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)

Eric D. Roiter, 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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Discovery Fund

September 30, 2006

1.808775.102

CII-QTLY-1106

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 5.6%

Hotels, Restaurants & Leisure - 0.7%

International Game Technology

77,700

$ 3,225

Household Durables - 0.3%

Koninklijke Philips Electronics NV (NY Shares)

29,600

1,036

La-Z-Boy, Inc.

7,700

107

1,143

Internet & Catalog Retail - 0.1%

Shutterfly, Inc. (a)

14,800

230

Leisure Equipment & Products - 0.1%

Hasbro, Inc.

22,200

505

Media - 3.3%

CKX, Inc. (a)

1,400

17

DreamWorks Animation SKG, Inc. Class A (a)

189,900

4,730

McGraw-Hill Companies, Inc.

52,300

3,035

NTL, Inc.

85,213

2,167

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

114,800

4,268

14,217

Specialty Retail - 1.1%

Best Buy Co., Inc.

5,000

268

Gamestop Corp. Class B (a)

57,055

2,551

Staples, Inc.

66,450

1,617

The Game Group PLC

313,624

518

4,954

TOTAL CONSUMER DISCRETIONARY

24,274

CONSUMER STAPLES - 4.0%

Food & Staples Retailing - 0.6%

CVS Corp.

18,191

584

Wal-Mart Stores, Inc.

46,200

2,279

2,863

Food Products - 1.8%

Nestle SA:

(Reg.)

10,561

3,683

sponsored ADR

47,800

4,192

7,875

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Tobacco - 1.6%

Altria Group, Inc.

88,600

$ 6,782

TOTAL CONSUMER STAPLES

17,520

ENERGY - 2.5%

Energy Equipment & Services - 1.3%

GlobalSantaFe Corp.

22,900

1,145

Schlumberger Ltd. (NY Shares)

70,700

4,386

5,531

Oil, Gas & Consumable Fuels - 1.2%

Exxon Mobil Corp.

77,600

5,207

Ultra Petroleum Corp. (a)

300

14

5,221

TOTAL ENERGY

10,752

FINANCIALS - 15.6%

Capital Markets - 0.0%

Northern Trust Corp.

1,400

82

Commercial Banks - 0.0%

Boston Private Financial Holdings, Inc.

3,100

86

Consumer Finance - 3.3%

SLM Corp.

277,550

14,427

Diversified Financial Services - 2.4%

Bank of America Corp.

155,260

8,317

JPMorgan Chase & Co.

40,700

1,911

10,228

Insurance - 9.9%

ACE Ltd.

111,600

6,108

AFLAC, Inc.

60,780

2,781

American International Group, Inc.

350,819

23,245

Aspen Insurance Holdings Ltd.

10,900

282

Berkshire Hathaway, Inc. Class A (a)

47

4,503

IPC Holdings Ltd.

36,934

1,124

Montpelier Re Holdings Ltd.

133,600

2,591

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Insurance - continued

Platinum Underwriters Holdings Ltd.

11,200

$ 345

The St. Paul Travelers Companies, Inc.

40,700

1,908

42,887

TOTAL FINANCIALS

67,710

HEALTH CARE - 18.3%

Biotechnology - 2.3%

Amgen, Inc. (a)

700

50

Biogen Idec, Inc. (a)

68,700

3,070

Gilead Sciences, Inc. (a)

69,840

4,798

MedImmune, Inc. (a)

64,800

1,893

9,811

Health Care Equipment & Supplies - 1.0%

Advanced Medical Optics, Inc. (a)

46,300

1,831

C.R. Bard, Inc.

28,400

2,130

Inverness Medical Innovations, Inc. (a)

13,600

473

4,434

Health Care Providers & Services - 2.2%

Aetna, Inc.

6,800

269

HCA, Inc.

33,200

1,656

Humana, Inc. (a)

40,600

2,683

UnitedHealth Group, Inc.

104,330

5,133

9,741

Life Sciences Tools & Services - 1.0%

Charles River Laboratories International, Inc. (a)

99,600

4,324

Pharmaceuticals - 11.8%

Allergan, Inc.

28,700

3,232

Cipla Ltd.

325,697

1,867

Endo Pharmaceuticals Holdings, Inc. (a)

49,789

1,621

Johnson & Johnson

293,000

19,027

Novartis AG sponsored ADR

49,000

2,864

Pfizer, Inc.

137,000

3,885

Roche Holding AG (participation certificate)

50,798

8,784

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

18,303

$ 624

Wyeth

181,500

9,227

51,131

TOTAL HEALTH CARE

79,441

INDUSTRIALS - 10.7%

Aerospace & Defense - 4.1%

General Dynamics Corp.

75,800

5,433

Honeywell International, Inc.

214,030

8,754

Raytheon Co.

72,200

3,466

17,653

Construction & Engineering - 0.3%

Chicago Bridge & Iron Co. NV (NY Shares)

8,200

197

Jacobs Engineering Group, Inc. (a)

14,800

1,106

1,303

Industrial Conglomerates - 6.3%

General Electric Co.

776,650

27,416

TOTAL INDUSTRIALS

46,372

INFORMATION TECHNOLOGY - 29.7%

Communications Equipment - 6.0%

Alcatel SA sponsored ADR

189,100

2,303

Ciena Corp. (a)

311,485

8,488

Cisco Systems, Inc. (a)

103,700

2,385

Corning, Inc. (a)

278,500

6,798

Harris Corp.

114,700

5,103

NMS Communications Corp. (a)

354,282

1,026

26,103

Computers & Peripherals - 2.4%

EMC Corp. (a)

624,800

7,485

NCR Corp. (a)

74,000

2,922

10,407

Internet Software & Services - 1.1%

eBay, Inc. (a)

132,803

3,766

Google, Inc. Class A (sub. vtg.) (a)

2,223

893

4,659

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

IT Services - 0.3%

Infosys Technologies Ltd.

25,926

$ 1,047

Semiconductors & Semiconductor Equipment - 10.7%

Applied Materials, Inc.

295,100

5,232

Applied Micro Circuits Corp. (a)

257,591

744

ARM Holdings PLC sponsored ADR

7,200

47

ASML Holding NV (NY Shares) (a)

23,928

557

Broadcom Corp. Class A (a)

12,800

388

Brooks Automation, Inc. (a)

81,450

1,063

Credence Systems Corp. (a)

111,200

317

Cymer, Inc. (a)

33,600

1,475

Exar Corp. (a)

74,096

985

Freescale Semiconductor, Inc. Class A (a)

51,800

1,971

Infineon Technologies AG sponsored ADR (a)

74,100

877

Integrated Device Technology, Inc. (a)

184,509

2,963

Intel Corp.

332,300

6,835

Linear Technology Corp.

149,537

4,654

LTX Corp. (a)

109,860

550

Maxim Integrated Products, Inc.

74,091

2,080

Microchip Technology, Inc.

13,000

421

Micron Technology, Inc. (a)(d)

244,500

4,254

Photronics, Inc. (a)

51,776

732

PMC-Sierra, Inc. (a)

374,951

2,227

Qimonda AG Sponsored ADR

108,800

1,850

Silicon Laboratories, Inc. (a)

53,500

1,660

SiRF Technology Holdings, Inc. (a)

9,500

228

Teradyne, Inc. (a)

68,700

904

Tokyo Electron Ltd.

33,300

2,461

Xilinx, Inc.

36,800

808

46,283

Software - 9.2%

Electronic Arts, Inc. (a)

36,754

2,046

Microsoft Corp.

1,050,460

28,710

NAVTEQ Corp. (a)

3,600

94

NDS Group PLC sponsored ADR (a)

14,683

645

Nintendo Co. Ltd.

24,300

5,006

THQ, Inc. (a)

118,508

3,457

39,958

TOTAL INFORMATION TECHNOLOGY

128,457

Common Stocks - continued

Shares

Value
(000s)

TELECOMMUNICATION SERVICES - 6.1%

Diversified Telecommunication Services - 3.7%

AT&T, Inc.

131,300

$ 4,275

BellSouth Corp.

51,900

2,219

Qwest Communications International, Inc. (a)

135,200

1,179

Verizon Communications, Inc.

229,330

8,515

16,188

Wireless Telecommunication Services - 2.4%

ALLTEL Corp.

19,600

1,088

American Tower Corp. Class A (a)

166,098

6,063

Sprint Nextel Corp.

185,200

3,176

10,327

TOTAL TELECOMMUNICATION SERVICES

26,515

UTILITIES - 0.9%

Electric Utilities - 0.7%

Exelon Corp.

48,100

2,912

Independent Power Producers & Energy Traders - 0.2%

TXU Corp.

13,000

813

TOTAL UTILITIES

3,725

TOTAL COMMON STOCKS

(Cost $386,308)

404,766

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies, Inc. Series E (a)(e)

6,900

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

GeneProt, Inc. Series A (a)(e)

64,000

0

TOTAL PREFERRED STOCKS

(Cost $451)

0

Convertible Bonds - 0.7%

Principal Amount (000s)

Value
(000s)

INFORMATION TECHNOLOGY - 0.7%

Communications Equipment - 0.7%

Ciena Corp. 3.75% 2/1/08

$ 2,960

$ 2,856

TOTAL CONVERTIBLE BONDS

(Cost $2,844)

2,856

Money Market Funds - 8.4%

Shares

Fidelity Cash Central Fund, 5.36% (b)

34,255,585

34,256

Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)

2,136,600

2,137

TOTAL MONEY MARKET FUNDS

(Cost $36,393)

36,393

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $425,996)

444,015

NET OTHER ASSETS - (2.5)%

(10,761)

NET ASSETS - 100%

$ 433,254

Legend

(a) Non-income producing

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

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies, Inc. Series E

9/19/00

$ 104

GeneProt, Inc. Series A

7/7/00

$ 347

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

$ 289

Fidelity Securities Lending Cash Central Fund

1

Total

$ 290

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $428,692,000. Net unrealized appreciation aggregated $15,323,000, of which $26,853,000 related to appreciated investment securities and $11,530,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Fifty

September 30, 2006

1.808769.102

FIF-QTLY-1106

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 5.8%

Diversified Consumer Services - 1.7%

Sothebys Class A (ltd. vtg.)

629,200

$ 20,285,408

Hotels, Restaurants & Leisure - 0.9%

International Game Technology

247,500

10,271,250

Internet & Catalog Retail - 1.9%

Coldwater Creek, Inc. (a)

748,100

21,515,356

Priceline.com, Inc. (a)(d)

35,000

1,287,650

22,803,006

Media - 1.2%

McGraw-Hill Companies, Inc.

231,194

13,416,188

Specialty Retail - 0.1%

Zumiez, Inc. (a)

58,200

1,571,400

TOTAL CONSUMER DISCRETIONARY

68,347,252

CONSUMER STAPLES - 7.9%

Food & Staples Retailing - 2.7%

Sysco Corp.

398,900

13,343,205

Walgreen Co.

413,600

18,359,704

31,702,909

Household Products - 2.8%

Colgate-Palmolive Co.

540,100

33,540,210

Personal Products - 2.4%

Herbalife Ltd. (a)

735,800

27,872,104

TOTAL CONSUMER STAPLES

93,115,223

ENERGY - 5.9%

Energy Equipment & Services - 1.6%

Schlumberger Ltd. (NY Shares)

294,300

18,255,429

Oil, Gas & Consumable Fuels - 4.3%

Ultra Petroleum Corp. (a)

624,600

30,049,506

Valero Energy Corp.

396,800

20,423,296

50,472,802

TOTAL ENERGY

68,728,231

FINANCIALS - 18.1%

Capital Markets - 0.7%

Northern Trust Corp.

144,600

8,448,978

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 5.6%

Commerce Bancorp, Inc., New Jersey (d)

539,200

$ 19,794,032

Wells Fargo & Co.

1,271,400

45,999,252

65,793,284

Consumer Finance - 1.5%

American Express Co.

308,300

17,289,464

Diversified Financial Services - 2.1%

Bank of America Corp.

468,600

25,102,902

Insurance - 8.2%

American International Group, Inc.

791,300

52,431,538

Aon Corp. (d)

518,100

17,548,047

Prudential Financial, Inc.

341,200

26,016,500

95,996,085

TOTAL FINANCIALS

212,630,713

HEALTH CARE - 11.9%

Biotechnology - 3.0%

Biogen Idec, Inc. (a)

584,900

26,133,332

Gilead Sciences, Inc. (a)

135,000

9,274,500

35,407,832

Health Care Equipment & Supplies - 2.2%

Alcon, Inc.

105,100

12,033,950

ResMed, Inc. (a)

347,200

13,974,800

26,008,750

Health Care Providers & Services - 4.2%

Henry Schein, Inc. (a)

602,500

30,209,350

UnitedHealth Group, Inc.

388,900

19,133,880

49,343,230

Life Sciences Tools & Services - 1.4%

Covance, Inc. (a)

240,100

15,937,838

Pharmaceuticals - 1.1%

Merck & Co., Inc.

310,200

12,997,380

TOTAL HEALTH CARE

139,695,030

INDUSTRIALS - 10.7%

Aerospace & Defense - 1.0%

Rockwell Collins, Inc.

221,500

12,147,060

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Airlines - 0.7%

Ryanair Holdings PLC sponsored ADR (a)

123,200

$ 7,797,328

Construction & Engineering - 1.3%

Jacobs Engineering Group, Inc. (a)

201,200

15,035,676

Electrical Equipment - 2.3%

ABB Ltd. sponsored ADR

2,082,500

27,447,350

Industrial Conglomerates - 3.1%

McDermott International, Inc. (a)

881,700

36,855,060

Machinery - 2.3%

Danaher Corp.

242,700

16,666,209

Deere & Co.

120,000

10,069,200

26,735,409

TOTAL INDUSTRIALS

126,017,883

INFORMATION TECHNOLOGY - 26.3%

Communications Equipment - 9.6%

Comverse Technology, Inc. (a)

1,073,800

23,022,272

Motorola, Inc.

624,200

15,605,000

Nice Systems Ltd. sponsored ADR

645,500

17,860,985

QUALCOMM, Inc.

379,300

13,787,555

Research In Motion Ltd. (a)

418,500

42,963,211

113,239,023

Internet Software & Services - 6.9%

Google, Inc. Class A (sub. vtg.) (a)

168,600

67,760,339

VeriSign, Inc. (a)

650,200

13,134,040

80,894,379

IT Services - 4.5%

First Data Corp.

146,800

6,165,600

Infosys Technologies Ltd.

491,260

19,844,050

Paychex, Inc.

618,600

22,795,410

Western Union Co. (a)(e)

183,200

3,504,616

52,309,676

Semiconductors & Semiconductor Equipment - 4.2%

FormFactor, Inc. (a)

70,500

2,970,165

Linear Technology Corp.

369,800

11,508,176

Maxim Integrated Products, Inc.

678,000

19,031,460

SiRF Technology Holdings, Inc. (a)(d)

647,520

15,534,005

49,043,806

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 1.1%

Electronic Arts, Inc. (a)

233,600

$ 13,006,848

TOTAL INFORMATION TECHNOLOGY

308,493,732

MATERIALS - 4.5%

Chemicals - 2.7%

Monsanto Co.

288,300

13,552,983

Praxair, Inc.

299,800

17,736,168

31,289,151

Metals & Mining - 1.8%

Carpenter Technology Corp.

203,281

21,854,740

TOTAL MATERIALS

53,143,891

TELECOMMUNICATION SERVICES - 6.7%

Diversified Telecommunication Services - 4.8%

AT&T, Inc.

1,250,000

40,700,000

Level 3 Communications, Inc. (a)

2,912,200

15,580,270

56,280,270

Wireless Telecommunication Services - 1.9%

American Tower Corp. Class A (a)

613,700

22,400,050

TOTAL TELECOMMUNICATION SERVICES

78,680,320

UTILITIES - 1.1%

Independent Power Producers & Energy Traders - 1.1%

TXU Corp.

206,900

12,935,388

TOTAL COMMON STOCKS

(Cost $1,034,611,139)

1,161,787,663

Money Market Funds - 4.6%

Shares

Value

Fidelity Cash Central Fund, 5.36% (b)

21,077,116

$ 21,077,116

Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)

33,237,375

33,237,375

TOTAL MONEY MARKET FUNDS

(Cost $54,314,491)

54,314,491

TOTAL INVESTMENT PORTFOLIO - 103.5%

(Cost $1,088,925,630)

1,216,102,154

NET OTHER ASSETS - (3.5)%

(41,354,004)

NET ASSETS - 100%

$ 1,174,748,150

Legend

(a) Non-income producing

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

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

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

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

$ 627,369

Fidelity Securities Lending Cash Central Fund

216,128

Total

$ 843,497

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,091,014,525. Net unrealized appreciation aggregated $125,087,629, of which $151,942,829 related to appreciated investment securities and $26,855,200 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. 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 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Fund

September 30, 2006

1.808776.102

FID-QTLY-1106

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 10.6%

Automobiles - 0.1%

Renault SA

79,545

$ 9,124

Household Durables - 0.7%

Garmin Ltd. (d)

508,700

24,814

Koninklijke Philips Electronics NV (NY Shares)

868,300

30,399

55,213

Media - 3.5%

McGraw-Hill Companies, Inc.

3,924,300

227,727

News Corp. Class B

1,334,500

27,544

Time Warner, Inc.

1,126,100

20,529

275,800

Multiline Retail - 2.7%

Federated Department Stores, Inc.

4,978,500

215,121

Specialty Retail - 3.6%

AutoZone, Inc. (a)

243,300

25,133

Best Buy Co., Inc.

661,700

35,441

Circuit City Stores, Inc.

1,381,800

34,697

PETsMART, Inc.

725,151

20,123

Staples, Inc.

6,856,050

166,808

282,202

TOTAL CONSUMER DISCRETIONARY

837,460

CONSUMER STAPLES - 9.1%

Beverages - 1.9%

PepsiCo, Inc.

2,276,190

148,544

Food & Staples Retailing - 1.6%

CVS Corp.

2,007,800

64,491

Rite Aid Corp.

875,200

3,973

Walgreen Co.

1,266,000

56,198

124,662

Food Products - 2.0%

Kellogg Co.

546,300

27,053

Lindt & Spruengli AG (participation certificate)

14,246

32,097

Nestle SA (Reg.)

297,075

103,595

162,745

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Household Products - 1.8%

Colgate-Palmolive Co.

428,100

$ 26,585

Procter & Gamble Co.

1,830,044

113,426

140,011

Tobacco - 1.8%

Altria Group, Inc.

1,906,300

145,927

TOTAL CONSUMER STAPLES

721,889

ENERGY - 7.3%

Energy Equipment & Services - 2.1%

GlobalSantaFe Corp.

664,400

33,213

Halliburton Co.

468,600

13,332

Schlumberger Ltd. (NY Shares)

1,852,300

114,898

161,443

Oil, Gas & Consumable Fuels - 5.2%

Chesapeake Energy Corp.

738,300

21,396

ConocoPhillips

472,892

28,151

CONSOL Energy, Inc.

796,900

25,286

Exxon Mobil Corp.

2,306,000

154,733

Hess Corp.

483,800

20,039

Occidental Petroleum Corp.

1,691,600

81,383

Ultra Petroleum Corp. (a)

620,979

29,875

Valero Energy Corp.

1,036,800

53,364

414,227

TOTAL ENERGY

575,670

FINANCIALS - 23.6%

Capital Markets - 6.0%

Goldman Sachs Group, Inc.

646,500

109,368

Greenhill & Co., Inc. (d)

219,300

14,697

Janus Capital Group, Inc.

1,133,500

22,353

Lazard Ltd. Class A

415,300

16,604

Merrill Lynch & Co., Inc.

2,892,300

226,236

Morgan Stanley

464,900

33,896

TD Ameritrade Holding Corp.

893,331

16,839

UBS AG (Reg.)

543,820

32,254

472,247

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Commercial Banks - 3.2%

Barclays PLC

1,581,200

$ 20,069

Mizuho Financial Group, Inc.

4,389

34,029

Sumitomo Mitsui Financial Group, Inc.

2,213

23,227

U.S. Bancorp, Delaware

486,000

16,145

Wells Fargo & Co.

4,476,800

161,971

255,441

Consumer Finance - 2.8%

American Express Co.

3,554,692

199,347

SLM Corp.

517,350

26,892

226,239

Diversified Financial Services - 3.4%

Bank of America Corp.

4,541,765

243,303

Moody's Corp.

377,400

24,674

267,977

Insurance - 3.9%

American International Group, Inc.

2,149,700

142,439

Genworth Financial, Inc. Class A (non-vtg.)

1,190,100

41,665

Hartford Financial Services Group, Inc.

765,200

66,381

MetLife, Inc.

458,500

25,988

Willis Group Holdings Ltd.

813,700

30,921

307,394

Real Estate Investment Trusts - 0.9%

AvalonBay Communities, Inc.

333,300

40,129

Equity Residential (SBI)

605,000

30,601

70,730

Real Estate Management & Development - 2.0%

Mitsubishi Estate Co. Ltd.

3,013,000

65,797

Mitsui Fudosan Co. Ltd.

4,095,000

93,064

158,861

Thrifts & Mortgage Finance - 1.4%

Golden West Financial Corp., Delaware

1,412,400

109,108

TOTAL FINANCIALS

1,867,997

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - 12.2%

Biotechnology - 0.9%

Amgen, Inc. (a)

252,123

$ 18,034

Biogen Idec, Inc. (a)

1,126,217

50,319

68,353

Health Care Equipment & Supplies - 3.2%

Becton, Dickinson & Co. (d)

1,938,100

136,966

C.R. Bard, Inc.

1,437,600

107,820

St. Jude Medical, Inc. (a)

318,500

11,240

256,026

Health Care Providers & Services - 0.9%

Medco Health Solutions, Inc. (a)

472,600

28,408

UnitedHealth Group, Inc.

925,300

45,525

73,933

Pharmaceuticals - 7.2%

Elan Corp. PLC sponsored ADR (a)

1,435,200

22,073

Johnson & Johnson

2,459,200

159,700

Merck & Co., Inc.

1,561,800

65,439

Novartis AG sponsored ADR

1,305,200

76,276

Pfizer, Inc.

572,600

16,239

Roche Holding AG (participation certificate)

885,061

153,043

Wyeth

1,512,840

76,913

569,683

TOTAL HEALTH CARE

967,995

INDUSTRIALS - 9.5%

Aerospace & Defense - 5.8%

Goodrich Corp.

784,900

31,804

Hexcel Corp. (a)

1,412,400

19,985

Honeywell International, Inc.

4,270,300

174,655

Lockheed Martin Corp.

772,330

66,467

Raytheon Co. warrants 6/16/11 (a)

1,177

17

Rolls-Royce Group PLC

5,335,866

45,248

The Boeing Co.

1,498,200

118,133

456,309

Commercial Services & Supplies - 0.6%

Avery Dennison Corp.

412,700

24,832

Consolidated Graphics, Inc. (a)

326,068

19,620

44,452

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Quanta Services, Inc. (a)

454,700

$ 7,666

Electrical Equipment - 0.3%

ABB Ltd. (Reg.)

2,012,989

26,485

Industrial Conglomerates - 1.3%

General Electric Co.

2,825,626

99,745

Machinery - 1.2%

ITT Industries, Inc.

1,455,000

74,598

Manitowoc Co., Inc.

542,000

24,276

98,874

Road & Rail - 0.2%

Laidlaw International, Inc.

564,710

15,434

TOTAL INDUSTRIALS

748,965

INFORMATION TECHNOLOGY - 18.8%

Communications Equipment - 5.3%

Adtran, Inc.

891,071

21,243

Ciena Corp. (a)

504,700

13,753

Cisco Systems, Inc. (a)

2,159,376

49,666

Corning, Inc. (a)

3,624,600

88,476

Harris Corp.

617,900

27,490

Motorola, Inc.

4,039,800

100,995

QUALCOMM, Inc.

3,254,872

118,315

419,938

Computers & Peripherals - 3.8%

Apple Computer, Inc. (a)

1,017,500

78,378

Diebold, Inc.

555,100

24,164

Hewlett-Packard Co.

1,949,400

71,523

NCR Corp. (a)

1,330,621

52,533

Network Appliance, Inc. (a)

1,332,017

49,298

Sun Microsystems, Inc. (a)

5,372,700

26,702

302,598

Electronic Equipment & Instruments - 1.1%

Amphenol Corp. Class A

1,154,900

71,523

Nippon Electric Glass Co. Ltd.

802,000

17,683

89,206

Internet Software & Services - 2.3%

Google, Inc. Class A (sub. vtg.) (a)

443,985

178,438

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

IT Services - 0.4%

Cognizant Technology Solutions Corp. Class A (a)

453,900

$ 33,616

Office Electronics - 0.6%

Canon, Inc.

884,550

46,253

Semiconductors & Semiconductor Equipment - 2.7%

Applied Materials, Inc.

2,277,800

40,385

Broadcom Corp. Class A (a)

1,440,321

43,699

Fairchild Semiconductor International, Inc. (a)

416,800

7,794

Freescale Semiconductor, Inc.:

Class A (a)

415,900

15,825

Class B (a)

886,797

33,707

Linear Technology Corp.

628,500

19,559

Maxim Integrated Products, Inc.

755,200

21,198

Texas Instruments, Inc.

1,029,000

34,214

216,381

Software - 2.6%

Adobe Systems, Inc. (a)

236,500

8,857

Aspen Technology, Inc. (a)

2,037,872

22,254

Autodesk, Inc. (a)

810,200

28,179

Citrix Systems, Inc. (a)

1,298,234

47,009

Cognos, Inc. (a)

425,000

15,513

Microsoft Corp.

696,500

19,035

Nintendo Co. Ltd.

166,200

34,240

Oracle Corp. (a)

980,800

17,399

Red Hat, Inc. (a)

595,900

12,562

205,048

TOTAL INFORMATION TECHNOLOGY

1,491,478

MATERIALS - 4.7%

Chemicals - 4.4%

Ecolab, Inc.

1,710,200

73,231

Monsanto Co.

3,500,154

164,542

Praxair, Inc.

1,830,222

108,276

346,049

Metals & Mining - 0.3%

Allegheny Technologies, Inc.

439,800

27,351

TOTAL MATERIALS

373,400

Common Stocks - continued

Shares

Value
(000s)

TELECOMMUNICATION SERVICES - 3.0%

Diversified Telecommunication Services - 3.0%

AT&T, Inc.

2,940,995

$ 95,759

BellSouth Corp.

438,200

18,733

Verizon Communications, Inc.

3,240,300

120,312

234,804

UTILITIES - 0.7%

Electric Utilities - 0.7%

E.ON AG

500,167

59,525

TOTAL COMMON STOCKS

(Cost $6,688,277)

7,879,183

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

GeneProt, Inc. Series A (a)(e)

710,000

0

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $3,845)

0

Convertible Bonds - 0.2%

Principal Amount (000s)

INFORMATION TECHNOLOGY - 0.2%

Communications Equipment - 0.2%

Ciena Corp. 0.25% 5/1/13

$ 12,390

11,149

TOTAL CONVERTIBLE BONDS

(Cost $12,390)

11,149

Money Market Funds - 0.7%

Shares

Value
(000s)

Fidelity Cash Central Fund, 5.36% (b)

31,460,725

$ 31,461

Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)

26,983,400

26,983

TOTAL MONEY MARKET FUNDS

(Cost $58,444)

58,444

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $6,762,956)

7,948,776

NET OTHER ASSETS - (0.4)%

(27,765)

NET ASSETS - 100%

$ 7,921,011

Legend

(a) Non-income producing

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

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

GeneProt, Inc. Series A

7/7/00

$ 3,845

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

$ 267

Fidelity Securities Lending Cash Central Fund

169

Total

$ 436

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $6,778,455,000. Net unrealized appreciation aggregated $1,170,321,000, of which $1,329,769,000 related to appreciated investment securities and $159,448,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. 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 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing 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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income II
Portfolio

September 30, 2006

1.808770.102

GII-QTLY-1106

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%

Shares

Value

CONSUMER DISCRETIONARY - 7.3%

Hotels, Restaurants & Leisure - 0.9%

Services Acquisition Corp. International (a)(d)

41,900

$ 372,910

Sonic Corp. (a)

7,850

177,489

Starbucks Corp. (a)

25,000

851,250

Wynn Resorts Ltd. (a)

3,106

211,239

1,612,888

Household Durables - 1.0%

Koninklijke Philips Electronics NV (NY Shares)

14,100

493,641

Sharp Corp.

34,000

582,758

Sony Corp. sponsored ADR

10,400

419,744

Whirlpool Corp.

4,500

378,495

1,874,638

Media - 2.0%

Clear Channel Communications, Inc.

10,000

288,500

E.W. Scripps Co. Class A

11,900

570,367

Lamar Advertising Co. Class A (a)

1,800

96,138

News Corp. Class B

40,800

842,112

The Walt Disney Co.

5,800

179,278

Time Warner, Inc.

97,400

1,775,602

3,751,997

Multiline Retail - 1.0%

Target Corp.

33,500

1,850,875

Specialty Retail - 2.2%

Best Buy Co., Inc.

18,400

985,504

Esprit Holdings Ltd.

37,500

341,997

Lowe's Companies, Inc.

15,700

440,542

PETsMART, Inc.

10,600

294,150

Staples, Inc.

42,343

1,030,205

Tiffany & Co., Inc.

16,500

547,800

TJX Companies, Inc.

19,300

540,979

4,181,177

Textiles, Apparel & Luxury Goods - 0.2%

Liz Claiborne, Inc.

11,000

434,610

TOTAL CONSUMER DISCRETIONARY

13,706,185

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 6.4%

Beverages - 0.9%

Molson Coors Brewing Co. Class B

6,400

$ 440,960

PepsiCo, Inc.

19,300

1,259,518

1,700,478

Food & Staples Retailing - 0.7%

CVS Corp.

28,400

912,208

Safeway, Inc.

13,200

400,620

1,312,828

Food Products - 1.0%

Nestle SA sponsored ADR

20,500

1,797,850

Household Products - 2.7%

Colgate-Palmolive Co.

20,400

1,266,840

Procter & Gamble Co.

61,800

3,830,364

5,097,204

Tobacco - 1.1%

Altria Group, Inc.

27,830

2,130,387

TOTAL CONSUMER STAPLES

12,038,747

ENERGY - 7.4%

Energy Equipment & Services - 4.1%

Baker Hughes, Inc.

13,730

936,386

Cameron International Corp. (a)

30,700

1,483,117

Halliburton Co.

47,000

1,337,150

Schlumberger Ltd. (NY Shares)

47,715

2,959,761

Smith International, Inc.

23,100

896,280

7,612,694

Oil, Gas & Consumable Fuels - 3.3%

Exxon Mobil Corp.

56,700

3,804,570

Peabody Energy Corp.

12,600

463,428

Plains Exploration & Production Co. (a)

16,400

703,724

Ultra Petroleum Corp. (a)

10,400

500,344

Valero Energy Corp.

13,100

674,257

6,146,323

TOTAL ENERGY

13,759,017

FINANCIALS - 21.3%

Capital Markets - 4.0%

Ameriprise Financial, Inc.

15,100

708,190

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Charles Schwab Corp.

43,500

$ 778,650

Franklin Resources, Inc.

6,300

666,225

Goldman Sachs Group, Inc.

5,600

947,352

Investors Financial Services Corp.

13,100

564,348

Lehman Brothers Holdings, Inc.

10,900

805,074

Nomura Holdings, Inc. sponsored ADR

38,300

673,314

State Street Corp.

23,300

1,453,920

TD Ameritrade Holding Corp.

9,900

186,615

UBS AG (NY Shares)

11,300

670,203

7,453,891

Commercial Banks - 3.1%

Commerce Bancorp, Inc., New Jersey

6,600

242,286

Mizuho Financial Group, Inc.

28

217,089

Standard Chartered PLC (United Kingdom)

37,923

971,143

Sumitomo Mitsui Financial Group, Inc.

20

209,912

U.S. Bancorp, Delaware

17,200

571,384

Wachovia Corp.

27,800

1,551,240

Wells Fargo & Co.

57,600

2,083,968

5,847,022

Consumer Finance - 1.1%

American Express Co.

21,000

1,177,680

Capital One Financial Corp.

10,700

841,662

2,019,342

Diversified Financial Services - 2.4%

Bank of America Corp.

58,000

3,107,060

Citigroup, Inc.

14,900

740,083

NETeller PLC (a)

8,300

55,157

The NASDAQ Stock Market, Inc. (a)

21,000

635,040

4,537,340

Insurance - 9.3%

ACE Ltd.

18,700

1,023,451

AFLAC, Inc.

7,900

361,504

American International Group, Inc.

110,630

7,330,344

Berkshire Hathaway, Inc. Class A (a)

12

1,149,600

Endurance Specialty Holdings Ltd.

6,997

246,714

Everest Re Group Ltd.

10,000

975,300

Fidelity National Title Group, Inc. Class A (d)

21,900

459,024

Hartford Financial Services Group, Inc.

17,000

1,474,750

Lincoln National Corp.

13,199

819,394

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

National Financial Partners Corp.

20,700

$ 849,321

PartnerRe Ltd.

7,600

513,532

Prudential Financial, Inc.

16,000

1,220,000

W.R. Berkley Corp.

21,929

776,067

XL Capital Ltd. Class A

3,800

261,060

17,460,061

Real Estate Investment Trusts - 0.5%

Equity Residential (SBI)

12,210

617,582

Vornado Realty Trust

1,900

207,100

824,682

Real Estate Management & Development - 0.2%

Mitsui Fudosan Co. Ltd.

12,000

272,716

Move, Inc.

26,000

127,660

400,376

Thrifts & Mortgage Finance - 0.7%

Countrywide Financial Corp.

2,100

73,584

Golden West Financial Corp., Delaware

4,500

347,625

Hudson City Bancorp, Inc.

56,100

743,325

Washington Mutual, Inc.

4,100

178,227

1,342,761

TOTAL FINANCIALS

39,885,475

HEALTH CARE - 14.8%

Biotechnology - 2.2%

Alexion Pharmaceuticals, Inc. (a)

1,500

50,970

Amgen, Inc. (a)

13,290

950,634

Biogen Idec, Inc. (a)

11,100

495,948

Celgene Corp. (a)

4,500

194,850

Cephalon, Inc. (a)

5,600

345,800

Genentech, Inc. (a)

2,100

173,670

Gilead Sciences, Inc. (a)

12,700

872,490

MedImmune, Inc. (a)

11,000

321,310

PDL BioPharma, Inc. (a)

35,000

672,000

4,077,672

Health Care Equipment & Supplies - 2.5%

Alcon, Inc.

1,700

194,650

Baxter International, Inc.

26,900

1,222,874

Becton, Dickinson & Co.

15,700

1,109,519

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

C.R. Bard, Inc.

9,800

$ 735,000

Conor Medsystems, Inc. (a)

7,400

174,418

Cooper Companies, Inc.

10,500

561,750

DJO, Inc. (a)

12,700

527,431

St. Jude Medical, Inc. (a)

5,030

177,509

4,703,151

Health Care Providers & Services - 2.3%

Brookdale Senior Living, Inc.

1,000

46,420

Cardinal Health, Inc.

7,500

493,050

Chemed Corp.

2,900

93,554

Health Net, Inc. (a)

14,400

626,688

Healthways, Inc. (a)

1,100

49,060

Henry Schein, Inc. (a)

17,800

892,492

I-trax, Inc. (a)

27,900

78,399

McKesson Corp.

7,000

369,040

UnitedHealth Group, Inc.

34,900

1,717,080

4,365,783

Health Care Technology - 0.3%

Emdeon Corp. (a)

16,500

193,215

IMS Health, Inc.

11,600

309,024

502,239

Life Sciences Tools & Services - 1.4%

Affymetrix, Inc. (a)

8,300

178,948

Charles River Laboratories International, Inc. (a)

18,400

798,744

Invitrogen Corp. (a)

19,900

1,261,859

Millipore Corp. (a)

7,300

447,490

2,687,041

Pharmaceuticals - 6.1%

Johnson & Johnson

56,500

3,669,110

Merck & Co., Inc.

28,300

1,185,770

Novartis AG sponsored ADR

13,500

788,940

Pfizer, Inc.

103,000

2,921,080

Roche Holding AG (participation certificate)

5,752

994,627

Sepracor, Inc. (a)

600

29,064

Wyeth

33,800

1,718,392

11,306,983

TOTAL HEALTH CARE

27,642,869

Common Stocks - continued

Shares

Value

INDUSTRIALS - 11.8%

Aerospace & Defense - 3.4%

EDO Corp.

19,600

$ 448,448

Honeywell International, Inc.

65,500

2,678,950

L-3 Communications Holdings, Inc.

5,000

391,650

United Technologies Corp.

44,600

2,825,410

6,344,458

Air Freight & Logistics - 0.3%

FedEx Corp.

5,300

576,004

Airlines - 0.2%

UAL Corp. (a)

11,100

294,927

Electrical Equipment - 0.4%

Evergreen Solar, Inc. (a)

21,300

176,790

Suntech Power Holdings Co. Ltd. sponsored ADR

9,900

255,717

Vestas Wind Systems AS (a)

9,600

256,346

688,853

Industrial Conglomerates - 5.6%

3M Co.

4,100

305,122

General Electric Co.

244,900

8,644,969

McDermott International, Inc. (a)

38,900

1,626,020

10,576,111

Machinery - 0.8%

Danaher Corp.

6,200

425,754

Deere & Co.

13,100

1,099,221

1,524,975

Marine - 0.1%

Alexander & Baldwin, Inc.

3,000

133,110

Road & Rail - 1.0%

Laidlaw International, Inc.

22,200

606,726

Landstar System, Inc.

15,000

640,500

Norfolk Southern Corp.

16,600

731,230

1,978,456

TOTAL INDUSTRIALS

22,116,894

INFORMATION TECHNOLOGY - 20.9%

Communications Equipment - 5.3%

Adtran, Inc.

437

10,418

Alcatel SA sponsored ADR

46,300

563,934

Cisco Systems, Inc. (a)

130,300

2,996,900

Comverse Technology, Inc. (a)

21,100

452,384

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Corning, Inc. (a)

64,900

$ 1,584,209

Harris Corp.

13,900

618,411

Juniper Networks, Inc. (a)

17,500

302,400

Motorola, Inc.

47,200

1,180,000

Nortel Networks Corp.

96,900

222,870

QUALCOMM, Inc.

37,700

1,370,395

Research In Motion Ltd. (a)

6,400

657,024

9,958,945

Computers & Peripherals - 2.8%

Apple Computer, Inc. (a)

22,500

1,733,175

EMC Corp. (a)

60,200

721,196

Hewlett-Packard Co.

54,700

2,006,943

Network Appliance, Inc. (a)

20,500

758,705

Sun Microsystems, Inc. (a)

8,700

43,239

5,263,258

Electronic Equipment & Instruments - 0.6%

Agilent Technologies, Inc. (a)

35,394

1,157,030

Internet Software & Services - 2.0%

eBay, Inc. (a)

22,400

635,264

Google, Inc. Class A (sub. vtg.) (a)

7,300

2,933,870

Yahoo!, Inc. (a)

6,300

159,264

3,728,398

IT Services - 0.7%

First Data Corp.

14,200

596,400

Paychex, Inc.

20,200

744,370

1,340,770

Semiconductors & Semiconductor Equipment - 4.1%

Altera Corp. (a)

23,700

435,606

Applied Materials, Inc.

99,418

1,762,681

ARM Holdings PLC sponsored ADR

25,000

164,000

ASML Holding NV (NY Shares) (a)

12,000

279,360

Broadcom Corp. Class A (a)

23,500

712,990

Fairchild Semiconductor International, Inc. (a)

9,000

168,300

FormFactor, Inc. (a)

4,000

168,520

Freescale Semiconductor, Inc. Class A (a)

14,700

559,335

Intel Corp.

10,100

207,757

Intersil Corp. Class A

24,400

599,020

Lam Research Corp. (a)

600

27,198

Linear Technology Corp.

17,300

538,376

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Maxim Integrated Products, Inc.

9,100

$ 255,437

Microchip Technology, Inc.

12,900

418,218

National Semiconductor Corp.

28,900

680,017

Samsung Electronics Co. Ltd.

510

357,857

Xilinx, Inc.

14,900

327,055

7,661,727

Software - 5.4%

Adobe Systems, Inc. (a)

22,800

853,860

BEA Systems, Inc. (a)

26,700

405,840

Cognos, Inc. (a)

14,500

529,250

Electronic Arts, Inc. (a)

7,300

406,464

Microsoft Corp.

231,100

6,315,963

Opsware, Inc. (a)

4,500

40,545

Oracle Corp. (a)

40,600

720,244

Quest Software, Inc. (a)

30,900

441,252

Symantec Corp. (a)

18,100

385,168

10,098,586

TOTAL INFORMATION TECHNOLOGY

39,208,714

MATERIALS - 2.4%

Chemicals - 1.8%

Ashland, Inc.

14,400

918,432

Monsanto Co.

18,900

888,489

Praxair, Inc.

27,400

1,620,984

3,427,905

Containers & Packaging - 0.4%

Owens-Illinois, Inc. (a)

27,700

427,134

Smurfit-Stone Container Corp. (a)

27,000

302,400

729,534

Metals & Mining - 0.2%

Alcoa, Inc.

4,900

137,396

Newmont Mining Corp.

4,600

196,650

334,046

TOTAL MATERIALS

4,491,485

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 2.8%

Diversified Telecommunication Services - 2.4%

AT&T, Inc.

91,300

$ 2,972,728

Level 3 Communications, Inc. (a)

48,100

257,335

Qwest Communications International, Inc. (a)

60,500

527,560

Verizon Communications, Inc.

22,100

820,573

4,578,196

Wireless Telecommunication Services - 0.4%

American Tower Corp. Class A (a)

19,400

708,100

TOTAL TELECOMMUNICATION SERVICES

5,286,296

UTILITIES - 0.9%

Electric Utilities - 0.5%

Exelon Corp.

15,800

956,532

Independent Power Producers & Energy Traders - 0.4%

TXU Corp.

10,100

631,452

TOTAL UTILITIES

1,587,984

TOTAL COMMON STOCKS

(Cost $161,849,741)

179,723,666

Money Market Funds - 5.1%

Fidelity Cash Central Fund, 5.36% (b)

8,655,958

8,655,958

Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)

818,565

818,565

TOTAL MONEY MARKET FUNDS

(Cost $9,474,523)

9,474,523

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $171,324,264)

189,198,189

NET OTHER ASSETS - (1.1)%

(1,985,744)

NET ASSETS - 100%

$ 187,212,445

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

$ 88,896

Fidelity Securities Lending Cash Central Fund

11,129

Total

$ 100,025

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $172,660,172. Net unrealized appreciation aggregated $16,538,017, of which $20,189,187 related to appreciated investment securities and $3,651,170 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. 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 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing 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 Corp. 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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

November 27, 2006

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

November 27, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

November 27, 2006