FIDELITY HASTINGS STREET TRUST, N-30B-2, 1994-08-19

FIDELITY HASTINGS STREET TRUST
N-30B-2, 1994-08-19

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(2_FIDELITY_LOGOS)

FIDELITY FIFTY

ANNUAL REPORT
JUNE 30, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on stock market
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 9 A summary of major shifts in the
fund's investments over the past six
months.

INVESTMENTS 10 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 15 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 19 Notes to the financial statements.

REPORT OF INDEPENDENT 23 The auditor's opinion.
ACCOUNTANTS

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS
OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY,AND ARE SUBJECT TO INVESTMENT
RISK,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUND NOR FIDELITY
DISTRIBUTORS
CORPORATION IS A BANK.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
The first several months of 1994 were an unsettling time for many
investors. After three years of a nearly perfect environment for stock
market investing, stock prices generally fell from February through June.
Investors disagree about whether this decline represents only a short-term
correction or signals the beginning of a longer bear market. One can
collect statistics to support either opinion, but of course, nobody knows
for sure what will happen to stock prices in the months ahead.
We do know, however, that market declines are a normal part of stock market
investing. We have historically seen corrections of 10% or more every two
years. That's why I thought this might be a good time to review three basic
investment principles that have proven helpful to successful stock market
investors in every market cycle.
First, take a long-term approach when investing in stocks and stock funds.
If you can afford to leave your money invested through the market's
inevitable ups and downs, you will greatly reduce your vulnerability to any
single decline. Over time, stock prices have gone up - and have
significantly outperformed other types of investments and stayed ahead of
inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells securities that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1994 PAST 6 LIFE OF
MONTHS FUND

Fidelity Fifty -3.88% 1.80%

Fidelity Fifty (incl. 3% sales charge) -6.76% -1.26%

S&P 500(Registered trademark) -3.39% -1.14%

Average Capital Appreciation Fund -7.80% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, or since the fund began on
September 17, 1993. For example, if you invested $1,000 in a fund that had
a 5% return, over the past year, you would end up with $1,050. You can
compare these figures to the Standard & Poor's 500 Composite Stock Price
Index - a common proxy for the U.S. stock market. You can also compare them
to the average capital appreciation fund, which reflects the performance of
over 150 capital appreciation funds with similar objectives tracked by
Lipper Analytical Services, Inc. Both benchmarks include reinvested
dividends and capital gains, if any, and exclude the effects of sales
charges.
AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year. In the fund's next report we'll report these
numbers for the fund and the benchmarks.

$10,000 OVER LIFE OF FUND
Fidelity Fifty (500) S&P 500
09/17/93 9700.00 10000.00
09/30/93 9971.60 9999.89
10/31/93 10369.30 10206.89
11/30/93 10204.40 10109.92
12/31/93 10272.24 10232.25
01/31/94 10660.60 10580.15
02/28/94 10505.26 10293.43
03/31/94 9990.67 9844.63
04/30/94 10116.89 9970.64
05/31/94 10126.60 10134.16
06/30/94 9874.16 9885.88

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity
Fifty on September 17, 1993, and paid a 3% sales charge. As the chart
shows, by June 30, 1994, the value of your investment would have fallen to
$9,874 - a -1.26% decrease on your initial investment. For comparison, look
at how the S&P 500 did over the same period. With dividends reinvested, the
same $10,000 investment would have fallen to $9,886 - a -1.14% decrease.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
A sharp downturn in U.S. stocks
during the first six months of 1994
negated most gains made in the
second half of 1993. Rising
interest rates sent the stock
market reeling from February
through May. Investors feared the
onset of higher inflation, and
worried that higher rates might
dampen the economic growth
that had begun to fuel improved
corporate earnings. Late in the
period, a weakening U.S. dollar
put additional downward
pressure on stocks. The
Standard & Poor's 500 stock
index fell 3.39% during the six
months ended June 30, 1994,
although it rose 1.41% for the
prior 12 months. Cyclical stocks
- - those whose prices tend to
move in tandem with the
economy - were among the
market leaders. Sector examples
included metals such as copper
and steel, chemicals, and autos.
Market laggards included most
consumer nondurables -
especially retail, beverage, and
drug companies - and electric
utilities. Aside from Japanese
stocks, which made strong
gains due to a strengthening
economy and yen, most foreign
markets suffered corrections in
the first half of 1994. However,
strong gains in 1993 helped drive
the Morgan Stanley EAFE
(Europe, Australia, Far East)
index to a 17.00% total return for
the 12 months ended June 30.
The Morgan Stanley Emerging
Markets Free Index was up
35.95%, again due to strong
performance in 1993.
An interview with Scott Stewart,
Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW DID FIDELITY FIFTY PERFORM?
A. Fidelity Fifty returned -3.88% during the six months ending June 30,
1994, compared with a return of -7.80% for the average capital appreciation
fund tracked by Lipper Analytical Services. I also compare the fund's
performance to the Standard and Poor's 500 index, which returned -3.39%
during the same period. Over the life of the fund, which began on September
17, 1993, Fidelity Fifty has returned 1.80%, while the S&P 500 returned
- -1.14%.
Q. YOU DID BETTER THAN THE LIPPER AVERAGE.
A. That's true, although I still would like to see positive returns. I
also try to outperform the S&P 500, and you can see it's slightly behind
that index this period.
Q. WHY IS THAT?
A. Our strategy tends to be aggressive since I look for companies with the
highest earnings prospects that are also attractively valued. As a result,
the portfolio has a few more growth and small capitalization stocks than
the index. These categories have not done as well as the market average in
the first six months of 1994.
Q. HOW DOES THE FUND TRY TO
MANAGE RISK?
A. I seek fairly valued stocks and use what's called a risk optimizer to
analyze the various risk factors for the entire portfolio. I evaluate the
portfolio daily and use the risk optimizer to help me look at which stocks
in the portfolio I might sell. If this system or other Fidelity research
shows that a stock has reached its peak or doesn't have much of a future,
that's typically a sign to sell it. On the buy side, Fidelity research
helps to find which stocks might be attractive to include in the portfolio.
Again, the fund is very concentrated, so if you're in a stock, it had
better be a good one. If it starts to be a bad one, you'd better get rid of
it. There's not much of a middle ground.
Q. IS IT AUTOMATIC THAT WHEN YOU SELL A STOCK YOU LOOK FOR ONE TO REPLACE
IT?
A. Not necessarily. The new purchase has to be a stock that is attractive.
Sometimes the challenge is how to discriminate among several stocks that
look good. I engage in a great deal of research on the quality of the
stocks. But the system will never force me to buy a stock.
Q. WHAT DO YOU DO WITH THE FUND ASSETS WHILE YOU'RE DECIDING ON THE NEW
STOCK TO BUY?
A. I use a derivative investment called an S&P 500 futures contract to
invest on a temporary basis. I use futures contracts because they are
cheaper and quicker to trade than actual stocks and allow the fund to
participate in broad market moves. Of course, these instruments have some
disadvantages. Over short periods of time, they don't always provide the
same return as stocks in the S&P 500, and they are not as easy to get out
of as stocks in certain market conditions.
Q. WHICH SECTORS HAS THE FUND BEEN CONCENTRATING ON?
A. Over the year the fund was overweighted relative to the S&P 500 in banks
and insurance companies, both of which did well. I was also helped by an
active exposure in chemical companies. In addition, the fund has been
helped in its position relative to the S&P 500 by the drop in utilities
stocks, because it's underweighted there, at about 7% of the fund. As of
June 30, 1994, the top industry in the fund was technology at 13.8%.
Q. WHAT ABOUT SPECIFIC WINNERS AND LOSERS?
A. One of the positive impact stocks during the first half of 1994 was
Boston Scientific, a medical technology company. Its stock was driven to
cheap valuations in the first quarter of 1993 by a slowdown in the health
care industry. The company then benefited from shortening FDA approval
times in the first quarter of 1994. A change in management strategy to
acquire new technologies rather than develop them in-house took the stock
to expensive levels where I sold it. On the minus side, Crosscomm
Corporation, a computer networking firm, suffered from product delays and
unexpected price discounting by competitors on related products. We sold
our holdings in the stock.
Q. WHAT DO YOU SEE HAPPENING IN THE NEAR FUTURE?
A. Over the next six months it's hard to predict, but the common thought is
that the economy may begin to grow at a slower rate later in the year. If
that happens, interest rates may stabilize because fears of inflation
should decline. There will be an opportunity for the market to rebound as
long as earnings growth doesn't deteriorate. In that environment the fund
could do very well. Smaller capitalization stocks did not perform as well
in this down market, making it hard for us to reach our goal of beating the
S&P 500 index. On the other hand, Fidelity Fifty has still done better than
many other capital appreciation funds, because the research resources here
were effective.
FUND FACTS
GOAL: to increase the value of
the fund's shares by investing
in the stocks of 50-60
companies
START DATE: September 17,
1993
SIZE: as of June 30, 1994,
more than $48 million
MANAGER: Scott Stewart,
since September 1993;
founder and head of
Fidelity's Structured Equity
Group since 1987, when he
joined Fidelity
(checkmark)
SCOTT STEWART ON HEALTH CARE
STOCKS:
"Daily political maneuverings
have had a large impact on
performance in this sector.
Congressional discussions on
health care reform in 1993 sent
virtually all health care stocks
down, as investors feared price
controls and other forms of
regulation. Since then, many
drug companies, medical
technology firms and Health
Maintenance Organizations
(HMOs) have improved their
cost structures and continued to
grow in terms of products,
services and market
penetration. These companies'
valuations - stock prices
compared to other measures
such as earnings and dividends
- - are very attractive because
their stock prices remain
undervalued due to fear of
health care reform. I believe this
fear is exaggerated. HMOs, for
example, offer insurance
carriers a much cheaper and
effective alternative to individual
doctors delivering health
services. As a result, the HMOs
can charge lower rates than
traditional carriers.
In general, fearful investors
make for volatile stock prices.
When there are hearings
about health care regulation,
stock prices dip. When the talk
quiets down, prices have a
tendency to creep up again as
investors are reminded of their
actual earning power."
(bullet) Health stocks are the
second largest sector
represented in the portfolio as
of June 30, 1994, at 11.5%.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Olin Corp. 2.5 -

AMR Corp. 2.3 2.0

Hanna (M.A.) Co. 2.3 -

Nucor Corp. 2.3 -

Amoco Corp. 2.3 -

Compuware Corp. 2.2 -

Manpower, Inc. 2.1 -

American Cyanamid Co. 2.1 -

Washington Mutual Savings Bank 2.0 -

Sears, Roebuck & Co. 2.0 -

TOP FIVE INDUSTRIES AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO

Technology 13.8 10.8

Health 11.5 13.3

Basic Industries 10.9 4.3

Transportation 9.8 7.9

Finance 7.5 3.6

ASSET ALLOCATION
AS OF JUNE 30, 1994 AS OF DECEMBER 31, 1993
Row: 1, Col: 1, Value: 14.0
Row: 1, Col: 2, Value: 1.5
Row: 1, Col: 3, Value: 45.1
Row: 1, Col: 4, Value: 40.0
Row: 1, Col: 1, Value: 11.1
Row: 1, Col: 2, Value: 1.0
Row: 1, Col: 3, Value: 42.4
Row: 1, Col: 4, Value: 40.0
Stocks and
equity futures 85.1%
U.S. Treasury
obligations 0.9%
Repurchase
agreements 14.0%
Stocks and
equity futures 88.4%
U.S. Treasury
obligations 0.5%
Repurchase
agreements 11.1%
INVESTMENTS JUNE 30, 1994

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 78.1%
SHARES VALUE (NOTE 1)

BASIC INDUSTRIES - 10.9%
CHEMICALS & PLASTICS - 8.6%
Akzo NV sponsored ADR 7,400 $ 394,050
Great Lakes Chemical Corp. 13,400 725,275
Hanna (M.A.) Co. 49,300 1,250,988
Olin Corp. 24,800 1,336,100
Union Carbide Corp. 34,800 930,900
4,637,313
IRON & STEEL - 2.3%
Nucor Corp. 18,100 1,239,850
TOTAL BASIC INDUSTRIES 5,877,163
CONSTRUCTION & REAL ESTATE - 2.0%
ENGINEERING - 2.0%
Fluor Corp. 21,200 1,078,550
DURABLES - 0.4%
TEXTILES & APPAREL - 0.4%
Interface, Inc. Class A 18,800 211,500
ENERGY - 5.4%
ENERGY SERVICES - 1.7%
Enterra Corp. (a) 21,100 443,100
Western Co. of North America (a) 39,800 502,475
945,575
OIL & GAS - 3.7%
Amoco Corp. 21,500 1,225,500
Unocal Corp. 26,000 750,750
1,976,250
TOTAL ENERGY 2,921,825
FINANCE - 7.5%
BANKS - 4.7%
Banc One Corp. 24,000 822,000
Chemical Banking Corp. 23,000 885,500
State Street Boston Corp. 22,000 849,750
2,557,250
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

FINANCE - CONTINUED
SAVINGS & LOANS - 2.1%
Washington Mutual Savings Bank 53,600 $ 1,105,500
SECURITIES INDUSTRY - 0.7%
PaineWebber Group, Inc. 25,250 394,531
TOTAL FINANCE 4,057,281
HEALTH - 11.5%
DRUGS & PHARMACEUTICALS - 3.4%
American Cyanamid Co. 19,900 1,114,400
Lilly (Eli) & Co. 12,800 728,000
1,842,400
MEDICAL EQUIPMENT & SUPPLIES - 4.9%
Baxter International, Inc. 33,000 866,250
Kendall International, Inc. (a) 16,600 846,600
McKesson Corp. 13,000 937,625
2,650,475
MEDICAL FACILITIES MANAGEMENT - 3.2%
Health Management Associates, Inc. Class A (a) 20,650 423,325
Humana, Inc. (a) 31,500 507,938
United HealthCare Corp. 17,800 792,100
1,723,363
TOTAL HEALTH 6,216,238
INDUSTRIAL MACHINERY & EQUIPMENT - 1.1%
Briggs & Stratton Corp. 8,900 595,188
MEDIA & LEISURE - 2.4%
BROADCASTING - 2.0%
Gaylord Entertainment Co. Class A 25,100 614,950
Heritage Media Corp. Class A (a) 25,300 449,075
1,064,025
PUBLISHING - 0.4%
Score Board, Inc. (a) 25,300 189,750
TOTAL MEDIA & LEISURE 1,253,775
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

NONDURABLES - 0.9%
TOBACCO - 0.9%
UST, Inc. 17,900 $ 485,538
RETAIL & WHOLESALE - 2.1%
APPAREL STORES - 0.1%
AnnTaylor Stores Corp. (a) 1,500 57,563
GENERAL MERCHANDISE STORES - 2.0%
Sears, Roebuck & Co. 22,600 1,084,800
TOTAL RETAIL & WHOLESALE 1,142,363
SERVICES - 3.5%
ADVERTISING - 1.4%
Omnicom Group, Inc. 15,900 767,175
SERVICES - 2.1%
Manpower, Inc. (a) 54,500 1,144,500
TOTAL SERVICES 1,911,675
TECHNOLOGY - 13.8%
COMMUNICATIONS EQUIPMENT - 5.8%
Ericsson (L.M.) Telephone Co. Class B ADR 21,500 1,065,594
General Instrument Corp. (a) 17,900 1,020,300
3Com Corp. (a) 20,600 1,058,325
3,144,219
COMPUTER SERVICES & SOFTWARE - 4.1%
Compuware Corp. (a) 29,000 1,199,875
Oracle Systems Corp. (a) 26,100 978,750
2,178,625
COMPUTERS & OFFICE EQUIPMENT - 2.6%
EMC Corp. (a) 35,000 472,500
International Business Machines Corp. 16,000 940,000
1,412,500
ELECTRONICS - 1.3%
Cyrix Corp. (a) 22,200 710,400
TOTAL TECHNOLOGY 7,445,744
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

TRANSPORTATION - 9.8%
AIR TRANSPORTATION - 3.7%
AMR Corp. (a) 21,200 $ 1,258,750
KLM Royal Dutch Airlines (a) 27,100 741,863
2,000,613
RAILROADS - 3.1%
Burlington Northern, Inc. 11,600 619,150
CSX Corp. 14,100 1,064,550
1,683,700
TRUCKING & FREIGHT - 3.0%
Federal Express Corp. (a) 13,000 970,125
Harper Group 43,400 629,300
1,599,425
TOTAL TRANSPORTATION 5,283,738
UTILITIES - 6.8%
GAS - 1.3%
Pacific Enterprises 35,400 703,575
TELEPHONE SERVICES - 5.5%
ALC Communications Corp. (a) 21,800 670,350
AT&T Corp. 13,100 712,310
Comsat Corp., Series 1 21,500 499,875
Rochester Telephone Corp. 47,200 1,067,900
2,950,435
TOTAL UTILITIES 3,654,010
TOTAL COMMON STOCKS
(Cost $43,091,059) 42,134,588
U.S. TREASURY OBLIGATIONS - 0.9%
PRINCIPAL
AMOUNT

U.S. Treasury Bills, yield at date of purchase
3.10%-4.12%, 7/7/94-9/8/94
(Cost $498,991) (b) $ 500,000 499,008
REPURCHASE AGREEMENTS - 21.0%
MATURITY VALUE (NOTE 1)
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 4.29% dated
6/30/94 due 7/1/94 (note 3) $ 11,338,351 $ 11,337,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $54,927,050) $ 53,970,596
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
17 S&P 500 Futures Contracts Sept. 1994 $ 3,782,925 $ (140,420)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 7.0%
LEGEND
(a) Non-income producing
(b) A portion of the Security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $249,143.

INCOME TAX INFORMATION
At June 30, 1994, the aggregate cost of investment securities for income
tax purposes was $54,927,050. Net unrealized depreciation aggregated
$956,454, of which $1,099,625 related to appreciated investment securities
and $2,056,079 related to depreciated investment securities.
At June 30, 1994, the fund had a capital loss carryforward of approximately
$194,000 all of which will expire on June 30, 2002.
The fund has elected to defer to its fiscal year ending 1995, $431,000 of
losses recognized during the period November 1, 1993 to June 30, 1994.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1994

ASSETS

Investment in securities, at value (including repurchase $ 53,970,596
agreements of $11,337,000) (cost $54,927,050)
(Notes 1 and 2) - See accompanying schedule

Cash 679

Receivable for investments sold 2,457,814

Receivable for fund shares sold 587,227

Dividends receivable 73,407

TOTAL ASSETS 57,089,723

LIABILITIES

Payable for investments purchased $ 8,083,144

Payable for fund shares redeemed 518,775

Accrued management fee 26,124

Payable for daily variation on futures contracts 47,850

Other payables and accrued expenses 54,509

TOTAL LIABILITIES 8,730,402

NET ASSETS $ 48,359,321

Net Assets consist of (Note 1):

Paid in capital $ 49,910,933

Undistributed net investment income 30,869

Accumulated undistributed net realized gain (loss) on (485,607)
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on (1,096,874)
investments

NET ASSETS, for 4,753,856 shares outstanding $ 48,359,321

NET ASSET VALUE and redemption price per share $10.17
($48,359,321 (divided by) 4,753,856 shares)

Maximum offering price per share (100/97 of $10.17) $10.48

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 17, 1993 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1994

INVESTMENT INCOME $ 428,601
Dividends

Interest 201,324

TOTAL INCOME 629,925

EXPENSES

Management fee (Note 5) $ 217,139

Transfer agent fees (Note 5) 205,962

Accounting fees and expenses (Note 5) 36,133

Non-interested trustees' compensation 167

Custodian fees and expenses 15,946

Registration fees 57,891

Audit 15,381

Legal 139

Miscellaneous 408

Total expenses before reductions 549,166

Expense reductions (Note 6) (56) 549,110

NET INVESTMENT INCOME 80,815

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(NOTES 1, 2 AND 4)
Net realized gain (loss) on:

Investment securities (220,976)

Foreign currency transactions (21)

Futures contracts (264,630) (485,627)

Change in net unrealized appreciation (depreciation) on:

Investment securities (956,454)

Futures contracts (140,420) (1,096,874)

NET GAIN (LOSS) (1,582,501)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ (1,501,686)
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C>
SEPTEMBER 17, 1993
(COMMENCEMENT OF
OPERATIONS) TO
JUNE 30, 1994

INCREASE (DECREASE) IN NET ASSETS

Operations $ 80,815
Net investment income

Net realized gain (loss) (485,627)

Change in net unrealized appreciation (depreciation) (1,096,874)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (1,501,686)

Distributions to shareholders from net investment income (49,937)

Share transactions 111,532,450
Net proceeds from sales of shares

Reinvestment of distributions 49,547

Cost of shares redeemed (61,671,053)

Net increase (decrease) in net assets resulting from share 49,910,944
transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 48,359,321

NET ASSETS

Beginning of period -

End of period (including undistributed net investment income of $30,869) $ 48,359,321

OTHER INFORMATION
Shares

Sold 10,572,077

Issued in reinvestment of distributions 4,652

Redeemed (5,822,873)

Net increase (decrease) 4,753,856

</TABLE>

FINANCIAL HIGHLIGHTS
SEPTEMBER 17,
1993
(COMMENCEMENT OF
OPERATIONS) TO
JUNE 30, 1994

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income .02

Net realized and unrealized gain (loss) .16C

Total from investment operations .18

Less Distributions

From net investment income (.01)

Net asset value, end of period $ 10.17

TOTAL RETURNB 1.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 48,359

Ratio of expenses to average net assets 1.58%A

Ratio of net investment income to average net assets .23%A

Portfolio turnover rate 320%A

A ANNUALIZED
B TOTAL RETURN DOES NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS
OF LESS THAN ONE YEAR IS NOT ANNUALIZED.
C THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET (LOSS) ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING
OF SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1994

1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The following summarizes the significant
accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Reported net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of forward
currency contracts, disposition of foreign currencies, currency gains and
losses realized between the trade and settlement dates on securities
transactions, and the difference between the amont of net investment income
accrued and the U.S. dollar amount actually received. The effects of
changes in foreign currency exchange rates on investments in securities are
not segregated in the Statement of Operations from the effects of changes
in market prices of those securities, but are included with the net
realized and unrealized gain or loss on investments.
INCOME TAXES. The fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code. By so qualifying, the fund
will not be subject to income taxes to the extent that it distributes all
of its taxable income for its fiscal year. The schedule
of investments includes information regarding income taxes under the
caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Investment income
is recorded net of foreign taxes withheld where recovery of such taxes is
uncertain.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
futures and options transactions and foreign currency transactions, losses
deferred due to wash sales and excise tax regulations. The fund also
utilized earnings and profits distributed to shareholders on redemption of
shares as a part of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income may include temporary book and tax
basis differences which will reverse in a subsequent period. Any taxable
income or gain remaining at fiscal year end is distributed in the following
year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY
CONTRACTS. The fund may enter into forward foreign currency contracts.
These contracts involve market risk in excess of the amount reflected in
the fund's Statement of Assets and Liabilities. The face or contract amount
in U.S. dollars reflects the total exposure the fund has in that particular
currency contract. The U.S. dollar value of forward foreign currency
contracts is determined using forward currency exchange rates supplied by a
quotation service. Losses may arise due to changes in the value of the
foreign currency or if the counterparty does not perform under the
contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and any realized gain (loss) is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible for
determining that the value of these underlying securities remains at least
equal to the resale price.
2. OPERATING POLICIES -
CONTINUED
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other registered
investment companies having management contracts with FMR, may transfer
uninvested cash balances into a joint trading account. These balances are
invested in one or more repurchase agreements that are collateralized by
U.S. Treasury or Federal Agency obligations.
FUTURES CONTRACTS AND OPTIONS. The fund may invest in futures contracts and
write options. These investments involve to varying degrees, elements of
market risk and risks in excess of the amount recognized in the Statement
of Assets and Liabilities. The face or contract amounts reflect the extent
of the involvement the fund has in the particular classes of instruments.
Risks may be caused by an imperfect correlation between movements in the
price of the instruments and the price of the underlying securities and
interest rates. Risks also may arise if there is an illiquid secondary
market for the instruments, or due to the inability of counterparties to
perform.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Options traded
on an exchange are valued using the last sale price or, in the absence of a
sale, the last offering price. Options traded over-the-counter are valued
using dealer-supplied valuations.
3. JOINT TRADING ACCOUNT.
At the end of the period, the fund had 20% or more of its total investments
in repurchase agreements through a joint trading account. These repurchase
agreements were with entities whose creditworthiness has been reviewed and
found satisfactory by FMR. The repurchase agreements were dated June 30,
1994 and due July 1, 1994. The maturity values of the joint trading account
investments were $11,338,351 at 4.29%. The investments in repurchase
agreements through the joint trading account are summarized as follows:
SUMMARY OF JOINT TRADING ACCOUNT

Number of dealers or banks 23
Maximum amount with one dealer or bank 11.9%
Aggregate principal amount of agreements $13,660,719,000
Aggregate maturity amount of agreements $13,662,347,871
Aggregate market value of collateral $13,947,398,451
Coupon rates of collateral 3 7/8% - 14%
Maturity dates of collateral 7/15/94 - 8/15/23
4. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $139,414,504 and $96,102,351, respectively.
The market value of futures contracts opened and closed amounted to
$34,798,450 and $30,610,475, respectively.
5. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates ranging from
.30% to .52% and is based on the monthly average net assets of all the
mutual funds advised by FMR. The annual individual fund fee rate is .30%.
The basic fee is subject to a performance adjustment (up to a maximum of +
or - .20%) based on the fund's investment performance as compared to the
appropriate index over a specified period of time. The fund's performance
adjustment will not take effect until September 1994. For the period, the
management fee was equivalent to an annualized rate of .63% of average net
assets.
The Board of Trustees previously approved a group fee rate schedule with
rates ranging from .2850% to .5200%. Effective November 1, 1993, FMR
voluntarily agreed to implement this group fee rate schedule as it resulted
in the same or a lower management fee.
In July 1994, the Board of Trustees approved a new group fee rate schedule
with rates ranging from .27% to .52%. Effective August 1, 1994, FMR has
voluntarily agreed to implement this new group fee rate schedule as it
results in the same or a further reduction in the management fee.
SALES LOAD. For the period, Fidelity Distributors Corporation, an affiliate
of FMR and the general distributor of the fund, received sales charges of
$602,138 on sales of shares of the fund.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives fees based on the type, size, number of accounts and the
number of transactions made by shareholders. FSC pays for typesetting,
printing and mailing of all shareholder reports, except proxy statements.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $25,431 for the period.
6. EXPENSE REDUCTIONS
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$56 under this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of
Fidelity Fifty:
We have audited the accompanying statement of assets and liabilities of
Fidelity Hastings Street Trust: Fidelity Fifty, including the schedule of
portfolio investments, as of June 30, 1994, and the related statement of
operations, the statement of changes in net assets and the financial
highlights for the period September 17, 1993 (commencement of operations)to
June 30, 1994. These financial statements and financial highlights are the
responsibility of the fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1994, by correspondence with the custodian
and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Hastings Street Trust: Fidelity Fifty as of June 30, 1994, the
results of its operations, the changes in its net assets and the financial
highlights for the period September 17, 1993 (commencement of operations)
to June 30, 1994, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
August 5, 1994

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Fidelity Fifty
Growth Company Fund
Low-Priced Stock Fund
Magellan(Registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Growth Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)

FIDELITY
FUND
ANNUAL REPORT
JUNE 30, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on stock market
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the past six
months.

INVESTMENTS 11 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 28 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 32 Notes to the financial statements.

REPORT OF INDEPENDENT 36 The auditor's opinion.
ACCOUNTANTS

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 5.41% 62.65% 283.94%

S&P 500(Registered trademark) 1.41% 63.53% 308.81%

Average Growth & Income Fund 2.01% 58.01% 248.80%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one, five, or 10 years. For example, if
you had invested $1,000 in a fund that had a 5% return over the past year,
you would have $1,050. You can compare these figures to the performance of
the Standard & Poor's 500 Composite Stock Price Index - a common proxy for
the U.S. stock market. You can also compare them to the average growth &
income fund, which reflects the performance of 370 growth & income funds
tracked by Lipper Analytical Services. Both benchmarks include reinvested
dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 5.41% 10.22% 14.40%

S&P 500(Registered trademark) 1.41% 10.34% 15.12%

Average Growth & Income Fund 2.01% 9.44% 13.17%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
Fidelity (003)
06/30/84 10000.00
07/31/84 9926.36
08/31/84 10854.20
09/30/84 10873.50
10/31/84 10999.85
11/30/84 10910.66
12/31/84 11247.52
01/31/85 12317.96
02/28/85 12234.22
03/31/85 12099.58
04/30/85 11915.32
05/31/85 12637.00
06/30/85 12853.21
07/31/85 12946.13
08/31/85 12915.16
09/30/85 12486.21
10/31/85 13032.82
11/30/85 13743.42
12/31/85 14358.67
01/31/86 14723.99
02/28/86 16060.61
03/31/86 16863.60
04/30/86 16649.23
05/31/86 17229.81
06/30/86 17448.44
07/31/86 16467.58
08/31/86 17412.45
09/30/86 16236.53
10/31/86 16970.84
11/30/86 17088.69
12/31/86 16622.01
01/31/87 18548.29
02/28/87 19652.24
03/31/87 20190.71
04/30/87 20066.78
05/31/87 20134.38
06/30/87 20756.17
07/31/87 22003.81
08/31/87 22366.76
09/30/87 22198.62
10/31/87 16720.29
11/30/87 15875.72
12/31/87 17166.99
01/31/88 17596.80
02/29/88 18734.53
03/31/88 18390.63
04/30/88 18671.01
05/31/88 18760.23
06/30/88 19824.23
07/31/88 19631.51
08/31/88 19091.91
09/30/88 19750.66
10/31/88 20165.10
11/30/88 19906.07
12/31/88 20231.04
01/31/89 21346.24
02/28/89 20926.40
03/31/89 21439.26
04/30/89 22575.99
05/31/89 23686.28
06/30/89 23604.95
07/31/89 25441.19
08/31/89 26066.57
09/30/89 26028.57
10/31/89 25158.27
11/30/89 25519.78
12/31/89 26057.85
01/31/90 24662.67
02/28/90 25171.33
03/31/90 25666.65
04/30/90 25008.16
05/31/90 26866.57
06/30/90 26704.37
07/31/90 26453.97
08/31/90 24553.88
09/30/90 23454.88
10/31/90 23202.68
11/30/90 24226.32
12/31/90 24729.69
01/31/91 26323.68
02/28/91 28054.30
03/31/91 28694.66
04/30/91 28725.22
05/31/91 30176.76
06/30/91 28505.19
07/31/91 29781.32
08/31/91 30273.32
09/30/91 30012.03
10/31/91 30305.97
11/30/91 28480.49
12/31/91 30700.92
01/31/92 31183.22
02/29/92 32064.66
03/31/92 31094.22
04/30/92 31311.78
05/31/92 31596.28
06/30/92 31162.40
07/31/92 31835.09
08/31/92 31179.22
09/30/92 31497.61
10/31/92 31886.26
11/30/92 32595.97
12/31/92 33298.34
01/31/93 34177.39
02/28/93 34474.46
03/31/93 35498.44
04/30/93 35498.44
05/31/93 36367.72
06/30/93 36423.46
07/31/93 36459.13
08/31/93 38156.04
09/30/93 38504.90
10/31/93 39141.50
11/30/93 38099.78
12/31/93 39412.49
01/31/94 41089.61
02/28/94 40271.50
03/31/94 38440.03
04/30/94 39344.02
05/31/94 39302.93
06/30/94 38394.55

$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Fund on
June 30, 1984. As the chart shows, by June 30, 1994, the value of your
investment would have grown to $38,394 - a 283.94% increase on your initial
investment. The same $10,000 investment in the S&P 500 (with dividends
reinvested) would have grown to $40,881 - a 308.81% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
A sharp downturn in U.S. stocks
during the first six months of 1994
negated most gains made in the
second half of 1993. Rising
interest rates sent the stock
market reeling from February
through May. Investors feared the
onset of higher inflation, and
worried that higher rates might
dampen the economic growth
that had begun to fuel improved
corporate earnings. Late in the
period, a weakening U.S. dollar
put additional downward
pressure on stocks. The
Standard & Poor's 500 stock
index fell 3.39% during the six
months ended June 30, 1994,
although it rose 1.41% for the 12
months ended June 30. Cyclical
stocks - those whose prices
tend to move in tandem with the
economy - were among the
market leaders. Sector examples
included metals such as copper
and steel, chemicals, and autos.
Market laggards included most
consumer nondurables -
especially retail, beverage, and
drug companies - and electric
utilities. Aside from Japanese
stocks, which made strong gains
due to a strengthening economy
and yen, most foreign markets
suffered corrections in the first half
of 1994. However, strong gains in
1993 helped drive the Morgan
Stanley EAFE (Europe, Australia,
Far East) index to a 17.00% total
return for the 12 months ended
June 30. The Morgan Stanley
Emerging Markets Free Index
was up 35.95%, again due to
strong performance in 1993.
An interview with Beth Terrana, Portfolio Manager of Fidelity Fund
Q. BETH, HOW DID THE FUND DO?
A. While it's been a challenging past six months for the fund and for stock
investors in general, the fund has performed relatively well. For the year
ended June 30, 1994, the fund had a total return of 5.41%. The average
growth and income fund tracked by Lipper Analytical Services returned 2.01%
during the same period.
Q. THE FUND MANAGED TO STAY AHEAD OF MOST OF ITS PEERS RECENTLY, DESPITE
THE MARKET DOWNTURN. HOW?
A. Mainly by effectively analyzing the merits of individual companies, and
building the fund stock by stock. The broad market has clearly been held
hostage by rising interest rates. Higher rates threaten the growth of
corporate earnings, and make safer investments such as CDs and savings
accounts look more attractive relative to stocks. With that backdrop, the
market has been choppy and unpredictable. In some cases, even the stocks of
companies showing solid earnings growth have fallen in value because
investors feared that growth couldn't be sustained. And the stocks of
companies with negative earnings surprises have been severely punished. It
has clearly been a stock picker's market in 1994, and fortunately I've been
able to target some companies that were increasing revenues while cutting
costs.
Q. WERE THERE ANY THEMES AT ALL?
A. Only one that stood out. Chemical stocks - 4.1% of the fund on June 30 -
performed well over the past six months. This is traditionally a cyclical
business, and true to form, the strengthening economy increased the demand
for the products of companies such as duPont, Union Carbide and Lyondell.
In addition, restructuring efforts helped boost earnings, particularly for
duPont and Union Carbide. In fact, most of the stocks that have done well
lately have effective cost management in common.
Q. ANY EXAMPLES?
A. Despite poor performance from most of the retail group, Ann Taylor was
up more than 50% year-to-date through June. New management has helped the
company give its customers the merchandise they want, with just the right
mix of fashion and value. Also, retailer Dayton Hudson is succeeding in
turning around its business. One of its divisions, Target, has been very
successful, while another, Mervyns, is slowly improving. In addition, Xerox
and Caterpillar - both among the fund's top 10 investments on June 30 -
have been positive stories. Xerox has undergone a massive internal
restructuring, and many of its products have proven technologically
superior to the competition. As for Caterpillar, the improving economy
helped accelerate earnings growth, but the company has effectively trimmed
expenses as well. Cyclical stocks - those whose earnings tend to move in
step with the economy - have boosted the fund's returns over the past year.
But I've begun to lean more toward growth stocks - particularly those
companies that can accelerate earnings growth through internal measures
such as cost cutting.
Q. WHY?
A. Because it appears to me that economic growth has peaked. The Federal
Reserve Board raised short-term interest rates over the past several months
to make sure the economy doesn't overheat and trigger higher inflation, and
recent numbers show that the economy has slowed somewhat. There are some
cyclical stocks such as Caterpillar that I believe can continue to increase
earnings in a slow growth economy. However, I'm gradually moving away from
companies whose earnings are more dependent upon strong economic growth.
Q. CAN YOU GIVE US A CURRENT EXAMPLE OF AN INDUSTRY THAT APPEARS PRIMED FOR
GROWTH, IRRESPECTIVE OF THE ECONOMY?
A. Sure, technology. I believe that corporate America will continue its
trend toward improving productivity through capital spending on technology.
Over the past six months, I've increased the fund's stake in technology
from 5.9% to 9.1%. But it's important to remember that this sector can be
very volatile. Many technology stocks have recently suffered corrections
worse than that of the broader market. However, that has created
opportunities to buy these stocks at cheaper valuations - prices relative
to other measures such as earnings. IBM, the fund's seventh largest
investment at the end of June, was a recent purchase. This is a company
that spent the past 25 years building up bureaucracy. But new management
has begun to effectively trim that fat. Plus, improving demand for the
company's mainframe computers has already translated into higher revenues.
Q. WHILE ADDING TECHNOLOGY STOCKS, YOU LOWERED THE FUND'S STAKE IN THE
FINANCIAL SECTOR FROM 11.3% TO 8.4% OVER THE PAST SIX MONTHS. WHY?
A. Because I think that, broadly speaking, the industry will have a hard
time growing revenues in the years ahead. That's because there's simply not
a large enough demand for loans. U.S. corporations are busy generating
cash, and they haven't needed the level of debt they took on in prior
economic cycles. As for consumers, I don't think they'll ever leverage up
the way they did in the 1980s. We're becoming a nation of savers versus
spenders. That said, I think consolidation in the banking industry could
help profits, but not enough to make this sector more attractive for now.
Q. IN A MARKET SUCH AS WE'VE SEEN, THERE MUST HAVE BEEN SOME
DISAPPOINTMENTS . . .
A. There were several. General Electric - the fund's second largest
investment on June 30 - was clearly the biggest. A trading scandal within a
brokerage house owned by the company soured investors on the stock. Also,
G.E. made a bid to acquire Kemper Insurance earlier this year, which led to
doubts about the company's focus. However, I think these are short-term
problems. The company is showing good profit growth in all of its
divisions, and I think prospects appear bright. In fact, I still believe in
the underlying stories behind most of the fund's stocks that have turned in
disappointing numbers over the past six months.
Q. WHICH ARE THOSE?
A. Freight rail carrier CSX and Sears are two examples. Both stocks
performed well in 1993 and early 1994. However, they're both down roughly
10% over the past six months. I think these were natural corrections,
though, and I'm sticking with both stocks. Through the downturns, the
business prospects of both companies have remained positive.
Q. THERE'S BEEN A LOT OF TALK LATELY ON DERIVATIVES. DO YOU USE THEM?
A. I do, but in a limited way. Some of the fund's foreign investments are
hedged with derivative instruments known as forward currency contracts. I
use these contracts to tie the value of overseas investments to movements
in the U.S. dollar, effectively reducing the fund's exposure to foreign
currencies. However, these strategies didn't always work as intended and,
under certain circumstances, the cost associated with hedging can reduce
the fund's total return.
Q. LET'S TALK ABOUT THE NEXT SIX MONTHS. WHAT'S YOUR OUTLOOK?
A. I'm operating under the assumption that the market will remain volatile.
With the future direction of interest rates and their effect on the economy
up in the air, I think we'll probably have the wind in our faces more often
than at our backs. Earnings growth appears to mean everything in this
market. The companies that show strong earnings are the "haves" and those
that don't are the "havenots." I'll continue to search for those companies
that are focusing on ways to improve their earnings, regardless of what the
economy does.

FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by investing
primarily in large,
well-established companies
with good prospects for
growth and current income
START DATE: April 30, 1930
SIZE: as of June 30, 1994,
more than $1.5 billion
MANAGER: Beth Terrana,
since August 1993; manager,
Fidelity Equity-Income Fund,
Fidelity Advisor Equity
Portfolio Income, VIP:
Equity-Income Portfolio,
1990-1993; Fidelity Growth &
Income Portfolio, 1985-1990;
joined Fidelity
in 1983
(checkmark)
BETH TERRANA ON MANAGING THE
FUND'S YIELD:
"Finding yield amid this market
environment has been difficult.
Electric utilities traditionally offer
attractive yields, but I have
barely owned any in the past six
months. Regulators have made
it difficult for utilities to raise
rates, and dividend cuts are
now occurring. In addition,
electric companies in many
parts of the country are facing
increased competition. For
these reasons, electric utility
stocks have performed terribly.
So the fund has sought income
from a variety of other sources:
larger energy stocks, drug
company stocks, and some
convertible bonds, among
them."
DISTRIBUTIONS
The Board of Trustees of
Fidelity Fund voted to pay on
August 8, 1994, to
shareholders of record at the
opening of business on August
5, 1994, a distribution of $.92
derived from capital gains
realized from sales of portfolio
securities. A total of 2% of the
dividends distributed during
the fiscal year were derived
from interest on U.S.
government securities which is
generally exempt from state
income tax, and 14% of the
dividends distributed during
the fiscal year qualifies for the
dividends-
received deductions for
corporate shareholders. The
fund will notify shareholders in
January 1995 of these
percentages for use in
preparing 1994 income tax
returns.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

British Petroleum PLC ADR 2.4 2.0

General Electric Co. 2.2 2.6

Xerox Corp. 2.2 1.9

CSX Corp. 1.6 1.1

Philip Morris Companies, Inc. 1.4 1.7

Caterpillar, Inc. 1.3 0.8

International Business Machines
Corp. 1.1 --

Schlumberger Ltd. 1.0 0.6

American Cyanamid Co. 1.0 --

Federal National Mortgage
Association 0.9 0.7

TOP FIVE INDUSTRIES AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO

Energy 9.9 10.2

Technology 9.1 5.9

Finance 8.4 11.3

Health 8.0 7.8

Retail & Wholesale 6.8 4.6

ASSET ALLOCATION
AS OF JUNE 30, 1994* AS OF DECEMBER 31, 1993**
Row: 1, Col: 1, Value: 12.4
Row: 1, Col: 2, Value: 3.1
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 40.0
Row: 1, Col: 5, Value: 44.5
Row: 1, Col: 1, Value: 6.1
Row: 1, Col: 2, Value: 7.0
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 40.0
Row: 1, Col: 5, Value: 46.9
Stocks 84.5%
Bonds 3.1%
Short-term invest-
ments and other 12.4%
FOREIGN
INVESTMENTS 11.8%

Stocks 86.9%
Bonds 7.0%
Short-term inves-
ments and other 6.1%
FOREIGN
INVESTMENTS 18.3%

*
**
INVESTMENTS JUNE 30, 1994

Showing Percentage of Total Value of Investments

COMMON STOCKS - 80.5%
SHARES VALUE (NOTE 1)

AEROSPACE & DEFENSE - 0.4%
Boeing Co. 99,700 $ 4,611
Sturm Ruger & Co., Inc. 64,100 1,891
6,502
BASIC INDUSTRIES - 6.1%
CHEMICALS & PLASTICS - 4.1%
Albemarle Corp. (a) 98,900 1,619
Betz Laboratories, Inc. 32,100 1,360
du Pont (E.I.) de Nemours & Co. 166,900 9,743
GEON 90,100 2,343
Grace (W.R.) & Co. 28,800 1,148
Great Lakes Chemical Corp. 91,700 4,963
Hercules, Inc. 36,400 3,895
Hoechst AG Ord. 40,000 8,164
Imperial Chemical Industries PLC ADR 76,000 3,610
Lyondell Petrochemical Co. 181,000 4,457
Nalco Chemical Co. 208,800 6,656
OM Group, Inc. (a) 243,800 4,876
Rohm & Haas Co. 21,700 1,351
Union Carbide Corp. 381,900 10,216
64,401
IRON & STEEL - 0.6%
Nucor Corp. 96,300 6,596
Oregon Steel Mills, Inc. 164,200 3,140
9,736
METALS & MINING - 0.8%
Alcan Aluminium Ltd. 335,000 7,568
Phelps Dodge Corp. 76,300 4,349
Reynolds Metals Co. 26,400 1,267
13,184
PACKAGING & CONTAINERS - 0.5%
Ball Corp. 104,872 2,727
Owens-Illinois, Inc. (a) 438,700 4,826
7,553
PAPER & FOREST PRODUCTS - 0.1%
Scott Paper Co. 37,700 1,970
TOTAL BASIC INDUSTRIES 96,844
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

CONGLOMERATES - 1.3%
Allied-Signal, Inc. 185,600 $ 6,426
Dial Corp. (The) 53,700 2,296
Harris Corp. 88,800 3,918
ITT Corp. 21,300 1,739
Textron, Inc. 37,800 1,980
United Technologies Corp. 74,300 4,774
21,133
CONSTRUCTION & REAL ESTATE - 5.3%
BUILDING MATERIALS - 0.8%
Armstrong World Industries, Inc. 205,400 9,577
Lafarge Corp. 66,000 1,279
Tecumseh Products Co. Class A 42,000 1,953
12,809
CONSTRUCTION - 0.1%
Lennar Corp. 32,500 613
REAL ESTATE - 0.1%
South West Property Trust, Inc. 178,600 2,188
REAL ESTATE INVESTMENT TRUSTS - 4.3%
Amli Residential Properties Trust (SBI) 87,900 1,890
Camden Property Trust (SBI) (a) 127,300 3,119
Chelsea GCA Realty, Inc. (a) 179,200 4,906
Debartolo Realty Corp. 240,500 3,517
Developers Diversified Realty 10,225 317
Duke Realty Investors, Inc. 138,500 3,514
Equity Residential Property Trust (SBI) 23,900 711
Factory Stores America, Inc. 141,300 3,550
Haagen Alexander Properties, Inc. 86,500 1,546
Health Care Property Investors, Inc. 136,000 4,182
Horizon Outlet Centers, Inc. 145,400 3,944
Kimco Realty Corporation 160,500 5,758
Liberty Property Trust (SBI) 41,600 832
Macerich Company 37,300 727
Merry Land & Investment Co., Inc. 339,800 6,881
RFS Hotel Investors, Inc. 246,300 4,372
Simon Properties Group, Inc. (a) 278,100 7,404
Smith (Charles E.) Residential Realty, Inc. 52,200 1,338
Summit Property Trust 118,300 2,366
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

CONSTRUCTION & REAL ESTATE - CONTINUED
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Tanger Factory Outlet Centers, Inc. 98,300 $ 2,838
Vornado Realty Trust 134,700 4,917
68,629
TOTAL CONSTRUCTION & REAL ESTATE 84,239
DURABLES - 5.4%
AUTOS, TIRES, & ACCESSORIES - 2.9%
Autoliv AB (a)(b) 89,200 2,027
BMW AG (a) 20,045 9,849
Continental Gummi-Werke AG (a) 19,300 2,981
General Motors Corp. 49,200 2,472
Goodyear Tire & Rubber Co. 6,400 230
Johnson Controls, Inc. 189,400 9,162
Snap-on Tools Corp. 127,100 4,734
Suzuki Motor Corp. 417,000 5,543
Toyota Motor Corporation 429,000 9,620
46,618
CONSUMER ELECTRONICS - 0.4%
Harman International Industries, Inc. (a) 52,200 1,305
Matsushita Electric Industrial Co. Ltd. 279,000 5,124
6,429
HOME FURNISHINGS - 0.3%
Leggett & Platt, Inc. 127,300 4,774
TEXTILES & APPAREL - 1.8%
Arvind Mills Ltd. Unit (b) 124,100 745
Donnkenny, Inc. (a) 46,600 1,124
Interface, Inc. Class A 151,200 1,701
Jones Apparel Group, Inc. (a) 24,800 701
Kellwood Co. 213,450 4,562
Liz Claiborne, Inc. 57,300 1,146
Mohawk Industries, Inc. (a) 99,850 1,747
Russell Corp. 7,700 224
Unifi, Inc. 244,600 5,718
VF Corp. 118,100 5,610
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

DURABLES - CONTINUED
TEXTILES & APPAREL - CONTINUED
Warnaco Group, Inc. Class A (a) 157,000 $ 4,612
Westpoint Stevens, Inc. (a) 5,700 78
27,968
TOTAL DURABLES 85,789
ENERGY - 8.9%
ENERGY SERVICES - 2.1%
Energy Service Co., Inc. (a) 69,125 1,192
Enterra Corp. (a) 123,200 2,587
Global Marine, Inc. (a) 700,000 3,238
Halliburton Co. 209,900 7,084
Marine Drilling Cos., Inc. (a) 187,700 1,079
Offshore Pipelines, Inc. (a) 20,100 394
Schlumberger Ltd. 264,000 15,609
Sundowner Offshore Services, Inc. (a) 155,400 2,176
33,359
OIL & GAS - 6.8%
Amoco Corp. 98,200 5,597
Anadarko Petroleum Corp. 7,000 358
Apache Corp. 57,800 1,597
Atlantic Richfield Co. 90,700 9,263
British Petroleum PLC ADR 524,500 37,633
Burlington Resources, Inc. 96,600 3,997
Cabot Oil & Gas Corp. Class A 90,600 1,891
Canadian Natural Resources Ltd. (a) 390,300 5,573
Mobil Corp. 120,400 9,828
Murphy Oil Corp. 231,900 9,914
Phillips Petroleum Co. 130,000 4,063
Renaissance Energy Ltd. (a) 322,000 6,722
Total Compagnie Francaise des Petroles Class B 131,944 7,601
Triton Energy Corp. (a) 15,900 527
Unocal Corp. 81,300 2,327
Western Gas Resources, Inc. 65,300 1,730
108,621
TOTAL ENERGY 141,980
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

FINANCE - 8.1%
BANKS - 2.4%
Banc One Corp. 256,900 $ 8,799
Bank of New York Co., Inc. 242,200 6,994
Comerica, Inc. 193,800 5,475
Fleet Financial Group, Inc. 194,100 7,327
NationsBank Corp. 191,559 9,841
38,436
CLOSED END INVESTMENT COMPANY - 0.3%
Morgan Stanley India Investment Fund (a) 370,000 5,041
CREDIT & OTHER FINANCE - 1.5%
American Express Co. 54,000 1,391
Beneficial Corp. 119,100 4,347
Brierley Investments Ltd. 2,890,593 2,114
Dean Witter Discover & Co. 110,189 4,132
GFC Financial Corp. 365,700 12,205
24,189
FEDERAL SPONSORED CREDIT - 0.9%
Federal National Mortgage Association 175,800 14,679
INSURANCE - 3.0%
ACE Ltd. 57,100 1,406
Allstate Corp. 262,800 6,241
American International Group, Inc. 104,400 9,044
General Re Corp. 93,100 10,148
NWNL Companies, Inc. 111,100 3,694
SAFECO Corp. 152,300 8,472
Travelers, Inc. (The) 252,900 8,156
47,161
TOTAL FINANCE 129,506
HEALTH - 7.4%
DRUGS & PHARMACEUTICALS - 3.6%
Allergan, Inc. 152,700 3,302
American Cyanamid Co. 275,300 15,417
COR Therapeutics, Inc. (a) 208,100 2,445
Cell Genesys, Inc. (a) 43,500 402
Cephalon, Inc. (a) 151,500 1,364
Creative Biomolecules, Inc. (a) 136,700 427
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Cytotheraputics, Inc. (a) 61,400 $ 345
Elan PLC ADR (a) 58,000 2,016
Lilly (Eli) & Co. 188,200 10,704
Pfizer, Inc. 83,100 5,246
Protein Design Labs, Inc. (a) 22,500 411
Schering AG (a) 7,700 4,610
Warner-Lambert Co. 163,700 10,804
57,493
MEDICAL EQUIPMENT & SUPPLIES - 2.0%
Becton, Dickinson & Co. 34,500 1,410
Johnson & Johnson 200,000 8,575
Mallinckrodt Group, Inc. 188,700 6,133
McKesson Corp. 57,700 4,162
Medtronic, Inc. 94,400 7,564
St. Jude Medical, Inc. 115,700 3,760
31,604
MEDICAL FACILITIES MANAGEMENT - 1.8%
Columbia/HCA Healthcare Corp. 237,775 8,916
Health Management Associates, Inc. Class A (a) 147,750 3,029
Humana, Inc. (a) 288,800 4,657
National Medical Enterprises, Inc. 204,200 3,191
U.S. Healthcare, Inc. 121,450 4,494
United HealthCare Corp. 112,100 4,988
29,275
TOTAL HEALTH 118,372
INDUSTRIAL MACHINERY & EQUIPMENT - 6.3%
ELECTRICAL EQUIPMENT - 2.2%
General Electric Co. 748,100 34,880
INDUSTRIAL MACHINERY & EQUIPMENT - 2.5%
Caterpillar, Inc. 207,400 20,740
Greenfield Industries, Inc. 38,000 741
Indresco, Inc. (a) 309,400 3,674
Keystone International, Inc. 16,600 324
Nokia AB Free shares 87,200 7,104
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
Parker-Hannifin Corp. 50,000 $ 2,131
SKF AB Ord. (a) 320,000 5,643
40,357
POLLUTION CONTROL - 1.6%
Browning-Ferris Industries, Inc. 219,000 6,652
Safety Kleen Corp. 109,900 1,868
Sanifill, Inc. (a) 116,400 2,939
WMX Technologies, Inc. 317,300 8,408
Western Waste Industries, Inc. (a) 245,100 4,902
24,769
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 100,006
MEDIA & LEISURE - 4.3%
BROADCASTING - 0.1%
Infinity Broadcasting Corp. (a) 83,200 2,018
ENTERTAINMENT - 0.4%
Airtour PLC 38,000 270
Carnival Cruise Lines, Inc. Class A 31,800 1,407
Iwerks Entertainment, Inc. (a) 88,700 588
Royal Caribbean Cruises Ltd. 142,100 3,943
6,208
LEISURE, DURABLES & TOYS - 0.4%
Brunswick Corp. 162,500 3,575
Hasbro, Inc. 21,600 640
Mattel, Inc. 94,800 2,406
6,621
LODGING & GAMING - 1.9%
Host Marriott Corp. 467,500 4,558
La Quinta Motor Inns, Inc. 461,075 12,046
Marriott International, Inc. 105,700 2,814
Mirage Resorts, Inc. (a) 258,050 4,838
Red Lion Inns LP 169,200 4,230
Sholodge, Inc. (a) 97,200 1,993
30,479
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

MEDIA & LEISURE - CONTINUED
PUBLISHING - 1.2%
American Publishing Co. Class A (a) 150,600 $ 2,071
Harcourt General, Inc. 120,600 4,236
Houghton Mifflin Co. 111,100 4,916
McGraw-Hill, Inc. 105,600 7,022
18,245
RESTAURANTS - 0.3%
Morrison Restaurants, Inc. 205,850 4,683
TOTAL MEDIA & LEISURE 68,254
NONDURABLES - 4.3%
BEVERAGES - 0.2%
Seagram Co. Ltd. 83,400 2,517
FOODS - 0.7%
ConAgra, Inc. 126,100 3,846
Dean Foods Co. 261,000 7,047
Michael Foods, Inc. 38,500 424
11,317
HOUSEHOLD PRODUCTS - 1.4%
Premark International, Inc. 156,200 11,754
Procter & Gamble Co. 109,200 5,828
Safety First, Inc. (a) 174,700 3,800
Stanhome, Inc. 5,500 182
21,564
TOBACCO - 2.0%
Philip Morris Companies, Inc. 430,400 22,166
RJR Nabisco Holdings Corp. (a) 576,300 3,530
UST, Inc. 257,100 6,974
32,670
TOTAL NONDURABLES 68,068
RETAIL & WHOLESALE - 6.8%
APPAREL STORES - 2.3%
AnnTaylor Stores Corp. (a) 208,500 8,001
Gap, Inc. 166,100 7,101
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

RETAIL & WHOLESALE - CONTINUED
APPAREL STORES - CONTINUED
Goody's Family Clothing (a) 87,800 $ 1,602
Gymboree Corp. (a) 76,500 3,022
Limited, Inc. (The) 293,800 5,068
Melville Corp. 99,700 3,863
Norton McNaughton, Inc. 223,000 4,516
United States Shoe Corp. 150,200 2,854
36,027
DRUG STORES - 0.0%
Revco (D.S.), Inc. (a) 30,276 484
GENERAL MERCHANDISE STORES - 2.6%
Dayton Hudson Corp. 114,000 9,234
Federated Department Stores, Inc. (a) 417,600 8,352
Kohls Corp. (a) 10,000 470
Meyer (Fred), Inc. (a) 197,400 7,180
Sears, Roebuck & Co. 219,400 10,531
Stein Mart, Inc. (a) 242,500 4,244
Wal-Mart Stores, Inc. 75,500 1,831
41,842
GROCERY STORES - 0.1%
Fleming Companies, Inc. 9,300 258
Whole Foods Market, Inc. (a) 53,200 825
1,083
RETAIL & WHOLESALE, MISCELLANEOUS - 1.8%
Amway Asia Pacific Ltd. (a) 2,600 90
Books-A-Million, Inc. (a) 96,000 2,256
Brookstone, Inc. (a) 65,100 993
Duty Free International, Inc. 90,400 961
Hechinger Co. Class A 340,500 4,682
Land's End, Inc. (a) 191,600 3,329
Little Switzerland, Inc. (a) 13,400 84
Tiffany & Company, Inc. 266,900 9,241
Toys "R" Us, Inc. (a) 215,500 7,058
28,694
TOTAL RETAIL & WHOLESALE 108,130
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

SERVICES - 2.0%
LEASING & RENTAL - 0.4%
Blockbuster Entertainment Corp. 226,600 $ 5,863
PRINTING - 1.0%
Alco Standard Corp. 122,900 7,021
Donnelley (R.R.) & Sons Co. 330,100 9,160
16,181
SERVICES - 0.6%
Jostens, Inc. 126,800 2,045
Robert Half International, Inc. (a) 33,000 1,332
Supercuts, Inc. (a) 184,300 1,981
Zebra Technologies Corp. Class A (a) 158,700 5,039
10,397
TOTAL SERVICES 32,441
TECHNOLOGY - 8.1%
COMMUNICATIONS EQUIPMENT - 0.2%
Cabletron Systems, Inc. (a) 17,000 1,643
DSC Communications Corp. (a) 85,800 1,678
Newbridge Networks Corp. 10,000 344
3,665
COMPUTER SERVICES & SOFTWARE - 1.7%
Adobe Systems, Inc. 75,500 2,057
Broderbund Software, Inc. (a) 65,000 2,941
Compuware Corp. (a) 54,400 2,251
Equifax Inc. 112,400 3,175
LEGENT Corp. (a) 145,800 3,937
Manugistics Group, Inc. (a) 123,000 938
Parametric Technology Corp. (a) 301,000 6,810
Peoplesoft, Inc. (a) 43,500 1,522
Platinum Technology, Inc. (a) 181,600 2,361
Walker Interactive Systems, Inc. (a) 59,700 500
26,492
COMPUTERS & OFFICE EQUIPMENT - 3.8%
Hewlett-Packard Co. 98,300 7,409
International Business Machines Corp. 308,000 18,095
Xerox Corp. 356,000 34,799
60,303
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

TECHNOLOGY - CONTINUED
ELECTRONIC INSTRUMENTS - 0.3%
Applied Materials, Inc. (a) 105,700 $ 4,519
ELECTRONICS - 1.5%
AMP, Inc. 77,200 5,346
Hitachi Ltd. 480,000 5,017
Intel Corp. 75,500 4,417
Motorola, Inc. 217,500 9,679
24,459
PHOTOGRAPHIC EQUIPMENT - 0.6%
Eastman Kodak Co. 188,800 9,086
TOTAL TECHNOLOGY 128,524
TRANSPORTATION - 3.3%
AIR TRANSPORTATION - 0.5%
KLM Royal Dutch Airlines (a):
ADR 6,500 178
Ord. 288,900 8,064
8,242
RAILROADS - 2.8%
CSX Corp. 329,400 24,870
Canadian Pacific Ltd. Ord. 310,400 4,572
Conrail, Inc. 41,000 2,245
Illinois Central Corp., Series A 101,900 3,375
Johnstown America Industries, Inc. (a) 124,200 2,515
Santa Fe Pacific Corp. 270,300 5,643
Southern Pacific Rail Corp. (a) 50,900 999
44,219
TRUCKING & FREIGHT - 0.0%
TNT Ltd. (a) 23,321 38
TOTAL TRANSPORTATION 52,499
UTILITIES - 2.5%
CELLULAR - 0.7%
Airtouch Communications (a) 384,000 9,072
Vodafone Group PLC (a) 232,400 1,756
Vodafone Group PLC sponsored ADR 6,900 523
11,351
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

UTILITIES - CONTINUED
ELECTRIC UTILITY - 1.0%
Peco Energy Co. 196,200 $ 5,175
Veba Vereinigte Elektrizetaets & Bergwerks AG Ord. 32,700 10,268
15,443
GAS - 0.4%
Panhandle Eastern Corp. 277,600 5,483
TELEPHONE SERVICES - 0.4%
AT & T Corporation 75,400 4,100
Ameritech Corp. 37,300 1,427
Southwestern Bell Corp. 22,400 974
Telebras ON 18,500,000 518
7,019
TOTAL UTILITIES 39,296
TOTAL COMMON STOCKS
(Cost $1,282,561) 1,281,583
PREFERRED STOCKS - 4.0%
CONVERTIBLE PREFERRED STOCKS - 3.4%
BASIC INDUSTRIES - 0.3%
METALS & MINING - 0.3%
Reynolds Metals Co. $3.31 116,400 5,805
DURABLES - 0.3%
AUTOS, TIRES, & ACCESSORIES - 0.3%
Chrysler Corp., Series A, $4.625 (b) 21,200 2,798
Ford Motor Co. (Del.), Series A, $4.20 19,800 1,921
4,719
ENERGY - 1.0%
ENERGY SERVICES - 0.2%
Chiles Offshore Corp. $1.50 (a) 176,000 4,004
OIL & GAS - 0.8%
Unocal Corp. $3.50 (b) 190,000 10,307
Western Gas Resources, Inc. $2.625 45,000 1,969
12,276
TOTAL ENERGY 16,280
PREFERRED STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

CONVERTIBLE PREFERRED STOCKS - CONTINUED
FINANCE - 0.1%
BANKS - 0.1%
Citicorp $5.375 (b) 15,400 $ 1,729
HEALTH - 0.2%
MEDICAL EQUIPMENT & SUPPLIES - 0.2%
U.S. Surgical Corp. $2.20 (b) 121,000 2,934
NONDURABLES - 0.6%
TOBACCO - 0.6%
RJR Nabisco Holdings Corp., Series A, depositary
shares representing 1 share common 1,471,000 9,194
SERVICES - 0.3%
PRINTING - 0.3%
Alco Standard Corp., Series AA, $2.30 (a) 71,000 4,757
TECHNOLOGY - 0.4%
COMPUTER SERVICES & SOFTWARE - 0.4%
Ceridian Corp. (a) 98,500 5,861
UTILITIES - 0.2%
TELEPHONE SERVICES - 0.2%
LCI International $1.25 104,500 2,560
TOTAL CONVERTIBLE PREFERRED STOCKS 53,839
NONCONVERTIBLE PREFERRED STOCKS - 0.6%
DURABLES - 0.6%
AUTOS, TIRES, & ACCESSORIES - 0.6%
Porsche AG NV (RFD 1/2/94) 2,075 987
Porsche AG Ord. (non-vtg.) 8,300 4,026
Volkswagen AG $12.00 20,000 4,624
9,637
TOTAL NONCONVERTIBLE PREFERRED STOCKS 9,637
TOTAL PREFERRED STOCKS
(Cost $ 65,868) 63,476
CORPORATE BONDS - 3.1%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (000S) (000S)
CONVERTIBLE BONDS - 1.4%
CONGLOMERATES - 0.0%
CTII Overseas Finance euro 4 1/4%,
11/18/98 (b) -- $ 310 $ 253
CONSTRUCTION & REAL ESTATE - 0.1%
REAL ESTATE INVESTMENT TRUSTS - 0.1%
Centerpoint Properties 8.22%, 1/15/04 -- 297 330
Liberty Property Limited Partnership
8%, 7/1/01 -- 314 312
642
DURABLES - 0.1%
TEXTILES & APPAREL - 0.1%
Interface, Inc. 8%, 9/15/13 Ba3 2,110 1,973
FINANCE - 0.2%
BANKS - 0.2%
Bank of New York Co., Inc. 7 1/2%,
8/15/01 Baa1 1,920 2,863
HEALTH - 0.4%
MEDICAL FACILITIES MANAGEMENT - 0.4%
Integrated Health Services, Inc.:
5 3/4%, 1/1/01 B2 4,490 4,804
6%, 1/1/03 B2 1,650 1,749
6,553
SERVICES - 0.0%
Medaphis Corp. 6 1/2%, 1/1/00 (b) -- 340 377
TECHNOLOGY - 0.6%
COMMUNICATIONS EQUIPMENT - 0.2%
General Instrument Corp. 5%, 6/15/00 B1 2,050 2,716
COMPUTER SERVICES & SOFTWARE - 0.4%
Sterling Software, Inc. 5 3/4%, 2/01/03 B1 5,400 6,507
TOTAL TECHNOLOGY 9,223
TOTAL CONVERTIBLE BONDS 21,884
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (000S) (000S)
NONCONVERTIBLE BONDS - 1.7%
AEROSPACE & DEFENSE - 0.1%
DEFENSE ELECTRONICS - 0.1%
Trancor, Inc. 10 7/8%, 8/15/01 B2 $ 1,500 $ 1,530
BASIC INDUSTRIES - 0.3%
CHEMICALS & PLASTICS - 0.3%
IMC Fertilizer Group, Inc. 9 1/4%, 10/1/00 B3 5,000 4,750
DURABLES - 0.3%
TEXTILES & APPAREL - 0.3%
Westpoint Stevens 9 3/8%, 12/15/05 B3 5,000 4,537
INDUSTRIAL MACHINERY & EQUIPMENT - 0.4%
INDUSTRIAL MACHINERY & EQUIPMENT - 0.2%
Joy Technologies, Inc. 10 1/4%, 9/1/03 B1 3,600 3,515
POLLUTION CONTROL - 0.2%
Laidlaw, Inc. 6%, 1/31/99 Baa2 3,000 3,060
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 6,575
MEDIA & LEISURE - 0.3%
LODGING & GAMING - 0.3%
Host Marriott Corp.:
9 1/8%, 12/1/00 B1 1,000 990
9 7/8%, 5/1/01 B1 350 350
10 1/2%, 5/1/06 B1 750 750
Red Roof Inns 9 5/8%, 12/15/03 (b) -- 4,000 3,735
5,825
NONDURABLES - 0.3%
BEVERAGES - 0.3%
Canandaigua Wine, Inc. 8 3/4%, 12/15/03 B1 5,000 4,425
TOTAL NONCONVERTIBLE BONDS 27,642
TOTAL CORPORATE BONDS
(Cost $52,878) 49,526
REPURCHASE AGREEMENTS - 12.4%
MATURITY VALUE (NOTE 1)
AMOUNT (000S)
(000S)
Investments in repurchase agreements,
(U.S. Treasury obligations), in a joint
trading account at 4.29% dated
6/30/94 due 7/1/94 $ 198,073 $ 198,049
TOTAL INVESTMENTS IN SECURITIES - 100%
(Cost $1,599,356) $ 1,592,634
FORWARD FOREIGN CURRENCY CONTRACTS
AMOUNTS IN THOUSANDS SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/LOSS
CONTRACTS TO SELL
29,165 NLG 8/24/94 $ 16,372 $ (687)
75,384 FRF 9/29/94 13,818 105
5,845 DEM 7/18/94 3,681 (280)
TOTAL CONTRACTS TO SELL
(Receivable amount $33,009) $ 33,871 $ (862)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.1%
CURRENCY ABBREVIATIONS
NLG - Dutch guilder
FRF - French franc
DEM - German Deutsche mark
LEGEND
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $24,905,000 or 1.6% of net
assets.
OTHER INFORMATION
Distribution of investments by country of issue, as a percentage of total
value of investment in securities, is as follows:
United States 88.2%
Germany 2.9
United Kingdom 2.8
Canada 1.9
Japan 1.6
Others (individually less than 1%) 2.6
TOTAL 100.0%
INCOME TAX INFORMATION
At June 30,1994, the aggregate cost of investment securities for income tax
purposes was $1,603,200,000. Net unrealized depreciation aggregated
$10,566,000, of which $66,964,000 related to appreciated investment
securities and $77,530,000 related to depreciated investment securities.
The fund hereby designates $14,102,000 as a capital gain dividend for the
purpose of the dividend paid deduction.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
(EXCEPT PER SHARE AMOUNTS) JUNE 30, 1994

ASSETS

Investment in securities, at value (including repurchase $ 1,592,634
agreements of $198,049) (cost $1,599,356) (Notes 1 and
2) - See accompanying schedule

Cash 402

Receivable for investments sold 7,098

Unrealized appreciation on foreign currency contracts (Note 105
2)

Receivable for fund shares sold 1,775

Dividends receivable 3,594

Interest receivable 915

Other receivables 919

TOTAL ASSETS 1,607,442

LIABILITIES

Payable for investments purchased $ 12,427

Unrealized depreciation on foreign currency contracts (Note 967
2)

Payable for fund shares redeemed 1,096

Accrued management fee 556

Other payables and accrued expenses 341

TOTAL LIABILITIES 15,387

NET ASSETS $ 1,592,055

Net Assets consist of (Note 1):

Paid in capital $ 1,509,621

Undistributed net investment income 763

Accumulated undistributed net realized gain (loss) on 89,207
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on investments (7,536)
and assets and liabilities in foreign currencies

NET ASSETS, for 85,559 shares outstanding $ 1,592,055

NET ASSET VALUE, offering price and redemption price per $18.61
share ($1,592,055 (divided by) 85,559 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JUNE 30, 1994

INVESTMENT INCOME $ 27,908
Dividends

Interest (including security lending fees of $82) (Note 5) 10,762

TOTAL INCOME 38,670

EXPENSES

Management fee (Note 4) $ 6,400

Transfer agent fees (Note 4) 2,897

Accounting and security lending fees (Note 4) 633

Non-interested trustees' compensation 9

Custodian fees and expenses 292

Registration fees 89

Audit 71

Legal 21

Miscellaneous 21

Total expenses before reductions 10,433

Expense reductions (Note 6) (388) 10,045

NET INVESTMENT INCOME 28,625

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(NOTES 1, 2 AND 3)
Net realized gain (loss) on:

Investment securities 173,657

Foreign currency transactions (3,903) 169,754

Change in net unrealized appreciation (depreciation) on:

Investment securities (123,583)

Assets and liabilities in foreign currencies (1,882) (125,465)

NET GAIN (LOSS) 44,289

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ 72,914
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED SIX MONTHS YEAR ENDED
JUNE 30, ENDED DECEMBER
1994 JUNE 30, 31,
1993 1992

INCREASE (DECREASE) IN NET ASSETS

Operations $ 28,625 $ 20,327 $ 31,653
Net investment income

Net realized gain (loss) 169,754 109,914 73,372

Change in net unrealized appreciation (125,465) (6,164) 2,968
(depreciation)

NET INCREASE (DECREASE) IN NET ASSETS 72,914 124,077 107,993
RESULTING FROM OPERATIONS

Distributions to shareholders: (24,519) (15,445) (33,522)
From net investment income

From net realized gain (186,096) (4,886) (40,532)

TOTAL DISTRIBUTIONS (210,615) (20,331) (74,054)

Share transactions 505,119 152,814 373,113
Net proceeds from sales of shares

Reinvestment of distributions 178,614 15,919 59,076

Cost of shares redeemed (393,459) (187,111) (431,811)

Net increase (decrease) in net assets 290,274 (18,378) 378
resulting from share transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 152,573 85,368 34,317

NET ASSETS

Beginning of period 1,439,482 1,354,114 1,319,797

End of period (including undistributed net $ 1,592,055 $ 1,439,482 $ 1,354,114
investment income of $763, $16,897, and
$12,015 respectively)

OTHER INFORMATION
Shares

Sold 25,794 7,688 19,893

Issued in reinvestment of distributions 9,338 796 3,143

Redeemed (20,074) (9,496) (23,022)

Net increase (decrease) 15,058 (1,012) 14

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
YEAR ENDED SIX MONTHS YEARS ENDED DECEMBER 31,
JUNE 30, ENDED
JUNE 30,

1994 1993 1992B 1991 1990 1989

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, $ 20.42 $ 18.94 $ 18.46 $ 16.29 $ 17.93 $ 15.42
beginning of period

Income from
Investment
Operations

Net investment .27 .29C .45 .53 .70E .67
income

Net realized and .79 1.48 1.09 3.29 (1.60) 3.69
unrealized gain
(loss)

Total from 1.06 1.77 1.54 3.82 (.90) 4.36
investment
operations

Less Distributions

From net (.31) (.22) (.48) (.50) (.74) (.68)
investment
income

From net realized (2.56) (.07) (.58) (1.15) - (1.17)
gain

Total distributions (2.87) (.29) (1.06) (1.65) (.74) (1.85)

Net asset value, end $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29 $ 17.93
of period

TOTAL RETURND 5.41%G 9.39% 8.46% 24.15% (5.10)% 28.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 1,592 $ 1,439 $ 1,354 $ 1,320 $ 1,064 $ 1,087
period (in millions)

Ratio of expenses to .65%F .66%A .67% .68% .66% .64%
average net assets

Ratio of expenses to .68%F .66%A .67% .68% .66% .64%
average net assets
before expense
reductions

Ratio of net 1.85% 2.94%A, 2.37% 2.84% 4.04% 3.76%
investment income C E
to average net
assets

Portfolio turnover rate 207% 261%A 151% 267% 259% 191%

</TABLE>

A ANNUALIZED
B AS OF JANUARY 1, 1992, THE FUND DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
C INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND FROM IMPERIAL
CHEMICAL INDUSTRIES PLC ADR WHICH AMOUNTED TO $.06 PER SHARE.
D THE TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
E INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.06 PER SHARE.
F SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS.
G THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1994

1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Fund (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The following summarizes the significant
accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Effective July 1, 1993, the fund adopted Statement of Position (SOP) 93-4:
Foreign Currency Accounting and Financial Statement Presentation for
Investment Companies. In accordance with this SOP, reported net realized
gains and losses on foreign currency transactions represent net gains and
losses from sales and maturities of forward currency contracts, disposition
of foreign currencies, currency gains and losses realized between the trade
and settlement dates on securities transactions, and the difference between
the amount of net investment income accrued and the U.S. dollar amount
actually received. Further, as permitted under the SOP, the effects of
changes in foreign currency exchange rates on investments in securities are
not segregated in the Statement of Operations from the effects of changes
in market prices of those securities, but are included with the net
realized and unrealized gain or loss on investments.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income, which includes accretion of original
issue discount, is accrued as
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
earned. Investment income is recorded net of foreign taxes withheld where
recovery of such taxes is uncertain.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
foreign currency transactions, market discount, partnerships, non-taxable
dividends, and losses deferred due to wash sales. The fund also utilized
earnings and profits distributed to shareholders on redemption of shares as
a part of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective July 1,
1993, the fund adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the fund changed the classification of distributions to shareholders to
better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of June 30, 1993 have been reclassified to reflect
an increase in paid in capital of $132,120,000 a decrease in undistributed
net investment income of $13,611,000 and a decrease in accumulated net
realized gain on investments of $118,509,000.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may enter into forward foreign
currency contracts. These contracts involve market risk in excess of the
amount reflected in the fund's Statement of Assets and Liabilities. The
face or contract amount in U.S. dollars reflects the total exposure the
fund has in that particular currency contract. The U.S. dollar value of
forward foreign currency contracts is determined using forward currency
exchange rates supplied by a quotation service. Losses may arise due to
changes in the value of the foreign currency or if the counterparty does
not perform under the contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and any realized gain (loss) is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
2. OPERATING POLICIES -
CONTINUED
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible for
determining that the value of these underlying securities remains at least
equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other registered
investment companies having management contracts with FMR, may transfer
uninvested cash balances into a joint trading account. These balances are
invested in one or more repurchase agreements that are collateralized by
U.S. Treasury or Federal Agency obligations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $3,078,626,000 and $2,949,361,000 respectively, of which U.S.
government and government agency obligations aggregated $124,118,000 and
$239,747,000, respectively.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates ranging from
.31% to .52% and is based on the monthly average net assets of all the
mutual funds advised by FMR. The annual individual fund fee rate is .09%.
For the period, the management fee was equivalent to an annual rate of .41%
of average net assets.
The Board of Trustees previously approved a group fee rate schedule with
rates ranging from .2850% to .5200%. Effective November 1, 1993, FMR
voluntarily implemented this group fee rate schedule as it resulted in the
same or lower management fee. In July 1994, the Board of Trustees approved
a new group fee rate schedule with rates ranging from .27% to .52%.
Effective August 1, 1994, FMR has voluntarily agreed to implement this new
group fee rate schedule as it results in the same or a further reduction in
the management fee.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $13,000 for the
period.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES -
CONTINUED
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives fees based on the type, size, number of accounts and the
number of transactions made by shareholders. FSC pays for typesetting,
printing and mailing of all shareholder reports, except proxy statements.
ACCOUNTING AND SECURITY LENDING FEES. FSC maintains the fund's accounting
records and administers the security lending program. The security lending
fee is based on the number and duration of lending transactions. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $1,659,000 for the period.
5. SECURITY LENDING.
The fund loaned securities to certain brokers who paid the fund negotiated
lenders' fees. These fees are included in interest income. The fund
receives U.S. Treasury obligations and/or cash as collateral against the
loaned securities, in an amount at least equal to 102% of the market value
of the loaned securities at the inception of each loan. This collateral
must be maintained at not less than 100% of the market value of the loaned
securities during the period of the loan. At period end, there were no
loans outstanding.
6. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$388,000 under this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of
Fidelity Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Hastings Street Trust: Fidelity Fund, including the schedule of
portfolio investments, as of June 30, 1994, and the related statement of
operations for the year then ended, the statement of changes in net assets
for the year then ended, for the six month period ended June 30, 1993 and
for the year ended December 31, 1992, and the financial highlights for the
year then ended, the six month period ended June 30, 1993 and for the four
years in the period ended December 31, 1992. These financial statements and
financial highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1994 by correspondence with the custodian
and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Hastings Street Trust: Fidelity Fund as of June 30, 1994, the
results of its operations for the year then ended, the changes in its net
assets for the year then ended, the six month period ended June 30, 1993
and for the year ended December 31, 1992, and the financial highlights for
the year then ended, the six month period ended June 30, 1993 and for each
of the four years in the period ended December 31, 1992, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND, L.L.P.
Boston, Massachusetts
August 5, 1994
TO CALL FIDELITY

FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.

(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios.(registered trademark)
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES. FOR MORE
INFORMATION ON ANY
FIDELITY FUND INCLUDING MANAGEMENT FEES AND CHARGES, CALL 1-800-544-8888
FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
2249 Galiano Street
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
175 East 400 South Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Beth Terrana, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
The Chase Manhattan Bank, N.A.
New York, NY
FIDELITY GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Fidelity Fifty
Growth Company Fund
Low-Priced Stock Fund
Magellan(Registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Growth Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE