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, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Fifty®

March 31, 2009 

1.799847.105

FIF-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

CONSUMER DISCRETIONARY - 19.0%

Diversified Consumer Services - 5.2%

DeVry, Inc.

624,700

$ 30,098,046

Hotels, Restaurants & Leisure - 6.6%

Burger King Holdings, Inc.

264,200

6,063,390

International Game Technology

1,192,429

10,994,195

Las Vegas Sands Corp. unit

74,600

3,742,436

Royal Caribbean Cruises Ltd.

168,900

1,352,889

Wendy's/Arby's Group, Inc.

3,277,600

16,486,328

 

38,639,238

Media - 6.7%

The DIRECTV Group, Inc. (a)

1,347,218

30,703,098

The Walt Disney Co.

470,745

8,548,729

 

39,251,827

Textiles, Apparel & Luxury Goods - 0.5%

Phillips-Van Heusen Corp.

120,500

2,732,940

TOTAL CONSUMER DISCRETIONARY

110,722,051

CONSUMER STAPLES - 10.9%

Beverages - 6.7%

Anheuser-Busch InBev NV

1,405,708

38,730,730

Food & Staples Retailing - 4.2%

Wal-Mart Stores, Inc.

467,701

24,367,222

TOTAL CONSUMER STAPLES

63,097,952

ENERGY - 12.4%

Energy Equipment & Services - 4.3%

Cameron International Corp. (a)

139,700

3,063,621

Diamond Offshore Drilling, Inc.

45,000

2,828,700

National Oilwell Varco, Inc. (a)

181,700

5,216,607

Noble Corp.

225,800

5,439,522

Pride International, Inc. (a)

320,500

5,762,590

Weatherford International Ltd. (a)

253,500

2,806,245

 

25,117,285

Oil, Gas & Consumable Fuels - 8.1%

Chevron Corp.

90,400

6,078,496

Denbury Resources, Inc. (a)

388,300

5,770,138

Exxon Mobil Corp.

278,901

18,993,158

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Hess Corp.

187,800

$ 10,178,760

Occidental Petroleum Corp.

108,800

6,054,720

 

47,075,272

TOTAL ENERGY

72,192,557

FINANCIALS - 9.6%

Capital Markets - 5.2%

Ashmore Global Opps Ltd. (a)(e)

1,499,320

8,096,328

Ashmore Group PLC

4,643,690

10,160,719

Greenhill & Co., Inc. (d)

162,685

12,014,287

 

30,271,334

Diversified Financial Services - 2.0%

BM&F BOVESPA SA

3,811,300

11,584,249

Insurance - 2.4%

Everest Re Group Ltd.

85,900

6,081,720

Fidelity National Financial, Inc. Class A

71,800

1,400,818

The Chubb Corp.

157,500

6,665,400

 

14,147,938

TOTAL FINANCIALS

56,003,521

HEALTH CARE - 16.5%

Biotechnology - 2.0%

Cephalon, Inc. (a)(d)

172,200

11,726,820

Health Care Equipment & Supplies - 5.4%

Boston Scientific Corp. (a)

2,168,000

17,235,600

Edwards Lifesciences Corp. (a)

233,310

14,145,585

 

31,381,185

Health Care Providers & Services - 4.3%

Express Scripts, Inc. (a)

532,000

24,562,440

Pharmaceuticals - 4.8%

Merck & Co., Inc.

628,600

16,815,050

Schering-Plough Corp.

476,800

11,228,640

 

28,043,690

TOTAL HEALTH CARE

95,714,135

Common Stocks - continued

Shares

Value

INDUSTRIALS - 6.3%

Airlines - 1.8%

Allegiant Travel Co. (a)(d)

232,900

$ 10,587,634

Commercial Services & Supplies - 1.4%

Waste Management, Inc.

313,800

8,033,280

Machinery - 0.5%

Deere & Co.

87,500

2,876,125

Professional Services - 1.1%

FTI Consulting, Inc. (a)

131,068

6,485,245

Road & Rail - 1.5%

CSX Corp.

331,400

8,566,690

TOTAL INDUSTRIALS

36,548,974

INFORMATION TECHNOLOGY - 22.5%

Communications Equipment - 9.3%

3Com Corp. (a)

1,054,700

3,259,023

Juniper Networks, Inc. (a)

1,201,300

18,091,578

QUALCOMM, Inc.

840,586

32,707,201

 

54,057,802

Computers & Peripherals - 0.5%

Teradata Corp. (a)

172,500

2,797,950

Internet Software & Services - 0.9%

eBay, Inc. (a)

100

1,256

Google, Inc. Class A (sub. vtg.) (a)

16,200

5,638,572

 

5,639,828

IT Services - 6.9%

Fiserv, Inc. (a)(d)

943,400

34,396,364

MasterCard, Inc. Class A

17,700

2,964,396

Visa, Inc.

50,300

2,796,680

 

40,157,440

Semiconductors & Semiconductor Equipment - 3.4%

MEMC Electronic Materials, Inc. (a)

386,695

6,376,601

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,481,700

13,261,215

 

19,637,816

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 1.5%

Ansys, Inc. (a)

18,200

$ 456,820

Electronic Arts, Inc. (a)

457,879

8,328,819

 

8,785,639

TOTAL INFORMATION TECHNOLOGY

131,076,475

MATERIALS - 2.5%

Construction Materials - 1.0%

Texas Industries, Inc. (d)

234,000

5,850,000

Metals & Mining - 1.5%

Freeport-McMoRan Copper & Gold, Inc. Class B

183,225

6,982,705

United States Steel Corp.

72,200

1,525,586

 

8,508,291

TOTAL MATERIALS

14,358,291

TOTAL COMMON STOCKS

(Cost $597,572,495)

579,713,956

Money Market Funds - 4.2%

 

 

 

 

Fidelity Cash Central Fund, 0.52% (b)

3,846,739

3,846,739

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

20,505,125

20,505,125

TOTAL MONEY MARKET FUNDS

(Cost $24,351,864)

24,351,864

TOTAL INVESTMENT PORTFOLIO - 103.9%

(Cost $621,924,359)

604,065,820

NET OTHER ASSETS - (3.9)%

(22,944,910)

NET ASSETS - 100%

$ 581,120,910

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

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

$ 192,128

Fidelity Securities Lending Cash Central Fund

304,525

Total

$ 496,653

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Ashmore Global Opps Ltd.

$ -

$ 11,738,073

$ -

$ -

$ 8,096,328

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at 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

$ 604,065,820

$ 600,323,384

$ 3,742,436

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $641,465,710. Net unrealized depreciation aggregated $37,399,890 of which $37,568,547 related to appreciated investment securities and $74,968,437 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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

March 31, 2009 

1.799854.105

FID-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.0%

Auto Components - 0.2%

The Goodyear Tire & Rubber Co. (a)

1,155,200

$ 7,232

Diversified Consumer Services - 0.3%

Brinks Home Security Holdings, Inc. (a)

580,900

13,128

Hotels, Restaurants & Leisure - 1.2%

Burger King Holdings, Inc.

421,700

9,678

Carnival Corp. unit

135,800

2,933

McDonald's Corp.

559,000

30,505

Royal Caribbean Cruises Ltd.

453,100

3,629

 

46,745

Household Durables - 1.2%

Mohawk Industries, Inc. (a)

360,300

10,762

Pulte Homes, Inc.

1,854,500

20,270

Whirlpool Corp.

663,100

19,621

 

50,653

Internet & Catalog Retail - 0.4%

Amazon.com, Inc.

216,600

15,907

Media - 2.0%

Comcast Corp. Class A

933,700

12,736

McGraw-Hill Companies, Inc.

851,900

19,483

The Walt Disney Co.

2,022,800

36,734

Time Warner Cable, Inc.

107,440

2,665

Time Warner, Inc.

428,033

8,261

 

79,879

Multiline Retail - 0.3%

Target Corp.

352,900

12,136

Specialty Retail - 3.6%

AutoZone, Inc. (a)

83,500

13,579

Best Buy Co., Inc.

525,800

19,959

Home Depot, Inc.

391,300

9,219

Lowe's Companies, Inc.

2,215,700

40,437

Sherwin-Williams Co.

399,300

20,752

Staples, Inc.

2,077,350

37,621

TJX Companies, Inc.

225,200

5,774

 

147,341

Textiles, Apparel & Luxury Goods - 0.8%

Polo Ralph Lauren Corp. Class A

755,573

31,923

TOTAL CONSUMER DISCRETIONARY

404,944

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 9.7%

Beverages - 2.0%

PepsiCo, Inc.

890,690

$ 45,853

The Coca-Cola Co.

779,200

34,246

 

80,099

Food & Staples Retailing - 3.3%

Costco Wholesale Corp.

455,200

21,085

CVS Caremark Corp.

1,030,000

28,315

Wal-Mart Stores, Inc.

1,634,600

85,163

 

134,563

Food Products - 1.1%

Kellogg Co.

327,200

11,985

Lindt & Spruengli AG (participation certificate)

4,356

5,832

Nestle SA (Reg.)

802,135

27,116

 

44,933

Household Products - 1.4%

Procter & Gamble Co.

1,198,544

56,439

Tobacco - 1.9%

Altria Group, Inc.

607,100

9,726

British American Tobacco PLC sponsored ADR

291,700

13,418

Philip Morris International, Inc.

1,504,100

53,516

 

76,660

TOTAL CONSUMER STAPLES

392,694

ENERGY - 10.4%

Energy Equipment & Services - 1.8%

ENSCO International, Inc.

497,400

13,131

Schlumberger Ltd. (NY Shares)

547,000

22,219

Smith International, Inc.

388,500

8,345

Transocean Ltd. (a)

258,233

15,194

Weatherford International Ltd. (a)

1,102,600

12,206

 

71,095

Oil, Gas & Consumable Fuels - 8.6%

Canadian Natural Resources Ltd.

340,100

13,197

Chesapeake Energy Corp.

905,500

15,448

Chevron Corp.

622,500

41,857

ConocoPhillips

376,900

14,759

Devon Energy Corp.

169,800

7,588

Exxon Mobil Corp.

2,119,600

144,341

Hess Corp.

434,000

23,523

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Occidental Petroleum Corp.

973,300

$ 54,164

Range Resources Corp.

225,400

9,277

Southern Union Co.

490,300

7,462

Ultra Petroleum Corp. (a)

251,479

9,026

Valero Energy Corp.

400,300

7,165

 

347,807

TOTAL ENERGY

418,902

FINANCIALS - 10.2%

Capital Markets - 4.6%

Bank of New York Mellon Corp.

555,500

15,693

Charles Schwab Corp.

857,900

13,297

Deutsche Bank AG

60,730

2,469

Goldman Sachs Group, Inc.

601,200

63,739

Julius Baer Holding Ltd.

316,215

7,778

Lazard Ltd. Class A

514,500

15,126

Morgan Stanley

783,900

17,849

State Street Corp.

954,650

29,384

T. Rowe Price Group, Inc.

733,000

21,154

 

186,489

Commercial Banks - 2.0%

Sumitomo Mitsui Financial Group, Inc.

389,300

13,706

U.S. Bancorp, Delaware

968,200

14,145

Wells Fargo & Co.

3,567,000

50,794

 

78,645

Consumer Finance - 0.2%

American Express Co.

648,192

8,835

Diversified Financial Services - 2.6%

Bank of America Corp.

5,788,665

39,479

Citigroup, Inc. (e)

4,690,900

11,868

JPMorgan Chase & Co.

2,079,900

55,284

 

106,631

Insurance - 0.5%

Berkshire Hathaway, Inc. Class A (a)

131

11,358

The First American Corp.

348,900

9,249

 

20,607

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.3%

Hudson City Bancorp, Inc.

847,400

$ 9,906

TOTAL FINANCIALS

411,113

HEALTH CARE - 13.0%

Biotechnology - 2.4%

Amgen, Inc. (a)

580,900

28,766

Biogen Idec, Inc. (a)

340,700

17,859

Cephalon, Inc. (a)

267,200

18,196

CSL Ltd.

485,288

10,963

Gilead Sciences, Inc. (a)

504,200

23,355

 

99,139

Health Care Equipment & Supplies - 2.2%

C.R. Bard, Inc.

424,400

33,833

Covidien Ltd.

783,900

26,057

Masimo Corp. (a)

279,400

8,097

St. Jude Medical, Inc. (a)

543,800

19,756

 

87,743

Health Care Providers & Services - 0.7%

Medco Health Solutions, Inc. (a)

672,100

27,785

Pharmaceuticals - 7.7%

Abbott Laboratories

697,500

33,271

Allergan, Inc.

416,300

19,882

Elan Corp. PLC sponsored ADR (a)

1,954,296

12,977

Johnson & Johnson

1,095,700

57,634

Merck & Co., Inc.

1,175,200

31,437

Pfizer, Inc.

3,698,700

50,376

Wyeth

2,446,240

105,286

 

310,863

TOTAL HEALTH CARE

525,530

INDUSTRIALS - 10.0%

Aerospace & Defense - 1.7%

General Dynamics Corp.

163,200

6,787

Honeywell International, Inc.

685,800

19,106

Lockheed Martin Corp.

404,530

27,925

Raytheon Co.

366,100

14,256

 

68,074

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.4%

United Parcel Service, Inc. Class B

321,900

$ 15,844

Airlines - 0.1%

Continental Airlines, Inc. Class B (a)

486,900

4,290

Building Products - 0.4%

Masco Corp.

2,607,100

18,198

Commercial Services & Supplies - 0.6%

Stericycle, Inc. (a)

175,000

8,353

The Brink's Co.

580,900

15,371

 

23,724

Construction & Engineering - 0.6%

Quanta Services, Inc. (a)

1,161,800

24,921

Electrical Equipment - 0.7%

Cooper Industries Ltd. Class A

729,200

18,857

Regal-Beloit Corp.

247,200

7,574

 

26,431

Industrial Conglomerates - 1.8%

General Electric Co.

5,113,800

51,701

Textron, Inc.

1,203,000

6,905

Tyco International Ltd.

820,600

16,051

 

74,657

Machinery - 2.4%

Briggs & Stratton Corp.

385,100

6,354

Cummins, Inc.

816,600

20,782

Danaher Corp.

142,300

7,716

Deere & Co.

253,200

8,323

Eaton Corp.

91,800

3,384

Flowserve Corp.

166,900

9,366

Ingersoll-Rand Co. Ltd. Class A

662,200

9,138

Navistar International Corp. (a)

428,500

14,338

PACCAR, Inc.

307,000

7,908

Toro Co. (e)

349,200

8,444

Trinity Industries, Inc. (e)

256,400

2,343

 

98,096

Professional Services - 0.7%

Manpower, Inc.

477,000

15,040

Monster Worldwide, Inc. (a)

1,401,600

11,423

 

26,463

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 0.4%

Union Pacific Corp.

352,600

$ 14,495

Trading Companies & Distributors - 0.2%

GATX Corp.

485,400

9,820

TOTAL INDUSTRIALS

405,013

INFORMATION TECHNOLOGY - 18.2%

Communications Equipment - 3.3%

Cisco Systems, Inc. (a)

4,457,676

74,755

Corning, Inc.

854,900

11,345

QUALCOMM, Inc.

1,246,800

48,513

 

134,613

Computers & Peripherals - 4.1%

Apple, Inc. (a)

606,900

63,797

Hewlett-Packard Co.

1,349,100

43,252

International Business Machines Corp.

538,100

52,137

NCR Corp. (a)

574,621

4,568

 

163,754

Electronic Equipment & Components - 1.6%

Amphenol Corp. Class A

1,410,038

40,172

Arrow Electronics, Inc. (a)

1,310,154

24,972

 

65,144

Internet Software & Services - 1.1%

Google, Inc. Class A (sub. vtg.) (a)

131,485

45,765

IT Services - 0.5%

Visa, Inc.

379,200

21,084

Semiconductors & Semiconductor Equipment - 4.9%

Applied Materials, Inc.

3,976,400

42,746

Intel Corp.

2,871,200

43,212

KLA-Tencor Corp.

489,700

9,794

Lam Research Corp. (a)

922,200

20,998

Marvell Technology Group Ltd. (a)

559,100

5,121

MEMC Electronic Materials, Inc. (a)

655,000

10,801

Samsung Electronics Co. Ltd.

26,190

10,893

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

2,791,586

24,985

Texas Instruments, Inc.

1,135,400

18,745

Xilinx, Inc.

665,300

12,747

 

200,042

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 2.7%

Adobe Systems, Inc. (a)

441,100

$ 9,435

BMC Software, Inc. (a)

296,900

9,798

Citrix Systems, Inc. (a)

407,900

9,235

Microsoft Corp.

1,899,600

34,896

Oracle Corp.

2,444,600

44,174

 

107,538

TOTAL INFORMATION TECHNOLOGY

737,940

MATERIALS - 5.3%

Chemicals - 4.2%

Air Products & Chemicals, Inc.

328,100

18,456

Airgas, Inc.

250,000

8,453

Albemarle Corp.

633,900

13,800

Dow Chemical Co.

452,400

3,814

E.I. du Pont de Nemours & Co.

639,800

14,287

FMC Corp.

583,500

25,172

Monsanto Co.

863,267

71,737

Praxair, Inc.

185,622

12,491

Solutia, Inc. (a)

900,000

1,683

 

169,893

Construction Materials - 0.3%

Vulcan Materials Co. (e)

260,300

11,529

Containers & Packaging - 0.2%

Sealed Air Corp.

577,800

7,974

Metals & Mining - 0.6%

Goldcorp, Inc.

442,100

14,886

Newcrest Mining Ltd.

447,353

10,296

 

25,182

TOTAL MATERIALS

214,578

TELECOMMUNICATION SERVICES - 1.7%

Diversified Telecommunication Services - 0.6%

Verizon Communications, Inc.

767,900

23,191

Wireless Telecommunication Services - 1.1%

American Tower Corp. Class A (a)

381,900

11,621

SBA Communications Corp. Class A (a)

420,700

9,802

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Sprint Nextel Corp. (a)

4,517,300

$ 16,127

Vodafone Group PLC sponsored ADR

559,000

9,738

 

47,288

TOTAL TELECOMMUNICATION SERVICES

70,479

UTILITIES - 1.2%

Electric Utilities - 1.0%

Entergy Corp.

276,900

18,854

Exelon Corp.

201,000

9,123

FirstEnergy Corp.

279,800

10,800

 

38,777

Independent Power Producers & Energy Traders - 0.2%

NRG Energy, Inc. (a)

489,400

8,613

TOTAL UTILITIES

47,390

TOTAL COMMON STOCKS

(Cost $4,547,330)

3,628,583

Corporate Bonds - 3.4%

 

Principal Amount (000s)

 

Convertible Bonds - 0.3%

ENERGY - 0.3%

Oil, Gas & Consumable Fuels - 0.3%

Chesapeake Energy Corp. 2.5% 5/15/37

$ 19,400

12,608

Nonconvertible Bonds - 3.1%

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.1%

MGM Mirage, Inc.:

5.875% 2/27/14

4,760

1,642

13% 11/15/13 (f)

3,810

2,800

 

4,442

Household Durables - 0.1%

Jarden Corp. 7.5% 5/1/17

2,000

1,610

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - 0.4%

Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.:

Series B, 10.25% 9/15/10 (d)

$ 280

$ 251

10.25% 9/15/10 (d)

980

882

Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 8.375% 4/30/14 (f)

10,000

8,800

CSC Holdings, Inc. 8.625% 2/15/19 (f)

385

370

Nielsen Finance LLC/Nielsen Finance Co. 11.625% 2/1/14 (f)

300

272

TL Acquisitions, Inc. 10.5% 1/15/15 (f)

10,000

5,300

 

15,875

Specialty Retail - 0.1%

Sally Holdings LLC 9.25% 11/15/14

5,000

4,738

TOTAL CONSUMER DISCRETIONARY

26,665

CONSUMER STAPLES - 0.1%

Beverages - 0.1%

Constellation Brands, Inc.:

7.25% 9/1/16

4,905

4,660

7.25% 5/15/17

1,025

971

 

5,631

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Chesapeake Energy Corp.:

6.5% 8/15/17

4,195

3,377

6.625% 1/15/16

355

296

6.875% 1/15/16

2,425

2,025

9.5% 2/15/15

680

661

Denbury Resources, Inc. 9.75% 3/1/16

200

192

Tennessee Gas Pipeline Co. 8% 2/1/16 (f)

135

134

 

6,685

FINANCIALS - 0.0%

Real Estate Investment Trusts - 0.0%

Rouse Co. 5.375% 11/26/13 (d)

190

54

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

HEALTH CARE - 0.4%

Health Care Providers & Services - 0.4%

HCA, Inc. 9.25% 11/15/16

$ 10,000

$ 9,050

Tenet Healthcare Corp. 9.875% 7/1/14

7,000

5,460

 

14,510

INDUSTRIALS - 0.4%

Building Products - 0.1%

Nortek, Inc. 10% 12/1/13

10,000

4,100

Commercial Services & Supplies - 0.2%

ARAMARK Corp. 8.5% 2/1/15

10,000

9,125

Road & Rail - 0.0%

Kansas City Southern de Mexico, SA de CV 12.5% 4/1/16 (f)

340

323

Trading Companies & Distributors - 0.1%

VWR Funding, Inc. 10.25% 7/15/15 pay-in-kind

5,035

3,373

TOTAL INDUSTRIALS

16,921

INFORMATION TECHNOLOGY - 0.3%

Electronic Equipment & Components - 0.1%

Texas Competitive Electric Holdings Co. LLC 10.25% 11/1/15

9,335

4,481

IT Services - 0.2%

SunGard Data Systems, Inc. 9.125% 8/15/13

10,000

8,700

TOTAL INFORMATION TECHNOLOGY

13,181

MATERIALS - 0.3%

Chemicals - 0.1%

Berry Plastics Corp. 5.8444% 2/15/15 (g)

2,000

1,470

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/1/17

10,000

9,275

TOTAL MATERIALS

10,745

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.1%

Level 3 Financing, Inc. 9.25% 11/1/14

3,490

2,408

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Sprint Capital Corp.:

6.9% 5/1/19

$ 2,075

$ 1,463

7.625% 1/30/11

305

282

 

4,153

Wireless Telecommunication Services - 0.6%

Cricket Communications, Inc. 9.375% 11/1/14

10,000

9,525

Crown Castle International Corp. 9% 1/15/15

610

615

Intelsat Jackson Holdings Ltd. 9.5% 6/15/16 (f)

13,760

12,780

Nextel Communications, Inc. 7.375% 8/1/15

1,310

694

 

23,614

TOTAL TELECOMMUNICATION SERVICES

27,767

UTILITIES - 0.0%

Independent Power Producers & Energy Traders - 0.0%

AES Corp. 9.75% 4/15/16 (f)

2,385

2,251

NRG Energy, Inc. 7.375% 2/1/16

30

28

 

2,279

TOTAL NONCONVERTIBLE BONDS

124,438

TOTAL CORPORATE BONDS

(Cost $134,856)

137,046

Floating Rate Loans - 1.8%

 

CONSUMER DISCRETIONARY - 0.7%

Diversified Consumer Services - 0.1%

Thomson Learning, Inc. term loan 3.02% 7/5/14 (g)

2,339

1,596

Media - 0.4%

Charter Communications Operating LLC Tranche B 1LN, term loan 3.2114% 3/6/14 (g)

9,950

8,159

VNU, Inc. term loan 2.5331% 8/9/13 (g)

11,939

9,402

 

17,561

Floating Rate Loans - continued

 

Principal Amount (000s)

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.2%

Dollar General Corp. Tranche B1, term loan 3.6085% 7/6/14 (g)

$ 9,435

$ 8,303

TOTAL CONSUMER DISCRETIONARY

27,460

HEALTH CARE - 0.4%

Health Care Providers & Services - 0.4%

Community Health Systems, Inc.:

term loan 3.4413% 7/25/14 (g)

9,704

8,345

Tranche DD, term loan 2.7681% 7/25/14 (g)

495

426

HCA, Inc. Tranche B, term loan 3.47% 11/17/13 (g)

9,730

8,247

 

17,018

INDUSTRIALS - 0.0%

Trading Companies & Distributors - 0.0%

VWR Funding, Inc. term loan 3.0181% 6/29/14 (g)

2,620

2,129

INFORMATION TECHNOLOGY - 0.2%

Electronic Equipment & Components - 0.2%

Texas Competitive Electric Holdings Co. LLC Tranche B2, term loan 4.033% 10/10/14 (g)

11,939

7,820

MATERIALS - 0.2%

Paper & Forest Products - 0.2%

Georgia-Pacific Corp. Tranche B1, term loan 3.2584% 12/20/12 (g)

9,258

8,216

UTILITIES - 0.3%

Independent Power Producers & Energy Traders - 0.3%

Calpine Corp. Tranche D, term loan 4.095% 3/29/14 (g)

14,924

11,417

TOTAL FLOATING RATE LOANS

(Cost $72,435)

74,060

Money Market Funds - 4.4%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.52% (b)

148,889,848

$ 148,890

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

28,593,100

28,593

TOTAL MONEY MARKET FUNDS

(Cost $177,483)

177,483

TOTAL INVESTMENT PORTFOLIO - 99.3%

(Cost $4,932,104)

4,017,172

NET OTHER ASSETS - 0.7%

27,694

NET ASSETS - 100%

$ 4,044,866

Legend

(a) Non-income producing

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

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

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

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

(f) 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 $33,030,000 or 0.8% of net assets.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate 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

$ 2,407

Fidelity Securities Lending Cash Central Fund

857

Total

$ 3,264

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at 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

$ 4,017,172

$ 3,757,739

$ 259,433

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $5,072,849,000. Net unrealized depreciation aggregated $1,055,677,000, of which $205,184,000 related to appreciated investment securities and $1,260,861,000 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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, 2009 

1.799853.105

CII-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 7.3%

Diversified Consumer Services - 1.9%

H&R Block, Inc.

214,000

$ 3,893

Strayer Education, Inc. (d)

60,825

10,941

 

14,834

Hotels, Restaurants & Leisure - 2.3%

Burger King Holdings, Inc.

146,002

3,351

Chipotle Mexican Grill, Inc. Class B (a)

9,000

516

Marriott International, Inc. Class A

70,700

1,157

McDonald's Corp.

240,000

13,097

Starwood Hotels & Resorts Worldwide, Inc.

5,900

75

 

18,196

Media - 0.2%

The Walt Disney Co.

85,200

1,547

Multiline Retail - 0.6%

Target Corp.

127,700

4,392

Specialty Retail - 1.8%

DSW, Inc. Class A (a)

258,268

2,399

Home Depot, Inc.

34,400

810

Lowe's Companies, Inc.

271,800

4,960

O'Reilly Automotive, Inc. (a)

134,202

4,698

Tiffany & Co., Inc.

19,500

420

TJX Companies, Inc.

46,900

1,203

 

14,490

Textiles, Apparel & Luxury Goods - 0.5%

American Apparel, Inc. (a)

173,600

507

Lululemon Athletica, Inc. (a)(d)

188,011

1,628

NIKE, Inc. Class B

34,000

1,594

 

3,729

TOTAL CONSUMER DISCRETIONARY

57,188

CONSUMER STAPLES - 8.7%

Beverages - 1.9%

PepsiCo, Inc.

101,800

5,241

The Coca-Cola Co.

222,600

9,783

 

15,024

Food & Staples Retailing - 1.5%

Costco Wholesale Corp.

85,000

3,937

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

CVS Caremark Corp.

82,479

$ 2,267

Wal-Mart Stores, Inc.

109,900

5,726

 

11,930

Food Products - 2.9%

Flowers Foods, Inc.

120,630

2,832

Nestle SA sponsored ADR

577,550

19,377

 

22,209

Household Products - 1.7%

Colgate-Palmolive Co.

109,190

6,440

Procter & Gamble Co.

150,689

7,096

 

13,536

Personal Products - 0.1%

Estee Lauder Companies, Inc. Class A

15,800

389

Mead Johnson Nutrition Co. Class A

14,700

424

 

813

Tobacco - 0.6%

Philip Morris International, Inc.

127,400

4,533

TOTAL CONSUMER STAPLES

68,045

ENERGY - 5.9%

Energy Equipment & Services - 1.3%

Schlumberger Ltd. (NY Shares)

194,700

7,909

Weatherford International Ltd. (a)

155,100

1,717

 

9,626

Oil, Gas & Consumable Fuels - 4.6%

Chesapeake Energy Corp.

721,822

12,314

Denbury Resources, Inc. (a)

610,127

9,066

Occidental Petroleum Corp.

42,909

2,388

Southwestern Energy Co. (a)

319,003

9,471

Ultra Petroleum Corp. (a)

76,500

2,746

 

35,985

TOTAL ENERGY

45,611

FINANCIALS - 13.9%

Capital Markets - 1.9%

Bank of New York Mellon Corp.

105,200

2,972

Charles Schwab Corp.

418,344

6,484

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Franklin Resources, Inc.

14,900

$ 803

Goldman Sachs Group, Inc.

22,756

2,413

JMP Group, Inc.

41,500

200

Northern Trust Corp.

30,200

1,807

T. Rowe Price Group, Inc.

8,500

245

 

14,924

Commercial Banks - 3.1%

PNC Financial Services Group, Inc.

294,580

8,628

Wells Fargo & Co.

1,075,374

15,313

 

23,941

Consumer Finance - 0.3%

American Express Co.

172,200

2,347

Diversified Financial Services - 2.1%

JPMorgan Chase & Co.

627,266

16,673

Insurance - 6.3%

Berkshire Hathaway, Inc. Class B (a)

15,479

43,649

The First American Corp.

187,338

4,966

Willis Group Holdings Ltd.

3,709

82

 

48,697

Real Estate Investment Trusts - 0.2%

Simon Property Group, Inc.

37,880

1,312

Vornado Realty Trust

278

9

 

1,321

TOTAL FINANCIALS

107,903

HEALTH CARE - 22.3%

Biotechnology - 6.3%

Biogen Idec, Inc. (a)

285,304

14,956

Celgene Corp. (a)

144,798

6,429

CSL Ltd.

212,019

4,790

Genomic Health, Inc. (a)

36,418

888

Genzyme Corp. (a)

69,800

4,145

Gilead Sciences, Inc. (a)

190,028

8,802

Myriad Genetics, Inc. (a)

145,604

6,621

OSI Pharmaceuticals, Inc. (a)

55,297

2,116

 

48,747

Health Care Equipment & Supplies - 4.5%

Alcon, Inc.

51,200

4,655

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Baxter International, Inc.

57,265

$ 2,933

C.R. Bard, Inc.

84,277

6,719

Covidien Ltd.

279,116

9,278

DENTSPLY International, Inc.

303,066

8,137

NuVasive, Inc. (a)

78,604

2,467

Varian Medical Systems, Inc. (a)

36,600

1,114

 

35,303

Health Care Providers & Services - 6.5%

Express Scripts, Inc. (a)

176,776

8,162

Henry Schein, Inc. (a)

111,277

4,452

McKesson Corp.

36,540

1,280

Medco Health Solutions, Inc. (a)

799,264

33,042

UnitedHealth Group, Inc.

187,700

3,929

 

50,865

Life Sciences Tools & Services - 0.5%

Sequenom, Inc. (a)(d)

159,500

2,268

Techne Corp.

15,136

828

Thermo Fisher Scientific, Inc. (a)

22,200

792

 

3,888

Pharmaceuticals - 4.5%

Johnson & Johnson

167,985

8,836

Merck & Co., Inc.

170,702

4,566

Novo Nordisk AS Series B

173,910

8,328

Pfizer, Inc.

172,200

2,345

Teva Pharmaceutical Industries Ltd. sponsored ADR

91,065

4,102

Wyeth

154,200

6,637

 

34,814

TOTAL HEALTH CARE

173,617

INDUSTRIALS - 4.2%

Air Freight & Logistics - 0.4%

United Parcel Service, Inc. Class B

58,700

2,889

Building Products - 0.3%

USG Corp. (a)(d)

334,371

2,545

Commercial Services & Supplies - 0.1%

Stericycle, Inc. (a)

16,800

802

Machinery - 2.3%

CLARCOR, Inc.

94,637

2,384

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Cummins, Inc.

181,600

$ 4,622

Danaher Corp.

196,000

10,627

PACCAR, Inc.

3,400

88

 

17,721

Professional Services - 0.8%

Dun & Bradstreet Corp.

10,500

809

Equifax, Inc.

34,900

853

FTI Consulting, Inc. (a)

75,976

3,759

Robert Half International, Inc.

49,200

877

 

6,298

Trading Companies & Distributors - 0.3%

Fastenal Co. (d)

84,943

2,731

TOTAL INDUSTRIALS

32,986

INFORMATION TECHNOLOGY - 28.9%

Communications Equipment - 9.3%

Cisco Systems, Inc. (a)

1,277,043

21,416

Corning, Inc.

295,900

3,927

Juniper Networks, Inc. (a)

492,201

7,413

Neutral Tandem, Inc. (a)

18,500

455

QUALCOMM, Inc.

1,001,700

38,976

 

72,187

Computers & Peripherals - 1.2%

Apple, Inc. (a)

88,777

9,332

Electronic Equipment & Components - 0.1%

BYD Co. Ltd. (H Shares)

288,000

531

National Instruments Corp.

21,100

394

 

925

Internet Software & Services - 7.3%

Baidu.com, Inc. sponsored ADR (a)

2,696

476

Google, Inc. Class A (sub. vtg.) (a)

63,634

22,148

The Knot, Inc. (a)

238,300

1,954

VeriSign, Inc. (a)

1,707,420

32,219

 

56,797

IT Services - 4.0%

Cognizant Technology Solutions Corp. Class A (a)

92,800

1,929

Infosys Technologies Ltd. sponsored ADR

60,600

1,614

MasterCard, Inc. Class A

600

100

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

SAIC, Inc. (a)

177,152

$ 3,307

The Western Union Co.

964,528

12,124

Visa, Inc.

220,898

12,282

 

31,356

Semiconductors & Semiconductor Equipment - 5.0%

Analog Devices, Inc.

25,100

484

Applied Materials, Inc.

734,949

7,901

Broadcom Corp. Class A (a)

886,676

17,716

Marvell Technology Group Ltd. (a)

478,788

4,386

Monolithic Power Systems, Inc. (a)

51,300

795

Netlogic Microsystems, Inc. (a)

152,614

4,194

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

371,800

3,328

 

38,804

Software - 2.0%

Autonomy Corp. PLC (a)

213,405

3,996

BMC Software, Inc. (a)

37,188

1,227

EPIQ Systems, Inc. (a)

33,300

600

Intuit, Inc. (a)

44,100

1,191

Jack Henry & Associates, Inc.

71,700

1,170

Oracle Corp.

374,000

6,758

Sourcefire, Inc. (a)

37,475

273

 

15,215

TOTAL INFORMATION TECHNOLOGY

224,616

MATERIALS - 2.7%

Chemicals - 2.1%

Ecolab, Inc.

144,100

5,005

Monsanto Co.

78,724

6,542

Praxair, Inc.

23,900

1,608

Terra Industries, Inc.

115,100

3,233

 

16,388

Construction Materials - 0.2%

Eagle Materials, Inc.

63,093

1,530

Metals & Mining - 0.4%

Agnico-Eagle Mines Ltd.

53,100

3,053

TOTAL MATERIALS

20,971

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.8%

Wireless Telecommunication Services - 0.8%

American Tower Corp. Class A (a)

178,594

$ 5,435

Vivo Participacoes SA sponsored ADR

47,000

613

 

6,048

UTILITIES - 0.4%

Electric Utilities - 0.4%

Exelon Corp.

77,635

3,524

TOTAL COMMON STOCKS

(Cost $979,944)

740,509

Money Market Funds - 6.3%

 

 

 

 

Fidelity Cash Central Fund, 0.52% (b)

32,699,942

32,700

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

16,103,353

16,103

TOTAL MONEY MARKET FUNDS

(Cost $48,803)

48,803

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $1,028,747)

789,312

NET OTHER ASSETS - (1.4)%

(11,007)

NET ASSETS - 100%

$ 778,305

Legend

(a) Non-income producing

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

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

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

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

$ 517

Fidelity Securities Lending Cash Central Fund

395

Total

$ 912

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at 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

$ 789,312

$ 784,522

$ 4,790

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,043,810,000. Net unrealized depreciation aggregated $254,498,000, of which $12,343,000 related to appreciated investment securities and $266,841,000 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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, 2009 

1.799848.105

GII-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Diversified Consumer Services - 0.1%

Apollo Group, Inc. Class A (non-vtg.) (a)

3,000

$ 234,990

H&R Block, Inc.

10,000

181,900

 

416,890

Hotels, Restaurants & Leisure - 1.5%

McDonald's Corp.

78,700

4,294,659

Household Durables - 1.0%

Leggett & Platt, Inc.

30,000

389,700

NVR, Inc. (a)

1,000

427,750

Whirlpool Corp.

76,900

2,275,471

 

3,092,921

Leisure Equipment & Products - 0.1%

Hasbro, Inc.

7,000

175,490

Media - 1.0%

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

53,300

685,971

The DIRECTV Group, Inc. (a)

42,100

959,459

The Walt Disney Co.

71,900

1,305,704

 

2,951,134

Multiline Retail - 0.6%

Kohl's Corp. (a)

1,000

42,320

Target Corp.

47,500

1,633,525

 

1,675,845

Specialty Retail - 2.5%

Home Depot, Inc.

143,800

3,387,928

Lowe's Companies, Inc.

128,400

2,343,300

Staples, Inc.

71,743

1,299,266

TJX Companies, Inc.

15,000

384,600

 

7,415,094

Textiles, Apparel & Luxury Goods - 0.7%

Coach, Inc. (a)

35,600

594,520

NIKE, Inc. Class B

30,200

1,416,078

Polo Ralph Lauren Corp. Class A

5,000

211,250

 

2,221,848

TOTAL CONSUMER DISCRETIONARY

22,243,881

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 10.7%

Beverages - 1.3%

Molson Coors Brewing Co. Class B

64,493

$ 2,210,820

The Coca-Cola Co.

37,900

1,665,705

 

3,876,525

Food & Staples Retailing - 4.2%

CVS Caremark Corp.

123,000

3,381,270

Kroger Co.

75,000

1,591,500

Wal-Mart Stores, Inc.

144,284

7,517,196

 

12,489,966

Food Products - 0.3%

General Mills, Inc.

17,800

887,864

Household Products - 1.4%

Kimberly-Clark Corp.

17,800

820,758

Procter & Gamble Co.

71,200

3,352,808

 

4,173,566

Tobacco - 3.5%

Altria Group, Inc.

367,330

5,884,627

Philip Morris International, Inc.

120,330

4,281,341

 

10,165,968

TOTAL CONSUMER STAPLES

31,593,889

ENERGY - 13.3%

Energy Equipment & Services - 0.9%

ENSCO International, Inc.

38,900

1,026,960

Halliburton Co.

47,500

734,825

Noble Corp.

8,900

214,401

Transocean Ltd. (a)

10,252

603,228

 

2,579,414

Oil, Gas & Consumable Fuels - 12.4%

Alpha Natural Resources, Inc. (a)

48,900

867,975

Apache Corp.

31,500

2,018,835

Chesapeake Energy Corp.

98,500

1,680,410

ConocoPhillips

203,300

7,961,228

Devon Energy Corp.

13,300

594,377

Exxon Mobil Corp.

260,771

17,758,504

Occidental Petroleum Corp.

35,500

1,975,575

Peabody Energy Corp.

8,927

223,532

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Plains Exploration & Production Co. (a)

41,000

$ 706,430

Valero Energy Corp.

163,900

2,933,810

 

36,720,676

TOTAL ENERGY

39,300,090

FINANCIALS - 11.5%

Capital Markets - 2.2%

Bank of New York Mellon Corp.

31,100

878,575

Charles Schwab Corp.

30,000

465,000

Goldman Sachs Group, Inc.

20,000

2,120,400

Janus Capital Group, Inc.

78,700

523,355

Morgan Stanley

62,200

1,416,294

State Street Corp.

34,400

1,058,832

 

6,462,456

Commercial Banks - 2.3%

PNC Financial Services Group, Inc.

35,600

1,042,724

Wells Fargo & Co.

403,653

5,748,019

 

6,790,743

Consumer Finance - 0.3%

Capital One Financial Corp.

80,000

979,200

Diversified Financial Services - 4.1%

Bank of America Corp.

391,180

2,667,848

Citigroup, Inc. (d)

363,000

918,390

CME Group, Inc.

2,000

492,780

JPMorgan Chase & Co.

297,900

7,918,182

 

11,997,200

Insurance - 2.6%

ACE Ltd.

14,300

577,720

AFLAC, Inc.

26,700

516,912

American International Group, Inc.

254,330

254,330

Berkshire Hathaway, Inc. Class B (a)

410

1,156,200

Loews Corp.

40,800

901,680

MetLife, Inc.

24,500

557,865

Prudential Financial, Inc.

16,600

315,732

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

The Chubb Corp.

32,900

$ 1,392,328

The Travelers Companies, Inc.

50,400

2,048,256

 

7,721,023

TOTAL FINANCIALS

33,950,622

HEALTH CARE - 15.9%

Biotechnology - 2.9%

Amgen, Inc. (a)

104,890

5,194,153

Biogen Idec, Inc. (a)

19,700

1,032,674

Cephalon, Inc. (a)

2,000

136,200

Genzyme Corp. (a)

8,800

522,632

Gilead Sciences, Inc. (a)

38,720

1,793,510

 

8,679,169

Health Care Equipment & Supplies - 2.4%

Baxter International, Inc.

47,600

2,438,072

Boston Scientific Corp. (a)

97,800

777,510

C.R. Bard, Inc.

9,100

725,452

Covidien Ltd.

81,300

2,702,412

Medtronic, Inc.

18,300

539,301

 

7,182,747

Health Care Providers & Services - 3.4%

AmerisourceBergen Corp.

5,000

163,300

Express Scripts, Inc. (a)

31,100

1,435,887

Humana, Inc. (a)

68,800

1,794,304

McKesson Corp.

5,000

175,200

Medco Health Solutions, Inc. (a)

80,300

3,319,602

UnitedHealth Group, Inc.

78,500

1,643,005

WellPoint, Inc. (a)

37,300

1,416,281

 

9,947,579

Pharmaceuticals - 7.2%

Abbott Laboratories

55,300

2,637,810

Allergan, Inc.

1,000

47,760

Bristol-Myers Squibb Co.

85,600

1,876,352

Johnson & Johnson

37,100

1,951,460

Merck & Co., Inc.

178,800

4,782,900

Pfizer, Inc.

519,000

7,068,780

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Schering-Plough Corp.

5,100

$ 120,105

Wyeth

66,000

2,840,640

 

21,325,807

TOTAL HEALTH CARE

47,135,302

INDUSTRIALS - 8.4%

Aerospace & Defense - 4.1%

Honeywell International, Inc.

29,900

833,014

Lockheed Martin Corp.

23,000

1,587,690

Northrop Grumman Corp.

64,500

2,814,780

Raytheon Co.

53,000

2,063,820

United Technologies Corp.

112,100

4,818,058

 

12,117,362

Air Freight & Logistics - 0.3%

FedEx Corp.

17,800

791,922

Electrical Equipment - 0.2%

Cooper Industries Ltd. Class A

20,000

517,200

Industrial Conglomerates - 2.7%

General Electric Co.

723,200

7,311,552

Textron, Inc.

70,000

401,800

Tyco International Ltd.

20,000

391,200

 

8,104,552

Machinery - 0.7%

Deere & Co.

42,100

1,383,827

Navistar International Corp. (a)

25,000

836,500

 

2,220,327

Road & Rail - 0.4%

Norfolk Southern Corp.

35,600

1,201,500

TOTAL INDUSTRIALS

24,952,863

INFORMATION TECHNOLOGY - 23.3%

Communications Equipment - 3.5%

Cisco Systems, Inc. (a)

367,200

6,157,944

Corning, Inc.

73,000

968,710

Juniper Networks, Inc. (a)

20,000

301,200

QUALCOMM, Inc.

76,000

2,957,160

 

10,385,014

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 5.7%

Apple, Inc. (a)

43,900

$ 4,614,768

Hewlett-Packard Co.

223,600

7,168,616

International Business Machines Corp.

51,700

5,009,213

 

16,792,597

Electronic Equipment & Components - 0.2%

Tyco Electronics Ltd.

41,600

459,264

Internet Software & Services - 1.9%

Google, Inc. Class A (sub. vtg.) (a)

14,850

5,168,691

Yahoo!, Inc. (a)

39,300

503,433

 

5,672,124

IT Services - 1.5%

Accenture Ltd. Class A

130,300

3,581,947

Fidelity National Information Services, Inc.

10,000

182,000

Visa, Inc.

10,000

556,000

 

4,319,947

Semiconductors & Semiconductor Equipment - 4.2%

Applied Materials, Inc.

470,918

5,062,369

ASML Holding NV (NY Shares)

111,200

1,947,112

Intel Corp.

233,000

3,506,650

Texas Instruments, Inc.

124,100

2,048,891

 

12,565,022

Software - 6.3%

McAfee, Inc. (a)

10,000

335,000

Microsoft Corp.

574,300

10,549,891

Oracle Corp.

328,600

5,937,802

Symantec Corp. (a)

127,000

1,897,380

 

18,720,073

TOTAL INFORMATION TECHNOLOGY

68,914,041

MATERIALS - 2.5%

Chemicals - 1.5%

Celanese Corp. Class A

82,480

1,102,758

CF Industries Holdings, Inc.

8,900

633,057

FMC Corp.

17,800

767,892

Lubrizol Corp.

17,800

605,378

Monsanto Co.

16,300

1,354,530

 

4,463,615

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 1.0%

ArcelorMittal SA (NY Shares) Class A

34,900

$ 699,396

Newmont Mining Corp.

26,700

1,195,092

Nucor Corp.

10,000

381,700

Rio Tinto PLC sponsored ADR

4,400

589,864

 

2,866,052

TOTAL MATERIALS

7,329,667

TELECOMMUNICATION SERVICES - 3.9%

Diversified Telecommunication Services - 3.7%

AT&T, Inc.

151,400

3,815,280

CenturyTel, Inc.

20,000

562,400

Embarq Corp.

10,000

378,500

Qwest Communications International, Inc.

50,000

171,000

Verizon Communications, Inc.

202,600

6,118,520

 

11,045,700

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

133,400

476,238

TOTAL TELECOMMUNICATION SERVICES

11,521,938

UTILITIES - 1.6%

Electric Utilities - 0.7%

Exelon Corp.

13,300

603,687

FirstEnergy Corp.

35,600

1,374,160

 

1,977,847

Independent Power Producers & Energy Traders - 0.6%

AES Corp. (a)

82,100

477,001

NRG Energy, Inc. (a)

70,000

1,232,000

 

1,709,001

Multi-Utilities - 0.3%

Public Service Enterprise Group, Inc.

17,300

509,831

Sempra Energy

10,000

462,400

 

972,231

TOTAL UTILITIES

4,659,079

TOTAL COMMON STOCKS

(Cost $428,657,889)

291,601,372

Money Market Funds - 1.7%

Shares

Value

Fidelity Cash Central Fund, 0.52% (b)

4,082,631

$ 4,082,631

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

906,563

906,563

TOTAL MONEY MARKET FUNDS

(Cost $4,989,194)

4,989,194

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $433,647,083)

296,590,566

NET OTHER ASSETS - (0.3)%

(1,010,674)

NET ASSETS - 100%

$ 295,579,892

Legend

(a) Non-income producing

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

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

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

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

$ 66,396

Fidelity Securities Lending Cash Central Fund

172,522

Total

$ 238,918

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at 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

$ 296,590,566

$ 296,590,566

$ -

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $446,965,072. Net unrealized depreciation aggregated $150,374,506, of which $3,756,388 related to appreciated investment securities and $154,130,894 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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, 2009

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

1.864815.101

AGII-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Diversified Consumer Services - 0.1%

Apollo Group, Inc. Class A (non-vtg.) (a)

3,000

$ 234,990

H&R Block, Inc.

10,000

181,900

 

416,890

Hotels, Restaurants & Leisure - 1.5%

McDonald's Corp.

78,700

4,294,659

Household Durables - 1.0%

Leggett & Platt, Inc.

30,000

389,700

NVR, Inc. (a)

1,000

427,750

Whirlpool Corp.

76,900

2,275,471

 

3,092,921

Leisure Equipment & Products - 0.1%

Hasbro, Inc.

7,000

175,490

Media - 1.0%

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

53,300

685,971

The DIRECTV Group, Inc. (a)

42,100

959,459

The Walt Disney Co.

71,900

1,305,704

 

2,951,134

Multiline Retail - 0.6%

Kohl's Corp. (a)

1,000

42,320

Target Corp.

47,500

1,633,525

 

1,675,845

Specialty Retail - 2.5%

Home Depot, Inc.

143,800

3,387,928

Lowe's Companies, Inc.

128,400

2,343,300

Staples, Inc.

71,743

1,299,266

TJX Companies, Inc.

15,000

384,600

 

7,415,094

Textiles, Apparel & Luxury Goods - 0.7%

Coach, Inc. (a)

35,600

594,520

NIKE, Inc. Class B

30,200

1,416,078

Polo Ralph Lauren Corp. Class A

5,000

211,250

 

2,221,848

TOTAL CONSUMER DISCRETIONARY

22,243,881

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 10.7%

Beverages - 1.3%

Molson Coors Brewing Co. Class B

64,493

$ 2,210,820

The Coca-Cola Co.

37,900

1,665,705

 

3,876,525

Food & Staples Retailing - 4.2%

CVS Caremark Corp.

123,000

3,381,270

Kroger Co.

75,000

1,591,500

Wal-Mart Stores, Inc.

144,284

7,517,196

 

12,489,966

Food Products - 0.3%

General Mills, Inc.

17,800

887,864

Household Products - 1.4%

Kimberly-Clark Corp.

17,800

820,758

Procter & Gamble Co.

71,200

3,352,808

 

4,173,566

Tobacco - 3.5%

Altria Group, Inc.

367,330

5,884,627

Philip Morris International, Inc.

120,330

4,281,341

 

10,165,968

TOTAL CONSUMER STAPLES

31,593,889

ENERGY - 13.3%

Energy Equipment & Services - 0.9%

ENSCO International, Inc.

38,900

1,026,960

Halliburton Co.

47,500

734,825

Noble Corp.

8,900

214,401

Transocean Ltd. (a)

10,252

603,228

 

2,579,414

Oil, Gas & Consumable Fuels - 12.4%

Alpha Natural Resources, Inc. (a)

48,900

867,975

Apache Corp.

31,500

2,018,835

Chesapeake Energy Corp.

98,500

1,680,410

ConocoPhillips

203,300

7,961,228

Devon Energy Corp.

13,300

594,377

Exxon Mobil Corp.

260,771

17,758,504

Occidental Petroleum Corp.

35,500

1,975,575

Peabody Energy Corp.

8,927

223,532

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Plains Exploration & Production Co. (a)

41,000

$ 706,430

Valero Energy Corp.

163,900

2,933,810

 

36,720,676

TOTAL ENERGY

39,300,090

FINANCIALS - 11.5%

Capital Markets - 2.2%

Bank of New York Mellon Corp.

31,100

878,575

Charles Schwab Corp.

30,000

465,000

Goldman Sachs Group, Inc.

20,000

2,120,400

Janus Capital Group, Inc.

78,700

523,355

Morgan Stanley

62,200

1,416,294

State Street Corp.

34,400

1,058,832

 

6,462,456

Commercial Banks - 2.3%

PNC Financial Services Group, Inc.

35,600

1,042,724

Wells Fargo & Co.

403,653

5,748,019

 

6,790,743

Consumer Finance - 0.3%

Capital One Financial Corp.

80,000

979,200

Diversified Financial Services - 4.1%

Bank of America Corp.

391,180

2,667,848

Citigroup, Inc. (d)

363,000

918,390

CME Group, Inc.

2,000

492,780

JPMorgan Chase & Co.

297,900

7,918,182

 

11,997,200

Insurance - 2.6%

ACE Ltd.

14,300

577,720

AFLAC, Inc.

26,700

516,912

American International Group, Inc.

254,330

254,330

Berkshire Hathaway, Inc. Class B (a)

410

1,156,200

Loews Corp.

40,800

901,680

MetLife, Inc.

24,500

557,865

Prudential Financial, Inc.

16,600

315,732

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

The Chubb Corp.

32,900

$ 1,392,328

The Travelers Companies, Inc.

50,400

2,048,256

 

7,721,023

TOTAL FINANCIALS

33,950,622

HEALTH CARE - 15.9%

Biotechnology - 2.9%

Amgen, Inc. (a)

104,890

5,194,153

Biogen Idec, Inc. (a)

19,700

1,032,674

Cephalon, Inc. (a)

2,000

136,200

Genzyme Corp. (a)

8,800

522,632

Gilead Sciences, Inc. (a)

38,720

1,793,510

 

8,679,169

Health Care Equipment & Supplies - 2.4%

Baxter International, Inc.

47,600

2,438,072

Boston Scientific Corp. (a)

97,800

777,510

C.R. Bard, Inc.

9,100

725,452

Covidien Ltd.

81,300

2,702,412

Medtronic, Inc.

18,300

539,301

 

7,182,747

Health Care Providers & Services - 3.4%

AmerisourceBergen Corp.

5,000

163,300

Express Scripts, Inc. (a)

31,100

1,435,887

Humana, Inc. (a)

68,800

1,794,304

McKesson Corp.

5,000

175,200

Medco Health Solutions, Inc. (a)

80,300

3,319,602

UnitedHealth Group, Inc.

78,500

1,643,005

WellPoint, Inc. (a)

37,300

1,416,281

 

9,947,579

Pharmaceuticals - 7.2%

Abbott Laboratories

55,300

2,637,810

Allergan, Inc.

1,000

47,760

Bristol-Myers Squibb Co.

85,600

1,876,352

Johnson & Johnson

37,100

1,951,460

Merck & Co., Inc.

178,800

4,782,900

Pfizer, Inc.

519,000

7,068,780

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Schering-Plough Corp.

5,100

$ 120,105

Wyeth

66,000

2,840,640

 

21,325,807

TOTAL HEALTH CARE

47,135,302

INDUSTRIALS - 8.4%

Aerospace & Defense - 4.1%

Honeywell International, Inc.

29,900

833,014

Lockheed Martin Corp.

23,000

1,587,690

Northrop Grumman Corp.

64,500

2,814,780

Raytheon Co.

53,000

2,063,820

United Technologies Corp.

112,100

4,818,058

 

12,117,362

Air Freight & Logistics - 0.3%

FedEx Corp.

17,800

791,922

Electrical Equipment - 0.2%

Cooper Industries Ltd. Class A

20,000

517,200

Industrial Conglomerates - 2.7%

General Electric Co.

723,200

7,311,552

Textron, Inc.

70,000

401,800

Tyco International Ltd.

20,000

391,200

 

8,104,552

Machinery - 0.7%

Deere & Co.

42,100

1,383,827

Navistar International Corp. (a)

25,000

836,500

 

2,220,327

Road & Rail - 0.4%

Norfolk Southern Corp.

35,600

1,201,500

TOTAL INDUSTRIALS

24,952,863

INFORMATION TECHNOLOGY - 23.3%

Communications Equipment - 3.5%

Cisco Systems, Inc. (a)

367,200

6,157,944

Corning, Inc.

73,000

968,710

Juniper Networks, Inc. (a)

20,000

301,200

QUALCOMM, Inc.

76,000

2,957,160

 

10,385,014

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 5.7%

Apple, Inc. (a)

43,900

$ 4,614,768

Hewlett-Packard Co.

223,600

7,168,616

International Business Machines Corp.

51,700

5,009,213

 

16,792,597

Electronic Equipment & Components - 0.2%

Tyco Electronics Ltd.

41,600

459,264

Internet Software & Services - 1.9%

Google, Inc. Class A (sub. vtg.) (a)

14,850

5,168,691

Yahoo!, Inc. (a)

39,300

503,433

 

5,672,124

IT Services - 1.5%

Accenture Ltd. Class A

130,300

3,581,947

Fidelity National Information Services, Inc.

10,000

182,000

Visa, Inc.

10,000

556,000

 

4,319,947

Semiconductors & Semiconductor Equipment - 4.2%

Applied Materials, Inc.

470,918

5,062,369

ASML Holding NV (NY Shares)

111,200

1,947,112

Intel Corp.

233,000

3,506,650

Texas Instruments, Inc.

124,100

2,048,891

 

12,565,022

Software - 6.3%

McAfee, Inc. (a)

10,000

335,000

Microsoft Corp.

574,300

10,549,891

Oracle Corp.

328,600

5,937,802

Symantec Corp. (a)

127,000

1,897,380

 

18,720,073

TOTAL INFORMATION TECHNOLOGY

68,914,041

MATERIALS - 2.5%

Chemicals - 1.5%

Celanese Corp. Class A

82,480

1,102,758

CF Industries Holdings, Inc.

8,900

633,057

FMC Corp.

17,800

767,892

Lubrizol Corp.

17,800

605,378

Monsanto Co.

16,300

1,354,530

 

4,463,615

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 1.0%

ArcelorMittal SA (NY Shares) Class A

34,900

$ 699,396

Newmont Mining Corp.

26,700

1,195,092

Nucor Corp.

10,000

381,700

Rio Tinto PLC sponsored ADR

4,400

589,864

 

2,866,052

TOTAL MATERIALS

7,329,667

TELECOMMUNICATION SERVICES - 3.9%

Diversified Telecommunication Services - 3.7%

AT&T, Inc.

151,400

3,815,280

CenturyTel, Inc.

20,000

562,400

Embarq Corp.

10,000

378,500

Qwest Communications International, Inc.

50,000

171,000

Verizon Communications, Inc.

202,600

6,118,520

 

11,045,700

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

133,400

476,238

TOTAL TELECOMMUNICATION SERVICES

11,521,938

UTILITIES - 1.6%

Electric Utilities - 0.7%

Exelon Corp.

13,300

603,687

FirstEnergy Corp.

35,600

1,374,160

 

1,977,847

Independent Power Producers & Energy Traders - 0.6%

AES Corp. (a)

82,100

477,001

NRG Energy, Inc. (a)

70,000

1,232,000

 

1,709,001

Multi-Utilities - 0.3%

Public Service Enterprise Group, Inc.

17,300

509,831

Sempra Energy

10,000

462,400

 

972,231

TOTAL UTILITIES

4,659,079

TOTAL COMMON STOCKS

(Cost $428,657,889)

291,601,372

Money Market Funds - 1.7%

Shares

Value

Fidelity Cash Central Fund, 0.52% (b)

4,082,631

$ 4,082,631

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

906,563

906,563

TOTAL MONEY MARKET FUNDS

(Cost $4,989,194)

4,989,194

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $433,647,083)

296,590,566

NET OTHER ASSETS - (0.3)%

(1,010,674)

NET ASSETS - 100%

$ 295,579,892

Legend

(a) Non-income producing

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

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

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

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

$ 66,396

Fidelity Securities Lending Cash Central Fund

172,522

Total

$ 238,918

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at 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

$ 296,590,566

$ 296,590,566

$ -

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $446,965,072. Net unrealized depreciation aggregated $150,374,506, of which $3,756,388 related to appreciated investment securities and $154,130,894 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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 29, 2009

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 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 29, 2009