FIDELITY HASTINGS STREET TRUST, N-30D, 1996-08-09

FIDELITY HASTINGS STREET TRUST
N-30D, 1996-08-09

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(2_FIDELITY_LOGOS)

FIDELITY
FUND
ANNUAL REPORT
JUNE 30, 1996
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 22 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 26 Notes to the financial statements.

REPORT OF INDEPENDENT 30 The auditors' opinion.
ACCOUNTANTS

DISTRIBUTIONS 31

To reduce expenses and demonstrate respect for our environment, we have
initiated a project through which we will begin eliminating duplicate
copies of most financial reports and prospectuses to most households, even
if they have more than one account in the fund. If additional copies of
financial reports, prospectuses or historical account information are
needed, please call 1-800-544-6666.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN
EFFECTIVE
PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISKS,
INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
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:
Although stocks have managed to
post solid returns through the first six months of 1996, signs of strength
in the economy have led to inflation fears, causing some uncertainty in
bond markets so far this year. In 1995, both stock and bond markets posted
strong results, while the year before, stocks posted below-average returns
and bonds had one of the worst years in history.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
If you can leave your money invested over the long term, you can avoid the
results of the volatility that generally accompanies the stock market in
the short term. You also can help to manage some of the risks of investing
through diversification. 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 types of 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. 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 or guaranteed 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. 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. Total return
includes changes in a fund's share price, plus reinvestment of any
dividends (or income) and capital gains (the profits the fund earns when it
sells securities that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 27.00% 107.13% 238.38%

S&P 500(registered trademark) 26.00% 107.63% 264.95%

Growth & Income Funds Average 22.13% 95.61% 205.50%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one, five, or 10 years. For example, if
you invested $1,000 in a fund that had a 5% return over the past year, the
value of your investment would be $1,050. You can compare the fund's
returns to the performance of the Standard & Poor's 500 Index - a widely
recognized, unmanaged index of common stock prices. The index figures
assume reinvestment of all dividends paid by stocks included in the index.
They do not, however, include any allowance for the brokerage commissions
or other fees you would pay if you actually invested in those stocks. To
measure how the fund's performance stacked up against its peers, you can
compare it to the growth & income funds average, which reflects the
performance of 484 mutual funds with similar objectives tracked by Lipper
Analytical Services, Inc. over the past year. Both benchmarks include
reinvested dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 27.00% 15.68% 12.96%

S&P 500 26.00% 15.73% 13.79%

Growth & Income Funds Average 22.13% 14.25% 11.70%

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
IMAHDR PRASUN SHR__CHT 19960630 19960710 155521 S00000000000001
Fidelity SP Standard & Poor 500
00003 SP001
1986/06/30 10000.00 10000.00
1986/07/31 9437.85 9441.00
1986/08/31 9979.37 10141.52
1986/09/30 9305.43 9302.82
1986/10/31 9726.28 9839.59
1986/11/30 9793.82 10078.69
1986/12/31 9526.36 9821.69
1987/01/31 10630.35 11144.67
1987/02/28 11263.04 11584.88
1987/03/31 11571.65 11919.68
1987/04/30 11500.62 11813.60
1987/05/31 11539.36 11916.38
1987/06/30 11895.72 12518.16
1987/07/31 12610.77 13152.83
1987/08/31 12818.78 13643.43
1987/09/30 12722.41 13344.63
1987/10/31 9582.69 10470.20
1987/11/30 9098.65 9607.46
1987/12/31 9838.70 10338.58
1988/01/31 10085.03 10773.84
1988/02/29 10737.08 11275.90
1988/03/31 10539.99 10927.47
1988/04/30 10700.68 11048.77
1988/05/31 10751.81 11144.89
1988/06/30 11361.61 11656.44
1988/07/31 11251.16 11612.15
1988/08/31 10941.90 11217.34
1988/09/30 11319.44 11695.19
1988/10/31 11556.96 12020.32
1988/11/30 11408.51 11848.43
1988/12/31 11594.75 12055.78
1989/01/31 12233.90 12938.26
1989/02/28 11993.28 12616.10
1989/03/31 12287.20 12910.05
1989/04/30 12938.68 13580.08
1989/05/31 13575.01 14130.08
1989/06/30 13528.40 14049.54
1989/07/31 14580.77 15318.21
1989/08/31 14939.19 15618.45
1989/09/30 14917.41 15554.41
1989/10/31 14418.63 15193.55
1989/11/30 14625.81 15503.50
1989/12/31 14934.19 15875.58
1990/01/31 14134.59 14810.33
1990/02/28 14426.11 15001.38
1990/03/31 14709.99 15398.92
1990/04/30 14332.59 15013.95
1990/05/31 15397.68 16477.81
1990/06/30 15304.72 16365.76
1990/07/31 15161.21 16313.39
1990/08/31 14072.23 14838.66
1990/09/30 13442.38 14116.01
1990/10/31 13297.84 14055.32
1990/11/30 13884.51 14963.29
1990/12/31 14173.00 15380.76
1991/01/31 15086.55 16051.37
1991/02/28 16078.40 17199.04
1991/03/31 16445.39 17615.25
1991/04/30 16462.91 17657.53
1991/05/31 17294.81 18420.34
1991/06/30 16336.80 17576.69
1991/07/31 17068.17 18395.76
1991/08/31 17350.14 18831.74
1991/09/30 17200.40 18517.25
1991/10/31 17368.86 18765.38
1991/11/30 16322.65 18009.13
1991/12/31 17595.22 20069.38
1992/01/31 17871.63 19696.09
1992/02/29 18376.80 19952.14
1992/03/31 17820.63 19563.07
1992/04/30 17945.31 20138.23
1992/05/31 18108.37 20236.90
1992/06/30 17859.70 19935.37
1992/07/31 18245.23 20750.73
1992/08/31 17869.34 20325.34
1992/09/30 18051.82 20565.18
1992/10/31 18274.56 20637.16
1992/11/30 18681.31 21340.88
1992/12/31 19083.85 21603.38
1993/01/31 19587.65 21784.85
1993/02/28 19757.91 22081.12
1993/03/31 20344.76 22547.03
1993/04/30 20344.76 22001.39
1993/05/31 20842.96 22591.03
1993/06/30 20874.91 22656.54
1993/07/31 20895.35 22565.92
1993/08/31 21867.87 23421.17
1993/09/30 22067.80 23240.82
1993/10/31 22432.65 23721.91
1993/11/30 21835.63 23496.55
1993/12/31 22587.96 23780.86
1994/01/31 23549.15 24589.41
1994/02/28 23080.28 23923.03
1994/03/31 22030.63 22879.99
1994/04/30 22548.72 23172.85
1994/05/31 22525.17 23552.89
1994/06/30 22004.57 22975.84
1994/07/31 22725.83 23729.45
1994/08/31 23714.37 24702.36
1994/09/30 23216.16 24097.15
1994/10/31 23714.90 24639.34
1994/11/30 22879.51 23741.97
1994/12/31 23170.90 24094.07
1995/01/31 23133.29 24718.82
1995/02/28 23923.21 25682.12
1995/03/31 24790.43 26440.00
1995/04/30 25395.38 27218.65
1995/05/31 25823.89 28306.58
1995/06/30 26644.98 28964.15
1995/07/31 27860.72 29924.60
1995/08/31 28315.61 29999.71
1995/09/30 29147.23 31265.70
1995/10/31 28807.55 31154.08
1995/11/30 30022.56 32521.74
1995/12/31 30782.09 33148.11
1996/01/31 31530.88 34276.47
1996/02/29 31925.69 34594.21
1996/03/31 32525.65 34927.36
1996/04/30 33045.18 35442.19
1996/05/31 33687.77 36356.24
1996/06/28 33837.99 36494.76
IMATRL PRASUN SHR__CHT 19960630 19960710 155526 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested
in Fidelity Fund on June 30, 1986. As the chart shows, by June 30, 1996,
the value of the investment would have grown to $33,838 - a 238.38%
increase on the initial investment. For comparison, look at how the S&P 500
did over the same period. With dividends and capital gains, if any,
reinvested, the same investment would have grown to $36,495 - a 264.95%
increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and return
of a fund that invests in stocks
will vary. That means if you
sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
In spite of growing fears of lower
corporate earnings and higher
interest rates at the end of the
period, the U.S. stock market
posted strong gains over the 12
months ended June 30, 1996.
Although several corporate
earnings disappointments made
for a volatile stock market in May
and June, the Standard & Poor's
500 Index finished the 12 months
with a return of 26% - well above
its long-term historical annual
average of about 12%. The stock
market spent much of the past
year breaking price and trading
volume records as strong corporate
earnings reports, large cash inflows
into mutual funds and widespread
optimism propelled equity share
prices higher. In addition, the
period was peppered with several
high-profile merger
announcements, especially in the
media, telecommunications and
technology sectors.
Smaller-company stocks posted
strong gains during the first few
months of 1996, and high-tech
firms involved in the networking
and software fields benefited from
strong earnings. In early March,
though, better-than-expected
employment figures spooked the
bond market, pushing long-term
interest rates over 7%. Because
smaller companies tend to be
more adversely affected by the
higher borrowing costs brought on
by higher rates, their stock prices
trended downward in the spring.
While larger, multinational firms
recorded positive gains, their
returns were hurt somewhat by
the strengthening dollar.
An interview with Beth Terrana, Portfolio Manager of Fidelity Fund
Q. HOW HAS THE FUND DONE OVER THE PAST YEAR, BETH?
A. It's had a very good year. For the 12 months ended June 30, 1996, the
fund posted a total return of 27.00%. That beat the growth & income funds
average tracked by Lipper Analytical Services, which returned 22.13% over
the same period.
Q. WHAT WERE THE MAIN DRIVERS OF THE FUND'S STRONG PERFORMANCE?
A. It came down to owning the right stocks, with most of the fund's top 20
positions providing good performance. While some of the fund's sector
weightings changed over the past year, I really didn't pursue any
industry-related themes over the past six months and focused almost all my
attention on individual stock picking. That strategy helped, because over
the past 12 months the market has rotated quickly from sector to sector,
momentarily favoring areas that were expected to show either short-term
earnings acceleration, or those that proved to be defensive in a rising
interest-rate environment. At the same time, many stocks of companies that
posted earnings disappointments were punished severely. It's been virtually
impossible to time these sector rotations, so I focused instead on choosing
stocks of companies that I felt would prosper regardless of the economic
environment. That helped, as did the fact that I managed to avoid investing
significantly in stocks that saw sharp drops in share price.
Q. YOU'VE CONCENTRATED A GREATER PERCENTAGE OF THE FUND ON ITS LARGER
HOLDINGS. WHY IS THAT?
A. The market has been extraordinarily sensitive to economic news and has
gone through the sector rotations I just discussed in response to the
latest economic statistics. To help insulate the fund from this volatility,
I increased the fund's larger positions because I had confidence that they
would be able to perform well under most conditions, allowing, of course,
for periods when they may underperform because the market temporarily
disfavors them. My main goal has been to find what I would call
"revaluation" stories, or companies that are changing in such a way that
their earnings growth over the long term can be viewed as better than it
has been in the past. Once that happens, investors usually are willing to
pay a higher price-to-earnings multiple for the company's shares. The
price-to-earnings multiple - or P/E - is the price of a stock divided by
earnings per share, which is used to give investors an idea of how much
they are paying for a company's earnings power.
Q. LET'S TAKE A LOOK AT SOME OF THE FUND'S CURRENT TOP HOLDINGS AND WHY
THEY WERE ATTRACTIVE TO YOU.
A. Sure. General Electric, the fund's largest holding, was a prime example
of the revaluation scenario. I felt that the company had better growth
prospects than it had in the past, and that the market would revaluate the
stock upward. In fact, that's what happened, as in late June the stock's
price-to-earnings multiple was close to its historical high relative to the
market. There was also a price-to-earnings multiple revaluation with
Monsanto, which, while not part of the top 10, was still one of the fund's
larger holdings. Here, my view was that Monsanto was no longer simply an
economically sensitive chemical company, but one whose earnings growth rate
would be increasingly driven by its agricultural biotechnology business.
Again, it appears that the market came to share this view, as the stock
price went up during the period. Finally, the market also revalued
Allied-Signal, because it sold a large portion of its cyclical auto
business.
Q. SIX MONTHS AGO THE FUND HAD LARGE STAKES IN REGIONAL BELL OPERATING
COMPANIES, OR RBOCS. YOU'VE SINCE SOLD THEM OFF. WHY?
A. The fund benefited from the fine performance of these stocks earlier in
the year, and sold them off before their recent declines. I sold the fund's
RBOC positions because I found valuations to be high and because the
specter of fierce competition appeared to be on the horizon. In addition,
these stocks have been poor performers of late because they tend to move up
and down with bonds, and the bond market has struggled over the past six
months.
Q. WHAT DO YOU SEE HAPPENING OVER THE NEXT SIX MONTHS?
A. I think that the rapid sector rotation we've seen over the past six
months will continue. I also expect that the focus on economic news and its
impact on the stock market will be sustained. We may also continue to see
very sharp drops in the share prices of companies that post any type of
earnings disappointments. In this type of atmosphere, I will continue to
look for companies that I believe can post good earnings growth and have
the potential for upward multiple revaluation.
FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by investing mainly
in equity securities with good
prospects for growth and
current income
START DATE: April 30, 1930
SIZE: as of June 30, 1996,
more than $3.9 billion
MANAGER: Beth Terrana,
since 1993; manager, Fidelity
Equity-Income Fund, Fidelity
Advisor Equity Income Fund,
VIP: Equity-Income Portfolio,
1990-1993; Fidelity Growth &
Income Portfolio, 1985-1990;
joined Fidelity in 1983
(checkmark)
BETH TERRANA ON THE STOCK
MARKET:
"I'd liken the factors that have
supported the stock market's
strong rally over the past 18
months to the three legs on a
stool. One leg was declining
interest rates. A second was
powerful earnings growth that
was better than expected.
The third was substantial
cash flows into the markets.
At the end of the period,
though, the stool looked
pretty rickety to me.
"First of all, the economy has
been stronger than expected,
and the possibility of inflation
has led to increases in
interest rates. In addition, the
potential for positive earnings
surprises has diminished
because Corporate America
has already effectively
downsized and cut costs over
the past five to 10 years. Most
companies are lean and
mean, so any slowdown in
revenue growth can impact
earnings dramatically. In
addition, many companies are
now focusing on growing
instead of shrinking, which in
itself puts pressure on costs
and potentially on short-term
earnings. Finally, a slowdown
in cash inflows has started to
threaten the one remaining
leg, making the stool very
wobbly.
"In this type of environment,
careful stock picking is
crucial. As a result, I'm
making sure that I'm very
comfortable with the earnings
prospects of the companies I
choose for the fund, looking
for those that can prosper
regardless of the economic
backdrop."
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

General Electric Co. 3.4 2.3

Philip Morris Companies, Inc. 3.1 3.4

Royal Dutch Petroleum Co. ADR 1.9 0.0

Allied-Signal, Inc. 1.9 0.8

British Petroleum PLC ADR 1.7 1.2

Praxair, Inc. 1.6 0.8

Consolidated Stores Corp. 1.6 0.6

Tyco International Ltd. 1.5 1.5

Federal National Mortgage 1.5 1.6
Association

BankAmerica Corp. 1.5 0.0

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET SECTORS
6 MONTHS AGO

Finance 11.3 14.2

Health 9.8 11.8

Media & Leisure 9.3 5.2

Retail & Wholesale 9.3 4.9

Basic Industries 8.5 7.0

ASSET ALLOCATION
AS OF JUNE 30, 1996 * AS OF DECEMBER 31, 1995 **
Row: 1, Col: 1, Value: 4.8
Row: 1, Col: 2, Value: 1.7
Row: 1, Col: 3, Value: 48.5
Row: 1, Col: 4, Value: 45.0
Row: 1, Col: 1, Value: 7.4
Row: 1, Col: 2, Value: 4.8
Row: 1, Col: 3, Value: 43.0
Row: 1, Col: 4, Value: 44.8
Stocks 93.5%
Bonds 1.7%
Short-term
investments 4.8%
FOREIGN
INVESTMENTS 7.6%
Stocks 87.8%
Bonds 4.8%
Short-term
investments 7.4%
FOREIGN
INVESTMENTS 3.8%
*
**
INVESTMENTS JUNE 30, 1996

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 92.5%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 2.6%
AEROSPACE & DEFENSE - 2.0%
Alliant Techsystems, Inc. (a) 388,500 $ 18,308
Boeing Co. 342,400 29,832
Lockheed Martin Corp. 226,800 19,051
McDonnell Douglas Corp. 244,800 11,873
79,064
SHIP BUILDING & REPAIR - 0.6%
General Dynamics Corp. 400,200 24,812
TOTAL AEROSPACE & DEFENSE 103,876
BASIC INDUSTRIES - 8.5%
CHEMICALS & PLASTICS - 7.4%
Air Products & Chemicals, Inc. 315,600 18,226
du Pont (E.I.) de Nemours & Co. 414,100 32,766
Grace (W.R.) & Co. 161,600 11,454
Hercules, Inc. 483,100 26,691
IMC Fertilizer Group, Inc. 578,000 21,747
Monsanto Co. 1,762,000 57,265
Olin Corp. 197,000 17,582
Praxair, Inc. 1,511,760 63,872
Raychem Corp. 413,400 29,713
Sealed Air Corp. (a) 382,700 12,868
292,184
PACKAGING & CONTAINERS - 0.7%
Corning, Inc. 210,800 8,089
Tupperware Corp. (a) 477,100 20,158
28,247
PAPER & FOREST PRODUCTS - 0.4%
Boise Cascade Corp. 70,400 2,578
Champion International Corp. 292,600 12,216
14,794
TOTAL BASIC INDUSTRIES 335,225
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONGLOMERATES - 4.5%
Allied-Signal, Inc. 1,288,400 $ 73,600
American Standard Companies, Inc. (a) 455,600 15,035
Tyco International Ltd. 1,493,816 60,873
United Technologies Corp. 237,400 27,301
176,809
CONSTRUCTION & REAL ESTATE - 2.1%
BUILDING MATERIALS - 0.4%
Masco Corp. 461,600 13,963
REAL ESTATE - 0.3%
Rouse Co. (The) 440,700 11,403
REAL ESTATE INVESTMENT TRUSTS - 1.4%
Beacon Properties Corp. 384,400 9,850
Duke Realty Investors, Inc. 268,500 8,122
Equity Residential Properties Trust (SBI) 405,100 13,318
Home Properties of NY, Inc. 74,900 1,517
Public Storage, Inc. 385,000 7,941
RFS Hotel Investors, Inc. 504,100 7,814
Storage USA, Inc. 273,500 8,820
57,382
TOTAL CONSTRUCTION & REAL ESTATE 82,748
DURABLES - 3.4%
AUTOS, TIRES, & ACCESSORIES - 1.1%
Cummins Engine Co., Inc. 338,700 13,675
Magna International, Inc. Class A 488,700 22,579
Scania AB:
Class A 64,800 1,794
Class B 229,900 6,381
44,429
CONSUMER ELECTRONICS - 1.4%
Black & Decker Corp. 821,300 31,723
Harman International Industries, Inc. 299,200 14,736
Newell Co. 304,900 9,337
55,796
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
TEXTILES & APPAREL - 0.9%
NIKE, Inc. Class B 99,800 $ 10,254
Nine West Group, Inc. 105,600 5,399
Warnaco Group, Inc. Class A 765,400 19,709
35,362
TOTAL DURABLES 135,587
ENERGY - 7.1%
ENERGY SERVICES - 0.5%
Halliburton Co. 84,000 4,662
Transocean Drilling AS (a) 222,900 5,773
Weatherford Enterra, Inc. (a) 298,200 8,946
19,381
OIL & GAS - 6.6%
Amerada Hess Corp. 414,197 22,211
British Petroleum PLC ADR 638,650 68,256
Burlington Resources, Inc. 151,800 6,528
Exxon Corp. 361,200 31,379
Mobil Corp. 230,300 25,822
Occidental Petroleum Corp. 722,800 17,889
Royal Dutch Petroleum Co. ADR 483,400 74,323
Texaco, Inc. 187,900 15,760
262,168
TOTAL ENERGY 281,549
FINANCE - 11.2%
BANKS - 5.4%
Bank of Boston Corp. 507,000 25,096
Bank of New York Co., Inc. 361,800 18,542
BankAmerica Corp. 778,600 58,979
Canadian Imperial Bank of Commerce 539,500 17,429
Chase Manhattan Corp. 385,500 27,226
Citicorp 466,200 38,520
First Bank System, Inc. 22,200 1,288
KeyCorp. 459,000 17,786
U.S. Bancorp. 248,100 8,963
213,829
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
CREDIT & OTHER FINANCE - 1.5%
American Express Co. 582,364 $ 25,988
Associates First Capital Corp. (a) 40,000 1,505
First USA, Inc. 203,000 11,165
Household International, Inc. 291,511 22,155
60,813
FEDERAL SPONSORED CREDIT - 2.2%
Federal Home Loan Mortgage Corporation 312,200 26,693
Federal National Mortgage Association 1,812,400 60,715
87,408
INSURANCE - 2.1%
Aetna Life & Casualty Co. 319,100 22,816
Allstate Corp. 722,300 32,955
First Colony Corp. 153,000 4,743
Travelers Group, Inc. (The) 503,850 22,988
83,502
TOTAL FINANCE 445,552
HEALTH - 9.7%
DRUGS & PHARMACEUTICALS - 5.1%
American Home Products Corp. 604,300 36,333
Copley Pharmaceutical, Inc. (a) 80,300 1,064
Glaxo PLC sponsored ADR 742,500 19,862
Lilly (Eli) & Co. 141,200 9,178
Merck & Co., Inc. 167,500 10,825
Neopath, Inc. (a) 175,000 4,419
Pharmacia & Upjohn, Inc. 627,400 27,841
Pfizer, Inc. 43,000 3,069
Rhone Poulenc Rorer, Inc. 294,200 19,748
SmithKline Beecham PLC ADR 875,100 47,584
Warner-Lambert Co. 441,600 24,288
204,211
MEDICAL EQUIPMENT & SUPPLIES - 3.6%
Bard (C.R.), Inc. 188,900 6,423
Boston Scientific Corp. (a) 258,700 11,641
Datascope Corp. (a) 49,700 882
Hillenbrand Industries, Inc. 138,500 5,159
Johnson & Johnson 757,400 37,491
Medtronic, Inc. 96,800 5,421
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
MEDICAL EQUIPMENT & SUPPLIES - CONTINUED
Millipore Corp. 428,100 $ 17,927
Nellcor, Inc. (a) 516,900 12,809
Pall Corp. 556,200 13,418
St. Jude Medical, Inc. (a) 922,300 30,897
142,068
MEDICAL FACILITIES MANAGEMENT - 1.0%
Columbia/HCA Healthcare Corp. 624,375 33,326
United HealthCare Corp. 92,800 4,686
38,012
TOTAL HEALTH 384,291
HOLDING COMPANIES - 0.2%
U.S. Industries, Inc. (a) 322,600 7,783
INDUSTRIAL MACHINERY & EQUIPMENT - 6.6%
ELECTRICAL EQUIPMENT - 4.4%
Emerson Electric Co. 260,400 23,533
General Electric Co. 1,578,600 136,549
Sensormatic Electronics Corp. 249,700 4,089
Westinghouse Electric Corp. 460,900 8,642
172,813
INDUSTRIAL MACHINERY & EQUIPMENT - 2.2%
Deere & Co. 333,000 13,320
Dover Corp. 382,600 17,648
Duriron Co., Inc. 159,600 3,830
Greenfield Industries, Inc. 428,700 14,147
Illinois Tool Works, Inc. 262,700 17,765
Stanley Works 551,600 16,410
Tenneco, Inc. 115,200 5,890
89,010
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 261,823
MEDIA & LEISURE - 8.2%
BROADCASTING - 0.9%
Home Shopping Network, Inc. (a) 437,800 5,254
Infinity Broadcasting Corp. Class A 503,400 15,102
Viacom, Inc. Class B (non-vtg.) (a) 352,400 13,699
34,055
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
ENTERTAINMENT - 1.0%
Disney (Walt) Co. 259,500 $ 16,316
MGM Grand, Inc. 460,900 18,378
Regal Cinemas, Inc. (a) 88,850 4,065
38,759
LEISURE DURABLES & TOYS - 0.6%
Brunswick Corp. 85,100 1,702
Callaway Golf Co. 99,600 3,312
Harley Davidson, Inc. 138,200 5,683
Hasbro, Inc. 397,300 14,204
24,901
LODGING & GAMING - 3.5%
Circus Circus Enterprises, Inc. (a) 877,200 35,965
Host Marriott Corp. (a) 1,313,359 17,238
ITT Corp. 528,200 34,993
La Quinta Motor Inns, Inc. 466,213 15,618
Millennium & Copthorne Hotels PLC
sponsored ADR (a)(b) 124,000 2,511
Mirage Resorts, Inc. (a) 517,000 27,789
Red Lion Inns LP 169,200 3,976
Wyndham Hotel Corp. (a) 2,500 52
138,142
PUBLISHING - 2.0%
Dun & Bradstreet Corp. 27,600 1,725
Harcourt General, Inc. 246,100 12,305
Knight-Ridder, Inc. 83,800 6,076
Meredith Corp. 463,000 19,330
Times Mirror Co. Class A 618,800 26,918
World Color Press, Inc. (a) 527,700 13,390
79,744
RESTAURANTS - 0.2%
Darden Restaurants, Inc. 393,300 4,228
Host Marriott Services Corp. (a) 654,091 4,742
8,970
TOTAL MEDIA & LEISURE 324,571
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - 7.8%
AGRICULTURE - 0.4%
Pioneer Hi-Bred International, Inc. 349,900 $ 18,501
BEVERAGES - 1.4%
Anheuser-Busch Companies, Inc. 400,300 30,023
PepsiCo, Inc. 740,200 26,184
56,207
FOODS - 0.3%
Kellogg Co. 10,000 733
Tyson Foods, Inc. 344,600 9,433
10,166
HOUSEHOLD PRODUCTS - 2.6%
Avon Products, Inc. 465,400 21,001
First Brands Corp. 800,600 21,616
Gillette Co. 163,400 10,192
Premark International, Inc. 403,900 7,472
Procter & Gamble Co. 484,400 43,899
104,180
TOBACCO - 3.1%
Philip Morris Companies, Inc. 1,170,500 121,732
TOTAL NONDURABLES 310,786
PRECIOUS METALS - 0.3%
Getchell Gold Corp. 382,887 12,635
RETAIL & WHOLESALE - 9.2%
APPAREL STORES - 1.3%
Gymboree Corp. (a) 303,900 9,269
Limited, Inc. (The) 587,300 12,627
Melville Corp. 523,000 21,182
Payless Shoesource, Inc. (a) 241,900 7,680
Saks Holdings, Inc. (a) 4,600 157
50,915
DRUG STORES - 0.3%
General Nutrition Companies, Inc. (a) 752,700 13,172
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
GENERAL MERCHANDISE STORES - 4.7%
Consolidated Stores Corp. (a) 1,718,400 $ 63,151
Dayton Hudson Corp. 210,400 21,698
K mart Corp. 142,300 1,761
Penney (J.C.) Co., Inc. 130,400 6,846
Price/Costco, Inc. (a) 682,400 14,757
Sears, Roebuck & Co. 497,900 24,210
Wal-Mart Stores, Inc. 1,133,500 28,762
Woolworth Corp. (a) 1,119,200 25,182
186,367
RETAIL & WHOLESALE, MISCELLANEOUS - 2.9%
Barnes & Noble, Inc. (a) 18,200 653
Garden Botanika, Inc. (a) 1,200 26
Home Depot, Inc., (The) 442,800 23,911
Lowe's Companies, Inc. 632,600 22,853
Tandy Corp. 786,600 37,265
Toys "R" Us, Inc. 1,075,600 30,655
115,363
TOTAL RETAIL & WHOLESALE 365,817
SERVICES - 3.2%
ADVERTISING - 0.8%
Omnicom Group, Inc. 667,500 31,039
PRINTING - 0.5%
Deluxe Corp. 587,500 20,856
SERVICES - 1.9%
ADT Ltd. (a) 689,400 13,012
Block (H&R), Inc. 533,900 17,418
Manpower, Inc. 638,400 25,057
Personnel Group of America, Inc. (a) 15,900 392
Regis Corp. 111,600 3,488
Service Corp. International 269,800 15,514
74,881
TOTAL SERVICES 126,776
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - 5.7%
COMMUNICATIONS EQUIPMENT - 0.6%
Cisco Systems, Inc. (a) 400,800 $ 22,695
COMPUTER SERVICES & SOFTWARE - 1.6%
America Online, Inc. 38,000 1,663
Ceridian Corp. (a) 481,700 24,326
Computer Sciences Corp. (a) 86,900 6,496
Continuum Co., Inc. (a) 110,124 6,387
Electronic Data Systems Corp. 190,600 10,245
Equifax, Inc. 9,100 239
Metromail Corp. (a) 79,800 1,786
Microsoft Corp. (a) 58,400 7,015
Oracle Corp. (a) 137,200 5,411
63,568
COMPUTERS & OFFICE EQUIPMENT - 3.5%
Amdahl Corp. (a) 482,900 5,191
Bell & Howell Co. (a) 493,400 16,097
Comdisco, Inc. 292,600 7,790
Diebold, Inc. 582,200 28,091
MICROS Systems, Inc. (a) 155,000 4,321
Pitney Bowes, Inc. 531,200 25,365
Quantum Corp. (a) 117,200 1,714
Radius, Inc. (a) 6,005 17
Silicon Graphics, Inc. (a) 428,600 10,286
Xerox Corp. 729,600 39,034
137,906
TOTAL TECHNOLOGY 224,169
TRANSPORTATION - 1.9%
RAILROADS - 1.6%
Burlington Northern Santa Fe Corp. 471,013 38,093
CSX Corp. 556,200 26,837
64,930
TRUCKING & FREIGHT - 0.3%
Hunt (J.B.) Transport Services, Inc. 539,000 11,252
TOTAL TRANSPORTATION 76,182
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - 0.3%
TELEPHONE SERVICES - 0.3%
Frontier Corp. 341,200 $ 10,449
TOTAL COMMON STOCKS
(Cost $3,120,966) 3,666,628
CONVERTIBLE PREFERRED STOCKS - 1.0%
CONSTRUCTION & REAL ESTATE - 0.1%
REAL ESTATE - 0.1%
Rouse Co., Series A 80,500 4,669
FINANCE - 0.1%
CREDIT & OTHER FINANCE - 0.1%
SCI Finance, Series A, $3.125 41,300 3,991
RETAIL & WHOLESALE - 0.1%
GENERAL MERCHANDISE STORES - 0.1%
K mart Financing I $3.875 43,700 2,371
TECHNOLOGY - 0.7%
COMPUTER SERVICES & SOFTWARE - 0.7%
Ceridian Corp. $2.75 270,600 30,273
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $30,851) 41,304
CORPORATE BONDS - 1.7%
MOODY'S RATINGS PRINCIPAL
(UNAUDITED) AMOUNT (000S)
CONVERTIBLE BONDS - 1.4%
DURABLES - 0.2%
TEXTILES & APPAREL - 0.2%
Nine West Group, Inc. 5 1/2%,
7/15/03 (b) - $ 9,360 9,407
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (000S) (000S)
CONVERTIBLE BONDS - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - 0.1%
POLLUTION CONTROL - 0.1%
Laidlaw, Inc. 6%, 1/31/99 Baa2 $ 3,000 $ 3,750
MEDIA & LEISURE - 1.0%
LODGING & GAMING - 1.0%
HFS, Inc. 4 1/2%, 10/1/99 Baa3 7,540 29,264
Prime Hospitality 7%, 4/15/02 B2 6,170 9,317
38,581
PUBLISHING - 0.0%
Scholastic Corp. 5%, 8/15/05 (b) Baa3 940 982
TOTAL MEDIA & LEISURE 39,563
SERVICES - 0.1%
First Financial Management Corp.
5%, 12/15/99 A2 890 1,667
TOTAL CONVERTIBLE BONDS 54,387
NONCONVERTIBLE BONDS - 0.3%
AEROSPACE & DEFENSE - 0.1%
DEFENSE ELECTRONICS - 0.1%
Tracor, Inc. 10 7/8%, 8/15/01 B2 1,500 1,582
HEALTH - 0.1%
MEDICAL FACILITIES MANAGEMENT - 0.1%
Tenet Healthcare Corp. 8 5/8%, 12/1/03 Ba1 5,440 5,494
MEDIA & LEISURE - 0.1%
RESTAURANTS - 0.1%
Foodmaker, Inc. 9 3/4%, 6/1/02 B3 4,900 4,680
TOTAL NONCONVERTIBLE BONDS 11,756
TOTAL CORPORATE BONDS
(Cost $60,699) 66,143
REPURCHASE AGREEMENTS - 4.8%
MATURITY VALUE (NOTE 1)
AMOUNT (000S) (000S)
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 5.46%, dated
6/28/96 due 7/1/96 $ 192,308 $ 192,221
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $3,404,737) $ 3,966,296
LEGEND
1. Non-income producing
2. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $12,900,000 or 0.3% of net
assets.
INCOME TAX INFORMATION
At June 30, 1996, the aggregate cost of invest- ment securities for income
tax purposes was $3,410,943,000. Net unrealized appreci- ation aggregated
$555,353,000, of which $594,595,000 related to appreciated investment
securities and $39,242,000 related to depreciated investment securities.
The fund hereby designates approximately $35,427,000 as a capital gain
dividend for the purpose of the dividend paid deduction.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) JUNE 30, 1996

ASSETS

Investment in securities, at value (including repurchase $ 3,966,296
agreements of $192,221) (cost $3,404,737) -
See accompanying schedule

Cash 1

Receivable for investments sold 30,188

Receivable for fund shares sold 12,533

Dividends receivable 4,621

Interest receivable 419

Other receivables 778

TOTAL ASSETS 4,014,836

LIABILITIES

Payable for investments purchased $ 34,579

Payable for fund shares redeemed 6,969

Accrued management fee 1,307

Other payables and accrued expenses 1,240

Collateral on securities loaned, at value 23,395

TOTAL LIABILITIES 67,490

NET ASSETS $ 3,947,346

Net Assets consist of:

Paid in capital $ 3,108,306

Undistributed net investment income 1,218

Accumulated undistributed net realized gain (loss) on 276,268
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 561,554
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 160,108 shares outstanding $ 3,947,346

NET ASSET VALUE, offering price and redemption price $24.65
per share ($3,947,346 (divided by) 160,108 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED JUNE 30, 1996

INVESTMENT INCOME $ 56,365
Dividends

Interest (including income on securities loaned of $158) 18,919

TOTAL INCOME 75,284

EXPENSES

Management fee $ 12,985

Transfer agent fees 6,152

Accounting and security lending fees 797

Non-interested trustees' compensation 11

Custodian fees and expenses 90

Registration fees 371

Audit 47

Legal 23

Miscellaneous 18

Total expenses before reductions 20,494

Expense reductions (853) 19,641

NET INVESTMENT INCOME 55,643

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

Investment securities 395,342

Foreign currency transactions 1 395,343

Change in net unrealized appreciation (depreciation) on:

Investment securities 296,071

Assets and liabilities in foreign currencies (9) 296,062

NET GAIN (LOSS) 691,405

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 747,048
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1996 1995

INCREASE (DECREASE) IN NET ASSETS

Operations $ 55,643 $ 42,354
Net investment income

Net realized gain (loss) 395,343 70,757

Change in net unrealized appreciation (depreciation) 296,062 273,028

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 747,048 386,139
FROM OPERATIONS

Distributions to shareholders (58,669) (37,407)
From net investment income

From net realized gain (182,544) (80,847)

TOTAL DISTRIBUTIONS (241,213) (118,254)

Share transactions 1,833,400 997,742
Net proceeds from sales of shares

Reinvestment of distributions 217,154 101,857

Cost of shares redeemed (1,013,515) (555,067)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 1,037,039 544,532
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 1,542,874 812,417

NET ASSETS

Beginning of period 2,404,472 1,592,055

End of period (including undistributed net investment $ 3,947,346 $ 2,404,472
income of $1,218 and $3,624, respectively)

OTHER INFORMATION
Shares

Sold 79,709 52,253

Issued in reinvestment of distributions 9,745 5,464

Redeemed (43,626) (28,996)

Net increase (decrease) 45,828 28,721

</TABLE>

FINANCIAL HIGHLIGHTS

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

</TABLE>

1996 1995 1994 F 1993 1992 D 1991

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA $ 21.04 $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29
Net asset value, beginning
of period

Income from Investment
Operations

Net investment income .39 .38 .27 .29E .45 .53

Net realized and 5.04 3.35 .79 1.48 1.09 3.29
unrealized gain (loss)

Total from investment 5.43 3.73 1.06 1.77 1.54 3.82
operations

Less Distributions (.41) H (.36) (.31) (.22) (.48) (.50)
From net investment
income

From net realized gain (1.41) H (.94) (2.56) (.07) (.58) (1.15)

Total distributions (1.82) (1.30) (2.87) (.29) (1.06) (1.65)

Net asset value, end $ 24.65 $ 21.04 $ 18.61 $ 20.42 $ 18.94 $ 18.46
of period

TOTAL RETURN B,C 27.00% 21.09% 5.41% 9.39% 8.46 24.15
% %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 3,947 $ 2,404 $ 1,592 $ 1,439 $ 1,354 $ 1,320
(in millions)

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

Ratio of expenses to .60% .64% .65% .66% A .67 .68
average net assets after G G G % %
expense reductions

Ratio of net investment 1.71% 2.18% 1.85% 2.94% A, 2.37 2.84
income to average E % %
net assets

Portfolio turnover rate 150% 157% 207% 261% A 151 267
% %

</TABLE>

A ANNUALIZED
B TOTAL RETURNS 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 AS OF JANUARY 1, 1992 THE FUND DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
E INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED TO
$.06 PER SHARE.
F EFFECTIVE JULY 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INVESTMENT INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES
WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES (SEE NOTE 6 OF
NOTES TO FINANCIAL STATEMENTS).
H THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES (SEE NOTE 1 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1996

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 financial statements have been prepared
in conformity with generally accepted accounting principles which permit
management to make certain estimates and assumptions at the date of the
financial statements. 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.
Net realized gains and losses on foreign currency transactions represent
net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions,
and the difference between the amount of net investment income accrued and
the U.S. dollar amount actually received. The effects of changes in foreign
currency exchange rates on investments in securities 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 substantially 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
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
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.
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, which may result in distribution
reclassifications, are primarily due to differing treatments for litigation
proceeds, 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 the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income and
accumulated undistributed
net realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences that 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.
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other affiliated
entities of Fidelity Management & Research Company (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 for U.S. Treasury or Federal
Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the fund's
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $5,329,631,000 and $4,559,912,000, respectively, of which U.S.
government and government agency obligations aggregated $205,191,000 and
$231,953,000, 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 .2500% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
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 annual rate of .40% 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 $9,000 for the
period.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives account fees and asset-based fees that vary according to
account size and type of account. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements. For the
period, the transfer agent fees were equivalent to an annual rate of .19%
of average net assets.
ACCOUNTING AND SECURITY LENDING FEES. FSC maintains the fund's accounting
records and administers the security lending program. The security lending
fee is based on the number and duration of lending transactions. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $1,971,000 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 $22,519,000 and
$23,395,000, 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
$744,000 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby interest earned on uninvested cash balances was used
to offset a portion of the fund's expenses. During the period, the fund's
custodian and transfer agent fees were reduced by $6,000 and $103,000,
respectively, under these arrangements.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of
Fidelity Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Hastings Street Trust: Fidelity Fund, including the schedule of
portfolio investments, as of June 30, 1996, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended and the financial
highlights for each of the three years then ended, the six month period
ended June 30, 1993 and for each of the two years in the period ended
December 31, 1992. These financial statements and financial highlights are
the responsibility of the fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1996 by correspondence with the custodian
and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Hastings Street Trust: Fidelity Fund as of June 30, 1996, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the
financial highlights for each of the three years then ended, the six month
period ended June 30, 1993 and for each of the two years in the period
ended December 31, 1992, in conformity with generally accepted accounting
principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
August 2, 1996
DISTRIBUTIONS

The Board of Trustees of Fidelity Fund voted to pay on August 5, 1996, to
shareholders of record at the opening of business on August 2, 1996, a
distribution of $1.56 per share derived from capital gains realized from
sales of portfolio securities.
A total of 1.4% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
A total of 19% of the dividends distributed during the fiscal year
qualifies for the dividends-received deduction for corporate shareholders.
The fund will notify shareholders in January 1997 of these percentages for
use in preparing 1996 income tax returns.

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Beth Terrana, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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 *
ADVISORY BOARD
William O. McCoy
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'S GROWTH AND INCOME FUNDS
Balanced Fund
Convertible Securities Fund
Equity-Income Fund
Equity-Income II Fund
Fidelity Fund
Global Balanced Fund
Growth & Income Portfolio
Market Index Fund
Puritan Fund
Real Estate Investment Portfolio
Utilities 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

ANNUAL REPORT
JUNE 30, 1996
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 10 A summary of major shifts in the
fund's investments over the past six
months.

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

FINANCIAL STATEMENTS 17 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 21 Notes to the financial statements.

REPORT OF INDEPENDENT 25 The auditors' opinion.
ACCOUNTANTS

DISTRIBUTIONS 26

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. A fund's total
return 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). Fidelity Fifty has a 3% sales
charge, which was waived beginning January 1, 1995, and is effective
through December 31, 1996.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 18.46% 57.08%

Fidelity Fifty (incl. 3% sales charge) 14.90% 52.36%

S&P 500(registered trademark) 26.00% 57.03%

Capital Appreciation Funds Average 23.97% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one year, or since the fund started on
September 17, 1993. For example, if you invested $1,000 in a fund that had
a 5% return, over the past year, the value of your investment would be
$1,050. You can compare the fund's returns to the performance of the
Standard & Poor's 500 Index - a widely recognized, unmanaged index of
common stock prices. The index figures assume reinvestment of all dividends
paid by stocks included in the index. They do not, however, include any
allowance for the brokerage commissions or other fees you would pay if you
actually invested in those stocks. To measure how the fund's performance
stacked up against its peers, you can compare it to the capital
appreciation funds average, which reflects the performance of 169 mutual
funds with similar objectives tracked by Lipper Analytical Services, Inc.
over the past 12 months. Both benchmarks include reinvested dividends and
capital gains, if any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 18.46% 17.57%

Fidelity Fifty (incl. 3% sales charge) 14.90% 16.30%

S&P 500 26.00% 17.56%

Capital Appreciation Funds Average 23.97% n/a

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Fifty on September 17, 1993, when the fund started,
and a 3% sales charge was paid. As the chart shows, by June 30, 1996, the
value of the investment would have grown to $15,236 - a 52.36% increase on
the 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 $15,703 - a 57.03% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
In spite of growing fears of lower
corporate earnings and higher
interest rates at the end of the
period, the U.S. stock market
posted strong gains over the 12
months ended June 30, 1996.
Although several corporate
earnings disappointments made
for a volatile stock market in May
and June, the Standard & Poor's
500 Index finished the 12 months
with a return of 26% - well above
its long-term historical annual
average of about 12%. The stock
market spent much of the past
year breaking price and trading
volume records as strong
corporate earnings reports, large
cash inflows into mutual funds and
widespread optimism propelled
equity share prices higher. In
addition, the period was peppered
with several high-profile merger
announcements, especially in the
media, telecommunications and
technology sectors.
Smaller-company stocks posted
strong gains during the first few
months of 1996, and high-tech
firms involved in the networking
and software fields benefited
from strong earnings. In early
March, though,
better-than-expected employment
figures spooked the bond market,
pushing long-term interest rates
over 7%. Because smaller
companies tend to be more
adversely affected by the higher
borrowing costs brought on by
higher rates, their stock prices
trended downward in the spring.
While larger, multinational firms
recorded positive gains, their
returns were hurt somewhat by
the strengthening dollar.
An interview with Scott Stewart, Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW HAS THE FUND PERFORMED OVER THE PAST YEAR?
A. For the 12 months ended June 30, 1996, the fund posted a return of
18.46%. This trailed both the 23.97% 12-month return for the capital
appreciation funds average tracked by Lipper Analytical Services and the
26.00% return of the Standard & Poor's 500 Index for the same period. While
this isn't as good as I would have liked, it's worth noting that since
around the time of its inception in late 1993, the fund's performance has
equalled that of the S&P 500 and exceeded that of its peer group.
Q. WHAT FACTORS CONTRIBUTED TO THE FUND'S UNDERPERFORMANCE?
A. There were a couple of factors. While diversified among 50 to 60 stocks,
the fund was weighted more in mid-sized companies with higher earnings
variability than the S&P 500. Unfortunately, mid-cap stocks didn't perform
as well as either their smaller or larger counterparts. To illustrate this,
the Russell 2000, which reflects the performance of the small-cap stock
market, had a one-year return of about 24%, and the S&P 500, which tracks
larger-capitalization stocks, had a 26% return for the same period. The S&P
MidCap 400 Index, which tracks the performance of medium-capitalization
stocks, turned in a return of about 22% over the 12-month period.
Q. WERE THERE ANY OTHER REASONS?
A. I'd point to individual stock selection also. This fund is unique in
that I choose stocks based on both fundamental research and intensive
quantitative analysis. The fund's strategy is to select stocks that offer
opportunities for growth in earnings and are selling at attractive
valuations. Industry and "style" factors are controlled to some degree. As
a result, whether the fund performs well or trails its competitors, stock
selection tends to be a major driver. Stock selection over the past 12
months turned out to be a detriment in terms of performance. Over the past
six months, with the continuing bull market, we've observed that prices of
stocks with high valuations have continued to rise. This has contrasted
with most market trends and resulted in a more speculative atmosphere,
which I believe impacted stock selection as well.
Q. WHICH INDIVIDUAL STOCKS CONTRIBUTED POSITIVELY TO THE FUND'S
PERFORMANCE? WHICH WERE DISAPPOINTMENTS?
A. The fund's positions in Gymboree (children's apparel), Alaska Air
(transportation) and Case (farming and construction equipment) all
performed well due to improved earnings prospects and price appreciation.
On the other hand, the fund's investments in Symantec Corp. (computer
software), Heilig-Meyers Co. (home furniture) and W.R. Grace (chemical and
medical products) had a negative impact on performance.
Q. DID YOU DETECT ANY MARKET TRENDS DURING THE PERIOD?
A. The market has exhibited rapid sector rotation over the past year. The
leading industry group seems to vary from month to month. Changing opinions
on the health of the economy and interest rates contributed to this
environment. For example, once technology stocks peaked in performance in
September 1995, investors moved into more defensive-oriented industries,
including health care and consumer non-cyclicals, such as companies selling
food and other staples. Following a weak January, consumer cyclicals -
including the retail sector and industrials - performed well. For the
entire period, health care, financial services, industrials and consumer
staples were the strong performers. Bringing up the rear were technology,
consumer-service and utility stocks.
Q. WHAT FACTORS DO YOU CONSIDER WHEN ADDRESSING THE FUND'S RISK EXPOSURE?
A. The structure of this fund - investing in 50-60 stocks - makes it look
more like the portfolio of an individual investor. As a result, the
performance of any one stock will have a much greater impact on this fund
than it would on a fund which holds hundreds of securities. In trying to
control the fund's risk exposure, there are certain rules I follow. First,
aside from companies which represent a large portion of the S&P 500, I aim
to keep the fund's position in any one stock to no more than 5% of the
total portfolio. Stocks determined to have risky characteristics are
further restricted. Second, I try not to have more than an approximate 10%
active weighting in any one industry group. I also consider liquidity. If
I'm not comfortable with a stock's trading frequency, I'll hold a smaller
weighting. Increased liquidity is vital with a fund like this because it
helps ensure that I can sell a stock quickly if I need to. Finally, in
trying to manage the "style" of the portfolio, I consider a stock's
relative volatility, price-to-earnings ratio and market capitalization.
Q. WHAT'S YOUR OUTLOOK?
A. The key things to monitor will be earnings prospects and any interest
rate movements by the Fed. Interest rates rebounded from their lows late
last year and valuations of the stock market were neutral to high as of the
end of June. It's important to remember that market perceptions can change
in a heartbeat, and it's difficult to anticipate overall market movements.
For Fidelity Fifty, I seek to add long-term value for the fund by selecting
individual stocks, managing the portfolio's diversification and generally
avoiding attempts to time the market. While this active approach may not
offer value versus the S&P 500 or my peers in every 12-month period, I
believe it will tend to add value over the long-term.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: to increase the value
of the fund's shares by
investing mainly in equity
securities, normally 50-60
stocks
START DATE:
September 17, 1993
SIZE: as of June 30, 1996,
over $180 million
MANAGER: Scott Stewart,
since September 1993;
founder and head of
Fidelity's Structured Equity
Group since 1987; joined
Fidelity in 1987
(checkmark)
SCOTT STEWART ON HIS SECTOR
ALLOCATION STRATEGIES:
"I don't pick a stock based
solely on its sector. Rather,
sector allocation for the fund is
a residual of my stock-picking
process. It doesn't make
sense for me to be
overweighted in a particular
sector because if that sector
doesn't do well, it obviously
won't bode well for the fund.
This is especially true
considering the sector
rotation that we've seen
during the period, where it
seems the market favors a
different industry group on a
monthly basis. During the
last six months, the fund's
larger positions were in
consumer cyclicals and
industrials, both highly
influenced by the state of the
economy. Since I don't try to
time the market or predict the
economy, I've been careful not
to be overweighted in these
areas. In terms of the fund's
technology stake, the fund's
weighting went from
approximately 14% at the
beginning of the period to
around 8% at the end of June.
I've reduced technology
positions because of the poor
earnings prospects and high
valuations I saw for stocks
within that universe."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Royal Dutch Petroleum Co. ADR 3.3 0.0

Pharmacia & Upjohn, Inc. 3.0 2.2

Ingersoll-Rand Co. 2.8 2.4

Philip Morris Companies, Inc. 2.7 2.8

General Electric Co. 2.6 3.1

WorldCom, Inc. 2.4 0.3

du Pont (E.I.) de Nemours & Co. 2.3 2.0

Enron Corp. 2.2 0.0

Kellogg Co. 2.2 2.3

General Motors Corp. 2.2 0.0

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE SECTORS
6 MONTHS AGO

Energy 10.7 7.4

Utilities 10.5 3.0

Industrial Machinery & Equipment 10.0 10.4

Technology 8.2 14.5

Nondurables 7.0 7.3

ASSET ALLOCATION
AS OF JUNE 30, 1996 * AS OF DECEMBER 31, 1995 **
Row: 1, Col: 1, Value: 3.0
Row: 1, Col: 2, Value: 47.0
Row: 1, Col: 3, Value: 50.0
Row: 1, Col: 1, Value: 11.8
Row: 1, Col: 2, Value: 38.2
Row: 1, Col: 3, Value: 50.0
Stocks and
equity futures 97.8%
Short-term
investments 2.2%
FOREIGN
INVESTMENTS 5.5%
Stocks and
equity futures 88.2%
Short-term
investments 11.8%
FOREIGN
INVESTMENTS 1.4%
*
**
INVESTMENTS JUNE 30, 1996

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 91.4%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 1.9%
Lockheed Martin Corp. 39,600 $ 3,326,400
BASIC INDUSTRIES - 5.9%
CHEMICALS & PLASTICS - 5.0%
du Pont (E.I.) de Nemours & Co. 51,000 4,035,375
Hanna (M.A.) Co. 105,850 2,209,619
Praxair, Inc. 63,400 2,678,650
8,923,644
METALS & MINING - 0.9%
Inco Ltd. 52,300 1,685,736
TOTAL BASIC INDUSTRIES 10,609,380
CONSTRUCTION & REAL ESTATE - 2.1%
BUILDING MATERIALS - 2.1%
Masco Corp. 123,000 3,720,750
DURABLES - 5.5%
AUTOS, TIRES, & ACCESSORIES - 4.3%
Echlin, Inc. 55,900 2,117,213
General Motors Corp. 75,000 3,928,125
Pep Boys-Manny, Moe & Jack 50,300 1,710,200
7,755,538
TEXTILES & APPAREL - 1.2%
Liz Claiborne, Inc. 63,000 2,181,375
TOTAL DURABLES 9,936,913
ENERGY - 10.7%
ENERGY SERVICES - 4.2%
BJ Services Co. (a) 75,576 2,654,607
Dresser Industries, Inc. 117,700 3,472,150
McDermott International, Inc. 66,800 1,394,450
7,521,207
OIL & GAS - 6.5%
Amerada Hess Corp. 48,200 2,584,725
Coastal Corp. (The) 78,000 3,256,500
Royal Dutch Petroleum Co. ADR 38,000 5,842,500
11,683,725
TOTAL ENERGY 19,204,932
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - 6.7%
BANKS - 3.4%
BankAmerica Corp. 51,000 $ 3,863,250
Fleet Financial Group, Inc. 52,000 2,262,000
6,125,250
INSURANCE - 3.3%
Aetna Life & Casualty Co. 49,500 3,539,250
MBIA, Inc. 30,000 2,336,250
5,875,500
TOTAL FINANCE 12,000,750
HEALTH - 6.4%
DRUGS & PHARMACEUTICALS - 3.0%
Pharmacia & Upjohn, Inc. 122,100 5,418,188
MEDICAL EQUIPMENT & SUPPLIES - 0.9%
Pall Corp. 63,500 1,531,938
MEDICAL FACILITIES MANAGEMENT - 2.5%
Tenet Healthcare Corp. (a) 128,100 2,738,138
Vencor, Inc. (a) 57,000 1,738,500
4,476,638
TOTAL HEALTH 11,426,764
INDUSTRIAL MACHINERY & EQUIPMENT - 10.0%
ELECTRICAL EQUIPMENT - 2.6%
General Electric Co. 54,000 4,671,000
INDUSTRIAL MACHINERY & EQUIPMENT - 6.5%
Case Corp. 36,900 1,771,200
Harnischfeger Industries, Inc. 61,300 2,038,225
Ingersoll-Rand Co. 114,000 4,987,500
Stewart & Stevenson Services, Inc. 130,800 2,975,700
11,772,625
POLLUTION CONTROL - 0.9%
Thermo Instrument Systems, Inc. (a) 48,000 1,548,000
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 17,991,625
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - 5.9%
LODGING & GAMING - 3.8%
HFS, Inc. 47,600 $ 3,332,000
Mirage Resorts, Inc. (a) 64,100 3,445,375
6,777,375
PUBLISHING - 2.1%
Times Mirror Co. Class A 86,800 3,775,800
TOTAL MEDIA & LEISURE 10,553,175
NONDURABLES - 7.0%
BEVERAGES - 2.1%
PepsiCo, Inc. 107,200 3,792,200
FOODS - 2.2%
Kellogg Co. 53,800 3,940,850
TOBACCO - 2.7%
Philip Morris Companies, Inc. 45,900 4,773,600
TOTAL NONDURABLES 12,506,650
PRECIOUS METALS - 1.3%
Newmont Gold Co. 45,300 2,281,988
RETAIL & WHOLESALE - 3.8%
APPAREL STORES - 0.7%
Gymboree Corp. (a) 42,900 1,308,450
GENERAL MERCHANDISE STORES - 1.9%
Federated Department Stores, Inc. (a) 96,600 3,296,475
RETAIL & WHOLESALE, MISCELLANEOUS - 1.2%
Tandy Corp. 45,400 2,150,825
TOTAL RETAIL & WHOLESALE 6,755,750
SERVICES - 1.7%
LEASING & RENTAL - 0.5%
Movie Gallery, Inc. (a) 44,800 940,800
SERVICES - 1.2%
Block (H&R), Inc. 66,600 2,172,825
TOTAL SERVICES 3,113,625
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - 8.2%
COMMUNICATIONS EQUIPMENT - 2.1%
Cisco Systems, Inc. (a) 66,000 $ 3,737,250
COMPUTER SERVICES & SOFTWARE - 4.4%
America Online, Inc. (a) 76,500 3,346,875
American Management Systems, Inc. (a) 69,000 2,018,250
Automatic Data Processing, Inc. 63,000 2,433,375
7,798,500
COMPUTERS & OFFICE EQUIPMENT - 0.8%
Adaptec, Inc. (a) 5,400 255,825
Digital Equipment Corp. (a) 27,400 1,233,000
1,488,825
ELECTRONICS - 0.9%
ESS Technology, Inc. (a) 59,900 1,108,150
S-3, Inc. (a) 46,800 576,225
1,684,375
TOTAL TECHNOLOGY 14,708,950
TRANSPORTATION - 3.8%
AIR TRANSPORTATION - 2.9%
Alaska Air Group, Inc. (a) 90,500 2,477,438
Continental Airlines, Inc. (a) 43,600 2,692,300
5,169,738
RAILROADS - 0.9%
Burlington Northern Santa Fe Corp. 20,160 1,630,440
TOTAL TRANSPORTATION 6,800,178
UTILITIES - 10.5%
CELLULAR - 1.4%
360 Degrees Communications Co. (a) 101,600 2,438,400
ELECTRIC UTILITY - 1.1%
American Electric Power Co., Inc. 45,600 1,943,700
GAS - 2.2%
Enron Corp. 97,000 3,964,875
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
TELEPHONE SERVICES - 5.8%
AT&T Corp. 62,200 $ 3,856,400
BCE, Inc. 58,000 2,286,311
WorldCom, Inc. (a) 78,300 4,335,863
10,478,574
TOTAL UTILITIES 18,825,549
TOTAL COMMON STOCKS
(Cost $147,621,006) 163,763,379
U.S. TREASURY OBLIGATIONS - 0.5%
U.S. Treasury Bill, yield at date of purchase
5.22%, 10/31/96 (b) (Cost $982,611) 1,000,000 982,676
REPURCHASE AGREEMENTS - 8.1%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 5.46%, dated
6/28/96 due 7/1/96 $ 14,522,605 14,516,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $163,119,617) $ 179,262,055
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED DATE AMOUNT AT VALUE
GAIN/(LOSS)
PURCHASED
97 Midcap 400 Stock Index
Futures Contracts Sept. 1996 $ 11,489,650 $ (88,028)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 6.4%
LEGEND
1. Non-income producing
2. Security pledged to cover margin requirements for futures contracts. At
the period end, the value of securities pledged amounted to $982,676.
INCOME TAX INFORMATION
At June 30, 1996, the aggregate cost of investment securities for income
tax purposes was $163,314,981. Net unrealized appreci- ation aggregated
$15,947,074, of which $18,443,152 related to appreciated invest- ment
securities and $2,496,078 related to depreciated investment securities.
The fund hereby designates approximately $3,780,000 as a capital gain
dividend for the purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1996

ASSETS

Investment in securities, at value (including repurchase $ 179,262,055
agreements of $14,516,000) (cost $163,119,617) -
See accompanying schedule

Cash 122

Receivable for investments sold 2,237,415

Receivable for fund shares sold 735,121

Dividends receivable 204,617

Receivable for daily variation on futures contracts 126,100

TOTAL ASSETS 182,565,430

LIABILITIES

Payable for investments purchased $ 840,091

Payable for fund shares redeemed 562,528

Accrued management fee 84,399

Other payables and accrued expenses 95,658

TOTAL LIABILITIES 1,582,676

NET ASSETS $ 180,982,754

Net Assets consist of:

Paid in capital $ 153,583,247

Undistributed net investment income 1,141,826

Accumulated undistributed net realized gain (loss) on 10,203,239
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 16,054,442
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 12,923,767 shares outstanding $ 180,982,754

NET ASSET VALUE, offering price and redemption price per $14.00
share ($180,982,754 (divided by) 12,923,767 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JUNE 30, 1996

INVESTMENT INCOME $ 2,243,852
Dividends

Interest 1,293,929

TOTAL INCOME 3,537,781

EXPENSES

Management fee $ 982,794
Basic fee

Performance adjustment 23,625

Transfer agent fees 446,267

Accounting fees and expenses 98,089

Non-interested trustees' compensation 614

Custodian fees and expenses 29,082

Registration fees 55,851

Audit 30,872

Legal 874

Miscellaneous 1,316

Total expenses before reductions 1,669,384

Expense reductions (75,643) 1,593,741

NET INVESTMENT INCOME 1,944,040

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

Investment securities 14,545,329

Foreign currency transactions 190

Futures contracts 2,204,680 16,750,199

Change in net unrealized appreciation (depreciation) on:

Investment securities 6,851,243

Assets and liabilities in foreign currencies (10)

Futures contracts (296,098) 6,555,135

NET GAIN (LOSS) 23,305,334

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 25,249,374
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1996 1995

INCREASE (DECREASE) IN NET ASSETS

Operations $ 1,944,040 $ 776,811
Net investment income

Net realized gain (loss) 16,750,199 8,550,756

Change in net unrealized appreciation (depreciation) 6,555,135 10,596,181

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 25,249,374 19,923,748
FROM OPERATIONS

Distributions to shareholders (1,413,153) (101,513)
From net investment income

From net realized gain (13,362,095) (507,564)

TOTAL DISTRIBUTIONS (14,775,248) (609,077)

Share transactions 172,795,915 134,344,421
Net proceeds from sales of shares

Reinvestment of distributions 14,630,874 601,102

Cost of shares redeemed (145,489,851) (74,047,825)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 41,936,938 60,897,698
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 52,411,064 80,212,369

NET ASSETS

Beginning of period 128,571,690 48,359,321

End of period (including undistributed net investment $ 180,982,754 $ 128,571,690
income of $1,141,826 and $675,298, respectively)

OTHER INFORMATION
Shares

Sold 12,765,610 11,495,589

Issued in reinvestment of distributions 1,127,988 56,495

Redeemed (10,786,198) (6,489,573)

Net increase (decrease) 3,107,400 5,062,511

</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JUNE 30, SEPTEMBER 17,
1993
(COMMENCEMENT OF
OPERATIONS) TO

1996 1995 JUNE 30, 1994

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 13.10 $ 10.17 $ 10.00

Income from Investment Operations

Net investment income .15 .08 .02

Net realized and unrealized gain (loss) 2.12 2.97 .16

Total from investment operations 2.27 3.05 .18

Less Distributions (.13) (.02) (.01)
From net investment income

From net realized gain (1.24) (.10) -

Total distributions (1.37) (.12) (.01)

Net asset value, end of period $ 14.00 $ 13.10 $ 10.17

TOTAL RETURN B, C 18.46% 30.26% 1.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 180,983 $ 128,572 $ 48,359

Ratio of expenses to average net assets 1.03% 1.22% 1.58% A

Ratio of expenses to average net assets .99% 1.19% 1.58% A
after expense reductions D D

Ratio of net investment income to average 1.20% 1.15% .23% A
net assets

Portfolio turnover rate 152% 180% 320% A

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 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES
WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES (SEE NOTE 5 OF
NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
</TABLE>
For the period ended June 30, 1996

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The financial statements have been prepared
in conformity with generally accepted accounting principles which permit
management to make certain estimates and assumptions at the date of the
financial statements. 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.
Net realized gains and losses on foreign currency transactions represent
net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions,
and the difference between the amount of net investment income accrued and
the U.S. dollar amount actually received. The effects of changes in foreign
currency exchange rates on investments in securities 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 substantially 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, which may result in distribution
reclassifications, are primarily due to differing treatments for futures
and options 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 the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income and
accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions 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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other affiliated
entities of Fidelity Management & Research Company (FMR), may transfer
uninvested cash balances into one or more joint trading accounts. These
balances are invested in one or more repurchase agreements that
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT - CONTINUED
mature in 60 days or less from the date of purchase for U.S. Treasury or
Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the fund's
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
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 involve, to varying degrees, risk
of loss in excess of the futures variation margin reflected in the
Statement of Assets and Liabilities. The underlying face amount at value of
any open futures contracts at period end, 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.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $253,097,112 and $211,665,777, respectively.
The market value of futures contracts opened and closed during the period
amounted to $121,868,882 and $130,147,485, respectively.
4. 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 .2500% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
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. For the period, the management fee was equivalent
to an annual rate of .62% of average net assets after the performance
adjustment.
SALES LOAD. For the period January 1, 1995 through December 31, 1996,
Fidelity Distributors Corporation, an affiliate of FMR and the general
distributor of the fund, will voluntarily waive the sales charge (3% of the
offering price) on the sales of shares.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives account fees and asset-based fees that vary according to
account size and type of account. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements. For the
period, the transfer agent fees were equivalent to an annual rate of .28%
of average net assets.
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 $72,507 for the period.
5. 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
$70,303 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby interest earned on uninvested cash balances was used
to offset a portion of the fund's expenses. During the period, the fund's
custodian and transfer agent fees were reduced by $46 and $5,294,
respectively, under these arrangements.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders of
Fidelity Fifty:
We have audited the accompanying statement of assets and liabilities of
Fidelity Hastings Street Trust: Fidelity Fifty, including the schedule of
portfolio investments, as of June 30, 1996, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended and the financial
highlights for each of the two years in the period then ended and for the
period September 17, 1993 (commencement of operations) to June 30, 1994.
These financial statements and financial highlights are the responsibility
of the fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1996 by correspondence with
the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Hastings Street Trust: Fidelity Fifty as of June 30, 1996, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the
financial highlights for each of the two years in the period then ended and
for the period September 17, 1993 (commencement of operations) to June 30,
1994, in conformity with generally accepted accounting principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
August 2, 1996
DISTRIBUTIONS

The Board of Trustees of Fidelity Fifty voted to pay on August 5, 1996, to
shareholders of record at the opening of business on August 2, 1996, a
distribution of $.54 per share derived from capital gains realized from
sales of portfolio securities and a dividend of $.06 per share from net
investment income.
A total of .42% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
A total of 10% of the dividends distributed during the fiscal year
qualifies for the dividends-received deduction for corporate shareholders.
The fund will notify shareholders in January 1997 of the applicable
percentages for use in preparing 1996 income tax returns.
TO CALL FIDELITY

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

(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES.
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
950 Northgate Drive
San Rafael, CA
1400 Civic Drive
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, 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
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
29155 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
56 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
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, 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
2701 Drexel Drive
Houston, TX
1010 Lamar Street
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
511 Pine Street
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, 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 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75309-5517
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
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

INVESTMENT ADVISER
Fidelity Management &
Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management &
Research Company
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Scott Stewart, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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 *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY'S GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Export Fund
Fidelity Fifty
Growth Company Fund
Large Cap Stock Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Stock 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)