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, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Fifty®

September 30, 2008 

1.808769.104

FIF-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 101.2%

Shares

Value

CONSUMER DISCRETIONARY - 11.5%

Diversified Consumer Services - 2.0%

DeVry, Inc.

380,100

$ 18,830,154

Hotels, Restaurants & Leisure - 3.9%

Burger King Holdings, Inc.

243,400

5,977,904

International Game Technology

1,527,329

26,239,512

Las Vegas Sands Corp. (a)

147,500

5,326,225

 

37,543,641

Household Durables - 0.1%

Harman International Industries, Inc.

17,500

596,225

Media - 5.0%

The Walt Disney Co.

1,540,400

47,274,876

Specialty Retail - 0.5%

CarMax, Inc. (a)

100

1,400

Dick's Sporting Goods, Inc. (a)

239,900

4,697,242

 

4,698,642

TOTAL CONSUMER DISCRETIONARY

108,943,538

CONSUMER STAPLES - 16.5%

Beverages - 10.0%

InBev SA

980,544

58,316,449

Molson Coors Brewing Co. Class B

776,366

36,295,111

 

94,611,560

Food & Staples Retailing - 6.4%

CVS Caremark Corp.

1,810,200

60,931,331

Food Products - 0.1%

Cosan SA Industria e Comercio (a)

180,000

1,230,058

Cosan SA Industria e Comercio rights 10/22/08 (a)

55,272

4,068

 

1,234,126

TOTAL CONSUMER STAPLES

156,777,017

ENERGY - 18.8%

Energy Equipment & Services - 4.2%

Cameron International Corp. (a)

250,500

9,654,270

Diamond Offshore Drilling, Inc.

237,200

24,445,832

Oceaneering International, Inc. (a)

112,700

6,009,164

 

40,109,266

Oil, Gas & Consumable Fuels - 14.6%

Arch Coal, Inc.

163,100

5,364,359

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Chesapeake Energy Corp.

779,900

$ 27,967,214

CONSOL Energy, Inc.

547,300

25,115,597

Denbury Resources, Inc. (a)

388,300

7,393,232

EOG Resources, Inc.

207,761

18,586,299

Peabody Energy Corp.

396,300

17,833,500

Ultra Petroleum Corp. (a)

149,800

8,289,932

XTO Energy, Inc.

604,373

28,115,432

 

138,665,565

TOTAL ENERGY

178,774,831

FINANCIALS - 16.3%

Capital Markets - 4.2%

Ashmore Global Opps Ltd.

667,000

5,986,325

Ashmore Global Opps Ltd. (United Kingdom)

267,000

3,435,220

Ashmore Group PLC

3,720,690

13,128,524

Goldman Sachs Group, Inc.

72,500

9,280,000

Janus Capital Group, Inc.

232,500

5,645,100

Och-Ziff Capital Management Group LLC Class A (d)

175,500

2,051,595

 

39,526,764

Diversified Financial Services - 8.6%

Bank of America Corp.

607,600

21,266,000

BM&F BOVESPA SA

2,113,700

9,311,013

Citigroup, Inc.

512,200

10,505,222

Deutsche Boerse AG

153,900

14,078,450

JPMorgan Chase & Co.

577,100

26,950,570

 

82,111,255

Insurance - 2.6%

Berkshire Hathaway, Inc. Class A (a)

165

21,549,000

XL Capital Ltd. Class A

168,300

3,019,302

 

24,568,302

Real Estate Investment Trusts - 0.9%

CapitalSource, Inc. (d)

731,400

8,996,220

Real Estate Management & Development - 0.0%

The St. Joe Co.

100

3,909

TOTAL FINANCIALS

155,206,450

Common Stocks - continued

Shares

Value

HEALTH CARE - 9.7%

Health Care Equipment & Supplies - 3.9%

C.R. Bard, Inc.

207,414

$ 19,677,366

St. Jude Medical, Inc. (a)

398,000

17,309,020

 

36,986,386

Health Care Providers & Services - 3.3%

Express Scripts, Inc. (a)

425,500

31,410,410

Life Sciences Tools & Services - 2.5%

Charles River Laboratories International, Inc. (a)

12,600

699,678

Waters Corp. (a)

389,700

22,672,746

 

23,372,424

TOTAL HEALTH CARE

91,769,220

INDUSTRIALS - 9.9%

Commercial Services & Supplies - 2.1%

Waste Management, Inc.

636,700

20,049,683

Electrical Equipment - 1.9%

Alstom SA

235,300

17,855,133

Machinery - 5.3%

Flowserve Corp.

571,400

50,723,178

Road & Rail - 0.6%

America Latina Logistica SA unit

795,200

5,463,382

Transportation Infrastructure - 0.0%

LLX Logistica SA

280,800

265,692

TOTAL INDUSTRIALS

94,357,068

INFORMATION TECHNOLOGY - 11.3%

Communications Equipment - 4.9%

Juniper Networks, Inc. (a)

100

2,107

QUALCOMM, Inc.

1,092,286

46,935,529

 

46,937,636

Computers & Peripherals - 1.1%

Apple, Inc. (a)

87,100

9,899,786

IT Services - 5.3%

Fiserv, Inc. (a)

666,100

31,519,852

Visa, Inc.

306,500

18,816,035

 

50,335,887

TOTAL INFORMATION TECHNOLOGY

107,173,309

Common Stocks - continued

Shares

Value

MATERIALS - 1.6%

Metals & Mining - 1.6%

Barrick Gold Corp.

113,500

$ 4,155,482

Newcrest Mining Ltd.

547,852

11,382,506

 

15,537,988

TELECOMMUNICATION SERVICES - 2.8%

Wireless Telecommunication Services - 2.8%

American Tower Corp. Class A (a)

743,600

26,747,292

UTILITIES - 2.8%

Electric Utilities - 2.8%

Entergy Corp.

206,300

18,362,763

Exelon Corp.

137,300

8,597,726

 

26,960,489

TOTAL COMMON STOCKS

(Cost $1,039,971,005)

962,247,202

Money Market Funds - 4.1%

 

 

 

 

Fidelity Cash Central Fund, 1.92% (b)

10,402,389

10,402,389

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)

28,195,200

28,195,200

TOTAL MONEY MARKET FUNDS

(Cost $38,597,589)

38,597,589

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $1,078,568,594)

1,000,844,791

NET OTHER ASSETS - (5.3)%

(50,034,316)

NET ASSETS - 100%

$ 950,810,475

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

$ 122,209

Fidelity Securities Lending Cash Central Fund

18,063

Total

$ 140,272

Other Information

The following is a summary of the inputs used, as of September 30, 2008, 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

$ 1,000,844,791

$ 882,648,509

$ 118,196,282

$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,092,330,816. Net unrealized depreciation aggregated $91,486,025, of which $51,425,123 related to appreciated investment securities and $142,911,148 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

September 30, 2008 

1.808776.104

FID-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.5%

Auto Components - 0.3%

Johnson Controls, Inc.

526,600

$ 15,972

Hotels, Restaurants & Leisure - 0.8%

McDonald's Corp.

766,900

47,318

Household Durables - 1.7%

Lennar Corp. Class A (d)

666,800

10,129

Mohawk Industries, Inc. (a)

181,800

12,252

Pulte Homes, Inc.

1,637,700

22,879

Whirlpool Corp. (d)

701,500

55,622

 

100,882

Media - 2.1%

McGraw-Hill Companies, Inc.

941,300

29,754

Regal Entertainment Group Class A

1,354,628

21,376

The Walt Disney Co.

1,193,900

36,641

Time Warner, Inc.

3,038,200

39,831

 

127,602

Multiline Retail - 0.8%

Target Corp.

1,058,300

51,910

Specialty Retail - 2.7%

AutoZone, Inc. (a)

204,100

25,174

Home Depot, Inc.

484,500

12,544

Lowe's Companies, Inc.

2,300,100

54,489

PetSmart, Inc.

993,451

24,548

Staples, Inc.

2,201,050

49,524

 

166,279

Textiles, Apparel & Luxury Goods - 1.1%

Polo Ralph Lauren Corp. Class A

988,773

65,892

TOTAL CONSUMER DISCRETIONARY

575,855

CONSUMER STAPLES - 9.5%

Beverages - 2.2%

PepsiCo, Inc.

1,187,990

84,668

The Coca-Cola Co.

956,400

50,574

 

135,242

Food & Staples Retailing - 2.7%

CVS Caremark Corp.

1,273,300

42,859

Wal-Mart Stores, Inc.

1,994,600

119,457

 

162,316

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - 1.5%

Kellogg Co.

286,800

$ 16,089

Lindt & Spruengli AG (participation certificate)

11,718

28,574

Nestle SA (Reg.)

987,460

42,679

 

87,342

Household Products - 1.6%

Procter & Gamble Co.

1,382,044

96,315

Tobacco - 1.5%

British American Tobacco PLC sponsored ADR

291,700

18,085

Philip Morris International, Inc.

1,504,100

72,347

 

90,432

TOTAL CONSUMER STAPLES

571,647

ENERGY - 14.0%

Energy Equipment & Services - 2.2%

Halliburton Co.

1,237,300

40,076

Schlumberger Ltd. (NY Shares)

908,400

70,937

Transocean, Inc. (a)

203,933

22,400

 

133,413

Oil, Gas & Consumable Fuels - 11.8%

Canadian Natural Resources Ltd.

492,500

33,777

Chesapeake Energy Corp.

1,464,400

52,513

Chevron Corp.

510,800

42,131

ConocoPhillips

632,500

46,331

Copano Energy LLC

420,400

10,283

Denbury Resources, Inc. (a)

1,004,600

19,128

Devon Energy Corp.

169,800

15,486

Energy Transfer Equity LP

567,700

12,347

EOG Resources, Inc.

331,000

29,611

Exxon Mobil Corp.

1,638,100

127,215

Hess Corp.

423,000

34,720

Occidental Petroleum Corp.

1,418,400

99,926

Peabody Energy Corp.

936,400

42,138

Petroleo Brasileiro SA - Petrobras sponsored ADR

755,900

33,222

Plains Exploration & Production Co. (a)

336,800

11,842

Spectra Energy Corp.

845,100

20,113

Ultra Petroleum Corp. (a)

419,479

23,214

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Valero Energy Corp.

1,233,200

$ 37,366

Williams Companies, Inc.

823,700

19,481

 

710,844

TOTAL ENERGY

844,257

FINANCIALS - 16.4%

Capital Markets - 4.2%

Bank of New York Mellon Corp.

780,300

25,422

Charles Schwab Corp.

857,900

22,305

Goldman Sachs Group, Inc.

303,700

38,874

Julius Baer Holding AG

316,215

15,727

Lazard Ltd. Class A

514,500

22,000

Morgan Stanley

666,500

15,330

State Street Corp.

1,368,000

77,812

T. Rowe Price Group, Inc.

663,600

35,642

 

253,112

Commercial Banks - 3.7%

PNC Financial Services Group, Inc.

209,600

15,657

Sumitomo Mitsui Financial Group, Inc.

6,894

43,239

U.S. Bancorp, Delaware

1,063,600

38,311

Wells Fargo & Co.

3,376,900

126,735

 

223,942

Consumer Finance - 1.2%

American Express Co.

854,092

30,260

Capital One Financial Corp.

500,500

25,526

SLM Corp. (a)

1,298,700

16,026

 

71,812

Diversified Financial Services - 5.3%

Bank of America Corp.

3,938,065

137,832

CIT Group, Inc.

1,348,100

9,383

Citigroup, Inc.

3,277,200

67,215

JPMorgan Chase & Co.

2,298,100

107,321

 

321,751

Insurance - 1.7%

AFLAC, Inc.

295,200

17,343

Berkshire Hathaway, Inc. Class A (a)

220

28,732

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

MetLife, Inc.

608,600

$ 34,082

Principal Financial Group, Inc. (d)

531,000

23,093

 

103,250

Real Estate Investment Trusts - 0.3%

Vornado Realty Trust

206,900

18,818

TOTAL FINANCIALS

992,685

HEALTH CARE - 14.1%

Biotechnology - 3.9%

Amgen, Inc. (a)

954,200

56,555

Cephalon, Inc. (a)

267,200

20,705

CSL Ltd.

1,601,184

48,505

Genentech, Inc. (a)

784,700

69,587

Gilead Sciences, Inc. (a)

919,000

41,888

 

237,240

Health Care Equipment & Supplies - 3.8%

C.R. Bard, Inc.

813,600

77,186

Covidien Ltd.

1,663,900

89,451

Sonova Holding AG

346,437

22,589

St. Jude Medical, Inc. (a)

923,000

40,141

 

229,367

Health Care Providers & Services - 0.8%

Medco Health Solutions, Inc. (a)

1,092,900

49,181

Pharmaceuticals - 5.6%

Abbott Laboratories

1,101,400

63,419

Allergan, Inc.

764,200

39,356

Elan Corp. PLC sponsored ADR (a)

1,954,296

20,852

Johnson & Johnson

1,349,700

93,507

Merck & Co., Inc.

855,300

26,993

Wyeth

2,446,240

90,364

 

334,491

TOTAL HEALTH CARE

850,279

INDUSTRIALS - 9.7%

Aerospace & Defense - 3.4%

General Dynamics Corp.

474,900

34,962

Honeywell International, Inc.

1,031,600

42,863

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Lockheed Martin Corp.

917,430

$ 100,615

Raytheon Co.

530,800

28,403

 

206,843

Air Freight & Logistics - 0.7%

United Parcel Service, Inc. Class B

638,400

40,149

Building Products - 0.2%

Masco Corp.

627,300

11,254

Commercial Services & Supplies - 0.8%

Stericycle, Inc. (a)

298,100

17,561

The Brink's Co.

542,900

33,128

 

50,689

Construction & Engineering - 0.5%

Fluor Corp.

148,900

8,294

Quanta Services, Inc. (a)(d)

824,600

22,272

 

30,566

Electrical Equipment - 0.6%

American Superconductor Corp. (a)(d)

649,200

15,302

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

276,600

9,922

Vestas Wind Systems AS (a)

165,600

14,451

 

39,675

Industrial Conglomerates - 0.8%

General Electric Co.

508,700

12,972

Siemens AG sponsored ADR

353,900

33,228

 

46,200

Machinery - 2.4%

Caterpillar, Inc.

226,400

13,493

Cummins, Inc.

450,100

19,678

Danaher Corp.

304,900

21,160

Deere & Co.

475,100

23,517

Eaton Corp.

220,200

12,371

Illinois Tool Works, Inc.

476,100

21,163

Navistar International Corp. (a)

296,800

16,081

Sulzer AG (Reg.)

142,410

15,153

 

142,616

Road & Rail - 0.3%

Union Pacific Corp.

227,800

16,210

TOTAL INDUSTRIALS

584,202

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 15.3%

Communications Equipment - 2.5%

Cisco Systems, Inc. (a)

4,189,876

$ 94,524

QUALCOMM, Inc.

1,348,100

57,928

 

152,452

Computers & Peripherals - 4.7%

Apple, Inc. (a)

686,800

78,062

Hewlett-Packard Co.

2,243,100

103,721

International Business Machines Corp.

724,900

84,784

NCR Corp. (a)

814,121

17,951

 

284,518

Electronic Equipment & Components - 1.3%

Amphenol Corp. Class A

1,897,238

76,155

Internet Software & Services - 0.9%

Google, Inc. Class A (sub. vtg.) (a)

142,485

57,068

IT Services - 0.8%

Visa, Inc.

796,900

48,922

Semiconductors & Semiconductor Equipment - 3.4%

Applied Materials, Inc.

4,028,900

60,957

Infineon Technologies AG sponsored ADR (a)

1,090,600

6,096

Intel Corp.

2,049,300

38,383

KLA-Tencor Corp.

194,800

6,165

Lam Research Corp. (a)

740,700

23,325

Skyworks Solutions, Inc. (a)

2,435,834

20,364

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,638,686

15,354

Texas Instruments, Inc.

853,300

18,346

Xilinx, Inc.

665,300

15,601

 

204,591

Software - 1.7%

Microsoft Corp.

2,444,800

65,252

Oracle Corp. (a)

1,932,200

39,243

 

104,495

TOTAL INFORMATION TECHNOLOGY

928,201

MATERIALS - 5.7%

Chemicals - 5.2%

Albemarle Corp.

452,100

13,943

CF Industries Holdings, Inc.

243,000

22,225

E.I. du Pont de Nemours & Co.

539,300

21,734

FMC Corp.

459,800

23,629

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Monsanto Co.

1,974,654

$ 195,452

Praxair, Inc.

185,622

13,317

Solutia, Inc. (a)

900,000

12,600

The Mosaic Co.

156,500

10,645

 

313,545

Metals & Mining - 0.5%

Freeport-McMoRan Copper & Gold, Inc. Class B

148,600

8,448

Goldcorp, Inc.

442,100

13,902

Newcrest Mining Ltd.

447,353

9,294

 

31,644

TOTAL MATERIALS

345,189

TELECOMMUNICATION SERVICES - 2.1%

Diversified Telecommunication Services - 2.1%

AT&T, Inc.

2,449,895

68,401

Verizon Communications, Inc.

1,780,800

57,146

 

125,547

UTILITIES - 2.0%

Electric Utilities - 1.4%

Entergy Corp.

328,900

29,275

Exelon Corp.

488,800

30,609

PPL Corp.

649,200

24,033

 

83,917

Independent Power Producers & Energy Traders - 0.6%

Dynegy, Inc. Class A (a)

3,797,300

13,594

NRG Energy, Inc. (a)

1,020,500

25,257

 

38,851

TOTAL UTILITIES

122,768

TOTAL COMMON STOCKS

(Cost $5,990,148)

5,940,630

Convertible Preferred Stocks - 0.0%

Shares

Value (000s)

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

CIT Group, Inc. Series C, 8.75%

61,400

$ 1,788

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $3,070)

1,788

Money Market Funds - 1.8%

 

 

 

 

Fidelity Cash Central Fund, 1.92% (b)

65,086,161

65,086

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)

43,232,725

43,233

TOTAL MONEY MARKET FUNDS

(Cost $108,319)

108,319

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $6,101,537)

6,050,737

NET OTHER ASSETS - (0.1)%

(3,275)

NET ASSETS - 100%

$ 6,047,462

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

$ 1,523

Fidelity Securities Lending Cash Central Fund

166

Total

$ 1,689

Other Information

The following is a summary of the inputs used, as of September 30, 2008, 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

$ 6,050,737

$ 5,808,738

$ 241,999

$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $6,138,679,000. Net unrealized depreciation aggregated $87,942,000, of which $602,585,000 related to appreciated investment securities and $690,527,000 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® Growth Discovery Fund

September 30, 2008 

1.808775.104

CII-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 4.8%

Automobiles - 0.2%

Harley-Davidson, Inc.

76,600

$ 2,857

Diversified Consumer Services - 1.0%

Strayer Education, Inc.

67,925

13,603

Hotels, Restaurants & Leisure - 1.0%

BJ's Restaurants, Inc. (a)

45,800

547

McDonald's Corp.

222,800

13,747

 

14,294

Leisure Equipment & Products - 0.8%

Nikon Corp. (d)

454,000

10,895

Media - 1.2%

Ascent Media Corp. (a)

7,000

171

Focus Media Holding Ltd. ADR (a)(d)

297,600

8,485

The DIRECTV Group, Inc. (a)

283,800

7,427

 

16,083

Specialty Retail - 0.3%

DSW, Inc. Class A (a)(d)

258,268

3,538

Textiles, Apparel & Luxury Goods - 0.3%

Lululemon Athletica, Inc. (a)(d)

159,011

3,662

TOTAL CONSUMER DISCRETIONARY

64,932

CONSUMER STAPLES - 8.5%

Beverages - 1.2%

The Coca-Cola Co.

299,900

15,859

Food & Staples Retailing - 2.4%

CVS Caremark Corp.

917,779

30,892

Whole Foods Market, Inc. (d)

88,101

1,765

 

32,657

Food Products - 2.4%

Nestle SA sponsored ADR

761,850

32,721

Household Products - 2.5%

Procter & Gamble Co.

492,600

34,329

TOTAL CONSUMER STAPLES

115,566

ENERGY - 6.6%

Energy Equipment & Services - 2.1%

National Oilwell Varco, Inc. (a)

212,300

10,664

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Schlumberger Ltd. (NY Shares)

85,900

$ 6,708

Smith International, Inc.

186,790

10,953

 

28,325

Oil, Gas & Consumable Fuels - 4.5%

Chesapeake Energy Corp.

198,622

7,123

Denbury Resources, Inc. (a)

1,040,227

19,806

Petroleo Brasileiro SA - Petrobras sponsored ADR

297,100

13,058

Plains Exploration & Production Co. (a)

80,800

2,841

Reliance Industries Ltd.

89,879

3,789

Southwestern Energy Co. (a)

366,800

11,202

Ultra Petroleum Corp. (a)

76,500

4,234

 

62,053

TOTAL ENERGY

90,378

FINANCIALS - 14.3%

Capital Markets - 2.5%

Charles Schwab Corp.

627,844

16,324

Franklin Resources, Inc.

74,000

6,522

JMP Group, Inc.

41,500

216

State Street Corp.

187,300

10,654

 

33,716

Commercial Banks - 3.3%

Wells Fargo & Co.

942,608

35,376

Zions Bancorp (d)

227,673

8,811

 

44,187

Diversified Financial Services - 1.7%

Bank of America Corp.

312,598

10,941

JPMorgan Chase & Co.

179,800

8,397

KKR Financial Holdings LLC

693,417

4,410

 

23,748

Insurance - 6.5%

Berkshire Hathaway, Inc. Class B (a)

18,879

82,968

The First American Corp.

159,700

4,711

 

87,679

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - 0.3%

CapitalSource, Inc.

379,454

$ 4,667

TOTAL FINANCIALS

193,997

HEALTH CARE - 20.0%

Biotechnology - 7.7%

Amgen, Inc. (a)

472,620

28,012

Biogen Idec, Inc. (a)

480,486

24,164

CSL Ltd.

933,372

28,275

Genentech, Inc. (a)

215,405

19,102

Gilead Sciences, Inc. (a)

130,968

5,970

 

105,523

Health Care Equipment & Supplies - 5.3%

Alcon, Inc.

89,300

14,423

Baxter International, Inc.

305,812

20,070

C.R. Bard, Inc.

81,877

7,768

China Medical Technologies, Inc. sponsored ADR (d)

142,870

4,655

Covidien Ltd.

245,752

13,212

DENTSPLY International, Inc.

211,500

7,940

Medtronic, Inc.

71,900

3,602

 

71,670

Health Care Providers & Services - 4.0%

Henry Schein, Inc. (a)

195,000

10,499

Medco Health Solutions, Inc. (a)

970,980

43,694

 

54,193

Life Sciences Tools & Services - 1.5%

Charles River Laboratories International, Inc. (a)

60,750

3,373

Covance, Inc. (a)

151,388

13,384

Pharmaceutical Product Development, Inc.

90,000

3,722

 

20,479

Pharmaceuticals - 1.5%

Novo Nordisk AS Series B

161,770

8,385

Pronova BioPharma ASA

226,100

747

Teva Pharmaceutical Industries Ltd. sponsored ADR

241,165

11,043

 

20,175

TOTAL HEALTH CARE

272,040

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 5.9%

Commercial Services & Supplies - 0.7%

Corrections Corp. of America (a)

186,694

$ 4,639

Republic Services, Inc.

162,900

4,884

 

9,523

Construction & Engineering - 0.4%

Shaw Group, Inc. (a)

175,200

5,384

Electrical Equipment - 1.8%

AMETEK, Inc.

84,423

3,442

Cooper Industries Ltd. Class A

204,020

8,151

SMA Solar Technology AG

27,192

2,124

Spire Corp. (a)(d)

87,760

1,247

Vestas Wind Systems AS (a)

108,600

9,477

 

24,441

Industrial Conglomerates - 0.1%

Global Consumer Acquisition Corp. unit

100,000

910

Machinery - 1.4%

CLARCOR, Inc.

64,237

2,438

Cummins, Inc.

133,200

5,824

Danaher Corp.

121,900

8,460

Hansen Transmission International NV

649,513

2,708

 

19,430

Professional Services - 0.3%

Equifax, Inc.

63,300

2,181

Robert Half International, Inc.

68,200

1,688

 

3,869

Road & Rail - 1.0%

Burlington Northern Santa Fe Corp.

76,200

7,043

Union Pacific Corp.

102,600

7,301

 

14,344

Trading Companies & Distributors - 0.2%

Fastenal Co. (d)

52,543

2,595

TOTAL INDUSTRIALS

80,496

INFORMATION TECHNOLOGY - 30.3%

Communications Equipment - 9.8%

Cisco Systems, Inc. (a)

1,617,343

36,487

Juniper Networks, Inc. (a)

1,190,511

25,084

Nokia Corp. sponsored ADR (d)

1,166,432

21,754

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

QUALCOMM, Inc.

812,300

$ 34,905

Research In Motion Ltd. (a)

216,900

14,814

 

133,044

Computers & Peripherals - 3.9%

Apple, Inc. (a)

200,483

22,787

SanDisk Corp. (a)

1,516,888

29,655

 

52,442

Electronic Equipment & Components - 1.6%

Amphenol Corp. Class A

371,100

14,896

Itron, Inc. (a)

83,443

7,387

 

22,283

Internet Software & Services - 5.5%

Baidu.com, Inc. sponsored ADR (a)

20,196

5,013

Google, Inc. Class A (sub. vtg.) (a)

76,857

30,783

The Knot, Inc. (a)(d)

257,500

2,150

VeriSign, Inc. (a)(d)

1,389,800

36,246

 

74,192

IT Services - 4.7%

Cognizant Technology Solutions Corp. Class A (a)

308,200

7,036

ExlService Holdings, Inc. (a)

67,811

595

The Western Union Co.

1,010,414

24,927

VeriFone Holdings, Inc. (a)(d)

89,971

1,488

Visa, Inc.

492,457

30,232

 

64,278

Semiconductors & Semiconductor Equipment - 2.9%

Applied Materials, Inc.

2,142,349

32,414

Microchip Technology, Inc. (d)

214,500

6,313

 

38,727

Software - 1.9%

Autonomy Corp. PLC (a)

1,189,042

22,079

VMware, Inc. Class A (a)(d)

157,760

4,203

 

26,282

TOTAL INFORMATION TECHNOLOGY

411,248

MATERIALS - 7.1%

Chemicals - 5.8%

CF Industries Holdings, Inc.

32,166

2,942

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

FMC Corp.

48,112

$ 2,472

Israel Chemicals Ltd.

393,200

6,026

Monsanto Co.

259,700

25,705

Novozymes AS Series B

57,075

5,085

Potash Corp. of Saskatchewan, Inc.

44,800

5,914

The Mosaic Co.

441,908

30,059

 

78,203

Metals & Mining - 1.3%

Compass Minerals International, Inc.

341,499

17,891

TOTAL MATERIALS

96,094

UTILITIES - 1.3%

Electric Utilities - 1.3%

Entergy Corp.

96,411

8,582

Exelon Corp.

141,097

8,835

 

17,417

TOTAL COMMON STOCKS

(Cost $1,556,617)

1,342,168

Money Market Funds - 3.9%

 

 

 

 

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)
(Cost $52,246)

52,246,306

52,246

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $1,608,863)

1,394,414

NET OTHER ASSETS - (2.7)%

(36,028)

NET ASSETS - 100%

$ 1,358,386

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

$ 322

Fidelity Securities Lending Cash Central Fund

206

Total

$ 528

Other Information

The following is a summary of the inputs used, as of September 30, 2008, 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

$ 1,394,414

$ 1,300,850

$ 93,564

$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,614,617,000. Net unrealized depreciation aggregated $220,203,000, of which $28,905,000 related to appreciated investment securities and $249,108,000 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

September 30, 2008 

1.808770.104

GII-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 8.5%

Automobiles - 0.0%

Harley-Davidson, Inc.

1,000

$ 37,300

Hotels, Restaurants & Leisure - 1.3%

McDonald's Corp.

118,700

7,323,790

Household Durables - 1.4%

NVR, Inc. (a)

2,000

1,144,000

Whirlpool Corp.

78,400

6,216,336

 

7,360,336

Media - 2.4%

McGraw-Hill Companies, Inc.

7,900

249,719

News Corp. Class A

50,100

600,699

Omnicom Group, Inc.

26,100

1,006,416

The DIRECTV Group, Inc. (a)

67,400

1,763,858

The Walt Disney Co.

208,600

6,401,934

Time Warner, Inc.

192,100

2,518,431

Viacom, Inc. Class B (non-vtg.) (a)

23,300

578,772

 

13,119,829

Multiline Retail - 0.5%

Kohl's Corp. (a)

1,000

46,080

Target Corp. (d)

53,400

2,619,270

 

2,665,350

Specialty Retail - 2.2%

Abercrombie & Fitch Co. Class A

6,100

240,645

Best Buy Co., Inc.

55,000

2,062,500

Home Depot, Inc.

174,100

4,507,449

Lowe's Companies, Inc.

150,000

3,553,500

Staples, Inc.

55,243

1,242,968

TJX Companies, Inc.

20,000

610,400

 

12,217,462

Textiles, Apparel & Luxury Goods - 0.7%

NIKE, Inc. Class B

54,400

3,639,360

TOTAL CONSUMER DISCRETIONARY

46,363,427

CONSUMER STAPLES - 9.4%

Beverages - 0.7%

Coca-Cola Enterprises, Inc.

24,300

407,511

Molson Coors Brewing Co. Class B

79,793

3,730,323

 

4,137,834

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - 3.9%

CVS Caremark Corp.

157,600

$ 5,304,816

Kroger Co.

67,700

1,860,396

Sysco Corp.

80,000

2,466,400

Wal-Mart Stores, Inc.

196,384

11,761,438

 

21,393,050

Food Products - 0.3%

Archer Daniels Midland Co.

300

6,573

Kellogg Co.

25,200

1,413,720

Tyson Foods, Inc. Class A

1,300

15,522

 

1,435,815

Household Products - 1.4%

Kimberly-Clark Corp.

10,000

648,400

Procter & Gamble Co.

100,700

7,017,783

 

7,666,183

Tobacco - 3.1%

Altria Group, Inc.

455,030

9,027,795

Philip Morris International, Inc.

165,030

7,937,943

 

16,965,738

TOTAL CONSUMER STAPLES

51,598,620

ENERGY - 12.6%

Energy Equipment & Services - 1.3%

ENSCO International, Inc.

43,700

2,518,431

Halliburton Co.

83,400

2,701,326

National Oilwell Varco, Inc. (a)

5,000

251,150

Noble Corp.

8,900

390,710

Schlumberger Ltd. (NY Shares)

715

55,834

Transocean, Inc. (a)

11,552

1,268,872

 

7,186,323

Oil, Gas & Consumable Fuels - 11.3%

Apache Corp.

36,800

3,837,504

Chevron Corp.

155,500

12,825,640

ConocoPhillips

160,000

11,720,000

Devon Energy Corp.

5,000

456,000

Exxon Mobil Corp.

323,471

25,120,758

Hess Corp.

18,200

1,493,856

Marathon Oil Corp.

4,500

179,415

Occidental Petroleum Corp.

1,500

105,675

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Peabody Energy Corp.

8,927

$ 401,715

Plains Exploration & Production Co. (a)

6,100

214,476

Tesoro Corp.

100

1,649

Valero Energy Corp.

171,500

5,196,450

 

61,553,138

TOTAL ENERGY

68,739,461

FINANCIALS - 17.5%

Capital Markets - 3.6%

BlackRock, Inc. Class A

1,000

194,500

Charles Schwab Corp.

20,000

520,000

Goldman Sachs Group, Inc.

71,800

9,190,400

Janus Capital Group, Inc.

78,700

1,910,836

Lehman Brothers Holdings, Inc.

47,672

10,249

Merrill Lynch & Co., Inc.

40,000

1,012,000

Morgan Stanley

120,000

2,760,000

State Street Corp.

68,700

3,907,656

 

19,505,641

Commercial Banks - 3.2%

PNC Financial Services Group, Inc.

40,000

2,988,000

U.S. Bancorp, Delaware

60,000

2,161,200

Wachovia Corp.

156,100

546,350

Wells Fargo & Co.

318,400

11,949,552

 

17,645,102

Consumer Finance - 1.0%

American Express Co.

15,700

556,251

Capital One Financial Corp. (d)

90,000

4,590,000

 

5,146,251

Diversified Financial Services - 7.2%

Bank of America Corp.

402,780

14,097,300

Citigroup, Inc.

122,200

2,506,322

JPMorgan Chase & Co.

492,800

23,013,760

 

39,617,382

Insurance - 2.5%

ACE Ltd.

21,100

1,142,143

American International Group, Inc.

254,330

846,919

Berkshire Hathaway, Inc. Class B (a)

360

1,582,200

Loews Corp.

60,900

2,404,941

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

MetLife, Inc.

27,500

$ 1,540,000

Prudential Financial, Inc.

16,600

1,195,200

The Chubb Corp.

27,000

1,482,300

The Travelers Companies, Inc.

76,000

3,435,200

 

13,628,903

Thrifts & Mortgage Finance - 0.0%

Fannie Mae

98,500

161,540

Freddie Mac

30,000

53,400

 

214,940

TOTAL FINANCIALS

95,758,219

HEALTH CARE - 13.7%

Biotechnology - 1.9%

Amgen, Inc. (a)

43,190

2,559,871

Biogen Idec, Inc. (a)

27,200

1,367,888

Genentech, Inc. (a)

55,200

4,895,136

Gilead Sciences, Inc. (a)

35,220

1,605,328

 

10,428,223

Health Care Equipment & Supplies - 1.7%

Baxter International, Inc.

29,900

1,962,337

C.R. Bard, Inc.

5,200

493,324

Covidien Ltd.

50,000

2,688,000

Medtronic, Inc.

88,300

4,423,830

 

9,567,491

Health Care Providers & Services - 2.6%

Humana, Inc. (a)

82,800

3,411,360

McKesson Corp.

19,300

1,038,533

Medco Health Solutions, Inc. (a)

99,500

4,477,500

UnitedHealth Group, Inc.

120,200

3,051,878

WellPoint, Inc. (a)

46,900

2,193,513

 

14,172,784

Life Sciences Tools & Services - 0.9%

Thermo Fisher Scientific, Inc. (a)

85,300

4,691,500

Pharmaceuticals - 6.6%

Abbott Laboratories

95,000

5,470,100

Allergan, Inc.

1,000

51,500

Johnson & Johnson

226,800

15,712,704

Merck & Co., Inc.

63,900

2,016,684

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Pfizer, Inc.

314,200

$ 5,793,848

Schering-Plough Corp.

75,100

1,387,097

Wyeth

156,000

5,762,640

 

36,194,573

TOTAL HEALTH CARE

75,054,571

INDUSTRIALS - 9.0%

Aerospace & Defense - 3.8%

General Dynamics Corp.

6,500

478,530

Honeywell International, Inc.

38,600

1,603,830

L-3 Communications Holdings, Inc.

9,100

894,712

Lockheed Martin Corp.

46,900

5,143,523

Northrop Grumman Corp.

84,800

5,133,792

Raytheon Co.

81,000

4,334,310

The Boeing Co.

31,800

1,823,730

United Technologies Corp.

25,900

1,555,554

 

20,967,981

Air Freight & Logistics - 0.2%

FedEx Corp.

10,000

790,400

Airlines - 0.2%

AMR Corp. (a)

72,200

709,004

UAL Corp.

28,800

253,152

US Airways Group, Inc. (a)

40,900

246,627

 

1,208,783

Commercial Services & Supplies - 0.1%

The Brink's Co.

10,000

610,200

Construction & Engineering - 0.1%

Fluor Corp.

10,000

557,000

Industrial Conglomerates - 1.8%

General Electric Co.

328,700

8,381,850

Tyco International Ltd.

40,000

1,400,800

 

9,782,650

Machinery - 1.6%

Caterpillar, Inc.

64,900

3,868,040

Cummins, Inc.

25,000

1,093,000

Deere & Co.

78,300

3,875,850

Eaton Corp.

700

39,326

 

8,876,216

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Professional Services - 0.0%

Manpower, Inc.

900

$ 38,844

Road & Rail - 1.2%

CSX Corp.

85,000

4,638,450

Union Pacific Corp.

22,000

1,565,520

 

6,203,970

TOTAL INDUSTRIALS

49,036,044

INFORMATION TECHNOLOGY - 21.6%

Communications Equipment - 3.5%

Cisco Systems, Inc. (a)

414,800

9,357,888

Corning, Inc.

112,100

1,753,244

Juniper Networks, Inc. (a)

10,000

210,700

Nokia Corp. sponsored ADR

215,400

4,017,210

QUALCOMM, Inc.

94,100

4,043,477

 

19,382,519

Computers & Peripherals - 6.6%

Apple, Inc. (a)

59,100

6,717,306

Dell, Inc. (a)

81,600

1,344,768

EMC Corp. (a)

300

3,588

Hewlett-Packard Co.

331,500

15,328,560

International Business Machines Corp.

104,700

12,245,712

Western Digital Corp. (a)

30,800

656,656

 

36,296,590

Electronic Equipment & Components - 0.3%

Tyco Electronics Ltd.

51,600

1,427,256

Internet Software & Services - 1.3%

Google, Inc. Class A (sub. vtg.) (a)

17,350

6,949,022

Yahoo!, Inc. (a)

14,300

247,390

 

7,196,412

IT Services - 1.9%

Accenture Ltd. Class A

131,400

4,993,200

MasterCard, Inc. Class A

15,000

2,659,950

The Western Union Co.

80,000

1,973,600

Visa, Inc.

10,000

613,900

 

10,240,650

Semiconductors & Semiconductor Equipment - 3.2%

Applied Materials, Inc.

440,918

6,671,089

ASML Holding NV (NY Shares)

254,900

4,488,789

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Intel Corp.

212,200

$ 3,974,506

Texas Instruments, Inc.

125,000

2,687,500

 

17,821,884

Software - 4.8%

Microsoft Corp.

639,100

17,057,579

Oracle Corp. (a)

372,100

7,557,351

Symantec Corp. (a)

73,300

1,435,214

 

26,050,144

TOTAL INFORMATION TECHNOLOGY

118,415,455

MATERIALS - 2.4%

Chemicals - 1.8%

CF Industries Holdings, Inc.

25,000

2,286,500

Monsanto Co.

65,300

6,463,394

The Mosaic Co.

15,000

1,020,300

 

9,770,194

Metals & Mining - 0.6%

ArcelorMittal SA (NY Shares) Class A

19,300

953,034

Barrick Gold Corp.

37,800

1,383,940

Freeport-McMoRan Copper & Gold, Inc. Class B

1,400

79,590

Nucor Corp.

10,000

395,000

United States Steel Corp.

5,000

388,050

 

3,199,614

TOTAL MATERIALS

12,969,808

TELECOMMUNICATION SERVICES - 2.6%

Diversified Telecommunication Services - 2.6%

AT&T, Inc.

379,700

10,601,224

Qwest Communications International, Inc.

50,000

161,500

Verizon Communications, Inc.

114,600

3,677,514

 

14,440,238

UTILITIES - 1.6%

Electric Utilities - 1.0%

Entergy Corp.

13,000

1,157,130

Exelon Corp.

15,000

939,300

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

FirstEnergy Corp.

50,000

$ 3,349,500

PPL Corp.

2,000

74,040

 

5,519,970

Independent Power Producers & Energy Traders - 0.2%

AES Corp. (a)

32,100

375,249

Constellation Energy Group, Inc.

11,800

286,740

NRG Energy, Inc. (a)

10,000

247,500

 

909,489

Multi-Utilities - 0.4%

Public Service Enterprise Group, Inc.

77,300

2,534,667

TOTAL UTILITIES

8,964,126

TOTAL COMMON STOCKS

(Cost $604,737,905)

541,339,969

Money Market Funds - 2.3%

 

 

 

 

Fidelity Cash Central Fund, 1.92% (b)

5,250,294

5,250,294

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)

7,525,196

7,525,196

TOTAL MONEY MARKET FUNDS

(Cost $12,775,490)

12,775,490

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $617,513,395)

554,115,459

NET OTHER ASSETS - (1.2)%

(6,569,818)

NET ASSETS - 100%

$ 547,545,641

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

$ 14,234

Fidelity Securities Lending Cash Central Fund

139,469

Total

$ 153,703

Other Information

The following is a summary of the inputs used, as of September 30, 2008, 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

$ 554,115,459

$ 554,115,459

$ -

$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $627,041,334. Net unrealized depreciation aggregated $72,925,875, of which $20,480,574 related to appreciated investment securities and $93,406,449 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

September 30, 2008

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

1.864816.100

AGII-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 8.5%

Automobiles - 0.0%

Harley-Davidson, Inc.

1,000

$ 37,300

Hotels, Restaurants & Leisure - 1.3%

McDonald's Corp.

118,700

7,323,790

Household Durables - 1.4%

NVR, Inc. (a)

2,000

1,144,000

Whirlpool Corp.

78,400

6,216,336

 

7,360,336

Media - 2.4%

McGraw-Hill Companies, Inc.

7,900

249,719

News Corp. Class A

50,100

600,699

Omnicom Group, Inc.

26,100

1,006,416

The DIRECTV Group, Inc. (a)

67,400

1,763,858

The Walt Disney Co.

208,600

6,401,934

Time Warner, Inc.

192,100

2,518,431

Viacom, Inc. Class B (non-vtg.) (a)

23,300

578,772

 

13,119,829

Multiline Retail - 0.5%

Kohl's Corp. (a)

1,000

46,080

Target Corp. (d)

53,400

2,619,270

 

2,665,350

Specialty Retail - 2.2%

Abercrombie & Fitch Co. Class A

6,100

240,645

Best Buy Co., Inc.

55,000

2,062,500

Home Depot, Inc.

174,100

4,507,449

Lowe's Companies, Inc.

150,000

3,553,500

Staples, Inc.

55,243

1,242,968

TJX Companies, Inc.

20,000

610,400

 

12,217,462

Textiles, Apparel & Luxury Goods - 0.7%

NIKE, Inc. Class B

54,400

3,639,360

TOTAL CONSUMER DISCRETIONARY

46,363,427

CONSUMER STAPLES - 9.4%

Beverages - 0.7%

Coca-Cola Enterprises, Inc.

24,300

407,511

Molson Coors Brewing Co. Class B

79,793

3,730,323

 

4,137,834

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - 3.9%

CVS Caremark Corp.

157,600

$ 5,304,816

Kroger Co.

67,700

1,860,396

Sysco Corp.

80,000

2,466,400

Wal-Mart Stores, Inc.

196,384

11,761,438

 

21,393,050

Food Products - 0.3%

Archer Daniels Midland Co.

300

6,573

Kellogg Co.

25,200

1,413,720

Tyson Foods, Inc. Class A

1,300

15,522

 

1,435,815

Household Products - 1.4%

Kimberly-Clark Corp.

10,000

648,400

Procter & Gamble Co.

100,700

7,017,783

 

7,666,183

Tobacco - 3.1%

Altria Group, Inc.

455,030

9,027,795

Philip Morris International, Inc.

165,030

7,937,943

 

16,965,738

TOTAL CONSUMER STAPLES

51,598,620

ENERGY - 12.6%

Energy Equipment & Services - 1.3%

ENSCO International, Inc.

43,700

2,518,431

Halliburton Co.

83,400

2,701,326

National Oilwell Varco, Inc. (a)

5,000

251,150

Noble Corp.

8,900

390,710

Schlumberger Ltd. (NY Shares)

715

55,834

Transocean, Inc. (a)

11,552

1,268,872

 

7,186,323

Oil, Gas & Consumable Fuels - 11.3%

Apache Corp.

36,800

3,837,504

Chevron Corp.

155,500

12,825,640

ConocoPhillips

160,000

11,720,000

Devon Energy Corp.

5,000

456,000

Exxon Mobil Corp.

323,471

25,120,758

Hess Corp.

18,200

1,493,856

Marathon Oil Corp.

4,500

179,415

Occidental Petroleum Corp.

1,500

105,675

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Peabody Energy Corp.

8,927

$ 401,715

Plains Exploration & Production Co. (a)

6,100

214,476

Tesoro Corp.

100

1,649

Valero Energy Corp.

171,500

5,196,450

 

61,553,138

TOTAL ENERGY

68,739,461

FINANCIALS - 17.5%

Capital Markets - 3.6%

BlackRock, Inc. Class A

1,000

194,500

Charles Schwab Corp.

20,000

520,000

Goldman Sachs Group, Inc.

71,800

9,190,400

Janus Capital Group, Inc.

78,700

1,910,836

Lehman Brothers Holdings, Inc.

47,672

10,249

Merrill Lynch & Co., Inc.

40,000

1,012,000

Morgan Stanley

120,000

2,760,000

State Street Corp.

68,700

3,907,656

 

19,505,641

Commercial Banks - 3.2%

PNC Financial Services Group, Inc.

40,000

2,988,000

U.S. Bancorp, Delaware

60,000

2,161,200

Wachovia Corp.

156,100

546,350

Wells Fargo & Co.

318,400

11,949,552

 

17,645,102

Consumer Finance - 1.0%

American Express Co.

15,700

556,251

Capital One Financial Corp. (d)

90,000

4,590,000

 

5,146,251

Diversified Financial Services - 7.2%

Bank of America Corp.

402,780

14,097,300

Citigroup, Inc.

122,200

2,506,322

JPMorgan Chase & Co.

492,800

23,013,760

 

39,617,382

Insurance - 2.5%

ACE Ltd.

21,100

1,142,143

American International Group, Inc.

254,330

846,919

Berkshire Hathaway, Inc. Class B (a)

360

1,582,200

Loews Corp.

60,900

2,404,941

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

MetLife, Inc.

27,500

$ 1,540,000

Prudential Financial, Inc.

16,600

1,195,200

The Chubb Corp.

27,000

1,482,300

The Travelers Companies, Inc.

76,000

3,435,200

 

13,628,903

Thrifts & Mortgage Finance - 0.0%

Fannie Mae

98,500

161,540

Freddie Mac

30,000

53,400

 

214,940

TOTAL FINANCIALS

95,758,219

HEALTH CARE - 13.7%

Biotechnology - 1.9%

Amgen, Inc. (a)

43,190

2,559,871

Biogen Idec, Inc. (a)

27,200

1,367,888

Genentech, Inc. (a)

55,200

4,895,136

Gilead Sciences, Inc. (a)

35,220

1,605,328

 

10,428,223

Health Care Equipment & Supplies - 1.7%

Baxter International, Inc.

29,900

1,962,337

C.R. Bard, Inc.

5,200

493,324

Covidien Ltd.

50,000

2,688,000

Medtronic, Inc.

88,300

4,423,830

 

9,567,491

Health Care Providers & Services - 2.6%

Humana, Inc. (a)

82,800

3,411,360

McKesson Corp.

19,300

1,038,533

Medco Health Solutions, Inc. (a)

99,500

4,477,500

UnitedHealth Group, Inc.

120,200

3,051,878

WellPoint, Inc. (a)

46,900

2,193,513

 

14,172,784

Life Sciences Tools & Services - 0.9%

Thermo Fisher Scientific, Inc. (a)

85,300

4,691,500

Pharmaceuticals - 6.6%

Abbott Laboratories

95,000

5,470,100

Allergan, Inc.

1,000

51,500

Johnson & Johnson

226,800

15,712,704

Merck & Co., Inc.

63,900

2,016,684

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Pfizer, Inc.

314,200

$ 5,793,848

Schering-Plough Corp.

75,100

1,387,097

Wyeth

156,000

5,762,640

 

36,194,573

TOTAL HEALTH CARE

75,054,571

INDUSTRIALS - 9.0%

Aerospace & Defense - 3.8%

General Dynamics Corp.

6,500

478,530

Honeywell International, Inc.

38,600

1,603,830

L-3 Communications Holdings, Inc.

9,100

894,712

Lockheed Martin Corp.

46,900

5,143,523

Northrop Grumman Corp.

84,800

5,133,792

Raytheon Co.

81,000

4,334,310

The Boeing Co.

31,800

1,823,730

United Technologies Corp.

25,900

1,555,554

 

20,967,981

Air Freight & Logistics - 0.2%

FedEx Corp.

10,000

790,400

Airlines - 0.2%

AMR Corp. (a)

72,200

709,004

UAL Corp.

28,800

253,152

US Airways Group, Inc. (a)

40,900

246,627

 

1,208,783

Commercial Services & Supplies - 0.1%

The Brink's Co.

10,000

610,200

Construction & Engineering - 0.1%

Fluor Corp.

10,000

557,000

Industrial Conglomerates - 1.8%

General Electric Co.

328,700

8,381,850

Tyco International Ltd.

40,000

1,400,800

 

9,782,650

Machinery - 1.6%

Caterpillar, Inc.

64,900

3,868,040

Cummins, Inc.

25,000

1,093,000

Deere & Co.

78,300

3,875,850

Eaton Corp.

700

39,326

 

8,876,216

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Professional Services - 0.0%

Manpower, Inc.

900

$ 38,844

Road & Rail - 1.2%

CSX Corp.

85,000

4,638,450

Union Pacific Corp.

22,000

1,565,520

 

6,203,970

TOTAL INDUSTRIALS

49,036,044

INFORMATION TECHNOLOGY - 21.6%

Communications Equipment - 3.5%

Cisco Systems, Inc. (a)

414,800

9,357,888

Corning, Inc.

112,100

1,753,244

Juniper Networks, Inc. (a)

10,000

210,700

Nokia Corp. sponsored ADR

215,400

4,017,210

QUALCOMM, Inc.

94,100

4,043,477

 

19,382,519

Computers & Peripherals - 6.6%

Apple, Inc. (a)

59,100

6,717,306

Dell, Inc. (a)

81,600

1,344,768

EMC Corp. (a)

300

3,588

Hewlett-Packard Co.

331,500

15,328,560

International Business Machines Corp.

104,700

12,245,712

Western Digital Corp. (a)

30,800

656,656

 

36,296,590

Electronic Equipment & Components - 0.3%

Tyco Electronics Ltd.

51,600

1,427,256

Internet Software & Services - 1.3%

Google, Inc. Class A (sub. vtg.) (a)

17,350

6,949,022

Yahoo!, Inc. (a)

14,300

247,390

 

7,196,412

IT Services - 1.9%

Accenture Ltd. Class A

131,400

4,993,200

MasterCard, Inc. Class A

15,000

2,659,950

The Western Union Co.

80,000

1,973,600

Visa, Inc.

10,000

613,900

 

10,240,650

Semiconductors & Semiconductor Equipment - 3.2%

Applied Materials, Inc.

440,918

6,671,089

ASML Holding NV (NY Shares)

254,900

4,488,789

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Intel Corp.

212,200

$ 3,974,506

Texas Instruments, Inc.

125,000

2,687,500

 

17,821,884

Software - 4.8%

Microsoft Corp.

639,100

17,057,579

Oracle Corp. (a)

372,100

7,557,351

Symantec Corp. (a)

73,300

1,435,214

 

26,050,144

TOTAL INFORMATION TECHNOLOGY

118,415,455

MATERIALS - 2.4%

Chemicals - 1.8%

CF Industries Holdings, Inc.

25,000

2,286,500

Monsanto Co.

65,300

6,463,394

The Mosaic Co.

15,000

1,020,300

 

9,770,194

Metals & Mining - 0.6%

ArcelorMittal SA (NY Shares) Class A

19,300

953,034

Barrick Gold Corp.

37,800

1,383,940

Freeport-McMoRan Copper & Gold, Inc. Class B

1,400

79,590

Nucor Corp.

10,000

395,000

United States Steel Corp.

5,000

388,050

 

3,199,614

TOTAL MATERIALS

12,969,808

TELECOMMUNICATION SERVICES - 2.6%

Diversified Telecommunication Services - 2.6%

AT&T, Inc.

379,700

10,601,224

Qwest Communications International, Inc.

50,000

161,500

Verizon Communications, Inc.

114,600

3,677,514

 

14,440,238

UTILITIES - 1.6%

Electric Utilities - 1.0%

Entergy Corp.

13,000

1,157,130

Exelon Corp.

15,000

939,300

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

FirstEnergy Corp.

50,000

$ 3,349,500

PPL Corp.

2,000

74,040

 

5,519,970

Independent Power Producers & Energy Traders - 0.2%

AES Corp. (a)

32,100

375,249

Constellation Energy Group, Inc.

11,800

286,740

NRG Energy, Inc. (a)

10,000

247,500

 

909,489

Multi-Utilities - 0.4%

Public Service Enterprise Group, Inc.

77,300

2,534,667

TOTAL UTILITIES

8,964,126

TOTAL COMMON STOCKS

(Cost $604,737,905)

541,339,969

Money Market Funds - 2.3%

 

 

 

 

Fidelity Cash Central Fund, 1.92% (b)

5,250,294

5,250,294

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)

7,525,196

7,525,196

TOTAL MONEY MARKET FUNDS

(Cost $12,775,490)

12,775,490

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $617,513,395)

554,115,459

NET OTHER ASSETS - (1.2)%

(6,569,818)

NET ASSETS - 100%

$ 547,545,641

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

$ 14,234

Fidelity Securities Lending Cash Central Fund

139,469

Total

$ 153,703

Other Information

The following is a summary of the inputs used, as of September 30, 2008, 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

$ 554,115,459

$ 554,115,459

$ -

$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $627,041,334. Net unrealized depreciation aggregated $72,925,875, of which $20,480,574 related to appreciated investment securities and $93,406,449 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:

December 1, 2008

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:

December 1, 2008

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 1, 2008