidelity Central Funds		993
Total income		5,980

Expenses
Management fee Basic fee	$ 2,480
Performance adjustment	(447)
Transfer agent fees	1,192
Accounting and security lending fees	170
Custodian fees and expenses	83
Independent trustees' compensation	1
Registration fees	24
Audit	51
Legal	15
Miscellaneous	25
Total expenses before reductions	3,594
Expense reductions	(45)	3,549
Net investment income (loss)		2,431
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $150)	43,978
Futures contracts	(5)
Total net realized gain (loss)		43,973
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $128)	52,625
Assets and liabilities in foreign currencies	(9)
Total change in net unrealized appreciation (depreciation)		52,616
Net gain (loss)		96,589
Net increase (decrease) in net assets resulting from operations		$ 99,020

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended June 30, 2007	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,431	$ 4,572
Net realized gain (loss)	43,973	31,544
Change in net unrealized appreciation (depreciation)	52,616	5,524
Net increase (decrease) in net assets resulting from operations	99,020	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	90,736	47,668
Reinvestment of distributions	4,800	5,074
Cost of shares redeemed	(121,206)	(136,024)
Net increase (decrease) in net assets resulting from share transactions	(25,670)	(83,282)
Total increase (decrease) in net assets	68,435	(46,841)

Net Assets
Beginning of period	412,152	458,993
End of period (including undistributed net investment income of $933 and undistributed net investment income of $2,615, respectively)	$ 480,587	$ 412,152
Other Information Shares
Sold	6,838	4,041
Issued in reinvestment of distributions	399	451
Redeemed	(9,285)	(11,861)
Net increase (decrease)	(2,048)	(7,369)

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

Annual Report

Financial Highlights

Years ended June 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 11.60	$ 10.70	$ 10.35	$ 9.40	$ 9.33
Income from Investment Operations
Net investment income (loss) ^B	.07	.12	.16 ^E	.07	.04
Net realized and unrealized gain (loss)	2.83	.91	.32	.93	.06
Total from investment operations	2.90	1.03	.48	1.00	.10
Distributions from net investment income	(.12)	(.13)	(.13)	(.05)	(.03)
Distributions from net realized gain	(.02)	-	-	-	-
Total distributions	(.14)	(.13)	(.13)	(.05)	(.03)
Net asset value, end of period	$ 14.36	$ 11.60	$ 10.70	$ 10.35	$ 9.40
Total Return^A	25.24%	9.67%	4.64%	10.67%	1.11%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	.81%	.68%	.81%	.91%	1.17%
Expenses net of fee waivers, if any	.81%	.68%	.81%	.91%	1.17%
Expenses net of all reductions	.80%	.61%	.70%	.84%	.97%
Net investment income (loss)	.55%	1.04%	1.54% ^E	.73%	.43%
Supplemental Data
Net assets, end of period (in millions)	$ 481	$ 412	$ 459	$ 541	$ 690
Portfolio turnover rate ^D	199%	184%	229%	249%	367%

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2007

(Amounts in thousands except ratios)

1. Organization.

Fidelity Growth Discovery Fund (the Fund)(formerly Fidelity Discovery 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.

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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 distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds 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.

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

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 56,833
Unrealized depreciation	(7,457)
Net unrealized appreciation (depreciation)	49,376
Undistributed ordinary income	733
Capital loss carryforward	(155,604)

Cost for federal income tax purposes	$ 441,379

The tax character of distributions paid was as follows:

	June 30, 2007	June 30, 2006
Ordinary Income	$ 4,915	$ 5,199

4. Operating Policies.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Repurchase Agreements - continued

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $846,985 and $857,568, respectively.

6. Fees and Other Transactions with Affiliates.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

management fee rate, including the performance adjustment, was .46% of the Fund's average net assets.

7. 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.

8. Security Lending.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Security Lending - continued

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 $53.

9. 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 $27 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 $11.

10. Other.

Annual Report

10. Other - continued

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Growth Discovery Fund (formerly Fidelity Discovery Fund):

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Growth Discovery Fund (a fund of Fidelity Hastings Street Trust) at June 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Growth Discovery Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2007

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (66)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (62)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Member and Executive Officers:

Correspondence intended for Mr.Mauriello may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (62)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Growth Discovery. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Philip L. Bullen (47)
	Year of Election or Appointment: 2006 Vice President of Growth Discovery. Mr. Bullen also serves as Vice President of certain Equity Funds (2006-present). Mr. Bullen is Senior Vice President of FMR (2001-present) and FMR Co., Inc. (2001-present). Previously, Mr. Bullen served as President and a Director of Fidelity Research & Analysis Company (2001-2005), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002-2006), and a Director of Strategic Advisers, Inc. (2002-2005).
Dwight D. Churchill (53)
	Year of Election or Appointment: 2005 Vice President of Growth Discovery. Mr. Churchill also serves as Vice President of certain Equity Funds (2005-present). Mr. Churchill is Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present). Previously, Mr. Churchill served as Senior Vice President of Fidelity Investments Money Management, Inc. (2005-2006), Head of Fidelity's Fixed-Income Division (2000-2005), Vice President of Fidelity's Money Market Funds (2000-2005), Vice President of Fidelity's Bond Funds, and Senior Vice President of FMR.
Jason Weiner (37)
	Year of Election or Appointment: 2007 Vice President of Growth Discovery. Mr. Weiner also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Weiner worked as a research analyst and portfolio manager. Mr. Weiner also serves as Vice President of FMR (1999) and FMR Co., Inc. (2001).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Growth Discovery. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Growth Discovery. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Growth Discovery. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Growth Discovery. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Global Discovery. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Growth Discovery. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (37)
	Year of Election or Appointment: 2005 Deputy Treasurer of Growth Discovery. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Growth Discovery. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Growth Discovery. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Gary W. Ryan (48)
	Year of Election or Appointment: 2005 Assistant Treasurer of Growth Discovery. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).
Salvatore Schiavone (41)
	Year of Election or Appointment: 2005 Assistant Treasurer of Growth Discovery. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003).

Annual Report

Distributions

The fund designates 93% and 100% of the dividends distributed in August 2006 and December 2006, respectively as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual 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

Annual 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

Annual 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

Annual 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

Annual Report

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Covington, KY 41015

General Correspondence

Fidelity Investments
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Merrimack, NH 03054-0500

Annual Report

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Fidelity®

Growth & Income II

Portfolio

Annual Report

June 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
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.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended June 30, 2007	Past 1 year	Past 5 years	Life of fund ^A
Fidelity® Growth & Income II Portfolio	20.05%	10.57%	3.58%

^AFrom December 28, 1998.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Growth & Income II Portfolio on December 28, 1998, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Comments from James Catudal, Portfolio Manager of Fidelity® Growth & Income II Portfolio

Fidelity Growth & Income II Portfolio produced a total return of 20.05% for the 12 months ending June 30, 2007, slightly lagging the S&P® 500. Stock selection in the consumer discretionary sector tended to hold back results versus the index, as did the fund's modest allocation to cash. My positioning in the information technology group generally helped. The fund's de-emphasis of large integrated oil companies detracted from results relative to the S&P®, especially the lack of exposure to Chevron and the underweighting of Exxon Mobil. Not owning any shares of IBM also held back relative results, as the company's low stock price attracted investors after the announcement of improved earnings. My emphasis on oil-field services companies generally was successful, with companies such as Cameron International and Smith International leading the way. However, Halliburton was a disappointment, as it was hurt by an oversupply of pressure-pumping equipment in North America. Two capital goods investments linked to the energy sector were big positive contributors. McDermott International surpassed earnings expectations driven by divisions selling equipment to the energy industry. In addition, growing interest in wind as an alternative energy source led to strong performance by Denmark-based Vestas Wind Systems, a producer of turbines for wind-power systems. Some stocks I've mentioned were out-of-index positions.

Annual 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 (January 1, 2007 to June 30, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Beginning Account Value January 1, 2007	Ending Account Value June 30, 2007	Expenses Paid During Period* January 1, 2007 to June 30, 2007
Actual	$ 1,000.00	$ 1,080.60	$ 4.13
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,020.83	$ 4.01

* Expenses are equal to the Fund's annualized expense ratio of .80%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes

Top Ten Stocks as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
American International Group, Inc.	3.7	4.0
General Electric Co.	3.5	4.9
Exxon Mobil Corp.	3.0	2.4
Microsoft Corp.	2.4	3.5
Cisco Systems, Inc.	2.1	1.8
Citigroup, Inc.	2.0	1.0
Procter & Gamble Co.	1.9	2.4
AT&T, Inc.	1.8	1.4
Google, Inc. Class A (sub. vtg.)	1.6	1.3
United Technologies Corp.	1.5	1.2
	23.5
Top Five Market Sectors as of June 30, 2007
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	20.1	22.9
Information Technology	19.5	20.0
Industrials	12.1	11.3
Health Care	12.1	13.1
Energy	10.7	9.4

Asset Allocation (% of fund's net assets)
As of June 30, 2007*			As of December 31, 2006**
	Stocks 95.0%			Stocks 95.1%
	Short-Term Investments and Net Other Assets 5.0%			Short-Term Investments and Net Other Assets 4.9%
* Foreign investments		9.9%	** Foreign investments		10.5%

Annual Report

Investments June 30, 2007

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
CONSUMER DISCRETIONARY - 7.5%
Automobiles - 0.2%
General Motors Corp. (d)	13,400		$ 506,520
Hotels, Restaurants & Leisure - 0.7%
Jamba, Inc. (a)(d)	52,000		475,280
Starbucks Corp. (a)	22,550		591,712
Starwood Hotels & Resorts Worldwide, Inc.	5,900		395,713
			1,462,705
Household Durables - 1.2%
D.R. Horton, Inc.	19,600		390,628
Koninklijke Philips Electronics NV (NY Shares)	19,700		833,704
Toll Brothers, Inc. (a)	21,900		547,062
Whirlpool Corp.	5,700		633,840
			2,405,234
Media - 1.5%
E.W. Scripps Co. Class A	7,000		319,830
News Corp. Class B	27,600		633,144
Time Warner, Inc.	103,300		2,173,432
			3,126,406
Multiline Retail - 2.3%
Family Dollar Stores, Inc.	19,800		679,536
JCPenney Co., Inc.	6,600		477,708
Nordstrom, Inc. (d)	8,800		449,856
Sears Holdings Corp. (a)	4,500		762,750
Target Corp.	36,900		2,346,840
			4,716,690
Specialty Retail - 1.6%
Best Buy Co., Inc.	9,200		429,364
Lowe's Companies, Inc.	34,500		1,058,805
PETsMART, Inc.	15,703		509,562
Staples, Inc.	25,443		603,762
Tiffany & Co., Inc.	12,400		657,944
			3,259,437
TOTAL CONSUMER DISCRETIONARY			15,476,992
CONSUMER STAPLES - 5.9%
Beverages - 0.6%
Molson Coors Brewing Co. Class B	5,300		490,038
PepsiCo, Inc.	10,700		693,895
			1,183,933
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - 1.4%
CVS Caremark Corp.	28,400		$ 1,035,180
Wal-Mart Stores, Inc.	36,200		1,741,582
			2,776,762
Food Products - 0.9%
Nestle SA sponsored ADR	20,100		1,922,565
Household Products - 2.3%
Colgate-Palmolive Co.	14,200		920,870
Procter & Gamble Co.	62,300		3,812,137
			4,733,007
Tobacco - 0.7%
Altria Group, Inc.	21,530		1,510,114
TOTAL CONSUMER STAPLES			12,126,381
ENERGY - 10.7%
Energy Equipment & Services - 4.9%
Baker Hughes, Inc.	17,430		1,466,386
Cameron International Corp. (a)	34,100		2,437,127
Diamond Offshore Drilling, Inc.	2,400		243,744
Halliburton Co.	11,400		393,300
Nabors Industries Ltd. (a)	20,900		697,642
Schlumberger Ltd. (NY Shares)	35,915		3,050,620
Smith International, Inc.	32,500		1,905,800
			10,194,619
Oil, Gas & Consumable Fuels - 5.8%
Chesapeake Energy Corp.	14,200		491,320
Devon Energy Corp.	8,800		688,952
EOG Resources, Inc.	12,400		905,944
Exxon Mobil Corp.	73,436		6,159,812
Peabody Energy Corp.	11,200		541,856
Petroplus Holdings AG	3,839		395,339
Plains Exploration & Production Co. (a)	19,500		932,295
Ultra Petroleum Corp. (a)	8,400		464,016
Valero Energy Corp.	17,100		1,263,006
			11,842,540
TOTAL ENERGY			22,037,159
Common Stocks - continued
	Shares		Value
FINANCIALS - 20.1%
Capital Markets - 4.1%
Ameriprise Financial, Inc.	17,300		$ 1,099,761
Charles Schwab Corp.	51,520		1,057,190
E*TRADE Financial Corp.	11,809		260,861
Franklin Resources, Inc.	5,600		741,832
Goldman Sachs Group, Inc.	4,900		1,062,075
Investors Financial Services Corp.	23,100		1,424,577
Janus Capital Group, Inc.	11,000		306,240
State Street Corp.	28,400		1,942,560
T. Rowe Price Group, Inc.	11,700		607,113
			8,502,209
Commercial Banks - 1.9%
Commerce Bancorp, Inc.	11,900		440,181
PNC Financial Services Group, Inc.	10,700		765,906
Standard Chartered PLC (United Kingdom)	24,608		805,470
U.S. Bancorp, Delaware	6,200		204,290
Wachovia Corp.	7,551		386,989
Wells Fargo & Co.	36,100		1,269,637
			3,872,473
Consumer Finance - 0.6%
American Express Co.	19,400		1,186,892
Diversified Financial Services - 3.3%
Bank of America Corp.	53,500		2,615,615
Citigroup, Inc.	80,900		4,149,361
			6,764,976
Insurance - 9.3%
ACE Ltd.	20,400		1,275,408
AFLAC, Inc.	17,300		889,220
American International Group, Inc.	107,330		7,516,321
Berkshire Hathaway, Inc. Class A (a)	16		1,751,600
Endurance Specialty Holdings Ltd.	4,997		200,080
Everest Re Group Ltd.	9,300		1,010,352
Fidelity National Financial, Inc. Class A	11,500		272,550
Hartford Financial Services Group, Inc.	17,000		1,674,670
Lincoln National Corp.	11,099		787,474
National Financial Partners Corp.	16,500		764,115
PartnerRe Ltd.	4,300		333,250
Prudential Financial, Inc.	17,200		1,672,356
W.R. Berkley Corp.	28,354		922,639
			19,070,035
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.4%
Mitsui Fudosan Co. Ltd.	24,000		$ 674,245
Move, Inc. (a)	46,000		206,080
			880,325
Thrifts & Mortgage Finance - 0.5%
Countrywide Financial Corp.	3,800		138,130
Hudson City Bancorp, Inc.	67,400		823,628
			961,758
TOTAL FINANCIALS			41,238,668
HEALTH CARE - 12.1%
Biotechnology - 1.9%
Amgen, Inc. (a)	4,590		253,781
Biogen Idec, Inc. (a)	9,300		497,550
Celgene Corp. (a)	9,100		521,703
Cephalon, Inc. (a)	10,300		828,017
Genentech, Inc. (a)	5,800		438,828
Gilead Sciences, Inc. (a)	21,420		830,453
PDL BioPharma, Inc. (a)	26,900		626,770
			3,997,102
Health Care Equipment & Supplies - 3.4%
Alcon, Inc.	3,600		485,676
Baxter International, Inc.	24,400		1,374,696
Becton, Dickinson & Co.	13,000		968,500
C.R. Bard, Inc.	9,800		809,774
Cooper Companies, Inc.	9,100		485,212
DJO, Inc. (a)	19,400		800,638
Medtronic, Inc.	23,800		1,234,268
Mindray Medical International Ltd. sponsored ADR	7,600		232,028
St. Jude Medical, Inc. (a)	14,430		598,701
			6,989,493
Health Care Providers & Services - 1.9%
Brookdale Senior Living, Inc.	8,000		364,560
Cardinal Health, Inc.	11,200		791,168
Health Net, Inc. (a)	6,900		364,320
Healthways, Inc. (a)	1,100		52,107
Henry Schein, Inc. (a)	20,763		1,109,367
I-trax, Inc. (a)	29,400		122,598
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	7,800		$ 608,322
UnitedHealth Group, Inc.	8,900		455,146
			3,867,588
Health Care Technology - 0.2%
IMS Health, Inc.	10,000		321,300
Life Sciences Tools & Services - 0.5%
Affymetrix, Inc. (a)	12,500		311,125
Millipore Corp. (a)	8,400		630,756
			941,881
Pharmaceuticals - 4.2%
Allergan, Inc.	10,400		599,456
Johnson & Johnson	29,200		1,799,304
Merck & Co., Inc.	49,900		2,485,020
Pfizer, Inc.	21,800		557,426
Roche Holding AG (participation certificate)	4,045		719,606
Schering-Plough Corp.	32,600		992,344
Wyeth	26,000		1,490,840
			8,643,996
TOTAL HEALTH CARE			24,761,360
INDUSTRIALS - 12.1%
Aerospace & Defense - 3.3%
EDO Corp.	15,000		493,050
General Dynamics Corp.	24,400		1,908,568
Hexcel Corp. (a)	18,500		389,795
Honeywell International, Inc.	16,400		922,992
United Technologies Corp.	43,800		3,106,734
			6,821,139
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc.	7,300		383,396
FedEx Corp.	1,600		177,552
Panalpina Welttransport Holding AG	1,140		241,699
United Parcel Service, Inc. Class B	9,300		678,900
			1,481,547
Airlines - 0.3%
AMR Corp. (a)	8,600		226,610
UAL Corp. (a)	9,800		397,782
			624,392
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.7%
Evergreen Solar, Inc. (a)	39,000		$ 362,700
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	13,900		506,933
Vestas Wind Systems AS (a)	9,200		609,028
			1,478,661
Industrial Conglomerates - 5.8%
3M Co.	15,200		1,319,208
General Electric Co.	188,400		7,211,952
McDermott International, Inc. (a)	24,800		2,061,376
Siemens AG sponsored ADR	6,200		886,972
Tyco International Ltd.	12,600		425,754
			11,905,262
Machinery - 0.5%
Danaher Corp.	13,100		989,050
Road & Rail - 0.8%
Landstar System, Inc.	13,400		646,550
Union Pacific Corp.	7,400		852,110
			1,498,660
TOTAL INDUSTRIALS			24,798,711
INFORMATION TECHNOLOGY - 19.5%
Communications Equipment - 4.7%
Alcatel-Lucent SA sponsored ADR	45,300		634,200
Cisco Systems, Inc. (a)	155,100		4,319,535
Comverse Technology, Inc. (a)	20,900		435,765
Corning, Inc. (a)	37,100		947,905
Harris Corp.	15,700		856,435
Juniper Networks, Inc. (a)	23,000		578,910
Motorola, Inc.	13,300		235,410
QUALCOMM, Inc.	27,800		1,206,242
Research In Motion Ltd. (a)	2,400		479,976
			9,694,378
Computers & Peripherals - 3.0%
Apple, Inc. (a)	15,200		1,855,008
Dell, Inc. (a)	15,800		451,090
EMC Corp. (a)	32,000		579,200
Hewlett-Packard Co.	45,000		2,007,900
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
SanDisk Corp. (a)	10,675		$ 522,435
Sun Microsystems, Inc. (a)	131,700		692,742
			6,108,375
Electronic Equipment & Instruments - 0.3%
Agilent Technologies, Inc. (a)	17,194		660,937
Internet Software & Services - 2.4%
CMGI, Inc. (a)	92,900		181,155
eBay, Inc. (a)	34,446		1,108,472
Google, Inc. Class A (sub. vtg.) (a)	6,450		3,375,801
Yahoo!, Inc. (a)	11,000		298,430
			4,963,858
IT Services - 0.6%
Paychex, Inc.	18,100		708,072
The Western Union Co.	22,600		470,758
			1,178,830
Office Electronics - 0.2%
Canon, Inc.	6,200		363,568
Semiconductors & Semiconductor Equipment - 4.0%
Advanced Micro Devices, Inc. (a)	50,000		715,000
Applied Materials, Inc.	62,518		1,242,233
ARM Holdings PLC sponsored ADR	25,000		218,750
Broadcom Corp. Class A (a)	26,200		766,350
Fairchild Semiconductor International, Inc. (a)	28,400		548,688
FormFactor, Inc. (a)	13,900		532,370
Infineon Technologies AG sponsored ADR (a)	46,300		765,339
Intersil Corp. Class A	13,100		412,126
Lam Research Corp. (a)	2,600		133,640
Marvell Technology Group Ltd. (a)	14,300		260,403
Maxim Integrated Products, Inc.	26,200		875,342
Microchip Technology, Inc.	16,100		596,344
Micron Technology, Inc. (a)	23,900		299,467
National Semiconductor Corp.	21,200		599,324
Samsung Electronics Co. Ltd.	270		165,416
			8,130,792
Software - 4.3%
Adobe Systems, Inc. (a)	27,300		1,096,095
Cadence Design Systems, Inc. (a)	5,900		129,564
Cognos, Inc. (a)	14,300		567,281
Electronic Arts, Inc. (a)	11,400		539,448
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	167,000		$ 4,921,490
Nintendo Co. Ltd.	900		330,120
Oracle Corp. (a)	52,700		1,038,717
Quest Software, Inc. (a)	16,300		263,897
			8,886,612
TOTAL INFORMATION TECHNOLOGY			39,987,350
MATERIALS - 2.3%
Chemicals - 1.3%
Monsanto Co.	18,500		1,249,490
Praxair, Inc.	19,700		1,418,203
			2,667,693
Metals & Mining - 1.0%
Alcoa, Inc.	23,600		956,508
Meridian Gold, Inc. (a)	17,100		471,618
Titanium Metals Corp.	18,130		578,347
			2,006,473
TOTAL MATERIALS			4,674,166
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 3.3%
AT&T, Inc.	86,800		3,602,200
Level 3 Communications, Inc. (a)	96,500		564,525
Qwest Communications International, Inc. (a)	32,200		312,340
Verizon Communications, Inc.	55,900		2,301,403
			6,780,468
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	28,100		1,180,200
Sprint Nextel Corp.	20,900		432,839
			1,613,039
TOTAL TELECOMMUNICATION SERVICES			8,393,507
Common Stocks - continued
	Shares		Value
UTILITIES - 0.7%
Electric Utilities - 0.7%
Exelon Corp.	19,200		$ 1,393,920
TOTAL COMMON STOCKS (Cost $163,358,133)		194,888,214
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 5.32% (b)	11,118,912		11,118,912
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)	1,329,300		1,329,300
TOTAL MONEY MARKET FUNDS (Cost $12,448,212)		12,448,212
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $175,806,345)			207,336,426
NET OTHER ASSETS - (1.1)%			(2,173,209)
NET ASSETS - 100%		$ 205,163,217

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	$ 434,317
Fidelity Securities Lending Cash Central Fund	27,708
Total	$ 462,025

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2007

Assets
Investment in securities, at value (including securities loaned of $1,293,268) - See accompanying schedule: Unaffiliated issuers (cost $163,358,133)	$ 194,888,214
Fidelity Central Funds (cost $12,448,212)	12,448,212
Total Investments (cost $175,806,345)		$ 207,336,426
Receivable for investments sold		2,312,660
Receivable for fund shares sold		98,600
Dividends receivable		166,533
Distributions receivable from Fidelity Central Funds		39,857
Prepaid expenses		923
Other receivables		241
Total assets		209,955,240

Liabilities
Payable to custodian bank	$ 23,431
Payable for investments purchased	2,973,706
Payable for fund shares redeemed	297,172
Accrued management fee	78,859
Other affiliated payables	49,832
Other payables and accrued expenses	39,723
Collateral on securities loaned, at value	1,329,300
Total liabilities		4,792,023

Net Assets		$ 205,163,217
Net Assets consist of:
Paid in capital		$ 164,024,871
Undistributed net investment income		410,073
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		9,198,129
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		31,530,144
Net Assets, for 17,010,319 shares outstanding		$ 205,163,217
Net Asset Value, offering price and redemption price per share ($205,163,217 ÷ 17,010,319 shares)		$ 12.06

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

Annual Report

Statement of Operations

	Year ended June 30, 2007

Investment Income
Dividends		$ 2,639,378
Income from Fidelity Central Funds		462,025
Total income		3,101,403

Expenses
Management fee	$ 897,099
Transfer agent fees	512,057
Accounting and security lending fees	74,393
Custodian fees and expenses	24,028
Independent trustees' compensation	645
Registration fees	24,162
Audit	45,232
Legal	3,104
Miscellaneous	(3,105)
Total expenses before reductions	1,577,615
Expense reductions	(9,818)	1,567,797
Net investment income (loss)		1,533,606
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	11,201,264
Foreign currency transactions	299
Total net realized gain (loss)		11,201,563
Change in net unrealized appreciation (depreciation) on: Investment securities	22,555,580
Assets and liabilities in foreign currencies	(136)
Total change in net unrealized appreciation (depreciation)		22,555,444
Net gain (loss)		33,757,007
Net increase (decrease) in net assets resulting from operations		$ 35,290,613

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended June 30, 2007	Year ended June 30, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,533,606	$ 947,705
Net realized gain (loss)	11,201,563	19,228,624
Change in net unrealized appreciation (depreciation)	22,555,444	3,511,074
Net increase (decrease) in net assets resulting from operations	35,290,613	23,687,403
Distributions to shareholders from net investment income	(1,575,615)	(1,127,349)
Distributions to shareholders from net realized gain	(3,189,149)	(3,100,158)
Total distributions	(4,764,764)	(4,227,507)
Share transactions Proceeds from sales of shares	31,267,121	30,078,523
Reinvestment of distributions	4,570,058	4,052,304
Cost of shares redeemed	(44,033,396)	(50,100,941)
Net increase (decrease) in net assets resulting from share transactions	(8,196,217)	(15,970,114)
Total increase (decrease) in net assets	22,329,632	3,489,782

Net Assets
Beginning of period	182,833,585	179,343,803
End of period (including undistributed net investment income of $410,073 and undistributed net investment income of $448,224, respectively)	$ 205,163,217	$ 182,833,585
Other Information Shares
Sold	2,800,133	2,940,128
Issued in reinvestment of distributions	441,763	400,446
Redeemed	(3,969,395)	(4,933,700)
Net increase (decrease)	(727,499)	(1,593,126)

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

Annual Report

Financial Highlights

Years ended June 30,	2007	2006	2005	2004	2003
Selected Per-Share Data
Net asset value, beginning of period	$ 10.31	$ 9.28	$ 9.24	$ 8.48	$ 7.88
Income from Investment Operations
Net investment income (loss) ^B	.09	.05	.14 ^E	.06	.07
Net realized and unrealized gain (loss)	1.93	1.21	.02	.76	.60
Total from investment operations	2.02	1.26	.16	.82	.67
Distributions from net investment income	(.09)	(.06)	(.12)	(.06)	(.07)
Distributions from net realized gain	(.18)	(.17)	-	-	-
Total distributions	(.27)	(.23)	(.12)	(.06)	(.07)
Net asset value, end of period	$ 12.06	$ 10.31	$ 9.28	$ 9.24	$ 8.48
Total Return ^A	20.05%	13.63%	1.71%	9.68%	8.60%
Ratios to Average Net Assets ^{C, F}
Expenses before reductions	.81%	.86%	.84%	.86%	.94%
Expenses net of fee waivers, if any	.81%	.86%	.84%	.86%	.94%
Expenses net of all reductions	.81%	.82%	.81%	.85%	.93%
Net investment income (loss)	.79%	.51%	1.52% ^E	.72%	.90%
Supplemental Data
Net assets, end of period (000 omitted)	$ 205,163	$ 182,834	$ 179,344	$ 209,344	$ 195,717
Portfolio turnover rate ^D	94%	180%	79%	26%	51%

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

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

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

^E Investment 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%.

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

Annual Report

Notes to Financial Statements

For the period ended June 30, 2007

1. Organization.

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.

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds 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.

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

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 33,010,546
Unrealized depreciation	(2,046,804)
Net unrealized appreciation (depreciation)	30,963,742
Undistributed ordinary income	3,761,603
Undistributed long-term capital gain	6,066,943

Cost for federal income tax purposes	$ 176,372,684

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	June 30, 2007	June 30, 2006
Ordinary Income	$ 1,575,615	$ 1,127,349
Long-term Capital Gains	3,189,149	3,100,158
Total	$ 4,764,764	$ 4,227,507

4. Operating Policies.

Annual Report

Notes to Financial Statements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $175,580,957 and $192,627,815, respectively.

6. Fees and Other Transactions with Affiliates.

7. 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 $477 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

8. Security Lending.

9. 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 $1,248 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 $241 and $5,402 respectively.

10. Other.

Annual Report

Notes to Financial Statements - continued

10. Other - continued

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of Fidelity Growth & Income II Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Growth & Income II Portfolio (a fund of Fidelity Hastings Street Trust) at June 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Growth & Income II Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2007

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (77)
	Year of Election or Appointment: 1984 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (72)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (59)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (71)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (66)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (62)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (68)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).
Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Hastings Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Joseph Mauriello (63)
	Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Hastings Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd., (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc., (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Growth & Income II. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Philip L. Bullen (47)
	Year of Election or Appointment: 2006 Vice President of Growth & Income II. Mr. Bullen also serves as Vice President of certain Equity Funds (2006-present). Mr. Bullen is Senior Vice President of FMR (2001-present) and FMR Co., Inc. (2001-present). Previously, Mr. Bullen served as President and a Director of Fidelity Research & Analysis Company (2001-2005), President and a Director of Fidelity Management & Research (U.K.) Inc. (2002-2006), and a Director of Strategic Advisers, Inc. (2002-2005).
Dwight D. Churchill (53)
	Year of Election or Appointment: 2005 Vice President of Growth & Income II. Mr. Churchill also serves as Vice President of certain Equity Funds (2005-present). Mr. Churchill is Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present). Previously, Mr. Churchill served as Senior Vice President of Fidelity Investments Money Management, Inc. (2005-2006), Head of Fidelity's Fixed-Income Division (2000-2005), Vice President of Fidelity's Money Market Funds (2000-2005), Vice President of Fidelity's Bond Funds, and Senior Vice President of FMR.
James Catudal (46)
	Year of Election or Appointment: 2005 Vice President of Growth & Income II. Mr. Catudal also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Catudal worked as a research analyst and manager. Mr. Catudal also serves as Vice President of FMR and FMR Co., Inc. (2002).
Eric D. Roiter (58)
	Year of Election or Appointment: 1998 Secretary of Growth & Income II. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Growth & Income II. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Growth & Income II. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (59)
	Year of Election or Appointment: 2006 Chief Financial Officer of Growth & Income II. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (60)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Growth & Income II. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (46)
	Year of Election or Appointment: 2005 Deputy Treasurer of Growth & Income II. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (37)
	Year of Election or Appointment: 2005 Deputy Treasurer of Growth & Income II. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 Assistant Treasurer of Growth & Income II. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 Assistant Treasurer of Growth & Income II. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Gary W. Ryan (48)
	Year of Election or Appointment: 2005 Assistant Treasurer of Growth & Income II. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).
Salvatore Schiavone (41)
	Year of Election or Appointment: 2005 Assistant Treasurer of Growth & Income II. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003).

Annual Report

Distributions

The Board of Trustees of Fidelity Growth and Income II Portfolio voted to pay on August 6, 2007, to shareholders of record at the opening of business on August 3, 2007, a distribution of $.56 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2007, $6,075,608 or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.30% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual 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

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.)

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Item 2. Code of Ethics

As of the end of the period, June 30, 2007, Fidelity Hastings Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees.

For the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for Fidelity Fifty, Fidelity Fund, Fidelity Growth & Income II Portfolio, and Fidelity Growth Discovery Fund (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.

Fund	2007^A	2006^A
Fidelity Fifty	$41,000	$39,000
Fidelity Fund	$80,000	$87,000
Fidelity Growth & Income II Portfolio	$39,000	$38,000
Fidelity Growth Discovery Fund	$41,000	$39,000
All funds in the Fidelity Group of Funds audited by PwC	$13,900,000	$12,600,000

^A	Aggregate amounts may reflect rounding.

(b) Audit-Related Fees.

In each of the fiscal years ended June 30, 2007 and June 30, 2006 the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Fund	2007^A	2006^A
Fidelity Fifty	$0	$0
Fidelity Fund	$0	$0
Fidelity Growth & Income II Portfolio	$0	$0
Fidelity Growth Discovery Fund	$0	$0

^A	Aggregate amounts may reflect rounding.

In each of the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services rendered on behalf of Fidelity Management & Research Company (FMR) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the funds ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Billed By	2007^A	2006^A
PwC	$0	$0

^A	Aggregate amounts may reflect rounding.

Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

In each of the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.

Fund	2007^A	2006^A
Fidelity Fifty	$2,900	$2,700
Fidelity Fund	$3,800	$3,600
Fidelity Growth & Income II Portfolio	$2,900	$2,700
Fidelity Growth Discovery Fund	$2,900	$2,700

^A	Aggregate amounts may reflect rounding.

In each of the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2007^A	2006^A
PwC	$0	$0

^A	Aggregate amounts may reflect rounding.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees.

In each of the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.

Fund	2007^A	2006^A
Fidelity Fifty	$2,000	$2,200
Fidelity Fund	$6,100	$9,800
Fidelity Growth & Income II Portfolio	$1,300	$1,500
Fidelity Growth Discovery Fund	$1,400	$1,700

^A	Aggregate amounts may reflect rounding.

In each of the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2007^A	2006^A
PwC	$225,000	$155,000

^A	Aggregate amounts may reflect rounding.

Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.

(e) (1)

Audit Committee Pre-Approval Policies and Procedures:

The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.

All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.

(e) (2)

Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2007 and June 30, 2006 on behalf of each fund.

There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2007 and June 30, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2007 and June 30, 2006 on behalf of each fund.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended June 30, 2007 and June 30, 2006 on behalf of each fund.

(f) Not applicable.

(g) For the fiscal years ended June 30, 2007 and June 30, 2006, the aggregate fees billed by PwC of $1,350,000 and $1,180,000^A for non-audit services rendered on behalf of the funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.

	2007^A	2006^A
Covered Services	$250,000	$180,000
Non-Covered Services	$1,100,000	$1,000,000

^A	Aggregate amounts may reflect rounding.

(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the funds, taking into account representations from PwC, in accordance with Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.

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 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 trust's 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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(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:	August 17, 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:	August 17, 2007

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

Date:	August 17, 2007

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2007

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Managing Your Investments

To Write Fidelity

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2007

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2007

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions

Proxy Voting Results

Managing Your Investments

To Visit Fidelity

To Write Fidelity

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes

Investments June 30, 2007

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions