FIDELITY HASTINGS STREET TRUST, N-30D, 1995-02-07

FIDELITY HASTINGS STREET TRUST
N-30D, 1995-02-07

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(2_FIDELITY_LOGOS)

FIDELITY
FUND
SEMIANNUAL REPORT
DECEMBER 31, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
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 25 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 29 Notes to the financial statements.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMA-
TION 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. FOR MORE INFORMATION ON ANY
FIDELITY FUND,
INCLUDING CHARGES AND EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS.
READ IT
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
The unsettling period that began for investors when the Federal Reserve
Board raised short-term interest rates in February continued into the
fourth quarter of 1994. The Board raised the federal funds rate - the rate
banks charge each other for overnight loans - five times from February
through August, taking it from 3.00% to 4.75%. A sixth increase in November
lifted the rate to 5.50%. The Fed rate hikes were intended to forestall
inflation that could result from an improving U.S. economy, and they led to
below-average returns for many stocks and negative returns for many bond
investments.
The volatility we have witnessed this year follows a period in which there
was a nearly perfect investing environment. Although there was a
late-summer rally in stocks and, to a lesser extent in bond markets, it is
impossible to predict where interest rates might go or what might happen in
the markets in the months ahead. That's why it probably is a good time to
again review your investment portfolio and how well it matches your goals.
If you can leave your money invested over the long term, you can avoid much
of the volatility that generally accompanies the stock market in the short
term, as we have been witnessing this year. You also can help to manage
risk through diversification of investments. A stock fund is already
diversified because it invests in many issues. You can diversify even
further by placing some of your money in several different stock funds or
in other investment categories, such as bonds.
If you have a short investment time horizon, you might want to consider
moving some of your investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. As with any mutual fund, of course, there is no assurance that
a money market fund will achieve its goal, and it is important to remember
that money market funds are not insured by any agency of the U.S.
government.
Finally, no matter what your investment horizon or portfolio diversity, it
makes good sense to follow a regular investment plan - investing a certain
amount of money at the same time each month or quarter - and to review your
portfolio periodically, as we have discussed here. A periodic investment
plan will not, of course, assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for 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 stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1994 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Fidelity Fund 5.30% 2.58% 55.15% 259.45%

S&P 500(registered trademark) 4.87% 1.32% 51.77% 283.58%

Average Growth & Income Fund 2.64% -0.94% 49.80% 224.96%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, 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 Composite Index of 500 Stocks - a
common proxy for the U.S. stock market. You can also compare them to the
average growth & income fund, which currently reflects the performance of
375 growth & income funds tracked by Lipper Analytical Services. Both
benchmarks include reinvested dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 2.58% 9.18% 13.65%

S&P 500(registered trademark) 1.32% 8.70% 14.39%

Average Growth & Income Fund -0.94% 8.29% 12.38%

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) Standard & Poor's 50
12/31/84 10000.00 10000.00
01/31/85 10951.71 10779.00
02/28/85 10877.25 10911.58
03/31/85 10757.54 10919.22
04/30/85 10593.72 10909.39
05/31/85 11235.35 11539.96
06/30/85 11427.57 11721.13
07/31/85 11510.18 11703.55
08/31/85 11482.65 11604.07
09/30/85 11101.27 11240.86
10/31/85 11587.25 11760.19
11/30/85 12219.03 12566.94
12/31/85 12766.03 13175.18
01/31/86 13090.83 13248.96
02/28/86 14279.19 14239.98
03/31/86 14993.12 15034.57
04/30/86 14802.53 14864.68
05/31/86 15318.71 15655.49
06/30/86 15513.09 15920.06
07/31/86 14641.02 15030.13
08/31/86 15481.08 16145.37
09/30/86 14435.60 14810.15
10/31/86 15088.47 15664.69
11/30/86 15193.25 16045.34
12/31/86 14778.33 15636.19
01/31/87 16490.95 17742.38
02/28/87 17472.46 18443.20
03/31/87 17951.22 18976.21
04/30/87 17841.03 18807.33
05/31/87 17901.13 18970.95
06/30/87 18453.96 19928.98
07/31/87 19563.21 20939.38
08/31/87 19885.90 21720.42
09/30/87 19736.40 21244.74
10/31/87 14865.72 16668.63
11/30/87 14114.82 15295.13
12/31/87 15262.87 16459.09
01/31/88 15645.01 17152.02
02/29/88 16656.54 17951.30
03/31/88 16350.78 17396.61
04/30/88 16600.06 17589.71
05/31/88 16679.38 17742.74
06/30/88 17625.36 18557.13
07/31/88 17454.02 18486.61
08/31/88 16974.27 17858.07
09/30/88 17559.95 18618.82
10/31/88 17928.42 19136.43
11/30/88 17698.12 18862.78
12/31/88 17987.04 19192.87
01/31/89 18978.55 20597.79
02/28/89 18605.28 20084.91
03/31/89 19061.24 20552.89
04/30/89 20071.89 21619.58
05/31/89 21059.03 22495.17
06/30/89 20986.72 22366.95
07/31/89 22619.29 24386.69
08/31/89 23175.30 24864.67
09/30/89 23141.51 24762.72
10/31/89 22367.75 24188.23
11/30/89 22689.16 24681.66
12/31/89 23167.53 25274.02
01/31/90 21927.11 23578.14
02/28/90 22379.35 23882.30
03/31/90 22819.73 24515.18
04/30/90 22234.28 23902.30
05/31/90 23886.56 26232.77
06/30/90 23742.34 26054.39
07/31/90 23519.72 25971.01
08/31/90 21830.38 23623.23
09/30/90 20853.30 22472.78
10/31/90 20629.07 22376.15
11/30/90 21539.17 23821.65
12/31/90 21986.71 24486.27
01/31/91 23403.90 25553.87
02/28/91 24942.57 27380.98
03/31/91 25511.90 28043.60
04/30/91 25539.07 28110.90
05/31/91 26829.60 29325.29
06/30/91 25343.44 27982.19
07/31/91 26478.02 29286.16
08/31/91 26915.44 29980.25
09/30/91 26683.15 29479.58
10/31/91 26944.48 29874.60
11/30/91 25321.48 28670.66
12/31/91 27295.64 31950.58
01/31/92 27724.44 31356.30
02/29/92 28508.12 31763.93
03/31/92 27645.31 31144.53
04/30/92 27838.74 32060.18
05/31/92 28091.68 32217.28
06/30/92 27705.93 31737.24
07/31/92 28304.00 33035.29
08/31/92 27720.88 32358.07
09/30/92 28003.95 32739.89
10/31/92 28349.50 32854.48
11/30/92 28980.49 33974.82
12/31/92 29604.96 34392.71
01/31/93 30386.51 34681.61
02/28/93 30650.64 35153.28
03/31/93 31561.03 35895.02
04/30/93 31561.03 35026.36
05/31/93 32333.89 35965.06
06/30/93 32383.44 36069.36
07/31/93 32415.16 35925.08
08/31/93 33923.85 37286.64
09/30/93 34233.99 36999.54
10/31/93 34799.99 37765.43
11/30/93 33873.82 37406.66
12/31/93 35040.91 37859.28
01/31/94 36532.02 39146.49
02/28/94 35804.65 38085.62
03/31/94 34176.32 36425.09
04/30/94 34980.04 36891.33
05/31/94 34943.51 37496.35
06/30/94 34135.89 36577.69
07/31/94 35254.80 37777.44
08/31/94 36788.34 39326.31
09/30/94 36015.46 38362.82
10/31/94 36789.15 39225.98
11/30/94 35493.21 37797.37
12/30/94 35945.24 38357.90
$10,000 OVER 10 YEARS: Let's say
you invested $10,000 in Fidelity Fund on December 31, 1984. As the chart
shows, by December 31, 1994, the value of your investment would have grown
to $35,945 - a 259.45% increase on your initial investment. The same
$10,000 investment in the S&P 500 (with dividends reinvested) would have
grown to $38,358 - a 283.58% 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

An Interview with Beth Terrana, Portfolio Manager of Fidelity Fund
Q. HOW DID THE FUND DO, BETH?
A. For the six months ended December 31, 1994, the fund had a total return
of 5.30%. That compared favorably to the average growth and income fund
tracked by
Lipper Analytical Services, which returned 2.64% during the same period.
During the 12 months ended December 31, the fund rose 2.58%, while the
average fund returned -0.94%.
Q. HOW DID THE FUND TOP THE MAJORITY OF ITS PEERS OVER THE PAST SIX MONTHS?
A. Mainly by having a concentration of relatively well-performing stocks
among its 10 largest investments. Rising interest rates put pressure on
stock prices during most of the year, negating many of the positive effects
of excellent earnings growth among U.S. corporations. In 1994, companies
with excellent earnings often weren't rewarded with higher stock prices
because investors worried that higher interest rates might diminish FUTURE
earnings. And the stocks of those companies that reported earnings
disappointments really suffered. So while it was critical to own companies
that met and exceeded earnings expectations, it was even more important to
avoid mistakes.
Q. WITH THAT BACKDROP, WHICH SPECIFIC STOCKS HELPED THE FUND MOST?
A. Although they represent several different industries, many of the fund's
top performing stocks over the past six months have a common theme of
successful corporate restructuring. IBM is an excellent example. The
company actually has remained ahead of schedule with its cost-cutting
effort. And while earnings improvements over the past year mostly have been
due to those cost savings, IBM is finally starting to see accelerating
revenues as well. Another company in the midst of restructuring is Scott
Paper. The company's new management has effectively sold non-core assets
and used the cash to pay down debt. The stock has risen more than 30% over
the past six months and I like its prospects going forward. In addition, a
successful restructuring story continues at British Petroleum. I believe
that the market still has not realized the extent to which the company has
improved its business prospects. BP has been an excellent performer for the
fund for some time, yet I believe there is still plenty of potential in the
stock.
Q. OBVIOUSLY IT HAS BEEN A STOCK
PICKER'S MARKET. WERE THERE ANY SECTOR STORIES OF NOTE?
A. In 1994, sectors moved in and out of favor very quickly. That said,
health care was one group that stood out. Concerns about health care reform
had beaten down these stocks to very low levels of valuation. Once reform
was shelved for the time being, investors began to realize that many of
these companies are capable of strong earnings growth. The fund's stake in
health care peaked at roughly 10% in September and was well diversified
between medical equipment and pharmaceutical companies. Medtronic, Boston
Scientific and St. Jude Medical were standouts among the former category.
Pfizer, American Cyanamid and American Home - which bought out American
Cyanamid in 1994 - were some of the pharmaceutical stocks that performed
well.
Q. LET'S TURN TO THE DISAPPOINTMENTS. WHAT WERE SOME OF YOUR REGRETS?
A. Retail stocks - 6.5% of the fund on December 31 - were the biggest
disappointment. Retail stock prices were at depressed levels at the
beginning of 1994, and I believed that the improving economy could lead to
improved earnings in the sector. But consumer spending remained
surprisingly weak, which had a negative effect on earnings. Disappointing
stocks in the retail sector included Federated Department Stores and
AnnTaylor. Conversely, I should have purchased more technology stocks in
the second half of 1994. Strong earnings growth continued to propel stock
prices higher, despite valuations that, in some cases, I felt were already
high. The fund had a 9.5% stake in technology stocks at the end of 1994,
but, in hindsight, I could have invested even more heavily in this sector.
Q. THE FUND'S POSITION IN CASH (SHORT-TERM INVESTMENTS) HAS RISEN FROM
12.4% TO 13.8% OVER THE PAST SIX MONTHS. IS THIS A DEFENSIVE MOVE?
A. Not really. I think it's just a product of my having more sell ideas
than buy ideas right now. When some of the fund's larger investments hit
price targets over the past six months, I reduced those holdings. In the
meantime, I've found it difficult to find stocks with exciting stories and
attractive valuations to replace them. I'm finding that those companies
with the best growth prospects are well-known among investors, and their
stock prices tend to be on the expensive side. But when I find cheap stocks
with attractive prospects, I'll certainly make my move.
Q. SIX MONTHS AGO, YOU HAD HEDGED ROUGHLY 2% OF THE FUND'S FOREIGN
INVESTMENTS WITH DERIVATIVE INSTRUMENTS KNOWN AS FORWARD FOREIGN CURRENCY
CONTRACTS. HOW DID THAT STRATEGY WORK OUT?
A. I did hedge some of the fund's investments in Europe, because I didn't
want to expose the fund to currency risk - the risk that unfavorable
currency moves in countries in which the fund is invested would diminish
the value of those investments. However, the risk in hedging is a weak U.S.
dollar, and the dollar did fall in value relative to European currencies
during the first half of 1994. Because of tax laws, the small losses on the
currency forwards were subtracted from the fund's dividend, but again, the
impact was minimal. The fund had no investments in forward foreign currency
contracts on December 31.
Q. WHAT'S YOUR OUTLOOK FOR THE FIRST HALF OF 1995?
A. The Federal Reserve Board has tried to put the brakes on the economy by
raising interest rates, but so far I see few signs that the economy is
slowing. And additional Fed rate hikes would likely put more pressure on
stocks. Also, higher interest rates have resulted in very attractive yields
on short-term Treasury bonds and money-market instruments. And because
these investments are considered less risky than stocks, they could give
the stock market competition for investors' dollars. So there are certainly
challenges ahead. I plan to kick a lot of tires over the next six months,
looking for those companies that I feel can grow earnings in a tough
environment, and whose stocks are attractively valued. But mistakes can
cost dearly; I plan on being very cautious.

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 December 31,
1994, more than $1.8 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 THE DIVERGENCE OF
STOCK AND BOND MARKET
PERFORMANCE IN 1994:
"Historically, when you have a
period of substantial
underperformance in the bond
market - as we saw in 1994
- - that underperformance
tends to be mirrored in the
stock market, and vice versa.
Although stocks didn't do well
by any standards in 1994, they
didn't perform anywhere near
as poorly as bonds. That has
created a divergence between
the two markets, which is
cause for concern. If you go by
history, either bonds will have
to perform very well going
forward to catch up to stocks,
or - and this is the worrisome
part - stocks will have to
dramatically underperform to
catch up to bonds. Obviously,
I'm hoping for the former, but I
think it's just too easy to say
that this divergence will remain
for any length of time."
(solid bullet) The fund increased its
investment in bonds over the
past six months, from 3.1% to
9.4%. After rising interest rates
caused bond prices to fall in
1994, these investments are
much more attractively valued
than they were six months ago.
(solid bullet) The fund has reduced its
stake in financial stocks from
8.2% six months ago to 3.0%
on December 31. Bank stocks
were cut back due to concerns
about the impact of higher
interest rates on profit margins.
Most of the financial stocks that
remain in the fund are those of
diversified financial services
companies such as American
Express, Beneficial and
Travelers.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF DECEMBER 31, 1994
% OF FUND'S
% OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

British Petroleum PLC ADR 2.6 2.4

International Business Machines 2.2 1.1
Corp.

Hercules, Inc. 1.8 0.2

Scott Paper Co. 1.6 0.1

Phillip Morris Companies, Inc. 1.6 1.4

Mobil Corp. 1.3 0.6

Tyco Laboratories, Inc. 1.2 -

Caterpillar, Inc. 1.0 1.3

Xerox Corp. 1.0 2.2

Viacom, Inc. Class B (non-vtg.) 0.9 -

TOP FIVE INDUSTRIES AS OF DECEMBER 31, 1994
% OF FUND'S
% OF FUND'S INVESTMENTS
INVESTMENTS IN THESE INDUSTRIES
6 MONTHS AGO

Technology 9.9 9.1

Energy 8.5 9.9

Health 8.4 8.0

Retail & Wholesale 7.1 6.8

Basic Industries 7.0 6.7

ASSET ALLOCATION
AS OF DECEMBER 31, 1994* AS OF JUNE 30, 1994**
Row: 1, Col: 1, Value: 13.8
Row: 1, Col: 2, Value: 9.4
Row: 1, Col: 3, Value: 40.0
Row: 1, Col: 4, Value: 36.8
Row: 1, Col: 1, Value: 12.4
Row: 1, Col: 2, Value: 3.1
Row: 1, Col: 3, Value: 40.0
Row: 1, Col: 4, Value: 44.5
Stocks 76.8%
Bonds 9.4%
Short-term
investments 13.8%
FOREIGN
INVESTMENTS 8.1%
Stocks 84.5%
Bonds 3.1%
Short-term
investments 12.4%
FOREIGN
INVESTMENTS 11.8%
*
**
INVESTMENTS DECEMBER 31, 1994 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 73.6%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 1.8%
AEROSPACE & DEFENSE - 1.2%
Alliant Techsystems, Inc. (a) 165,400 $ 6,719
Lockheed Corp. 128,700 9,347
Martin Marietta Corp. 151,500 6,723
22,789
DEFENSE ELECTRONICS - 0.6%
Loral Corp. 255,200 9,666
Raytheon Co. 15,700 1,003
10,669
TOTAL AEROSPACE & DEFENSE 33,458
BASIC INDUSTRIES - 6.4%
CHEMICALS & PLASTICS - 3.6%
du Pont (E.I.) de Nemours & Co. 110,500 6,215
Eastman Chemical Co. 97,200 4,909
Hercules, Inc. 295,400 34,082
Lyondell Petrochemical Co. 143,100 3,703
OM Group, Inc. 129,300 3,103
Union Carbide Corp. 533,000 15,658
67,670
METALS & MINING - 0.8%
Alcan Aluminium Ltd. 335,000 8,513
Aluminum Co. of America 61,900 5,362
13,875
PACKAGING & CONTAINERS - 0.4%
Corning, Inc. 252,400 7,540
PAPER & FOREST PRODUCTS - 1.6%
Scott Paper Co. 444,300 30,712
TOTAL BASIC INDUSTRIES 119,797
CONGLOMERATES - 2.3%
Allied-Signal, Inc. 478,200 16,259
Mark IV Industries, Inc. 234,600 4,633
Tyco Laboratories, Inc. 485,908 23,081
43,973
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - 4.1%
BUILDING MATERIALS - 0.2%
Armstrong World Industries, Inc. 65,100 $ 2,506
Lafarge Corp. 204 4
Tecumseh Products Co. Class A 42,000 1,890
4,400
REAL ESTATE INVESTMENT TRUSTS - 3.9%
Camden Property Trust (SBI) 189,100 4,703
Chelsea GCA Realty, Inc. 179,200 4,883
DeBartolo Realty Corp. 240,500 3,608
Duke Realty Investors, Inc. (a) 138,500 3,913
Equity Residential Property Trust (SBI) 280,000 8,400
Haagen Alexander Properties, Inc. 86,500 1,373
Home Properties of NY 75,900 1,490
Horizon Outlet Centers, Inc. 145,400 3,799
Innkeepers USA Trust 75,900 550
Kimco Realty Corporation 160,500 6,079
Liberty Property Trust (SBI) 41,600 816
Merry Land & Investment Co., Inc. 327,285 7,159
Oasis Residential, Inc. 87,000 2,132
RFS Hotel Investors, Inc. 436,300 6,381
Simon Properties Group, Inc. 163,500 3,965
Storage USA, Inc. 224,900 6,185
Summit Property Trust 118,300 2,277
Vornado Realty Trust 128,200 4,599
72,312
TOTAL CONSTRUCTION & REAL ESTATE 76,712
DURABLES - 4.4%
AUTOS, TIRES, & ACCESSORIES - 2.4%
Allen Group, Inc. (The) 17,200 411
Armor All Products Corp. 151,100 3,135
Autoliv AB (b) 89,200 3,432
Eaton Corp. 201,300 9,964
Echlin, Inc. 105,000 3,150
Johnson Controls, Inc. 144,600 7,085
Magna International, Inc. Class A 155,600 5,994
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
AUTOS, TIRES, & ACCESSORIES - CONTINUED
Snap-on Tools Corp. 93,000 $ 3,092
Suzuki Motor Corp. 417,000 4,891
Toyota Motor Corporation 185,000 3,895
45,049
CONSUMER ELECTRONICS - 0.9%
Harman International Industries, Inc. 23,200 858
Sunbeam-Oster, Inc. 603,300 15,535
16,393
TEXTILES & APPAREL - 1.1%
Cygne Designs, Inc. (a) 315,500 4,338
Fieldcrest Cannon, Inc. (a) 51,100 1,303
Kellwood Co. 212,650 4,466
Unifi, Inc. 244,600 6,237
Warnaco Group, Inc. Class A (a) 314,000 5,417
21,761
TOTAL DURABLES 83,203
ENERGY - 7.6%
ENERGY SERVICES - 1.7%
Energy Service Co., Inc. (a) 245,625 3,009
Enterra Corp. (a) 123,200 2,341
Halliburton Co. 326,300 10,809
Marine Drilling Cos., Inc. (a) 187,700 563
Nabors Industries, Inc. (a) 669,920 4,354
Noble Drilling Corp. (a) 52,500 308
Schlumberger Ltd. 213,900 10,775
32,159
OIL & GAS - 5.9%
British Petroleum PLC ADR 609,061 48,648
Cabot Oil & Gas Corp. Class A 16,400 238
Canadian Natural Resources Ltd. (a) 390,300 3,828
Chevron Corp. 205,100 9,153
Compagnie Francaise des Petroles Ord. 134,442 7,814
Mobil Corp. 295,000 24,854
Pennzoil Co. 8,300 366
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
Renaissance Energy Ltd. (a) 322,000 $ 6,230
Total SA sponsored ADR 170,000 5,015
Triton Energy Corp. (a) 54,900 1,867
Unocal Corp. 82,494 2,248
110,261
TOTAL ENERGY 142,420
FINANCE - 3.0%
BANKS - 0.1%
First Fidelity Bancorporation 39,100 1,755
CLOSED END INVESTMENT COMPANY - 0.2%
Morgan Stanley India Investment Fund 370,000 4,163
CREDIT & OTHER FINANCE - 1.2%
American Express Co. 305,364 9,007
Beneficial Corp. 125,500 4,895
GFC Financial Corp. 282,700 8,976
22,878
FEDERAL SPONSORED CREDIT - 0.8%
Federal National Mortgage Association 205,000 14,939
INSURANCE - 0.5%
ACE Ltd. (a) 57,100 1,335
NWNL Companies, Inc. 111,100 3,222
Travelers, Inc. (The) 151,300 4,917
9,474
SECURITIES INDUSTRY - 0.2%
Merrill Lynch & Co., Inc. 78,400 2,803
TOTAL FINANCE 56,012
HEALTH - 7.8%
DRUGS & PHARMACEUTICALS - 3.0%
Allergan, Inc. 152,700 4,314
American Home Products Corp. 231,600 14,533
Biogen, Inc. (a) 214,600 8,960
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Carter-Wallace, Inc. 151,800 $ 1,973
Cell Genesys, Inc. (a) 15,000 124
COR Therapeutics, Inc. (a) 208,100 2,289
Pfizer, Inc. 196,000 15,141
Schering AG 12,352 8,107
Warner-Lambert Co. 13,100 1,008
56,449
MEDICAL EQUIPMENT & SUPPLIES - 4.0%
Acuson Corp. (a) 172,400 2,801
Advanced Technology Laboratories, Inc. (a) 80,700 1,493
Becton, Dickinson & Co. 199,500 9,576
Boston Scientific Corp. (a) 531,700 9,238
Johnson & Johnson 166,800 9,132
Medtronic, Inc. 142,600 7,932
Nellcor, Inc. (a) 139,500 4,604
Pall Corp. 375,400 7,039
St. Jude Medical, Inc. 296,800 11,798
Spacelabs Medical, Inc. (a) 76,400 1,776
Sybron Corp. (a) 274,200 9,460
74,849
MEDICAL FACILITIES MANAGEMENT - 0.8%
Columbia/HCA Healthcare Corp. 347,175 12,672
Humana, Inc. (a) 96,000 2,172
14,844
TOTAL HEALTH 146,142
HOLDING COMPANIES - 0.1%
Brierley Investments Ltd. 3,011,034 2,178
INDUSTRIAL MACHINERY & EQUIPMENT - 3.4%
ELECTRICAL EQUIPMENT - 1.2%
Charter Power Systems, Inc. 84,000 1,533
General Electric Co. 235,100 11,990
General Signal Corp. 118,000 3,761
Phillips Electronics N.V. 38,100 1,119
Phillips Electronics 149,500 4,430
22,833
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - 1.4%
Caterpillar, Inc. 357,900 $ 19,728
Greenfield Industries, Inc. 135,400 3,250
Imo Industries, Inc. (a) 126,300 1,579
Indresco, Inc. (a) 188,900 2,692
27,249
POLLUTION CONTROL - 0.8%
Sanifill, Inc. (a) 116,400 2,910
WMX Technologies, Inc. 292,800 7,686
Western Waste Industries, Inc. (a) 250,400 3,756
14,352
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 64,434
MEDIA & LEISURE - 4.4%
BROADCASTING - 1.1%
British Sky Broadcasting Group ADR (a) 18,000 432
Infinity Broadcasting Corp. (a) 25,800 813
Viacom, Inc.:
Class A (a) 30,368 1,264
Class B (non-vtg.) (a) 419,593 17,046
Class C (warrants) (a) 194,500 644
Rights (a) 379,600 427
20,626
ENTERTAINMENT - 0.1%
Airtour PLC 38,000 257
Iwerks Entertainment, Inc. (a) 48,700 231
Royal Caribbean Cruises Ltd. 63,400 1,807
2,295
LEISURE DURABLES & TOYS - 0.6%
Coleman, Inc. (a) 107,200 3,765
Mattel, Inc. 260,700 6,550
10,315
LODGING & GAMING - 1.6%
Host Marriott Corp. (a) 751,100 7,230
La Quinta Motor Inns, Inc. 287,425 6,144
Marriott International, Inc. 356,100 10,015
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
LODGING & GAMING - CONTINUED
Red Lion Inns LP 169,200 $ 3,722
Sholodge, Inc. (a) 132,200 2,809
29,920
PUBLISHING - 1.0%
McGraw-Hill, Inc. 31,200 2,087
Meredith Corp. 180,300 8,406
Scholastic Corp. (a) 164,600 8,395
18,888
TOTAL MEDIA & LEISURE 82,044
NONDURABLES - 5.3%
BEVERAGES - 0.3%
PepsiCo, Inc. 132,400 4,800
FOODS - 0.8%
ConAgra, Inc. 306,300 9,572
Dean Foods Co. 173,500 5,032
Michael Foods, Inc. 28,700 283
14,887
HOUSEHOLD PRODUCTS - 1.9%
Avon Products, Inc. 197,300 11,788
Colgate-Palmolive Co. 181,100 11,476
First Brands Corp. 188,300 6,591
Rubbermaid, Inc. 73,000 2,099
Safety First, Inc. (a) 156,500 4,578
36,532
TOBACCO - 2.3%
Philip Morris Companies, Inc. 516,000 29,670
RJR Nabisco Holdings Corp. (a) 2,429,500 13,362
43,032
TOTAL NONDURABLES 99,251
PRECIOUS METALS - 0.5%
American Barrick Resources Corp. 270,400 6,052
Santa Fe Pacific Gold Corp. (a) 174,063 2,241
8,293
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - 6.3%
APPAREL STORES - 1.1%
AnnTaylor Stores Corp. (a) 220,400 $ 7,576
Gymboree Corp. (a) 139,500 4,011
Norton McNaughton, Inc. (a) 271,700 4,143
Talbots, Inc. 145,600 4,550
20,280
DRUG STORES - 0.0%
Revco (D.S.), Inc. (a) 37,676 890
GENERAL MERCHANDISE STORES - 4.1%
Caldor Corp. (a) 248,600 5,531
Consolidated Stores Corp. (a) 660,100 12,294
Federated Department Stores, Inc. (Del.) (a) 724,096 13,939
Kohls Corp. (a) 10,000 398
Lechters, Inc. (a) 519,400 8,895
May Department Stores Co. (The) 244,300 8,245
Price/Costco, Inc. (a) 246,800 3,178
Sears, Roebuck & Co. 366,300 16,850
Wal-Mart Stores, Inc. 373,100 7,928
77,258
GROCERY STORES - 0.2%
Fleming Companies, Inc. 193,648 4,502
RETAIL & WHOLESALE, MISCELLANEOUS - 0.9%
Barnes & Noble, Inc. (a) 329,000 10,282
CML Group, Inc. 139,600 1,413
Fingerhut Companies, Inc. 153,400 2,378
Musicland Stores Corp. (a) 237,800 2,140
16,213
TOTAL RETAIL & WHOLESALE 119,143
SERVICES - 1.4%
ADVERTISING - 0.5%
Omnicom Group, Inc. 166,400 8,611
PRINTING - 0.4%
Donnelley (R.R.) & Sons Co. 263,700 7,779
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - CONTINUED
SERVICES - 0.5%
Jostens, Inc. 165,100 $ 3,075
Regis Corporation (a) 166,900 2,504
Supercuts, Inc. (a) 303,700 2,506
Zebra Technologies Corp. Class A (a) 57,100 2,230
10,315
TOTAL SERVICES 26,705
TECHNOLOGY - 9.0%
COMMUNICATIONS EQUIPMENT - 1.3%
Cisco Systems, Inc. (a) 156,600 5,501
DSC Communications Corp. (a) 286,900 10,293
Nokia 52,200 7,691
23,485
COMPUTER SERVICES & SOFTWARE - 0.9%
Adobe Systems, Inc. 108,000 3,213
BancTec, Inc. (a) 91,200 1,984
Novell, Inc. (a) 449,100 7,690
Platinum Technology, Inc. (a) 181,600 4,109
Walker Interactive Systems, Inc. (a) 59,700 403
17,399
COMPUTERS & OFFICE EQUIPMENT - 5.6%
Compaq Computer Corp. (a) 190,000 7,505
Data General Corp. (a) 338,000 3,380
Digital Equipment Corp. (a) 294,300 9,785
Hewlett-Packard Co. 106,800 10,667
International Business Machines Corp. 575,400 42,292
Silicon Graphics, Inc. (a) 107,600 3,322
Sun Microsystems, Inc. (a) 281,700 10,000
Xerox Corp. 187,100 18,523
105,474
ELECTRONICS - 0.8%
Motorola, Inc. 70,100 4,057
Thomas & Betts Corp. 176,000 11,814
15,871
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
PHOTOGRAPHIC EQUIPMENT - 0.4%
Eastman Kodak Co. (a) 155,800 $ 7,439
TOTAL TECHNOLOGY 169,668
TRANSPORTATION - 1.5%
RAILROADS - 1.5%
CSX Corp. 199,400 13,883
Canadian Pacific Ltd. Ord. 310,400 4,622
Illinois Central Corp., Series A 253,500 7,795
Johnstown America Industries, Inc. (a) 81,200 1,330
Southern Pacific Rail Corp. (a) 73,600 1,334
28,964
UTILITIES - 4.3%
CELLULAR - 0.5%
Airtouch Communications (a) 311,700 9,078
BCE Mobile Communications, Inc. (a) 6,800 216
Vodafone Group PLC sponsored ADR 39,200 1,318
10,612
ELECTRIC UTILITY - 0.5%
Veba Vereinigte Elektrizitaets & Bergwerks AG Ord. 26,200 9,131
GAS - 0.1%
Williams Companies, Inc. 78,500 1,972
TELEPHONE SERVICES - 3.2%
ALLTEL Corp. 327,800 9,875
Ameritech Corp. 392,400 15,843
BellSouth Corp. 180,300 9,759
NYNEX Corp. 218,800 8,041
Southwestern Bell Corp. 393,900 15,904
Telebras PN (Pfd. Reg.) 421,744 19
59,441
TOTAL UTILITIES 81,156
TOTAL COMMON STOCKS
(Cost $1,330,760) 1,383,553
CONVERTIBLE PREFERRED STOCKS - 3.2%
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - 0.3%
METALS & MINING - 0.3%
Reynolds Metals Co. $3.31 116,400 $ 5,631
DURABLES - 1.2%
AUTOS, TIRES, & ACCESSORIES - 1.2%
Chrysler Corp., Series A, $4.625 (a)(b) 110,300 14,959
General Motors Corp. $3.25 120,000 6,885
21,844
ENERGY - 0.9%
ENERGY SERVICES - 0.2%
Noble Drilling Corp. $1.50 176,000 3,696
OIL & GAS - 0.7%
Atlantic Richfield Co. exchangeable 122,600 3,203
Unocal Corp. $3.50 (a) (b) 190,000 9,310
12,513
TOTAL ENERGY 16,209
FINANCE - 0.0%
SECURITIES INDUSTRY - 0.0%
Salomon, Inc. 11,000 369
RETAIL & WHOLESALE - 0.2%
RETAIL & WHOLESALE, MISCELLANEOUS - 0.2%
Best Buy Capital LP 6 1/2% 86,100 3,692
SERVICES - 0.1%
PRINTING - 0.1%
Alco Standard Corp., Series AA, $2.30 35,900 2,603
TECHNOLOGY - 0.5%
COMPUTER SERVICES & SOFTWARE - 0.5%
Ceridian Corp. 5 1/2% 145,100 9,140
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $59,700) 59,488
CORPORATE BONDS - 3.6%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (000S) (000S)

CONVERTIBLE BONDS - 2.5%
CONGLOMERATES - 0.0%
CTII Overseas Finance euro
4 1/4%, 11/18/98 (b) - $ 310 $ 224
CONSTRUCTION & REAL ESTATE - 0.0%
REAL ESTATE INVESTMENT TRUSTS - 0.0%
Liberty Property Limited Partnership 8%,
7/1/01 - 314 303
DURABLES - 0.1%
TEXTILES & APPAREL - 0.1%
Interface, Inc. 8%, 9/15/13 Ba 1,610 1,463
FINANCE - 0.1%
BANKS - 0.1%
Bank of New York Co., Inc. 7 1/2%,
8/15/01 A3 1,220 1,850
HEALTH - 0.6%
MEDICAL FACILITIES MANAGEMENT - 0.6%
Integrated Health Services, Inc.:
5 3/4%, 1/1/01 B2 4,490 5,803
6%, 1/1/03 B2 3,900 4,953
10,756
INDUSTRIAL MACHINERY & EQUIPMENT - 0.2%
POLLUTION CONTROL - 0.2%
Laidlaw, Inc. 6%, 1/31/99 Baa2 3,000 3,120
MEDIA & LEISURE - 0.5%
LEISURE DURABLES & TOYS - 0.5%
Coleman Worldwide Corp. 2nd liquid yield
option notes 0%, 5/27/13 B2 29,430 8,498
LODGING & GAMING - 0.0%
Sholodge, Inc. 7 1/2%, 5/1/04 B2 430 443
TOTAL MEDIA & LEISURE 8,941
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (000S) (000S)

CONVERTIBLE BONDS - CONTINUED
RETAIL & WHOLESALE - 0.6%
APPAREL STORES - 0.0%
Baker (J.), Inc. 7%, 6/1/02 B2 $ 160 $ 165
GENERAL MERCHANDISE STORES - 0.1%
Lechters, Inc. 5%, 9/27/01 - 1,640 1,177
RETAIL & WHOLESALE, MISCELLANEOUS - 0.5%
Home Depot, Inc. 4 1/2%, 2/15/97 A1 8,510 10,084
TOTAL RETAIL & WHOLESALE 11,426
SERVICES - 0.0%
Medaphis Corp. 6 1/2%, 1/1/00 (b) - 340 564
TECHNOLOGY - 0.4%
COMMUNICATIONS EQUIPMENT - 0.2%
General Instrument Corp. 5%, 6/15/00 B1 2,950 3,938
COMPUTER SERVICES & SOFTWARE - 0.2%
Sterling Software, Inc. 5 3/4%, 2/1/03 B1 3,170 4,137
TOTAL TECHNOLOGY 8,075
TOTAL CONVERTIBLE BONDS 46,722
NONCONVERTIBLE BONDS - 1.1%
AEROSPACE & DEFENSE - 0.1%
DEFENSE ELECTRONICS - 0.1%
Tracor, Inc. 10 7/8%, 8/15/01 B2 1,500 1,440
BASIC INDUSTRIES - 0.3%
CHEMICALS & PLASTICS - 0.3%
IMC Fertilizer Group, Inc. 9 1/4%, 10/1/00 B1 5,000 4,862
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (000S) (000S)

NONCONVERTIBLE BONDS - CONTINUED
DURABLES - 0.2%
TEXTILES & APPAREL - 0.2%
Westpoint Stevens 9 3/8%, 12/15/05 B3 $ 5,000 $ 4,488
MEDIA & LEISURE - 0.3%
LODGING & GAMING - 0.3%
Host Marriott Corp.:
9 1/8%, 12/1/00 B1 823 798
9 7/8%, 5/1/01 B1 288 288
10 1/2%, 5/1/06 B1 617 614
Red Roofs Inn 9 5/8%, 12/15/03 B3 4,000 3,640
5,340
NONDURABLES - 0.2%
BEVERAGES - 0.2%
Canandaigua Wine, Inc. 8 3/4%, 12/15/03 B1 5,000 4,525
TOTAL NONCONVERTIBLE BONDS 20,655
TOTAL CORPORATE BONDS
(Cost $68,674) 67,377
U.S. TREASURY OBLIGATIONS - 5.8%
6 1/4%, 2/15/03 Aaa 15,800 14,291
5 3/4%, 8/15/03 Aaa 19,960 17,346
7 7/8%, 11/15/04 Aaa 14,670 14,711
8 1/8%, 8/15/19 Aaa 62,680 63,512
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $108,474) 109,860
REPURCHASE AGREEMENTS - 13.8%
MATURITY
AMOUNT VALUE (NOTE 1)
(000S) (000S)
Investments in repurchase agreements,
(U.S. Treasury obligations), in a
joint trading account at 5.77%,
dated 12/30/94 due 1/3/95 $ 259,933 $ 259,766
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,827,374) $ 1,880,044
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
trans-
actions exempt from registration, normally to qualified institutional
buyers. At the period end, the value of these securities amounted to
$28,489,000 or 1.5% of net assets.
INCOME TAX INFORMATION
At December 31, 1994, the aggregate cost of investment securities for
income tax purposes was $1,828,563,000. Net unrealized appreciation
aggregated $51,481,000, of which $109,131,000 related to appreciated
investment securities and $57,650,000 related to depreciated investment
securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER SHARE AMOUNTS) DECEMBER 31, 1994 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 1,880,044
agreements of $259,766) (cost $1,827,374) -
See accompanying schedule

Cash 1

Receivable for investments sold 32,664

Receivable for fund shares sold 6,779

Dividends receivable 4,352

Interest receivable 3,813

Other receivables 361

U.S. Treasury obligations, at value, held as collateral 14,869
for securities loaned

TOTAL ASSETS 1,942,883

LIABILITIES

Payable for investments purchased $ 23,540

Payable for fund shares redeemed 6,039

Accrued management fee 630

Other payables and accrued expenses 401

Collateral on securities loaned, at value 27,497

TOTAL LIABILITIES 58,107

NET ASSETS $ 1,884,776

Net Assets consist of:

Paid in capital $ 1,828,674

Undistributed net investment income 4,708

Accumulated undistributed net realized gain (loss) on (1,308)
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 52,702
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 101,988 shares outstanding $ 1,884,776

NET ASSET VALUE, offering price and redemption price per $18.48
share ($1,884,776 (divided by) 101,988 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED)

INVESTMENT INCOME $ 16,878
Dividends

Interest (including security lending fees of $65) 7,878

TOTAL INCOME 24,756

EXPENSES

Management fee $ 3,581

Transfer agent fees 1,666

Accounting and security lending fees 344

Non-interested trustees' compensation 27

Custodian fees and expenses 51

Registration fees 50

Audit 19

Legal 3

Total expenses before reductions 5,741

Expense reductions (254) 5,487

NET INVESTMENT INCOME 19,269

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 6,185

Foreign currency transactions (1,751) 4,434

Change in net unrealized appreciation (depreciation) on:

Investment securities 59,392

Assets and liabilities in foreign currencies 846 60,238

NET GAIN (LOSS) 64,672

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 83,941
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED DECEMBER JUNE 30,
31, 1994
1994
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 19,269 $ 28,625
Net investment income

Net realized gain (loss) 4,434 169,754

Change in net unrealized appreciation (depreciation) 60,238 (125,465)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 83,941 72,914
FROM OPERATIONS

Distributions to shareholders: (15,324) (24,519)
From net investment income

From net realized gain (80,847) (186,096)

TOTAL DISTRIBUTIONS (96,171) (210,615)

Share transactions 457,975 505,119
Net proceeds from sales of shares

Reinvestment of distributions 83,321 178,614

Cost of shares redeemed (236,345) (393,459)

Net increase (decrease) in net assets resulting from 304,951 290,274
share transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 292,721 152,573

NET ASSETS

Beginning of period 1,592,055 1,439,482

End of period (including undistributed net investment $ 1,884,776 $ 1,592,055
income of $4,708 and $763, respectively)

OTHER INFORMATION
Shares

Sold 24,554 25,794

Issued in reinvestment of distributions 4,539 9,338

Redeemed (12,664) (20,074)

Net increase (decrease) 16,429 15,058

</TABLE>

FINANCIAL HIGHLIGHTS

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

SELECTED PER-SHARE 1994 1994 1993 1992 B 1991 1990 1989
DATA

(UNAUDITED)

Net asset value, $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29 $ 17.93 $ 15.42
beginning of period

Income from
Investment
Operations

Net investment income .20 .27 .29 C .45 .53 .70 E .67

Net realized and .77 .79 1.48 1.09 3.29 (1.60) 3.69
unrealized gain
(loss)

Total from investment .97 1.06 1.77 1.54 3.82 (.90) 4.36
operations

Less Distributions (.16) (.31) (.22) (.48) (.50) (.74) (.68)
From net investment
income

From net realized (.94) (2.56) (.07) (.58) (1.15) - (1.17)
gain

Total distributions (1.10) (2.87) (.29) (1.06) (1.65) (.74) (1.85)

Net asset value, end of $ 18.48 $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29 $ 17.93
period

TOTAL RETURN D, F 5.30% 5.41% 9.39% 8.46 24.15 (5.10) 28.80%
% % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 1,885 $ 1,592 $ 1,439 $ 1,354 $ 1,320 $ 1,064 $ 1,087
period (in millions)

Ratio of expenses to .63%A .65% .66% .67 .68 .66% .64%
average net assets A % %

Ratio of expenses to .65%A .68% .66% .67 .68 .66% .64%
average net assets A % %
before expense
reductions

Ratio of net investment 2.20% A 1.85% 2.94%A, 2.37 2.84 4.04% 3.76%
income to average C % % E
net assets

Portfolio turnover rate 145% A 207% 261% 151 267 259% 191%
A % %

</TABLE>

A ANNUALIZED
B AS OF JANUARY 1, 1992, THE FUND DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
C NET 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 NET INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.06 PER SHARE.
F THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 6 OF NOTES TO FINANCIAL
STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1994 (Unaudited)

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 (including restricted 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
of their purchase date 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, 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, 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 investment securities.
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 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
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 and may
affect net investment income per share. 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 use foreign currency
contracts to facilitate transactions in foreign securities and to manage
the fund's currency exposure. Contracts to buy generally are used to
acquire exposure to foreign currencies, while contracts to sell are used to
hedge the fund's investments against currency fluctuations. Also, a
contract to buy or sell can offset a previous contract. Losses may arise
from changes in the value of the foreign currency or if the counterparties
do not perform under the contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined
using forward currency exchange rates supplied by a quotation service.
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 SEC), the fund, along with other
affiliated entities of FMR, may transfer uninvested cash balances into one
or more joint trading accounts. These balances are invested in one or more
repurchase agreements that mature in 60 days or less from the date of
purchase, and 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 $1,288,594,000 and $1,128,753,000, respectively, of which U.S.
government and government agency obligations aggregated $125,063,000 and
$16,670,000, 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 and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2850% to .5200% for the period July 1, 1994 to July 31,
1994 and .2700% to .5200% for the period August 1, 1994 to December 31,
1994. In the event that these rates were lower than the contractual rates
in effect during those periods, FMR voluntarily implemented the above
rates, as they resulted in the same or a lower management fee. The annual
individual fund fee rate is .09%. For the period, the management fee was
equivalent to an annualized rate of .41% of average net assets.
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 $10,000 for the
period.
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.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
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 $681,000 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, the value of the
securities loaned and the value of collateral amounted to $26,843,000 and
$27,497,000, respectively.
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
$254,000 under this arrangement.
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)(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)(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.
TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East 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
90 Alhambra Plaza
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
8885 Ladue Road
Ladue, 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
4611 Sharon Road
Charlotte, 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
215 South State 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

TO WRITE FIDELITY

If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Beth Terrana, Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
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)
(registered trademark)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)

FIDELITY FIFTY

SEMIANNUAL REPORT
DECEMBER 31, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
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.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMA-
TION 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 IN-
VESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUND
NOR FIDELITY
DISTRIBUTORS CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY FIDELITY
FUND, INCLUDING
CHARGES AND EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT
CAREFULLY BEFORE
YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

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 DECEMBER 31, 1994 PAST 6 PAST 1 LIFE OF
MONTHS YEAR FUND

Fidelity Fifty 8.19% 4.00% 10.13%

Fidelity Fifty (incl. 3% sales charge) 4.94% 0.88% 6.83%

S&P 500(registered trademark) 4.87% 1.32% 3.67%

Average Capital Appreciation Fund 4.64% -3.38% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, 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
currently reflects the performance of over 146 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
PERIODS ENDED DECEMBER 31, 1994 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 4.00% 7.77%

Fidelity Fifty (incl. 3% sales charge) 0.88% 5.25%

S&P 500(registered trademark) 1.32% 2.83%

Average Capital Appreciation Fund -3.38% n/a

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 LIFE OF FUND
Fidelity Fifty (500)Standard & Poor's 50
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
07/31/94 10262.53 10210.13
08/31/94 10796.53 10628.75
09/30/94 10767.40 10368.34
10/31/94 10990.71 10601.63
11/30/94 10495.55 10215.52
12/30/94 10682.65 10367.02

$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 December 31, 1994, the value of your investment would have grown
to $10,683 - a 6.83% increase 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 grown to $10,367 - a
3.67% 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

An interview with Scott Stewart, Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW HAS THE FUND PERFORMED?
A. I've been very pleased with the results. The fund returned 8.19% during
the six months ended December 31, 1994. That beat the average capital
appreciation fund, which returned 4.64% for the same period, according to
Lipper Analytical Services. It also topped the Standard & Poor's 500 index,
which returned 4.87% for the six months. For the 12 months ended December
31, Fidelity Fifty had a return of 4.00%, compared to a return of -3.38%
for the average capital appreciation fund tracked by Lipper, and 1.32% for
the S&P 500 during the same period.
Q. WHAT HELPED THE FUND PERFORM
BETTER THAN ITS COMPETITORS?
A. It really came down to individual stock selection. The stocks in the
fund's portfolio outperformed the market due to individual performance, not
to sector selection or market timing bets. During the second half of the
year, the fund also tended to have a modest bias toward growth stocks,
those of companies with rapid earnings growth. Throughout the year, and
especially in the second half, sentiment in the stock market was driven by
negative pressure from rising interest rates on the one hand, and positive
growth in company profits on the other. The Federal Reserve Board raised
interest rates six times during the year, trying to fight off future
inflation that might be caused by rapid economic growth. In the fourth
quarter, this hurt cyclical stocks, those which tend to rise and fall in
concert with the economy. Growth stocks, on the other hand, generally
performed well due to positive earnings resulting from the strengthening
economy, and strong trends in the computer and telecommunications
industries.
Q. IS THAT WHY TECHNOLOGY IS THE FUND'S LARGEST SECTOR, 21.1% OF THE FUND
AT THE END OF THE PERIOD?
A. That's part of the story. My strategy in choosing stocks for the fund
has been to look for companies whose prospects are accelerating or those
that are turnaround stories. It just so happens that many of these types of
stocks are in technology at the moment. It is important to note that the
fund's exposure to computer-related stocks is actually around 12%.
Telecommunications is a large component of the other technology
investments. In the computer industry there are two types of situations:
restructurings, like those occurring at IBM, Digital and Data General; and
companies benefiting from strong demand for more technology in the home and
workplace. For example, 3Com - a manufacturer of computer networking
hardware - has been a consistent winner for the fund, primarily because its
earnings have been increasing consistently above estimates. Among other
things, the company makes computer adapter cards which link various parts
of computer systems. Networking has been a big winner with the move from
mainframes to PCs and workstations.
Q. WHAT ARE SOME OTHER STOCKS THAT HAVE BEEN POSITIVE PERFORMERS?
A. Two drug companies did well. First, the fund was fortunate to own
American Cyanamid in August, when it was taken over by American Home
Products. That's because the stock's price increased markedly when news of
the takeover hit Wall Street. However, even before that, my research had
identified it as an attractive company. As with many drug manufacturers,
its stock price had been beaten down by concerns over health care reform.
However, when it became clear that reform would be delayed, health care
stock prices rebounded. McKesson - which I sold before the end of the
period, and was another health care stock that helped the fund - benefited
from the sale of one of its businesses to Eli Lilly.
Q. AND DISAPPOINTMENTS?
A. One was Cygne Designs, a company that makes designer clothes for
retailers such as Casual Corner and AnnTaylor.
Retail apparel sales in general have been weaker than expected as consumers
have tended to purchase big-ticket items like automobiles and appliances
instead. As a result, retailers' inventories are rising and demand for
Cygne's products has not increased as rapidly as expected. However, I
believe that Cygne's product is top-notch and that the revenue shortfall
will be a short-term condition. As a result, the stock has remained
attractive and the fund still holds it. On the other hand, the fund sold
its stake in Comsat, a satellite communications company, because its
revenue growth was dropping below expectations due to the loss of some
contracts and the cancellation of some orders.
Q. IN A FUND WITH A LIMITED NUMBER OF STOCKS, YOU TEND TO SHIFT THE
PORTFOLIO FAIRLY FREQUENTLY. HOW DOES TURNOVER AFFECT THE FUND?
A. The fund's strategy does lead to high turnover. I can't make a small
investment in a lot of names since I always hold 50 to 60 stocks. If a
stock is attractive, I buy it in significant weight. Turnover tends to be
high because I focus on companies in the early stages of improving
prospects. For me to hold a stock for a long time, the company has to
continue to accelerate its earnings growth. I am constantly selling stocks
which the market as a whole has discovered and priced fairly.
Q. DOESN'T FREQUENTLY TURNING OVER STOCKS GET EXPENSIVE?
A. Turnover does involve expense, and I take that very seriously. When I
trade I always consider transaction costs. These can be significant, but
the fund is an aggressive portfolio, and I'm willing to absorb these costs
in order to add meaningful value.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. Looking forward, the big factors for the market continue to be Fed
policy and economic growth. However, the fund's active performance is much
less tied to the general market than it is to specific stocks. It's
important to note that I don't try to time the market. I try to stay away
from stocks which heavily depend on economic conditions being just right.
Instead, I seek to diversify the portfolio by looking for a mix of
companies with different stories that all lead to solid earnings prospects.
Some are growth stories, some are turnarounds. I'm always careful to weigh
the stock's valuations. Since I try to diversify the types of ideas I have
in the fund, there is a tendency for some of them to pay off at any point
in time.

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 December 31,
1994, more than $60 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
INVESTMENT STRATEGY:
"When the fund was set up,
the goal was to focus on
stocks that are attractive in
terms of accelerating
opportunities or turnaround
situations. The strategy was
designed to add value from
stock picking, not so much
from sector concentration.
This is called bottom-up
investing. I also try to manage

the risk in the portfolio. I
diversify stock positions and
manage the portfolio's style
bias - its balance of growth
versus value stocks, or its
focus on small versus large
companies. I believe the
strategy has done well,
adding value primarily from
stock selection. The portfolio
has added substantial value
compared to the S&P 500 and
its competitors in a tough
market. Because of its
discipline, the fund has held
up well in a tough market and
allowed the benefits of good
stock picking to come
through."
(solid bullet) The fund has the authority
to invest in derivative
securities. The only such
instruments the fund
employed during the period
were equity index futures,
which track the broad
performance of the market,
and are used to invest cash
temporarily.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF DECEMBER 31, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Amoco Corp. 1.9 2.3

Viacom, Inc. 1.9 -

Great Lakes Chemical Corp. 1.8 1.3

Sears, Roebuck & Co. 1.8 2.0

American Home Products Corp. 1.8 2.1

Union Carbide Corp. 1.8 1.7

General Electric Co. 1.8 -

AT&T Corp. 1.8 1.3

Becton, Dickinson & Co. 1.8 -

Digital Equipment Corp. 1.7 -

TOP FIVE INDUSTRIES AS OF DECEMBER 31, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO

Technology 21.1 13.8

Health 8.8 11.5

Basic Industries 7.8 10.9

Utilities 7.4 6.8

Media & Leisure 6.0 2.4

ASSET ALLOCATION
AS OF DECEMBER 31, 1994 AS OF JUNE 30, 1994
Row: 1, Col: 1, Value: 7.9
Row: 1, Col: 2, Value: 1.5
Row: 1, Col: 3, Value: 45.2
Row: 1, Col: 4, Value: 45.0
Row: 1, Col: 1, Value: 14.0
Row: 1, Col: 2, Value: 1.5
Row: 1, Col: 3, Value: 44.1
Row: 1, Col: 4, Value: 40.0
Stocks and
equity futures 91.2%
U.S. Treasury
obligations 0.9%
Repurchase
agreements 7.9%
Stocks and
equity futures 85.1%
U.S. Treasury
obligations 0.9%
Repurchase
agreements 14.0%
INVESTMENTS DECEMBER 31, 1994 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 73.2%
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - 7.8%
CHEMICALS & PLASTICS - 6.6%
Great Lakes Chemical Corp. 20,400 $ 1,162,800
Hanna (M.A.) Co. 33,300 790,870
Lawter International, Inc. 31,000 375,875
Olin Corp. 13,800 710,700
Union Carbide Corp. 38,300 1,125,063
4,165,308
IRON & STEEL - 1.2%
Nucor Corp. 13,500 749,250
TOTAL BASIC INDUSTRIES 4,914,558
DURABLES - 3.3%
AUTOS, TIRES, & ACCESSORIES - 2.4%
Allen Group, Inc. (The) 30,000 716,250
Echlin, Inc. 27,000 810,000
1,526,250
TEXTILES & APPAREL - 0.9%
Cygne Designs, Inc. (a) 40,000 550,000
TOTAL DURABLES 2,076,250
ENERGY - 5.6%
ENERGY SERVICES - 2.4%
Halliburton Co. 25,000 828,125
Western Co. of North America (a) 39,800 671,625
1,499,750
OIL & GAS - 3.2%
Amerada Hess Corp. 19,000 866,875
Amoco Corp. 20,000 1,182,500
2,049,375
TOTAL ENERGY 3,549,125
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 3.3%
BANKS - 1.4%
Fleet Financial Group, Inc. 27,000 $ 877,500
SECURITIES INDUSTRY - 1.9%
PaineWebber Group, Inc. 35,250 528,750
United Asset Management Corp. 17,500 645,313
1,174,063
TOTAL FINANCE 2,051,563
HEALTH - 8.8%
DRUGS & PHARMACEUTICALS - 3.4%
American Home Products Corp. 18,000 1,129,500
Bristol-Myers Squibb Co. 18,000 1,041,750
2,171,250
MEDICAL EQUIPMENT & SUPPLIES - 1.8%
Becton, Dickinson & Co. 23,000 1,104,000
MEDICAL FACILITIES MANAGEMENT - 3.6%
Health Management Associates, Inc. Class A (a) 37,500 937,500
Homedco Group, Inc. (a) 14,000 526,750
United HealthCare Corp. 17,800 803,225
2,267,475
TOTAL HEALTH 5,542,725
INDUSTRIAL MACHINERY & EQUIPMENT - 1.8%
ELECTRICAL EQUIPMENT - 1.8%
General Electric Co. 22,000 1,122,000
MEDIA & LEISURE - 6.0%
BROADCASTING - 2.5%
Heritage Media Corp. Class A (a) 16,900 454,188
Viacom, Inc. (a) 28,000 1,165,500
1,619,688
ENTERTAINMENT - 1.1%
Scientific Games Holdings Corp. (a) 14,000 700,000
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
LEISURE DURABLES & TOYS - 1.0%
Brunswick Corp. 32,500 $ 613,438
PUBLISHING - 1.4%
Dow Jones & Co., Inc. 28,000 868,000
TOTAL MEDIA & LEISURE 3,801,126
RETAIL & WHOLESALE - 4.6%
APPAREL STORES - 0.8%
AnnTaylor Stores Corp. (a) 14,500 498,438
DRUG STORES - 1.4%
Revco (D.S.), Inc. (a) 37,000 874,125
GENERAL MERCHANDISE STORES - 2.4%
Family Dollar Stores, Inc. 29,000 362,500
Sears, Roebuck & Co. 24,600 1,131,600
1,494,100
TOTAL RETAIL & WHOLESALE 2,866,663
SERVICES - 3.0%
ADVERTISING - 1.3%
Omnicom Group, Inc. 15,900 822,825
SERVICES - 1.7%
ADT Ltd. 33,000 354,750
Manpower, Inc. 25,500 717,188
1,071,938
TOTAL SERVICES 1,894,763
TECHNOLOGY - 21.1%
COMMUNICATIONS EQUIPMENT - 8.1%
Brite Voice Systems, Inc. (a) 30,000 536,250
Cisco Systems, Inc. (a) 25,000 878,125
DSC Communications Corp. (a) 30,000 1,076,250
General Instrument Corp. (a) 25,800 774,000
Tellabs, Inc. 18,000 1,003,500
3Com Corp. (a) 16,200 835,313
5,103,438
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - 5.1%
Ceridian Corp. 22,000 $ 591,250
Geoworks (a) 36,000 243,000
Informix Corp. (a) 31,000 995,875
Novell, Inc. (a) 36,000 616,500
Oracle Systems Corp. (a) 17,100 754,538
3,201,163
COMPUTERS & OFFICE EQUIPMENT - 7.7%
ADAPTEC, Inc. (a) 20,700 489,038
AST Research, Inc. (a) 40,000 585,000
Danka Business Systems PLC sponsored ADR 21,000 454,125
Data General Corp. (a) 35,000 350,000
Digital Equipment Corp. (a) 33,000 1,097,250
EMC Corp. (a) 39,000 843,375
International Business Machines Corp. 14,000 1,029,000
4,847,788
ELECTRONIC INSTRUMENTS - 0.2%
Credence Systems Corp. 4,900 115,150
TOTAL TECHNOLOGY 13,267,539
TRANSPORTATION - 0.5%
TRUCKING & FREIGHT - 0.5%
Harper Group 20,000 315,000
UTILITIES - 7.4%
CELLULAR - 1.6%
Vodafone Group PLC sponsored ADR 30,000 1,008,750
TELEPHONE SERVICES - 5.8%
ALC Communications Corp. (a) 27,800 865,275
AT&T Corp. 22,000 1,105,500
LCI International, Inc. (a) 35,000 936,250
Rochester Telephone Corp. 34,200 722,475
3,629,500
TOTAL UTILITIES 4,638,250
TOTAL COMMON STOCKS
(Cost $43,951,161) $46,039,562
U.S. TREASURY OBLIGATIONS - 0.9%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
U.S. Treasury Bills, yields at date of purchase
5.36% - 5.49%, 2/2/95 - 3/9/95 (b)
(Cost $556,409) $ 560,000 $ 556,549
REPURCHASE AGREEMENTS - 25.9%
MATURITY
AMOUNT
Investments in repurchase agreements,
(U.S.Treasury obligations), in a
joint trading account at 5.77%,
dated 12/30/94 due 1/3/95 $ 16,290,437 16,280,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $60,787,570) $ 62,876,111
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
49 S&P 500 Stock Index Futures March 1995 $ 11,303,075 $ 59,576
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES -- 18.0%
LEGEND
(c) Non-income producing
(d) The securities were pledged to cover margin requirements for futures
contracts. At the period end, the value of securities pledged amounted to
$556,549.
INCOME TAX INFORMATION
At December 31, 1994, the aggregate cost of investment securities for
income tax purposes was $60,787,570. Net unrealized appreciation aggregated
$2,088,541, of which $3,546,860 related to appreciated investment
securities and $1,458,319 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>
AMOUNTS IN THOUSANDS DECEMBER 31, 1994 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 62,876,111
agreements of $16,280,000) (cost $60,787,570) -
See accompanying schedule

Cash 277

Receivable for investments sold 459,999

Receivable for fund shares sold 1,062,820

Dividends receivable 70,064

TOTAL ASSETS 64,469,271

LIABILITIES

Payable for investments purchased $ 1,797,688

Payable for fund shares redeemed 2,315,799

Accrued management fee 32,374

Payable for daily variation on futures contracts 79,625

Other payables and accrued expenses 40,936

TOTAL LIABILITIES 4,266,422

NET ASSETS $ 60,202,849

Net Assets consist of:

Paid in capital $ 58,393,122

Undistributed net investment income 88,309

Accumulated undistributed net realized gain (loss) on (426,699)
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 2,148,117
investments

NET ASSETS, for 5,533,748 shares outstanding $ 60,202,849

NET ASSET VALUE, offering price and redemption price per $10.88
share ($60,202,849 (divided by) 5,533,748 shares)

Maximum offering price per share (100/97 of $10.88) $11.22

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED)

INVESTMENT INCOME $ 327,073
Dividends

Interest 213,649

TOTAL INCOME 540,722

EXPENSES

Management fee $ 166,559
Basic fee

Performance adjustment 12,109

Transfer agent fees 114,625

Accounting fees and expenses 22,579

Non-interested trustees' compensation 250

Custodian fees and expenses 6,824

Registration fees 18,904

Audit 16,167

Legal 206

Miscellaneous 453

Total expenses before reductions 358,676

Expense reductions (7,778) 350,898

NET INVESTMENT INCOME 189,824

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 680,015

Futures contracts (113,533) 566,482

Change in net unrealized appreciation (depreciation) on:

Investment securities 3,044,995

Futures contracts 199,996 3,244,991

NET GAIN (LOSS) 3,811,473

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 4,001,297
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS SEPTEMBER 17,
ENDED DECEMBER 1993
31, 1994 (COMMENCEMENT OF
(UNAUDITED) OPERATIONS) TO
JUNE 30, 1994

INCREASE (DECREASE) IN NET ASSETS

Operations $ 189,824 $ 80,815
Net investment income

Net realized gain (loss) 566,482 (485,627)

Change in net unrealized appreciation (depreciation) 3,244,991 (1,096,874)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 4,001,297 (1,501,686)
FROM OPERATIONS

Distributions to shareholders: (101,515) (49,937)
From net investment income

From net realized gain (507,574) -

TOTAL DISTRIBUTIONS (609,089) (49,937)

Share transactions 32,565,985 111,532,450
Net proceeds from sales of shares

Reinvestment of distributions 601,114 49,547

Cost of shares redeemed (24,715,779) (61,671,053)

Net increase (decrease) in net assets resulting from 8,451,320 49,910,944
share transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 11,843,528 48,359,321

NET ASSETS

Beginning of period 48,359,321 -

End of period (including undistributed net investment $ 60,202,849 $ 48,359,321
income of $88,309 and $30,869, respectively)

OTHER INFORMATION
Shares

Sold 2,994,432 10,572,077

Issued in reinvestment of distributions 56,496 4,652

Redeemed (2,271,036) (5,822,873)

Net increase (decrease) 779,892 4,753,856

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 17,
DECEMBER 31, 1993
1994 (COMMENCEMENT OF
(UNAUDITED) OPERATIONS) TO
JUNE 30, 1994

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.17 $ 10.00

Income from Investment Operations

Net investment income .03 .02

Net realized and unrealized gain (loss) .80 .16 D

Total from investment operations .83 .18

Less Distributions (.02) (.01)
From net investment income

From net realized gain (.10) -

Total distributions (.12) (.01)

Net asset value, end of period $ 10.88 $ 10.17

TOTAL RETURN B, C 8.19% 1.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 60,203 $ 48,359

Ratio of expenses to average net assets 1.30% A 1.58% A

Ratio of expenses to average net assets before 1.33% A 1.58% A
expense reductions

Ratio of net investment income to average net assets .70% A .23% A

Portfolio turnover rate 159% A 320% A

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN (SEE NOTE 6 OF NOTES TO FINANCIAL
STATEMENTS).
D 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 December 31, 1994 (Unaudited)

7. 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
of their purchase date 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, 1994, the fund adopted Statement of Position (SOP) 93-4:
Foreign Currency Accounting and Financial Statement Presentation for
Investment Companies. 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 investment securities.
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 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.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
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, foreign currency transactions 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 and may
affect net investment income per share. Accumulated 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.
8. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY
CONTRACTS.The fund may use foreign currency contracts to facilitate
transactions in foreign securities and to manage the fund's currency
exposure. Contracts to buy generally are used to acquire exposure to
foreign currencies, while contracts to sell are used to hedge the fund's
investments against currency fluctuations. Also, a contract to buy or sell
can offset a previous contract. Losses may arise from changes in the value
of the foreign currency or if the counterparties
do not perform under the contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined
using forward currency exchange rates supplied by a quotation service.
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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other affiliated
entities of FMR, may transfer uninvested cash balances into one or more
joint trading accounts. These balances are invested in one or more
repurchase agreements that mature in 60 days or less from the date of
purchase, and are collateralized by U.S. Treasury or Federal Agency
obligations.
2. OPERATING POLICIES - CONTINUED
FUTURES CONTRACTS AND OPTIONS.
The fund may use futures and options contracts to manage its exposure to
the stock market. Buying futures, writing puts, and buying calls tend to
increase the fund's exposure to the underlying instrument. Selling futures,
buying puts, and writing calls tend to decrease the fund's exposure to the
underlying instrument, or hedge other fund investments. Futures contracts
and written options involve, to varying degrees, risk of loss in excess of
the futures variation margin or the option value reflected in the Statement
of Assets and Liabilities. The underlying face amount at value is shown in
the schedule of investments under the caption "Futures Contracts." This
amount reflects each contract's exposure to the underlying instrument at
period end. Losses
may arise from changes in the value of the underlying instruments, if there
is an illiquid secondary market for the contracts, or if the counterparties
do not perform under the contracts' terms.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Exchange-traded
options 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.
9. 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
agree-
ments were with entities whose creditworthiness has been reviewed and found
satisfactory by FMR. The repurchase agreements were dated December 30, 1994
and due January 3, 1995. The maturity values of the joint trading account
investments were $16,290,437 at 5.77%. 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 19.4%
Aggregate principal amount of agreements $15,687,225,000
Aggregate maturity amount of agreements $15,697,284,038
Aggregate market value of collateral $16,045,330,965
Coupon rates of collateral 3 7/8% - 15 3/4%
Maturity dates of collateral 1/3/95 - 11/15/24
10. PURCHASES AND SALES
OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $36,404,085 and $36,223,799, respectively.
The market value of futures contracts opened and closed during the period
amounted to $23,166,183 and $15,732,496, respectively.
11. 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 and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2850% to .5200% for the period July 1, 1994 to July 31,
1994 and .2700% to .5200% for the period August 1, 1994 to December 31,
1994. In the event that these rates were lower than the contractual rates
in effect during those periods, FMR voluntarily implemented the above
rates, as they resulted in the same or a lower management fee. The annual
individual fund fee rate is .30%. The basic fee is subject to a performance
adjustment (up to a maximum of (plus/minus) .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 took effect in
September 1994. For the period, the management fee was equivalent to an
annualized rate of .66% of average net assets after the performance
adjustment.
SALES LOAD. For the period, Fidelity Distributors Corporation (FDC), an
affiliate of FMR and the general distributor of the fund, received sales
charges of $60,600 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 $14,744 for the period.
12. 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
$7,778 under this arrangement.
TO CALL FIDELITY

INVESTMENT ADVISER
Fidelity Management &
Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Will Danoff, Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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)
(registered trademark)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE