N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-215

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

June 30

 

 

Date of reporting period:

March 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Fund

Fidelity Fund
Class K

March 31, 2011 

1.799854.107

FID-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 7.5%

Automobiles - 0.4%

Bayerische Motoren Werke AG (BMW)

169,240

$ 14,086

Fiat SpA

1,152,600

10,434

 

24,520

Hotels, Restaurants & Leisure - 0.9%

Starbucks Corp.

1,444,900

53,389

Household Durables - 0.2%

PulteGroup, Inc. (a)

1,854,500

13,723

Media - 2.1%

The Walt Disney Co.

2,885,100

124,319

Specialty Retail - 1.7%

Lowe's Companies, Inc.

1,814,100

47,947

Tiffany & Co., Inc.

426,800

26,223

TJX Companies, Inc.

534,400

26,576

 

100,746

Textiles, Apparel & Luxury Goods - 2.2%

Polo Ralph Lauren Corp. Class A

1,061,973

131,313

TOTAL CONSUMER DISCRETIONARY

448,010

CONSUMER STAPLES - 8.7%

Beverages - 2.8%

Dr Pepper Snapple Group, Inc.

957,600

35,584

Grupo Modelo SAB de CV Series C

5,021,100

30,020

The Coca-Cola Co.

1,516,300

100,607

 

166,211

Food & Staples Retailing - 1.3%

Droga Raia SA

255,000

3,983

Walgreen Co.

1,842,500

73,958

 

77,941

Food Products - 1.0%

Archer Daniels Midland Co.

1,653,700

59,550

Personal Products - 0.9%

Herbalife Ltd.

645,700

52,534

Tobacco - 2.7%

British American Tobacco PLC (United Kingdom)

382,100

15,316

Imperial Tobacco Group PLC

467,954

14,460

Japan Tobacco, Inc.

3,417

12,347

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - continued

Lorillard, Inc.

163,200

$ 15,506

Philip Morris International, Inc.

1,589,100

104,293

 

161,922

TOTAL CONSUMER STAPLES

518,158

ENERGY - 16.3%

Energy Equipment & Services - 3.1%

Halliburton Co.

1,318,900

65,734

National Oilwell Varco, Inc.

1,003,500

79,547

Saipem SpA

291,530

15,491

Transocean Ltd. (a)

262,700

20,477

 

181,249

Oil, Gas & Consumable Fuels - 13.2%

Anadarko Petroleum Corp.

482,700

39,543

Apache Corp.

393,600

51,530

Chevron Corp.

1,566,500

168,289

EV Energy Partners LP

287,900

15,469

Exxon Mobil Corp.

1,537,100

129,316

Gulfport Energy Corp. (a)

616,300

22,279

Marathon Oil Corp.

668,800

35,654

Occidental Petroleum Corp.

1,302,300

136,077

Royal Dutch Shell PLC Class B sponsored ADR

851,400

62,357

Southern Union Co.

973,400

27,859

Valero Energy Corp.

1,788,100

53,321

Williams Companies, Inc.

1,459,700

45,513

 

787,207

TOTAL ENERGY

968,456

FINANCIALS - 15.3%

Capital Markets - 1.4%

Morgan Stanley

1,581,400

43,204

T. Rowe Price Group, Inc.

588,200

39,068

 

82,272

Commercial Banks - 6.3%

Comerica, Inc.

1,099,900

40,388

HDFC Bank Ltd. sponsored ADR

60,500

10,281

KeyCorp

2,814,600

24,994

M&T Bank Corp.

326,000

28,841

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

Regions Financial Corp.

4,168,600

$ 30,264

SunTrust Banks, Inc.

1,610,800

46,455

Webster Financial Corp.

292,800

6,275

Wells Fargo & Co.

4,961,100

157,267

Zions Bancorporation

1,289,051

29,726

 

374,491

Consumer Finance - 0.8%

American Express Co.

1,139,092

51,487

Diversified Financial Services - 5.3%

Bank of America Corp.

3,515,200

46,858

Citigroup, Inc. (a)

31,240,300

138,082

JPMorgan Chase & Co.

2,801,300

129,140

 

314,080

Real Estate Investment Trusts - 1.1%

ProLogis Trust

1,169,965

18,696

Weyerhaeuser Co.

1,823,831

44,866

 

63,562

Real Estate Management & Development - 0.4%

The St. Joe Co. (a)(d)

870,731

21,829

TOTAL FINANCIALS

907,721

HEALTH CARE - 8.1%

Biotechnology - 1.8%

Acorda Therapeutics, Inc. (a)

462,637

10,733

Biogen Idec, Inc. (a)

527,600

38,721

Incyte Corp. (a)(d)

523,900

8,304

Theravance, Inc. (a)

727,100

17,610

Vertex Pharmaceuticals, Inc. (a)

701,300

33,613

 

108,981

Health Care Equipment & Supplies - 1.8%

C. R. Bard, Inc.

281,000

27,906

Covidien PLC

1,062,400

55,181

William Demant Holding AS (a)

252,800

21,883

 

104,970

Health Care Providers & Services - 0.8%

McKesson Corp.

618,400

48,885

Life Sciences Tools & Services - 1.3%

Agilent Technologies, Inc. (a)

709,700

31,780

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - continued

Covance, Inc. (a)

341,200

$ 18,670

QIAGEN NV (a)

1,247,200

25,006

 

75,456

Pharmaceuticals - 2.4%

Auxilium Pharmaceuticals, Inc. (a)(d)

362,322

7,779

Elan Corp. PLC sponsored ADR (a)

2,959,296

20,360

Novo Nordisk AS Series B sponsored ADR

305,100

38,208

Perrigo Co.

604,000

48,030

Shire PLC

1,103,700

32,026

 

146,403

TOTAL HEALTH CARE

484,695

INDUSTRIALS - 13.8%

Aerospace & Defense - 2.1%

Goodrich Corp.

485,800

41,550

Precision Castparts Corp.

347,900

51,204

Textron, Inc.

1,256,900

34,426

 

127,180

Building Products - 0.5%

Armstrong World Industries, Inc.

591,400

27,364

Construction & Engineering - 0.8%

Fluor Corp.

612,200

45,095

Electrical Equipment - 1.7%

Cooper Industries PLC Class A

577,700

37,493

Polypore International, Inc. (a)

384,800

22,157

Regal-Beloit Corp.

531,500

39,241

 

98,891

Industrial Conglomerates - 1.3%

General Electric Co.

4,026,600

80,733

Machinery - 3.7%

Caterpillar, Inc.

579,600

64,538

Danaher Corp.

790,900

41,048

Fiat Industrial SpA (a)

1,152,600

16,541

Ingersoll-Rand Co. Ltd.

1,282,800

61,972

Pall Corp.

608,200

35,038

 

219,137

Professional Services - 0.3%

IHS, Inc. Class A (a)

212,400

18,851

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 3.4%

CSX Corp.

932,500

$ 73,295

Union Pacific Corp.

1,327,900

130,572

 

203,867

TOTAL INDUSTRIALS

821,118

INFORMATION TECHNOLOGY - 21.2%

Communications Equipment - 4.3%

Alcatel-Lucent SA sponsored ADR (a)(d)

11,216,800

65,170

HTC Corp.

1,042,000

40,752

Juniper Networks, Inc. (a)

1,144,100

48,144

QUALCOMM, Inc.

1,863,700

102,187

 

256,253

Computers & Peripherals - 4.0%

Apple, Inc. (a)

692,900

241,439

Electronic Equipment & Components - 2.3%

Amphenol Corp. Class A

2,133,638

116,049

Arrow Electronics, Inc. (a)

448,200

18,771

 

134,820

Internet Software & Services - 4.9%

Baidu.com, Inc. sponsored ADR (a)

478,300

65,915

eBay, Inc. (a)

3,574,900

110,965

Facebook, Inc. Class B (a)

222,828

5,571

Google, Inc. Class A (a)

157,800

92,504

TelecityGroup PLC (a)

1,978,700

16,135

 

291,090

IT Services - 0.6%

Cognizant Technology Solutions Corp. Class A (a)

239,400

19,487

Fidelity National Information Services, Inc.

478,100

15,629

 

35,116

Semiconductors & Semiconductor Equipment - 1.5%

GT Solar International, Inc. (a)(d)

3,081,900

32,853

Lam Research Corp. (a)

266,700

15,111

Manz Automation AG (a)(d)

199,400

14,265

Samsung Electronics Co. Ltd.

31,331

26,631

 

88,860

Software - 3.6%

Check Point Software Technologies Ltd. (a)

356,200

18,184

Citrix Systems, Inc. (a)

400,100

29,391

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

CommVault Systems, Inc. (a)

201,743

$ 8,046

Oracle Corp.

2,737,100

91,337

Rovi Corp. (a)

303,300

16,272

Solera Holdings, Inc.

614,881

31,420

VMware, Inc. Class A (a)

217,700

17,751

 

212,401

TOTAL INFORMATION TECHNOLOGY

1,259,979

MATERIALS - 6.6%

Chemicals - 2.3%

LyondellBasell Industries NV Class A (a)

1,535,279

60,720

Solutia, Inc. (a)

1,914,143

48,619

W.R. Grace & Co. (a)

701,600

26,864

 

136,203

Containers & Packaging - 0.1%

Greatview Aseptic Pack Co. Ltd.

11,139,000

7,146

Metals & Mining - 4.2%

Anglo American PLC (United Kingdom)

346,500

17,820

Gerdau SA sponsored ADR (d)

2,329,700

29,121

Goldcorp, Inc.

723,000

36,042

Newcrest Mining Ltd.

1,470,132

60,546

United States Steel Corp.

731,000

39,430

Walter Energy, Inc.

483,400

65,467

 

248,426

TOTAL MATERIALS

391,775

TELECOMMUNICATION SERVICES - 0.5%

Wireless Telecommunication Services - 0.5%

Sprint Nextel Corp. (a)

6,594,600

30,599

UTILITIES - 0.3%

Electric Utilities - 0.3%

NextEra Energy, Inc.

272,900

15,042

TOTAL COMMON STOCKS

(Cost $4,753,410)

5,845,553

Nonconvertible Preferred Stocks - 0.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 0.5%

Automobiles - 0.5%

Volkswagen AG

(Cost $25,054)

178,000

$ 28,860

Money Market Funds - 2.9%

 

 

 

 

Fidelity Cash Central Fund, 0.16% (b)

80,759,396

80,759

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

91,239,148

91,239

TOTAL MONEY MARKET FUNDS

(Cost $171,998)

171,998

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $4,950,462)

6,046,411

NET OTHER ASSETS (LIABILITIES) - (1.7)%

(101,056)

NET ASSETS - 100%

$ 5,945,355

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 229

Fidelity Securities Lending Cash Central Fund

229

Total

$ 458

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 476,870

$ 476,870

$ -

$ -

Consumer Staples

518,158

502,842

15,316

-

Energy

968,456

968,456

-

-

Financials

907,721

907,721

-

-

Health Care

484,695

452,669

32,026

-

Industrials

821,118

821,118

-

-

Information Technology

1,259,979

1,254,408

-

5,571

Materials

391,775

391,775

-

-

Telecommunication Services

30,599

30,599

-

-

Utilities

15,042

15,042

-

-

Money Market Funds

171,998

171,998

-

-

Total Investments in Securities:

$ 6,046,411

$ 5,993,498

$ 47,342

$ 5,571

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

5,571

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 5,571

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $4,975,110,000. Net unrealized appreciation aggregated $1,071,301,000, of which $1,169,238,000 related to appreciated investment securities and $97,937,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Fifty®

March 31, 2011
 

1.799847.107

FIF-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 14.2%

Automobiles - 0.9%

Bayerische Motoren Werke AG (BMW)

92,000

$ 7,656,993

Diversified Consumer Services - 0.1%

Weight Watchers International, Inc.

9,700

679,970

Hotels, Restaurants & Leisure - 4.0%

Starbucks Corp.

764,300

28,240,885

Yum! Brands, Inc.

92,300

4,742,374

 

32,983,259

Household Durables - 0.9%

iRobot Corp. (a)

232,813

7,657,220

Media - 3.0%

Sirius XM Radio, Inc. (a)(d)

5,200,000

8,632,000

The Walt Disney Co.

387,161

16,682,767

 

25,314,767

Specialty Retail - 3.1%

DSW, Inc. Class A (a)

150,000

5,994,000

TJX Companies, Inc.

400,000

19,892,000

 

25,886,000

Textiles, Apparel & Luxury Goods - 2.2%

Deckers Outdoor Corp. (a)

68,000

5,858,200

Fossil, Inc. (a)

129,000

12,080,850

 

17,939,050

TOTAL CONSUMER DISCRETIONARY

118,117,259

CONSUMER STAPLES - 4.7%

Personal Products - 4.7%

Estee Lauder Companies, Inc. Class A

401,000

38,640,359

ENERGY - 18.7%

Energy Equipment & Services - 4.5%

Ensco International Ltd. ADR

300,200

17,363,568

Key Energy Services, Inc. (a)

645,000

10,029,750

Noble Corp.

213,000

9,717,060

 

37,110,378

Oil, Gas & Consumable Fuels - 14.2%

Brigham Exploration Co. (a)

324,000

12,046,320

Chevron Corp.

260,861

28,024,297

Exxon Mobil Corp.

391,859

32,967,098

Keyera Corp.

425,000

17,233,165

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Marathon Oil Corp.

241,000

$ 12,847,710

Pioneer Natural Resources Co.

143,000

14,574,560

 

117,693,150

TOTAL ENERGY

154,803,528

FINANCIALS - 12.7%

Capital Markets - 2.4%

Affiliated Managers Group, Inc. (a)

185,000

20,233,450

Commercial Banks - 3.8%

SVB Financial Group (a)

274,700

15,638,671

The Toronto-Dominion Bank

182,000

16,103,537

 

31,742,208

Diversified Financial Services - 1.7%

JPMorgan Chase & Co.

302,209

13,931,835

Insurance - 3.5%

Lincoln National Corp.

957,470

28,762,399

Real Estate Investment Trusts - 1.3%

Equity Residential (SBI)

191,000

10,774,310

TOTAL FINANCIALS

105,444,202

HEALTH CARE - 17.7%

Health Care Equipment & Supplies - 3.0%

Edwards Lifesciences Corp. (a)

227,000

19,749,000

Mako Surgical Corp. (a)

230,000

5,566,000

 

25,315,000

Health Care Providers & Services - 2.1%

McKesson Corp.

220,400

17,422,620

Life Sciences Tools & Services - 2.1%

Agilent Technologies, Inc. (a)

105,000

4,701,900

Illumina, Inc. (a)(d)

179,000

12,542,530

 

17,244,430

Pharmaceuticals - 10.5%

Novo Nordisk AS Series B

250,000

31,383,717

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Perrigo Co.

260,000

$ 20,675,200

Valeant Pharmaceuticals International, Inc. (Canada)

700,000

34,938,641

 

86,997,558

TOTAL HEALTH CARE

146,979,608

INDUSTRIALS - 8.0%

Industrial Conglomerates - 2.3%

General Electric Co.

959,600

19,239,980

Machinery - 1.2%

Greenbrier Companies, Inc. (a)

363,000

10,301,940

Road & Rail - 4.5%

CSX Corp.

248,000

19,492,800

Union Pacific Corp.

178,000

17,502,740

 

36,995,540

TOTAL INDUSTRIALS

66,537,460

INFORMATION TECHNOLOGY - 21.7%

Communications Equipment - 5.7%

Alcatel-Lucent SA sponsored ADR (a)(d)

6,475,000

37,619,750

Juniper Networks, Inc. (a)

53,000

2,230,240

QUALCOMM, Inc.

139,191

7,631,843

 

47,481,833

Computers & Peripherals - 3.0%

Apple, Inc. (a)

70,726

24,644,475

Internet Software & Services - 3.6%

eBay, Inc. (a)

965,673

29,974,490

Semiconductors & Semiconductor Equipment - 4.9%

Avago Technologies Ltd.

173,000

5,380,300

Skyworks Solutions, Inc. (a)

551,000

17,863,420

Teradyne, Inc. (a)

985,000

17,542,850

 

40,786,570

Software - 4.5%

Informatica Corp. (a)

363,000

18,959,490

Intuit, Inc. (a)

345,700

18,356,670

 

37,316,160

TOTAL INFORMATION TECHNOLOGY

180,203,528

Common Stocks - continued

Shares

Value

UTILITIES - 0.9%

Electric Utilities - 0.9%

Southern Co.

188,000

$ 7,164,680

TOTAL COMMON STOCKS

(Cost $754,681,748)

817,890,624

Money Market Funds - 4.3%

 

 

 

 

Fidelity Cash Central Fund, 0.16% (b)

12,925,412

12,925,412

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

22,686,500

22,686,500

TOTAL MONEY MARKET FUNDS

(Cost $35,611,912)

35,611,912

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $790,293,660)

853,502,536

NET OTHER ASSETS (LIABILITIES) - (2.9)%

(24,215,169)

NET ASSETS - 100%

$ 829,287,367

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 34,191

Fidelity Securities Lending Cash Central Fund

13,605

Total

$ 47,796

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 118,117,259

$ 118,117,259

$ -

$ -

Consumer Staples

38,640,359

38,640,359

-

-

Energy

154,803,528

154,803,528

-

-

Financials

105,444,202

105,444,202

-

-

Health Care

146,979,608

115,595,891

31,383,717

-

Industrials

66,537,460

66,537,460

-

-

Information Technology

180,203,528

180,203,528

-

-

Utilities

7,164,680

7,164,680

-

-

Money Market Funds

35,611,912

35,611,912

-

-

Total Investments in Securities:

$ 853,502,536

$ 822,118,819

$ 31,383,717

$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Beginning Balance

$ 2,562,300

Total Realized Gain (Loss)

(485,017)

Total Unrealized Gain (Loss)

121,001

Cost of Purchases

-

Proceeds of Sales

(2,198,284)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ -

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $791,551,359. Net unrealized appreciation aggregated $61,951,177, of which $65,491,568 related to appreciated investment securities and $3,540,391 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Discovery Fund

March 31, 2011 

1.799853.107

CII-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Auto Components - 0.6%

Gentex Corp.

211,679

$ 6,403

Automobiles - 1.6%

Bayerische Motoren Werke AG (BMW)

75,658

6,297

Harley-Davidson, Inc.

162,694

6,913

Tesla Motors, Inc. (a)(d)

121,592

3,368

 

16,578

Diversified Consumer Services - 0.4%

Anhanguera Educacional Participacoes SA

15,400

377

Weight Watchers International, Inc.

50,100

3,512

 

3,889

Hotels, Restaurants & Leisure - 3.1%

China Lodging Group Ltd. ADR (d)

42,536

744

Chipotle Mexican Grill, Inc. (a)

4,107

1,119

Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)

14,492

573

Marriott International, Inc. Class A

125,215

4,455

McDonald's Corp.

169,200

12,874

Starbucks Corp.

245,726

9,080

Starwood Hotels & Resorts Worldwide, Inc.

68,645

3,990

 

32,835

Household Durables - 0.1%

Mohawk Industries, Inc. (a)

17,362

1,062

Internet & Catalog Retail - 1.4%

Amazon.com, Inc. (a)

80,027

14,415

Media - 0.4%

Discovery Communications, Inc. Class C (a)

108,550

3,822

Sun TV Ltd.

73,968

746

 

4,568

Multiline Retail - 1.4%

Dollarama, Inc. (a)

162,690

4,986

Dollarama, Inc. (a)(e)

25,900

794

Target Corp.

181,750

9,089

 

14,869

Specialty Retail - 2.6%

Lowe's Companies, Inc.

302,055

7,983

Ross Stores, Inc.

74,433

5,294

TJX Companies, Inc.

93,309

4,640

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

91,669

$ 4,412

Vitamin Shoppe, Inc. (a)

146,505

4,956

 

27,285

Textiles, Apparel & Luxury Goods - 1.6%

Arezzo Industria E Comercio SA

4,000

56

Coach, Inc.

45,454

2,365

lululemon athletica, Inc. (a)

44,155

3,932

LVMH Moet Hennessy - Louis Vuitton

7,374

1,167

Polo Ralph Lauren Corp. Class A

78,468

9,703

 

17,223

TOTAL CONSUMER DISCRETIONARY

139,127

CONSUMER STAPLES - 3.0%

Beverages - 0.7%

The Coca-Cola Co.

109,000

7,232

Food & Staples Retailing - 1.3%

Costco Wholesale Corp.

18,300

1,342

Droga Raia SA

41,000

640

Drogasil SA

64,600

505

Walgreen Co.

182,676

7,333

Whole Foods Market, Inc.

59,724

3,936

 

13,756

Food Products - 0.3%

Mead Johnson Nutrition Co. Class A

55,631

3,223

Personal Products - 0.7%

Estee Lauder Companies, Inc. Class A

11,534

1,111

Herbalife Ltd.

75,392

6,134

 

7,245

TOTAL CONSUMER STAPLES

31,456

ENERGY - 14.3%

Energy Equipment & Services - 7.4%

Aker Solutions ASA

135,281

3,108

Baker Hughes, Inc.

227,910

16,735

Dresser-Rand Group, Inc. (a)

67,000

3,593

Halliburton Co.

469,123

23,381

National Oilwell Varco, Inc.

21,000

1,665

Oceaneering International, Inc. (a)

83,478

7,467

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Oil States International, Inc. (a)

21,100

$ 1,607

Schlumberger Ltd.

146,301

13,644

Transocean Ltd. (a)

76,691

5,978

Vantage Drilling Co. (a)

246,600

444

 

77,622

Oil, Gas & Consumable Fuels - 6.9%

Anadarko Petroleum Corp.

39,181

3,210

Apache Corp.

8,600

1,126

Concho Resources, Inc. (a)

34,621

3,715

Denbury Resources, Inc. (a)

44,000

1,074

Extract Resources Ltd. (a)

111,088

908

Exxon Mobil Corp.

420,837

35,405

Occidental Petroleum Corp.

142,527

14,893

Pioneer Natural Resources Co.

18,500

1,886

Whiting Petroleum Corp. (a)

137,801

10,121

 

72,338

TOTAL ENERGY

149,960

FINANCIALS - 6.1%

Capital Markets - 2.7%

BlackRock, Inc. Class A

44,991

9,044

Charles Schwab Corp.

210,951

3,803

Invesco Ltd.

285,921

7,308

JMP Group, Inc.

30,900

266

Noah Holdings Ltd. ADR (d)

160,550

2,349

T. Rowe Price Group, Inc.

31,800

2,112

The Blackstone Group LP

209,100

3,739

 

28,621

Commercial Banks - 1.6%

M&T Bank Corp.

22,270

1,970

Wells Fargo & Co.

480,173

15,221

 

17,191

Consumer Finance - 0.1%

Shriram Transport Finance Co. Ltd.

69,038

1,234

Diversified Financial Services - 1.4%

CME Group, Inc.

15,858

4,782

JPMorgan Chase & Co.

207,700

9,575

 

14,357

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

107,700

$ 2,876

TOTAL FINANCIALS

64,279

HEALTH CARE - 9.9%

Biotechnology - 2.4%

Acorda Therapeutics, Inc. (a)

92,729

2,151

Alexion Pharmaceuticals, Inc. (a)

48,090

4,746

Human Genome Sciences, Inc. (a)

81,900

2,248

Incyte Corp. (a)(d)

185,937

2,947

United Therapeutics Corp. (a)

191,002

12,801

 

24,893

Health Care Equipment & Supplies - 0.4%

Edwards Lifesciences Corp. (a)

46,338

4,031

Health Care Providers & Services - 1.2%

Express Scripts, Inc. (a)

140,832

7,832

HMS Holdings Corp. (a)

16,000

1,310

Medco Health Solutions, Inc. (a)

54,247

3,047

 

12,189

Life Sciences Tools & Services - 1.7%

Agilent Technologies, Inc. (a)

159,570

7,146

Illumina, Inc. (a)

152,752

10,703

Sequenom, Inc. (a)

19,572

124

 

17,973

Pharmaceuticals - 4.2%

Aegerion Pharmaceuticals, Inc.

25,100

416

Novo Nordisk AS Series B

128,055

16,075

Perrigo Co.

114,100

9,073

Valeant Pharmaceuticals International, Inc. (Canada)

381,625

19,048

 

44,612

TOTAL HEALTH CARE

103,698

INDUSTRIALS - 16.4%

Aerospace & Defense - 7.1%

Esterline Technologies Corp. (a)

101,651

7,189

Goodrich Corp.

131,221

11,223

Honeywell International, Inc.

165,019

9,853

Precision Castparts Corp.

67,153

9,884

Textron, Inc.

200,600

5,494

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

TransDigm Group, Inc. (a)

31,958

$ 2,679

United Technologies Corp.

339,630

28,750

 

75,072

Air Freight & Logistics - 0.2%

C.H. Robinson Worldwide, Inc.

27,100

2,009

Airlines - 0.1%

Ryanair Holdings PLC sponsored ADR

28,200

784

Building Products - 0.3%

A.O. Smith Corp.

36,750

1,629

Lennox International, Inc.

30,978

1,629

 

3,258

Commercial Services & Supplies - 0.1%

Waste Connections, Inc.

55,750

1,605

Construction & Engineering - 0.5%

Jacobs Engineering Group, Inc. (a)

97,831

5,031

Electrical Equipment - 2.5%

Acuity Brands, Inc.

53,866

3,151

AMETEK, Inc.

32,265

1,415

Cooper Industries PLC Class A

77,000

4,997

Crompton Greaves Ltd.

147,227

901

Emerson Electric Co.

187,400

10,950

Polypore International, Inc. (a)

58,685

3,379

Regal-Beloit Corp.

26,400

1,949

 

26,742

Industrial Conglomerates - 0.7%

3M Co.

73,663

6,887

Machinery - 3.8%

CLARCOR, Inc.

23,000

1,033

Cummins, Inc.

65,400

7,169

Danaher Corp.

162,800

8,449

Flowserve Corp.

16,800

2,164

Ingersoll-Rand Co. Ltd.

59,523

2,876

WABCO Holdings, Inc. (a)

248,031

15,289

Weg SA

225,900

2,975

 

39,955

Professional Services - 0.6%

51job, Inc. sponsored ADR (a)

25,910

1,656

CoStar Group, Inc. (a)

11,465

719

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - continued

IHS, Inc. Class A (a)

27,401

$ 2,432

Robert Half International, Inc.

52,520

1,607

 

6,414

Road & Rail - 0.5%

Union Pacific Corp.

49,968

4,913

TOTAL INDUSTRIALS

172,670

INFORMATION TECHNOLOGY - 30.2%

Communications Equipment - 5.1%

Cisco Systems, Inc.

224,116

3,844

Juniper Networks, Inc. (a)

255,219

10,740

QUALCOMM, Inc.

715,379

39,224

 

53,808

Computers & Peripherals - 7.3%

Apple, Inc. (a)

183,581

63,967

EMC Corp. (a)

152,840

4,058

NetApp, Inc. (a)

128,556

6,194

SanDisk Corp. (a)

43,949

2,026

 

76,245

Electronic Equipment & Components - 0.5%

Amphenol Corp. Class A

17,800

968

HLS Systems International Ltd. (a)

35,224

468

IPG Photonics Corp. (a)

28,970

1,671

Keyence Corp.

7,800

1,997

 

5,104

Internet Software & Services - 6.5%

Baidu.com, Inc. sponsored ADR (a)

44,062

6,072

Dice Holdings, Inc. (a)

262,611

3,968

eBay, Inc. (a)

166,000

5,153

Google, Inc. Class A (a)

58,191

34,112

KIT Digital, Inc. (a)

326,462

3,931

The Knot, Inc. (a)

102,338

1,233

Velti PLC (a)(d)

64,559

813

VeriSign, Inc.

177,980

6,445

WebMD Health Corp. (a)

133,286

7,120

 

68,847

IT Services - 2.3%

Accenture PLC Class A

196,800

10,818

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Cognizant Technology Solutions Corp. Class A (a)

105,600

$ 8,596

Fidelity National Information Services, Inc.

65,000

2,125

Heartland Payment Systems, Inc.

53,740

942

ServiceSource International, Inc.

3,700

45

Visa, Inc. Class A

19,320

1,422

 

23,948

Semiconductors & Semiconductor Equipment - 2.1%

Analog Devices, Inc.

24,300

957

ARM Holdings PLC sponsored ADR (d)

327,419

9,223

Avago Technologies Ltd.

353,425

10,992

Broadcom Corp. Class A

33,175

1,306

 

22,478

Software - 6.4%

ANSYS, Inc. (a)

20,500

1,111

Ariba, Inc. (a)

280,034

9,560

Citrix Systems, Inc. (a)

128,745

9,458

Computer Modelling Group Ltd.

45,600

1,221

Concur Technologies, Inc. (a)

19,551

1,084

Informatica Corp. (a)

42,500

2,220

Intuit, Inc. (a)

39,353

2,090

Kingdee International Software Group Co. Ltd.

2,178,000

1,366

Microsoft Corp.

122,200

3,099

Oracle Corp.

593,871

19,817

RealPage, Inc.

32,204

893

Red Hat, Inc. (a)

53,100

2,410

salesforce.com, Inc. (a)

30,450

4,068

SolarWinds, Inc. (a)

256,175

6,010

VMware, Inc. Class A (a)

33,875

2,762

 

67,169

TOTAL INFORMATION TECHNOLOGY

317,599

MATERIALS - 4.5%

Chemicals - 1.3%

CF Industries Holdings, Inc.

30,000

4,104

FMC Corp.

49,273

4,185

The Mosaic Co.

69,777

5,495

 

13,784

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.1%

Lock & Lock Co. Ltd.

18,480

$ 645

Metals & Mining - 3.1%

Grande Cache Coal Corp. (a)

654,870

6,936

Iluka Resources Ltd.

95,800

1,318

Kenmare Resources PLC (a)

4,056,883

2,885

Major Drilling Group International, Inc.

193,900

3,293

Mirabela Nickel Ltd. (a)

907,705

1,840

Mongolian Mining Corp.

846,000

1,081

Newmont Mining Corp.

141,619

7,730

Teck Resources Ltd. Class B (sub. vtg.)

57,100

3,026

Walter Energy, Inc.

34,200

4,632

 

32,741

TOTAL MATERIALS

47,170

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

TIM Participacoes SA sponsored ADR (non-vtg.)

133,700

5,836

TOTAL COMMON STOCKS

(Cost $838,919)

1,031,795

Money Market Funds - 3.2%

 

 

 

 

Fidelity Cash Central Fund, 0.16% (b)

18,570,370

18,570

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,530,139

15,530

TOTAL MONEY MARKET FUNDS

(Cost $34,100)

34,100

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $873,019)

1,065,895

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(14,657)

NET ASSETS - 100%

$ 1,051,238

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $794,000 or 0.1% of net assets.

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 thousand)

Fidelity Cash Central Fund

$ 26

Fidelity Securities Lending Cash Central Fund

109

Total

$ 135

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 139,127

$ 139,127

$ -

$ -

Consumer Staples

31,456

31,456

-

-

Energy

149,960

149,960

-

-

Financials

64,279

64,279

-

-

Health Care

103,698

87,623

16,075

-

Industrials

172,670

172,670

-

-

Information Technology

317,599

317,599

-

-

Materials

47,170

47,170

-

-

Telecommunication Services

5,836

5,836

-

-

Money Market Funds

34,100

34,100

-

-

Total Investments in Securities:

$ 1,065,895

$ 1,049,820

$ 16,075

$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $876,775,000. Net unrealized appreciation aggregated $189,120,000, of which $207,050,000 related to appreciated investment securities and $17,930,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mega Cap Stock Fund

March 31, 2011 

1.799848.107

GII-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 10.3%

Auto Components - 0.2%

Johnson Controls, Inc.

39,500

$ 1,642,015

Automobiles - 0.1%

Porsche Automobil Holding SE rights 4/12/11 (a)

69,900

605,729

Distributors - 0.1%

Li & Fung Ltd.

252,000

1,291,004

Hotels, Restaurants & Leisure - 1.9%

Carnival Corp. unit

41,800

1,603,448

McDonald's Corp.

150,500

11,451,545

Yum! Brands, Inc.

84,900

4,362,162

 

17,417,155

Media - 3.1%

Comcast Corp. Class A (special) (non-vtg.)

471,400

10,945,908

News Corp. Class A

141,400

2,482,984

Time Warner, Inc.

302,200

10,788,540

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

82,900

3,856,508

 

28,073,940

Multiline Retail - 1.5%

Target Corp.

274,600

13,732,746

Specialty Retail - 3.4%

Home Depot, Inc.

213,700

7,919,722

Lowe's Companies, Inc.

428,700

11,330,541

Staples, Inc.

486,843

9,454,491

TJX Companies, Inc.

39,000

1,939,470

 

30,644,224

TOTAL CONSUMER DISCRETIONARY

93,406,813

CONSUMER STAPLES - 11.7%

Beverages - 4.0%

Diageo PLC sponsored ADR

50,700

3,864,354

Dr Pepper Snapple Group, Inc.

67,900

2,523,164

PepsiCo, Inc.

342,100

22,034,661

The Coca-Cola Co.

116,600

7,736,410

 

36,158,589

Food & Staples Retailing - 1.9%

CVS Caremark Corp.

170,000

5,834,400

Sysco Corp.

86,500

2,396,050

Walgreen Co.

220,600

8,854,884

 

17,085,334

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 1.2%

Archer Daniels Midland Co.

50,800

$ 1,829,308

Danone

86,017

5,616,951

Kellogg Co.

24,600

1,327,908

Unilever NV unit

76,900

2,411,584

 

11,185,751

Household Products - 3.5%

Colgate-Palmolive Co.

71,700

5,790,492

Kimberly-Clark Corp.

79,200

5,169,384

Procter & Gamble Co.

278,200

17,137,120

Reckitt Benckiser Group PLC

70,000

3,594,309

 

31,691,305

Personal Products - 0.1%

Beiersdorf AG

19,800

1,207,959

Tobacco - 1.0%

British American Tobacco PLC sponsored ADR

51,700

4,187,183

Philip Morris International, Inc.

83,530

5,482,074

 

9,669,257

TOTAL CONSUMER STAPLES

106,998,195

ENERGY - 11.9%

Energy Equipment & Services - 1.2%

Baker Hughes, Inc.

41,000

3,010,630

Halliburton Co.

18,500

922,040

Weatherford International Ltd. (a)

307,500

6,949,500

 

10,882,170

Oil, Gas & Consumable Fuels - 10.7%

Chevron Corp.

285,400

30,660,522

Exxon Mobil Corp.

526,971

44,334,070

Marathon Oil Corp.

44,200

2,356,302

Occidental Petroleum Corp.

52,400

5,475,276

Royal Dutch Shell PLC Class A sponsored ADR

97,900

7,132,994

Suncor Energy, Inc.

159,600

7,156,242

 

97,115,406

TOTAL ENERGY

107,997,576

Common Stocks - continued

Shares

Value

FINANCIALS - 19.3%

Capital Markets - 1.7%

Bank of New York Mellon Corp.

208,200

$ 6,218,934

Credit Suisse Group sponsored ADR

21,300

906,954

Morgan Stanley

132,300

3,614,436

Northern Trust Corp.

87,900

4,460,925

 

15,201,249

Commercial Banks - 8.4%

Bank of Montreal

28,200

1,831,531

BB&T Corp.

381,000

10,458,450

HSBC Holdings PLC sponsored ADR

34,700

1,797,460

Standard Chartered PLC (United Kingdom)

112,722

2,922,905

SunTrust Banks, Inc.

98,675

2,845,787

U.S. Bancorp, Delaware

364,500

9,633,735

Wells Fargo & Co.

1,482,030

46,980,352

 

76,470,220

Diversified Financial Services - 8.8%

Bank of America Corp.

2,013,235

26,836,423

Citigroup, Inc. (a)

2,463,000

10,886,460

JPMorgan Chase & Co.

921,400

42,476,540

 

80,199,423

Insurance - 0.1%

MetLife, Inc.

29,500

1,319,535

Real Estate Investment Trusts - 0.3%

Public Storage

11,000

1,220,010

Weyerhaeuser Co.

51,900

1,276,740

 

2,496,750

TOTAL FINANCIALS

175,687,177

HEALTH CARE - 10.8%

Biotechnology - 1.7%

Amgen, Inc. (a)

224,990

12,025,716

Gilead Sciences, Inc. (a)

79,000

3,352,760

 

15,378,476

Health Care Providers & Services - 1.8%

McKesson Corp.

109,500

8,655,975

Medco Health Solutions, Inc. (a)

144,700

8,126,352

 

16,782,327

Pharmaceuticals - 7.3%

Abbott Laboratories

172,100

8,441,505

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

GlaxoSmithKline PLC sponsored ADR

209,200

$ 8,035,372

Johnson & Johnson

241,700

14,320,725

Merck & Co., Inc.

445,100

14,692,751

Pfizer, Inc.

1,011,000

20,533,410

 

66,023,763

TOTAL HEALTH CARE

98,184,566

INDUSTRIALS - 11.1%

Aerospace & Defense - 3.8%

Honeywell International, Inc.

231,800

13,840,778

Precision Castparts Corp.

10,300

1,515,954

The Boeing Co.

93,600

6,919,848

United Technologies Corp.

141,100

11,944,115

 

34,220,695

Air Freight & Logistics - 0.9%

FedEx Corp.

26,600

2,488,430

United Parcel Service, Inc. Class B

76,200

5,663,184

 

8,151,614

Commercial Services & Supplies - 0.1%

Waste Management, Inc.

33,900

1,265,826

Electrical Equipment - 0.6%

Alstom SA

66,554

3,933,988

Emerson Electric Co.

26,000

1,519,180

 

5,453,168

Industrial Conglomerates - 2.3%

General Electric Co.

650,400

13,040,520

Koninklijke Philips Electronics NV unit

186,400

5,996,488

Tyco International Ltd.

32,100

1,437,117

 

20,474,125

Machinery - 2.7%

Atlas Copco AB (A Shares)

35,800

951,273

Danaher Corp.

128,900

6,689,910

Ingersoll-Rand Co. Ltd.

346,499

16,739,366

 

24,380,549

Professional Services - 0.2%

Bureau Veritas SA

28,500

2,237,556

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 0.5%

Union Pacific Corp.

48,400

$ 4,759,172

TOTAL INDUSTRIALS

100,942,705

INFORMATION TECHNOLOGY - 22.2%

Communications Equipment - 4.1%

Cisco Systems, Inc.

1,017,500

17,450,125

HTC Corp.

16,000

625,744

Juniper Networks, Inc. (a)

135,465

5,700,367

QUALCOMM, Inc.

244,900

13,427,867

 

37,204,103

Computers & Peripherals - 5.9%

Apple, Inc. (a)

91,000

31,708,950

EMC Corp. (a)

426,100

11,312,955

Hewlett-Packard Co.

253,600

10,389,992

 

53,411,897

Electronic Equipment & Components - 0.8%

Corning, Inc.

342,600

7,067,838

Internet Software & Services - 2.2%

eBay, Inc. (a)

178,000

5,525,120

Google, Inc. Class A (a)

25,550

14,977,666

 

20,502,786

IT Services - 4.6%

Accenture PLC Class A

67,500

3,710,475

International Business Machines Corp.

99,500

16,225,465

MasterCard, Inc. Class A

46,400

11,679,808

Visa, Inc. Class A

142,000

10,454,040

 

42,069,788

Semiconductors & Semiconductor Equipment - 1.7%

Taiwan Semiconductor Manufacturing Co. Ltd.

1,251,974

3,000,215

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

426,700

5,197,206

Texas Instruments, Inc.

212,000

7,326,720

 

15,524,141

Software - 2.9%

Adobe Systems, Inc. (a)

71,600

2,374,256

Autonomy Corp. PLC (a)

331,347

8,443,120

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Microsoft Corp.

419,500

$ 10,638,520

Oracle Corp.

137,100

4,575,027

 

26,030,923

TOTAL INFORMATION TECHNOLOGY

201,811,476

MATERIALS - 0.8%

Chemicals - 0.6%

Air Products & Chemicals, Inc.

10,200

919,836

E.I. du Pont de Nemours & Co.

33,518

1,842,484

PPG Industries, Inc.

20,000

1,904,200

Praxair, Inc.

10,000

1,016,000

 

5,682,520

Metals & Mining - 0.2%

Nucor Corp.

43,800

2,015,676

TOTAL MATERIALS

7,698,196

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

American Tower Corp. Class A (a)

40,100

2,077,982

UTILITIES - 0.3%

Electric Utilities - 0.2%

PPL Corp.

65,730

1,662,969

Multi-Utilities - 0.1%

National Grid PLC

160,200

1,523,436

TOTAL UTILITIES

3,186,405

TOTAL COMMON STOCKS

(Cost $830,187,179)

897,991,091

Preferred Stocks - 1.2%

 

 

 

 

Convertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

General Motors Co. 4.75%

28,200

1,359,240

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - 1.1%

CONSUMER DISCRETIONARY - 1.1%

Automobiles - 1.1%

Porsche Automobil Holding SE

69,900

$ 4,575,891

Volkswagen AG

32,200

5,220,766

 

9,796,657

TOTAL PREFERRED STOCKS

(Cost $9,710,791)

11,155,897

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $839,897,970)

909,146,988

NET OTHER ASSETS (LIABILITIES) - 0.2%

1,572,990

NET ASSETS - 100%

$ 910,719,978

Legend

(a) Non-income producing

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

$ 5,660

Fidelity Securities Lending Cash Central Fund

2,736

Total

$ 8,396

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 104,562,710

$ 104,562,710

$ -

$ -

Consumer Staples

106,998,195

106,998,195

-

-

Energy

107,997,576

107,997,576

-

-

Financials

175,687,177

175,687,177

-

-

Health Care

98,184,566

98,184,566

-

-

Industrials

100,942,705

100,942,705

-

-

Information Technology

201,811,476

198,811,261

3,000,215

-

Materials

7,698,196

7,698,196

-

-

Telecommunication Services

2,077,982

2,077,982

-

-

Utilities

3,186,405

1,662,969

1,523,436

-

Total Investments in Securities:

$ 909,146,988

$ 904,623,337

$ 4,523,651

$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $848,580,632. Net unrealized appreciation aggregated $60,566,356, of which $97,243,439 related to appreciated investment securities and $36,677,083 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor Mega Cap
Stock Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2011

Class A, Class T, Class B, Class C and
Institutional Class are classes of
Fidelity® Mega Cap Stock Fund 

1.864815.103

AGII-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 10.3%

Auto Components - 0.2%

Johnson Controls, Inc.

39,500

$ 1,642,015

Automobiles - 0.1%

Porsche Automobil Holding SE rights 4/12/11 (a)

69,900

605,729

Distributors - 0.1%

Li & Fung Ltd.

252,000

1,291,004

Hotels, Restaurants & Leisure - 1.9%

Carnival Corp. unit

41,800

1,603,448

McDonald's Corp.

150,500

11,451,545

Yum! Brands, Inc.

84,900

4,362,162

 

17,417,155

Media - 3.1%

Comcast Corp. Class A (special) (non-vtg.)

471,400

10,945,908

News Corp. Class A

141,400

2,482,984

Time Warner, Inc.

302,200

10,788,540

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

82,900

3,856,508

 

28,073,940

Multiline Retail - 1.5%

Target Corp.

274,600

13,732,746

Specialty Retail - 3.4%

Home Depot, Inc.

213,700

7,919,722

Lowe's Companies, Inc.

428,700

11,330,541

Staples, Inc.

486,843

9,454,491

TJX Companies, Inc.

39,000

1,939,470

 

30,644,224

TOTAL CONSUMER DISCRETIONARY

93,406,813

CONSUMER STAPLES - 11.7%

Beverages - 4.0%

Diageo PLC sponsored ADR

50,700

3,864,354

Dr Pepper Snapple Group, Inc.

67,900

2,523,164

PepsiCo, Inc.

342,100

22,034,661

The Coca-Cola Co.

116,600

7,736,410

 

36,158,589

Food & Staples Retailing - 1.9%

CVS Caremark Corp.

170,000

5,834,400

Sysco Corp.

86,500

2,396,050

Walgreen Co.

220,600

8,854,884

 

17,085,334

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 1.2%

Archer Daniels Midland Co.

50,800

$ 1,829,308

Danone

86,017

5,616,951

Kellogg Co.

24,600

1,327,908

Unilever NV unit

76,900

2,411,584

 

11,185,751

Household Products - 3.5%

Colgate-Palmolive Co.

71,700

5,790,492

Kimberly-Clark Corp.

79,200

5,169,384

Procter & Gamble Co.

278,200

17,137,120

Reckitt Benckiser Group PLC

70,000

3,594,309

 

31,691,305

Personal Products - 0.1%

Beiersdorf AG

19,800

1,207,959

Tobacco - 1.0%

British American Tobacco PLC sponsored ADR

51,700

4,187,183

Philip Morris International, Inc.

83,530

5,482,074

 

9,669,257

TOTAL CONSUMER STAPLES

106,998,195

ENERGY - 11.9%

Energy Equipment & Services - 1.2%

Baker Hughes, Inc.

41,000

3,010,630

Halliburton Co.

18,500

922,040

Weatherford International Ltd. (a)

307,500

6,949,500

 

10,882,170

Oil, Gas & Consumable Fuels - 10.7%

Chevron Corp.

285,400

30,660,522

Exxon Mobil Corp.

526,971

44,334,070

Marathon Oil Corp.

44,200

2,356,302

Occidental Petroleum Corp.

52,400

5,475,276

Royal Dutch Shell PLC Class A sponsored ADR

97,900

7,132,994

Suncor Energy, Inc.

159,600

7,156,242

 

97,115,406

TOTAL ENERGY

107,997,576

Common Stocks - continued

Shares

Value

FINANCIALS - 19.3%

Capital Markets - 1.7%

Bank of New York Mellon Corp.

208,200

$ 6,218,934

Credit Suisse Group sponsored ADR

21,300

906,954

Morgan Stanley

132,300

3,614,436

Northern Trust Corp.

87,900

4,460,925

 

15,201,249

Commercial Banks - 8.4%

Bank of Montreal

28,200

1,831,531

BB&T Corp.

381,000

10,458,450

HSBC Holdings PLC sponsored ADR

34,700

1,797,460

Standard Chartered PLC (United Kingdom)

112,722

2,922,905

SunTrust Banks, Inc.

98,675

2,845,787

U.S. Bancorp, Delaware

364,500

9,633,735

Wells Fargo & Co.

1,482,030

46,980,352

 

76,470,220

Diversified Financial Services - 8.8%

Bank of America Corp.

2,013,235

26,836,423

Citigroup, Inc. (a)

2,463,000

10,886,460

JPMorgan Chase & Co.

921,400

42,476,540

 

80,199,423

Insurance - 0.1%

MetLife, Inc.

29,500

1,319,535

Real Estate Investment Trusts - 0.3%

Public Storage

11,000

1,220,010

Weyerhaeuser Co.

51,900

1,276,740

 

2,496,750

TOTAL FINANCIALS

175,687,177

HEALTH CARE - 10.8%

Biotechnology - 1.7%

Amgen, Inc. (a)

224,990

12,025,716

Gilead Sciences, Inc. (a)

79,000

3,352,760

 

15,378,476

Health Care Providers & Services - 1.8%

McKesson Corp.

109,500

8,655,975

Medco Health Solutions, Inc. (a)

144,700

8,126,352

 

16,782,327

Pharmaceuticals - 7.3%

Abbott Laboratories

172,100

8,441,505

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

GlaxoSmithKline PLC sponsored ADR

209,200

$ 8,035,372

Johnson & Johnson

241,700

14,320,725

Merck & Co., Inc.

445,100

14,692,751

Pfizer, Inc.

1,011,000

20,533,410

 

66,023,763

TOTAL HEALTH CARE

98,184,566

INDUSTRIALS - 11.1%

Aerospace & Defense - 3.8%

Honeywell International, Inc.

231,800

13,840,778

Precision Castparts Corp.

10,300

1,515,954

The Boeing Co.

93,600

6,919,848

United Technologies Corp.

141,100

11,944,115

 

34,220,695

Air Freight & Logistics - 0.9%

FedEx Corp.

26,600

2,488,430

United Parcel Service, Inc. Class B

76,200

5,663,184

 

8,151,614

Commercial Services & Supplies - 0.1%

Waste Management, Inc.

33,900

1,265,826

Electrical Equipment - 0.6%

Alstom SA

66,554

3,933,988

Emerson Electric Co.

26,000

1,519,180

 

5,453,168

Industrial Conglomerates - 2.3%

General Electric Co.

650,400

13,040,520

Koninklijke Philips Electronics NV unit

186,400

5,996,488

Tyco International Ltd.

32,100

1,437,117

 

20,474,125

Machinery - 2.7%

Atlas Copco AB (A Shares)

35,800

951,273

Danaher Corp.

128,900

6,689,910

Ingersoll-Rand Co. Ltd.

346,499

16,739,366

 

24,380,549

Professional Services - 0.2%

Bureau Veritas SA

28,500

2,237,556

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 0.5%

Union Pacific Corp.

48,400

$ 4,759,172

TOTAL INDUSTRIALS

100,942,705

INFORMATION TECHNOLOGY - 22.2%

Communications Equipment - 4.1%

Cisco Systems, Inc.

1,017,500

17,450,125

HTC Corp.

16,000

625,744

Juniper Networks, Inc. (a)

135,465

5,700,367

QUALCOMM, Inc.

244,900

13,427,867

 

37,204,103

Computers & Peripherals - 5.9%

Apple, Inc. (a)

91,000

31,708,950

EMC Corp. (a)

426,100

11,312,955

Hewlett-Packard Co.

253,600

10,389,992

 

53,411,897

Electronic Equipment & Components - 0.8%

Corning, Inc.

342,600

7,067,838

Internet Software & Services - 2.2%

eBay, Inc. (a)

178,000

5,525,120

Google, Inc. Class A (a)

25,550

14,977,666

 

20,502,786

IT Services - 4.6%

Accenture PLC Class A

67,500

3,710,475

International Business Machines Corp.

99,500

16,225,465

MasterCard, Inc. Class A

46,400

11,679,808

Visa, Inc. Class A

142,000

10,454,040

 

42,069,788

Semiconductors & Semiconductor Equipment - 1.7%

Taiwan Semiconductor Manufacturing Co. Ltd.

1,251,974

3,000,215

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

426,700

5,197,206

Texas Instruments, Inc.

212,000

7,326,720

 

15,524,141

Software - 2.9%

Adobe Systems, Inc. (a)

71,600

2,374,256

Autonomy Corp. PLC (a)

331,347

8,443,120

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Microsoft Corp.

419,500

$ 10,638,520

Oracle Corp.

137,100

4,575,027

 

26,030,923

TOTAL INFORMATION TECHNOLOGY

201,811,476

MATERIALS - 0.8%

Chemicals - 0.6%

Air Products & Chemicals, Inc.

10,200

919,836

E.I. du Pont de Nemours & Co.

33,518

1,842,484

PPG Industries, Inc.

20,000

1,904,200

Praxair, Inc.

10,000

1,016,000

 

5,682,520

Metals & Mining - 0.2%

Nucor Corp.

43,800

2,015,676

TOTAL MATERIALS

7,698,196

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

American Tower Corp. Class A (a)

40,100

2,077,982

UTILITIES - 0.3%

Electric Utilities - 0.2%

PPL Corp.

65,730

1,662,969

Multi-Utilities - 0.1%

National Grid PLC

160,200

1,523,436

TOTAL UTILITIES

3,186,405

TOTAL COMMON STOCKS

(Cost $830,187,179)

897,991,091

Preferred Stocks - 1.2%

 

 

 

 

Convertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

General Motors Co. 4.75%

28,200

1,359,240

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - 1.1%

CONSUMER DISCRETIONARY - 1.1%

Automobiles - 1.1%

Porsche Automobil Holding SE

69,900

$ 4,575,891

Volkswagen AG

32,200

5,220,766

 

9,796,657

TOTAL PREFERRED STOCKS

(Cost $9,710,791)

11,155,897

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $839,897,970)

909,146,988

NET OTHER ASSETS (LIABILITIES) - 0.2%

1,572,990

NET ASSETS - 100%

$ 910,719,978

Legend

(a) Non-income producing

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

$ 5,660

Fidelity Securities Lending Cash Central Fund

2,736

Total

$ 8,396

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 104,562,710

$ 104,562,710

$ -

$ -

Consumer Staples

106,998,195

106,998,195

-

-

Energy

107,997,576

107,997,576

-

-

Financials

175,687,177

175,687,177

-

-

Health Care

98,184,566

98,184,566

-

-

Industrials

100,942,705

100,942,705

-

-

Information Technology

201,811,476

198,811,261

3,000,215

-

Materials

7,698,196

7,698,196

-

-

Telecommunication Services

2,077,982

2,077,982

-

-

Utilities

3,186,405

1,662,969

1,523,436

-

Total Investments in Securities:

$ 909,146,988

$ 904,623,337

$ 4,523,651

$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $848,580,632. Net unrealized appreciation aggregated $60,566,356, of which $97,243,439 related to appreciated investment securities and $36,677,083 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Hastings Street Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

May 31, 2011

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

May 31, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 31, 2011