FIDELITY HASTINGS STREET TRUST, N-30D, 1997-02-11

FIDELITY HASTINGS STREET TRUST
N-30D, 1997-02-11

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(2_FIDELITY_LOGOS)

FIDELITY
FUND
SEMIANNUAL REPORT
DECEMBER 31, 1996
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

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

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

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

FINANCIAL STATEMENTS 21 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 25 Notes to the financial statements.

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.

(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
Although stocks managed to post solid returns throughout 1996, signs of
strength in the economy have led to inflation fears, causing some
uncertainty in both the stock and bond markets. In 1995, both stock and
bond markets posted strong results, while the year before, stocks posted
below-average returns and bonds had one of the worst years in history.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
If you can leave your money invested over the long term, you can avoid the
results of the volatility that generally accompanies the stock market in
the short term. You also can help to manage some of the risks of investing
through diversification. A stock fund is already diversified because it
invests in many issues. You can diversify even further by placing some of
your money in several different types of stock funds or in other investment
categories, such as bonds.
If you have a short investment time horizon, you might want to consider
moving some of your investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. Of course, there is no assurance that a money market fund will
achieve its goal, and it is important to remember that money market funds
are not insured or guaranteed by any agency of the U.S. government.
Finally, no matter what your investment horizon or portfolio diversity, it
makes good sense to follow a regular investment plan - investing a certain
amount of money at the same time each month or quarter - and to review your
portfolio periodically. A periodic investment plan will not, of course,
assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Total return
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 DECEMBER 31, 1996 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Fidelity Fund 9.00% 19.82% 109.63% 287.18%

S&P 500(registered trademark) 11.68% 22.96% 103.09% 314.99%

Growth & Income Funds Average 10.57% 20.78% 92.43% 246.71%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one, five, or 10 years. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, the value of your investment would be $1,050. You can compare
the fund's returns to the performance of the Standard & Poor's 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 566 mutual
funds with similar objectives tracked by Lipper Analytical Services, Inc.
over the past six months. Both benchmarks reflect reinvestment of dividends
and capital gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1996 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Fund 19.82% 15.95% 14.50%

S&P 500 22.96% 15.22% 15.27%

Growth & Income Funds Average 20.78% 13.87% 13.13%

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
IMAHDR PRASUN SHR__CHT 19961231 19970110 144434 S00000000000001
Fidelity SP Standard & Poor 500
00003 SP001
1986/12/31 10000.00 10000.00
1987/01/31 11158.88 11347.00
1987/02/28 11823.03 11795.21
1987/03/31 12146.98 12136.09
1987/04/30 12072.42 12028.08
1987/05/31 12113.09 12132.72
1987/06/30 12487.17 12745.42
1987/07/31 13237.77 13391.62
1987/08/31 13456.12 13891.12
1987/09/30 13354.96 13586.91
1987/10/31 10059.14 10660.29
1987/11/30 9551.03 9781.88
1987/12/31 10327.88 10526.28
1988/01/31 10586.45 10969.44
1988/02/29 11270.92 11480.61
1988/03/31 11064.03 11125.86
1988/04/30 11232.71 11249.36
1988/05/31 11286.38 11347.23
1988/06/30 11926.50 11868.07
1988/07/31 11810.56 11822.97
1988/08/31 11485.92 11420.99
1988/09/30 11882.24 11907.52
1988/10/31 12131.57 12238.55
1988/11/30 11975.74 12063.54
1988/12/31 12171.24 12274.65
1989/01/31 12842.15 13173.16
1989/02/28 12589.57 12845.14
1989/03/31 12898.11 13144.44
1989/04/30 13581.98 13826.63
1989/05/31 14249.95 14386.61
1989/06/30 14201.02 14304.61
1989/07/31 15305.72 15596.31
1989/08/31 15681.96 15902.00
1989/09/30 15659.09 15836.80
1989/10/31 15135.51 15469.39
1989/11/30 15353.00 15784.96
1989/12/31 15676.70 16163.80
1990/01/31 14837.35 15079.21
1990/02/28 15143.36 15273.73
1990/03/31 15441.36 15678.49
1990/04/30 15045.20 15286.53
1990/05/31 16163.24 16776.96
1990/06/30 16065.65 16662.88
1990/07/31 15915.01 16609.56
1990/08/31 14771.89 15108.05
1990/09/30 14110.73 14372.29
1990/10/31 13959.00 14310.49
1990/11/30 14574.84 15234.95
1990/12/31 14877.67 15660.00
1991/01/31 15836.64 16342.78
1991/02/28 16877.80 17511.29
1991/03/31 17263.05 17935.06
1991/04/30 17281.43 17978.11
1991/05/31 18154.69 18754.76
1991/06/30 17149.06 17895.79
1991/07/31 17916.79 18729.74
1991/08/31 18212.78 19173.63
1991/09/30 18055.59 18853.43
1991/10/31 18232.42 19106.07
1991/11/30 17134.20 18336.09
1991/12/31 18470.04 20433.74
1992/01/31 18760.20 20053.67
1992/02/29 19290.48 20314.37
1992/03/31 18706.66 19918.24
1992/04/30 18837.54 20503.84
1992/05/31 19008.70 20604.31
1992/06/30 18747.67 20297.30
1992/07/31 19152.37 21127.46
1992/08/31 18757.79 20694.35
1992/09/30 18949.34 20938.54
1992/10/31 19183.16 21011.83
1992/11/30 19610.13 21728.33
1992/12/31 20032.68 21995.59
1993/01/31 20561.53 22180.35
1993/02/28 20740.25 22482.00
1993/03/31 21356.29 22956.37
1993/04/30 21356.29 22400.83
1993/05/31 21879.26 23001.17
1993/06/30 21912.79 23067.88
1993/07/31 21934.25 22975.60
1993/08/31 22955.13 23846.38
1993/09/30 23165.00 23662.76
1993/10/31 23547.99 24152.58
1993/11/30 22921.28 23923.13
1993/12/31 23711.02 24212.60
1994/01/31 24720.00 25035.83
1994/02/28 24227.81 24357.36
1994/03/31 23125.97 23295.38
1994/04/30 23669.82 23593.56
1994/05/31 23645.10 23980.49
1994/06/30 23098.62 23392.97
1994/07/31 23855.74 24160.26
1994/08/31 24893.43 25150.83
1994/09/30 24370.45 24534.64
1994/10/31 24893.98 25086.67
1994/11/30 24017.07 24173.01
1994/12/31 24322.94 24531.50
1995/01/31 24283.46 25167.60
1995/02/28 25112.65 26148.38
1995/03/31 26022.99 26920.02
1995/04/30 26658.02 27712.81
1995/05/31 27107.83 28820.49
1995/06/30 27969.75 29489.99
1995/07/31 29245.93 30467.88
1995/08/31 29723.44 30544.36
1995/09/30 30596.41 31833.33
1995/10/31 30239.84 31719.68
1995/11/30 31515.26 33112.18
1995/12/31 32312.55 33749.92
1996/01/31 33098.57 34898.76
1996/02/29 33513.02 35222.28
1996/03/31 34142.80 35561.47
1996/04/30 34688.17 36085.64
1996/05/31 35362.70 37016.29
1996/06/30 35520.39 37157.32
1996/07/31 33978.53 35515.71
1996/08/31 34926.62 36264.74
1996/09/30 36714.09 38305.72
1996/10/31 37316.72 39362.19
1996/11/30 39557.26 42337.58
1996/12/31 38718.12 41498.87
IMATRL PRASUN SHR__CHT 19961231 19970110 144437 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested
in Fidelity Fund on December 31, 1986. As the chart shows, by December 31,
1996, the value of the investment would have grown to $38,718 - a 287.18%
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 $41,499 - a
314.99% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and return
of a fund that invests in stocks
will vary. That means if you
sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Beth Terrana, Portfolio Manager of Fidelity Fund
Q. BETH, HOW DID THE FUND PERFORM?
A. For the six-month period ended December 31, 1996, the fund provided a
total return of 9.00%. This trailed the growth and income funds average,
which returned 10.57% over the same period according to Lipper Analytical
Services. For the 12 months that ended December 31, 1996, the fund returned
19.82%, while the growth and income funds average had a return of 20.78%.
Q. LARGE-CAP STOCKS SEEMED TO RULE THE ROOST DURING THE SECOND HALF OF 1996
. . .
A. They certainly did. During the second half, as well as the entire year,
large-capitalization growth stocks soared and clearly dominated the market.
In fact, small-cap stocks lagged their larger counterparts for the third
consecutive year. While I did own a number of these stocks, my investing
style leads me across different capitalization ranges rather than a single
range. I don't let market trends alter my discipline. Additionally, the
market continued to be very unforgiving during this period. Any negative
surprises from companies were looked upon in an extremely negative manner
and stock prices were swiftly and dramatically marked down as a result.
Q. WHAT FACTORS CONTRIBUTED TO THE DISCREPANCY BETWEEN THE FUND'S RETURN
AND THAT OF ITS PEER GROUP?
A. The most significant factor was my underweighting in technology stocks,
particularly the big names such as Microsoft and Intel. Similar to the
overall market being driven by a select number of stocks, the same can be
said for the technology sector. I trimmed positions in these stocks earlier
in the year when I believed their valuations were getting extended. I also
had a relatively high cash position, which penalized performance as stock
prices rose. Lastly, the portfolio was underweighted in energy stocks,
which had above-market returns in the fourth quarter.
Q. DID YOU ADHERE TO ANY PARTICULAR STRATEGIES DURING THE PERIOD?
A. I continued to focus on companies that I believed had low
price-to-earnings multiples and the potential to be revalued upward. In
most cases, this revaluation occurs because a company restructures its
business activities or rebalances its portfolio of businesses so that
long-term earnings growth is accelerated. An example of this would be
AlliedSignal, a conglomerate that had outstanding stock market performance
in 1996. The company exhibited strong earnings growth, but more
importantly, AlliedSignal took actions that showed the market it had the
ability to enhance future financial returns. I also continued to downsize
the number of stocks I own. By reducing my total positions, I placed more
emphasis on the fund's larger holdings and adopted a longer-term
perspective with respect to these holdings. I feel strongly that the larger
positions in the portfolio are the ones that dictate performance, while the
smaller exposures can sometimes be hard-to-detect hindrances.
Q. WHICH SECTORS MADE POSITIVE CONTRIBUTIONS TO THE FUND'S RETURN?
A. Financial stocks, particularly money-center banks such as Citicorp and
Chase Manhattan, had a strong run. These stocks did well because the
companies got serious about improving financial returns. Financial
companies learned many lessons from industrial companies and downsized,
concentrating on exiting low-return businesses and growing high-return
businesses in the process. As a result, excess cash was generated by these
companies, which was used for share repurchases. As the market became more
comfortable that money-center banks could exhibit sustainable earnings
growth, the stocks were revalued upward. Health care stocks, specifically
drug company stocks, also performed very well, as growth in unit volume
accelerated. I believe this stemmed from the increasing importance of
managed care, which has led to drug therapy being the most cost-effective
method of patient care.
Q. ASIDE FROM THE FUND'S UNDERWEIGHTING IN TECHNOLOGY STOCKS, DID ANY OTHER
SECTORS PROVE DISAPPOINTING?
A. As an overall group, gaming stocks exhibited subpar performance. Results
in Las Vegas have been lackluster due to construction at a number of
visible properties and a general lack of excitement in the market. As
construction ends and new properties open in 1997 and 1998, it is expected
that the market will improve. The motto in Las Vegas has always been "if
you build it, they will come," and I see nothing that indicates this maxim
no longer holds true.
Q. AS A POTENTIAL INVESTOR, WHAT DO YOU WANT TO HEAR WHEN YOU MEET WITH A
COMPANY'S MANAGEMENT TEAM?
A. One of the primary factors I like to focus on is whether a company has
the ability to improve its financial returns - either through improving its
profit margins or its return on capital. Companies that can create new
financial models for themselves through balance sheet restructuring are
looked upon favorably. When it's all said and done, I believe that a
company's ability to reinvent its financial profile has a significant
influence on its stock price.
Q. WHAT'S YOUR FEELING GOING FORWARD?
A. I think we'll see a continuation of both the unforgiving nature of the
market and the uptick in volatility we saw as 1996 came to a close.
Corporate earnings are key for
1997; we've been through a great profit cycle and profit margins are at
peak levels. I believe earnings per share will be slower in the coming
months and that companies will have to work harder on productivity
improvements to drive profitability levels even higher than they currently
are.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by investing mainly
in equity securities with good
prospects for growth and
current income
FUND NUMBER: 003
TRADING SYMBOL: FFIDX
START DATE: April 30, 1930
SIZE: as of December 31,
1996, more than $4.4 billion
MANAGER: Beth Terrana,
since 1993; manager, Fidelity
Equity-Income Fund, Fidelity
Advisor Equity Income Fund,
VIP: Equity-Income Portfolio,
1990-1993; Fidelity Growth
& Income Portfolio,
1985-1990; joined Fidelity in
1983
(checkmark)
BETH TERRANA GIVES HER VIEWS ON
CORPORATE AMERICA:
"One of the predominant
themes of the last couple
years is that American
companies are generating
extraordinary amounts of
cash flow. Companies have
spent the last 10 years or so
restructuring and
re-engineering so that they
are truly world-class
competitors. In the process,
profit margins have reached a
new pinnacle, and returns on
equity and capital have never
been higher. Corporations
have learned to manage their
businesses with lower levels
of capital investment as well
as fewer fixed assets. As a
result, they are generating
excess cash that is being
used for share repurchases.
At the same time, many
companies have enacted
management compensation
programs that are heavily
stock price-based. A cynic
would argue that the shrinkage
of corporate balance sheets
through share repurchases is
simply a ploy to drive stock
prices up. The fact remains,
however, that excess cash
flow is not being squandered
but is being returned to the
shareholder."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF DECEMBER 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

General Electric Co. 3.7 3.4

International Business Machines 2.5 0.0
Corp.

AlliedSignal, Inc. 2.5 1.9

British Petroleum PLC ADR 2.4 1.7

Philip Morris Companies, Inc. 2.1 3.1

Tyco International Ltd. 2.0 1.5

BankAmerica Corp. 1.9 1.5

Praxair, Inc. 1.8 1.6

Chase Manhattan Corp. 1.8 0.7

Citicorp 1.8 1.0

TOP FIVE MARKET SECTORS AS OF DECEMBER 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO

Finance 14.2 11.3

Health 10.7 9.8

Nondurables 8.7 7.8

Technology 8.1 6.4

Energy 8.0 7.1

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF DECEMBER 31, 1996 * AS OF JUNE 30, 1996 **

Row: 1, Col: 1, Value: 4.1
Row: 1, Col: 2, Value: 2.0
Row: 1, Col: 3, Value: 47.0
Row: 1, Col: 4, Value: 47.9
Row: 1, Col: 1, Value: 5.0
Row: 1, Col: 2, Value: 2.7
Row: 1, Col: 3, Value: 46.0
Row: 1, Col: 4, Value: 46.3
Stocks 94.9%
Bonds 1.1%
Short-term
investments 4.0%
Foreign
investments 7.1%
Stocks 93.5%
Bonds 1.7%
Short-term
investments 4.8%
Foreign
investments 7.6%
*
**
INVESTMENTS DECEMBER 31, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 94.3%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 3.9%
AEROSPACE & DEFENSE - 3.0%
Alliant Techsystems, Inc. (a) 270,600 $ 14,883
Boeing Co. 738,630 78,571
Lockheed Martin Corp. 295,900 27,075
McDonnell Douglas Corp. 85,000 5,440
Rockwell International Corp. 179,300 10,915
136,884
DEFENSE ELECTRONICS - 0.4%
Raytheon Co. 339,900 16,358
SHIP BUILDING & REPAIR - 0.5%
General Dynamics Corp. 319,100 22,497
TOTAL AEROSPACE & DEFENSE 175,739
BASIC INDUSTRIES - 7.5%
CHEMICALS & PLASTICS - 6.0%
Air Products & Chemicals, Inc. 196,800 13,604
du Pont (E.I.) de Nemours & Co. 430,700 40,647
Hercules, Inc. 97,500 4,217
Monsanto Co. 2,018,700 78,477
Olin Corp. 128,200 4,824
Praxair, Inc. 1,775,460 81,893
Raychem Corp. 367,100 29,414
Sealed Air Corp. (a) 319,100 13,283
266,359
PACKAGING & CONTAINERS - 1.0%
Tupperware Corp. 848,100 45,479
PAPER & FOREST PRODUCTS - 0.5%
Kimberly-Clark Corp. 232,200 22,117
TOTAL BASIC INDUSTRIES 333,955
CONGLOMERATES - 5.5%
AlliedSignal, Inc. 1,642,700 110,061
American Standard Companies, Inc. (a) 475,100 18,173
Tyco International Ltd. 1,652,716 87,387
United Technologies Corp. 474,800 31,337
246,958
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - 3.4%
BUILDING MATERIALS - 1.3%
Armstrong World Industries, Inc. 211,000 $ 14,665
Masco Corp. 1,276,700 45,961
60,626
REAL ESTATE - 0.6%
Rouse Co. (The) 767,008 24,353
REAL ESTATE INVESTMENT TRUSTS - 1.5%
Arden Realty Group, Inc. 28,800 799
Beacon Properties Corp. 547,600 20,056
Duke Realty Investors, Inc. 272,983 10,510
Equity Residential Properties Trust (SBI) 405,100 16,710
Public Storage, Inc. 385,000 11,935
Storage USA, Inc. 175,100 6,588
66,598
TOTAL CONSTRUCTION & REAL ESTATE 151,577
DURABLES - 2.9%
AUTOS, TIRES, & ACCESSORIES - 0.8%
Cummins Engine Co., Inc. 338,700 15,580
Magna International, Inc. Class A 332,500 18,494
34,074
CONSUMER DURABLES - 1.0%
Minnesota Mining & Manufacturing Co. 560,900 46,485
CONSUMER ELECTRONICS - 1.0%
Black & Decker Corp. 391,800 11,803
Harman International Industries, Inc. 234,000 13,016
Newell Co. 706,400 22,252
47,071
TEXTILES & APPAREL - 0.1%
Nine West Group, Inc. (a) 49,200 2,282
TOTAL DURABLES 129,912
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - 7.7%
ENERGY SERVICES - 2.0%
Eni Spa 2,549,000 $ 13,103
Halliburton Co. 538,100 32,420
Schlumberger Ltd. 254,300 25,398
Transocean Offshore, Inc. 103,276 6,468
Weatherford Enterra, Inc. (a) 462,400 13,872
91,261
OIL & GAS - 5.7%
Anadarko Petroleum Corp. 310,400 20,098
British Petroleum PLC ADR 768,711 108,676
Burlington Resources, Inc. 310,900 15,662
Mobil Corp. 239,400 29,267
Royal Dutch Petroleum Co. ADR 222,600 38,009
Texaco, Inc. 403,300 39,574
Tosco Corp. 46,400 3,671
254,957
TOTAL ENERGY 346,218
FINANCE - 14.1%
BANKS - 9.0%
Bank of Boston Corp. 721,431 46,352
Bank of New York Co., Inc. 1,127,100 38,040
BankAmerica Corp. 851,000 84,887
Bankers Trust New York Corp. 288,600 24,892
Chase Manhattan Corp. 901,000 80,414
Citicorp 767,700 79,073
First Bank System, Inc. 404,200 27,587
KeyCorp. 96,400 4,868
National City Corp. 160,445 7,200
NationsBank Corp. 111,200 10,870
404,183
CREDIT & OTHER FINANCE - 1.6%
American Express Co. 675,764 38,181
Associates First Capital Corp. 40,000 1,765
Household International, Inc. 350,811 32,362
72,308
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
FEDERAL SPONSORED CREDIT - 2.1%
Federal Home Loan Mortgage Corporation 382,200 $ 42,090
Federal National Mortgage Association 1,336,500 49,784
91,874
INSURANCE - 1.4%
Allstate Corp. 426,100 24,661
Travelers Group, Inc. (The) 803,800 36,472
61,133
TOTAL FINANCE 629,498
HEALTH - 10.7%
DRUGS & PHARMACEUTICALS - 6.0%
American Home Products Corp. 406,200 23,813
Bristol-Myers Squibb Co. 535,600 58,247
Glaxo PLC sponsored ADR 853,400 27,095
Merck & Co., Inc. 629,300 49,872
Pfizer, Inc. 101,500 8,412
Schering-Plough Corp. 301,000 19,490
SmithKline Beecham PLC ADR 857,100 58,283
Warner-Lambert Co. 320,600 24,045
269,257
MEDICAL EQUIPMENT & SUPPLIES - 3.3%
Boston Scientific Corp. (a) 216,500 12,990
Johnson & Johnson 1,000,400 49,770
McKesson Corp. 284,100 15,910
Medtronic, Inc. 222,200 15,110
Millipore Corp. 210,400 8,705
Nellcor, Inc. (a) 583,100 12,755
Pall Corp. 558,600 14,244
St. Jude Medical, Inc. (a) 392,600 16,734
146,218
MEDICAL FACILITIES MANAGEMENT - 1.4%
Columbia/HCA Healthcare Corp. 1,323,162 53,919
Integrated Health Services, Inc. 416,700 10,157
64,076
TOTAL HEALTH 479,551
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HOLDING COMPANIES - 0.4%
U.S. Industries, Inc. (a) 466,500 $ 16,036
INDUSTRIAL MACHINERY & EQUIPMENT - 6.4%
ELECTRICAL EQUIPMENT - 5.2%
Duracell International, Inc. 258,300 18,049
Emerson Electric Co. 316,900 30,660
General Electric Co. 1,672,400 165,359
Westinghouse Electric Corp. 973,800 19,354
233,422
INDUSTRIAL MACHINERY & EQUIPMENT - 1.2%
Dover Corp. 125,000 6,281
Illinois Tool Works, Inc. 342,000 27,317
Stanley Works (The) 656,000 17,712
51,310
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 284,732
MEDIA & LEISURE - 4.2%
BROADCASTING - 1.0%
Evergreen Media Corp. Class A (a) 424,500 10,612
Infinity Broadcasting Corp. Class A 698,100 23,474
Jacor Communications, Inc. Class A (a) 295,000 8,076
42,162
ENTERTAINMENT - 0.7%
Disney (Walt) Co. 471,800 32,849
LEISURE DURABLES & TOYS - 0.4%
Hasbro, Inc. 499,000 19,399
LODGING & GAMING - 0.4%
Host Marriott Corp. (a) 1,077,859 17,246
PUBLISHING - 1.3%
McGraw-Hill, Inc. 104,800 4,834
Meredith Corp. 463,000 24,423
Scholastic Corp. (a) 28,800 1,937
Times Mirror Co. Class A 379,900 18,900
World Color Press, Inc. (a) 452,800 8,716
58,810
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
RESTAURANTS - 0.4%
Host Marriott Services Corp. 32,991 $ 301
McDonald's Corp. 408,200 18,471
18,772
TOTAL MEDIA & LEISURE 189,238
NONDURABLES - 8.7%
AGRICULTURE - 0.7%
Pioneer Hi-Bred International, Inc. 447,200 31,304
BEVERAGES - 0.5%
Anheuser-Busch Companies, Inc. 565,400 22,616
FOODS - 0.9%
Campbell Soup Co. 212,000 17,013
Sara Lee Corp. 552,800 20,592
37,605
HOUSEHOLD PRODUCTS - 4.5%
Avon Products, Inc. 743,800 42,489
Clorox Co. 159,700 16,030
First Brands Corp. 395,200 11,214
Gillette Co. 226,000 17,571
Premark International, Inc. 403,900 8,987
Procter & Gamble Co. 504,900 54,277
Unilever NV ADR 230,400 40,377
Unilever PLC Ord. 483,300 11,715
202,660
TOBACCO - 2.1%
Philip Morris Companies, Inc. 834,200 93,952
TOTAL NONDURABLES 388,137
PRECIOUS METALS - 0.3%
Getchell Gold Corp. (a) 382,887 14,693
RETAIL & WHOLESALE - 5.9%
APPAREL STORES - 0.9%
Baby Superstore, Inc. (a) 167,000 4,008
Gap, Inc. 521,900 15,722
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
APPAREL STORES - CONTINUED
Payless ShoeSource, Inc. (a) 354,200 $ 13,283
Saks Holdings, Inc. (a) 85,000 2,295
TJX Companies, Inc. 108,500 5,140
40,448
DRUG STORES - 1.0%
CVS Corp. 668,900 27,676
General Nutrition Companies, Inc. (a) 280,000 4,725
Revco (D.S.), Inc. (a) 315,900 11,688
44,089
GENERAL MERCHANDISE STORES - 2.3%
Consolidated Stores Corp. (a) 2,418,375 77,690
Sears, Roebuck & Co. 59,210 2,731
Woolworth Corp. (a) 952,800 20,843
101,264
RETAIL & WHOLESALE, MISCELLANEOUS - 1.7%
Home Depot, Inc. (The) 513,200 25,724
Lowe's Companies, Inc. 532,600 18,907
Tandy Corp. 42,500 1,870
Toys "R" Us, Inc. (a) 1,075,600 32,268
78,769
TOTAL RETAIL & WHOLESALE 264,570
SERVICES - 1.9%
ADVERTISING - 0.8%
Omnicom Group, Inc. 790,500 36,165
PRINTING - 0.5%
Deluxe Corp. 638,700 20,918
SERVICES - 0.6%
Block (H&R), Inc. 464,809 13,480
Medaphis Corp. (a) 96,300 1,077
Regis Corp. 81,000 1,316
Service Corp. International 356,800 9,990
25,863
TOTAL SERVICES 82,946
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - 8.1%
COMMUNICATIONS EQUIPMENT - 0.5%
Cisco Systems, Inc. (a) 374,200 $ 23,808
COMPUTER SERVICES & SOFTWARE - 1.2%
America Online, Inc. (a) 85,000 2,826
Automatic Data Processing, Inc. 431,500 18,501
Ceridian Corp. (a) 696,980 28,228
Sabre Group Holdings, Inc. Class A (a) 65,100 1,815
51,370
COMPUTERS & OFFICE EQUIPMENT - 5.3%
Bay Networks, Inc. (a) 412,200 8,605
Bell & Howell Co. (a) 381,600 9,063
Compaq Computer Corp. 306,200 22,735
Diebold, Inc. 361,900 22,754
Hewlett-Packard Co. 312,700 15,713
International Business Machines Corp. 745,100 112,510
Pitney Bowes, Inc. 531,200 28,950
Silicon Graphics, Inc. (a) 581,900 14,838
235,168
ELECTRONIC INSTRUMENTS - 0.2%
Varian Associates, Inc. 154,000 7,835
ELECTRONICS - 0.3%
Intel Corp. 110,500 14,469
PHOTOGRAPHIC EQUIPMENT - 0.6%
Eastman Kodak Co. 347,600 27,895
TOTAL TECHNOLOGY 360,545
TRANSPORTATION - 1.2%
AIR TRANSPORTATION - 0.6%
AMR Corp. (a) 312,800 27,565
RAILROADS - 0.5%
Burlington Northern Santa Fe Corp. 253,113 21,863
TRUCKING & FREIGHT - 0.1%
Hunt (J.B.) Transport Services, Inc. 178,500 2,499
TOTAL TRANSPORTATION 51,927
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - 1.5%
CELLULAR - 0.0%
AirTouch Communications, Inc. (a) 88,300 $ 2,230
ELECTRIC UTILITY - 0.3%
Portland General Corp. 270,800 11,374
GAS - 0.6%
Enron Corp. 663,700 28,622
TELEPHONE SERVICES - 0.6%
Cincinnati Bell, Inc. 67,400 4,153
WorldCom, Inc. (a) 849,700 22,145
26,298
TOTAL UTILITIES 68,524
TOTAL COMMON STOCKS
(Cost $3,412,092) 4,214,756
CONVERTIBLE PREFERRED STOCKS - 0.6%
ENERGY - 0.3%
OIL & GAS - 0.3%
Tosco Financing Trust $2.875 (b) 258,200 13,265
FINANCE - 0.1%
CREDIT & OTHER FINANCE - 0.1%
SCI Finance, Series A, $3.125 41,300 3,887
MEDIA & LEISURE - 0.2%
LODGING & GAMING - 0.2%
Host Marriott Financial Trust $3.375 (a)(b) 152,000 8,113
UTILITIES - 0.0%
CELLULAR - 0.0%
AirTouch Communications, Inc. Class B $1.74 98,700 2,690
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $26,505) 27,955
CORPORATE BONDS - 1.1%
MOODY'S PRINCIPAL VALUE (NOTE 1)
RATINGS (C) AMOUNT (000S) (000S)
CONVERTIBLE BONDS - 1.1%
DURABLES - 0.3%
TEXTILES & APPAREL - 0.3%
Nine West Group, Inc.
5 1/2%, 7/15/03 (b) B+ $ 12,670 $ 12,575
MEDIA & LEISURE - 0.6%
LODGING & GAMING - 0.6%
HFS, Inc. 4 1/2%, 10/1/99 Baa3 7,630 25,236
SERVICES - 0.2%
First Financial Management Corp.
5%, 12/15/99 A2 5,910 10,224
TOTAL CONVERTIBLE BONDS 48,035
NONCONVERTIBLE BONDS - 0.0%
AEROSPACE & DEFENSE - 0.0%
DEFENSE ELECTRONICS - 0.0%
Tracor, Inc. 10 7/8%, 8/15/01 B2 1,500 1,594
TOTAL CORPORATE BONDS
(Cost $52,957) 49,629
CASH EQUIVALENTS - 4.0%
MATURITY
AMOUNT (000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 6.75%, dated
12/31/96 due 1/2/97 $ 176,737 176,671
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $3,668,225) $ 4,469,011
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 $33,953,000 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 December 31, 1996, the aggregate cost of investment securities for
income tax purposes was $3,670,420,000. Net unrealized appreciation
aggregated $798,591,000, of which $833,871,000 related to appreciated
investment securities and $35,280,000 related to depreciated investment
securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) DECEMBER 31, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 4,469,011
agreements of $176,671) (cost $3,668,225) -
See accompanying schedule

Cash 295

Receivable for investments sold 10,923

Receivable for fund shares sold 14,874

Dividends receivable 6,319

Interest receivable 515

Other receivables 569

TOTAL ASSETS 4,502,506

LIABILITIES

Payable for fund shares redeemed $ 30,913

Accrued management fee 1,454

Other payables and accrued expenses 959

Collateral on securities loaned, at value 27,950

TOTAL LIABILITIES 61,276

NET ASSETS $ 4,441,230

Net Assets consist of:

Paid in capital $ 3,603,853

Undistributed net investment income 2,468

Accumulated undistributed net realized gain (loss) on 34,123
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 800,786
investments and assets and liabilities in foreign
currencies

NET ASSETS, for 179,774 shares outstanding $ 4,441,230

NET ASSET VALUE, offering price and redemption price per $24.70
share ($4,441,230 (divided by) 179,774 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 34,561
Dividends

Interest (including income on securities loaned of $148) 8,746

TOTAL INCOME 43,307

EXPENSES

Management fee $ 8,124

Transfer agent fees 4,007

Accounting and security lending fees 410

Non-interested trustees' compensation 16

Custodian fees and expenses 57

Registration fees 187

Audit 41

Legal 22

Interest 2

Miscellaneous 12

Total expenses before reductions 12,878

Expense reductions (538) 12,340

NET INVESTMENT INCOME 30,967

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

Investment securities 87,519

Foreign currency transactions (7) 87,512

Change in net unrealized appreciation (depreciation) on:

Investment securities 239,227

Assets and liabilities in foreign currencies 5 239,232

NET GAIN (LOSS) 326,744

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 357,711
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
AMOUNTS IN THOUSANDS SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 1996 JUNE 30,
(UNAUDITED) 1996

<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS

Operations $ 30,967 $ 55,643
Net investment income

Net realized gain (loss) 87,512 395,343

Change in net unrealized appreciation (depreciation) 239,232 296,062

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 357,711 747,048
FROM OPERATIONS

Distributions to shareholders (29,717) (58,669)
From net investment income

From net realized gain (294,230) (182,544)

TOTAL DISTRIBUTIONS (323,947) (241,213)

Share transactions 905,367 1,833,400
Net proceeds from sales of shares

Reinvestment of distributions 298,378 217,154

Cost of shares redeemed (743,625) (1,013,515)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 460,120 1,037,039
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 493,884 1,542,874

NET ASSETS

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

End of period (including undistributed net investment $ 4,441,230 $ 3,947,346
income of $2,468 and $1,218, respectively)

OTHER INFORMATION
Shares

Sold 37,719 79,709

Issued in reinvestment of distributions 12,963 9,745

Redeemed (31,016) (43,626)

Net increase (decrease) 19,666 45,828

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS SIX MONTHS ENDED YEARS ENDED JUNE 30, SIX MONTHS YEARS ENDED DECEMBER
DECEMBER 31, ENDED 31,
1996 JUNE 30,

(UNAUDITED) 1996 1995 1994 F 1993 1992 D 1991

</TABLE>

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

Net asset value, beginning of period $ 24.65 $ 21.04 $ 18.61 $ 20.42 $ 18.94 $ 18.46 $ 16.29

Income from Investment Operations

Net investment income .18 .39 .38 .27 .29 E .45 .53

Net realized and unrealized gain (loss) 1.86 5.04 3.35 .79 1.48 1.09 3.29

Total from investment operations 2.04 5.43 3.73 1.06 1.77 1.54 3.82

Less Distributions

From net investment income (.17) (.41) (.36) (.31) (.22) (.48) (.50)

From net realized gain (1.82) (1.41) (.94) (2.56) (.07) (.58) (1.15)

Total distributions (1.99) (1.82) (1.30) (2.87) (.29) (1.06) (1.65)

Net asset value, end of period $ 24.70 $ 24.65 $ 21.04 $ 18.61 $ 20.42 $ 18.94 $ 18.46

TOTAL RETURN B, C 9.00% 27.00% 21.09% 5.41% 9.39% 8.46% 24.15%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in millions) $ 4,441 $ 3,947 $ 2,404 $ 1,592 $ 1,439 $ 1,354 $ 1,320

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

Ratio of expenses to average net assets after expense .59% A, .60% .64% .65% .66% A .67% .68%
reductions G G G G

Ratio of net investment income to average net assets 1.49% A 1.71% 2.18% 1.85% 2.94% A, 2.37% 2.84%
E

Portfolio turnover rate 101% A 150% 157% 207% 261% A 151% 267%

Average commission rate H $ .0428

</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 AS OF JANUARY 1, 1992 THE FUND DISCONTINUED THE USE OF
EQUALIZATION ACCOUNTING. E INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL
DIVIDEND WHICH AMOUNTED TO $.06 PER SHARE. F EFFECTIVE JULY 1, 1993, THE
FUND ADOPTED STATEMENT OF POSITION 93-2, "DETERMINATION, DISCLOSURE, AND
FINANCIAL STATEMENT PRESENTATION OF INCOME, CAPITAL GAIN, AND RETURN OF
CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES." AS A RESULT, NET INVESTMENT
INCOME PER SHARE MAY REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK TO
TAX DIFFERENCES. G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS
WITH THIRD PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES (SEE NOTE 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 December 31, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fund (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The 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 dividend income, if any,
are recorded at the fair market value of the securities received.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
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 litigation
proceeds, foreign currency transactions, market discount, partnerships,
non-taxable dividends, and losses deferred due to wash sales. The fund also
utilized earnings and profits distributed to shareholders on redemption of
shares as a part of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income and
accumulated undistributed net realized gain (loss) on
investments and foreign currency transactions may include temporary book
and tax basis differences that will reverse in a subsequent period. Any
taxable income or gain remaining at fiscal year end is distributed in the
following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
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 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 that mature in
60 days or less from the date of purchase 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.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $2,179,244,000 and $1,987,724,000, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2500% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. The annual individual fund fee rate is .09%. For
the period, the management fee was equivalent to an annualized rate of .39%
of average net assets.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives account fees and asset-based fees that vary according to
account size and type of account. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements. For the
period, the transfer agent fees were equivalent to an annualized rate of
.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 $1,838,000 for the period.
5. SECURITY LENDING.
The fund loaned securities to certain brokers who paid the fund negotiated
lenders' fees. These fees are included in interest income. The fund
receives U.S. Treasury obligations and/or cash as collateral against the
loaned securities, in an
5. SECURITY LENDING -
CONTINUED
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 $27,545,000 and $27,950,000,
respectively.
6. 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%. Interest expense includes $2,000 paid under the
bank borrowing program.
7. 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
$462,000 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby interest earned on uninvested cash balances was used
to offset a portion of the fund's expenses. During the period, the fund's
custodian and transfer agent fees were reduced by $6,000 and $70,000,
respectively, under these arrangements.
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
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(2_FIDELITY_LOGOS)

FIDELITY FIFTY

SEMIANNUAL REPORT
DECEMBER 31, 1996
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

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

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

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

FINANCIAL STATEMENTS 16 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 20 Notes to the financial statements.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN
EFFECTIVE
PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISKS,
INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL
1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST
OR SEND MONEY.
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

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 DECEMBER 31, 1996 PAST 6 PAST 1 LIFE OF
MONTHS YEAR FUND

Fidelity Fifty 7.39% 15.92% 68.69%

Fidelity Fifty (incl. 3% sales charge) 4.17% 12.44% 63.63%

S&P 500(registered trademark) 11.68% 22.96% 75.37%

Capital Appreciation Funds Average 4.70% 16.31% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, or since the fund
started on September 17, 1993. For example, if you invested $1,000 in a
fund that had a 5% return, over the past year, the value of your investment
would be $1,050. You can compare the fund's returns to the performance of
the Standard & Poor's Composite 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 216 mutual funds with similar
objectives tracked by Lipper Analytical Services, Inc. over the past six
months. Both benchmarks reflect reinvestment of dividends and capital
gains, if any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1996 PAST 1 LIFE OF
YEAR FUND

Fidelity Fifty 15.92% 17.21%

Fidelity Fifty (incl. 3% sales charge) 12.44% 16.13%

S&P 500 22.96% 18.60%

Capital Appreciation Funds Average 16.31% n/a

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Fifty on September 17, 1993, when the fund started,
and the current maximum 3% sales charge was paid. As the chart shows, by
December 31, 1996, the value of the investment would have grown to $16,363
- - a 63.63% 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 $17,537 -
a 75.37% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Scott Stewart, Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW DID THE FUND PERFORM?
A. For the six months that ended December 31, 1996, the fund had a total
return of 7.39%. This compares favorably to the capital appreciation funds
average, which returned 4.70% over the same period, according to Lipper
Analytical Services. The fund trailed the Standard & Poor's 500 Index,
which had a six-month return of 11.68%. From a 12-month perspective, the
fund compiled a return of 15.92% as of December 31, 1996, while the peer
group and S&P 500 returned 16.31% and 22.96%, respectively.
Q. CAN YOU DESCRIBE THE MARKET CLIMATE OVER THE LAST SIX MONTHS AND HOW IT
AFFECTED THE PORTFOLIO?
A. By far, the most significant development in the second half of 1996 was
the strong showing registered by large-cap stocks - the more well-known,
blue chip companies. Through early June, the smaller- and mid-cap stocks
had been holding their own. Then some disappointing company earnings were
reported and, with the additional backdrop of economic uncertainty, many
investors flocked to the "safe haven" of large caps. Large caps offer many
benefits, including relatively stable earnings and the ability to weather
market fluctuations more ably than their smaller counterparts. They also
offer attractive levels of liquidity.
Q. DID YOU TRY TO TAKE ADVANTAGE OF THE LARGE-CAP RALLY?
A. Many of the portfolio's holdings are large caps. For example, if you
look at some of the fund's top holdings as of December 31, you'll see names
like Intel, MCI and Procter & Gamble sprinkled among lesser-known stocks.
However, I maintained my discipline of comparing future earnings prospects
with stock valuations. A stock has to be priced right for me to justify
buying it, and I think opportunities in many smaller stocks were more
attractive than those offered exclusively in the large-cap universe. Over
the long term, I believe this to be the right approach
Q. THE FUND'S EXPOSURE TO TECHNOLOGY STOCKS JUMPED CONSIDERABLY, FROM ABOUT
8% SIX MONTHS AGO TO APPROXIMATELY 21% AT THE END OF THE PERIOD. WHAT
TRIGGERED THIS?
A. It may help to give a condensed history of the tech market. I began
increasing the portfolio's exposure to technology stocks in late 1994, when
the demand for technology equipment began accelerating. By the fourth
quarter of 1995, the growth rate began slowing, and the price of technology
shares declined rapidly. What happened was that PC sales in late 1995 did
not increase at the expected rate, impacting component manufacturers,
especially semiconductors. Moreover, industry capacity was increasing. The
outlook became favorable again by the fall of 1996, as corporate spending
on technology in October and November increased dramatically. While the
overall sector has bounced around some, it was generally a good contributor
to performance.
Q. YOU ALSO INCREASED THE FUND'S EXPOSURE TO FINANCE STOCKS . . .
A. Financial stocks, particularly stocks of larger banks, were strong
performers during the period. There were two dynamics at work. First, banks
and other institutions continued to engage in takeover, consolidation and
restructuring activity. Second, while bank stocks are expensive based on
book value, the first dynamic is leading to continued earnings growth.
Q. WHICH INDIVIDUAL STOCKS PLAYED KEY ROLES IN THE FUND'S PERFORMANCE?
A. The fund realized good returns from its position in MFS Communications,
which was eventually taken over by Worldcom. Retail-oriented stocks such as
Gymboree and TJX Companies performed well, as did technology stocks Seagate
and Microsoft. On the other hand, non-cyclical stocks, including Kellogg
and Pepsico, hurt somewhat. Kellogg engaged in a pricing war during the
period that resulted in pressure on profit margins. Pepsico's anticipated
improvements continued to be postponed, and the company's overseas revenue
has not grown as expected. This was illustrated by the loss of its bottling
supplier in Venezuela.
Q. THE TOP HOLDINGS OF THE FUND AS OF DECEMBER 31 ARE QUITE DIFFERENT FROM
SIX MONTHS AGO. IS THIS SIMPLY A RESIDUAL OF YOUR INVESTMENT STYLE?
A. This fund will tend to have pretty high amounts of turnover. My approach
is to try to capture a rebound in a stock's price or an acceleration in
price due to earnings growth. Because this fund only invests in between
50-60 stocks, there are times when I need to sell a stock before I can buy
one. While this translates into increased turnover, it correlates with my
goal of trying to identify opportunities before other investors catch on.
Q. FEDERAL RESERVE BOARD MONETARY POLICY WAS VERY MUCH IN THE NEWS DURING
THE PERIOD. WHAT WAS THE STORY?
A. Generally speaking, investors are most comfortable when the economy is
headed in a clearly defined direction. If the economy is growing, earnings
variability will be buffetted by this strength and if the economy is
struggling, defensive-type stocks will become popular investment vehicles.
During the last six months, however, there was no clear direction; economic
signals were mixed. Additionally, investors get skeptical in a low-growth,
stable environment such as we've seen, especially since we've been in a
prolonged bull market. These factors contributed to the increased Fed
scrutiny.
Q. WHAT'S YOUR OUTLOOK?
A. I think valuations are rich, but not extremely so. The stock market hit
new highs in 1996 and, if the earnings situation deteriorates, there may be
a correction in 1997. The consensus outlook seems to be for continued slow
growth in the economy and limited pressure on inflation and interest rates.
That said, remember that I manage Fidelity Fifty with a focus on individual
stocks, not the overall economy. I will continue to seek out opportunities
on a stock-by-stock basis and avoid trying to time the market.
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 December
31, 1996, more than $146
million
MANAGER: Scott Stewart,
since inception; founder and
head of Fidelity's Structured
Equity Group since 1987;
joined Fidelity in 1987
(checkmark)
SCOTT STEWART DISCUSSES THE
INTRICACIES OF FIDELITY FIFTY:
"Because this fund invests in
only 50-60 stocks - as
opposed to the 200 or so
frequently found in the
portfolios of other stock funds
- - there's more emphasis
placed on individual stock
picking. When the stocks are
working, as they did in the
fourth quarter of 1996, I'll get
more of a jolt in terms of
performance.
Correspondingly, when the
stocks aren't doing so well,
such as in the third quarter of
1996, that extra jolt may be
downward. While Fidelity
Fifty is an aggressive fund, it's
important to note that this
fund behaves differently than
other stock funds. If an
investor owns a standard
growth fund and is looking for
a diversifying alternative, he
or she would want one that
behaves uniquely - and this
fund qualifies. This discipline
can be challenging, too.
When a portfolio is as
concentrated as this one is,
decision-making on each
stock becomes more vital.
Before I buy a stock, I'll scour
the list of holdings to see what
can be let go in order to make
room for a new purchase.
Unlike many stock funds, the
`sell' and `buy' processes
within this portfolio need to be
more carefully coordinated."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF DECEMBER 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Intel Corp. 4.1 0.0

MFS Communications, Inc. 3.0 0.0

BJ Services Co. 2.8 1.5

National City Corp. 2.5 0.0

NationsBank Corp. 2.5 0.0

PepsiCo, Inc. 2.4 2.1

Merck & Co., Inc. 2.4 0.0

Seagate Technology 2.3 0.0

BankAmerica Corp. 2.2 2.2

Procter & Gamble Co. 2.2 0.0

TOP FIVE MARKET SECTORS AS OF DECEMBER 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE SECTORS
6 MONTHS AGO

Technology 21.3 8.2

Finance 11.2 6.7

Basic Industries 8.5 5.9

Energy 7.7 10.7

Utilities 6.5 10.5

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF DECEMBER 31, 1996 * AS OF JUNE 30, 1996 **
Row: 1, Col: 1, Value: 3.6
Row: 1, Col: 2, Value: 46.4
Row: 1, Col: 3, Value: 50.0
Row: 1, Col: 1, Value: 2.2
Row: 1, Col: 2, Value: 47.8
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 97.8%
Short-term
investments 2.2%
FOREIGN
INVESTMENTS 5.5%
*
**
INVESTMENTS DECEMBER 31, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 94.0%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 1.6%
Boeing Co. 21,700 $ 2,308,337
BASIC INDUSTRIES - 8.5%
CHEMICALS & PLASTICS - 3.0%
du Pont (E.I.) de Nemours & Co. 22,100 2,085,687
FMC Corp. (a) 33,400 2,342,175
4,427,862
IRON & STEEL - 0.7%
TriMas Corp. 45,400 1,083,925
METALS & MINING - 2.9%
Alumax, Inc. (a) 76,800 2,563,200
Inco Ltd. 52,300 1,669,129
4,232,329
PAPER & FOREST PRODUCTS - 1.9%
Boise Cascade Corp. 86,400 2,743,200
TOTAL BASIC INDUSTRIES 12,487,316
CONGLOMERATES - 1.2%
American Standard Companies, Inc. (a) 45,100 1,725,075
DURABLES - 2.1%
AUTOS, TIRES, & ACCESSORIES - 0.9%
Echlin, Inc. 40,200 1,271,325
CONSUMER ELECTRONICS - 1.2%
General Motors Corp. 32,500 1,811,875
TOTAL DURABLES 3,083,200
ENERGY - 7.7%
ENERGY SERVICES - 4.3%
BJ Services Co. (a) 81,576 4,160,376
Falcon Drilling, Inc. (a) 56,500 2,217,625
6,378,001
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
OIL & GAS - 3.4%
Coastal Corp. (The) 63,900 $ 3,123,112
Parker & Parsley Petroleum Co. 50,600 1,859,550
4,982,662
TOTAL ENERGY 11,360,663
FINANCE - 11.2%
BANKS - 7.2%
BankAmerica Corp. 33,100 3,301,725
National City Corp. 83,300 3,738,088
NationsBank Corp. 37,500 3,665,625
10,705,438
CREDIT & OTHER FINANCE - 3.0%
Aames Financial Corp. 61,600 2,209,900
Transamerica Corp. 28,700 2,267,300
4,477,200
INSURANCE - 1.0%
Aetna, Inc. 17,900 1,432,000
TOTAL FINANCE 16,614,638
HEALTH - 6.3%
DRUGS & PHARMACEUTICALS - 2.4%
Merck & Co., Inc. 45,100 3,574,175
MEDICAL FACILITIES MANAGEMENT - 3.9%
HEALTHSOUTH Rehabilitation Corp. (a) 83,100 3,209,737
Tenet Healthcare Corp. (a) 113,400 2,480,625
5,690,362
TOTAL HEALTH 9,264,537
INDUSTRIAL MACHINERY & EQUIPMENT - 5.9%
INDUSTRIAL MACHINERY & EQUIPMENT - 4.7%
Case Corp. 38,800 2,114,600
Harnischfeger Industries, Inc. 61,300 2,950,063
Stewart & Stevenson Services, Inc. 63,800 1,858,175
6,922,838
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
POLLUTION CONTROL - 1.2%
Thermo Instrument Systems, Inc. (a) 54,200 $ 1,795,375
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 8,718,213
MEDIA & LEISURE - 6.3%
BROADCASTING - 2.2%
Infinity Broadcasting Corp. Class A 95,600 3,214,550
LODGING & GAMING - 2.7%
HFS, Inc. (a) 37,500 2,240,625
Mirage Resorts, Inc. (a) 83,200 1,799,200
4,039,825
PUBLISHING - 1.4%
Times Mirror Co. Class A 40,800 2,029,800
TOTAL MEDIA & LEISURE 9,284,175
NONDURABLES - 6.3%
BEVERAGES - 2.4%
PepsiCo, Inc. 122,900 3,594,825
FOODS - 1.7%
Kellogg Co. 36,800 2,415,000
HOUSEHOLD PRODUCTS - 2.2%
Procter & Gamble Co. 30,100 3,235,750
TOTAL NONDURABLES 9,245,575
PRECIOUS METALS - 1.5%
Newmont Gold Co. 52,300 2,288,125
RETAIL & WHOLESALE - 4.5%
APPAREL STORES - 3.1%
Payless ShoeSource, Inc. (a) 49,900 1,871,250
TJX Companies, Inc. 58,500 2,771,438
4,642,688
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - 1.4%
Toys "R" Us, Inc. (a) 69,000 $ 2,070,000
TOTAL RETAIL & WHOLESALE 6,712,688
SERVICES - 1.0%
Premier Technologies, Inc. (a) 58,200 1,455,000
TECHNOLOGY - 21.3%
COMMUNICATIONS EQUIPMENT - 3.2%
Ascend Communications, Inc. (a) 40,000 2,485,000
Cisco Systems, Inc. (a) 35,000 2,226,875
4,711,875
COMPUTER SERVICES & SOFTWARE - 4.6%
Computer Learning Centers, Inc. (a) 20,000 570,000
Microsoft Corp. (a) 31,000 2,561,375
SunGard Data Systems, Inc. (a) 61,600 2,433,200
Vantive Corp. (a) 37,800 1,181,250
6,745,825
COMPUTERS & OFFICE EQUIPMENT - 4.6%
Bell & Howell Co. (a) 50,900 1,208,875
Pitney Bowes, Inc. 25,900 1,411,550
Seagate Technology (a) 86,200 3,404,900
Trident Microsystems, Inc. (a) 50,800 857,250
6,882,575
ELECTRONIC INSTRUMENTS - 1.4%
Teradyne, Inc. 86,500 2,108,438
ELECTRONICS - 7.5%
Atmel Corp. (a) 56,200 1,861,625
Brightpoint, Inc. (a) 70,500 2,097,375
Intel Corp. 46,400 6,075,500
Texas Instruments, Inc. 15,600 994,500
11,029,000
TOTAL TECHNOLOGY 31,477,713
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - 2.1%
AIR TRANSPORTATION - 2.1%
AMR Corp. (a) 34,800 $ 3,066,750
UTILITIES - 6.5%
CELLULAR - 1.3%
360 Degrees Communications Co. (a) 85,600 1,979,500
TELEPHONE SERVICES - 5.2%
MCI Communications Corp. 97,100 3,173,956
MFS Communications, Inc. 81,700 4,452,650
7,626,606
TOTAL UTILITIES 9,606,106
TOTAL COMMON STOCKS
(Cost $121,327,302) 138,698,111
U.S. TREASURY OBLIGATIONS - 0.7%
U.S. Treasury Bill, yield at date of purchase
5.13%, 3/6/97 (b)
(Cost $982,378) 1,000,000 991,300
CASH EQUIVALENTS - 5.3%
Taxable Central Cash Fund (c) (Cost $7,858,369) 7,858,369 7,858,369
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $130,168,049) $ 147,547,780
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
4 S&P 500 Stock Index
Futures Contracts Mar. 1997 $ 1,489,000 $ (14,438)
16 Midcap 400 Stock Index
Futures Contracts Mar. 1997 2,052,800 (24,170)
$ (38,608)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.4%
LEGEND
1. Non-income producing
2. Security pledged to cover margin requirements for futures contracts. At
the period end, the value of securities pledged amounted to $991,300.
3. At period end, the seven-day yield on the Taxable Central Cash Fund was
5.57%. The yield refers to the income earned by investing in the fund over
the seven-day period, expressed as an annual percentage.
INCOME TAX INFORMATION
At December 31, 1996, the aggregate cost of investment securities for
income tax purposes was $130,168,662. Net unrealized appreciation
aggregated $17,379,118, of which $19,847,342 related to appreciated
investment securities and $2,468,224 related to depreciated investment
securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS DECEMBER 31, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (cost $130,168,049) - $ 147,547,780
See accompanying schedule

Receivable for fund shares sold 645,881

Dividends receivable 116,742

Other receivables 10,535

TOTAL ASSETS 148,320,938

LIABILITIES

Payable for fund shares redeemed $ 1,305,147

Accrued management fee 57,060

Payable for daily variation on futures contracts 40,000

Other payables and accrued expenses 38,437

TOTAL LIABILITIES 1,440,644

NET ASSETS $ 146,880,294

Net Assets consist of:

Paid in capital $ 124,555,167

Undistributed net investment income 216,648

Accumulated undistributed net realized gain (loss) on 4,767,356
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 17,341,123
investments

NET ASSETS, for 10,459,129 shares outstanding $ 146,880,294

NET ASSET VALUE, offering price and redemption price per $14.04
share ($146,880,294 (divided by) 10,459,129 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 940,337
Dividends

Interest 248,915

TOTAL INCOME 1,189,252

EXPENSES

Management fee $ 477,365
Basic fee

Performance adjustment (109,660)

Transfer agent fees 242,809

Accounting fees and expenses 47,976

Non-interested trustees' compensation 865

Custodian fees and expenses 10,268

Registration fees 10,532

Audit 15,423

Legal 843

Miscellaneous 686

Total expenses before reductions 697,107

Expense reductions (39,579) 657,528

NET INVESTMENT INCOME 531,724

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

Investment securities 7,992,057

Foreign currency transactions 218

Futures contracts (160,968) 7,831,307

Change in net unrealized appreciation (depreciation) on:

Investment securities 1,237,293

Assets and liabilities in foreign currencies (32)

Futures contracts 49,420 1,286,681

NET GAIN (LOSS) 9,117,988

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 9,649,712
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 1996 JUNE 30,
(UNAUDITED) 1996

<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS

Operations $ 531,724 $ 1,944,040
Net investment income

Net realized gain (loss) 7,831,307 16,750,199

Change in net unrealized appreciation (depreciation) 1,286,681 6,555,135

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 9,649,712 25,249,374
FROM OPERATIONS

Distributions to shareholders (1,070,529) (1,413,153)
From net investment income

From net realized gain (9,845,014) (13,362,095)

TOTAL DISTRIBUTIONS (10,915,543) (14,775,248)

Share transactions 55,382,957 172,795,915
Net proceeds from sales of shares

Reinvestment of distributions 10,823,940 14,630,874

Cost of shares redeemed (99,043,526) (145,489,851)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (32,836,629) 41,936,938
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS (34,102,460) 52,411,064

NET ASSETS

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

End of period (including undistributed net investment $ 146,880,294 $ 180,982,754
income of $216,648 and $1,141,826, respectively)

OTHER INFORMATION
Shares

Sold 4,044,984 12,765,610

Issued in reinvestment of distributions 823,925 1,127,988

Redeemed (7,333,547) (10,786,198)

Net increase (decrease) (2,464,638) 3,107,400

</TABLE>

FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED JUNE 30, SEPTEMBER 17, 1993
DECEMBER 31, (COMMENCEMENT OF
1996 OPERATIONS) TO JUNE
30,

(UNAUDITED) 1996 1995 1994

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

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

Income from Investment
Operations

Net investment income .05 F .15 .08 .02

Net realized and unrealized .91 2.12 2.97 .16
gain (loss)

Total from investment .96 2.27 3.05 .18
operations

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 $ 14.04 $ 14.00 $ 13.10 $ 10.17

TOTAL RETURN B, C 7.39% 18.46% 30.26% 1.80%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 146,880 $ 180,983 $ 128,572 $ 48,359
(000 omitted)

Ratio of expenses to average .87% A 1.03% 1.22% 1.58% A
net assets

Ratio of expenses to average net .82% A, .99% D 1.19% D 1.58% A
assets after expense D
reductions

Ratio of net investment income .66% A 1.20% 1.15% .23% A
to average net assets

Portfolio turnover rate 153% A 152% 180% 320% A

Average commission rate E $ .0442

</TABLE>

ANNUALIZED
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).
TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
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).
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.
NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES
OUTSTANDING DURING THE PERIOD.
NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1996 (Unaudited)

8. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The financial statements have been prepared
in conformity with generally accepted accounting principles which permit
management to make certain estimates and assumptions at the date of the
financial statements. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an exchange)
are valued primarily using dealer-supplied valuations or at their fair
value as determined in good faith under consistently applied procedures
under the general supervision of the Board of Trustees. Short-term
securities 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
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
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 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 and losses deferred due to wash sales. The fund
also utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for income
tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
and unrealized gain (loss).
Undistributed net investment income and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions may
include temporary book and tax basis differences which will reverse in a
subsequent period. Any taxable income or gain remaining at fiscal year end
is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
9. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign
currency contracts to facilitate transactions in foreign-denominated
securities and to manage the fund's currency exposure. Contracts to sell
generally are used to hedge the fund's investments against currency
fluctuations, while contracts to buy generally are used to offset a
previous contract to sell. Also, a contract to buy can be used to acquire
exposure to foreign currencies and a contract to sell can be used to offset
a previous contract to buy. Losses may arise from changes in the value of
foreign currency or if the counterparties do not perform under the
contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined
using forward currency exchange rates supplied by a quotation service.
Purchases and sales of forward foreign currency contracts having the same
settlement
2. OPERATING POLICIES -
CONTINUED
FORWARD FOREIGN CURRENCY
CONTRACTS - CONTINUED
date and broker are offset and any realized gain (loss) is recognized on
the date of offset; otherwise, gain (loss) is recognized on settlement
date.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the 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 that
mature in 60 days or less from the date of purchase for U.S. Treasury or
Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the fund's
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
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. 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, and may be utilized by the fund as an
additional cash management option. Dividends 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.
FUTURES CONTRACTS. The fund may use futures contracts to manage its
exposure to the stock market and to fluctuations in interest rates. 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. Futures contracts are valued at the
2. OPERATING POLICIES -
CONTINUED
FUTURES CONTRACTS - CONTINUED
settlement price established each day by the board of trade or exchange on
which they are traded.
10. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $112,952,386 and $147,238,148, respectively.
The market value of futures contracts opened and closed during the period
amounted to $36,845,230 and $44,681,532, respectively.
11. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2500% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. The annual individual fund fee rate is .30%. 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 annualized rate of .46% of average net assets after the performance
adjustment.
SALES LOAD. For the period January 1, 1995 through December 31, 1998,
Fidelity Distributors Corporation, an affiliate of FMR and the general
distributor of the fund, will voluntarily waive the sales charge (3% of the
offering price) on the sales of shares.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives account fees and asset-based fees that vary according to
account size and type of account. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements. For the
period, the transfer agent fees were equivalent to an annualized rate of
.30% 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 $40,964 for the period.
12. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$38,332 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby interest earned on uninvested cash balances was used
to offset a portion of the fund's expenses. During the period, the fund's
custodian and transfer agent fees were reduced by $16 and $1,231,
respectively, under these arrangements.
MANAGING YOUR INVESTMENTS

TO WRITE FIDELITY

If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

INVESTMENT ADVISER
Fidelity Management &
Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management &
Research Company
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Scott Stewart, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY'S GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Export Fund
Fidelity Fifty
Growth Company Fund
Large Cap Stock Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Stock Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
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
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