0000719451-11-000112.txt : 20111129 0000719451-11-000112.hdr.sgml : 20111129 20111129134631 ACCESSION NUMBER: 0000719451-11-000112 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111129 DATE AS OF CHANGE: 20111129 EFFECTIVENESS DATE: 20111129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY HASTINGS STREET TRUST CENTRAL INDEX KEY: 0000035348 IRS NUMBER: 046026953 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00215 FILM NUMBER: 111230566 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173300814 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAIL ZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND INC DATE OF NAME CHANGE: 19851205 0000035348 S000007019 Fidelity Growth Discovery Fund C000019191 Fidelity Growth Discovery Fund FDSVX C000064239 Class K FGDKX 0000035348 S000007020 Fidelity Fifty C000019192 Fidelity Fifty FFTYX 0000035348 S000007021 Fidelity Fund C000019193 Fidelity Fund FFIDX C000064240 Class K FFDKX 0000035348 S000007022 Fidelity Mega Cap Stock Fund C000019194 Fidelity Mega Cap Stock Fund FGRTX C000059099 Fidelity Advisor Mega Cap Stock Fund: Class A FGTAX C000059100 Fidelity Advisor Mega Cap Stock Fund: Class B FGRBX C000059101 Fidelity Advisor Mega Cap Stock Fund: Class C FGRCX C000059102 Fidelity Advisor Mega Cap Stock Fund: Class T FTGRX C000059103 Fidelity Advisor Mega Cap Stock Fund: Institutional Class FTRIX N-Q 1 hast.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:

September 30, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

September 30, 2011

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

1.864816.103

AGII-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value

CONSUMER DISCRETIONARY - 9.9%

Automobiles - 0.1%

Bayerische Motoren Werke AG (BMW)

13,163

$ 881,172

Distributors - 0.4%

Li & Fung Ltd.

2,022,000

3,373,830

Hotels, Restaurants & Leisure - 2.1%

Carnival Corp. unit

74,600

2,260,380

McDonald's Corp.

128,300

11,267,306

Yum! Brands, Inc.

123,800

6,114,482

 

19,642,168

Media - 3.4%

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

507,000

10,489,830

The Walt Disney Co.

126,400

3,812,224

Thomson Reuters Corp.

20,400

552,666

Time Warner, Inc.

448,500

13,441,545

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

90,700

3,513,718

 

31,809,983

Multiline Retail - 1.7%

Target Corp.

335,200

16,438,208

Specialty Retail - 2.2%

Home Depot, Inc.

232,700

7,648,849

Lowe's Companies, Inc.

502,000

9,708,680

Staples, Inc.

250,843

3,336,212

 

20,693,741

TOTAL CONSUMER DISCRETIONARY

92,839,102

CONSUMER STAPLES - 11.4%

Beverages - 3.0%

PepsiCo, Inc.

353,600

21,887,840

The Coca-Cola Co.

97,100

6,560,076

 

28,447,916

Food & Staples Retailing - 1.8%

CVS Caremark Corp.

164,200

5,513,836

Sysco Corp.

130,400

3,377,360

Walgreen Co.

250,400

8,235,656

 

17,126,852

Food Products - 0.9%

Danone

130,317

8,066,461

Household Products - 4.5%

Colgate-Palmolive Co.

110,100

9,763,668

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - continued

Kimberly-Clark Corp.

207,200

$ 14,713,272

Procter & Gamble Co.

276,200

17,450,316

 

41,927,256

Tobacco - 1.2%

British American Tobacco PLC sponsored ADR

73,200

6,202,236

Philip Morris International, Inc.

86,030

5,366,551

 

11,568,787

TOTAL CONSUMER STAPLES

107,137,272

ENERGY - 12.5%

Energy Equipment & Services - 1.2%

Halliburton Co.

133,700

4,080,524

National Oilwell Varco, Inc.

56,900

2,914,418

Transocean Ltd. (United States)

84,500

4,034,030

 

11,028,972

Oil, Gas & Consumable Fuels - 11.3%

Apache Corp.

40,900

3,281,816

Chevron Corp.

336,600

31,142,232

Exxon Mobil Corp.

576,671

41,883,615

Hess Corp.

17,100

897,066

Occidental Petroleum Corp.

117,400

8,394,100

Royal Dutch Shell PLC Class A sponsored ADR

165,000

10,150,800

Suncor Energy, Inc.

190,300

4,857,796

Talisman Energy, Inc.

206,400

2,535,946

Williams Companies, Inc.

116,500

2,835,610

 

105,978,981

TOTAL ENERGY

117,007,953

FINANCIALS - 16.0%

Capital Markets - 2.5%

BlackRock, Inc. Class A

11,500

1,702,115

Charles Schwab Corp.

162,200

1,827,994

Goldman Sachs Group, Inc.

80,600

7,620,730

Morgan Stanley

437,500

5,906,250

Northern Trust Corp.

100,400

3,511,992

State Street Corp.

87,600

2,817,216

 

23,386,297

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 7.9%

BB&T Corp.

546,100

$ 11,648,313

Standard Chartered PLC (United Kingdom)

97,962

1,966,487

U.S. Bancorp

648,800

15,272,752

Wells Fargo & Co.

1,880,130

45,348,736

 

74,236,288

Diversified Financial Services - 5.1%

Citigroup, Inc.

480,470

12,309,641

JPMorgan Chase & Co.

1,170,600

35,258,472

 

47,568,113

Insurance - 0.5%

AFLAC, Inc.

23,800

831,810

MetLife, Inc.

158,000

4,425,580

 

5,257,390

TOTAL FINANCIALS

150,448,088

HEALTH CARE - 10.2%

Biotechnology - 1.8%

Amgen, Inc.

250,290

13,753,436

Gilead Sciences, Inc. (a)

85,500

3,317,400

 

17,070,836

Health Care Providers & Services - 1.5%

Express Scripts, Inc. (a)

86,300

3,199,141

McKesson Corp.

118,200

8,593,140

Medco Health Solutions, Inc. (a)

45,500

2,133,495

 

13,925,776

Pharmaceuticals - 6.9%

Abbott Laboratories

187,100

9,568,294

GlaxoSmithKline PLC sponsored ADR

213,500

8,815,415

Johnson & Johnson

125,100

7,970,121

Merck & Co., Inc.

520,800

17,035,368

Pfizer, Inc.

1,028,300

18,180,344

Roche Holding AG (participation certificate)

18,474

2,998,152

 

64,567,694

TOTAL HEALTH CARE

95,564,306

Common Stocks - continued

Shares

Value

INDUSTRIALS - 11.3%

Aerospace & Defense - 2.9%

Honeywell International, Inc.

215,200

$ 9,449,432

The Boeing Co.

106,300

6,432,213

United Technologies Corp.

156,100

10,983,196

 

26,864,841

Air Freight & Logistics - 1.0%

United Parcel Service, Inc. Class B

150,100

9,478,815

Commercial Services & Supplies - 0.3%

Waste Management, Inc.

82,100

2,673,176

Electrical Equipment - 0.6%

Emerson Electric Co.

131,500

5,432,265

Industrial Conglomerates - 4.6%

Danaher Corp.

147,900

6,202,926

General Electric Co.

1,805,500

27,515,820

Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)

543,597

9,752,130

 

43,470,876

Machinery - 1.6%

Ingersoll-Rand Co. Ltd.

415,399

11,668,558

PACCAR, Inc.

106,800

3,611,976

 

15,280,534

Road & Rail - 0.3%

Union Pacific Corp.

30,500

2,490,935

TOTAL INDUSTRIALS

105,691,442

INFORMATION TECHNOLOGY - 24.8%

Communications Equipment - 3.5%

Cisco Systems, Inc.

1,232,400

19,089,876

Juniper Networks, Inc. (a)

293,965

5,073,836

QUALCOMM, Inc.

182,600

8,879,838

 

33,043,550

Computers & Peripherals - 7.1%

Apple, Inc. (a)

129,201

49,248,837

EMC Corp. (a)

463,900

9,737,261

Hewlett-Packard Co.

351,600

7,893,420

 

66,879,518

Electronic Equipment & Components - 0.8%

Corning, Inc.

598,900

7,402,404

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 2.6%

Google, Inc. Class A (a)

46,650

$ 23,995,827

IT Services - 5.8%

Accenture PLC Class A

99,300

5,231,124

Cognizant Technology Solutions Corp. Class A (a)

116,600

7,310,820

International Business Machines Corp.

95,500

16,715,365

MasterCard, Inc. Class A

47,500

15,065,100

Visa, Inc. Class A

123,500

10,586,420

 

54,908,829

Semiconductors & Semiconductor Equipment - 0.9%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

280,300

3,203,829

Texas Instruments, Inc.

199,300

5,311,345

 

8,515,174

Software - 4.1%

Microsoft Corp.

877,400

21,838,486

Oracle Corp.

570,900

16,407,666

 

38,246,152

TOTAL INFORMATION TECHNOLOGY

232,991,454

MATERIALS - 0.5%

Chemicals - 0.5%

BASF AG

22,161

1,368,324

LyondellBasell Industries NV Class A

38,600

942,998

PPG Industries, Inc.

25,700

1,815,962

 

4,127,284

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

619,400

1,882,976

UTILITIES - 0.8%

Electric Utilities - 0.5%

NextEra Energy, Inc.

34,400

1,858,288

PPL Corp.

91,430

2,609,412

 

4,467,700

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.3%

National Grid PLC

296,142

$ 2,936,020

TOTAL UTILITIES

7,403,720

TOTAL COMMON STOCKS

(Cost $994,795,802)


915,093,597

Preferred Stocks - 1.5%

 

 

 

 

Convertible Preferred Stocks - 0.1%

UTILITIES - 0.1%

Electric Utilities - 0.1%

PPL Corp. 8.75%

18,100

985,319

Nonconvertible Preferred Stocks - 1.4%

CONSUMER DISCRETIONARY - 1.4%

Automobiles - 1.4%

Porsche Automobil Holding SE (Germany)

158,925

7,711,177

Volkswagen AG

41,300

5,536,141

 

13,247,318

TOTAL PREFERRED STOCKS

(Cost $16,905,216)


14,232,637

Money Market Funds - 0.0%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)
(Cost $155,037)

155,037


155,037

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $1,011,856,055)

929,481,271

NET OTHER ASSETS (LIABILITIES) - 0.9%

8,732,686

NET ASSETS - 100%

$ 938,213,957

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.

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

$ 1,836

Fidelity Securities Lending Cash Central Fund

11,996

Total

$ 13,832

Other Information

The following is a summary of the inputs used, as of September 30, 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

$ 106,086,420

$ 102,712,590

$ 3,373,830

$ -

Consumer Staples

107,137,272

107,137,272

-

-

Energy

117,007,953

117,007,953

-

-

Financials

150,448,088

150,448,088

-

-

Health Care

95,564,306

95,564,306

-

-

Industrials

105,691,442

105,691,442

-

-

Information Technology

232,991,454

232,991,454

-

-

Materials

4,127,284

4,127,284

-

-

Telecommunication Services

1,882,976

1,882,976

-

-

Utilities

8,389,039

4,467,700

3,921,339

-

Money Market Funds

155,037

155,037

-

-

Total Investments in Securities:

$ 929,481,271

$ 922,186,102

$ 7,295,169

$ -

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $1,019,032,687. Net unrealized depreciation aggregated $89,551,416, of which $41,250,202 related to appreciated investment securities and $130,801,618 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

Quarterly Holdings Report

for

Fidelity ® Growth Discovery Fund

September 30, 2011 

1.808775.107

CII-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.2%

Auto Components - 0.8%

Gentex Corp.

304,979

$ 7,335

Automobiles - 1.1%

Harley-Davidson, Inc.

199,194

6,838

Tesla Motors, Inc. (a)(d)

133,392

3,253

 

10,091

Diversified Consumer Services - 1.0%

Anhanguera Educacional Participacoes SA

79,700

1,025

Kroton Educacional SA unit (a)

103,400

987

Weight Watchers International, Inc.

120,586

7,024

 

9,036

Hotels, Restaurants & Leisure - 3.4%

Arcos Dorados Holdings, Inc.

24,400

566

Chipotle Mexican Grill, Inc. (a)

4,307

1,305

McDonald's Corp.

225,200

19,777

Starbucks Corp.

260,126

9,700

 

31,348

Household Durables - 0.5%

Tupperware Brands Corp.

81,372

4,373

Internet & Catalog Retail - 1.3%

Amazon.com, Inc. (a)

55,608

12,024

Media - 0.4%

Discovery Communications, Inc. Class C (non-vtg.) (a)

112,550

3,956

Multiline Retail - 1.6%

Dollar General Corp. (a)

56,242

2,124

Dollarama, Inc.

184,190

6,378

Dollarama, Inc. (a)(e)

25,900

897

Target Corp.

113,239

5,553

 

14,952

Specialty Retail - 4.4%

AutoZone, Inc. (a)

7,400

2,362

Bed Bath & Beyond, Inc. (a)

96,795

5,547

GNC Holdings, Inc. (d)

101,678

2,046

Home Depot, Inc.

78,900

2,593

Lowe's Companies, Inc.

171,655

3,320

Ross Stores, Inc.

77,633

6,109

TJX Companies, Inc.

99,209

5,503

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

118,024

7,345

Vitamin Shoppe, Inc. (a)

155,905

5,837

 

40,662

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.7%

Arezzo Industria e Comercio SA

4,000

$ 40

Burberry Group PLC

44,421

813

NIKE, Inc. Class B

73,498

6,285

 

7,138

TOTAL CONSUMER DISCRETIONARY

140,915

CONSUMER STAPLES - 7.4%

Beverages - 1.1%

The Coca-Cola Co.

154,900

10,465

Food & Staples Retailing - 0.6%

Chefs' Warehouse Holdings (a)

15,100

178

Costco Wholesale Corp.

19,100

1,568

Droga Raia SA

41,000

560

Drogasil SA

73,000

437

Whole Foods Market, Inc.

40,802

2,665

 

5,408

Food Products - 1.5%

Green Mountain Coffee Roasters, Inc. (a)

84,281

7,833

Mead Johnson Nutrition Co. Class A

84,731

5,832

 

13,665

Household Products - 0.9%

Colgate-Palmolive Co.

93,503

8,292

Personal Products - 1.4%

Estee Lauder Companies, Inc. Class A

11,934

1,048

Herbalife Ltd.

212,584

11,395

 

12,443

Tobacco - 1.9%

British American Tobacco PLC sponsored ADR

87,000

7,372

Philip Morris International, Inc.

165,800

10,343

 

17,715

TOTAL CONSUMER STAPLES

67,988

ENERGY - 9.9%

Energy Equipment & Services - 6.7%

Aker Solutions ASA

191,281

1,853

Baker Hughes, Inc.

294,710

13,604

Cameron International Corp. (a)

76,000

3,157

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Dresser-Rand Group, Inc. (a)

90,005

$ 3,648

Halliburton Co.

600,323

18,322

ION Geophysical Corp. (a)

211,100

999

Kvaerner ASA (a)

96,088

127

National Oilwell Varco, Inc.

57,600

2,950

Oceaneering International, Inc.

137,156

4,847

Schlumberger Ltd.

155,601

9,294

Transocean Ltd. (United States)

80,891

3,862

 

62,663

Oil, Gas & Consumable Fuels - 3.2%

Anadarko Petroleum Corp.

41,381

2,609

Apache Corp.

26,759

2,147

Atlas Pipeline Partners, LP

99,288

2,966

Concho Resources, Inc. (a)

48,621

3,459

Noble Energy, Inc.

34,800

2,464

Occidental Petroleum Corp.

150,627

10,770

Pioneer Natural Resources Co.

19,700

1,296

Valero Energy Corp.

117,000

2,080

Whiting Petroleum Corp. (a)

46,501

1,631

 

29,422

TOTAL ENERGY

92,085

FINANCIALS - 3.5%

Capital Markets - 2.0%

BlackRock, Inc. Class A

41,491

6,141

Charles Schwab Corp.

224,451

2,530

GP Investments Ltd. (depositary receipt) (a)

362,094

866

Invesco Ltd.

304,121

4,717

JMP Group, Inc.

36,200

210

Noah Holdings Ltd. sponsored ADR (d)

170,050

1,564

T. Rowe Price Group, Inc.

49,878

2,383

 

18,411

Consumer Finance - 0.2%

Shriram Transport Finance Co. Ltd.

187,926

2,332

Diversified Financial Services - 0.9%

CME Group, Inc.

32,558

8,022

Real Estate Investment Trusts - 0.1%

Public Storage

12,430

1,384

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.3%

BR Malls Participacoes SA

241,400

$ 2,465

TOTAL FINANCIALS

32,614

HEALTH CARE - 4.7%

Biotechnology - 0.6%

Amarin Corp. PLC ADR (a)

145,600

1,340

Amgen, Inc.

46,300

2,544

Biogen Idec, Inc. (a)

15,100

1,407

 

5,291

Health Care Providers & Services - 0.4%

HMS Holdings Corp. (a)

50,100

1,222

Odontoprev SA

30,400

449

VCA Antech, Inc. (a)

114,559

1,831

 

3,502

Life Sciences Tools & Services - 0.1%

Illumina, Inc. (a)

32,481

1,329

Pharmaceuticals - 3.6%

Aegerion Pharmaceuticals, Inc.

31,100

394

Allergan, Inc.

44,989

3,706

Novo Nordisk A/S Series B

118,655

11,834

Perrigo Co.

76,237

7,403

Valeant Pharmaceuticals International, Inc. (Canada) (d)

274,125

10,214

 

33,551

TOTAL HEALTH CARE

43,673

INDUSTRIALS - 15.5%

Aerospace & Defense - 7.8%

Esterline Technologies Corp. (a)

77,961

4,041

Goodrich Corp.

164,921

19,903

Honeywell International, Inc.

175,519

7,707

Precision Castparts Corp.

79,053

12,290

TransDigm Group, Inc. (a)

46,058

3,762

United Technologies Corp.

344,318

24,226

 

71,929

Building Products - 0.3%

A.O. Smith Corp.

92,845

2,974

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - 0.7%

Cintas Corp.

101,371

$ 2,853

KAR Auction Services, Inc. (a)

117,965

1,429

Waste Connections, Inc.

59,250

2,004

 

6,286

Construction & Engineering - 0.4%

Jacobs Engineering Group, Inc. (a)

115,031

3,714

Electrical Equipment - 2.5%

AMETEK, Inc.

58,865

1,941

Emerson Electric Co.

221,336

9,143

Polypore International, Inc. (a)

96,085

5,431

Regal-Beloit Corp.

46,000

2,087

Roper Industries, Inc.

68,300

4,707

 

23,309

Industrial Conglomerates - 1.3%

Danaher Corp.

283,800

11,903

Machinery - 0.7%

CLARCOR, Inc.

126,229

5,223

Flowserve Corp.

17,900

1,325

 

6,548

Professional Services - 0.8%

51job, Inc. sponsored ADR (a)

27,610

1,102

IHS, Inc. Class A (a)

32,400

2,424

Qualicorp SA

154,700

1,151

Robert Half International, Inc.

128,337

2,723

 

7,400

Trading Companies & Distributors - 1.0%

Mills Estruturas e Servicos de Engenharia SA

182,200

1,869

MSC Industrial Direct Co., Inc. Class A

17,600

994

W.W. Grainger, Inc.

45,838

6,855

 

9,718

TOTAL INDUSTRIALS

143,781

INFORMATION TECHNOLOGY - 31.4%

Communications Equipment - 2.1%

QUALCOMM, Inc.

401,932

19,546

Computers & Peripherals - 8.9%

Apple, Inc. (a)

196,581

74,929

EMC Corp. (a)

162,640

3,414

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

NetApp, Inc. (a)

37,009

$ 1,256

OCZ Technology Group, Inc. (a)(d)

271,527

1,317

SanDisk Corp. (a)

46,549

1,878

 

82,794

Electronic Equipment & Components - 0.4%

IPG Photonics Corp. (a)

32,614

1,417

Keyence Corp.

8,300

2,271

 

3,688

Internet Software & Services - 5.9%

Baidu.com, Inc. sponsored ADR (a)

12,762

1,364

Dice Holdings, Inc. (a)

203,058

1,588

eBay, Inc. (a)

167,087

4,927

Google, Inc. Class A (a)

66,491

34,202

KIT Digital, Inc. (a)(d)

378,896

3,183

Mercadolibre, Inc. (d)

21,858

1,175

Velti PLC (a)

334,159

2,209

VeriSign, Inc.

219,080

6,268

 

54,916

IT Services - 3.6%

Accenture PLC Class A

321,435

16,933

Cognizant Technology Solutions Corp. Class A (a)

121,970

7,648

Fidelity National Information Services, Inc.

106,300

2,585

Heartland Payment Systems, Inc.

181,242

3,574

MasterCard, Inc. Class A

6,100

1,935

ServiceSource International, Inc. (d)

47,100

622

 

33,297

Semiconductors & Semiconductor Equipment - 2.1%

ARM Holdings PLC sponsored ADR

305,319

7,786

ASML Holding NV

57,500

1,986

Avago Technologies Ltd.

99,307

3,254

Broadcom Corp. Class A

131,392

4,374

Linear Technology Corp.

77,900

2,154

 

19,554

Software - 8.4%

ANSYS, Inc. (a)

79,858

3,916

Ariba, Inc. (a)

403,303

11,176

Check Point Software Technologies Ltd. (a)

121,300

6,400

Citrix Systems, Inc. (a)

179,590

9,793

Computer Modelling Group Ltd.

132,700

1,685

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Concur Technologies, Inc. (a)

20,351

$ 757

Intuit, Inc.

142,653

6,767

Kingdee International Software Group Co. Ltd.

2,779,600

1,039

Oracle Corp.

628,871

18,074

RealPage, Inc. (a)

33,504

685

Red Hat, Inc. (a)

56,500

2,388

salesforce.com, Inc. (a)

77,766

8,887

SolarWinds, Inc. (a)

112,327

2,473

VMware, Inc. Class A (a)

41,975

3,374

 

77,414

TOTAL INFORMATION TECHNOLOGY

291,209

MATERIALS - 6.0%

Chemicals - 3.3%

Albemarle Corp.

32,000

1,293

CF Industries Holdings, Inc.

29,000

3,578

Ecolab, Inc. (d)

42,300

2,068

FMC Corp.

66,873

4,625

Lanxess AG

25,500

1,238

Monsanto Co.

74,381

4,466

Praxair, Inc.

69,000

6,450

The Mosaic Co.

73,777

3,613

W.R. Grace & Co. (a)

86,254

2,872

 

30,203

Metals & Mining - 2.7%

Grande Cache Coal Corp. (a)

654,870

2,599

Iluka Resources Ltd.

314,982

3,688

Kenmare Resources PLC (a)

4,137,217

2,194

Mirabela Nickel Ltd. (a)

965,586

1,230

Newmont Mining Corp.

178,219

11,210

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

37,700

1,112

Walter Energy, Inc.

55,000

3,301

 

25,334

TOTAL MATERIALS

55,537

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 1.6%

Wireless Telecommunication Services - 1.6%

American Tower Corp. Class A (a)

125,028

$ 6,727

TIM Participacoes SA sponsored ADR

346,914

8,173

 

14,900

TOTAL COMMON STOCKS

(Cost $911,510)

882,702

Money Market Funds - 6.2%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)

47,961,852

47,962

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

9,806,898

9,807

TOTAL MONEY MARKET FUNDS

(Cost $57,769)

57,769

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $969,279)

940,471

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(13,282)

NET ASSETS - 100%

$ 927,189

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 $897,000 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 thousands)

Fidelity Cash Central Fund

$ 10

Fidelity Securities Lending Cash Central Fund

57

Total

$ 67

Other Information

The following is a summary of the inputs used, as of September 30, 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

$ 140,915

$ 140,915

$ -

$ -

Consumer Staples

67,988

67,988

-

-

Energy

92,085

92,085

-

-

Financials

32,614

30,282

2,332

-

Health Care

43,673

31,839

11,834

-

Industrials

143,781

143,781

-

-

Information Technology

291,209

287,899

3,310

-

Materials

55,537

50,619

4,918

-

Telecommunication Services

14,900

14,900

-

-

Money Market Funds

57,769

57,769

-

-

Total Investments in Securities:

$ 940,471

$ 918,077

$ 22,394

$ -

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $972,158,000. Net unrealized depreciation aggregated $31,687,000, of which $94,552,000 related to appreciated investment securities and $126,239,000 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

September 30, 2011 

1.808770.107

GII-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value

CONSUMER DISCRETIONARY - 9.9%

Automobiles - 0.1%

Bayerische Motoren Werke AG (BMW)

13,163

$ 881,172

Distributors - 0.4%

Li & Fung Ltd.

2,022,000

3,373,830

Hotels, Restaurants & Leisure - 2.1%

Carnival Corp. unit

74,600

2,260,380

McDonald's Corp.

128,300

11,267,306

Yum! Brands, Inc.

123,800

6,114,482

 

19,642,168

Media - 3.4%

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

507,000

10,489,830

The Walt Disney Co.

126,400

3,812,224

Thomson Reuters Corp.

20,400

552,666

Time Warner, Inc.

448,500

13,441,545

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

90,700

3,513,718

 

31,809,983

Multiline Retail - 1.7%

Target Corp.

335,200

16,438,208

Specialty Retail - 2.2%

Home Depot, Inc.

232,700

7,648,849

Lowe's Companies, Inc.

502,000

9,708,680

Staples, Inc.

250,843

3,336,212

 

20,693,741

TOTAL CONSUMER DISCRETIONARY

92,839,102

CONSUMER STAPLES - 11.4%

Beverages - 3.0%

PepsiCo, Inc.

353,600

21,887,840

The Coca-Cola Co.

97,100

6,560,076

 

28,447,916

Food & Staples Retailing - 1.8%

CVS Caremark Corp.

164,200

5,513,836

Sysco Corp.

130,400

3,377,360

Walgreen Co.

250,400

8,235,656

 

17,126,852

Food Products - 0.9%

Danone

130,317

8,066,461

Household Products - 4.5%

Colgate-Palmolive Co.

110,100

9,763,668

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - continued

Kimberly-Clark Corp.

207,200

$ 14,713,272

Procter & Gamble Co.

276,200

17,450,316

 

41,927,256

Tobacco - 1.2%

British American Tobacco PLC sponsored ADR

73,200

6,202,236

Philip Morris International, Inc.

86,030

5,366,551

 

11,568,787

TOTAL CONSUMER STAPLES

107,137,272

ENERGY - 12.5%

Energy Equipment & Services - 1.2%

Halliburton Co.

133,700

4,080,524

National Oilwell Varco, Inc.

56,900

2,914,418

Transocean Ltd. (United States)

84,500

4,034,030

 

11,028,972

Oil, Gas & Consumable Fuels - 11.3%

Apache Corp.

40,900

3,281,816

Chevron Corp.

336,600

31,142,232

Exxon Mobil Corp.

576,671

41,883,615

Hess Corp.

17,100

897,066

Occidental Petroleum Corp.

117,400

8,394,100

Royal Dutch Shell PLC Class A sponsored ADR

165,000

10,150,800

Suncor Energy, Inc.

190,300

4,857,796

Talisman Energy, Inc.

206,400

2,535,946

Williams Companies, Inc.

116,500

2,835,610

 

105,978,981

TOTAL ENERGY

117,007,953

FINANCIALS - 16.0%

Capital Markets - 2.5%

BlackRock, Inc. Class A

11,500

1,702,115

Charles Schwab Corp.

162,200

1,827,994

Goldman Sachs Group, Inc.

80,600

7,620,730

Morgan Stanley

437,500

5,906,250

Northern Trust Corp.

100,400

3,511,992

State Street Corp.

87,600

2,817,216

 

23,386,297

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 7.9%

BB&T Corp.

546,100

$ 11,648,313

Standard Chartered PLC (United Kingdom)

97,962

1,966,487

U.S. Bancorp

648,800

15,272,752

Wells Fargo & Co.

1,880,130

45,348,736

 

74,236,288

Diversified Financial Services - 5.1%

Citigroup, Inc.

480,470

12,309,641

JPMorgan Chase & Co.

1,170,600

35,258,472

 

47,568,113

Insurance - 0.5%

AFLAC, Inc.

23,800

831,810

MetLife, Inc.

158,000

4,425,580

 

5,257,390

TOTAL FINANCIALS

150,448,088

HEALTH CARE - 10.2%

Biotechnology - 1.8%

Amgen, Inc.

250,290

13,753,436

Gilead Sciences, Inc. (a)

85,500

3,317,400

 

17,070,836

Health Care Providers & Services - 1.5%

Express Scripts, Inc. (a)

86,300

3,199,141

McKesson Corp.

118,200

8,593,140

Medco Health Solutions, Inc. (a)

45,500

2,133,495

 

13,925,776

Pharmaceuticals - 6.9%

Abbott Laboratories

187,100

9,568,294

GlaxoSmithKline PLC sponsored ADR

213,500

8,815,415

Johnson & Johnson

125,100

7,970,121

Merck & Co., Inc.

520,800

17,035,368

Pfizer, Inc.

1,028,300

18,180,344

Roche Holding AG (participation certificate)

18,474

2,998,152

 

64,567,694

TOTAL HEALTH CARE

95,564,306

Common Stocks - continued

Shares

Value

INDUSTRIALS - 11.3%

Aerospace & Defense - 2.9%

Honeywell International, Inc.

215,200

$ 9,449,432

The Boeing Co.

106,300

6,432,213

United Technologies Corp.

156,100

10,983,196

 

26,864,841

Air Freight & Logistics - 1.0%

United Parcel Service, Inc. Class B

150,100

9,478,815

Commercial Services & Supplies - 0.3%

Waste Management, Inc.

82,100

2,673,176

Electrical Equipment - 0.6%

Emerson Electric Co.

131,500

5,432,265

Industrial Conglomerates - 4.6%

Danaher Corp.

147,900

6,202,926

General Electric Co.

1,805,500

27,515,820

Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)

543,597

9,752,130

 

43,470,876

Machinery - 1.6%

Ingersoll-Rand Co. Ltd.

415,399

11,668,558

PACCAR, Inc.

106,800

3,611,976

 

15,280,534

Road & Rail - 0.3%

Union Pacific Corp.

30,500

2,490,935

TOTAL INDUSTRIALS

105,691,442

INFORMATION TECHNOLOGY - 24.8%

Communications Equipment - 3.5%

Cisco Systems, Inc.

1,232,400

19,089,876

Juniper Networks, Inc. (a)

293,965

5,073,836

QUALCOMM, Inc.

182,600

8,879,838

 

33,043,550

Computers & Peripherals - 7.1%

Apple, Inc. (a)

129,201

49,248,837

EMC Corp. (a)

463,900

9,737,261

Hewlett-Packard Co.

351,600

7,893,420

 

66,879,518

Electronic Equipment & Components - 0.8%

Corning, Inc.

598,900

7,402,404

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 2.6%

Google, Inc. Class A (a)

46,650

$ 23,995,827

IT Services - 5.8%

Accenture PLC Class A

99,300

5,231,124

Cognizant Technology Solutions Corp. Class A (a)

116,600

7,310,820

International Business Machines Corp.

95,500

16,715,365

MasterCard, Inc. Class A

47,500

15,065,100

Visa, Inc. Class A

123,500

10,586,420

 

54,908,829

Semiconductors & Semiconductor Equipment - 0.9%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

280,300

3,203,829

Texas Instruments, Inc.

199,300

5,311,345

 

8,515,174

Software - 4.1%

Microsoft Corp.

877,400

21,838,486

Oracle Corp.

570,900

16,407,666

 

38,246,152

TOTAL INFORMATION TECHNOLOGY

232,991,454

MATERIALS - 0.5%

Chemicals - 0.5%

BASF AG

22,161

1,368,324

LyondellBasell Industries NV Class A

38,600

942,998

PPG Industries, Inc.

25,700

1,815,962

 

4,127,284

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

619,400

1,882,976

UTILITIES - 0.8%

Electric Utilities - 0.5%

NextEra Energy, Inc.

34,400

1,858,288

PPL Corp.

91,430

2,609,412

 

4,467,700

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.3%

National Grid PLC

296,142

$ 2,936,020

TOTAL UTILITIES

7,403,720

TOTAL COMMON STOCKS

(Cost $994,795,802)


915,093,597

Preferred Stocks - 1.5%

 

 

 

 

Convertible Preferred Stocks - 0.1%

UTILITIES - 0.1%

Electric Utilities - 0.1%

PPL Corp. 8.75%

18,100

985,319

Nonconvertible Preferred Stocks - 1.4%

CONSUMER DISCRETIONARY - 1.4%

Automobiles - 1.4%

Porsche Automobil Holding SE (Germany)

158,925

7,711,177

Volkswagen AG

41,300

5,536,141

 

13,247,318

TOTAL PREFERRED STOCKS

(Cost $16,905,216)


14,232,637

Money Market Funds - 0.0%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)
(Cost $155,037)

155,037


155,037

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $1,011,856,055)

929,481,271

NET OTHER ASSETS (LIABILITIES) - 0.9%

8,732,686

NET ASSETS - 100%

$ 938,213,957

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.

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

$ 1,836

Fidelity Securities Lending Cash Central Fund

11,996

Total

$ 13,832

Other Information

The following is a summary of the inputs used, as of September 30, 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

$ 106,086,420

$ 102,712,590

$ 3,373,830

$ -

Consumer Staples

107,137,272

107,137,272

-

-

Energy

117,007,953

117,007,953

-

-

Financials

150,448,088

150,448,088

-

-

Health Care

95,564,306

95,564,306

-

-

Industrials

105,691,442

105,691,442

-

-

Information Technology

232,991,454

232,991,454

-

-

Materials

4,127,284

4,127,284

-

-

Telecommunication Services

1,882,976

1,882,976

-

-

Utilities

8,389,039

4,467,700

3,921,339

-

Money Market Funds

155,037

155,037

-

-

Total Investments in Securities:

$ 929,481,271

$ 922,186,102

$ 7,295,169

$ -

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $1,019,032,687. Net unrealized depreciation aggregated $89,551,416, of which $41,250,202 related to appreciated investment securities and $130,801,618 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®

September 30, 2011
 

1.808769.107

FIF-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value

CONSUMER DISCRETIONARY - 15.9%

Hotels, Restaurants & Leisure - 6.9%

McDonald's Corp.

164,000

$ 14,402,480

Starbucks Corp.

766,300

28,575,327

 

42,977,807

Household Durables - 1.8%

iRobot Corp. (a)(d)

452,000

11,372,320

Internet & Catalog Retail - 2.4%

Amazon.com, Inc. (a)

71,000

15,352,330

Media - 2.3%

Sirius XM Radio, Inc. (a)(d)

9,567,000

14,446,170

Specialty Retail - 1.7%

TJX Companies, Inc.

188,000

10,428,360

Textiles, Apparel & Luxury Goods - 0.8%

Fossil, Inc. (a)

6,700

543,102

G-III Apparel Group Ltd. (a)

193,900

4,432,554

 

4,975,656

TOTAL CONSUMER DISCRETIONARY

99,552,643

CONSUMER STAPLES - 8.1%

Food Products - 0.7%

Green Mountain Coffee Roasters, Inc. (a)

48,800

4,535,472

Household Products - 1.4%

Procter & Gamble Co.

141,000

8,908,380

Personal Products - 2.2%

Estee Lauder Companies, Inc. Class A

101,000

8,871,840

Nu Skin Enterprises, Inc. Class A

110,000

4,457,200

 

13,329,040

Tobacco - 3.8%

British American Tobacco PLC sponsored ADR

262,000

22,199,260

Lorillard, Inc.

14,000

1,549,800

 

23,749,060

TOTAL CONSUMER STAPLES

50,521,952

ENERGY - 14.6%

Energy Equipment & Services - 1.2%

Baker Hughes, Inc.

37,000

1,707,920

Schlumberger Ltd.

104,000

6,211,920

 

7,919,840

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - 13.4%

Chevron Corp.

141,861

$ 13,124,980

EQT Corp.

371,000

19,796,560

Exxon Mobil Corp.

326,859

23,739,769

Keyera Corp. (d)

622,000

26,937,709

 

83,599,018

TOTAL ENERGY

91,518,858

FINANCIALS - 5.5%

Consumer Finance - 2.3%

American Express Co.

152,000

6,824,800

Discover Financial Services

343,000

7,868,420

 

14,693,220

Diversified Financial Services - 0.8%

Citigroup, Inc.

187,000

4,790,940

Real Estate Investment Trusts - 2.4%

Equity Residential (SBI)

166,000

8,610,420

Prologis, Inc.

257,000

6,232,250

 

14,842,670

TOTAL FINANCIALS

34,326,830

HEALTH CARE - 14.9%

Biotechnology - 3.1%

Alexion Pharmaceuticals, Inc. (a)

199,000

12,747,940

Biogen Idec, Inc. (a)

72,700

6,772,005

 

19,519,945

Health Care Equipment & Supplies - 5.5%

Baxter International, Inc.

108,000

6,063,120

Edwards Lifesciences Corp. (a)

398,000

28,369,440

 

34,432,560

Health Care Providers & Services - 2.0%

UnitedHealth Group, Inc.

272,200

12,553,864

Pharmaceuticals - 4.3%

Perrigo Co.

273,000

26,511,030

TOTAL HEALTH CARE

93,017,399

Common Stocks - continued

Shares

Value

INDUSTRIALS - 6.1%

Electrical Equipment - 1.2%

Polypore International, Inc. (a)

135,830

$ 7,677,112

Industrial Conglomerates - 1.4%

General Electric Co.

586,000

8,930,640

Machinery - 2.0%

Cummins, Inc.

152,000

12,412,320

Road & Rail - 1.5%

CSX Corp.

100,000

1,867,000

Union Pacific Corp.

93,000

7,595,310

 

9,462,310

TOTAL INDUSTRIALS

38,482,382

INFORMATION TECHNOLOGY - 21.4%

Computers & Peripherals - 5.1%

Apple, Inc. (a)

84,726

32,295,856

Internet Software & Services - 1.3%

Google, Inc. Class A (a)

15,700

8,075,766

IT Services - 4.2%

MasterCard, Inc. Class A

83,000

26,324,280

Semiconductors & Semiconductor Equipment - 1.9%

Avago Technologies Ltd.

212,000

6,947,240

RF Micro Devices, Inc. (a)

752,000

4,767,680

 

11,714,920

Software - 8.9%

Citrix Systems, Inc. (a)

52,000

2,835,560

Informatica Corp. (a)

318,000

13,022,100

Intuit, Inc.

672,000

31,879,680

salesforce.com, Inc. (a)

68,000

7,771,040

 

55,508,380

TOTAL INFORMATION TECHNOLOGY

133,919,202

MATERIALS - 3.9%

Chemicals - 2.0%

LyondellBasell Industries NV Class A

100

2,443

W.R. Grace & Co. (a)

365,000

12,154,500

 

12,156,943

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 1.9%

Newmont Mining Corp.

192,000

$ 12,076,800

TOTAL MATERIALS

24,233,743

UTILITIES - 6.7%

Electric Utilities - 6.7%

PPL Corp.

969,000

27,655,260

Southern Co.

334,000

14,151,580

 

41,806,840

TOTAL COMMON STOCKS

(Cost $629,241,336)


607,379,849

Money Market Funds - 4.6%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)

2,528,477

2,528,477

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

26,168,727

26,168,727

TOTAL MONEY MARKET FUNDS

(Cost $28,697,204)


28,697,204

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $657,938,540)

636,077,053

NET OTHER ASSETS (LIABILITIES) - (1.7)%

(10,892,770)

NET ASSETS - 100%

$ 625,184,283

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

$ 6,258

Fidelity Securities Lending Cash Central Fund

28,032

Total

$ 34,290

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $662,265,302. Net unrealized depreciation aggregated $26,188,249, of which $30,355,773 related to appreciated investment securities and $56,544,022 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 ® Fund

Fidelity Fund
Class K

September 30, 2011 

1.808776.107

FID-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 8.5%

Diversified Consumer Services - 0.6%

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

1,272,000

$ 29,218

Hotels, Restaurants & Leisure - 2.6%

McDonald's Corp.

562,000

49,355

Starbucks Corp.

1,444,900

53,880

Yum! Brands, Inc.

416,700

20,581

 

123,816

Internet & Catalog Retail - 1.9%

Amazon.com, Inc. (a)

354,900

76,740

Priceline.com, Inc. (a)

29,300

13,169

 

89,909

Media - 1.1%

DIRECTV (a)

299,400

12,650

The Walt Disney Co.

1,204,600

36,331

 

48,981

Specialty Retail - 0.6%

TJX Companies, Inc.

534,400

29,643

Textiles, Apparel & Luxury Goods - 1.7%

Ralph Lauren Corp.

623,673

80,890

TOTAL CONSUMER DISCRETIONARY

402,457

CONSUMER STAPLES - 14.1%

Beverages - 4.1%

Dr Pepper Snapple Group, Inc.

1,342,500

52,062

Grupo Modelo SAB de CV Series C

5,021,100

28,742

The Coca-Cola Co.

1,699,900

114,845

 

195,649

Food & Staples Retailing - 1.1%

CVS Caremark Corp.

780,000

26,192

Droga Raia SA

690,000

9,427

Walgreen Co.

417,300

13,725

 

49,344

Food Products - 1.9%

Danone

415,100

25,694

Green Mountain Coffee Roasters, Inc. (a)

311,500

28,951

Kraft Foods, Inc. Class A

366,300

12,300

Mead Johnson Nutrition Co. Class A

352,800

24,283

 

91,228

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - 1.6%

Colgate-Palmolive Co.

419,200

$ 37,175

Kimberly-Clark Corp.

551,100

39,134

 

76,309

Personal Products - 1.0%

Herbalife Ltd.

861,200

46,160

Tobacco - 4.4%

British American Tobacco PLC (United Kingdom)

576,000

24,327

Imperial Tobacco Group PLC

1,197,949

40,621

Japan Tobacco, Inc.

5,644

26,402

Lorillard, Inc.

319,400

35,358

Philip Morris International, Inc.

1,299,800

81,082

 

207,790

TOTAL CONSUMER STAPLES

666,480

ENERGY - 11.3%

Energy Equipment & Services - 1.1%

Halliburton Co.

495,300

15,117

National Oilwell Varco, Inc.

340,300

17,430

Transocean Ltd. (United States)

374,200

17,864

 

50,411

Oil, Gas & Consumable Fuels - 10.2%

Anadarko Petroleum Corp.

483,800

30,504

Bumi PLC

548,942

7,389

Chesapeake Energy Corp.

566,000

14,461

Chevron Corp.

1,566,500

144,933

EV Energy Partners LP

319,600

22,909

Exxon Mobil Corp.

876,400

63,653

Gulfport Energy Corp. (a)

828,800

20,040

Occidental Petroleum Corp.

990,500

70,821

Royal Dutch Shell PLC Class B sponsored ADR

851,400

52,829

Valero Energy Corp.

1,242,600

22,093

Williams Companies, Inc.

1,459,700

35,529

 

485,161

TOTAL ENERGY

535,572

FINANCIALS - 12.4%

Capital Markets - 1.2%

Deutsche Bank AG (NY Shares)

529,500

18,326

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

T. Rowe Price Group, Inc.

419,900

$ 20,059

UBS AG (NY Shares) (a)

1,489,800

17,028

 

55,413

Commercial Banks - 4.3%

BNP Paribas SA

350,200

14,099

Comerica, Inc.

759,400

17,443

M&T Bank Corp.

326,000

22,787

SunTrust Banks, Inc.

1,274,700

22,881

U.S. Bancorp

1,093,700

25,746

Wells Fargo & Co.

3,721,400

89,760

Zions Bancorporation

839,351

11,810

 

204,526

Consumer Finance - 1.5%

American Express Co.

1,134,092

50,921

Discover Financial Services

957,900

21,974

 

72,895

Diversified Financial Services - 2.5%

Citigroup, Inc.

2,507,810

64,250

JPMorgan Chase & Co.

1,834,200

55,246

 

119,496

Insurance - 0.8%

The Chubb Corp.

635,400

38,118

Real Estate Investment Trusts - 1.8%

AvalonBay Communities, Inc.

415,800

47,422

Prologis, Inc.

522,272

12,665

Weyerhaeuser Co.

1,540,131

23,949

 

84,036

Real Estate Management & Development - 0.3%

The St. Joe Co. (a)(d)

870,731

13,052

TOTAL FINANCIALS

587,536

HEALTH CARE - 11.5%

Biotechnology - 3.5%

Acorda Therapeutics, Inc. (a)

656,637

13,106

Alexion Pharmaceuticals, Inc. (a)

222,500

14,253

Amgen, Inc.

949,800

52,192

Biogen Idec, Inc. (a)

384,800

35,844

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Theravance, Inc. (a)

727,100

$ 14,644

Vertex Pharmaceuticals, Inc. (a)

775,300

34,532

 

164,571

Health Care Equipment & Supplies - 1.9%

C. R. Bard, Inc.

376,700

32,976

Covidien PLC

900,600

39,716

Volcano Corp. (a)

487,200

14,436

 

87,128

Health Care Providers & Services - 1.4%

Henry Schein, Inc. (a)

370,700

22,987

McKesson Corp.

618,400

44,958

 

67,945

Pharmaceuticals - 4.7%

Elan Corp. PLC sponsored ADR (a)

2,044,596

21,530

Johnson & Johnson

1,206,000

76,834

Perrigo Co.

381,700

37,067

Pfizer, Inc.

2,034,100

35,963

Shire PLC

1,103,700

34,426

Valeant Pharmaceuticals International, Inc. (Canada)

477,200

17,781

 

223,601

TOTAL HEALTH CARE

543,245

INDUSTRIALS - 9.0%

Aerospace & Defense - 4.1%

Goodrich Corp.

333,400

40,235

Precision Castparts Corp.

382,100

59,401

Safran SA

22,280

692

The Boeing Co.

600,700

36,348

United Technologies Corp.

804,200

56,584

 

193,260

Building Products - 0.4%

Armstrong World Industries, Inc.

591,400

20,368

Construction & Engineering - 0.3%

Fluor Corp.

286,400

13,332

Electrical Equipment - 0.5%

Polypore International, Inc. (a)

384,800

21,749

Industrial Conglomerates - 0.7%

Danaher Corp.

790,900

33,170

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 0.4%

Cummins, Inc.

137,400

$ 11,220

Joy Global, Inc.

148,700

9,276

 

20,496

Road & Rail - 2.6%

CSX Corp.

2,667,900

49,810

Union Pacific Corp.

928,600

75,839

 

125,649

TOTAL INDUSTRIALS

428,024

INFORMATION TECHNOLOGY - 19.4%

Communications Equipment - 1.7%

Motorola Solutions, Inc.

243,900

10,219

QUALCOMM, Inc.

1,455,700

70,791

 

81,010

Computers & Peripherals - 5.2%

Apple, Inc. (a)

648,500

247,196

Electronic Equipment & Components - 2.0%

Amphenol Corp. Class A

1,860,638

75,858

Arrow Electronics, Inc. (a)

618,000

17,168

 

93,026

Internet Software & Services - 3.3%

Baidu.com, Inc. sponsored ADR (a)

188,900

20,195

eBay, Inc. (a)

1,987,400

58,608

Facebook, Inc. Class B (a)(e)

260,071

6,502

Google, Inc. Class A (a)

136,500

70,213

 

155,518

IT Services - 3.0%

Accenture PLC Class A

677,100

35,670

Fidelity National Information Services, Inc.

838,400

20,390

International Business Machines Corp.

292,600

51,214

MasterCard, Inc. Class A

108,000

34,253

 

141,527

Semiconductors & Semiconductor Equipment - 0.3%

Broadcom Corp. Class A

70,300

2,340

NXP Semiconductors NV (a)

142,400

2,011

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,059,300

12,108

 

16,459

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 3.9%

Check Point Software Technologies Ltd. (a)

565,200

$ 29,820

Citrix Systems, Inc. (a)

668,200

36,437

Oracle Corp.

2,582,300

74,215

Solera Holdings, Inc.

837,581

42,298

 

182,770

TOTAL INFORMATION TECHNOLOGY

917,506

MATERIALS - 4.4%

Chemicals - 2.0%

CF Industries Holdings, Inc.

381,200

47,036

LyondellBasell Industries NV Class A

512,879

12,530

Monsanto Co.

353,600

21,230

W.R. Grace & Co. (a)

407,800

13,580

 

94,376

Metals & Mining - 2.4%

Goldcorp, Inc.

723,000

33,153

Newcrest Mining Ltd.

1,470,132

48,480

Newmont Mining Corp.

346,500

21,795

Walter Energy, Inc.

198,700

11,924

 

115,352

TOTAL MATERIALS

209,728

TELECOMMUNICATION SERVICES - 0.9%

Wireless Telecommunication Services - 0.9%

American Tower Corp. Class A (a)

185,500

9,980

Vodafone Group PLC sponsored ADR

1,222,500

31,357

 

41,337

UTILITIES - 2.7%

Electric Utilities - 2.2%

American Electric Power Co., Inc.

778,600

29,602

FirstEnergy Corp.

418,600

18,799

NextEra Energy, Inc.

658,100

35,551

PPL Corp.

666,600

19,025

 

102,977

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Gas Utilities - 0.5%

ONEOK, Inc.

394,100

$ 26,026

TOTAL UTILITIES

129,003

TOTAL COMMON STOCKS

(Cost $4,456,849)


4,460,888

Money Market Funds - 3.6%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)

167,638,081

167,638

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

2,661,750

2,662

TOTAL MONEY MARKET FUNDS

(Cost $170,300)


170,300

TOTAL INVESTMENT PORTFOLIO - 97.8%

(Cost $4,627,149)

4,631,188

NET OTHER ASSETS (LIABILITIES) - 2.2%

106,111

NET ASSETS - 100%

$ 4,737,299

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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,502,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

Facebook, Inc. Class B

3/31/11 - 5/19/11

$ 6,504

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

$ 59

Fidelity Securities Lending Cash Central Fund

170

Total

$ 229

Other Information

The following is a summary of the inputs used, as of September 30, 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

$ 402,457

$ 402,457

$ -

$ -

Consumer Staples

666,480

615,751

50,729

-

Energy

535,572

535,572

-

-

Financials

587,536

587,536

-

-

Health Care

543,245

508,819

34,426

-

Industrials

428,024

428,024

-

-

Information Technology

917,506

911,004

-

6,502

Materials

209,728

161,248

48,480

-

Telecommunication Services

41,337

41,337

-

-

Utilities

129,003

129,003

-

-

Money Market Funds

170,300

170,300

-

-

Total Investments in Securities:

$ 4,631,188

$ 4,491,051

$ 133,635

$ 6,502

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

$ 6,502

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 6,502

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 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 September 30, 2011, the cost of investment securities for income tax purposes was $4,657,197,000. Net unrealized depreciation aggregated $26,009,000, of which $411,528,000 related to appreciated investment securities and $437,537,000 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

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:

November 29, 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:

November 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2011

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Hastings Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 29, 2011

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Hastings Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 29, 2011

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer