FIDELITY HASTINGS STREET TRUST, N-30D, 1997-08-14

FIDELITY HASTINGS STREET TRUST
N-30D, 1997-08-14

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(2_FIDELITY_LOGOS)

FIDELITY FIFTY

ANNUAL REPORT
JUNE 30, 1997
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.

REPORT OF INDEPENDENT 24 The auditor's opinion.
ACCOUNTANTS

DISTRIBUTIONS 25

PROXY VOTING RESULTS 26

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.
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.
PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
Through the first six months of 1997, stock and bond markets experienced
the kind of short-term volatility that can affect them periodically. The
stock market rebounded strongly from its early spring correction to
continue on its record-setting pace, as seen by the roughly 20%
year-to-date gain by the Standard & Poor's 500 Index. The bond market
posted moderate returns over the first half of the year, as positive news
on the inflation front helped soften the effects of a hike in short-term
interest rates by the Federal Reserve Board in late March.
While it's impossible to predict the future direction of the markets with
any degree of certainty, there are certain basic principles that can help
investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will greatly
reduce your vulnerability to any single decline. We know from experience,
for example, that stock prices have gone up over longer periods of time,
have significantly outperformed other types of investments and have stayed
ahead of inflation.
Second, you can further manage your investing risk through diversification.
A stock mutual fund, for instance, is already diversified, because it
invests in many different companies. You can increase your diversification
further by investing in a number of different stock funds, or in such other
investment categories 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, it's important to
remember that there is no assurance that a money market fund will achieve
its goal of maintaining a stable net asset value of $1.00 per share, and
that these types of funds are neither insured nor guaranteed by any agency
of the U.S. government.
Finally, no matter what your time horizon or portfolio diversity, it makes
good sense to follow a regular investment plan, investing a certain amount
of money in a fund at the same time each month or quarter and periodically
reviewing your overall portfolio. By doing so, you won't get caught up in
the excitement of a rapidly rising market, nor will you buy all your shares
at market highs. While this strategy - known as dollar cost averaging -
won't assure a profit or protect you from a loss in a declining market, it
should help you lower the average cost of your purchases.
If you have questions, please call us at 1-800-544-8888. We are available
24 hours a day, seven days a week to provide you 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
reflects the change in the value of an investment, assuming reinvestment of
the fund's dividend income and capital gains (the profits earned upon the
sale of securities that have grown in value). Fidelity Fifty has a 3% sales
charge, which was waived beginning January 1, 1995 through December 31,
1998.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1997 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 24.75% 95.96%

Fidelity Fifty (incl. 3% sales charge) 21.01% 90.08%

S&P 500(registered trademark) 34.70% 111.51%

Capital Appreciation Funds Average 14.44% 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 had 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 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 mutual funds with similar objectives tracked by
Lipper Analytical Services, Inc. The past one year average represents a
peer group of 203 mutual funds. These benchmarks reflect reinvestment of
dividends and capital gains, if any, and exclude the effect of sales
charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1997 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 24.75% 19.43%

Fidelity Fifty (incl. 3% sales charge) 21.01% 18.47%

S&P 500 34.70% 21.86%

Capital Appreciation Funds Average 14.44% n/a

MARKET RECAP
Concerns in March and April
over higher interest rates and the
possibility of weaker corporate
earnings provided the only
significant pause in the U.S. stock
market's upward climb during the
12 months that ended June 30,
1997. The Standard & Poor's
500 Index returned 34.70% during
the period - well above its
long-term annual average of about
11%. The stock market spent
much of the period breaking price
and trading volume records. Solid
corporate earnings, large inflows
into mutual funds, widespread
optimism, moderate economic
growth, low inflation and a generally
favorable interest rate environment
propelled share prices higher,
especially among
large-capitalization stocks. In
February, however, Federal
Reserve Board Chairman Alan
Greenspan indicated the Fed's
inclination to raise short-term
interest rates to head off inflation
that might be caused by a tight labor
market. Because higher interest
rates tend to slow economic growth
and increase borrowing costs, the
stock market faltered as the Fed's
March meeting approached. At that
meeting, the Fed raised a key
short-term interest rate. The stock
market - already at historically high
valuations - sold off sharply
through mid-April, when positive
news on the inflation front emerged.
The market recovered from that
point, with the Dow Jones Industrial
Average closing above the 7700
mark for the first time in June. The
market broadened to include many
small- and mid-capitalization
stocks in the rally that continued
through the end of June.
An interview with Scott Stewart, Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW DID THE FUND PERFORM?
A. Very well against its peer group, while underperforming the index. For
the 12-month period that ended June 30, 1997, the fund posted a return of
24.75%. By comparison, the average capital appreciation fund, as tracked by
Lipper Analytical Services, was up 14.44% over the same period. The
Standard & Poor's 500 Index returned 34.70% over the same time frame.
Q. WHAT'S BEHIND THE FUND'S NOTABLE OUTPERFORMANCE OF ITS PEER GROUP?
A. I believe the fund was helped tremendously over the period by strong,
broad-based, individual stock selection. Individual stock selection is the
engine of this fund, and I'm pleased to see that it worked well over the
past 12 months. The fund's performance also was helped because it held more
larger-capitalization companies than most of its peers, and, as a group,
large-cap stocks were definitely the top performers over the period.
Q. IT SEEMS UNUSUAL THAT THE FUND WOULD DO SO WELL AGAINST ITS PEERS WHILE
UNDERPERFORMING THE INDEX.
A. We are in an unusual market environment. As I mentioned,
large-capitalization stocks were the best performers over the period, and
the S&P index had 80% of its value in companies with market capitalizations
of $10 billion or more. By definition, capital appreciation funds, such as
this one, tend to focus on smaller-cap stocks or at least a variety of
small- to large-cap stocks. So while this fund had a slightly
higher-capitalization weighting than its peers - about 33% of the fund was
invested in stocks of $10 billion or more at the end of the period - its
capitalization size is always smaller than the S&P index. Investors might
be aware that the index's holdings are weighted by their market
capitalizations. That is, the larger the capitalization of a stock, the
more of it the index owned. Very few actively managed funds are weighted in
a similar way. I also should add that capital appreciation funds were not
alone in finding it difficult to beat the index over the period. Over the
one year period, only about 6% of all actively managed funds beat the S&P.
Q. WHICH OF THE FUND'S STOCKS WERE STANDOUT PERFORMERS OVER THE PERIOD?
A. Many technology stocks were strong performers. For example, Pentium chip
producer Intel, the fund's largest holding six months ago, almost doubled
over the year. It benefited from very low fixed and variable costs and a
huge margin increase. At the end of the period, I still owned it but had
sold a large portion of it shortly before its stock peaked. Financial
stocks - which made up the fund's largest sector weighting at the end of
the period - also generated strong earnings and stock performance. That's
mostly because many banks were restructuring their balance sheets,
improving loan structures and buying out other banks, which allowed them to
get rid of extra branch offices. They also benefited somewhat from the low
interest rate environment over the period. The fund's largest holding at
the end of the period, BankAmerica, was up about 75%, which was especially
good news because I was able to buy it for the fund at about a 15% discount
to other major banks. National City and NationsBank also turned in strong
performances over the period.
Q. OBVIOUSLY THE FUND'S PERFORMANCE WAS STRONG. DID ANYTHING GO WRONG OVER
THE PERIOD?
A. As I said, I was pleased with the fund's performance. While I don't
expect to be perfect on every stock, things can always be better. For
example, I could have reduced my position in Intel at a price closer to its
peak.
Q. SCOTT, HOW DOES THE FUND LOOK GOING FORWARD?
A. I'm very comfortable with the structure of the fund, especially from the
sector-weightings point of view. Near the end of the period, I slightly
lowered the capitalization size of the fund to take advantage of a drop in
the price of lower-cap stocks and to bring the fund in line with its
competitors. Right now, I think many capital appreciation fund managers are
waiting for large-capitalization stocks to disappoint, and are positioned
to benefit if and when that happens.
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
FUND NUMBER: 500
TRADING SYMBOL: FFTYX
START DATE: September 17,
1993
SIZE: as of June 30, 1997,
more than $156 million
MANAGER: Scott Stewart,
since 1993; founder and
head of Fidelity's Structured
Equity Group, since 1987;
joined
Fidelity in 1987
(checkmark)
SCOTT STEWART ON HOLDING CASH
AND FUTURES IN THE FUND:
"At the end of the period, cash
- - or short-term investments
- - made up over 2.6% of the
fund. While these
short-term investments
actually made up about 12%
of the fund, they were offset
by an investment of
approximately 9% of the fund
in futures.
"I try to manage the fund's
cash exposure by using
futures. At the end of the
period, the fund owned mostly
small-capitalization futures,
such as the Russell 2000
Futures I bought this spring.
Investing in these futures
allows me to stay fully
invested in the market. The
way I think of it is that returns
from the futures plus the
fund's cash equals the
approximate return of stocks.
That is, the profits from
futures, plus the fund's base
of cash added together
perform very much like stocks
do. As a result, I use futures.
They're cheap, they're quick,
and, over the period, they
helped the fund outperform its
peers."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1997
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

BankAmerica Corp. 3.2 2.2

Procter & Gamble Co. 3.1 2.2

PepsiCo, Inc. 3.0 2.4

Coastal Corp. (The) 2.8 2.1

Tenet Healthcare Corp. 2.7 1.7

AMR Corp. 2.6 2.1

Case Corp. 2.5 1.4

NationsBank Corp. 2.4 2.5

WorldCom, Inc. 2.4 0.0

National City Corp. 2.3 2.5

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1997
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO

Finance 12.6 11.2

Technology 11.6 21.3

Services 9.3 1.0

Health 7.3 6.3

Retail & Wholesale 7.1 4.5

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JUNE 30, 1997 * AS OF DECEMBER 31, 1996**
Row: 1, Col: 1, Value: 2.6
Row: 1, Col: 2, Value: 47.4
Row: 1, Col: 3, Value: 50.0
Stocks and
equity futures 96.4%
Short-term
investments 3.6%
FOREIGN
INVESTMENTS 1.1%
Stocks and
equity futures 97.4%
Short-term
investments 2.6%
FOREIGN
INVESTMENTS 4.7%
Row: 1, Col: 1, Value: 3.6
Row: 1, Col: 2, Value: 46.4
Row: 1, Col: 3, Value: 50.0
*
**
INVESTMENTS JUNE 30, 1997

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 88.5%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 1.2%
Boeing Co. 34,400 $ 1,825,300
BASIC INDUSTRIES - 4.9%
CHEMICALS & PLASTICS - 1.0%
Monsanto Co. 36,900 1,589,006
PAPER & FOREST PRODUCTS - 3.9%
Boise Cascade Corp. 85,300 3,012,156
Kimberly-Clark Corp. 60,000 2,985,000
5,997,156
TOTAL BASIC INDUSTRIES 7,586,162
CONSTRUCTION & REAL ESTATE - 2.4%
BUILDING MATERIALS - 2.4%
American Standard Companies, Inc. (a) 57,100 2,555,225
Coltec Industries, Inc. (a) 56,600 1,103,700
3,658,925
DURABLES - 1.6%
AUTOS, TIRES, & ACCESSORIES - 1.6%
Tower Automotive, Inc. (a) 57,000 2,451,000
ENERGY - 5.2%
ENERGY SERVICES - 2.4%
BJ Services Co. (a) 31,376 1,682,538
Falcon Drilling, Inc. (a) 33,750 1,944,844
3,627,382
OIL & GAS - 2.8%
Coastal Corp. (The) 80,900 4,302,869
TOTAL ENERGY 7,930,251
FINANCE - 12.6%
BANKS - 7.9%
BankAmerica Corp. 76,200 4,919,663
National City Corp. 67,300 3,533,250
NationsBank Corp. 57,000 3,676,500
12,129,413
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
CREDIT & OTHER FINANCE - 1.0%
Aames Financial Corp. 81,550 $ 1,508,675
INSURANCE - 2.6%
AFLAC, Inc. 53,100 2,508,975
AMBAC, Inc. 18,900 1,443,488
3,952,463
SAVINGS & LOANS - 1.1%
Dime Bancorp., Inc. 98,700 1,727,250
TOTAL FINANCE 19,317,801
HEALTH - 7.3%
DRUGS & PHARMACEUTICALS - 1.6%
Merck & Co., Inc. 23,100 2,390,850
MEDICAL FACILITIES MANAGEMENT - 5.7%
Humana, Inc. (a) 126,000 2,913,750
Tenet Healthcare Corp. (a) 141,400 4,180,138
United HealthCare Corp. 31,400 1,632,800
8,726,688
TOTAL HEALTH 11,117,538
INDUSTRIAL MACHINERY & EQUIPMENT - 6.7%
ELECTRICAL EQUIPMENT - 2.1%
Westinghouse Electric Corp. 137,476 3,179,133
INDUSTRIAL MACHINERY & EQUIPMENT - 3.1%
Case Corp. 55,600 3,829,450
Harnischfeger Industries, Inc. 22,300 925,450
4,754,900
POLLUTION CONTROL - 1.5%
United Waste Systems, Inc. (a) 56,000 2,296,000
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 10,230,033
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - 4.8%
ENTERTAINMENT - 1.1%
Viacom, Inc. Class B (non-vtg.) (a) 57,400 $ 1,722,000
LODGING & GAMING - 3.2%
HFS, Inc. (a) 44,500 2,581,000
Mirage Resorts, Inc. (a) 93,200 2,353,300
4,934,300
PUBLISHING - 0.5%
Times Mirror Co. Class A 13,800 762,450
TOTAL MEDIA & LEISURE 7,418,750
NONDURABLES - 6.1%
BEVERAGES - 3.0%
PepsiCo, Inc. 122,300 4,593,894
HOUSEHOLD PRODUCTS - 3.1%
Procter & Gamble Co. 34,100 4,816,625
TOTAL NONDURABLES 9,410,519
PRECIOUS METALS - 1.2%
Newmont Gold Co. 47,300 1,889,044
RETAIL & WHOLESALE - 7.1%
APPAREL STORES - 3.4%
Payless ShoeSource, Inc. (a) 31,900 1,744,531
TJX Companies, Inc. 130,600 3,444,575
5,189,106
GENERAL MERCHANDISE STORES - 1.5%
Consolidated Stores Corp. (a) 65,875 2,289,156
RETAIL & WHOLESALE, MISCELLANEOUS - 2.2%
Corporate Express, Inc. 108,000 1,559,250
Toys "R" Us, Inc. (a) 51,000 1,785,000
3,344,250
TOTAL RETAIL & WHOLESALE 10,822,512
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - 9.3%
ADVERTISING - 2.2%
Omnicom Group, Inc. 56,000 $ 3,451,000
PRINTING - 1.4%
ASM Lithography Holding NV (a) 35,400 2,070,900
SERVICES - 5.7%
ADT Ltd. (a) 75,000 2,475,000
AccuStaff, Inc. (a) 105,500 2,499,031
Premier Technologies, Inc. (a) 53,200 1,383,200
Sitel Corp. (a) 114,300 2,357,438
8,714,669
TOTAL SERVICES 14,236,569
TECHNOLOGY - 11.6%
COMMUNICATIONS EQUIPMENT - 1.7%
Alcatel Alsthom Compagnie Generale d'Electricite
SA sponsored ADR 105,700 2,668,925
COMPUTER SERVICES & SOFTWARE - 3.6%
Microsoft Corp. (a) 22,000 2,780,250
SunGard Data Systems, Inc. (a) 59,600 2,771,400
5,551,650
COMPUTERS & OFFICE EQUIPMENT - 1.5%
Bell & Howell Co. (a) 40,900 1,260,231
Pitney Bowes, Inc. 14,600 1,014,700
2,274,931
ELECTRONICS - 4.8%
Altera Corp. (a) 9,200 464,600
Brightpoint, Inc. (a) 43,500 1,416,469
Intel Corp. 7,400 1,049,413
Solectron Corp. (a) 28,000 1,960,000
Texas Instruments, Inc. 29,600 2,488,250
7,378,732
TOTAL TECHNOLOGY 17,874,238
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - 4.1%
AIR TRANSPORTATION - 2.6%
AMR Corp. (a) 43,800 $ 4,051,500
TRUCKING & FREIGHT - 1.5%
USFreightways Corp. 89,300 2,310,638
TOTAL TRANSPORTATION 6,362,138
UTILITIES - 2.4%
TELEPHONE SERVICES - 2.4%
WorldCom, Inc. (a) 114,570 3,666,287
TOTAL COMMON STOCKS
(Cost $111,959,151) 135,797,067
U.S. TREASURY OBLIGATIONS - 0.3%
PRINCIPAL
AMOUNT
U.S. Treasury Bills, yields at date of purchase
5.26% - 5.28%, 1/8/98 (c) (Cost $437,753) $ 450,000 437,706
CASH EQUIVALENTS - 11.2%
SHARES
Taxable Central Cash Fund (b) (cost $17,157,064) 17,157,064 17,157,064
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $129,553,968) $ 153,391,837
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
12 Midcap 400 Stock
Index Futures Contracts Sep. 1997 $ 1,737,600 $ 7,510
55 Russell 2000 Stock
Index Futures Contracts Sep. 1997 10,969,750 74,963
2 S&P 500 Stock
Index Futures Contracts Sep. 1997 890,250 (8,015)
$ 74,458
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 8.9%
LEGEND
1. Non-income producing
2. At period end, the seven-day yield on the Taxable Central Cash Fund was
5.58%. The yield refers to the income earned by investing in the fund over
the seven-day period, expressed as an annual percentage.
3. Security pledged to cover margin requirements for futures contracts. At
the period end, the value of securities pledged amounted to $437,706.
INCOME TAX INFORMATION
At June 30, 1997, the aggregate cost of investment securities for income
tax purposes was $129,561,745. Net unrealized appreciation aggregated
$23,830,092 of which $25,691,076 related to appreciated investment
securities and $1,860,984 related to depreciated investment securities.
The fund hereby designates approximately $6,813,000 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, 1997

ASSETS

Investment in securities, at value (cost $129,553,968) - $ 153,391,837
See accompanying schedule

Receivable for fund shares sold 3,318,336

Dividends receivable 107,521

Interest receivable 71,236

Receivable for daily variation on futures contracts 38,385

Other receivables 7,335

TOTAL ASSETS 156,934,650

LIABILITIES

Payable for investments purchased $ 262,177

Payable for fund shares redeemed 422,875

Accrued management fee 54,417

Other payables and accrued expenses 58,847

TOTAL LIABILITIES 798,316

NET ASSETS $ 156,136,334

Net Assets consist of:

Paid in capital $ 111,994,185

Undistributed net investment income 505,676

Accumulated undistributed net realized gain (loss) on 19,724,146
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 23,912,327
investments

NET ASSETS, for 9,574,742 shares outstanding $ 156,136,334

NET ASSET VALUE, offering price and redemption price $16.31
per share ($156,136,334 (divided by) 9,574,742 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JUNE 30, 1997

INVESTMENT INCOME $ 1,420,545
Dividends

Interest 655,094

TOTAL INCOME 2,075,639

EXPENSES

Management fee $ 917,847
Basic fee

Performance adjustment (230,173)

Transfer agent fees 443,577

Accounting fees and expenses 92,406

Non-interested trustees' compensation 1,153

Custodian fees and expenses 17,767

Registration fees 55,846

Audit 30,008

Legal 1,576

Reports to shareholders 10,309

Total expenses before reductions 1,340,316

Expense reductions (67,507) 1,272,809

NET INVESTMENT INCOME 802,830

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

Investment securities 21,910,281

Foreign currency transactions 218

Futures contracts 895,634 22,806,133

Change in net unrealized appreciation (depreciation) on:

Investment securities 7,695,431

Assets and liabilities in foreign currencies (32)

Futures contracts 162,486 7,857,885

NET GAIN (LOSS) 30,664,018

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 31,466,848
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1997 1996

INCREASE (DECREASE) IN NET ASSETS

Operations $ 802,830 $ 1,944,040
Net investment income

Net realized gain (loss) 22,806,133 16,750,199

Change in net unrealized appreciation (depreciation) 7,857,885 6,555,135

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 31,466,848 25,249,374
FROM OPERATIONS

Distributions to shareholders (1,070,638) (1,413,153)
From net investment income

From net realized gain (9,845,020) (13,362,095)

TOTAL DISTRIBUTIONS (10,915,658) (14,775,248)

Share transactions 143,303,825 172,795,915
Net proceeds from sales of shares

Reinvestment of distributions 10,824,055 14,630,874

Cost of shares redeemed (199,525,490) (145,489,851)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (45,397,610) 41,936,938
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS (24,846,420) 52,411,064

NET ASSETS

Beginning of period 180,982,754 128,571,690

End of period (including undistributed net investment $ 156,136,334 $ 180,982,754
income of $505,676 and $1,141,826, respectively)

OTHER INFORMATION
Shares

Sold 9,988,553 12,765,610

Issued in reinvestment of distributions 823,934 1,127,988

Redeemed (14,161,512) (10,786,198)

Net increase (decrease) (3,349,025) 3,107,400

</TABLE>

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

1997 1996 1995 1994

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

Net asset value, beginning of period $ 14.00 $ 13.10 $ 10.17 $ 10.00

Income from Investment Operations

Net investment income .07 E .15 .08 .02

Net realized and unrealized 3.16 2.12 2.97 .16
gain (loss)

Total from investment operations 3.23 2.27 3.05 .18

Less Distributions

From net investment income (.09) (.13) (.02) (.01)

From net realized gain (.83) (1.24) (.10) -

Total distributions (.92) (1.37) (.12) (.01)

Net asset value, end of period $ 16.31 $ 14.00 $ 13.10 $ 10.17

TOTAL RETURN B, C 24.75% 18.46% 30.26% 1.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 156,136 $ 180,983 $ 128,572 $ 48,359

Ratio of expenses to average net assets .88% 1.03% 1.22% 1.58% A

Ratio of expenses to average net assets .84% .99% 1.19% D 1.58% A
D D
after expense reductions

Ratio of net investment income to .53% 1.20% 1.15% .23% A
average
net assets

Portfolio turnover rate 131% 152% 180% 320% A

Average commission rate F $ .0439

</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 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).
E NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
F FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN
VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY
DIFFER.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1997

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fifty 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 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 with remaining maturities of sixty days or less for which
quotations are not readily available 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. Income receipts
and expense payments are translated into U.S. dollars at the prevailing
exchange rate on the respective dates of the transactions. Purchases and
sales of securities are translated into U.S. dollars at the contractual
currency exchange rates established at the time of each trade.
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, 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. Non-cash dividends included in
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, which includes accretion of original
issue discount, is accrued as earned. Investment income is recorded net of
foreign taxes withheld where recovery of such taxes is uncertain.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
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, market discount 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.
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.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated securities.
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 foreign currency contracts is determined using contractual
currency exchange rates established at the time of each trade. The cost of
the foreign currency contracts is included in the cost basis of the
associated investment.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission(the SEC), the fund, along with other
affiliated entities of 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 for U.S.
Treasury or Federal Agency obligations.
2. OPERATING POLICIES - CONTINUED
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.
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by the
SEC, the fund may invest in the Taxable Central Cash Fund (the Cash Fund)
managed by FMR Texas, an affiliate of FMR. The Cash Fund is an open-end
money market fund available only to investment companies and other accounts
managed by FMR and its affiliates. The Cash Fund seeks preservation of
capital, liquidity, and current income by investing in U.S. Treasury
securities and repurchase agreements for these securities. Income
distributions from the Cash Fund are declared daily and paid monthly from
net interest income. Income distributions received by the fund are recorded
as interest income in the accompanying financial statements.
FUTURES CONTRACTS. The fund may use futures contracts to manage its
exposure to the stock market. Buying futures
tends to increase the fund's exposure to the underlying instrument, while
selling futures tends 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. Gains and
losses are realized upon the expiration or closing of the futures
contracts. Futures contracts are valued at the settlement price established
each day by the board of trade or exchange on which they are traded.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $183,496,694 and $241,050,955, respectively.
The market value of futures contracts opened and closed during the period
amounted to $116,751,923 and $115,702,093, 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. The annual individual
fund fee rate is .30%. 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 basic fee is subject to a performance adjustment (up to a maximum of
".20% of the fund's average net assets over the performance period) 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 .45% of average net assets after the
performance adjustment.
SALES LOAD. For the period January 1, 1995 through December 31, 1998,
Fidelity Distributors Corporation (FDC), 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 Company, Inc. (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 .29%
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 $36,245 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
$63,800 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby credits realized as a result of uninvested cash
balances were used to reduce a portion of the fund's expenses. During the
period, the fund's custodian and transfer agent fees were reduced by $1,473
and $2,234, 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, 1997, 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 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, 1997 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, 1997, 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 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.
Boston, Massachusetts
August 4, 1997
DISTRIBUTIONS

The Board of Trustees of Fidelity Fifty voted to pay on August 4, 1997, to
shareholders of record at the opening of business on August 1, 1997, a
distribution of $1.36 per share derived from capital gains realized from
sales of portfolio securities and a dividend of $.04 per share from net
investment income.
A total of .57% 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 28% of the dividend distributed during the fiscal year qualifies
for the dividends-received-deductions for corporate shareholders.
The fund will notify shareholders in January 1998 of these percentages for
use in preparing 1997 income tax returns.
PROXY VOTING RESULTS

A special meeting of the fund's shareholders was held on July 16, 1997. The
results of votes taken among shareholders on proposals are listed below.
PROPOSAL 1
To elect as Trustees the following twelve nominees.
# OF % OF
SHARES VOTED SHARES VOTED
J. GARY BURKHEAD
Affirmative 105,692,081.014 97.033
Withheld 3,231,430.067 2.967
TOTAL 108,923,511.081 100.000
RALPH F. COX
Affirmative 105,680,605.875 97.023
Withheld 3,242,905.206 2.977
TOTAL 108,923,511.081 100.00
PHYLLIS BURKE DAVIS
Affirmative 105,651,999.712 96.997
Withheld 3,271,511.369 3.003
TOTAL 108,923,511.081 100.000
ROBERT M. GATES
Affirmative 105,511,218.744 96.867
Withheld 3,412,292.337 3.133
TOTAL 108,923,511.081 100.000
EDWARD C. JOHNSON 3D
Affirmative 105,632,223.614 96.978
Withheld 3,291,287.467 3.022
TOTAL 108,923,511.081 100.000
E. BRADLEY JONES
Affirmative 105,521,432.110 96.877
Withheld 3,402,078.971 3.123
TOTAL 108,923,511.081 100.000
# OF % OF
SHARES VOTED SHARES VOTED
DONALD J. KIRK
Affirmative 105,713,930.272 97.053
Withheld 3,209,580.809 2.947
TOTAL 108,923,511.081 100.000
PETER S. LYNCH
Affirmative 105,733,536.173 97.071
Withheld 3,189,974.908 2.929
TOTAL 108,923,511.081 100.000
WILLIAM O. MCCOY
Affirmative 105,749,629.803 97.086
Withheld 3,173,881.278 2.914
TOTAL 108,923,511.081 100.000
GERALD C. MCDONOUGH
Affirmative 105,573,768.259 96.925
Withheld 3,349,742.822 3.075
TOTAL 108,923,511.081 100.000
MARVIN L. MANN
Affirmative 105,739,307.496 97.077
Withheld 3,184,203.585 2.923
TOTAL 108,923,511.081 100.000
THOMAS R. WILLIAMS
Affirmative 105,548,338.446 96.901
Withheld 3,375,172.635 3.099
TOTAL 108,923,511.081 100.000
PROPOSAL 2
To ratify the selection of Coopers & Lybrand L.L.P. as independent
accountants of Fidelity Hastings Street Trust.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 104,484,632.950 95.925

Against 1,151,276.434 1.057

Abstain 3,287,601.697 3.018

TOTAL 108,923,511.081 100.000

PROPOSAL 3
To amend the Declaration of Trust to provide voting rights based on a
shareholder's total dollar investment in a fund, rather than on the number
of shares owned.
TRUST LEVEL # OF % OF
SHARES VOTED SHARES VOTED
OF THE TRUST OF THE TRUST
Affirmative 94,915,172.474 88.458

Against 5,484,184.492 5.112

Abstain 6,899,772.115 6.430

TOTAL 107,299,129.081 100.000

Not Voting 1,624,382.000

FUND LEVEL # OF % OF
SHARES VOTED SHARES VOTED
OF THE FUND OF THE FUND
Affirmative 3,925,373.934 83.461

Against 378,913.446 8.057

Abstain 398,951.504 8.482

TOTAL 4,703,238.884 100.000

Not Voting 67,978.000

PROPOSAL 4
To amend the Declaration of Trust to eliminate the requirement that
shareholders be notified in the event of an appointment of a trustee within
three months of the appointment.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 98,686,816.986 91.974

Against 3,875,803.557 3.612

Abstain 4,736,508.538 4.414

TOTAL 107,299,129.081 100.000

Not Voting 1,624,382.000

PROPOSAL 5
To amend the Declaration of Trust to clarify that the Trustees may
authorize the investment of all of a fund's assets in another open-end
investment company with substantially the same investment objective and
policies.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 92,479,709.631 86.189

Against 9,779,633.919 9.114

Abstain 5,039,785.531 4.697

TOTAL 107,299,129.081 100.000

Not Voting 1,624,382.000

PROPOSAL 6
To adopt a new fundamental investment policy for the fund that would permit
it to invest all of its assets in another open-end investment company
managed by FMR or an affiliate with substantially the same investment
objective and policies.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 3,678,463.038 78.211

Against 581,068.600 12.355

Abstain 443,707.246 9.434

TOTAL 4,703,238.884 100.000

Not Voting 67,978.000

PROPOSAL 7
To approve an amended management contract for the fund that would reduce
the management fee payable to FMR by the fund as FMR's assets under
management increase and would modify the performance adjustment calculation
to calculate the fund's investment performance and that of its comparative
index to the nearest 0.01%.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 3,894,184.927 82.798

Against 322,609.296 6.859

Abstain 486,444.661 10.343

TOTAL 4,703,238.884 100.000

Not Voting 67,978.000

MANAGING YOUR INVESTMENTS

Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a day.
BY PHONE
Fidelity TouchTone Xpressprovides a single toll-free number to access
account balances, positions, quotes and trading. It's easy to navigate the
service, and on your first call, the system will help you create a personal
identification number (PIN) for security.
SM
(PHONE_GRAPHIC)(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
For mutual fund and brokerage trading.
1
For quotes.*
2
For account balances and holdings.
3
To review orders and mutual
fund activity.
4
To change your PIN.
5
To speak to a Fidelity representative.
*
0
BY PC
Fidelity's Web site on the Internet provides a wide range of information,
including daily financial news, fund performance, interactive planning
tools and news about Fidelity products and services.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call Fidelity at 1-800-544-7272
for significant savings on Web access from internetMCI.
SM
(PHONE_GRAPHIC)(PHONE_GRAPHIC)
FIDELITY ON-LINE XPRESS+
TM
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity at
1-800-544-7272 or visit our Web site for more information on how to manage
your investments via your PC.
* 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
815 East Birch Street
Brea, CA
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
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
1907 West State Road 434
Longwood, FL
4001 Tamiami Trail, North
Naples, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, 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 Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
INDIANA
4729 East 82nd Street
Indianapolis, IN
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
155 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
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
NEW YORK
1055 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
6150 Poplar Road
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, 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
1900 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, WI

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
Robert C. Pozen, Senior Vice President
William J. Hayes, Vice President
Robert A. Lawrence, Vice President
Scott Stewart, Vice President
Arthur S. Loring, Secretary
Richard A. Silver, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox*
Phyllis Burke Davis *
Richard M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Company, Inc.
Boston, MA
* INDEPENDENT TRUSTEES
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 and Multinational 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
TechnoQuant(trademark) Growth Fund
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions 1-800-544-7777
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)
TouchTone Xpress 1-800-544-5555
SM
AUTOMATED LINE FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)

FIDELITY
FUND
ANNUAL REPORT
JUNE 30, 1997
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 20 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 24 Notes to the financial statements.

REPORT OF INDEPENDENT 28 The auditor's opinion.
ACCOUNTANTS

DISTRIBUTIONS 29

PROXY VOTING RESULTS 30

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.

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
reflects the change in the value of an investment, assuming reinvestment of
the fund's dividend income and capital gains (the profits earned upon the
sale of securities that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 27.97% 142.46% 264.02%

S&P 500(registered trademark) 34.70% 146.59% 292.69%

Growth & Income Funds Average 28.07% 122.51% 232.50%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one year, five years or 10 years. For
example, if you had 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 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 mutual
funds with similar objectives tracked by Lipper Analytical Services, Inc.
The past one year average represents a peer group of 547 mutual funds.
These benchmarks reflect reinvestment of dividends and capital gains, if
any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 27.97% 19.38% 13.79%

S&P 500 34.70% 19.78% 14.64%

Growth & Income Funds Average 28.07% 17.25% 12.67%

AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and show you
what would have happened if the fund had performed at a constant rate each
year. (Note: Lipper calculates average annual total returns by annualizing
each fund's total return, then taking an arithmetic average. This may
produce a slightly different figure than that obtained by averaging the
cumulative total returns and annualizing the result.)
$10,000 OVER 10 YEARS
1987/06/30 10000.00 10000.00
1987/07/31 10601.09 10507.00
1987/08/31 10775.96 10898.91
1987/09/30 10694.95 10660.22
1987/10/31 8055.58 8364.01
1987/11/30 7648.67 7674.82
1987/12/31 8270.79 8258.87
1988/01/31 8477.86 8606.57
1988/02/29 9026.00 9007.64
1988/03/31 8860.32 8729.30
1988/04/30 8995.40 8826.20
1988/05/31 9038.38 8902.98
1988/06/30 9551.00 9311.63
1988/07/31 9458.15 9276.25
1988/08/31 9198.18 8960.85
1988/09/30 9515.56 9342.59
1988/10/31 9715.23 9602.31
1988/11/30 9590.43 9465.00
1988/12/31 9746.99 9630.63
1989/01/31 10284.28 10335.60
1989/02/28 10082.01 10078.24
1989/03/31 10329.09 10313.06
1989/04/30 10876.75 10848.31
1989/05/31 11411.67 11287.67
1989/06/30 11372.49 11223.33
1989/07/31 12257.15 12236.79
1989/08/31 12558.45 12476.64
1989/09/30 12540.14 12425.48
1989/10/31 12120.85 12137.21
1989/11/30 12295.02 12384.81
1989/12/31 12554.25 12682.05
1990/01/31 11882.07 11831.08
1990/02/28 12127.14 11983.70
1990/03/31 12365.78 12301.27
1990/04/30 12048.53 11993.74
1990/05/31 12943.88 13163.13
1990/06/30 12865.73 13073.62
1990/07/31 12745.09 13031.78
1990/08/31 11829.66 11853.71
1990/09/30 11300.18 11276.43
1990/10/31 11178.67 11227.94
1990/11/30 11671.85 11953.27
1990/12/31 11914.37 12286.77
1991/01/31 12682.33 12822.47
1991/02/28 13516.11 13739.28
1991/03/31 13824.63 14071.77
1991/04/30 13839.35 14105.54
1991/05/31 14538.68 14714.90
1991/06/30 13733.34 14040.96
1991/07/31 14348.16 14695.26
1991/08/31 14585.19 15043.54
1991/09/30 14459.31 14792.31
1991/10/31 14600.93 14990.53
1991/11/30 13721.44 14386.41
1991/12/31 14791.21 16032.22
1992/01/31 15023.58 15734.02
1992/02/29 15448.24 15938.56
1992/03/31 14980.70 15627.76
1992/04/30 15085.52 16087.22
1992/05/31 15222.58 16166.04
1992/06/30 15013.54 15925.17
1992/07/31 15337.63 16576.51
1992/08/31 15021.65 16236.69
1992/09/30 15175.05 16428.28
1992/10/31 15362.29 16485.78
1992/11/30 15704.22 17047.95
1992/12/31 16042.61 17257.64
1993/01/31 16466.12 17402.60
1993/02/28 16609.25 17639.28
1993/03/31 17102.59 18011.46
1993/04/30 17102.59 17575.59
1993/05/31 17521.39 18046.61
1993/06/30 17548.24 18098.95
1993/07/31 17565.43 18026.55
1993/08/31 18382.97 18709.76
1993/09/30 18551.04 18565.69
1993/10/31 18857.74 18950.00
1993/11/30 18355.86 18769.98
1993/12/31 18988.30 18997.10
1994/01/31 19796.32 19643.00
1994/02/28 19402.16 19110.67
1994/03/31 18519.79 18277.45
1994/04/30 18955.31 18511.40
1994/05/31 18935.52 18814.98
1994/06/30 18497.88 18354.02
1994/07/31 19104.20 18956.03
1994/08/31 19935.21 19733.23
1994/09/30 19516.39 19249.76
1994/10/31 19935.65 19682.88
1994/11/30 19233.39 18966.03
1994/12/31 19478.35 19247.30
1995/01/31 19446.73 19746.38
1995/02/28 20110.76 20515.90
1995/03/31 20839.78 21121.32
1995/04/30 21348.33 21743.34
1995/05/31 21708.55 22612.42
1995/06/30 22398.79 23137.71
1995/07/31 23420.78 23904.96
1995/08/31 23803.18 23964.96
1995/09/30 24502.27 24976.28
1995/10/31 24216.72 24887.12
1995/11/30 25238.11 25979.66
1995/12/31 25876.60 26480.03
1996/01/31 26506.06 27381.41
1996/02/29 26837.96 27635.23
1996/03/31 27342.30 27901.36
1996/04/30 27779.04 28312.63
1996/05/31 28319.22 29042.81
1996/06/30 28445.51 29153.46
1996/07/31 27210.75 27865.46
1996/08/31 27970.00 28453.15
1996/09/30 29401.44 30054.49
1996/10/31 29884.04 30883.39
1996/11/30 31678.32 33217.87
1996/12/31 31006.32 32559.82
1997/01/31 32311.85 34594.16
1997/02/28 32625.68 34865.38
1997/03/31 31013.18 33432.76
1997/04/30 32813.78 35428.69
1997/05/31 34614.38 37585.59
1997/06/30 36402.15 39269.43
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested
in Fidelity Fund on June 30, 1987. As the chart shows, by June 30, 1997,
the value of the investment would have grown to $36,402 - a 264.02%
increase on the initial investment. For comparison, look at how the S&P 500
did over the same period. With dividends and capital gain, if any,
reinvested, the same $10,000 investment would have grown to $39,269 - a
292.69% 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
long-term growth and
short-term volatility. 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
Concerns in March and April
over higher interest rates and the
possibility of weaker corporate
earnings provided the only
significant pause in the U.S. stock
market's upward climb during the
12 months that ended June 30,
1997. The Standard & Poor's
500 Index returned 34.70% during
the period - well above its
long-term annual average of about
11%. The stock market spent
much of the period breaking price
and trading volume records. Solid
corporate earnings, large inflows
into mutual funds, widespread
optimism, moderate economic
growth, low inflation and a generally
favorable interest rate environment
propelled share prices higher,
especially among
large-capitalization stocks. In
February, however, Federal
Reserve Board Chairman Alan
Greenspan indicated the Fed's
inclination to raise short-term
interest rates to head off inflation
that might be caused by a tight labor
market. Because higher interest
rates tend to slow economic growth
and increase borrowing costs, the
stock market faltered as the Fed's
March meeting approached. At that
meeting, the Fed raised a key
short-term interest rate. The stock
market - already at historically high
valuations - sold off sharply
through mid-April, when positive
news on the inflation front emerged.
The market recovered from that
point, with the Dow Jones Industrial
Average closing above the 7700
mark for the first time in June. The
market broadened to include many
small- and mid-capitalization
stocks in the rally that continued
through the end of June.
An interview with Beth Terrana, Portfolio Manager of Fidelity Fund
Q. HOW DID THE FUND PERFORM, BETH?
A. For the 12 months that ended June 30, 1997, the fund produced a return
of 27.97%. During the same period, the growth & income funds average, as
tracked by Lipper Analytical Services, returned 28.07% while the Standard &
Poor's 500 Index returned 34.70%.
Q. WHICH STRATEGIES BENEFITED PERFORMANCE?
A. Broadly, my decision to emphasize selected stocks in the strong finance,
health and diversified industrials sectors was particularly helpful. Within
the finance and health areas, I focused on money-center banks and
pharmaceuticals, including BankAmerica and Bristol-Myers Squibb - two of
the more significant contributors to fund performance during the period.
General Electric - the fund's top holding - was another positive
contributor, based on its strong overall performance as well as its
overweighting in the fund compared to the index. Additionally, a
significant underweighting of generally weak electric and
telecommunications utilities stocks proved very helpful.
Q. THE FUND PERFORMED WELL IN ABSOLUTE TERMS, BUT TRAILED THE INDEX. WHY
WAS THIS?
A. A significant portion of the fund's underperformance resulted from
underexposure to a number of large-capitalization technology and
nondurables stocks, which accounted for a disproportionate amount of the
index's return. Microsoft and Coca-Cola - two of the largest index
constituents - illustrate this point particularly well. Together, these TWO
stocks alone accounted for approximately 2.4% of the index's 34.7% return.
While in hindsight I clearly wish I'd owned more of these stocks,
fundamentals for these companies didn't appear to support their valuations,
which were at steep premiums to the overall market and comparable firms.
That being said, the fund's larger positions performed well in this
environment. Seven of the fund's top 10 holdings outperformed the index,
and most of those that lagged only underperformed by slight margins.
Q. WITH THE MARKET BEING DRIVEN MOSTLY BY THE LARGE-CAP STOCKS YOU
MENTIONED EARLIER, DID YOU CHANGE YOUR FOCUS TO EMPHASIZE MORE OF THESE
TYPES OF STOCKS?
A. No. While larger-capitalization stocks - and some of the top 50 stocks
in the S&P 500, notably General Electric - do comprise a portion of the
fund's investments, my investment universe encompasses a much wider
spectrum of stocks. Typically, my investments are an eclectic mix of
medium-to-large capitalization stocks - in a variety of industries - with
solid fundamentals and attractive valuations. Some of the fund's
non-large-cap holdings performed well, including Tyco International and
Consolidated Stores.
Q. IN TERMS OF THE PORTFOLIO, WHERE DID YOU LOOK FOR OPPORTUNITIES?
A. The finance and health care sectors - the two largest sector exposures
for the fund - continued to perform well. Within the finance sector, I
concentrated on larger banks and diversified financials, based on positive
trends that began several years ago. Specifically, these firms have been
reducing their cost structures through restructurings, improving their
balance sheets through better portfolio management and buying back their
stock. In addition, mergers and acquisitions continued to reduce industry
overcapacity and generated economies of scale for many larger banks. Within
the health care group, selected pharmaceuticals stocks offered compelling
characteristics, based largely on rising drug utilization - which has
driven unit sales growth rates higher - and solid pipelines of exciting new
products. The fund's largest health care holdings during the period were
Bristol-Myers Squibb and SmithKline Beecham.
Q. WHAT'S YOUR OUTLOOK?
A. It's likely that the supportive environment we've seen - that of
moderate economic growth and low inflation - will continue. Also, given
that there are few signs of inflation, I don't foresee any significant
action by the Federal Reserve Board to raise interest rates - an event that
likely would be a negative for the stock market. Assuming these conditions
continue, the critical factor going forward will be the sustainability of
corporate earnings. I'll try to remain focused on those companies capable
of delivering exceptional numbers, particularly given the recent propensity
of the market to dramatically reduce stock prices upon earnings
disappointments. Recently, even earnings numbers that come in as expected
have resulted in large stock price declines, partly because analysts'
"real" expectations were even higher.
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.

TOP TEN STOCKS AS OF JUNE 30, 1997
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

General Electric Co. 3.6 3.7

Philip Morris Companies, Inc. 2.5 2.1

BankAmerica Corp. 2.4 1.9

Tyco International Ltd. 2.3 2.0

Citicorp 1.9 1.8

Consolidated Stores Corp. 1.8 1.7

Bristol-Myers Squibb Co. 1.8 1.3

Praxair, Inc. 1.5 1.8

International Business Machines Corp. 1.4 2.5

Federated Department Stores, Inc. 1.4 0.0

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1997
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO

Finance 15.0 14.2

Health 12.6 10.7

Retail & Wholesale 9.7 5.9

Industrial Machinery & Equipment 9.6 6.4

Nondurables 9.2 8.7

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JUNE 30, 1997 * AS OF DECEMBER 31,1996 **
Row: 1, Col: 1, Value: 3.0
Row: 1, Col: 2, Value: 1.8
Row: 1, Col: 3, Value: 45.2
Row: 1, Col: 4, Value: 50.0
Stocks 94.9%
Bonds 1.1%
Short-term
investments 4.0%
FOREIGN
INVESTMENTS 7.1%
Stocks 96.3%
Bonds 0.8%
Short-term
investments 2.9%
FOREIGN
INVESTMENTS 7.4%
Row: 1, Col: 1, Value: 4.0
Row: 1, Col: 2, Value: 2.0
Row: 1, Col: 3, Value: 44.0
Row: 1, Col: 4, Value: 50.0
*
**
INVESTMENTS JUNE 30, 1997

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 95.3%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 4.6%
AEROSPACE & DEFENSE - 4.2%
AlliedSignal, Inc. 841,700 $ 70,703
Boeing Co. 543,760 28,853
Lockheed Martin Corp. 365,200 37,821
Textron, Inc. 654,900 43,469
United Technologies Corp. 583,800 48,455
229,301
DEFENSE ELECTRONICS - 0.4%
Raytheon Co. 465,900 23,761
TOTAL AEROSPACE & DEFENSE 253,062
BASIC INDUSTRIES - 5.3%
CHEMICALS & PLASTICS - 4.1%
Air Products & Chemicals, Inc. 311,300 25,293
Avery Dennison Corp. 189,500 7,604
Cytec Industries, Inc. (a) 135,300 5,057
Goodrich (B.F.) Co. 396,600 17,178
Hercules, Inc. 72,800 3,485
Monsanto Co. 1,142,300 49,190
Praxair, Inc. 1,446,260 80,991
Raychem Corp. 179,700 13,365
Sealed Air Corp. (a) 449,300 21,342
223,505
PAPER & FOREST PRODUCTS - 1.2%
Fort Howard Corp. (a) 237,000 11,998
International Paper Co. 123,200 5,983
James River Corp. of Virginia 344,300 12,739
Kimberly-Clark Corp. 704,000 35,024
65,744
TOTAL BASIC INDUSTRIES 289,249
CONSTRUCTION & REAL ESTATE - 3.1%
BUILDING MATERIALS - 1.8%
American Standard Companies, Inc. (a) 629,400 28,166
Masco Corp. 1,244,200 51,945
Sherwin-Williams Co. 673,700 20,800
100,911
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - CONTINUED
REAL ESTATE INVESTMENT TRUSTS - 1.3%
Beacon Properties Corp. 429,800 $ 14,345
Duke Realty Investors, Inc. 293,883 11,902
Equity Residential Properties Trust (SBI) 405,100 19,242
Public Storage, Inc. 580,100 16,968
Storage USA, Inc. 175,100 6,698
69,155
TOTAL CONSTRUCTION & REAL ESTATE 170,066
DURABLES - 3.3%
AUTOS, TIRES, & ACCESSORIES - 0.4%
Eaton Corp. 164,400 14,354
Navistar International Corp. (a) 574,900 9,917
24,271
CONSUMER DURABLES - 1.8%
Corning, Inc. 417,100 23,202
Minnesota Mining & Manufacturing Co. 738,200 75,296
98,498
CONSUMER ELECTRONICS - 0.3%
Newell Co. 444,900 17,629
TEXTILES & APPAREL - 0.8%
Liz Claiborne, Inc. 643,600 30,007
VF Corp. 164,200 13,978
43,985
TOTAL DURABLES 184,383
ENERGY - 7.7%
ENERGY SERVICES - 1.0%
Halliburton Co. 184,900 14,653
McDermott International, Inc. 232,200 6,777
Schlumberger Ltd. 246,200 30,775
52,205
OIL & GAS - 6.7%
Amoco Corp. 424,600 36,914
British Petroleum PLC ADR 949,380 71,085
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
Exxon Corp. 703,100 $ 43,241
Mobil Corp. 459,900 32,136
Royal Dutch Petroleum Co. 1,052,800 57,246
Texaco, Inc. 481,800 52,396
Tosco Corp. 661,800 19,813
Total SA sponsored ADR 442,300 22,391
USX-Marathon Group 1,026,100 29,628
Unocal Corp. 182,511 7,083
371,933
TOTAL ENERGY 424,138
FINANCE - 15.0%
BANKS - 8.1%
Bank of New York Co., Inc. 1,127,100 49,029
BankBoston Corp. 242,831 17,499
BankAmerica Corp. 2,067,800 133,502
Citicorp 878,900 105,962
First Bank System, Inc. 579,500 49,475
First Union Corp. 257,500 23,819
Mellon Bank Corp. 626,400 28,266
NationsBank Corp. 475,900 30,696
Wells Fargo & Co. 36,900 9,945
448,193
CREDIT & OTHER FINANCE - 1.8%
American Express Co. 522,664 38,938
Associates First Capital Corp. 264,000 14,652
Household International, Inc. 404,411 47,493
101,083
FEDERAL SPONSORED CREDIT - 1.9%
Federal Home Loan Mortgage Corporation 1,584,200 54,457
Federal National Mortgage Association 1,181,500 51,543
106,000
INSURANCE - 2.4%
AFLAC, Inc. 234,800 11,094
Allstate Corp. 752,500 54,933
MGIC Investment Corp. 107,000 5,129
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
INSURANCE - CONTINUED
PMI Group, Inc. 52,000 $ 3,244
Progressive Corp. 10,900 948
Travelers Group, Inc. (The) 917,900 57,885
133,233
SAVINGS & LOANS - 0.8%
Ahmanson (H.F.) & Co. 157,500 6,773
Charter One Financial Corp. 175,800 9,471
Great Western Financial Corp. 461,400 24,800
41,044
TOTAL FINANCE 829,553
HEALTH - 12.3%
DRUGS & PHARMACEUTICALS - 8.2%
American Home Products Corp. 861,500 65,905
Bristol-Myers Squibb Co. 1,209,900 98,002
Cytyc Corp. (a) 136,000 3,688
Merck & Co., Inc. 538,000 55,683
Pfizer, Inc. 511,000 61,065
Schering-Plough Corp. 1,167,000 55,870
SmithKline Beecham PLC ADR 833,900 76,406
Warner-Lambert Co. 263,700 32,765
449,384
MEDICAL EQUIPMENT & SUPPLIES - 3.8%
Bard (C.R.), Inc. 395,200 14,350
Baxter International, Inc. 847,900 44,303
Boston Scientific Corp. (a) 450,300 27,665
Johnson & Johnson 1,097,500 70,652
McKesson Corp. 331,600 25,699
Medtronic, Inc. 309,800 25,094
207,763
MEDICAL FACILITIES MANAGEMENT - 0.3%
Columbia/HCA Healthcare Corp. 96,462 3,793
Humana, Inc. (a) 658,700 15,232
19,025
TOTAL HEALTH 676,172
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HOLDING COMPANIES - 0.1%
CINergy Corp. 197,700 $ 6,882
INDUSTRIAL MACHINERY & EQUIPMENT - 9.0%
ELECTRICAL EQUIPMENT - 4.7%
Emerson Electric Co. 681,400 37,520
General Electric Co. 3,043,100 198,942
Harris Corp. 100,000 8,400
Westinghouse Electric Corp. 647,551 14,975
259,837
INDUSTRIAL MACHINERY & EQUIPMENT - 4.1%
Illinois Tool Works, Inc. 742,100 37,059
Ingersoll-Rand Co. 314,300 19,408
Stanley Works 1,038,600 41,544
Tyco International Ltd. 1,810,716 125,958
223,969
POLLUTION CONTROL - 0.2%
Waste Management, Inc. 380,100 12,211
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 496,017
MEDIA & LEISURE - 4.7%
BROADCASTING - 1.1%
Evergreen Media Corp. Class A (a) 644,500 28,761
Time Warner, Inc. 657,928 31,745
60,506
ENTERTAINMENT - 0.6%
Disney (Walt) Co. 397,500 31,899
LEISURE DURABLES & TOYS - 0.5%
Mattel, Inc. 856,700 29,021
LODGING & GAMING - 0.3%
Host Marriott Corp. (a) 985,659 17,557
PUBLISHING - 2.2%
Cognizant Corp. 485,100 19,647
Harcourt General, Inc. 291,800 13,897
McGraw-Hill, Inc. 393,600 23,149
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
PUBLISHING - CONTINUED
Scholastic Corp. (a) 216,700 $ 7,584
Times Mirror Co. Class A 880,100 48,626
World Color Press, Inc. (a) 235,900 5,602
118,505
TOTAL MEDIA & LEISURE 257,488
NONDURABLES - 9.2%
BEVERAGES - 0.7%
PepsiCo, Inc. 998,900 37,521
FOODS - 1.6%
Campbell Soup Co. 1,340,700 67,035
Heinz (H.J.) Co. 273,200 12,601
Hershey Foods Corp. 215,700 11,931
91,567
HOUSEHOLD PRODUCTS - 4.4%
Avon Products, Inc. 612,000 43,184
Clorox Co. 213,900 28,235
Colgate-Palmolive Co. 41,100 2,682
Procter & Gamble Co. 396,800 56,048
Rubbermaid, Inc. 307,000 9,133
Unilever NV ADR 345,200 73,894
Unilever PLC Ord. 975,600 27,959
241,135
TOBACCO - 2.5%
Philip Morris Companies, Inc. 3,139,600 139,320
TOTAL NONDURABLES 509,543
PRECIOUS METALS - 0.2%
Getchell Gold Corp. (a) 382,887 13,497
RETAIL & WHOLESALE - 9.5%
APPAREL STORES - 1.4%
Gap, Inc. 943,900 36,694
Payless ShoeSource, Inc. (a) 763,900 41,776
78,470
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
DRUG STORES - 1.5%
CVS Corp. 1,184,713 $ 60,717
Walgreen Co. 456,700 24,491
85,208
GENERAL MERCHANDISE STORES - 5.3%
Coles Myer Ltd. 2,257,500 11,724
Consolidated Stores Corp. (a) 2,838,593 98,641
Dayton Hudson Corp. 620,400 32,998
Federated Department Stores, Inc. (a) 2,254,800 78,354
Sears, Roebuck & Co. 650,510 34,965
Wal-Mart Stores, Inc. 974,200 32,940
289,622
GROCERY STORES - 0.7%
American Stores Co. 331,900 16,388
Asda Group PLC 5,599,900 11,559
Ahold NV 112,800 9,511
37,458
RETAIL & WHOLESALE, MISCELLANEOUS - 0.6%
Home Depot, Inc. (The) 513,200 35,378
TOTAL RETAIL & WHOLESALE 526,136
SERVICES - 3.0%
ADVERTISING - 1.1%
Omnicom Group, Inc. 902,700 55,629
Outdoor Systems, Inc. (a) 151,800 5,806
61,435
LEASING & RENTAL - 0.3%
Hanover Compressor Co. 4,000 78
Republic Industries, Inc. (a) 178,300 4,435
Ryder Systems, Inc. 383,600 12,659
17,172
PRINTING - 0.4%
Donnelley (R.R.) & Sons Co. 490,800 17,976
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - CONTINUED
SERVICES - 1.2%
ADT Ltd. (a) 624,800 $ 20,618
Ecolab, Inc. 451,500 21,559
National Service Industries, Inc. 198,300 9,655
Service Corp. International 464,609 15,274
67,106
TOTAL SERVICES 163,689
TECHNOLOGY - 7.6%
COMMUNICATIONS EQUIPMENT - 0.6%
Alcatel Alsthom Compagnie Generale d'Electricite SA
sponsored ADR 77,200 1,949
Alcatel Alsthom Compagnie Generale d'Electricite SA 206,900 25,897
Andrew Corp. 158,200 4,449
32,295
COMPUTER SERVICES & SOFTWARE - 1.7%
Adobe Systems, Inc. 80,800 2,833
Automatic Data Processing, Inc. 267,800 12,587
CUC International, Inc. (a) 491,400 12,684
CompUSA, Inc. (a) 611,400 13,145
Microsoft Corp. (a) 301,500 38,102
Oracle Systems Corp. (a) 306,700 15,450
94,801
COMPUTERS & OFFICE EQUIPMENT - 4.0%
Compaq Computer Corp. (a) 459,700 45,625
Diebold, Inc. 407,650 15,898
International Business Machines Corp. 886,800 79,978
Pitney Bowes, Inc. 646,900 44,960
Xerox Corp. 421,200 33,223
219,684
ELECTRONICS - 1.3%
Intel Corp. 364,000 51,620
Texas Instruments, Inc. 268,200 22,545
74,165
TOTAL TECHNOLOGY 420,945
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - 0.7%
ELECTRIC UTILITY - 0.3%
Edison International 694,400 $ 17,273
TELEPHONE SERVICES - 0.4%
WorldCom, Inc. (a) 653,600 20,915
TOTAL UTILITIES 38,188
TOTAL COMMON STOCKS
(Cost $3,870,670) 5,259,008
CONVERTIBLE PREFERRED STOCKS - 1.0%
CONSTRUCTION & REAL ESTATE - 0.2%
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Vornado Realty Trust $3.25 Series A 167,000 9,039
DURABLES - 0.1%
AUTOS, TIRES, & ACCESSORIES - 0.1%
Republic Industries, Inc. $1.55 271,000 6,639
ENERGY - 0.3%
OIL & GAS - 0.3%
Tosco Financing Trust $2.875 (b) 258,200 14,556
HEALTH - 0.3%
MEDICAL EQUIPMENT & SUPPLIES - 0.3%
McKesson Financing Trust $2.50 (b) 297,400 18,067
MEDIA & LEISURE - 0.1%
LODGING & GAMING - 0.1%
Host Marriott Financial Trust $3.375 (b) 152,000 8,797
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $50,955) 57,098
CONVERTIBLE BONDS - 0.8%
PRINCIPAL
AMOUNT
INDUSTRIAL MACHINERY & EQUIPMENT - 0.6%
POLLUTION CONTROL - 0.6%
USA Waste Services, Inc. 4%, 2/1/02 Ba2 $ 20,270 $ 21,588
United Waste Systems, Inc. 4 1/2%, 6/1/01 B1 6,250 8,578
30,166
RETAIL & WHOLESALE - 0.2%
GENERAL MERCHANDISE STORES - 0.1%
Federated Department Stores, Inc. 5%, 10/1/03 Baa3 6,940 8,276
RETAIL & WHOLESALE, MISCELLANEOUS - 0.1%
Staples, Inc. 4 1/2%, 10/1/00 (b) Ba2 2,916 3,543
TOTAL RETAIL & WHOLESALE 11,819
TOTAL CONVERTIBLE BONDS
(Cost $39,788) 41,985
CASH EQUIVALENTS - 2.9%
MATURITY
AMOUNT (000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.93%, dated
6/30/97 due 7/1/97 $ 160,364 160,338
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $4,121,751) $ 5,518,429
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 $44,963,000 or 0.8% of net
assets.
3. Standard & Poor's credit ratings are used in the absence of a rating by
Moody's Investors Service, Inc.
INCOME TAX INFORMATION
At June 30, 1997, the aggregate cost of investment securities for income
tax purposes was $4,127,965,000. Net unrealized appreciation aggregated
$1,390,464,000, of which $1,405,424,000 related to appreciated investment
securities and $14,960,000 related to depreciated investment securities.
The fund hereby designates approximately $23,537,000 as a capital gain
dividend for the purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
(EXCEPT PER-SHARE AMOUNT) JUNE 30, 1997

ASSETS

Investment in securities, at value (including repurchase $ 5,518,429
agreements of $160,338) (cost $4,121,751) -
See accompanying schedule

Receivable for investments sold 19,840

Receivable for fund shares sold 10,475

Dividends receivable 5,313

Interest receivable 463

Other receivables 304

TOTAL ASSETS 5,554,824

LIABILITIES

Payable for investments purchased $ 20,342

Payable for fund shares redeemed 11,458

Accrued management fee 1,742

Other payables and accrued expenses 1,155

Collateral on securities loaned, at value 11,444

TOTAL LIABILITIES 46,141

NET ASSETS $ 5,508,683

Net Assets consist of:

Paid in capital $ 3,908,689

Undistributed net investment income 492

Accumulated undistributed net realized gain (loss) on 202,826
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 1,396,676
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 191,106 shares outstanding $ 5,508,683

NET ASSET VALUE, offering price and redemption price $28.83
per share ($5,508,683 (divided by) 191,106 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JUNE 30, 1997

INVESTMENT INCOME $ 73,284
Dividends

Interest (including income on securities loaned of $243) 13,677

TOTAL INCOME 86,961

EXPENSES

Management fee $ 17,689

Transfer agent fees 8,472

Accounting and security lending fees 818

Non-interested trustees' compensation 25

Custodian fees and expenses 97

Registration fees 363

Audit 79

Legal 30

Interest 2

Reports to shareholders 173

Miscellaneous 15

Total expenses before reductions 27,763

Expense reductions (1,128) 26,635

NET INVESTMENT INCOME 60,326

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

Investment securities 255,005

Foreign currency transactions (14) 254,991

Change in net unrealized appreciation (depreciation) on:

Investment securities 835,119

Assets and liabilities in foreign currencies 3 835,122

NET GAIN (LOSS) 1,090,113

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 1,150,439
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1997 1996

INCREASE (DECREASE) IN NET ASSETS

Operations $ 60,326 $ 55,643
Net investment income

Net realized gain (loss) 254,991 395,343

Change in net unrealized appreciation (depreciation) 835,122 296,062

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 1,150,439 747,048
FROM OPERATIONS

Distributions to shareholders (59,829) (58,669)
From net investment income

From net realized gain (294,229) (182,544)

TOTAL DISTRIBUTIONS (354,058) (241,213)

Share transactions 2,094,284 1,833,400
Net proceeds from sales of shares

Reinvestment of distributions 325,419 217,154

Cost of shares redeemed (1,654,747) (1,013,515)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 764,956 1,037,039
FROM
SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 1,561,337 1,542,874

NET ASSETS

Beginning of period 3,947,346 2,404,472

End of period (including undistributed net investment $ 5,508,683 $ 3,947,346
income of $492 and $1,218, respectively)

OTHER INFORMATION
Shares

Sold 82,904 79,709

Issued in reinvestment of distributions 13,949 9,745

Redeemed (65,855) (43,626)

Net increase (decrease) 30,998 45,828

</TABLE>

FINANCIAL HIGHLIGHTS
YEARS ENDED JUNE 30, SIX MONTHS YEAR ENDED
ENDED DECEMBER
JUNE 30, 31,

1997 1996 1995 1994 F 1993 1992

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

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

Income from Investment
Operations

Net investment income .34 D .39 .38 .27 .29 E .45

Net realized and 5.99 5.04 3.35 .79 1.48 1.09
unrealized gain (loss)

Total from investment 6.33 5.43 3.73 1.06 1.77 1.54
operations

Less Distributions

From net investment (.33) (.41) (.36) (.31) (.22) (.48)
income

From net realized gain (1.82) (1.41) (.94) (2.56) (.07) (.58)

Total distributions (2.15) (1.82) (1.30) (2.87) (.29) (1.06)

Net asset value, $ 28.83 $ 24.65 $ 21.04 $ 18.61 $ 20.42 $ 18.94
end of period

TOTAL RETURN B, C 27.97% 27.00% 21.09% 5.41% 9.39% 8.46%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 5,509 $ 3,947 $ 2,404 $ 1,592 $ 1,439 $ 1,354
(in millions)

Ratio of expenses to .62% .63% .66% .68% .66% A .67%
average net assets

Ratio of expenses to .59% .60% .64% .65% G .66%A .67%
average net assets after G G G
expense reductions

Ratio of net investment 1.34% 1.71% 2.18% 1.85% 2.94%A, E 2.37%
income to average
net assets

Portfolio turnover rate 107% 150% 157% 207% 261%A 151%

Average commission $ .0420
rate H

</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 7 OF NOTES TO FINANCIAL
STATEMENTS). D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD. 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 7 OF NOTES TO FINANCIAL
STATEMENTS). H FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A
FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR
SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM
PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES
MAY DIFFER.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1997

6. 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 with remaining maturities
of sixty days or less for which quotations are not readily available 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. Income receipts
and expense payments are translated into U.S. dollars at the prevailing
exchange rate on the respective dates of the transactions. Purchases and
sales of securities are translated into U.S. dollars at the contractual
currency exchange rates established at the time of each trade.
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, 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. Non-cash dividends included in dividend income, if any,
are recorded at the fair market value of the securities received. Interest
income, which includes accretion of original issue
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
discount, is accrued as earned. Investment income is recorded net of
foreign taxes withheld where recovery of such taxes is uncertain.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
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.
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.
7. OPERATING POLICIES.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated securities.
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 foreign currency contracts is determined using contractual
currency exchange rates established at the time of each trade. The cost of
the foreign currency contracts is included in the cost basis of the
associated investment.
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 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
2. OPERATING POLICIES -
CONTINUED
REPURCHASE AGREEMENTS - CONTINUED
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.
RESTRICTED SECURITIES. The fund is permitted to invest in securities that
are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from registration
or to the public if the securities are registered. Disposal of these
securities may involve time-consuming negotiations and expense, and prompt
sale at an acceptable price may be difficult. At the end of the period,
the fund had no investments in restricted securities (excluding 144A
issues).
8. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $5,101,426,000 and $4,607,534,000, respectively.
9. 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. The annual individual fund fee rate is .09%. 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. For the period, the
management fee was equivalent to an annual rate of .39% of average net
assets.
TRANSFER AGENT FEES. Fidelity Service Company, Inc. (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 $1,568,000 for the period.
10. 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 $11,167,000 and
$11,444,000, respectively.
11. BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or emergency
purposes to fund shareholder redemptions. The fund has established
borrowing arrangements with certain banks. Under the most restrictive
arrangement, the fund must pledge to the bank securities having a market
value in excess of 220% of the total bank borrowings. The interest rate on
the borrowings is the bank's base rate, as revised from time to time. The
maximum loan and the average daily loan balance during the period for which
the loan was outstanding amounted to $9,765,000. The weighted average
interest rate was 5.975%.
12. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$973,000 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby credits realized as a result of uninvested cash
balances were used to reduce a portion of the fund's expenses. During the
period, the fund's custodian and transfer agent fees were reduced by $8,000
and $147,000, 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, 1997, 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 periods indicated therein. 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, 1997 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, 1997, 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 periods indicated therein, in
conformity with generally accepted accounting principles.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
August 4, 1997
DISTRIBUTIONS

The Board of Trustees of Fidelity Fund voted to pay on August 4, 1997, to
shareholders of record at the opening of business on August 1, 1997, a
distribution of $.95 per share derived from capital gains realized from
sales of portfolio securities.
A total of 24% of the dividends distributed during the fiscal year
qualifies for the dividends-received deduction for corporate shareholders.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
PROXY VOTING RESULTS

Withheld 3,231,430.067 2.967

TOTAL 108,923,511.081 100.000

RALPH F. COX
Affirmative 105,680,605.875 97.023

Withheld 3,242,905.206 2.977

TOTAL 108,923,511.081 100.000

PHYLLIS BURKE DAVIS
Affirmative 105,651,999.712 96.997

Withheld 3,271,511.369 3.003

TOTAL 108,923,511.081 100.000

ROBERT M. GATES
Affirmative 105,511,218.744 96.867

Withheld 3,412,292.337 3.133

TOTAL 108,923,511.081 100.000

EDWARD C. JOHNSON 3RD
Affirmative 105,632,223.614 96.978

Withheld 3,291,287.467 3.022

TOTAL 108,923,511.081 100.000

E. BRADLEY JONES
Affirmative 105,521,432.110 96.877

Withheld 3,402,078.971 3.123

TOTAL 108,923,511.081 100.000

# OF % OF
SHARES VOTED SHARES VOTED
DONALD J. KIRK
Affirmative 105,713,930.272 97.053

Withheld 3,209,580.809 2.947

TOTAL 108,923,511.081 100.000

PETER S. LYNCH
Affirmative 105,733,536.173 97.071

Withheld 3,189,974.908 2.929

TOTAL 108,923,511.081 100.000

WILLIAM O. MCCOY
Affirmative 105,749,629.803 97.086

Withheld 3,173,881.278 2.914

TOTAL 108,923,511.081 100.000

GERALD C. MCDONOUGH
Affirmative 105,573,768.259 96.925

Withheld 3,349,742.822 3.075

TOTAL 108,923,511.081 100.000

MARVIN L. MANN
Affirmative 105,739,307.496 97.077

Withheld 3,184,203.585 2.923

TOTAL 108,923,511.081 100.000

THOMAS R. WILLIAMS
Affirmative 105,548,338.446 96.901

Withheld 3,375,172.635 3.099

TOTAL 108,923,511.081 100.000

PROPOSAL 2
To ratify the selection of Coopers & Lybrand L.L.P. as independent
accountants of the trust.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 104,484,632.950 95.925

Against 1,151,276.434 1.057

Abstain 3,287,601.697 3.018

TOTAL 108,923,511.081 100.000

Against 5,484,184.492 5.112

Abstain 6,899,772.115 6.430

TOTAL 107,299,129.081 100.000

Not Voting 1,624,382.000

FUND LEVEL # OF % OF
SHARES VOTED SHARES VOTED
OF THE FUND OF THE FUND
Affirmative 90,989,798.540 88.688

Against 5,105,271.046 4.976

Abstain 6,500,820.611 6.336

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

Against 3,875,803.557 3.612

Abstain 4,736,508.538 4.414

TOTAL 107,299,129.081 100.000

Not Voting 1,624,382.000

Against 9,779,633.919 9.114

Abstain 5,039,785.531 4.697

TOTAL 107,299,129.081 100.000

Not Voting 1,624,382.000

Against 9,889,893.476 9.639

Abstain 4,724,247.241 4.605

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 7
To approve an amended management contract for the fund that would reduce
the management fee payable to FMR by the fund as FMR's assets under
management increase.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 93,518,526.609 89.790

Against 3,159,099.460 3.033

Abstain 7,474,668.128 7.177

TOTAL 104,152,294.197 100.000

PROPOSAL 8
To approve a new sub-advisory agreement with FMR Far East to provide
investment advice and research services or investment management services.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 92,043,042.194 88.374

Against 3,845,290.830 3.692

Abstain 8,263,961.173 7.934

TOTAL 104,152,294.197 100.000

PROPOSAL 9
To approve a new sub-advisory agreement with FMR U.K. to provide investment
advice and research services or investment management services.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 92,287,606.635 88.608

Against 3,733,079.350 3.585

Abstain 8,131,608.212 7.807

TOTAL 104,152,294.197 100.000

PROPOSAL 10
Real Estate - To make explicit the ability of the fund to purchase any
security or instrument backed by real estate or real estate interests and
any security of companies engaged in the real estate business.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 86,861,108.712 84.663

Against 8,092,212.801 7.888

Abstain 7,642,568.684 7.449

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 11
Diversification - To replace the fund's fundamental investment limitation
concerning diversification with a fundamental diversification limitation
permitting increased investment in the securities of any single issuer.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 86,516,544.025 84.327

Against 8,586,642.355 8.370

Abstain 7,492,703.817 7.303

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 12
Diversification - To amend the diversification limitation to exclude
"securities of other investment companies" from issuer diversification
limits.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 86,769,851.064 84.574

Against 7,922,643.204 7.723

Abstain 7,903,395.929 7.703

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 13
Short Sales - To eliminate the fundamental investment limitation on short
sales and adopt a similar non-fundamental investment limitation.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 80,232,582.387 78.203

Against 11,834,188.614 11.534

Abstain 10,529,119.196 10.263

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 14
Margin Purchases - To eliminate the fundamental investment limitation on
margin purchases and adopt a similar non-fundamental investment limitation.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 83,798,708.832 81.678

Against 10,698,517.260 10.428

Abstain 8,098,664.105 7.894

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 15
Other Investment Companies - To eliminate the fundamental investment
limitation restricting ownership of other investment companies.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 83,715,883.540 81.598

Against 8,159,736.309 7.953

Abstain 10,720,270.348 10.449

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 16
Newly-Formed Issuers - To eliminate the fundamental investment limitation
restricting ownership of newly-formed issuers.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 83,990,480.597 81.865

Against 7,775,529.605 7.579

Abstain 10,829,879.995 10.556

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 17
Senior Securities - To add the ability to issue senior securities to the
extent permitted under the Investment Company Act of 1940.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 85,523,658.031 83.360

Against 6,210,469.550 6.053

Abstain 10,861,762.616 10.587

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 18
Borrowing - To amend the borrowing limitation to require a reduction in
borrowing if borrowings exceed the 33 1/3% limit for any reason rather than
solely because of a decline in net assets.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 81,944,278.972 79.871

Against 9,573,105.807 9.331

Abstain 11,078,505.418 10.798

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 19
Underwriting - To clarify the fundamental policy with respect to
underwriting.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 83,649,067.256 81.533

Against 7,443,282.017 7.255

Abstain 11,503,540.924 11.212

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 20
Concentration - To standardize the language of the limitation on industry
concentration and modify it to refer to "companies with principal business
activities in the same industry" rather than "companies in any one
industry."
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 83,431,313.555 81.320

Against 7,487,715.392 7.299

Abstain 11,676,861.250 11.381

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

PROPOSAL 21
Lending - To clarify that the fund can purchase an entire issue of debt
securities and to eliminate the reference to "portfolio securities" in the
exception for repurchase agreements.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 82,312,308.875 80.230

Against 8,745,486.476 8.524

Abstain 11,538,094.846 11.246

TOTAL 102,595,890.197 100.000

Not Voting 1,556,404.000

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Company
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OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
William J. Hayes, Vice President
Richard A. Spillane, Jr., Vice President
Beth Terrana, Vice President
Arthur S. Loring, Secretary
Richard A. Silver, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
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Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
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