FIDELITY HASTINGS STREET TRUST, N-30D, 1996-02-09

FIDELITY HASTINGS STREET TRUST
N-30D, 1996-02-09

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(2_FIDELITY_LOGOS)

FIDELITY FIFTY

SEMIANNUAL REPORT
DECEMBER 31, 1995
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 16 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 20 Notes to the financial statements.

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 the markets were fairly positive in 1995, no one can predict what
lies ahead for investors. The previous year, stocks posted below-average
returns and bonds had one of the worst years in history. This downturn
followed a period in which the investing environment was generally very
positive.
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, as we witnessed last year. 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. 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 through December 31,
1996.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1995 PAST 6 PAST 1 LIFE OF
MONTHS YEAR FUND

Fidelity Fifty 9.74% 32.13% 45.52%

Fidelity Fifty (incl. 3% sales charge) 6.45% 28.17% 41.15%

S&P 500(registered trademark) 14.45% 37.58% 42.63%

Average Capital Appreciation Fund 11.87% 30.34% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, or since the fund
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 Composite Index of 500 Stocks - a common proxy for
the U.S. stock market. To measure how the fund's performance stacked up
against its peers, you can compare it to the average capital appreciation
fund, which reflects the performance of 171 capital appreciation funds with
similar objectives tracked by Lipper Analytical Services over the past six
months. Both benchmarks include reinvested dividends and capital gains, if
any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1995 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 32.13% 17.80%

Fidelity Fifty (incl. 3% sales charge) 28.17% 16.24%

S&P 500(registered trademark) 37.58% 16.77%

Average Capital Appreciation Fund 30.34% n/a

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.

$10,000 OVER LIFE OF FUND
Fidelity Fifty SP Standard & Poor 500
09/17/93 9700.00 10000.00
09/30/93 9971.60 9999.89
10/31/93 10369.30 10206.89
11/30/93 10204.40 10109.92
12/31/93 10272.24 10232.25
01/31/94 10660.60 10580.15
02/28/94 10505.25 10293.43
03/31/94 9990.67 9844.63
04/30/94 10116.89 9970.64
05/31/94 10126.60 10134.16
06/30/94 9874.16 9885.88
07/31/94 10262.53 10210.13
08/31/94 10796.53 10628.75
09/30/94 10767.40 10368.34
10/31/94 10990.71 10601.63
11/30/94 10495.55 10215.52
12/31/94 10682.65 10367.02
01/31/95 10623.74 10635.83
02/28/95 11065.57 11050.31
03/31/95 11536.87 11376.41
04/30/95 11860.88 11711.44
05/31/95 12302.72 12179.55
06/30/95 12862.38 12462.48
07/31/95 13520.22 12875.73
08/31/95 13547.85 12908.05
09/30/95 13994.60 13452.77
10/31/95 13610.19 13404.75
11/30/95 14181.61 13993.21
12/29/95 14115.33 14262.72

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity
Fifty on September 17, 1993, when the fund started, and paid a 3% sales
charge. As the chart shows, by December 31, 1995, the value of your
investment would have grown to $14,115 - a 41.15% increase on your initial
investment. For comparison, look at how the S&P 500 did over the same
period. With dividends reinvested, the same $10,000 investment would have
grown to $14,263 - a 42.63% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Scott Stewart, Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW HAS THE FUND PERFORMED?
A. For the six months ended December 31, 1995, the fund had a total return
of 9.74%. That trailed both the 11.87% six-month return for the average
capital appreciation fund tracked by Lipper Analytical Services and the
14.45% return for the Standard & Poor's Composite Index of 500 Stocks for
the same period. For the 12 months ended December 31, 1995, the fund had a
total return of 32.13%, while the average capital appreciation fund posted
a 30.34% return and the S&P 500 returned 37.58%.
Q. WHAT CONTRIBUTED TO THE FUND'S PERFORMANCE RELATIVE TO THE INDEX?
A. While I use certain techniques to manage the fund's risk, Fidelity Fifty
still has a more aggressive style than a portfolio made up strictly of
stocks in the S&P 500. Fidelity Fifty is composed of more smaller-sized
companies whose earnings are variable and whose stocks yield less dividends
than those found in the index. These types of stocks, in general, did not
perform as well as the large-capitalization S&P stocks, as demonstrated by
the lower return -12.26% for the six months ended December 31 - of the
Russell 2000 Index, a measure of smaller-capitalization stocks. In
addition, while stock selection - what I would call the "engine" of
Fidelity Fifty's active performance - was strong since the fund's inception
and in the first six months of 1995, it kept the fund from performing
better through the last six months of 1995.
Q. AND WHY DID THE FUND UNDERPERFORM THE AVERAGE CAPITAL APPRECIATION FUND
OVER THE PAST SIX MONTHS, BUT OUTPERFORM IT OVER THE PAST 12 MONTHS?
A. I believe that stock selection was a major detractor in the second half
of 1995. In addition, the fund probably held fewer companies with stable
earnings than funds in the Lipper category, and more underperforming stocks
in the automobile industry. Looking at the fund's 12-month performance, it
appears stock selection was the main reason it did better than the Lipper
average. It's important for shareholders to remember, though, that Fidelity
Fifty was designed to add long-term value over its peers and the S&P 500,
rather than focus on any particular year or six-month period. So far, the
fund has been successful at adding value, outperforming both the Lipper
average and the S&P 500 since inception.
Q. WHAT HAS THE STOCK MARKET ENVIRONMENT BEEN LIKE OVER THE PAST SIX
MONTHS?
A. There have been a number of trends. First, the peak of the strong
performance by stocks in the technology sector occurred in September.
Subsequently, they've tended to deteriorate. Second, with the drop in
technology stocks and the economy continuing its slowdown in the second
half of the year, there was a move by investors to defensive groups,
including energy, pharmaceuticals and consumer non-cyclicals. These groups
comprise companies whose earnings tend to remain steady regardless of the
economic backdrop. Third, financial stocks continued to do well, largely on
the heels of merger and acquisition activity, in spite of slowing loan
growth and signs of deteriorating credit quality. While the fund had
investments in the areas that performed well, its results were affected by
stocks in the areas that didn't.
Q. WHICH STOCKS HELPED THE FUND'S PERFORMANCE?
A. General Electric, Philip Morris, PepsiCo and Merck - all examples of
quality stocks - helped. In addition, America Online did well because of
strong new subscriptions. Pioneer Hi-Bred, one of the leaders in
high-performance corn seed production, benefited from a mediocre corn crop
this year. Pioneer had virtually no debt and was buying back shares. I sold
this stock once it reached my target price. New product development -
including an innovative Internet search technology - as well as solid
performance from its Alpha semiconductor chip spurred Digital Equipment's
stock. And Case Corporation, a company that manufactures agricultural and
construction equipment, was helped by cost cutting and strong European
sales.
Q. AND WHICH STOCKS DIDN'T DO AS WELL AS YOU WOULD HAVE LIKED?
A. One was DSC Communications, a cellular equipment company.
Weaker-than-expected cellular telephone sales - especially from the
company's main client, Motorola - hurt the stock. Another was Apria Health
Care, a supplier of oxygen for home use. The company suffered from
discussions in Congress that indicated Medicaid reimbursements might be cut
by as much as 40%, a move that would cut into the company's earnings.
Finally, Novell dropped due to revenue and sales problems in its word
processing group and slower-than-expected growth in its networking
business. The fund no longer owns any of these stocks.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. In terms of the market environment, the two most important criteria are
earnings and interest rates, and we've come to a point where interest rates
are relatively low and the expectation is that they will remain stable or
decline. The earnings outlook is not as strong as it has been, and it looks
like some companies could face earnings disappointments. As always, I'll
continue to try to pick the best stocks that offer solid potential, selling
at attractive valuations. I will continue to apply a systematic process for
stock selection, and work to enhance that process in order to produce the
best possible returns.
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 December 31,
1995, more than $156 million
MANAGER: Scott Stewart,
since September 1993;
founder and head of
Fidelity's Structured Equity
Group since 1987, when he
joined Fidelity
(checkmark)
SCOTT STEWART ON THE FUND'S
STOCK SELECTION STRATEGY:
"I use both quantitative
techniques - a
computer-based management
system - and fundamental
research - analysis of
individual companies'
business prospects - to
structure the portfolio. I begin
by analyzing the fundamental
results produced by Fidelity's
extensive research of more
than 3,000 stocks. Then, I
focus on approximately 100
stocks whose prospects have
just recently improved and are
now strong, and whose price is
attractive relative to those
prospects. These can include
turnaround stories or a
company whose earnings
growth has been continually
strong, but appears to be on
the cusp of some acceleration
in that growth. Then, I try to
select the best 50 to 60 stocks
for the portfolio, based on
both qualitative and
quantitative techniques. The
computer-based system then
helps me to adjust stock
weightings in order to improve
diversification and to
moderate risk. I decide to sell
a stock when its prospects
are no longer improving or if
the stock price has reached a
point where it appears the
company's prospects can't
support growth in the stock's
market value. By following
this approach, I seek to create
an aggressive stock portfolio
that holds approximately 50 to
60 stocks- much like a
personal portfolio selected for
an individual."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF DECEMBER 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Merck & Co., Inc. 3.3 2.2

General Electric Co. 3.1 0.0

Philip Morris Companies, Inc. 2.8 2.1

Compaq Computer Corp. 2.7 2.3

Atlantic Richfield Co. 2.5 1.9

Ingersoll-Rand Co. 2.4 1.5

Kellogg Co. 2.3 2.1

PepsiCo, Inc. 2.2 1.5

Pharmacia & Upjohn, Inc. 2.2 0.0

Masco Corp. 2.1 2.0

TOP FIVE MARKET SECTORS AS OF DECEMBER 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE SECTORS
6 MONTHS AGO

Technology 14.5 24.0

Industrial Machinery & Equipment 10.4 2.6

Health 8.7 6.8

Basic Industries 7.4 3.6

Energy 7.4 4.0

ASSET ALLOCATION
AS OF DECEMBER 31, 1995* AS OF JUNE 30, 1995**
Row: 1, Col: 1, Value: 11.8
Row: 1, Col: 2, Value: 44.0
Row: 1, Col: 3, Value: 44.2
Row: 1, Col: 1, Value: 5.8
Row: 1, Col: 2, Value: 44.2
Row: 1, Col: 3, Value: 50.0
Stocks and
equity futures 88.2%
Short-term
investments 11.8%
FOREIGN
INVESTMENTS 1.4%
Stocks and
equity futures 94.2%
Short-term
investments 5.8%
FOREIGN
INVESTMENTS 7.0%
*
**
INVESTMENTS DECEMBER 31, 1995 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 81.0%
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - 7.4%
CHEMICALS & PLASTICS - 4.3%
Agrium, Inc. 45,400 $ 682,156
du Pont (E.I.) de Nemours & Co. 48,000 3,354,000
Hanna (M.A.) Co. 44,400 1,243,200
Praxair, Inc. 58,500 1,967,063
7,246,419
METALS & MINING - 3.1%
Alumax, Inc. 67,100 2,054,938
Inco Ltd. 42,400 1,402,353
Kaiser Aluminum Corp. (a) 140,200 1,822,600
5,279,891
TOTAL BASIC INDUSTRIES 12,526,310
CONSTRUCTION & REAL ESTATE - 2.1%
BUILDING MATERIALS - 2.1%
Masco Corp. 113,000 3,545,375
DURABLES - 2.2%
AUTOS, TIRES, & ACCESSORIES - 0.9%
Echlin, Inc. 43,500 1,587,750
HOME FURNISHINGS - 1.3%
Heilig-Meyers Co. 119,700 2,199,488
TOTAL DURABLES 3,787,238
ENERGY - 7.4%
ENERGY SERVICES - 3.2%
BJ Services Co. (a) 75,076 2,177,204
BJ Services Co. (warrants) (a) 6,960 53,070
Dresser Industries, Inc. 76,000 1,852,500
McDermott International, Inc. 60,700 1,335,400
5,418,174
OIL & GAS - 4.2%
Amerada Hess Corp. 52,500 2,782,500
Atlantic Richfield Co. 37,600 4,164,200
Chesapeake Energy Corp. 4,200 139,650
7,086,350
TOTAL ENERGY 12,504,524
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - 5.6%
BANKS - 4.0%
Banc One Corp. 87,900 $ 3,318,225
Fleet Financial Group, Inc. 49,700 2,025,275
Wells Fargo & Co. 7,000 1,512,000
6,855,500
INSURANCE - 1.6%
Aetna Life & Casualty Co. 38,500 2,666,125
TOTAL FINANCE 9,521,625
HEALTH - 8.7%
DRUGS & PHARMACEUTICALS - 5.5%
Merck & Co., Inc. 84,600 5,562,450
Pharmacia & Upjohn, Inc. 97,100 3,762,625
9,325,075
MEDICAL EQUIPMENT & SUPPLIES - 1.8%
Baxter International, Inc. 73,800 3,090,375
MEDICAL FACILITIES MANAGEMENT - 1.4%
Ornda Healthcorp (a) 44,000 1,023,000
Vencor, Inc. (a) 41,000 1,332,500
2,355,500
TOTAL HEALTH 14,770,950
INDUSTRIAL MACHINERY & EQUIPMENT - 10.4%
ELECTRICAL EQUIPMENT - 4.7%
General Electric Co. 73,000 5,256,000
Glenayre Technologies, Inc. 64,500 2,676,750
7,932,750
INDUSTRIAL MACHINERY & EQUIPMENT - 5.7%
Case Corp. 38,900 1,779,675
Harnischfeger Industries, Inc. 41,300 1,373,225
Ingersoll-Rand Co. 113,700 3,993,713
Stewart & Stevenson Services, Inc. 99,800 2,519,950
9,666,563
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 17,599,313
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - 2.6%
BROADCASTING - 1.8%
Comcast Corp. Class A (special) 70,000 $ 1,273,125
Viacom, Inc. Class A (a) 38,500 1,766,188
3,039,313
LODGING & GAMING - 0.8%
Hilton Hotels Corp. 22,000 1,353,000
TOTAL MEDIA & LEISURE 4,392,313
NONDURABLES - 7.3%
BEVERAGES - 2.2%
PepsiCo, Inc. 67,800 3,788,325
FOODS - 2.3%
Kellogg Co. 49,800 3,847,050
TOBACCO - 2.8%
Philip Morris Companies, Inc. 53,000 4,796,500
TOTAL NONDURABLES 12,431,875
PRECIOUS METALS - 1.3%
Newmont Gold Co. 50,300 2,200,625
RETAIL & WHOLESALE - 3.2%
APPAREL STORES - 0.3%
Gymboree Corp. 22,400 462,000
GENERAL MERCHANDISE STORES - 1.0%
Federated Department Stores, Inc. (a) 59,600 1,639,000
RETAIL & WHOLESALE, MISCELLANEOUS - 1.9%
Home Depot, Inc. (The) 48,700 2,331,513
Tandy Corp. 22,900 950,350
3,281,863
TOTAL RETAIL & WHOLESALE 5,382,863
SERVICES - 0.6%
LEASING & RENTAL - 0.6%
Movie Gallery, Inc. (a) 31,000 945,500
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - 14.5%
COMPUTER SERVICES & SOFTWARE - 4.4%
America Online, Inc. (a) 75,600 $ 2,835,000
Automatic Data Processing, Inc. 48,000 1,782,000
Cerner Corp. (a) 29,000 594,500
Symantec Corp. (a) 97,100 2,257,575
7,469,075
COMPUTERS & OFFICE EQUIPMENT - 5.3%
Compaq Computer Corp. (a) 97,000 4,656,000
Digital Equipment Corp. (a) 30,400 1,949,400
Seagate Technology 50,700 2,408,250
9,013,650
ELECTRONICS - 4.8%
Analog Devices, Inc. (a) 37,000 1,308,875
Avnet, Inc. 3,300 147,675
Maxim Integrated Products, Inc. 71,600 2,756,600
Vishay Intertechnology, Inc. 58,400 1,839,600
Xilinx, Inc. 68,200 2,080,100
8,132,850
TOTAL TECHNOLOGY 24,615,575
TRANSPORTATION - 4.7%
AIR TRANSPORTATION - 4.0%
Alaska Air Group, Inc. 91,400 1,485,250
Atlantic Southeast Airlines, Inc. 98,500 2,117,750
Delta Air Lines, Inc. 43,000 3,176,625
6,779,625
RAILROADS - 0.7%
Burlington Northern Santa Fe Corp. 15,160 1,182,480
TOTAL TRANSPORTATION 7,962,105
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - 3.0%
CELLULAR - 0.7%
Mobile Telecommunications Technologies,
Inc. 56,600 $ 1,209,825
TELEPHONE SERVICES - 2.3%
AT&T Corp. 52,000 3,367,000
WorldCom, Inc. (a) 14,200 500,550
3,867,550
TOTAL UTILITIES 5,077,375
TOTAL COMMON STOCKS
(Cost $126,939,757) 137,263,566
U.S. TREASURY OBLIGATIONS - 0.6%
PRINCIPAL
AMOUNT
U.S. Treasury Bills, yield at
date of purchase
5.40%, 3/7/96 (b) (Cost $990,081) $ 1,000,000 991,187
REPURCHASE AGREEMENTS - 18.4%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.88% dated
12/29/95 due 1/2/96 $ 31,152,340 31,132,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $159,061,838) $ 169,386,753
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
21 S&P 500 Stock Index Futures Mar. 1996 $ 6,493,725 $ (69,583)
53 Midcap 400 Stock Index
Futures Mar. 1996 $ 5,778,325 (61,947)
$ (131,530)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 7.2%
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 $991,187.
INCOME TAX INFORMATION
At December 31, 1995, the aggregate cost of investment securities for
income tax purposes was $159,062,974. Net unrealized appreciation
aggregated $10,323,779, of which $12,894,425 related to appreciated
investment securities and $2,570,646 related to depreciated investment
securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
DECEMBER 31, 1995 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 169,386,753
agreements of $31,132,000) (cost $159,061,838) -
See accompanying schedule

Cash 612

Receivable for investments sold 17,742,136

Receivable for fund shares sold 1,087,204

Dividends receivable 263,118

Receivable for daily variation on futures contracts 38,360

TOTAL ASSETS 188,518,183

LIABILITIES

Payable for investments purchased $ 31,152,939

Payable for fund shares redeemed 584,480

Accrued management fee 76,462

Other payables and accrued expenses 61,078

TOTAL LIABILITIES 31,874,959

NET ASSETS $ 156,643,224

Net Assets consist of:

Paid in capital $ 141,654,444

Undistributed net investment income 21,723

Accumulated undistributed net realized gain (loss) on 4,773,633
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 10,193,424
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 12,074,589 shares outstanding $ 156,643,224

NET ASSET VALUE, offering price and redemption price per $12.97
share ($156,643,224 (divided by) 12,074,589 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)

INVESTMENT INCOME $ 913,648
Dividends

Interest 664,974

TOTAL INCOME 1,578,622

EXPENSES

Management fee $ 442,850
Basic fee

Performance adjustment 31,403

Transfer agent fees 201,479

Accounting fees and expenses 44,513

Non-interested trustees' compensation 272

Custodian fees and expenses 11,211

Registration fees 38,279

Audit 15,032

Legal 559

Miscellaneous 457

Total expenses before reductions 786,055

Expense reductions (31,502) 754,553

NET INVESTMENT INCOME 824,069

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

Investment securities 9,780,077

Foreign currency transactions 14

Futures contracts 1,540,310 11,320,401

Change in net unrealized appreciation (depreciation) on:

Investment securities 1,033,720

Assets & liabilities in foreign currencies (3)

Futures contracts (339,600) 694,117

NET GAIN (LOSS) 12,014,518

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 12,838,587
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED DECEMBER JUNE 30,
31, 1995 1995
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 824,069 $ 776,811
Net investment income

Net realized gain (loss) 11,320,401 8,550,756

Change in net unrealized appreciation (depreciation) 694,117 10,596,181

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 12,838,587 19,923,748
FROM OPERATIONS

Distributions to shareholders (1,413,094) (101,513)
From net investment income

From net realized gain (13,362,093) (507,564)

TOTAL DISTRIBUTIONS (14,775,187) (609,077)

Share transactions 81,216,692 134,344,421
Net proceeds from sales of shares

Reinvestment of distributions 14,630,812 601,102

Cost of shares redeemed (65,839,370) (74,047,825)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 30,008,134 60,897,698
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 28,071,534 80,212,369

NET ASSETS

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

End of period (including undistributed net investment $ 156,643,224 $ 128,571,690
income of $21,723 and $675,298, respectively)

OTHER INFORMATION
Shares

Sold 6,095,054 11,495,589

Issued in reinvestment of distributions 1,127,983 56,495

Redeemed (4,964,815) (6,489,573)

Net increase (decrease) 2,258,222 5,062,511

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 17,
DECEMBER 31, 1995 JUNE 30, 1993
(UNAUDITED) 1995 (COMMENCEMENT OF
OPERATIONS) TO
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 .06 .08 .02

Net realized and unrealized 1.18 2.97 .16
gain (loss)

Total from investment operations 1.24 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 $ 12.97 $ 13.10 $ 10.17

TOTAL RETURN B, C 9.74% 30.26% 1.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 156,643 $ 128,572 $ 48,359
(000 omitted)

Ratio of expenses to average 1.09% A 1.22% 1.58% A
net assets

Ratio of expenses to average net 1.04% A, 1.19% 1.58% A
assets after expense reductions D D

Ratio of net investment income to 1.14% A 1.15% .23% A
average net assets

Portfolio turnover rate 164% A 180% 320% A

</TABLE>

A ANNUALIZED
B 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).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1995 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The following summarizes the significant
accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an exchange)
are valued primarily using dealer-supplied valuations or at their fair
value as determined in good faith under consistently applied procedures
under the general supervision of the Board of Trustees. Short-term
securities maturing within sixty days 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 and excise
tax regulations. The fund also utilized earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital 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
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT - CONTINUED
agreements that mature in 60 days or less from the date of purchase, and
are collateralized by U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying U.S. Treasury or Federal Agency securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. 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 and to fluctuations in interest rates. 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 $127,163,456 and $101,648,317, respectively.
The market value of futures contracts opened and closed during the period
amounted to $58,328,833 and $67,321,843, 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
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
FMR. The rates ranged from .2700% 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
.30%. The basic fee is subject to a performance adjustment (up to a maximum
of (plus/minus) .20%) based on the fund's investment performance as
compared to the appropriate index over a specified period of time. The
fund's performance adjustment took effect in September, 1994. For the
period, the management fee was equivalent to an annualized rate of .65% of
average net assets after the performance adjustment.
The Board of Trustees has approved a new group fee rate schedule with rates
ranging from .2500% to .5200%. Effective January 1, 1996, FMR voluntarily
agreed to implement this new group fee rate schedule as it results in the
same or a lower management fee.
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 annualized 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 $29,623 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
$31,502 under this arrangement.

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*
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)

(2_FIDELITY_LOGOS)

FIDELITY
FUND
SEMIANNUAL REPORT
DECEMBER 31, 1995
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 23 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 27 Notes to the financial statements.

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 stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1995 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Fidelity Fund 15.53% 32.85% 117.19% 274.06%

S&P 500(registered trademark) 14.45% 37.58% 115.52% 300.54%

Average Growth & Income Fund 11.96% 30.82% 105.29% 232.79%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one, five, or 10 years. For
example, if you 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 Composite
Index of 500 Stocks - a common proxy for the U.S. stock market. To measure
how the fund's performance stacked up against its peers, you can compare it
to the average growth & income fund, which reflects the performance of 484
growth & income funds with similar objectives tracked by Lipper Analytical
Services over the past six months. Both benchmarks include reinvested
dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 32.85% 16.78% 14.10%

S&P 500(registered trademark) 37.58% 16.60% 14.89%

Average Growth & Income Fund 30.82% 15.31% 12.64%

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

05/31/86 11999.58 11882.56
06/30/86 12151.85 12083.37
07/31/86 11468.74 11407.91
08/31/86 12126.78 12254.38
09/30/86 11307.82 11240.94
10/31/86 11819.23 11889.55
11/30/86 11901.31 12178.46
12/31/86 11576.29 11867.91
01/31/87 12917.84 13466.52
02/28/87 13686.68 13998.45
03/31/87 14061.70 14403.00
04/30/87 13975.38 14274.81
05/31/87 14022.46 14399.01
06/30/87 14455.51 15126.15
07/31/87 15324.42 15893.05
08/31/87 15577.19 16485.86
09/30/87 15460.09 16124.82
10/31/87 11644.74 12651.53
11/30/87 11056.55 11609.05
12/31/87 11955.85 12492.50
01/31/88 12255.18 13018.43
02/29/88 13047.54 13625.09
03/31/88 12808.04 13204.07
04/30/88 13003.31 13350.64
05/31/88 13065.44 13466.79
06/30/88 13806.45 14084.92
07/31/88 13672.24 14031.39
08/31/88 13296.43 13554.33
09/30/88 13755.22 14131.74
10/31/88 14043.85 14524.60
11/30/88 13863.45 14316.90
12/31/88 14089.77 14567.45
01/31/89 14866.45 15633.78
02/28/89 14574.05 15244.50
03/31/89 14931.22 15599.70
04/30/89 15722.89 16409.32
05/31/89 16496.15 17073.90
06/30/89 16439.50 16976.58
07/31/89 17718.34 18509.57
08/31/89 18153.88 18872.35
09/30/89 18127.41 18794.98
10/31/89 17521.30 18358.93
11/30/89 17773.07 18733.46
12/31/89 18147.80 19183.06
01/31/90 17176.14 17895.87
02/28/90 17530.39 18126.73
03/31/90 17875.36 18607.09
04/30/90 17416.75 18141.91
05/31/90 18711.03 19910.75
06/30/90 18598.06 19775.36
07/31/90 18423.67 19712.07
08/31/90 17100.37 17930.10
09/30/90 16334.98 17056.91
10/31/90 16159.34 16983.56
11/30/90 16872.25 18080.70
12/31/90 17222.82 18585.15
01/31/91 18332.94 19395.46
02/28/91 19538.22 20782.24
03/31/91 19984.20 21285.17
04/30/91 20005.48 21336.26
05/31/91 21016.39 22257.98
06/30/91 19852.24 21238.57
07/31/91 20740.99 22228.28
08/31/91 21083.64 22755.09
09/30/91 20901.67 22375.08
10/31/91 21106.38 22674.91
11/30/91 19835.04 21761.11
12/31/91 21381.44 24250.58
01/31/92 21717.34 23799.52
02/29/92 22331.22 24108.91
03/31/92 21655.36 23638.79
04/30/92 21806.88 24333.77
05/31/92 22005.02 24453.01
06/30/92 21702.84 24088.66
07/31/92 22171.33 25073.88
08/31/92 21714.55 24559.87
09/30/92 21936.30 24849.67
10/31/92 22206.97 24936.65
11/30/92 22701.24 25786.99
12/31/92 23190.41 26104.17
01/31/93 23802.61 26323.44
02/28/93 24009.51 26681.44
03/31/93 24722.65 27244.42
04/30/93 24722.65 26585.11
05/31/93 25328.05 27297.59
06/30/93 25366.87 27376.75
07/31/93 25391.72 27267.24
08/31/93 26573.51 28300.67
09/30/93 26816.47 28082.76
10/31/93 27259.82 28664.07
11/30/93 26534.33 28391.76
12/31/93 27448.55 28735.30
01/31/94 28616.58 29712.30
02/28/94 28046.81 28907.10
03/31/94 26771.29 27646.75
04/30/94 27400.87 28000.63
05/31/94 27372.25 28459.84
06/30/94 26739.62 27762.57
07/31/94 27616.09 28673.18
08/31/94 28817.35 29848.78
09/30/94 28211.93 29117.49
10/31/94 28817.99 29772.63
11/30/94 27802.84 28688.31
12/31/94 28156.94 29113.76
01/31/95 28111.23 29868.68
02/28/95 29071.12 31032.66
03/31/95 30124.96 31948.44
04/30/95 30860.08 32889.32
05/31/95 31380.80 34203.90
06/30/95 32378.58 34998.46
07/31/95 33855.93 36159.01
08/31/95 34408.71 36249.77
09/30/95 35419.28 37779.51
10/31/95 35006.50 37644.64
11/30/95 36482.97 39297.24
12/29/95 37405.93 40054.10

$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Fund on
December 31, 1985. As the chart shows, by December 31, 1995, the value of
your investment would have grown to $37,406 - a 274.06% increase on your
initial investment. For comparison, look at how the S&P 500 did over the
same period. With dividends reinvested, the same investment would have
grown to $40,054 - a 300.54% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and return
of a fund that invests in stocks
will vary. That means if you
sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Beth Terrana, Portfolio Manager of Fidelity Fund
Q. BETH, HOW HAS THE FUND PERFORMED OVER THE PAST SIX MONTHS?
A. It has done very well. For the six months ended December 31, 1995, the
fund had a total return of 15.53%. That beat the average growth and income
fund tracked by Lipper Analytical Services, which returned 11.96% during
the same period. For the 12 months ended December 31, 1995, the fund posted
a total return of 32.85%, while the average growth and income fund had a
total return of 30.82%.
Q. WHAT HELPED THE FUND BEAT THE LIPPER AVERAGE?
A. A number of the fund's largest holdings exhibited particularly strong
performance over this period. Tyco International, the Federal National
Mortgage Association - Fannie Mae - and BellSouth all posted outstanding
returns. In general, the regional Bell operating companies (RBOCs) were
almost universally strong stocks.
Q. WHAT HAS THE INVESTING ENVIRONMENT BEEN LIKE OVER THE PAST SIX MONTHS?
A. Even though many of the most frequently quoted stock market averages -
such as the Standard & Poor's 500 and the Dow Jones Industrial Average -
posted strong returns, their performance belied some underlying
difficulties within the market. Investor interest rotated quickly from
sector to sector, with different sectors falling in and out of favor. We
saw some dramatic swings as a result. For example, technology stocks - some
of the best performers through September - generally saw significant price
declines in the fourth quarter. It became increasingly clear in the second
half of the year that the economy was maintaining a lackluster pace. In
anticipation of potential earnings disappointments in 1996, the market for
the most part shifted its focus to "safe" stocks - those whose earnings
growth generally remains steady regardless of the economic backdrop -
including those found in the nondurables and health care sectors.
Q. HOW DID THIS BACKDROP AFFECT YOUR STRATEGY AND POSITIONING OF THE FUND?
A. The moves I made during the period mirrored those of the broad market.
Specifically, I added to the fund's health care investments, with most of
the shift occurring late in the second quarter. I also increased
nondurables investments. At the same time, I cut back on the fund's
technology investments, believing that they would be affected by the
economic slowdown. That turned out to be the case, even though many of the
companies in the sector still have the potential for rapid future earnings
growth. The fund's weighting in the financial sector remained relatively
constant, but its focus shifted. I reduced investments in banks because
statistics showing declining consumer confidence and increasing credit
problems indicated the economic environment would not be a good one for
this industry. Instead, I gravitated toward or maintained investments in
insurance companies and diversified financial stocks. These included Fannie
Mae and Freddie Mac - the Federal Home Loan Mortgage Corp. I chose these
types of investments because it appeared they would enjoy stable earnings
growth, and their stocks were selling at what I found to be cheap
valuations relative to the rest of the market. I also purchased long-term
government bonds, believing the economy was weaker than the consensus
expected, and that the bonds would increase in value because of declining
interest rates.
Q. BETH, EARLIER YOU MENTIONED SOME STOCKS THAT HELPED THE FUND'S
PERFORMANCE OVER THE PAST SIX MONTHS. LET'S TOUCH UPON SOME OTHERS.
A. I can start off with three stocks that I would put into the category of
safe stocks that I mentioned earlier: Philip Morris, Bristol-Myers Squibb
and General Electric. Philip Morris - the fund's largest holding - was a
great performer in 1995. It continued to grow profits through the strength
of its Marlboro brand and international sales, and used its free cash flow
to buy back stock. Bristol-Myers Squibb effectively cut costs and I found
its share price to be one the cheapest in the health care sector. General
Electric provided solid earnings growth. In addition, Tyco International -
a company that manufactures, among other things, fire protection systems
and electrical components - has an excellent management team, has seen
solid earnings growth and has used its free cash flow to make beneficial
acquisitions lately.
Q. AT THE END OF THE PERIOD, THREE OF THE FUND'S TOP 10 INVESTMENTS -
AMERITECH, BELLSOUTH AND SBC COMMUNICATIONS - WERE RBOCS. HOW HAVE THEY
PERFORMED, AND WHAT'S THEIR ATTRACTION?
A. These three stocks did very well during the period. I've invested in
them for two reasons. First, in the current market environment where many
companies have started to miss earnings estimates, these stocks appear to
offer some safety because they generally provide significant yields.
Second, although deregulation in this industry has threatened RBOCs'
existing market share, it appears to be more than offset by their ability
to enter new businesses. The industry has the potential to consolidate over
the next couple of years as well, and seems to offer better growth
prospects than most investors believe.
Q. LOOKING BACK OVER THE PAST SIX MONTHS, WHICH STOCKS DIDN'T TURN OUT AS
WELL AS YOU WOULD HAVE LIKED?
A. Retail was one area that was particularly hard hit; the market has been
unforgiving of any mistakes in this sector. Even though companies such as
Wal-Mart and Home Depot had above-average rates of return and growth, their
stock prices fell because those rates have been moving downward. The share
price of Consolidated Stores - a close-out merchandise retailer that
generally benefits from the kind of economic climate we're seeing currently
- - has made little upward progress even though it appeared management was
doing everything right. Beyond retail, Ceridian, an information services
company, posted disappointing returns, probably because investors
associated it with technology. Additionally, any technology exposure hurt.
Although it appears long-term personal computer sales will grow
substantially over time, computer stocks such as Compaq declined during the
period.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. The market was extremely narrow and quite volatile in 1995. I would not
be surprised if 1996 is a year of similar volatility. With a very uneasy
global economic picture, we could see sectors come in and out favor as
quickly as they did this year. The picture gets even more confusing when
you factor in the U.S. political environment, which is anything but clear
in terms of the budget process or the election. The big question for stock
selection in 1996 is whether the economy picks up or not. If the economy
does not reaccelerate, the kinds of stocks that did well last year probably
should do well once again, namely the safe, stable, predictable growth
companies.
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 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 December 31, 1995,
more than $3.2 billion
MANAGER: Beth Terrana,
since August 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 IN 1995:
"The strength of the broad
market indices in 1995
overstates how narrow the
market was. Over 60% of the
stocks in the S&P 500
actually lagged the index,
and almost half of all U.S.
stocks lagged the S&P 500 by
more than 15%. To match or
beat the market, one needed
to be concentrated in
large-capitalization,
traditional, blue chip stocks.
"Throughout the year, market
participants became
incredibly unforgiving of even
the slightest earnings
disappointments. For those
that disappointed, stock price
declines were rapid and
dramatic. Conversely, those
companies that beat
expectations were likewise
rewarded with rapid and
dramatic stock price
increases. This instantaneous
revaluation of stocks
highlighted how crucial
in-depth fundamental
research is."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF DECEMBER 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Philip Morris Companies, Inc. 3.4 2.4

General Electric Co. 2.3 0.5

Federal National Mortgage 1.6 1.4
Association

Tyco International Ltd. 1.5 1.3

Burlington Northern Santa Fe 1.3 1.1
Corp.

Ameritech Corp. 1.2 1.0

British Petroleum PLC ADR 1.2 1.8

BellSouth Corp. 1.2 0.7

SBC Communications, Inc. 1.2 1.2

Bristol-Myers Squibb Co. 1.0 0.0

TOP FIVE MARKET SECTORS AS OF DECEMBER 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET SECTORS
6 MONTHS AGO

Finance 14.2 14.0

Health 11.8 6.3

Nondurables 8.1 6.6

Basic Industries 7.0 8.1

Industrial Machinery & Equipment 6.0 6.0

ASSET ALLOCATION
AS OF DECEMBER 31, 1995* AS OF JUNE 30, 1995**
Row: 1, Col: 1, Value: 8.0
Row: 1, Col: 2, Value: 5.0
Row: 1, Col: 3, Value: 43.0
Row: 1, Col: 4, Value: 44.0
Row: 1, Col: 1, Value: 5.0
Row: 1, Col: 2, Value: 4.0
Row: 1, Col: 3, Value: 45.0
Row: 1, Col: 4, Value: 46.0
Stocks 87.8%
Bonds 4.8%
Short-term
investments 7.4%
FOREIGN
INVESTMENTS 3.8%
Stocks 91.6%
Bonds 3.9%
Short-term
investments 4.5%
FOREIGN
INVESTMENTS 8.4%
*
**
INVESTMENTS DECEMBER 31, 1995 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 86.8%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 4.1%
AEROSPACE & DEFENSE - 2.3%
Alliant Techsystems, Inc. (a) 329,000 $ 16,656
Boeing Co. 194,300 15,228
McDonnell Douglas Corp. 187,400 17,241
Precision Castparts Corp. 108,400 4,309
Rockwell International Corp. 368,000 19,458
Thiokol Corp. 37,000 1,253
74,145
DEFENSE ELECTRONICS - 1.1%
Loral Corp. 294,800 10,429
Raytheon Co. 542,800 25,647
36,076
SHIP BUILDING & REPAIR - 0.7%
General Dynamics Corp. 356,100 21,054
TOTAL AEROSPACE & DEFENSE 131,275
BASIC INDUSTRIES - 6.8%
CHEMICALS & PLASTICS - 5.8%
Agrium, Inc. 609,600 9,160
Air Products & Chemicals, Inc. 41,100 2,168
CBI Industries, Inc. 159,300 5,237
du Pont (E.I.) de Nemours & Co. 388,700 27,160
Hercules, Inc. 466,800 26,316
Monsanto Co. 200,500 24,561
Morton International, Inc. 285,700 10,249
Potash Corp. of Saskatchewan 139,700 9,907
Praxair, Inc. 760,100 25,558
Raychem Corp. 334,700 19,036
Sealed Air Corp. (a) 339,000 9,534
Union Carbide Corp. 286,600 10,748
Vigoro Corp. 115,300 7,120
186,754
PACKAGING & CONTAINERS - 0.1%
Crown Cork & Seal Co., Inc. 105,400 4,400
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - CONTINUED
PAPER & FOREST PRODUCTS - 0.9%
James River Corp. 123,100 $ 2,970
Kimberly-Clark Corp. 323,244 26,748
29,718
TOTAL BASIC INDUSTRIES 220,872
CONGLOMERATES - 3.0%
Allied-Signal, Inc. 537,300 25,522
Crane Co. 173,200 6,387
Tyco International Ltd. 1,333,516 47,507
United Technologies Corp. 171,500 16,271
95,687
CONSTRUCTION & REAL ESTATE - 1.7%
BUILDING MATERIALS - 0.3%
Armstrong World Industries, Inc. 140,600 8,717
Masco Corp. 40,500 1,271
9,988
REAL ESTATE INVESTMENT TRUSTS - 1.4%
Duke Realty Investors, Inc. 168,500 5,287
Equity Residential Properties
Trust (SBI) 280,000 8,575
Home Properties of NY, Inc. 75,900 1,300
Kimco Realty Corp. 240,750 6,560
Public Storage, Inc. 183,100 3,479
RFS Hotel Investors, Inc. 404,100 6,213
Shurgard Storage Centers, Inc. 105,800 2,857
Storage USA, Inc. 224,900 7,337
Summit Property Trust 118,300 2,351
43,959
TOTAL CONSTRUCTION & REAL ESTATE 53,947
DURABLES - 2.6%
AUTOS, TIRES, & ACCESSORIES - 1.4%
Cummins Engine Co., Inc. 233,200 8,628
Dana Corp. 89,100 2,606
Echlin, Inc. 313,000 11,425
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
AUTOS, TIRES, & ACCESSORIES - CONTINUED
Magna International, Inc. Class A 409,100 $ 17,616
Wabash National Corp. 271,400 6,039
46,314
CONSUMER ELECTRONICS - 0.1%
Sunbeam-Oster, Inc. 162,200 2,474
TEXTILES & APPAREL - 1.1%
NIKE, Inc. Class B 162,200 11,293
Warnaco Group, Inc. Class A 932,600 23,315
34,608
TOTAL DURABLES 83,396
ENERGY - 2.5%
ENERGY SERVICES - 0.9%
Schlumberger Ltd. 309,800 21,454
Sonat Offshore Drilling, Inc. 33,500 1,499
Transocean Drilling AS (a) 222,900 3,847
26,800
INDEPENDENT POWER - 0.0%
Thermo Electron Corp. (a) 15,700 816
OIL & GAS - 1.6%
Amerada Hess Corp. 230,500 12,217
British Petroleum PLC ADR 394,268 40,264
52,481
TOTAL ENERGY 80,097
FINANCE - 14.2%
BANKS - 4.9%
Bank of Boston Corp. 329,417 15,236
Bank of New York Co., Inc. 349,500 17,038
Bank South Corp. 194,800 5,917
Barnett Banks, Inc. 137,000 8,083
Boatmen's Bancshares, Inc. 43,400 1,774
Chemical Banking Corp. 394,400 23,170
Citicorp 297,200 19,987
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
BANKS - CONTINUED
First Bank System, Inc. 82,500 $ 4,094
First Interstate Bancorp 213,700 29,170
First Tennessee National Corp. 156,000 9,438
Fleet Financial Group, Inc. 343,414 13,994
KeyCorp. 138,000 5,003
Wells Fargo & Co. 23,000 4,968
157,872
CREDIT & OTHER FINANCE - 1.4%
American Express Co. 532,364 22,026
Beneficial Corp. 135,500 6,318
Household International, Inc. 270,000 15,964
44,308
FEDERAL SPONSORED CREDIT - 1.8%
Federal Home Loan Mortgage Corp. 115,400 9,636
Federal National Mortgage
Association 403,100 50,035
59,671
INSURANCE - 5.0%
Aetna Life & Casualty Co. 308,700 21,377
Allmerica Financial Corp. 6,800 184
Allstate Corp. 589,500 24,243
American International Group, Inc. 301,400 27,880
American Reinsurance Corp. 366,300 14,973
CIGNA Corp. 210,600 21,744
General Re Corp. 125,600 19,468
ITT Hartford Group, Inc. 60,800 2,941
MGIC Investment Corp. 91,800 4,980
Prudential Reinsurance Holdings,
Inc. 141,900 3,317
St. Paul Companies, Inc. (The) 38,000 2,114
Travelers, Inc. (The) 270,600 17,014
160,235
SAVINGS & LOANS - 0.7%
Ahmanson (H.F.) & Co. 263,500 6,983
Charter One Financial Corp. 318,600 9,757
Great Western Financial Corp. 260,800 6,650
23,390
SECURITIES INDUSTRY - 0.4%
Merrill Lynch & Co., Inc. 246,000 12,546
TOTAL FINANCE 458,022
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - 11.6%
DRUGS & PHARMACEUTICALS - 5.1%
American Home Products Corp. 130,400 $ 12,649
Amgen, Inc. (a) 248,300 14,743
Bristol-Myers Squibb Co. 365,300 31,370
Lilly (Eli) & Co. 254,200 14,299
Merck & Co., Inc. 474,900 31,225
Neopath, Inc. (a) 25,000 581
Pharmacia & Upjohn, Inc. 659,400 25,552
Schering-Plough Corp. 173,000 9,472
SmithKline Beecham PLC ADR 475,200 26,374
166,265
MEDICAL EQUIPMENT & SUPPLIES - 4.8%
Baxter International, Inc. 696,900 29,183
Guidant Corp. 302,700 12,789
Hillenbrand Industries, Inc. 66,600 2,256
Johnson & Johnson 268,300 22,973
McKesson Corp. 97,200 4,921
Medtronic, Inc. 114,000 6,370
Millipore Corp. 459,100 18,880
Nellcor, Inc. (a) 279,232 16,195
Pall Corp. 518,700 13,940
St. Jude Medical, Inc. (a) 679,400 29,214
156,721
MEDICAL FACILITIES MANAGEMENT - 1.7%
Columbia/HCA Healthcare Corp. 421,275 21,380
Community Health Systems, Inc.(a) 310,500 11,062
Tenet Healthcare Corp. (a) 1,012,000 20,998
53,440
TOTAL HEALTH 376,426
HOLDING COMPANIES - 0.2%
U.S. Industries, Inc. (a) 322,600 5,928
INDUSTRIAL MACHINERY & EQUIPMENT - 5.9%
ELECTRICAL EQUIPMENT - 3.2%
Charter Power Systems, Inc. 263,200 7,567
Emerson Electric Co. 271,800 22,220
General Electric Co. 1,040,000 74,880
104,667
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - 2.4%
Caterpillar, Inc. 295,800 $ 17,378
Deere & Co. 796,000 28,058
Greenfield Industries, Inc. 292,500 9,141
Imo Industries, Inc. (a) 55,500 382
Keystone International, Inc. 90,200 1,804
Stanley Works 221,200 11,392
Tenneco, Inc. 163,100 8,094
76,249
POLLUTION CONTROL - 0.3%
Browning-Ferris Industries, Inc. 290,100 8,558
TOTAL INDUSTRIAL MACHINERY &
EQUIPMENT 189,474
MEDIA & LEISURE - 4.6%
BROADCASTING - 0.7%
Gaylord Entertainment Co.
Class A 178,300 4,948
Sinclair Broadcast Group, Inc.
Class A (a) 30,800 531
Time Warner, Inc. 162,694 6,162
Viacom, Inc. (a):
Class B (warrants) 194,500 559
Class B (non-vtg.) 216,193 10,242
22,442
ENTERTAINMENT - 0.3%
Cedar Fair LP (depositary units) 5,300 196
Regal Cinemas, Inc. (a) 339,650 10,105
10,301
LEISURE DURABLES & TOYS - 0.2%
Hasbro, Inc. 203,100 6,296
LODGING & GAMING - 1.8%
Circus Circus Enterprises,
Inc.(a) 450,800 12,566
Host Marriott Corp. (a) 790,459 10,474
ITT Corp. 205,600 10,897
La Quinta Motor Inns, Inc. 286,213 7,835
Marriott International, Inc. 92,900 3,553
Mirage Resorts, Inc. (a) 171,100 5,903
Red Lion Inns LP 169,200 3,828
Showboat, Inc. 93,800 2,474
57,530
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
PUBLISHING - 1.4%
Knight-Ridder, Inc. 119,500 $ 7,469
Meredith Corp. 511,900 21,435
Nelson Thomas, Inc. 85,900 1,117
Times Mirror Co. Class A 494,200 16,741
46,762
RESTAURANTS - 0.2%
Host Marriott Services Corp. 100,000 675
Darden Restaurants, Inc. 493,300 5,858
6,533
TOTAL MEDIA & LEISURE 149,864
NONDURABLES - 8.1%
AGRICULTURE - 0.5%
DEKALB Genetics Corp. Class B 99,000 4,467
Pioneer Hi-Bred International,
Inc. 235,200 13,083
17,550
BEVERAGES - 1.2%
Anheuser-Busch Companies, Inc. 225,000 15,047
PepsiCo, Inc. 406,500 22,713
37,760
FOODS - 1.0%
ConAgra, Inc. 374,100 15,432
Nabisco Holdings Class A 127,200 4,150
RalCorp Holdings, Inc. (a) 225,300 5,464
Sara Lee Corp. 81,400 2,595
Tyson Foods, Inc. 252,600 6,599
34,240
HOUSEHOLD PRODUCTS - 1.7%
Avon Products, Inc. 358,200 26,999
Colgate-Palmolive Co. 175,200 12,308
Estee Lauder Companies, Inc. (a) 8,000 279
First Brands Corp. 295,000 14,049
53,635
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
TOBACCO - 3.7%
Philip Morris Companies, Inc. 1,225,200 $ 110,880
RJR Nabisco Holdings Corp. 235,200 7,262
118,142
TOTAL NONDURABLES 261,327
PRECIOUS METALS - 0.3%
Firstmiss Gold, Inc. (a) 382,887 8,519
RETAIL & WHOLESALE - 4.9%
APPAREL STORES - 0.2%
Gymboree Corp. (a) 297,400 6,134
DRUG STORES - 0.8%
Revco (D.S.), Inc. (a) 625,200 17,662
Rite Aid Corp. 231,500 7,929
Walgreen Co. 62,800 1,876
27,467
GENERAL MERCHANDISE STORES - 1.3%
Consolidated Stores Corp. (a) 888,900 19,334
Lechters, Inc. (a) 409,500 2,636
Sears, Roebuck & Co. 516,600 20,147
42,117
RETAIL & WHOLESALE, MISCELLANEOUS - 2.6%
Circuit City Stores, Inc. 332,900 9,196
Home Depot, Inc. (The) 482,600 23,104
Lowe's Companies, Inc. 742,000 24,858
Officemax, Inc. (a) 248,600 5,562
Office Depot, Inc. 35,400 699
Petsmart, Inc. (a) 145,500 4,511
Staples, Inc. (a) 227,500 5,545
Tandy Corp. 252,000 10,458
83,933
TOTAL RETAIL & WHOLESALE 159,651
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - 2.1%
ADVERTISING - 0.7%
Omnicom Group, Inc. 633,200 $ 23,587
PRINTING - 0.2%
Deluxe Corp. 231,700 6,719
SERVICES - 1.2%
ADT Ltd. (a) 597,500 8,963
Manpower, Inc. 206,600 5,811
Regis Corp. 69,400 1,666
Service Corp. International 407,600 17,933
Supercuts, Inc. (a) 278,700 2,230
36,603
TOTAL SERVICES 66,909
TECHNOLOGY - 5.7%
COMMUNICATIONS EQUIPMENT - 0.3%
Cisco Systems, Inc. (a) 88,100 6,575
Newbridge Networks Corp. (a) 65,800 2,722
9,297
COMPUTER SERVICES & SOFTWARE - 1.9%
Automatic Data Processing, Inc. 521,800 19,372
Ceridian Corp. (a) 181,400 7,483
Cerner Corp. (a) 227,000 4,654
Computer Sciences Corp. (a) 53,400 3,751
DST Systems, Inc. (a) 15,000 428
First Data Corp. 49,800 3,330
HBO & Co. 13,800 1,057
Hogan Systems, Inc. (a) 105,100 1,432
Landmark Graphics Corp. (a) 120,800 2,809
Microsoft Corp. (a) 172,300 15,119
Policy Management Systems
Corp. (a) 64,700 3,081
62,516
COMPUTERS & OFFICE EQUIPMENT - 3.0%
Bell & Howell Holdings Co. (a) 227,500 6,370
Compaq Computer Corp. (a) 223,300 10,718
Diebold, Inc. 252,600 13,988
Hewlett-Packard Co. 49,600 4,154
International Business Machines
Corp. 137,500 12,616
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
MICROS Systems, Inc. (a) 197,600 $ 9,732
Pitney Bowes, Inc. 460,200 21,629
Xerox Corp. 131,600 18,029
97,236
PHOTOGRAPHIC EQUIPMENT - 0.5%
Eastman Kodak Co. 163,200 10,935
Polaroid Corp. 82,100 3,889
14,824
TOTAL TECHNOLOGY 183,873
TRANSPORTATION - 3.6%
AIR TRANSPORTATION - 0.2%
Delta Air Lines, Inc. 82,100 6,065
RAILROADS - 3.1%
Burlington Northern Santa Fe
Corp. 543,113 42,363
CSX Corp. 535,100 24,414
Conrail, Inc. 114,100 7,987
Illinois Central Corp., Series
A 275,100 10,557
Southern Pacific Rail Corp. (a) 61,300 1,471
Union Pacific Corp. 196,700 12,982
99,774
TRUCKING & FREIGHT - 0.3%
Hunt (J.B.) Transport
Services, Inc. 327,700 5,489
Roadway Services, Inc. 85,100 4,159
TNT Freightways Corp. 71,900 1,447
11,095
TOTAL TRANSPORTATION 116,934
UTILITIES - 4.9%
TELEPHONE SERVICES - 4.9%
Ameritech Corp. 682,700 40,279
BellSouth Corp. 908,800 39,534
NYNEX Corp. 368,800 19,915
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - CONTINUED
TELEPHONE SERVICES - CONTINUED
Pacific Telesis Group 564,500 $ 18,981
SBC Communications, Inc. 671,900 38,634
157,343
TOTAL COMMON STOCKS
(Cost $2,343,391) 2,799,544
CONVERTIBLE PREFERRED STOCKS - 1.0%
BASIC INDUSTRIES - 0.2%
PAPER & FOREST PRODUCTS - 0.2%
James River Corp. cumulative,
Series P 337,700 7,894
TECHNOLOGY - 0.8%
COMPUTER SERVICES & SOFTWARE - 0.8%
Ceridian Corp. 3 1/2% 270,600 25,030
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $31,830) 32,924
CORPORATE BONDS - 1.3%
MOODY'S PRINCIPAL
RATINGS (B) AMOUNT (000S)
CONVERTIBLE BONDS - 0.8%
INDUSTRIAL MACHINERY & EQUIPMENT - 0.1%
POLLUTION CONTROL - 0.1%
Laidlaw, Inc. 6%, 1/31/99 Baa2 $ 3,000 3,585
MEDIA & LEISURE - 0.3%
LODGING & GAMING - 0.3%
HFS, Inc. 4 1/2%, 10/1/99 Baa3 1,220 2,827
Prime Hospitality 7%, 4/15/02 B2 5,570 5,765
8,592
CORPORATE BONDS - CONTINUED
PRINCIPAL
AMOUNT
MOODY'S PRINCIPAL vALUE (NOTE1)
RATINGS (B) AMOUNT (000S) 000S)
CONVERTIBLE BONDS - CONTINUED
RETAIL & WHOLESALE - 0.0%
GENERAL MERCHANDISE STORES - 0.0%
Lechters, Inc. 5%, 9/27/01 - $ 1,640 $ 1,000
SERVICES - 0.4%
First Financial Management
Corp. 5%, 12/15/99 A2 6,910 11,177
TOTAL CONVERTIBLE BONDS 24,354
NONCONVERTIBLE BONDS - 0.5%
AEROSPACE & DEFENSE - 0.0%
DEFENSE ELECTRONICS - 0.0%
Tracor, Inc. 10 7/8%, 8/15/01 B2 1,500 1,560
HEALTH - 0.2%
MEDICAL FACILITIES MANAGEMENT - 0.2%
Tenet Healthcare Corp. 8 5/8%,
12/1/03 Ba2 5,440 5,685
MEDIA & LEISURE - 0.3%
LODGING & GAMING - 0.1%
Red Roof Inns, Inc. 9 5/8%,
12/15/03 B3 4,000 3,930
RESTAURANTS - 0.2%
Foodmaker, Inc. 9 3/4%, 6/1/02 B3 4,900 4,533
TOTAL MEDIA & LEISURE 8,463
TOTAL NONCONVERTIBLE BONDS 15,708
TOTAL CORPORATE BONDS
(Cost $37,996) 40,062
U.S. TREASURY OBLIGATIONS - 3.5%
11 3/4%, 2/15/10 Aaa 2,890 4,121
12 3/4%, 11/15/10 Aaa 90 137
Stripped Principal 0%, 2/15/19 Aaa 343,200 82,073
U.S. TREASURY OBLIGATIONS - CONTINUED
MOODY'S PRINCIPAL VALUE (NOTE 1)
RATINGS (B) AMOUNT (000S) (000S)
7 1/4%, 2/ 15/23 Aaa $ 3,355 $ 3,836
6 1/4%, 8/15/23 Aaa 2,420 2,490
7 1/2%, 11/15/24 Aaa 4,580 5,505
7 5/8%, 2/15/25 Aaa 8,070 9,868
6 7/8%, 8/15/25 Aaa 4,240 4,782
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $105,138) 112,812
REPURCHASE AGREEMENTS - 7.4%
MATURITY
AMOUNT
(000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.88% dated
12/29/95 due 1/2/96 $ 240,289 240,132
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $2,758,487) $ 3,225,474
LEGEND
(1.) Non-income producing
(2.) Standard & Poor's Corporation credit ratings are used in the absence
of a rating by Moody's Investors Service, Inc.
INCOME TAX INFORMATION
At December 31, 1995, the aggregate cost of investment securities for
income tax purposes was $2,760,619,000. Net unrealized appreciation
aggregated $464,855,000, of which $495,964,000 related to appreciated
investment securities and $31,109,000 related to depreciated investment
securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) DECEMBER 31, 1995 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 3,225,474
agreements of $240,132) (cost $2,758,487) -
See accompanying schedule

Receivable for investments sold 20,932

Receivable for fund shares sold 14,266

Dividends receivable 6,651

Interest receivable 1,025

Other receivables 657

TOTAL ASSETS 3,269,005

LIABILITIES

Payable for investments purchased $ 39,777

Payable for fund shares redeemed 5,340

Accrued management fee 1,049

Other payables and accrued expenses 769

Collateral on securities loaned, at value 801

TOTAL LIABILITIES 47,736

NET ASSETS $ 3,221,269

Net Assets consist of:

Paid in capital $ 2,694,383

Distributions in excess of net investment income (572)

Accumulated undistributed net realized gain (loss) on 60,470
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 466,988
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 142,497 shares outstanding $ 3,221,269

NET ASSET VALUE, offering price and redemption price per $22.61
share ($3,221,269 (divided by) 142,497 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)

INVESTMENT INCOME $ 24,937
Dividends

Interest (including income on securities loaned of $128) 8,764

TOTAL INCOME 33,701

EXPENSES

Management fee $ 5,720

Transfer agent fees 2,672

Accounting and security lending fees 391

Non-interested trustees' compensation 5

Custodian fees and expenses 25

Registration fees 175

Audit 14

Legal 12

Miscellaneous 2

Total expenses before reductions 9,016

Expense reductions (269) 8,747

NET INVESTMENT INCOME 24,954

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

Investment securities 177,085

Foreign currency transactions 4 177,089

Change in net unrealized appreciation (depreciation) on:

Investment securities 201,499

Assets and liabilities in foreign currencies (3) 201,496

NET GAIN (LOSS) 378,585

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 403,539
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED DECEMBER JUNE 30,
31, 1995
1995

(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 24,954 $ 42,354
Net investment income

Net realized gain (loss) 177,089 70,757

Change in net unrealized appreciation (depreciation) 201,496 273,028

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 403,539 386,139
FROM OPERATIONS

Distributions to shareholders (29,150) (37,407)
From net investment income

From net realized gain (180,707) (80,847)

TOTAL DISTRIBUTIONS (209,857) (118,254)

Share transactions 805,462 997,742
Net proceeds from sales of shares

Reinvestment of distributions 189,547 101,857

Cost of shares redeemed (371,894) (555,067)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 623,115 544,532
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 816,797 812,417

NET ASSETS

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

End of period (including under (over) distribution of net $ 3,221,269 $ 2,404,472
investment income of $(572) and $3,624,
respectively)

OTHER INFORMATION
Shares

Sold 36,343 52,253

Issued in reinvestment of distributions 8,602 5,464

Redeemed (16,728) (28,996)

Net increase (decrease) 28,217 28,721

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS SIX MONTHS ENDED YEARS ENDED SIX MONTHS YEARS ENDED DECEMBER 31,
DECEMBER 31, 1995 JUNE 30, ENDED JUNE 30,

SELECTED PER-SHARE DATA (UNAUDITED) 1995 1994 F 1993 1992 D 1991 1990

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 21.04 $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29 $ 17.93

Income from Investment Operations .18 .38 .27 .29 E .45 .53 .70 E
Net investment income

Net realized and unrealized gain (loss) 3.01 3.35 .79 1.48 1.09 3.29 (1.60)

Total from investment operations 3.19 3.73 1.06 1.77 1.54 3.82 (.90)

Less Distributions (.22) (.36) (.31) (.22) (.48) (.50) (.74)
From net investment income

From net realized gain (1.40) (.94) (2.56) (.07) (.58) (1.15) -

Total distributions (1.62) (1.30) (2.87) (.29) (1.06) (1.65) (.74)

Net asset value, end of period $ 22.61 $ 21.04 $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29

TOTAL RETURN B, C 15.53% 21.09% 5.41% 9.39% 8.46 24.15 (5.10)%
% %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in millions) $ 3,221 $ 2,404 $ 1,592 $ 1,439 $ 1,354 $ 1,320 $ 1,064

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

Ratio of expenses to average net assets after .61% A, .64% .65% .66% A .67 .68 .66%
expense reductions G G G % %

Ratio of net investment income to average net assets 1.75% A 2.18% 1.85% 2.94% A, 2.37% 2.84% 4.04%
E E

Portfolio turnover rate 158% A 157% 207% 261% A 151 267 259%
% %

</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 HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES (SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1995 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fund (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The following summarizes the significant
accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities 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 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). Distributions in excess of 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, and are collateralized
by U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying U.S. Treasury or Federal Agency securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. 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 $2,411,782,000 and $2,117,257,000, respectively, of which U.S.
government and government agency obligations aggregated $191,238,000 and
$117,163,000, 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 .2700% 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 annualized rate of .40%
of average net assets.
The Board of Trustees has approved a new group fee rate schedule with rates
ranging from .2500% to .5200%. Effective January 1, 1996, FMR voluntarily
agreed to implement this new group fee rate schedule as it results in the
same or a lower management fee.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $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, transfer agent fees were equivalent to an annualized 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 $998,000 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 $744,000 and
$801,000, respectively.
6. EXPENSE REDUCTIONS.
FMR 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
$269,000 under this arrangement.

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*
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 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)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE