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:

September 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Fifty®

September 30, 2009 

1.808769.105

FIF-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value

CONSUMER DISCRETIONARY - 18.1%

Diversified Consumer Services - 3.1%

DeVry, Inc.

426,667

$ 23,603,218

Hotels, Restaurants & Leisure - 7.6%

International Game Technology

210,500

4,521,540

Royal Caribbean Cruises Ltd. (c)

937,900

22,584,632

Starbucks Corp. (a)

800,600

16,532,390

Wendy's/Arby's Group, Inc.

3,111,400

14,716,922

 

58,355,484

Media - 5.1%

The DIRECTV Group, Inc. (a)(c)

855,900

23,605,722

The Walt Disney Co.

548,345

15,057,554

 

38,663,276

Textiles, Apparel & Luxury Goods - 2.3%

Hanesbrands, Inc. (a)

401,300

8,587,820

Phillips-Van Heusen Corp.

204,300

8,741,997

 

17,329,817

TOTAL CONSUMER DISCRETIONARY

137,951,795

CONSUMER STAPLES - 6.8%

Beverages - 5.5%

Anheuser-Busch InBev SA NV

496,636

22,677,530

The Coca-Cola Co.

354,300

19,025,910

 

41,703,440

Food Products - 1.3%

Cosan Ltd. Class A (a)

1,290,800

10,197,320

TOTAL CONSUMER STAPLES

51,900,760

ENERGY - 5.3%

Energy Equipment & Services - 2.7%

Smith International, Inc.

434,200

12,461,540

Weatherford International Ltd. (a)

369,000

7,649,370

 

20,110,910

Oil, Gas & Consumable Fuels - 2.6%

CONSOL Energy, Inc.

149,700

6,752,967

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Denbury Resources, Inc. (a)

388,300

$ 5,874,979

Hess Corp.

137,300

7,340,058

 

19,968,004

TOTAL ENERGY

40,078,914

FINANCIALS - 19.4%

Capital Markets - 8.1%

Ashmore Global Opps Ltd. (a)(d)

1,499,320

10,495,240

Ashmore Group PLC

2,076,326

8,316,911

Charles Schwab Corp.

407,800

7,809,370

Greenhill & Co., Inc.

200,185

17,932,572

Janus Capital Group, Inc.

1,193,100

16,918,158

 

61,472,251

Commercial Banks - 1.2%

PNC Financial Services Group, Inc.

187,100

9,091,189

Consumer Finance - 2.0%

American Express Co.

441,900

14,980,410

Diversified Financial Services - 8.1%

Bank of America Corp.

1,335,400

22,594,968

BM&F BOVESPA SA

1,207,500

8,924,496

CME Group, Inc.

47,824

14,738,879

JPMorgan Chase & Co.

353,900

15,507,898

 

61,766,241

TOTAL FINANCIALS

147,310,091

HEALTH CARE - 12.8%

Health Care Equipment & Supplies - 5.2%

Boston Scientific Corp. (a)

1,511,300

16,004,667

Edwards Lifesciences Corp. (a)

233,310

16,310,702

Stryker Corp.

166,700

7,573,181

 

39,888,550

Health Care Providers & Services - 3.0%

Express Scripts, Inc. (a)

297,800

23,103,324

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - 4.6%

Abbott Laboratories

325,200

$ 16,087,644

Merck & Co., Inc.

591,000

18,693,330

 

34,780,974

TOTAL HEALTH CARE

97,772,848

INDUSTRIALS - 12.1%

Aerospace & Defense - 3.0%

Precision Castparts Corp.

228,500

23,277,295

Construction & Engineering - 1.6%

China Railway Construction Corp. Ltd. (H Shares)

9,065,000

12,047,677

Industrial Conglomerates - 1.7%

General Electric Co.

791,000

12,988,220

Road & Rail - 5.8%

America Latina Logistica SA unit

922,700

7,168,625

CSX Corp.

533,985

22,352,612

Union Pacific Corp.

245,500

14,324,925

 

43,846,162

TOTAL INDUSTRIALS

92,159,354

INFORMATION TECHNOLOGY - 19.6%

Communications Equipment - 7.9%

Juniper Networks, Inc. (a)

884,500

23,899,191

QUALCOMM, Inc.

315,856

14,207,203

Research In Motion Ltd. (a)

331,500

22,392,827

 

60,499,221

Computers & Peripherals - 4.0%

Apple, Inc. (a)

126,800

23,504,916

Dell, Inc. (a)

461,400

7,040,964

 

30,545,880

Internet Software & Services - 1.2%

Baidu.com, Inc. sponsored ADR (a)

23,300

9,111,465

IT Services - 2.5%

Fiserv, Inc. (a)

393,500

18,966,700

Semiconductors & Semiconductor Equipment - 1.9%

National Semiconductor Corp.

483,200

6,895,264

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

688,200

7,542,672

 

14,437,936

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 2.1%

Activision Blizzard, Inc. (a)

620,600

$ 7,689,234

AsiaInfo Holdings, Inc. (a)

399,400

7,976,018

 

15,665,252

TOTAL INFORMATION TECHNOLOGY

149,226,454

MATERIALS - 4.2%

Chemicals - 2.2%

Dow Chemical Co.

631,600

16,465,812

Metals & Mining - 2.0%

Alcoa, Inc.

551,500

7,235,680

MacArthur Coal Ltd.

960,232

7,996,781

 

15,232,461

TOTAL MATERIALS

31,698,273

TELECOMMUNICATION SERVICES - 1.6%

Wireless Telecommunication Services - 1.6%

American Tower Corp. Class A (a)

330,400

12,026,560

TOTAL COMMON STOCKS

(Cost $681,014,093)

760,125,049

Money Market Funds - 5.4%

 

 

 

 

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(e)
(Cost $40,898,225)

40,898,225

40,898,225

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $721,912,318)

801,023,274

NET OTHER ASSETS - (5.3)%

(40,308,270)

NET ASSETS - 100%

$ 760,715,004

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) 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.

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

$ 9,143

Fidelity Securities Lending Cash Central Fund

133,488

Total

$ 142,631

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.

$ 8,696,056

$ -

$ -

$ -

$ 10,495,240

Total

$ 8,696,056

$ -

$ -

$ -

$ 10,495,240

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, 2009, the aggregate cost of investment securities for income tax purposes was $733,753,233. Net unrealized appreciation aggregated $67,270,041, of which $93,716,992 related to appreciated investment securities and $26,446,951 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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. 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.

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, 2009 

1.808776.105

FID-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.5%

Auto Components - 0.8%

Autoliv, Inc.

396,400

$ 13,319

BorgWarner, Inc.

528,600

15,995

Magna International, Inc. Class A (sub. vtg.)

342,000

14,578

 

43,892

Automobiles - 0.4%

Ford Motor Co. (a)

2,849,200

20,543

Hotels, Restaurants & Leisure - 0.1%

Starwood Hotels & Resorts Worldwide, Inc.

174,500

5,764

Household Durables - 1.5%

Mohawk Industries, Inc. (a)

342,600

16,339

Pulte Homes, Inc.

1,854,500

20,381

Whirlpool Corp.

621,800

43,501

 

80,221

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

216,600

20,222

Media - 1.6%

Comcast Corp. Class A

933,700

15,770

McGraw-Hill Companies, Inc.

669,700

16,836

The Walt Disney Co.

2,022,800

55,546

 

88,152

Multiline Retail - 1.0%

Macy's, Inc.

1,239,400

22,669

Target Corp.

724,200

33,806

 

56,475

Specialty Retail - 3.6%

Best Buy Co., Inc.

1,173,200

44,018

Home Depot, Inc.

713,800

19,016

Lowe's Companies, Inc.

2,535,200

53,087

Sherwin-Williams Co.

442,000

26,591

Staples, Inc.

2,181,250

50,649

 

193,361

Textiles, Apparel & Luxury Goods - 1.1%

Polo Ralph Lauren Corp. Class A

780,373

59,792

TOTAL CONSUMER DISCRETIONARY

568,422

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 9.4%

Beverages - 1.8%

PepsiCo, Inc.

595,790

$ 34,949

The Coca-Cola Co.

1,169,300

62,791

 

97,740

Food & Staples Retailing - 2.5%

Costco Wholesale Corp.

288,100

16,266

CVS Caremark Corp.

1,400,900

50,068

Wal-Mart Stores, Inc.

608,400

29,866

Walgreen Co.

1,001,200

37,515

 

133,715

Food Products - 2.2%

Archer Daniels Midland Co.

643,800

18,812

Bunge Ltd.

585,400

36,652

Cosan Ltd. Class A (a)

1,328,908

10,498

Kellogg Co.

402,100

19,795

Nestle SA (Reg.)

487,021

20,752

Ralcorp Holdings, Inc. (a)

237,800

13,904

 

120,413

Household Products - 1.6%

Colgate-Palmolive Co.

292,200

22,289

Procter & Gamble Co.

1,132,844

65,614

 

87,903

Tobacco - 1.3%

Philip Morris International, Inc.

1,392,000

67,846

TOTAL CONSUMER STAPLES

507,617

ENERGY - 10.3%

Energy Equipment & Services - 2.4%

ENSCO International, Inc.

606,500

25,801

National Oilwell Varco, Inc. (a)

405,800

17,502

Schlumberger Ltd.

680,200

40,540

Transocean Ltd. (a)

292,833

25,046

Weatherford International Ltd. (a)

977,000

20,253

 

129,142

Oil, Gas & Consumable Fuels - 7.9%

Anadarko Petroleum Corp.

321,300

20,155

Canadian Natural Resources Ltd.

202,800

13,697

Chesapeake Energy Corp.

1,541,100

43,767

Chevron Corp.

1,028,400

72,430

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

ConocoPhillips

869,200

$ 39,253

Devon Energy Corp.

169,800

11,433

Exxon Mobil Corp.

880,500

60,411

Marathon Oil Corp.

1,191,800

38,018

Occidental Petroleum Corp.

1,038,500

81,418

Range Resources Corp.

401,100

19,798

Southern Union Co.

885,800

18,416

Valero Energy Corp.

555,300

10,767

 

429,563

TOTAL ENERGY

558,705

FINANCIALS - 15.7%

Capital Markets - 5.8%

Charles Schwab Corp.

870,100

16,662

Deutsche Bank AG (c)

177,129

13,598

Goldman Sachs Group, Inc.

575,700

106,130

Julius Baer Holding Ltd.

316,215

15,790

Lazard Ltd. Class A

349,100

14,421

Morgan Stanley

1,994,100

61,578

State Street Corp.

984,650

51,793

T. Rowe Price Group, Inc.

733,000

33,498

 

313,470

Commercial Banks - 2.8%

China Construction Bank Corp. (H Shares)

22,566,000

18,024

Industrial & Commercial Bank of China Ltd.

17,058,000

12,854

Sumitomo Mitsui Financial Group, Inc.

383,700

13,301

Wells Fargo & Co.

3,762,900

106,039

 

150,218

Consumer Finance - 1.0%

American Express Co.

1,526,292

51,741

Diversified Financial Services - 5.7%

Bank of America Corp.

6,714,635

113,612

Citigroup, Inc.

6,645,200

32,163

CME Group, Inc.

54,500

16,796

JPMorgan Chase & Co.

3,381,200

148,171

 

310,742

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.4%

Everest Re Group Ltd.

254,200

$ 22,293

TOTAL FINANCIALS

848,464

HEALTH CARE - 12.9%

Biotechnology - 1.8%

Amgen, Inc. (a)

938,700

56,538

Biogen Idec, Inc. (a)

507,100

25,619

United Therapeutics Corp. (a)

313,600

15,363

 

97,520

Health Care Equipment & Supplies - 2.1%

Baxter International, Inc.

364,900

20,803

Beckman Coulter, Inc.

192,300

13,257

C. R. Bard, Inc.

290,600

22,844

Covidien PLC

953,300

41,240

Thoratec Corp. (a)

462,800

14,009

 

112,153

Health Care Providers & Services - 2.0%

CIGNA Corp.

491,500

13,806

Henry Schein, Inc. (a)

344,700

18,927

Humana, Inc. (a)

222,900

8,314

Medco Health Solutions, Inc. (a)

873,900

48,335

UnitedHealth Group, Inc.

841,700

21,076

 

110,458

Life Sciences Tools & Services - 0.4%

Life Technologies Corp. (a)

402,500

18,736

QIAGEN NV (a)

151,300

3,220

 

21,956

Pharmaceuticals - 6.6%

Abbott Laboratories

909,900

45,013

Allergan, Inc.

647,000

36,724

Elan Corp. PLC sponsored ADR (a)

1,954,296

13,895

Forest Laboratories, Inc. (a)

477,800

14,066

Johnson & Johnson

1,226,400

74,675

King Pharmaceuticals, Inc. (a)

1,291,200

13,906

Merck & Co., Inc.

775,800

24,539

Pfizer, Inc.

3,407,700

56,397

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

249,800

$ 12,630

Wyeth

1,295,440

62,932

 

354,777

TOTAL HEALTH CARE

696,864

INDUSTRIALS - 13.1%

Aerospace & Defense - 1.3%

General Dynamics Corp.

163,200

10,543

Honeywell International, Inc.

685,800

25,477

Lockheed Martin Corp.

192,130

15,002

Raytheon Co.

366,100

17,562

 

68,584

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

321,900

18,178

Building Products - 0.5%

Armstrong World Industries, Inc. (a)

8,800

303

Masco Corp.

1,997,200

25,804

 

26,107

Commercial Services & Supplies - 0.3%

The Brink's Co.

542,400

14,596

Construction & Engineering - 0.5%

Quanta Services, Inc. (a)

1,250,600

27,676

Electrical Equipment - 0.9%

Cooper Industries PLC Class A

729,200

27,396

Regal-Beloit Corp.

431,100

19,706

 

47,102

Industrial Conglomerates - 2.8%

General Electric Co.

4,754,300

78,066

Textron, Inc.

1,981,400

37,607

Tyco International Ltd.

1,002,200

34,556

 

150,229

Machinery - 3.2%

Briggs & Stratton Corp.

627,400

12,178

Caterpillar, Inc.

174,100

8,937

Cummins, Inc.

884,100

39,617

Deere & Co.

244,400

10,490

Eaton Corp.

296,800

16,796

Flowserve Corp.

196,600

19,373

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Ingersoll-Rand Co. Ltd.

796,000

$ 24,413

Navistar International Corp. (a)

428,500

16,034

PACCAR, Inc.

307,000

11,577

Toro Co. (c)

421,400

16,759

 

176,174

Professional Services - 1.0%

Manpower, Inc.

622,100

35,279

Monster Worldwide, Inc. (a)(c)

1,058,200

18,497

 

53,776

Road & Rail - 2.0%

CSX Corp.

691,100

28,929

Union Pacific Corp.

1,372,600

80,091

 

109,020

Trading Companies & Distributors - 0.3%

W.W. Grainger, Inc.

219,200

19,588

TOTAL INDUSTRIALS

711,030

INFORMATION TECHNOLOGY - 19.7%

Communications Equipment - 2.7%

Cisco Systems, Inc. (a)

4,457,676

104,934

Juniper Networks, Inc. (a)

701,700

18,960

QUALCOMM, Inc.

494,800

22,256

 

146,150

Computers & Peripherals - 5.9%

Apple, Inc. (a)

562,400

104,252

Dell, Inc. (a)

2,203,400

33,624

Hewlett-Packard Co.

2,249,900

106,218

International Business Machines Corp.

453,900

54,291

NCR Corp. (a)

1,434,021

19,818

 

318,203

Electronic Equipment & Components - 1.4%

Agilent Technologies, Inc. (a)

574,800

15,997

Amphenol Corp. Class A

1,555,238

58,601

 

74,598

Internet Software & Services - 2.4%

Google, Inc. Class A (a)

197,785

98,072

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

IAC/InterActiveCorp (a)

677,600

$ 13,681

NetEase.com, Inc. sponsored ADR (a)(c)

368,200

16,819

 

128,572

Semiconductors & Semiconductor Equipment - 4.5%

Applied Materials, Inc.

3,416,900

45,786

Intel Corp.

3,519,900

68,884

Lam Research Corp. (a)

790,400

27,000

Samsung Electronics Co. Ltd.

34,871

24,174

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

2,024,156

22,185

Texas Instruments, Inc.

1,505,500

35,665

Xilinx, Inc.

781,300

18,298

 

241,992

Software - 2.8%

Adobe Systems, Inc. (a)

300,900

9,942

Citrix Systems, Inc. (a)

702,400

27,555

Microsoft Corp.

3,403,800

88,124

Oracle Corp.

1,339,800

27,921

 

153,542

TOTAL INFORMATION TECHNOLOGY

1,063,057

MATERIALS - 4.8%

Chemicals - 3.1%

Air Products & Chemicals, Inc.

362,900

28,154

Airgas, Inc.

362,800

17,549

Albemarle Corp.

723,800

25,043

Dow Chemical Co.

2,398,200

62,521

E.I. du Pont de Nemours & Co.

389,500

12,519

Monsanto Co.

104,667

8,101

Solutia, Inc. (a)

1,071,800

12,411

W.R. Grace & Co. (a)

111,300

2,420

 

168,718

Construction Materials - 0.4%

Vulcan Materials Co.

407,600

22,039

Metals & Mining - 1.3%

Freeport-McMoRan Copper & Gold, Inc.

309,500

21,235

Goldcorp, Inc.

442,100

17,750

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Newcrest Mining Ltd.

447,353

$ 12,589

United States Steel Corp.

352,200

15,627

 

67,201

TOTAL MATERIALS

257,958

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.7%

AT&T, Inc.

1,013,600

27,377

Verizon Communications, Inc.

394,000

11,926

 

39,303

Wireless Telecommunication Services - 0.4%

Sprint Nextel Corp. (a)

4,517,300

17,843

TOTAL TELECOMMUNICATION SERVICES

57,146

UTILITIES - 2.0%

Electric Utilities - 1.5%

American Electric Power Co., Inc.

609,100

18,876

Entergy Corp.

370,600

29,596

FirstEnergy Corp.

707,200

32,333

 

80,805

Independent Power Producers & Energy Traders - 0.2%

NRG Energy, Inc. (a)

489,400

13,796

Multi-Utilities - 0.3%

PG&E Corp.

367,800

14,892

TOTAL UTILITIES

109,493

TOTAL COMMON STOCKS

(Cost $5,079,140)

5,378,756

Convertible Preferred Stocks - 0.1%

 

 

 

 

FINANCIALS - 0.1%

Commercial Banks - 0.1%

Wells Fargo & Co. 7.50%

(Cost $4,076)

8,000

7,152

Money Market Funds - 0.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.25% (d)

23,112,347

$ 23,112

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)

25,290,544

25,291

TOTAL MONEY MARKET FUNDS

(Cost $48,403)

48,403

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $5,131,619)

5,434,311

NET OTHER ASSETS - (0.5)%

(26,491)

NET ASSETS - 100%

$ 5,407,820

Legend

(a) Non-income producing

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

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

(d) 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.

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

$ 113

Fidelity Securities Lending Cash Central Fund

14

Total

$ 127

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities 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:

Equities:

Consumer Discretionary

$ 568,422

$ 568,422

$ -

$ -

Consumer Staples

507,617

507,617

-

-

Energy

558,705

558,705

-

-

Financials

855,616

821,565

34,051

-

Health Care

696,864

696,864

-

-

Industrials

711,030

711,030

-

-

Information Technology

1,063,057

1,063,057

-

-

Materials

257,958

257,958

-

-

Telecommunication Services

57,146

57,146

-

-

Utilities

109,493

109,493

-

-

Money Market Funds

48,403

48,403

-

-

Total Investments in Securities:

$ 5,434,311

$ 5,400,260

$ 34,051

$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $5,235,502,000. Net unrealized appreciation aggregated $198,809,000, of which $619,564,000 related to appreciated investment securities and $420,755,000 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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. 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.

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

September 30, 2009 

1.808775.105

CII-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.7%

Auto Components - 0.1%

BorgWarner, Inc.

27,300

$ 826

Johnson Controls, Inc.

6,000

153

 

979

Automobiles - 1.9%

Geely Automobile Holdings Ltd.

3,630,000

988

Harley-Davidson, Inc. (b)

645,200

14,840

 

15,828

Diversified Consumer Services - 1.2%

Navitas Ltd.

138,128

445

Strayer Education, Inc. (b)

41,673

9,071

 

9,516

Hotels, Restaurants & Leisure - 1.9%

Chipotle Mexican Grill, Inc. Class B (a)

3,307

275

Denny's Corp. (a)

98,113

261

Marriott International, Inc. Class A

64,421

1,777

McDonald's Corp.

85,400

4,874

Starbucks Corp. (a)

258,026

5,328

Starwood Hotels & Resorts Worldwide, Inc.

94,200

3,111

 

15,626

Household Durables - 1.0%

Black & Decker Corp.

46,471

2,151

Mohawk Industries, Inc. (a)

126,728

6,044

 

8,195

Internet & Catalog Retail - 0.4%

Expedia, Inc. (a)

54,273

1,300

Priceline.com, Inc. (a)(b)

13,500

2,239

 

3,539

Media - 0.1%

McGraw-Hill Companies, Inc.

45,180

1,136

Multiline Retail - 1.4%

Target Corp.

239,000

11,157

Specialty Retail - 5.6%

Advance Auto Parts, Inc.

46,500

1,827

Best Buy Co., Inc.

125,900

4,724

Home Depot, Inc.

121,000

3,223

Lowe's Companies, Inc.

912,809

19,114

O'Reilly Automotive, Inc. (a)

96,502

3,488

Ross Stores, Inc.

78,533

3,752

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Sherwin-Williams Co.

66,829

$ 4,020

Tiffany & Co., Inc.

1,121

43

TJX Companies, Inc.

140,898

5,234

 

45,425

Textiles, Apparel & Luxury Goods - 1.1%

Coach, Inc.

131,600

4,332

Fuqi International, Inc. (a)(b)

21,500

630

Lululemon Athletica, Inc. (a)(b)

188,011

4,277

 

9,239

TOTAL CONSUMER DISCRETIONARY

120,640

CONSUMER STAPLES - 5.9%

Beverages - 1.0%

The Coca-Cola Co.

149,300

8,017

Food & Staples Retailing - 1.5%

Costco Wholesale Corp.

15,900

898

Walgreen Co.

315,902

11,837

 

12,735

Food Products - 0.5%

Bunge Ltd.

67,200

4,207

Household Products - 1.6%

Colgate-Palmolive Co.

67,890

5,179

Energizer Holdings, Inc. (a)

115,331

7,651

 

12,830

Personal Products - 0.7%

Estee Lauder Companies, Inc. Class A

53,309

1,977

Mead Johnson Nutrition Co. Class A

21,940

990

Nu Skin Enterprises, Inc. Class A

149,036

2,762

 

5,729

Tobacco - 0.6%

Philip Morris International, Inc.

104,300

5,084

TOTAL CONSUMER STAPLES

48,602

ENERGY - 5.0%

Energy Equipment & Services - 2.6%

Schlumberger Ltd.

174,700

10,412

Smith International, Inc.

156,035

4,478

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Transocean Ltd. (a)

14,500

$ 1,240

Weatherford International Ltd. (a)

226,400

4,693

 

20,823

Oil, Gas & Consumable Fuels - 2.4%

Arch Coal, Inc.

92,900

2,056

Denbury Resources, Inc. (a)

494,776

7,486

Range Resources Corp.

92,100

4,546

Southwestern Energy Co. (a)

129,803

5,540

 

19,628

TOTAL ENERGY

40,451

FINANCIALS - 9.2%

Capital Markets - 1.3%

Charles Schwab Corp.

197,158

3,776

Franklin Resources, Inc.

24,800

2,495

JMP Group, Inc.

30,900

298

Morgan Stanley

136,900

4,227

T. Rowe Price Group, Inc.

7,700

352

 

11,148

Commercial Banks - 2.0%

PNC Financial Services Group, Inc.

112,196

5,452

Wells Fargo & Co.

378,663

10,671

 

16,123

Consumer Finance - 1.4%

American Express Co.

339,900

11,523

Diversified Financial Services - 4.0%

CME Group, Inc.

11,788

3,633

JPMorgan Chase & Co.

660,466

28,942

 

32,575

Insurance - 0.2%

Arthur J. Gallagher & Co.

23,035

561

Hilltop Holdings, Inc. (a)

68,560

841

 

1,402

Real Estate Management & Development - 0.3%

Jones Lang LaSalle, Inc.

61,100

2,894

TOTAL FINANCIALS

75,665

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 12.9%

Biotechnology - 3.9%

3SBio, Inc. sponsored ADR (a)

19,900

$ 219

Alexion Pharmaceuticals, Inc. (a)

41,290

1,839

Amgen, Inc. (a)

116,653

7,026

Biogen Idec, Inc. (a)

77,512

3,916

Celgene Corp. (a)

43,490

2,431

Cephalon, Inc. (a)

41,854

2,438

Dendreon Corp. (a)

53,800

1,506

Gilead Sciences, Inc. (a)

112,428

5,237

Human Genome Sciences, Inc. (a)

57,500

1,082

United Therapeutics Corp. (a)

120,086

5,883

Vanda Pharmaceuticals, Inc. (a)

15,600

182

 

31,759

Health Care Equipment & Supplies - 2.0%

Beckman Coulter, Inc.

11,800

813

C. R. Bard, Inc.

14,077

1,107

Covidien PLC

81,414

3,522

DENTSPLY International, Inc.

119,466

4,126

Edwards Lifesciences Corp. (a)

12,480

872

HeartWare International, Inc. CDI (a)

135,546

115

NuVasive, Inc. (a)(b)

95,319

3,981

Orthovita, Inc. (a)

375,124

1,647

 

16,183

Health Care Providers & Services - 3.5%

Express Scripts, Inc. (a)

105,326

8,171

Henry Schein, Inc. (a)

49,877

2,739

Medco Health Solutions, Inc. (a)

290,606

16,073

VCA Antech, Inc. (a)

75,976

2,043

 

29,026

Health Care Technology - 0.3%

HLTH Corp. (a)

165,472

2,418

Life Sciences Tools & Services - 1.3%

Illumina, Inc. (a)

131,676

5,596

Life Technologies Corp. (a)

61,100

2,844

QIAGEN NV (a)

22,900

487

Sequenom, Inc. (a)(b)

145,900

471

Techne Corp.

7,336

459

Thermo Fisher Scientific, Inc. (a)

19,100

834

 

10,691

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 1.9%

Cadence Pharmaceuticals, Inc. (a)

87,204

$ 964

Novo Nordisk AS Series B

135,285

8,470

Teva Pharmaceutical Industries Ltd. sponsored ADR

120,665

6,101

 

15,535

TOTAL HEALTH CARE

105,612

INDUSTRIALS - 10.0%

Aerospace & Defense - 2.5%

Honeywell International, Inc.

191,239

7,105

Precision Castparts Corp.

18,600

1,895

United Technologies Corp.

183,100

11,156

 

20,156

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

44,760

2,528

Airlines - 0.6%

AirTran Holdings, Inc. (a)

124,048

775

Hawaiian Holdings, Inc. (a)

102,355

845

Ryanair Holdings PLC sponsored ADR (a)

123,863

3,597

 

5,217

Building Products - 0.1%

Armstrong World Industries, Inc. (a)

1,300

45

USG Corp. (a)(b)

24,271

417

 

462

Commercial Services & Supplies - 0.0%

Stericycle, Inc. (a)

5,500

266

Electrical Equipment - 1.6%

AMETEK, Inc.

116,600

4,071

China High Speed Transmission Equipment Group Co. Ltd.

257,000

527

First Solar, Inc. (a)

53,700

8,209

 

12,807

Industrial Conglomerates - 0.8%

3M Co.

28,500

2,103

Textron, Inc.

244,200

4,635

 

6,738

Machinery - 2.0%

Cummins, Inc.

109,900

4,925

Danaher Corp.

60,900

4,100

Graco, Inc.

31,487

878

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Ingersoll-Rand Co. Ltd.

106,500

$ 3,266

PACCAR, Inc.

91,400

3,447

 

16,616

Professional Services - 0.9%

CoStar Group, Inc. (a)(b)

14,465

596

Dun & Bradstreet Corp.

21,376

1,610

Equifax, Inc.

14,600

425

Heidrick & Struggles International, Inc.

43,088

1,002

Korn/Ferry International (a)

224,402

3,274

Robert Half International, Inc.

30,100

753

 

7,660

Road & Rail - 1.1%

Avis Budget Group, Inc. (a)

233,935

3,125

Heartland Express, Inc.

49,200

708

Knight Transportation, Inc.

229,600

3,853

Old Dominion Freight Lines, Inc. (a)

25,510

776

Union Pacific Corp.

13,468

786

 

9,248

Trading Companies & Distributors - 0.1%

Fastenal Co. (b)

10,243

396

TOTAL INDUSTRIALS

82,094

INFORMATION TECHNOLOGY - 38.5%

Communications Equipment - 10.4%

3Com Corp. (a)

78,300

410

Cisco Systems, Inc. (a)

1,639,043

38,582

Juniper Networks, Inc. (a)

447,301

12,086

QUALCOMM, Inc.

661,400

29,750

Riverbed Technology, Inc. (a)

196,147

4,307

 

85,135

Computers & Peripherals - 4.1%

Apple, Inc. (a)

138,474

25,669

Intermec, Inc. (a)

138,335

1,951

Netezza Corp. (a)

555,211

6,241

 

33,861

Electronic Equipment & Components - 2.3%

Agilent Technologies, Inc. (a)

469,308

13,061

BYD Co. Ltd. (H Shares) (a)

241,000

1,986

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

Corning, Inc.

183,285

$ 2,806

Ingenico SA

24,438

679

 

18,532

Internet Software & Services - 6.0%

Baidu.com, Inc. sponsored ADR (a)

11,296

4,417

Google, Inc. Class A (a)

55,134

27,338

NetEase.com, Inc. sponsored ADR (a)(b)

84,883

3,877

Tencent Holdings Ltd.

73,200

1,191

The Knot, Inc. (a)

160,938

1,757

VeriSign, Inc. (a)

448,391

10,622

WebMD Health Corp. Class A (a)

5,567

184

 

49,386

IT Services - 3.6%

Accenture PLC Class A

42,715

1,592

Amdocs Ltd. (a)

150,300

4,040

Cognizant Technology Solutions Corp. Class A (a)

30,467

1,178

Fidelity National Information Services, Inc.

533,747

13,616

The Western Union Co.

18,695

354

Visa, Inc. Class A

120,075

8,298

 

29,078

Semiconductors & Semiconductor Equipment - 7.9%

Aixtron AG

21,500

586

Analog Devices, Inc.

71,100

1,961

Applied Materials, Inc.

152,749

2,047

ASML Holding NV (NY Shares)

321,900

9,519

Avago Technologies Ltd.

82,500

1,408

Broadcom Corp. Class A (a)

545,168

16,731

Marvell Technology Group Ltd. (a)

776,038

12,564

Maxim Integrated Products, Inc.

199,600

3,621

Monolithic Power Systems, Inc. (a)

319,664

7,496

National Semiconductor Corp.

242,599

3,462

Omnivision Technologies, Inc. (a)

56,220

915

Samsung Electronics Co. Ltd.

2,632

1,825

Supertex, Inc. (a)

84,917

2,548

 

64,683

Software - 4.2%

Advent Software, Inc. (a)(b)

10,765

433

BMC Software, Inc. (a)

185,339

6,956

ebix.com, Inc. (a)(b)

18,324

1,014

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Intuit, Inc. (a)

22,700

$ 647

Nice Systems Ltd. sponsored ADR (a)

120,700

3,674

Oracle Corp.

192,500

4,012

Rovi Corp. (a)

26,370

886

Salesforce.com, Inc. (a)

11,400

649

Shanda Interactive Entertainment Ltd. sponsored ADR (a)

83,300

4,265

Solera Holdings, Inc.

30,878

961

Sourcefire, Inc. (a)

146,641

3,148

Taleo Corp. Class A (a)

18,663

423

VanceInfo Technologies, Inc. ADR (a)

397,398

7,725

 

34,793

TOTAL INFORMATION TECHNOLOGY

315,468

MATERIALS - 2.5%

Chemicals - 2.0%

Air Products & Chemicals, Inc.

80,200

6,222

Ecolab, Inc.

43,300

2,002

FMC Corp.

27,300

1,536

Monsanto Co.

13,500

1,045

Terra Industries, Inc.

58,161

2,016

The Mosaic Co.

82,400

3,961

 

16,782

Metals & Mining - 0.4%

Consolidated Thompson Iron Mines Ltd. (a)

567,100

2,908

Paper & Forest Products - 0.1%

Schweitzer-Mauduit International, Inc.

17,429

947

TOTAL MATERIALS

20,637

TELECOMMUNICATION SERVICES - 0.4%

Wireless Telecommunication Services - 0.4%

American Tower Corp. Class A (a)

97,294

3,542

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

Dynegy, Inc. Class A (a)

179,900

459

TOTAL COMMON STOCKS

(Cost $777,547)

813,170

Money Market Funds - 3.8%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.25% (c)

1,283,659

$ 1,284

Fidelity Securities Lending Cash Central Fund, 0.19% (c)(d)

29,549,700

29,550

TOTAL MONEY MARKET FUNDS

(Cost $30,834)

30,834

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $808,381)

844,004

NET OTHER ASSETS - (3.0)%

(24,394)

NET ASSETS - 100%

$ 819,610

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1

Fidelity Securities Lending Cash Central Fund

12

Total

$ 13

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, 2009, the aggregate cost of investment securities for income tax purposes was $816,997,000. Net unrealized appreciation aggregated $27,007,000, of which $81,720,000 related to appreciated investment securities and $54,713,000 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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. 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.

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, 2009 

1.808770.105

GII-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

CONSUMER DISCRETIONARY - 6.9%

Auto Components - 0.5%

Johnson Controls, Inc.

56,800

$ 1,451,808

Automobiles - 0.3%

Ford Motor Co. (a)

128,200

924,322

Household Durables - 0.4%

Newell Rubbermaid, Inc.

64,900

1,018,281

Internet & Catalog Retail - 0.5%

Amazon.com, Inc. (a)

14,500

1,353,720

Media - 0.7%

McGraw-Hill Companies, Inc.

21,300

535,482

The Walt Disney Co.

39,700

1,090,162

Time Warner, Inc.

6,900

198,582

Viacom, Inc. Class B (non-vtg.) (a)

9,700

271,988

 

2,096,214

Multiline Retail - 1.0%

Kohl's Corp. (a)

8,600

490,630

Target Corp.

52,200

2,436,696

 

2,927,326

Specialty Retail - 3.5%

Home Depot, Inc.

99,200

2,642,688

Lowe's Companies, Inc.

160,500

3,360,870

Staples, Inc.

161,243

3,744,062

 

9,747,620

TOTAL CONSUMER DISCRETIONARY

19,519,291

CONSUMER STAPLES - 11.8%

Beverages - 2.5%

Anheuser-Busch InBev SA NV

31,401

1,433,841

PepsiCo, Inc.

10,300

604,198

The Coca-Cola Co.

94,700

5,085,390

 

7,123,429

Food & Staples Retailing - 3.5%

Costco Wholesale Corp.

35,900

2,026,914

CVS Caremark Corp.

99,600

3,559,704

Wal-Mart Stores, Inc.

60,700

2,979,763

Walgreen Co.

33,200

1,244,004

 

9,810,385

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 1.5%

Danone

38,182

$ 2,300,797

Nestle SA (Reg.)

47,895

2,040,858

 

4,341,655

Household Products - 2.4%

Procter & Gamble Co.

118,600

6,869,312

Tobacco - 1.9%

Altria Group, Inc.

34,300

610,883

Philip Morris International, Inc.

95,130

4,636,636

 

5,247,519

TOTAL CONSUMER STAPLES

33,392,300

ENERGY - 11.6%

Energy Equipment & Services - 1.4%

Schlumberger Ltd.

51,800

3,087,280

Smith International, Inc.

14,200

407,540

Weatherford International Ltd. (a)

20,200

418,746

 

3,913,566

Oil, Gas & Consumable Fuels - 10.2%

Chevron Corp.

109,900

7,740,257

Exxon Mobil Corp.

171,971

11,798,930

Marathon Oil Corp.

67,000

2,137,300

Occidental Petroleum Corp.

51,300

4,021,920

Peabody Energy Corp.

12,000

446,640

Royal Dutch Shell PLC Class A sponsored ADR

23,900

1,366,841

Southwestern Energy Co. (a)

10,800

460,944

Total SA sponsored ADR

12,400

734,824

Valero Energy Corp.

20,400

395,556

 

29,103,212

TOTAL ENERGY

33,016,778

FINANCIALS - 18.7%

Capital Markets - 3.3%

Goldman Sachs Group, Inc.

17,900

3,299,865

Morgan Stanley

90,000

2,779,200

Northern Trust Corp.

11,300

657,208

State Street Corp.

48,800

2,566,880

 

9,303,153

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 6.4%

Comerica, Inc.

17,900

$ 531,093

HSBC Holdings PLC sponsored ADR

16,826

964,971

PNC Financial Services Group, Inc.

76,300

3,707,417

Standard Chartered PLC (United Kingdom)

25,865

637,503

U.S. Bancorp, Delaware

131,800

2,881,148

Wells Fargo & Co.

336,853

9,492,518

 

18,214,650

Consumer Finance - 1.2%

American Express Co.

24,700

837,330

Capital One Financial Corp.

69,700

2,490,381

 

3,327,711

Diversified Financial Services - 7.5%

Bank of America Corp.

560,180

9,478,246

JPMorgan Chase & Co.

270,000

11,831,399

 

21,309,645

Insurance - 0.1%

ACE Ltd.

5,500

294,030

Real Estate Management & Development - 0.2%

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

19,900

233,626

Jones Lang LaSalle, Inc.

5,700

270,009

 

503,635

TOTAL FINANCIALS

52,952,824

HEALTH CARE - 14.3%

Biotechnology - 2.3%

Amgen, Inc. (a)

33,890

2,041,195

Celgene Corp. (a)

27,700

1,548,430

Genzyme Corp. (a)

13,000

737,490

Gilead Sciences, Inc. (a)

48,820

2,274,036

 

6,601,151

Health Care Equipment & Supplies - 0.4%

Medtronic, Inc.

5,300

195,040

St. Jude Medical, Inc. (a)

22,000

858,220

 

1,053,260

Health Care Providers & Services - 2.3%

Express Scripts, Inc. (a)

14,700

1,140,426

McKesson Corp.

22,000

1,310,100

Medco Health Solutions, Inc. (a)

41,300

2,284,303

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

UnitedHealth Group, Inc.

51,300

$ 1,284,552

WellPoint, Inc. (a)

7,800

369,408

 

6,388,789

Pharmaceuticals - 9.3%

Abbott Laboratories

104,600

5,174,562

Allergan, Inc.

19,500

1,106,820

Johnson & Johnson

105,500

6,423,895

Merck & Co., Inc.

171,100

5,411,893

Pfizer, Inc.

503,100

8,326,305

 

26,443,475

TOTAL HEALTH CARE

40,486,675

INDUSTRIALS - 6.5%

Aerospace & Defense - 1.4%

Honeywell International, Inc.

80,800

3,001,720

Lockheed Martin Corp.

9,800

765,184

The Boeing Co.

5,100

276,165

 

4,043,069

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

16,700

943,049

Electrical Equipment - 0.5%

Emerson Electric Co.

29,900

1,198,392

First Solar, Inc. (a)

1,300

198,718

 

1,397,110

Industrial Conglomerates - 0.7%

Koninklijke Philips Electronics NV (NY Shares)

28,300

689,388

Siemens AG (Reg.)

1,904

176,991

Textron, Inc.

49,900

947,102

 

1,813,481

Machinery - 2.5%

Cummins, Inc.

22,800

1,021,668

Deere & Co.

21,600

927,072

Ingersoll-Rand Co. Ltd.

74,800

2,294,116

PACCAR, Inc.

60,800

2,292,768

Parker Hannifin Corp.

11,800

611,712

 

7,147,336

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 1.1%

Ryder System, Inc.

21,400

$ 835,884

Union Pacific Corp.

38,500

2,246,475

 

3,082,359

TOTAL INDUSTRIALS

18,426,404

INFORMATION TECHNOLOGY - 23.1%

Communications Equipment - 6.1%

Cisco Systems, Inc. (a)

467,600

11,007,304

Juniper Networks, Inc. (a)

53,600

1,448,272

QUALCOMM, Inc.

107,000

4,812,860

 

17,268,436

Computers & Peripherals - 5.6%

Apple, Inc. (a)

34,200

6,339,654

Hewlett-Packard Co.

110,500

5,216,705

International Business Machines Corp.

35,500

4,246,155

 

15,802,514

Electronic Equipment & Components - 0.4%

Corning, Inc.

68,100

1,042,611

Internet Software & Services - 1.8%

Google, Inc. Class A (a)

10,450

5,181,633

IT Services - 0.8%

Accenture PLC Class A

17,600

655,952

MasterCard, Inc. Class A

3,100

626,665

Visa, Inc. Class A

14,300

988,273

 

2,270,890

Semiconductors & Semiconductor Equipment - 4.5%

Applied Materials, Inc.

54,500

730,300

ASML Holding NV (NY Shares)

96,800

2,862,376

Intel Corp.

237,000

4,638,090

Samsung Electronics Co. Ltd.

1,467

1,016,995

Taiwan Semiconductor Manufacturing Co. Ltd.

457,974

918,397

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

80,900

886,664

Texas Instruments, Inc.

71,700

1,698,573

 

12,751,395

Software - 3.9%

Adobe Systems, Inc. (a)

60,000

1,982,400

Autonomy Corp. PLC (a)

12,986

338,129

Microsoft Corp.

226,100

5,853,729

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Oracle Corp.

114,700

$ 2,390,348

VMware, Inc. Class A (a)

13,300

534,261

 

11,098,867

TOTAL INFORMATION TECHNOLOGY

65,416,346

MATERIALS - 2.9%

Chemicals - 2.8%

Air Products & Chemicals, Inc.

5,900

457,722

Airgas, Inc.

4,700

227,339

Celanese Corp. Class A

16,380

409,500

Dow Chemical Co.

108,600

2,831,202

E.I. du Pont de Nemours & Co.

83,000

2,667,620

Monsanto Co.

12,400

959,760

The Mosaic Co.

5,700

273,999

 

7,827,142

Metals & Mining - 0.1%

Alcoa, Inc.

10,000

131,200

Nucor Corp.

4,700

220,947

 

352,147

TOTAL MATERIALS

8,179,289

TELECOMMUNICATION SERVICES - 3.0%

Diversified Telecommunication Services - 2.7%

AT&T, Inc.

91,788

2,479,194

Verizon Communications, Inc.

174,500

5,282,115

 

7,761,309

Wireless Telecommunication Services - 0.3%

American Tower Corp. Class A (a)

13,500

491,400

MTN Group Ltd.

25,400

413,103

 

904,503

TOTAL TELECOMMUNICATION SERVICES

8,665,812

UTILITIES - 0.9%

Electric Utilities - 0.8%

American Electric Power Co., Inc.

30,800

954,492

Entergy Corp.

4,600

367,356

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

Exelon Corp.

2,800

$ 138,936

FirstEnergy Corp.

17,400

795,528

 

2,256,312

Independent Power Producers & Energy Traders - 0.1%

AES Corp.

15,600

231,192

TOTAL UTILITIES

2,487,504

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $276,254,737)

282,543,223

NET OTHER ASSETS - 0.3%

724,263

NET ASSETS - 100%

$ 283,267,486

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 214

Fidelity Securities Lending Cash Central Fund

883

Total

$ 1,097

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities 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:

Equities:

Consumer Discretionary

$ 19,519,291

$ 19,519,291

$ -

$ -

Consumer Staples

33,392,300

33,392,300

-

-

Energy

33,016,778

33,016,778

-

-

Financials

52,952,824

52,952,824

-

-

Health Care

40,486,675

40,486,675

-

-

Industrials

18,426,404

18,249,413

176,991

-

Information Technology

65,416,346

65,416,346

-

-

Materials

8,179,289

8,179,289

-

-

Telecommunication Services

8,665,812

8,252,709

413,103

-

Utilities

2,487,504

2,487,504

-

-

Total Investments in Securities:

$ 282,543,223

$ 281,953,129

$ 590,094

$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $288,169,005. Net unrealized depreciation aggregated $5,625,782, of which $22,041,160 related to appreciated investment securities and $27,666,942 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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. 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.

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

September 30, 2009

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

1.864816.101

AGII-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

CONSUMER DISCRETIONARY - 6.9%

Auto Components - 0.5%

Johnson Controls, Inc.

56,800

$ 1,451,808

Automobiles - 0.3%

Ford Motor Co. (a)

128,200

924,322

Household Durables - 0.4%

Newell Rubbermaid, Inc.

64,900

1,018,281

Internet & Catalog Retail - 0.5%

Amazon.com, Inc. (a)

14,500

1,353,720

Media - 0.7%

McGraw-Hill Companies, Inc.

21,300

535,482

The Walt Disney Co.

39,700

1,090,162

Time Warner, Inc.

6,900

198,582

Viacom, Inc. Class B (non-vtg.) (a)

9,700

271,988

 

2,096,214

Multiline Retail - 1.0%

Kohl's Corp. (a)

8,600

490,630

Target Corp.

52,200

2,436,696

 

2,927,326

Specialty Retail - 3.5%

Home Depot, Inc.

99,200

2,642,688

Lowe's Companies, Inc.

160,500

3,360,870

Staples, Inc.

161,243

3,744,062

 

9,747,620

TOTAL CONSUMER DISCRETIONARY

19,519,291

CONSUMER STAPLES - 11.8%

Beverages - 2.5%

Anheuser-Busch InBev SA NV

31,401

1,433,841

PepsiCo, Inc.

10,300

604,198

The Coca-Cola Co.

94,700

5,085,390

 

7,123,429

Food & Staples Retailing - 3.5%

Costco Wholesale Corp.

35,900

2,026,914

CVS Caremark Corp.

99,600

3,559,704

Wal-Mart Stores, Inc.

60,700

2,979,763

Walgreen Co.

33,200

1,244,004

 

9,810,385

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 1.5%

Danone

38,182

$ 2,300,797

Nestle SA (Reg.)

47,895

2,040,858

 

4,341,655

Household Products - 2.4%

Procter & Gamble Co.

118,600

6,869,312

Tobacco - 1.9%

Altria Group, Inc.

34,300

610,883

Philip Morris International, Inc.

95,130

4,636,636

 

5,247,519

TOTAL CONSUMER STAPLES

33,392,300

ENERGY - 11.6%

Energy Equipment & Services - 1.4%

Schlumberger Ltd.

51,800

3,087,280

Smith International, Inc.

14,200

407,540

Weatherford International Ltd. (a)

20,200

418,746

 

3,913,566

Oil, Gas & Consumable Fuels - 10.2%

Chevron Corp.

109,900

7,740,257

Exxon Mobil Corp.

171,971

11,798,930

Marathon Oil Corp.

67,000

2,137,300

Occidental Petroleum Corp.

51,300

4,021,920

Peabody Energy Corp.

12,000

446,640

Royal Dutch Shell PLC Class A sponsored ADR

23,900

1,366,841

Southwestern Energy Co. (a)

10,800

460,944

Total SA sponsored ADR

12,400

734,824

Valero Energy Corp.

20,400

395,556

 

29,103,212

TOTAL ENERGY

33,016,778

FINANCIALS - 18.7%

Capital Markets - 3.3%

Goldman Sachs Group, Inc.

17,900

3,299,865

Morgan Stanley

90,000

2,779,200

Northern Trust Corp.

11,300

657,208

State Street Corp.

48,800

2,566,880

 

9,303,153

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 6.4%

Comerica, Inc.

17,900

$ 531,093

HSBC Holdings PLC sponsored ADR

16,826

964,971

PNC Financial Services Group, Inc.

76,300

3,707,417

Standard Chartered PLC (United Kingdom)

25,865

637,503

U.S. Bancorp, Delaware

131,800

2,881,148

Wells Fargo & Co.

336,853

9,492,518

 

18,214,650

Consumer Finance - 1.2%

American Express Co.

24,700

837,330

Capital One Financial Corp.

69,700

2,490,381

 

3,327,711

Diversified Financial Services - 7.5%

Bank of America Corp.

560,180

9,478,246

JPMorgan Chase & Co.

270,000

11,831,399

 

21,309,645

Insurance - 0.1%

ACE Ltd.

5,500

294,030

Real Estate Management & Development - 0.2%

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

19,900

233,626

Jones Lang LaSalle, Inc.

5,700

270,009

 

503,635

TOTAL FINANCIALS

52,952,824

HEALTH CARE - 14.3%

Biotechnology - 2.3%

Amgen, Inc. (a)

33,890

2,041,195

Celgene Corp. (a)

27,700

1,548,430

Genzyme Corp. (a)

13,000

737,490

Gilead Sciences, Inc. (a)

48,820

2,274,036

 

6,601,151

Health Care Equipment & Supplies - 0.4%

Medtronic, Inc.

5,300

195,040

St. Jude Medical, Inc. (a)

22,000

858,220

 

1,053,260

Health Care Providers & Services - 2.3%

Express Scripts, Inc. (a)

14,700

1,140,426

McKesson Corp.

22,000

1,310,100

Medco Health Solutions, Inc. (a)

41,300

2,284,303

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

UnitedHealth Group, Inc.

51,300

$ 1,284,552

WellPoint, Inc. (a)

7,800

369,408

 

6,388,789

Pharmaceuticals - 9.3%

Abbott Laboratories

104,600

5,174,562

Allergan, Inc.

19,500

1,106,820

Johnson & Johnson

105,500

6,423,895

Merck & Co., Inc.

171,100

5,411,893

Pfizer, Inc.

503,100

8,326,305

 

26,443,475

TOTAL HEALTH CARE

40,486,675

INDUSTRIALS - 6.5%

Aerospace & Defense - 1.4%

Honeywell International, Inc.

80,800

3,001,720

Lockheed Martin Corp.

9,800

765,184

The Boeing Co.

5,100

276,165

 

4,043,069

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

16,700

943,049

Electrical Equipment - 0.5%

Emerson Electric Co.

29,900

1,198,392

First Solar, Inc. (a)

1,300

198,718

 

1,397,110

Industrial Conglomerates - 0.7%

Koninklijke Philips Electronics NV (NY Shares)

28,300

689,388

Siemens AG (Reg.)

1,904

176,991

Textron, Inc.

49,900

947,102

 

1,813,481

Machinery - 2.5%

Cummins, Inc.

22,800

1,021,668

Deere & Co.

21,600

927,072

Ingersoll-Rand Co. Ltd.

74,800

2,294,116

PACCAR, Inc.

60,800

2,292,768

Parker Hannifin Corp.

11,800

611,712

 

7,147,336

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 1.1%

Ryder System, Inc.

21,400

$ 835,884

Union Pacific Corp.

38,500

2,246,475

 

3,082,359

TOTAL INDUSTRIALS

18,426,404

INFORMATION TECHNOLOGY - 23.1%

Communications Equipment - 6.1%

Cisco Systems, Inc. (a)

467,600

11,007,304

Juniper Networks, Inc. (a)

53,600

1,448,272

QUALCOMM, Inc.

107,000

4,812,860

 

17,268,436

Computers & Peripherals - 5.6%

Apple, Inc. (a)

34,200

6,339,654

Hewlett-Packard Co.

110,500

5,216,705

International Business Machines Corp.

35,500

4,246,155

 

15,802,514

Electronic Equipment & Components - 0.4%

Corning, Inc.

68,100

1,042,611

Internet Software & Services - 1.8%

Google, Inc. Class A (a)

10,450

5,181,633

IT Services - 0.8%

Accenture PLC Class A

17,600

655,952

MasterCard, Inc. Class A

3,100

626,665

Visa, Inc. Class A

14,300

988,273

 

2,270,890

Semiconductors & Semiconductor Equipment - 4.5%

Applied Materials, Inc.

54,500

730,300

ASML Holding NV (NY Shares)

96,800

2,862,376

Intel Corp.

237,000

4,638,090

Samsung Electronics Co. Ltd.

1,467

1,016,995

Taiwan Semiconductor Manufacturing Co. Ltd.

457,974

918,397

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

80,900

886,664

Texas Instruments, Inc.

71,700

1,698,573

 

12,751,395

Software - 3.9%

Adobe Systems, Inc. (a)

60,000

1,982,400

Autonomy Corp. PLC (a)

12,986

338,129

Microsoft Corp.

226,100

5,853,729

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Oracle Corp.

114,700

$ 2,390,348

VMware, Inc. Class A (a)

13,300

534,261

 

11,098,867

TOTAL INFORMATION TECHNOLOGY

65,416,346

MATERIALS - 2.9%

Chemicals - 2.8%

Air Products & Chemicals, Inc.

5,900

457,722

Airgas, Inc.

4,700

227,339

Celanese Corp. Class A

16,380

409,500

Dow Chemical Co.

108,600

2,831,202

E.I. du Pont de Nemours & Co.

83,000

2,667,620

Monsanto Co.

12,400

959,760

The Mosaic Co.

5,700

273,999

 

7,827,142

Metals & Mining - 0.1%

Alcoa, Inc.

10,000

131,200

Nucor Corp.

4,700

220,947

 

352,147

TOTAL MATERIALS

8,179,289

TELECOMMUNICATION SERVICES - 3.0%

Diversified Telecommunication Services - 2.7%

AT&T, Inc.

91,788

2,479,194

Verizon Communications, Inc.

174,500

5,282,115

 

7,761,309

Wireless Telecommunication Services - 0.3%

American Tower Corp. Class A (a)

13,500

491,400

MTN Group Ltd.

25,400

413,103

 

904,503

TOTAL TELECOMMUNICATION SERVICES

8,665,812

UTILITIES - 0.9%

Electric Utilities - 0.8%

American Electric Power Co., Inc.

30,800

954,492

Entergy Corp.

4,600

367,356

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

Exelon Corp.

2,800

$ 138,936

FirstEnergy Corp.

17,400

795,528

 

2,256,312

Independent Power Producers & Energy Traders - 0.1%

AES Corp.

15,600

231,192

TOTAL UTILITIES

2,487,504

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $276,254,737)

282,543,223

NET OTHER ASSETS - 0.3%

724,263

NET ASSETS - 100%

$ 283,267,486

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 214

Fidelity Securities Lending Cash Central Fund

883

Total

$ 1,097

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities 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:

Equities:

Consumer Discretionary

$ 19,519,291

$ 19,519,291

$ -

$ -

Consumer Staples

33,392,300

33,392,300

-

-

Energy

33,016,778

33,016,778

-

-

Financials

52,952,824

52,952,824

-

-

Health Care

40,486,675

40,486,675

-

-

Industrials

18,426,404

18,249,413

176,991

-

Information Technology

65,416,346

65,416,346

-

-

Materials

8,179,289

8,179,289

-

-

Telecommunication Services

8,665,812

8,252,709

413,103

-

Utilities

2,487,504

2,487,504

-

-

Total Investments in Securities:

$ 282,543,223

$ 281,953,129

$ 590,094

$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $288,169,005. Net unrealized depreciation aggregated $5,625,782, of which $22,041,160 related to appreciated investment securities and $27,666,942 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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. 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.

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:

November 30, 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:

November 30, 2009

By:

/s/ Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 30, 2009