FIDELITY HASTINGS STREET TRUST, N-30D, 1998-08-17

FIDELITY HASTINGS STREET TRUST
N-30D, 1998-08-17

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(2_FIDELITY_LOGOS)

FIDELITY
FUND
ANNUAL REPORT
JUNE 30, 1998
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 AUDITORS' OPINION.
ACCOUNTANTS

DISTRIBUTIONS 29

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:
As the first half of 1998 drew to a close, benign inflation, low
interest rates and moderate economic growth provided a solid
foundation for strong stock and bond performance. Investors seemed to
put concerns about the financial and economic turmoil in Asia aside
for the most part, responding instead to stronger-than-expected
corporate earnings and a sound domestic economy. The bond markets
tended to benefit from the moderate growth in the economy and a
historically low rate of inflation, as well their traditional status
as a refuge from volatility in the equity markets.
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).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

FIDELITY FUND 33.54% 177.02% 408.97%

S&P 500 (REGISTERED TRADEMARK) 30.16% 182.41% 448.92%

GROWTH & INCOME FUNDS AVERAGE 22.86% 139.00% 332.40%

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 668 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, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

FIDELITY FUND 33.54% 22.60% 17.67%

S&P 500 30.16% 23.08% 18.56%

GROWTH & INCOME FUNDS AVERAGE 22.86% 18.93% 15.61%

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
Fidelity S&P 500
00003 SP001
1988/06/30 10000.00 10000.00
1988/07/31 9902.79 9962.00
1988/08/31 9630.59 9623.29
1988/09/30 9962.89 10033.24
1988/10/31 10171.95 10312.17
1988/11/30 10041.28 10164.70
1988/12/31 10205.21 10342.59
1989/01/31 10767.75 11099.66
1989/02/28 10555.97 10823.28
1989/03/31 10814.67 11075.46
1989/04/30 11388.07 11650.28
1989/05/31 11948.14 12122.12
1989/06/30 11907.11 12053.02
1989/07/31 12833.37 13141.41
1989/08/31 13148.84 13398.98
1989/09/30 13129.66 13344.05
1989/10/31 12690.66 13034.46
1989/11/30 12873.01 13300.37
1989/12/31 13144.43 13619.58
1990/01/31 12440.66 12705.70
1990/02/28 12697.24 12869.61
1990/03/31 12947.10 13210.65
1990/04/30 12614.93 12880.38
1990/05/31 13552.38 14136.22
1990/06/30 13470.55 14040.10
1990/07/31 13344.25 13995.17
1990/08/31 12385.78 12730.00
1990/09/30 11831.41 12110.05
1990/10/31 11704.19 12057.98
1990/11/30 12220.55 12836.92
1990/12/31 12474.47 13195.07
1991/01/31 13278.53 13770.38
1991/02/28 14151.51 14754.96
1991/03/31 14474.53 15112.03
1991/04/30 14489.95 15148.30
1991/05/31 15222.15 15802.71
1991/06/30 14378.96 15078.94
1991/07/31 15022.67 15781.62
1991/08/31 15270.85 16155.65
1991/09/30 15139.06 15885.85
1991/10/31 15287.33 16098.72
1991/11/30 14366.50 15449.94
1991/12/31 15486.56 17217.41
1992/01/31 15729.84 16897.17
1992/02/29 16174.48 17116.83
1992/03/31 15684.95 16783.05
1992/04/30 15794.70 17276.48
1992/05/31 15938.21 17361.13
1992/06/30 15719.34 17102.45
1992/07/31 16058.67 17801.94
1992/08/31 15727.82 17437.00
1992/09/30 15888.44 17642.76
1992/10/31 16084.48 17704.51
1992/11/30 16442.48 18308.23
1992/12/31 16796.79 18533.42
1993/01/31 17240.21 18689.10
1993/02/28 17390.06 18943.27
1993/03/31 17906.59 19342.98
1993/04/30 17906.59 18874.88
1993/05/31 18345.08 19380.72
1993/06/30 18373.20 19436.93
1993/07/31 18391.19 19359.18
1993/08/31 19247.16 20092.89
1993/09/30 19423.14 19938.18
1993/10/31 19744.26 20350.90
1993/11/30 19218.78 20157.56
1993/12/31 19880.96 20401.47
1994/01/31 20726.96 21095.12
1994/02/28 20314.27 20523.44
1994/03/31 19390.42 19628.62
1994/04/30 19846.42 19879.87
1994/05/31 19825.69 20205.90
1994/06/30 19367.48 19710.85
1994/07/31 20002.31 20357.37
1994/08/31 20872.37 21192.02
1994/09/30 20433.87 20672.82
1994/10/31 20872.84 21137.95
1994/11/30 20137.57 20368.11
1994/12/31 20394.04 20670.17
1995/01/31 20360.93 21206.15
1995/02/28 21056.18 22032.55
1995/03/31 21819.47 22682.73
1995/04/30 22351.93 23350.74
1995/05/31 22729.08 24284.07
1995/06/30 23451.77 24848.19
1995/07/31 24521.81 25672.15
1995/08/31 24922.19 25736.59
1995/09/30 25654.14 26822.67
1995/10/31 25355.17 26726.92
1995/11/30 26424.57 27900.23
1995/12/31 27093.07 28437.59
1996/01/31 27752.13 29405.60
1996/02/29 28099.63 29678.19
1996/03/31 28627.68 29963.99
1996/04/30 29084.96 30405.66
1996/05/31 29650.53 31189.82
1996/06/30 29782.75 31308.66
1996/07/31 28489.95 29925.44
1996/08/31 29284.89 30556.57
1996/09/30 30783.63 32276.29
1996/10/31 31288.91 33166.47
1996/11/30 33167.54 35673.52
1996/12/31 32463.95 34966.83
1997/01/31 33830.85 37151.56
1997/02/28 34159.43 37442.83
1997/03/31 32471.13 35904.30
1997/04/30 34356.38 38047.79
1997/05/31 36241.63 40364.14
1997/06/30 38113.44 42172.45
1997/07/31 41325.92 45528.11
1997/08/31 39195.62 42977.63
1997/09/30 41284.82 45331.51
1997/10/31 40136.12 43817.44
1997/11/30 41913.87 45845.75
1997/12/31 42871.75 46632.92
1998/01/31 43087.48 47148.68
1998/02/28 46064.48 50549.04
1998/03/31 48470.89 53137.66
1998/04/30 48831.32 53672.23
1998/05/31 48528.55 52749.60
1998/06/30 50896.53 54892.29
IMATRL PRASUN SHR__CHT 19980630 19980717 084100 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Fund on June 30, 1988. As the chart shows, by
June 30, 1998, the value of the investment would have grown to $50,897
- - a 408.97% increase on the initial investment. For comparison, look
at how the Standard & Poor's 500 Index did over the same period. With
dividends and capital gain, if any, reinvested, the same $10,000
investment would have grown to $54,892 - a 448.92% 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
During the past year, investors in
stocks that comprise the Standard
& Poor's 500 Index continued to
be rewarded with strong gains.
While the U.S. stock market
experienced some lackluster
quarters over the past year, the
Standard & Poor's 500 Index - a
measure of the U.S. stock market
- - returned 30.16% for the
12-month period ended June 30,
1998. In comparison, the Russell
2000 - a general measure of
small-capitalization stock
performance - returned 16.50%
during the same 12-month period.
Early in the period, investors
preferred the safety and liquidity of
large-cap stocks, hoping these
stocks would maintain steady
earnings and be easier to sell in a
possible economic slowdown. In
response to the unfolding currency
and market crisis in Asia during the
fourth quarter of 1997, the broad
market indexes experienced
some weakness. In late October,
the Dow Jones Industrial Average
fell 550-plus points in one trading
session. Stock prices continued
their upward trend in the first
quarter of 1998, with the S&P 500
producing a solid 13.95% return
during this three-month period.
While continued concerns about
the potential impact of Asia's
difficulties caused U.S. equities to
stumble in mid-June, stock prices
continued their upward trend by
the end of the period as investors
refocused their attention on the
strength of the U.S. economy, a
stable interest rate environment
and low inflation.
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, 1998, the fund returned
33.54%. By comparison, the Standard & Poor's 500 Index and the growth
and income funds average tracked by Lipper Analytical Services
returned 30.16% and 22.86%, respectively, during the same period.
Q. HOW DID THE FUND OUTPACE THE S&P 500 AND ITS PEERS DURING THE
PERIOD?
A. The fund's strong returns were driven by good stock selection
across a broad number of industries. In fact, seven of the fund's top
10 holdings at the end of the period outperformed the S&P 500 over the
past 12 months.
Q. THREE OF THE FUND'S TOP 10 HOLDINGS WERE PHARMACEUTICAL STOCKS.
WHAT DID YOU FIND ATTRACTIVE ABOUT THEM?
A. I owned each of these stocks for different reasons. For instance, I
felt that Bristol-Myers Squibb was an undervalued growth stock. The
company had an improving product pipeline and financial profile -
positive attributes that I didn't think were accurately reflected in
its stock price relative to other pharmaceutical stocks. As for
American Home Products, I thought it was a cheap stock relative to
pharmaceuticals and the market as a whole, especially after it took a
beating in the fall of 1997 when its weight-loss drug Redux was
recalled after having been linked with heart problems. Finally, I felt
the market had unfairly punished Merck's stock on concerns that the
company would struggle through the patent expirations of several of
its major drugs in the years 2000 and 2001. However, I believed that
management could use tight expense control and share-repurchase
programs to continue to grow earnings in the short term, while
developing several new drugs in its pipeline for the longer term.
Q. FINANCE REMAINED THE FUND'S LARGEST SECTOR WEIGHTING, 18.7% OF
INVESTMENTS AT THE END OF JUNE. WHAT WAS THE DRAW OF SOME OF THE
LARGER FINANCE STOCK HOLDINGS?
A. Again, I owned these financial stocks for different reasons. For
example, I felt Citicorp - one of the fund's top 10 holdings - was a
terrific global franchise that was extremely undervalued. When
Citicorp announced its merger with Travelers in April 1998, I was even
more optimistic about the strength of the combined entity. As for
BankAmerica, another of the fund's large stakes in the finance sector,
I was enthused by a new management team taking control of an
organization that had not been as astutely managed financially as it
could have been. The company's plan to merge with NationsBank also was
seen as a positive because it brings together two companies with very
different strengths.
Q. MANY OF THE FUND'S TOP HOLDINGS WERE INVOLVED IN BIG MERGERS DURING
THE PERIOD. HOW DID THESE ACTIONS AFFECT THE PERFORMANCE OF THE FUND?
A. In general, these deals greatly added to the fund's returns during
the period. I think that big mergers are becoming a way of life in an
increasingly competitive market. There is global production
overcapacity in almost every industry, and the only way many companies
can continue to grow earnings is by merging and cutting costs. Aside
from expense control, many of these mergers, such as the Citicorp
deal, are strong revenue stories - meaning the companies together can
grow their revenue base more than they could as separate companies.
Q. WHICH OTHER INDIVIDUAL STOCKS HELPED PERFORMANCE?
A. Tyco International was the single biggest contributor to
performance. The company's management team delivered strong earnings
each quarter after having made a number of acquisitions over the past
year. Wal-Mart, which was up about 80% during the 12-month period, and
Time Warner, which was up around 77%, both added to the fund's
returns. Management at both companies focused on improving earnings
and revenue by building on their existing franchises, and their stock
prices were duly rewarded.
Q. WHICH STOCKS DETRACTED FROM PERFORMANCE?
A. Consolidated Stores - one of the best performers last year -
suffered a correction during the period as sales of popular toys
slowed down dramatically. Philip Morris - along with the other tobacco
stocks - suffered as litigation intensified and Congress squeezed them
for bigger settlements. Finally, Diebold's stock was hurt as bank
mergers reduced the amount of money being spent on ATM networks.
Q. WHAT'S YOUR OUTLOOK?
A. I will continue to position the fund with the assumption that
economic growth is not accelerating. In the current environment,
consumers are producing much of the strength in the economy, as
industrial companies struggle with overcapacity that has been
heightened by declines in many Asian economies. This means I must be
vigilant in seeking out strong individual companies that can continue
to grow earnings and revenue.
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.

BETH TERRANA ON
HER IDEAL STOCK:
"My ideal stock has three general
attributes. First, I look for rigorous
day-to-day management directed
at maximizing profit margins.
Second, I seek out a disciplined
focus on balance-sheet
management and free-cash-flow
generation over multiple time
periods. Third, I like to see a
management team with a killer
instinct aimed at beating the
competition and increasing
market share.
"My stock selection remains
particularly focused on companies
that can improve their financial
returns in today's competitive
market. I pay tremendous attention
to companies that are improving
financial returns because stock
prices tend to follow returns, and
improving returns generally lead to
higher price-to-earnings multiples
- - an important measure of a
stock's value. In today's world of
slowing corporate profit growth
and historically high valuations,
I think that identifying companies
with the potential for
price-to-earnings expansion is
critical. One way that companies
are growing profits from
already-record levels is by
instituting aggressive
cost-management and productivity
initiatives. I believe that these
efforts are essential to sustaining
profit growth and current valuation
levels in a slowing global economy,
and within a business environment
that universally lacks pricing
power."
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 June 30, 1998,
more than $8.7 billion
MANAGER: Beth Terrana, since
1993; joined Fidelity in 1983
(checkmark)
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

GENERAL ELECTRIC CO. 3.2 3.4

TIME WARNER, INC. 3.2 2.0

TYCO INTERNATIONAL LTD. 2.8 3.4

WAL-MART STORES, INC. 2.6 2.1

CITICORP 2.4 1.7

BRISTOL-MYERS SQUIBB CO. 2.1 2.5

MERCK & CO., INC. 1.9 1.5

MICROSOFT CORP. 1.8 1.0

AMERICAN HOME PRODUCTS CORP. 1.5 1.5

CVS CORP. 1.5 1.2

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO

FINANCE 18.7 20.0

HEALTH 12.4 13.4

RETAIL & WHOLESALE 12.0 10.6

TECHNOLOGY 9.5 6.1

MEDIA & LEISURE 9.3 7.1

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JUNE 30, 1998 * AS OF DECEMBER 31, 1997 **
ROW: 1, COL: 1, VALUE: 92.59999999999999
ROW: 1, COL: 2, VALUE: 2.4
ROW: 1, COL: 3, VALUE: 5.0
STOCKS 92.3%
CONVERTIBLE
SECURITIES 2.4%
SHORT-TERM
INVESTMENTS 5.3%
FOREIGN
INVESTMENTS 6.1%
STOCKS 92.6%
CONVERTIBLE
SECURITIES 2.4%
SHORT-TERM
INVESTMENTS 5.0%
FOREIGN
INVESTMENTS 5.7%
ROW: 1, COL: 1, VALUE: 92.3
ROW: 1, COL: 2, VALUE: 2.4
ROW: 1, COL: 3, VALUE: 5.3
*
**
INVESTMENTS JUNE 30, 1998

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

COMMON STOCKS - 92.6%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 1.6%
AEROSPACE & DEFENSE - 1.6%
AlliedSignal, Inc. 766,200 $ 34,000
Gulfstream Aerospace Corp. (a) 652,000 30,318
Textron, Inc. 1,075,900 77,129
141,447
DEFENSE ELECTRONICS - 0.0%
Raytheon Co. Class B 38,900 2,300
TOTAL AEROSPACE & DEFENSE 143,747
BASIC INDUSTRIES - 1.3%
CHEMICALS & PLASTICS - 1.3%
du Pont (E.I.) de Nemours & Co. 446,900 33,350
Monsanto Co. 1,078,400 60,250
Sealed Air Corp. (a) 517,292 19,010
112,610
CONSTRUCTION & REAL ESTATE - 1.8%
BUILDING MATERIALS - 1.1%
Masco Corp. 1,584,400 95,856
REAL ESTATE INVESTMENT TRUSTS - 0.7%
Duke Realty Investors, Inc. 791,666 18,753
Equity Residential Properties Trust (SBI) 515,200 24,440
Public Storage, Inc. 667,900 18,701
61,894
TOTAL CONSTRUCTION & REAL ESTATE 157,750
DURABLES - 1.2%
AUTOS, TIRES, & ACCESSORIES - 0.3%
Federal-Mogul Corp. 334,800 22,599
Pep Boys-Manny, Moe & Jack 340,600 6,450
29,049
CONSUMER DURABLES - 0.1%
Minnesota Mining & Manufacturing Co. 54,600 4,487
CONSUMER ELECTRONICS - 0.2%
Black & Decker Corp. 205,700 12,548
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
TEXTILES & APPAREL - 0.6%
Liz Claiborne, Inc. 258,300 $ 13,496
VF Corp. 827,300 42,606
56,102
TOTAL DURABLES 102,186
ENERGY - 5.2%
OIL & GAS - 5.2%
Atlantic Richfield Co. 211,200 16,500
British Petroleum PLC ADR 1,179,677 104,106
Chevron Corp. 634,200 52,678
Exxon Corp. 546,700 38,987
Mobil Corp. 569,100 43,607
Royal Dutch Petroleum Co. 1,100,900 60,343
Texaco, Inc. 1,371,800 81,879
Total SA sponsored ADR 471,400 30,818
USX-Marathon Group 909,200 31,197
460,115
FINANCE - 18.5%
BANKS - 7.5%
Bank of New York Co., Inc. 1,301,900 79,009
BankAmerica Corp. 1,228,100 106,154
Chase Manhattan Corp. 1,617,400 122,114
Citicorp 1,382,600 206,353
Comerica, Inc. 265,750 17,606
National City Corp. 480,266 34,099
U.S. Bancorp 1,917,700 82,461
Wells Fargo & Co. 18,800 6,937
654,733
CREDIT & OTHER FINANCE - 2.8%
American Express Co. 1,088,664 124,108
Associates First Capital Corp. Class A 508,400 39,083
Household International, Inc. 1,709,533 85,049
248,240
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
FEDERAL SPONSORED CREDIT - 2.2%
Fannie Mae 1,689,400 $ 102,631
Freddie Mac 1,998,400 94,050
196,681
INSURANCE - 3.2%
AFLAC, Inc. 1,165,900 35,341
Allstate Corp. 500,800 45,855
American International Group, Inc. 869,100 126,889
MGIC Investment Corp. 107,600 6,140
Progressive Corp. 147,300 20,769
Travelers Property Casualty Corp. Class A 717,600 30,767
UNUM Corp. 278,600 15,462
281,223
SAVINGS & LOANS - 1.0%
Charter One Financial Corp. 371,380 12,511
Dime Bancorp., Inc. 1,125,500 33,695
Washington Mutual, Inc. 891,390 38,720
84,926
SECURITIES INDUSTRY - 1.8%
Merrill Lynch & Co., Inc. 117,300 10,821
Morgan Stanley, Dean Witter, Discover and Co. 644,200 58,864
Travelers Group, Inc. (The) 1,409,550 85,454
155,139
TOTAL FINANCE 1,620,942
HEALTH - 11.7%
DRUGS & PHARMACEUTICALS - 7.6%
American Home Products Corp. 2,580,800 133,556
Amgen, Inc. (a) 166,000 10,852
Bristol-Myers Squibb Co. 1,599,700 183,866
Cytyc Corp. (a) 324,000 5,285
Lilly (Eli) & Co. 509,300 33,646
Merck & Co., Inc. 1,256,500 168,057
Pfizer, Inc. 131,800 14,325
Schering-Plough Corp. 1,125,300 103,106
SmithKline Beecham PLC ADR 213,000 12,887
665,580
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
MEDICAL EQUIPMENT & SUPPLIES - 3.4%
Baxter International, Inc. 479,600 $ 25,808
Cardinal Health, Inc. 806,400 75,600
Guidant Corp. 41,400 2,952
Johnson & Johnson 1,112,400 82,040
McKesson Corp. 619,600 50,343
Medtronic, Inc. 606,100 38,639
St. Jude Medical, Inc. (a) 408,900 15,053
Sofamor/Danek Group, Inc. (a) 143,800 12,448
302,883
MEDICAL FACILITIES MANAGEMENT - 0.7%
Columbia/HCA Healthcare Corp. 1,533,700 44,669
Tenet Healthcare Corp. (a) 461,400 14,419
59,088
TOTAL HEALTH 1,027,551
INDUSTRIAL MACHINERY & EQUIPMENT - 8.3%
ELECTRICAL EQUIPMENT - 4.5%
Alcatel Alsthom Compagnie Generale d'Electricite SA
sponsored ADR 697,000 28,359
Alcatel Alsthom Compagnie Generale d'Electricite SA (RFD) 243,300
49,402
Emerson Electric Co. 433,100 26,148
General Electric Co. 3,097,700 281,891
Philips Electronics NV 128,800 10,948
396,748
INDUSTRIAL MACHINERY & EQUIPMENT - 3.5%
Caterpillar, Inc. 20,200 1,068
Cooper Industries, Inc. 17,000 934
Ingersoll-Rand Co. 238,400 10,505
Stanley Works 1,269,900 52,780
Tyco International Ltd. 3,838,800 241,844
307,131
POLLUTION CONTROL - 0.3%
Waste Management, Inc. 761,300 26,647
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 730,526
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - 9.3%
BROADCASTING - 4.7%
Comcast Corp. Class A special 425,800 $ 17,285
MediaOne Group, Inc. 1,083,000 47,584
Tele-Communications, Inc. (TCI Group), Series A (a) 1,661,900 63,879
Time Warner, Inc. 3,266,769 279,105
407,853
ENTERTAINMENT - 1.4%
Carnival Cruise Lines, Inc. Class A 772,200 30,598
Disney (Walt) Co. 247,800 26,034
Viacom, Inc. (a):
Class A 9,000 527
Class B (non-vtg.) 1,083,600 63,120
120,279
PUBLISHING - 2.4%
Cognizant Corp. 848,400 53,449
Harcourt General, Inc. 518,900 30,875
McGraw-Hill Companies, Inc. 772,700 63,023
Pearson PLC 1,125,000 20,600
Times Mirror Co. Class A 445,900 28,036
Tribune Co. 220,300 15,159
211,142
RESTAURANTS - 0.8%
McDonald's Corp. 1,062,100 73,285
TOTAL MEDIA & LEISURE 812,559
NONDURABLES - 7.0%
BEVERAGES - 0.7%
Coca-Cola Co. (The) 688,900 58,901
FOODS - 1.0%
Campbell Soup Co. 340,500 18,089
Dean Foods Co. 175,800 9,658
Dole Food, Inc. 504,400 25,062
Heinz (H.J.) Co. 639,400 35,886
88,695
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
HOUSEHOLD PRODUCTS - 4.3%
Avon Products, Inc. 975,300 $ 75,586
Clorox Co. 178,300 17,005
Gillette Co. 916,000 51,926
Procter & Gamble Co. 939,400 85,544
Unilever PLC Ord. 3,925,300 41,765
Unilever NV ADR 1,374,500 108,500
380,326
TOBACCO - 1.0%
Philip Morris Companies, Inc. 2,233,300 87,936
TOTAL NONDURABLES 615,858
RETAIL & WHOLESALE - 11.7%
APPAREL STORES - 2.0%
Gap, Inc. 513,800 31,663
Payless ShoeSource, Inc. (a) 1,133,100 83,495
TJX Companies, Inc. 2,563,600 61,847
177,005
DRUG STORES - 1.5%
CVS Corp. 3,328,426 129,601
GENERAL MERCHANDISE STORES - 6.8%
Consolidated Stores Corp. (a) 2,022,193 73,304
Costco Companies, Inc. (a) 643,600 40,587
Dayton Hudson Corp. 1,140,400 55,309
Federated Department Stores, Inc. (a) 1,425,800 76,726
Nordstrom, Inc. 928,000 71,688
Proffitts, Inc. 1,396,300 56,376
Wal-Mart Stores, Inc. 3,727,900 226,470
600,460
RETAIL & WHOLESALE, MISCELLANEOUS - 1.4%
Amazon.com, Inc. (a) 187,400 18,693
Home Depot, Inc. 1,233,600 102,466
121,159
TOTAL RETAIL & WHOLESALE 1,028,225
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - 2.7%
ADVERTISING - 1.1%
Omnicom Group, Inc. 1,987,400 $ 99,122
LEASING & RENTAL - 0.2%
Ryder Systems, Inc. 372,200 11,748
PRINTING - 0.4%
Donnelley (R.R.) & Sons Co. 783,700 35,854
SERVICES - 1.0%
Ecolab, Inc. 1,378,500 42,734
Service Corp. International 857,809 36,779
ServiceMaster Co. 204,600 7,788
87,301
TOTAL SERVICES 234,025
TECHNOLOGY - 8.8%
COMMUNICATIONS EQUIPMENT - 0.9%
Ascend Communications, Inc. 117,600 5,829
Cisco Systems, Inc. (a) 225,650 20,774
Lucent Technologies, Inc. 626,700 52,134
78,737
COMPUTER SERVICES & SOFTWARE - 2.4%
America Online, Inc. (a) 347,600 36,846
Microsoft Corp. (a) 1,482,400 160,655
Oracle Corp. (a) 635,000 15,597
213,098
COMPUTERS & OFFICE EQUIPMENT - 4.0%
Compaq Computer Corp. 1,720,100 48,808
Diebold, Inc. 373,850 10,795
EMC Corp. (a) 658,000 29,487
International Business Machines Corp. 819,400 94,077
Pitney Bowes, Inc. 1,528,000 73,535
Unisys Corp. (a) 119,082 3,364
Xerox Corp. 928,100 94,318
354,384
ELECTRONIC INSTRUMENTS - 0.2%
Applied Materials, Inc. (a) 407,000 12,007
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONICS - 1.2%
Intel Corp. 607,000 $ 44,994
Motorola, Inc. 761,100 40,005
Texas Instruments, Inc. 400,000 23,325
108,324
PHOTOGRAPHIC EQUIPMENT - 0.1%
Polaroid Corp. 216,700 7,706
TOTAL TECHNOLOGY 774,256
UTILITIES - 3.5%
ELECTRIC UTILITY - 0.7%
Duke Energy Corp. 366,600 21,721
Entergy Corp. 282,300 8,116
PG&E Corp. 821,600 25,932
55,769
TELEPHONE SERVICES - 2.8%
AT&T Corp. 1,402,500 80,118
Frontier Corp. 243,100 7,658
GTE Corp. 557,200 30,994
MCI Communications Corp. 1,391,600 80,887
Sprint Corp. 220,700 15,559
WorldCom, Inc. (a) 645,555 31,269
246,485
TOTAL UTILITIES 302,254
TOTAL COMMON STOCKS
(Cost $5,604,414) 8,122,604
CONVERTIBLE PREFERRED STOCKS - 0.9%
BASIC INDUSTRIES - 0.0%
CHEMICALS & PLASTICS - 0.0%
Sealed Air Corp., Series A, $2.00 57,950 2,434
CONVERTIBLE PREFERRED STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 0.2%
CREDIT & OTHER FINANCE - 0.2%
Federal-Mogul Financing Trust $3.50 (c) 157,900 $ 11,724
HEALTH - 0.7%
MEDICAL EQUIPMENT & SUPPLIES - 0.7%
McKesson Financing Trust $2.50 TOPRS (c) 297,400 33,012
McKesson Financing Trust $2.50 258,400 28,682
61,694
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $49,064) 75,852
CONVERTIBLE BONDS - 1.5%
MOODY'S RATINGS PRINCIPAL
(UNAUDITED) (D) AMOUNT (000S)
INDUSTRIAL MACHINERY & EQUIPMENT - 0.5%
ELECTRICAL EQUIPMENT - 0.0%
ANTEC Corp. 4 1/2%, 5/15/03 (c) B2 $ 5,065 5,888
POLLUTION CONTROL - 0.5%
USA Waste Services, Inc. 4%, 2/1/02 Ba2 24,742 30,788
United Waste Systems, Inc. 4 1/2%, 6/1/01 Ba3 6,525 10,880
41,668
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 47,556
RETAIL & WHOLESALE - 0.3%
GENERAL MERCHANDISE STORES - 0.1%
Federated Department Stores, Inc. 5%, 10/1/03 Baa 7,234 11,516
RETAIL & WHOLESALE, MISCELLANEOUS - 0.2%
Home Depot, Inc. 3 1/4%, 10/1/01 A1 8,020 14,697
TOTAL RETAIL & WHOLESALE 26,213
CONVERTIBLE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (D) AMOUNT (000S) (000S)
TECHNOLOGY - 0.7%
COMPUTERS & OFFICE EQUIPMENT - 0.6%
EMC Corp. 3 1/4%, 3/15/02 Ba2 $ 9,630 $ 19,645
Unisys Corp. 8 1/4%, 3/15/06 B 7,980 32,878
52,523
ELECTRONIC INSTRUMENTS - 0.1%
Thermo Electron Corp. 4 1/8%, 1/1/03 (c) Ba2 7,210 7,665
TOTAL TECHNOLOGY 60,188
TOTAL CONVERTIBLE BONDS
(Cost $99,570) 133,957
CASH EQUIVALENTS - 5.0%
SHARES
Taxable Central Cash Fund (b)
(Cost $443,884) 443,884,019 443,884
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $6,196,932) $ 8,776,297
SECURITY TYPE ABBREVIATIONS
TOPRS - Trust Originated Preferred
Securities
LEGEND
(a) Non-income producing
(b) At period end, the seven-day yield of the Taxable Central Cash
Fund was 5.61%. The yield refers to the income earned by investing in
the fund over the seven-day period, expressed as an annual percentage.
(c) 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
$58,289,000 or 0.7% of net assets.
(d) 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, 1998, the aggregate cost of investment securities for
income tax purposes was $6,207,236,000. Net unrealized appreciation
aggregated $2,569,061,000, of which $2,632,059,000 related to
appreciated investment securities and $62,998,000 related to
depreciated investment securities.
The fund hereby designates approximately $337,298,000 as a capital
gain dividend for the purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) JUNE 30, 1998

ASSETS

INVESTMENT IN SECURITIES, AT VALUE (COST $6,196,932) - $ 8,776,297
SEE ACCOMPANYING SCHEDULE

RECEIVABLE FOR INVESTMENTS SOLD 141

RECEIVABLE FOR FUND SHARES SOLD 37,971

DIVIDENDS RECEIVABLE 8,605

INTEREST RECEIVABLE 2,669

OTHER RECEIVABLES 642

TOTAL ASSETS 8,826,325

LIABILITIES

PAYABLE FOR INVESTMENTS PURCHASED $ 11,707

PAYABLE FOR FUND SHARES REDEEMED 38,512

ACCRUED MANAGEMENT FEE 2,642

OTHER PAYABLES AND ACCRUED EXPENSES 1,883

COLLATERAL ON SECURITIES LOANED, AT VALUE 45,526

TOTAL LIABILITIES 100,270

NET ASSETS $ 8,726,055

NET ASSETS CONSIST OF:

PAID IN CAPITAL $ 5,698,887

UNDISTRIBUTED NET INVESTMENT INCOME 535

ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON 447,271
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS

NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 2,579,362
AND ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

NET ASSETS, FOR 247,732 SHARES OUTSTANDING $ 8,726,055

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE $35.22
PER SHARE ($8,726,055 (DIVIDED BY) 247,732 SHARES)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS YEAR ENDED JUNE 30, 1998

INVESTMENT INCOME $ 91,735
DIVIDENDS

INTEREST (INCLUDING INCOME ON SECURITIES LOANED OF $410) 15,361

TOTAL INCOME 107,096

EXPENSES

MANAGEMENT FEE $ 26,184

TRANSFER AGENT FEES 11,478

ACCOUNTING AND SECURITY LENDING FEES 821

NON-INTERESTED TRUSTEES' COMPENSATION 37

CUSTODIAN FEES AND EXPENSES 129

REGISTRATION FEES 751

AUDIT 71

LEGAL 46

MISCELLANEOUS 165

TOTAL EXPENSES BEFORE REDUCTIONS 39,682

EXPENSE REDUCTIONS (1,415) 38,267

NET INVESTMENT INCOME 68,829

REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:

INVESTMENT SECURITIES 744,714

FOREIGN CURRENCY TRANSACTIONS (23) 744,691

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:

INVESTMENT SECURITIES 1,182,690

ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (4) 1,182,686

NET GAIN (LOSS) 1,927,377

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 1,996,206
FROM OPERATIONS

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
AMOUNTS IN THOUSANDS YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1998 1997

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS $ 68,829 $ 60,326
NET INVESTMENT INCOME

NET REALIZED GAIN (LOSS) 744,691 254,991

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 1,182,686 835,122

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 1,996,206 1,150,439
FROM OPERATIONS

DISTRIBUTIONS TO SHAREHOLDERS (68,292) (59,829)
FROM NET INVESTMENT INCOME

FROM NET REALIZED GAIN (477,200) (294,229)

TOTAL DISTRIBUTIONS (545,492) (354,058)

SHARE TRANSACTIONS 3,936,994 2,094,284
NET PROCEEDS FROM SALES OF SHARES

REINVESTMENT OF DISTRIBUTIONS 507,421 325,419

COST OF SHARES REDEEMED (2,677,757) (1,654,747)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 1,766,658 764,956
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 3,217,372 1,561,337

NET ASSETS

BEGINNING OF PERIOD 5,508,683 3,947,346

END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT $ 8,726,055 $ 5,508,683
INCOME OF $535 AND $492, RESPECTIVELY)

OTHER INFORMATION
SHARES

SOLD 125,126 82,904

ISSUED IN REINVESTMENT OF DISTRIBUTIONS 17,254 13,949

REDEEMED (85,754) (65,855)

NET INCREASE (DECREASE) 56,626 30,998

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JUNE 30,

1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING $ 28.83 $ 24.65 $ 21.04 $ 18.61 $ 20.42
OF PERIOD

INCOME FROM INVESTMENT
OPERATIONS

NET INVESTMENT INCOME .32 B .34 B .39 .38 .27

NET REALIZED AND UNREALIZED 8.74 5.99 5.04 3.35 .79
GAIN (LOSS)

TOTAL FROM INVESTMENT OPERATIONS 9.06 6.33 5.43 3.73 1.06

LESS DISTRIBUTIONS

FROM NET INVESTMENT INCOME (.31) E (.33) (.41) (.36) (.31)

FROM NET REALIZED GAIN (2.36) E (1.82) (1.41) (.94) (2.56)

TOTAL DISTRIBUTIONS (2.67) (2.15) (1.82) (1.30) (2.87)

NET ASSET VALUE, END OF PERIOD $ 35.22 $ 28.83 $ 24.65 $ 21.04 $ 18.61

TOTAL RETURN A 33.54% 27.97% 27.00% 21.09% 5.41%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD $ 8,726 $ 5,509 $ 3,947 $ 2,404 $ 1,592
(IN MILLIONS)

RATIO OF EXPENSES TO AVERAGE .58% .62% .63% .66% .68%
NET ASSETS

RATIO OF EXPENSES TO AVERAGE NET .56% C .59% C .60% C .64% C .65% C
ASSETS AFTER EXPENSE REDUCTIONS

RATIO OF NET INVESTMENT INCOME TO 1.01% 1.34% 1.71% 2.18% 1.85%
AVERAGE NET ASSETS

PORTFOLIO TURNOVER RATE 65% 107% 150% 157% 207%

AVERAGE COMMISSION RATE D $ .0426 $ .0420

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 6 OF NOTES TO
FINANCIAL STATEMENTS).
B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
D 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.
E THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES (SEE NOTE 1 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1998

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, 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 require 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. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
date and settlement on purchases and sales of securities. 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
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
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
among the funds in the trust.
DEFERRED TRUSTEE COMPENSATION. Under a Deferred Compensation Plan (the
Plan) non-interested Trustees must defer receipt of a portion of, and
may elect to defer receipt of an additional portion of, their annual
compensation. Under the Plan, deferred amounts are treated as though
equivalent dollar amounts had been invested in shares of a
cross-section of Fidelity funds, including shares of the fund.
Deferred amounts remain in the fund until distributed in accordance
with the Plan.
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,
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 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 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.
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
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT - CONTINUED
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 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 Fidelity Investments Money Management, Inc.,
(formerly FMR Texas, Inc.) 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 earned
by the fund are recorded as interest income in the accompanying
financial statements.
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).
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $5,320,810,000 and $4,273,890,000, 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. 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
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
management fee was equivalent to an annual rate of .38% 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 .17% 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 $1,268,000 for the
period.
5. SECURITY LENDING.
The fund loaned securities to certain brokers who paid the fund
negotiated lenders' fees. These fees are included in interest income.
The fund receives U.S. Treasury obligations and/or cash as collateral
against the loaned securities, in an amount at least equal to 102% of
the market value of the loaned securities at the inception of each
loan. This collateral must be maintained at not less than 100% of the
market value of the loaned securities during the period of the loan.
At period end, the value of the securities loaned and the value of
collateral amounted to $44,236,000 and $45,526,000, respectively.
6. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $1,153,000 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 $4,000 and $258,000, respectively, under these
arrangements.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders
of Fidelity Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Fidelity Fund (a fund of Fidelity Hastings Street Trust) at June 30,
1998 and the results of its operations, the changes in its net assets
and the financial highlights for the periods indicated, in conformity
with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fidelity Fund's
management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of
these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which
included
confirmation of securities at June 30, 1998 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion
expressed above.
/s/PricewaterhouseCoopers LLP PricewarhouseCoopers LLP
Boston, Massachusetts
August 3, 1998
DISTRIBUTIONS

The Board of Trustees of Fidelity Fund voted to pay to shareholders of
record at the opening of business on record date, the following
distributions derived from capital gains realized from sales of
portfolio securities, and dividends derived from net investment
income:

PAY DATE 8/4/97 12/29/97 8/10/98

RECORD DATE 8/1/97 12/26/97 8/7/98

DIVIDENDS $- $.08 $ -

SHORT-TERM
CAPITAL GAINS $.33 $.62 $.50

LONG-TERM
CAPITAL GAINS $.62 $.78 $.96

LONG-TERM
CAPITAL GAIN PERCENTAGES:
28% rate 59.65% 19.40%
20% rate 40.35% 80.60%
A total of .21% 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 31% of the dividends distributed during the fiscal year
qualifies for the dividends-received deduction for corporate
shareholders.
The fund will notify shareholders in January 1999 of the applicable
percentages for use in preparing 1998 income tax returns.
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 Xpress(registered trademark) provides 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.
(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
For mutual fund and brokerage trading.

For quotes.*

For account balances and holdings.

To review orders and mutual
fund activity.

To change your PIN.

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.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call Fidelity at
1-800-544-7272 and we'll send you an America Online CD or disk with up
to 50 free hours of Web access.
(COMPUTER_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 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
2300 Litton Lane - KH1A
Hebron, KY 41048
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 500
Merrimack, NH 03054-0500
(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 500
Merrimack, NH 03054-0500

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Richard A. Spillane, Jr., Vice President
Beth Terrana, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert 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
* INDEPENDENT TRUSTEES
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Company, Inc.
Boston, MA
CUSTODIAN
The Chase Manhattan Bank
New York, NY
FIDELITY'S GROWTH AND INCOME FUNDS
Balanced Fund
Convertible Securities Fund
Equity-Income Fund
Equity-Income II Fund
Fidelity Fund
Global Balanced Fund
Growth & Income Portfolio
Puritan(registered trademark) Fund
Real Estate Investment Portfolio
Utilities 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 (registered trademark) 1-800-544-5555
AUTOMATED LINE FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)

FIDELITY FIFTY
SM

ANNUAL REPORT
JUNE 30, 1998
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 AUDITORS' OPINION.
ACCOUNTANTS

DISTRIBUTIONS 25

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 JUNE 30, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY FIFTY 20.06% 135.26%

FIDELITY FIFTY (INCL. 3% SALES CHARGE) 16.46% 128.20%

S&P 500 (REGISTERED TRADEMARK) 30.16% 175.65%

CAPITAL APPRECIATION FUNDS AVERAGE 22.12% 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
231 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, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY FIFTY 20.06% 19.57%

FIDELITY FIFTY (INCL. 3% SALES CHARGE) 16.46% 18.81%

S&P 500 30.16% 23.60%

CAPITAL APPRECIATION FUNDS AVERAGE 22.12% N/A

MARKET RECAP
During the past year, investors in
stocks that comprise the Standard
& Poor's 500 Index continued to
be rewarded with strong gains.
While the U.S. stock market
experienced some lackluster
quarters over the past year, the
Standard & Poor's 500 Index - a
measure of the U.S. stock market
- - returned 30.16% for the
12-month period ended June 30,
1998. In comparison, the Russell
2000 - a general measure of
small-capitalization stock
performance - returned 16.50%
during the same 12-month period.
Early in the period, investors
preferred the safety and liquidity of
large-cap stocks, hoping these
stocks would maintain steady
earnings and be easier to sell in a
possible economic slowdown. In
response to the unfolding currency
and market crisis in Asia during the
fourth quarter of 1997, the broad
market indexes experienced
some weakness. In late October,
the Dow Jones Industrial Average
fell 550-plus points in one trading
session. Stock prices continued
their upward trend in the first
quarter of 1998, with the S&P 500
producing a solid 13.95% return
during this three-month period.
While continued concerns about
the potential impact of Asia's
difficulties caused U.S. equities to
stumble in mid-June, stock prices
continued their upward trend by
the end of the period as investors
refocused their attention on the
strength of the U.S. economy, a
stable interest rate environment
and low inflation.
An interview with Scott Stewart, Portfolio Manager of Fidelity Fifty
Q. SCOTT, HOW DID THE FUND PERFORM OVER THE PAST YEAR?
A. For the 12-month period that ended June 30, 1998, the fund posted a
return of 20.06%. By comparison, the capital appreciation funds
average, as tracked by Lipper Analytical Services, was up 22.12% over
the same period. The Standard & Poor's 500 Index returned 30.16% over
the same time frame.
Q. IN THE PAST FEW REPORTS, YOU'VE NOTED THAT THE S&P 500 HAS TENDED
TO OUTPERFORM THE FUND BECAUSE THE INDEX IS MUCH MORE HEAVILY WEIGHTED
IN STRONG-PERFORMING, LARGE-CAPITALIZATION STOCKS THAN THE FUND. WAS
THIS STILL THE CASE OVER THIS PERIOD?
A. Yes, it was. The primary reason the fund underperformed the index
is that capital appreciation funds, like this one, tend to focus on
smaller-cap stocks, or at least a variety of small- to large-cap
stocks. I'll discuss this more in the callout box on page 8. On the
other hand, the index was made up almost entirely of large-cap stocks
- - by far the best-performing stocks during the period. Over the past
12- months, large-cap stocks strongly benefited from the low
interest-rate environment. They also turned in consistent profits.
Q. THE FUND SLIGHTLY UNDERPERFORMED ITS PEER GROUP OVER THE PAST 12
MONTHS. WHY WAS THAT?
A. Performance differences between the fund and its peers tend to boil
down to individual stock selection. Over the past 12 months - when the
fund underperformed its Lipper group - it was hurt by several
individual holdings, such as telesourcing business Sitel and chemical
company Witco. Sitel was a disappointment last July and August when
its rapid growth in the telesourcing business began slowing after the
company lost an important European client. I sold this holding during
the period. While Witco took significant cost-cutting measures and
improved its operations, it was hurt - like most commodity companies -
by decreased demand from many Asian countries impacted by the region's
financial crisis.
Q. WHAT ABOUT OVER THE PAST SIX MONTHS? HOW DID THE FUND PERFORM
AGAINST ITS PEERS?
A. During the past six months, the fund outperformed its peer group.
Over this period, the fund was helped by several-strong performing
stocks, specifically Alcatel Alsthom, one of the fund's top 10
holdings, and Gulfstream, a small-jet manufacturing company. French
telecommunications company, Alcatel, benefited from improved cost
controls and an increased demand for its products. Gulfsteam got a
boost from continued strong order and delivery growth of its aircraft.
Q. WHAT OTHER STOCKS, ESPECIALLY THOSE IN THE FUND'S TOP 10 HOLDINGS,
HELPED THE FUND OVER THE PAST YEAR?
A. We talked about Alcatel. Other strong performers were Microsoft,
the fund's number one holding, and WorldCom, which provides
telecommunications services to businesses. While potential antitrust
litigation kept the lid on Microsoft for much of the year, it was an
outstanding performer over the last month of the period. The stock
price got a real boost in anticipation of the new products it is now
offering, especially Windows '98 and Office '98. WorldCom, which
recently bought MCI, was helped by continued strong revenue growth.
Q. LET'S SHIFT OUR FOCUS AND LOOK AT THE FUND'S SECTOR HOLDINGS. OVER
THE PAST SIX MONTHS, YOU DECREASED THE FUND'S TOP SECTOR - TECHNOLOGY
- - WHICH MADE UP NEARLY 15% OF THE FUND AT THE END OF THE PERIOD. WHY?
A. I did so largely because electronics manufacturers have been
expanding capacity and demand growth has slowed. This combination of
increasing supply and slowing demand growth impacted pricing along the
whole food chain of suppliers to electronic manufacturers. As a
result, I sold out my positions in several semiconductor equipment
companies.
Q. HOW ABOUT FINANCE? YOU NOTABLY INCREASED THE FUND'S HOLDINGS IN
THAT SECTOR OVER THE PAST SIX MONTHS . . .
A. While some U.S. banks may have been suffering from overly bid-up
prices or hurt by their investments in Asia during this time frame,
there were many types of financial institutions that were attractive.
Many financial companies - including insurance companies, savings and
loans, and home equity lenders - offered increased earnings and
potential for growth.
Q. HOW DOES THE OVERALL MARKET LOOK GOING FORWARD?
A. The market has become increasingly volatile, which may lead to a
bumpy ride. However, such an environment may also provide
opportunities to buy inexpensive stocks. I will continue to manage the
fund on a stock-by-stock basis, seeking growing companies offered at
attractive prices.
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.

SCOTT STEWART ON INVESTING IN
STOCKS OF DIFFERENT
CAPITALIZATION SIZES:
"Some shareholders may wonder
why - given this current economic
environment that strongly favors
large-capitalization stocks - the
fund does not invest solely in
large-cap stocks.
"One reason is that, like other capital
appreciation funds, Fidelity Fifty is
an aggressive growth fund. While I
seek to be diversified among large-,
mid- and small-cap stocks, I tend to
buy those whose earnings growth
rates are expected to exceed other
companies. These tend to be
smaller-cap companies that are
growing from a lower base than more
established large-cap stocks.
"That said, I should note that I do
own a number of large-cap stocks in
the fund's top 10 holdings. Still, this
can't compare to the S&P 500's
approach to large-cap stocks.
Investors may be aware that the
index's holdings are weighted by
their market capitalizations. This
means that 10% of the largest stocks
represent 50% of the index's weight.
Capital appreciation funds tend to
be more equally weighted.
"My approach has been to choose
attractive holdings on a
stock-by-stock basis. So, I follow a
bottom-up strategy. This means I do
not try to time the market and select
only the types of stocks that are good
performers at one particular point in
time. Instead I focus on finding strong
individual stocks that I think will
do well over the long run.
"I believe this is an attractive
long-term investment method,
especially considering that what's hot
at one particular time can turn on a
dime. For instance, in the third
quarter of last year, small-cap stocks
rebounded, outperforming large-cap
stocks."
FUND FACTS
GOAL: to increase the value of
the fund's shares by investing
mainly in equity securities,
normally 50 to 60 stocks
FUND NUMBER: 500
TRADING SYMBOL: FFTYX
START DATE: September 17, 1993
SIZE: as of June 30, 1998,
more than $192 million
MANAGER: Scott Stewart, since
1993, founder and head of
Fidelity's Structured Equity
Group, since 1987; joined
Fidelity in 1987
(checkmark)
INVESTMENT CHANGES

TOP TEN STOCKS AS OF JUNE 30, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

MICROSOFT CORP. 4.1 2.3

WORLDCOM, INC. 3.4 0.0

ALCATEL ALSTHOM COMPANGNIE GENERALE
D'ELECTRICITE SA SPONSORED ADR 3.0 2.0

CITICORP 2.7 2.9

COCA-COLA CO. (THE) 2.7 1.5

VIACOM, INC. CLASS B (NON-VTG.) 2.5 2.8

AMGEN, INC. 2.5 0.0

TJX COMPANIES, INC. 2.3 2.8

AMERICAN HOME PRODUCTS CORP. 2.2 2.2

USA WASTE SERVICES, INC. 2.2 1.9

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO

TECHNOLOGY 14.9 18.1

FINANCE 13.8 8.2

HEALTH 10.6 8.4

INDUSTRIAL MACHINERY & EQUIPMENT 8.8 7.5

RETAIL & WHOLESALE 7.6 7.6

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JUNE 30, 1998 * AS OF DECEMBER 31, 1997 **
ROW: 1, COL: 1, VALUE: 2.3
ROW: 1, COL: 2, VALUE: 97.7
STOCKS AND
EQUITY FUTURES 97.2%
SHORT-TERM
INVESTMENTS 2.8%
FOREIGN
INVESTMENTS 5.6%
STOCKS AND
EQUITY FUTURES 97.7%
SHORT-TERM
INVESTMENTS 2.3%
FOREIGN
INVESTMENTS 4.9%
ROW: 1, COL: 1, VALUE: 2.8
ROW: 1, COL: 2, VALUE: 97.2
*
**
INVESTMENTS JUNE 30, 1998

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

COMMON STOCKS - 92.5%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 1.7%
Gulfstream Aerospace Corp. (a) 69,100 $ 3,213,150
BASIC INDUSTRIES - 2.6%
CHEMICALS & PLASTICS - 2.6%
du Pont (E.I.) de Nemours & Co. 31,000 2,313,375
Witco Corp. 92,900 2,717,325
5,030,700
CONSTRUCTION & REAL ESTATE - 1.9%
BUILDING MATERIALS - 1.5%
American Standard Companies, Inc. (a) 65,100 2,909,178
REAL ESTATE INVESTMENT TRUSTS - 0.4%
Ocwen Asset Investment Corp. 42,200 698,938
TOTAL CONSTRUCTION & REAL ESTATE 3,608,116
DURABLES - 1.1%
AUTOS, TIRES, & ACCESSORIES - 1.1%
Breed Technologies, Inc. 138,000 2,113,125
ENERGY - 3.6%
ENERGY SERVICES - 1.5%
R&B Falcon Corp. (a) 123,500 2,794,188
OIL & GAS - 2.1%
Cooper Cameron Corp. (a) 33,300 1,698,300
Enron Oil & Gas Co. 119,000 2,409,750
4,108,050
TOTAL ENERGY 6,902,238
FINANCE - 13.8%
BANKS - 2.7%
Citicorp 34,600 5,164,050
CREDIT & OTHER FINANCE - 3.7%
Associates First Capital Corp. Class A 53,000 4,074,375
FIRSTPLUS Financial Group, Inc. (a) 85,000 3,060,000
7,134,375
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
INSURANCE - 5.4%
AFLAC, Inc. 112,200 $ 3,401,063
AMBAC, Inc. 53,900 3,153,150
Progressive Corp. 27,000 3,807,000
10,361,213
SAVINGS & LOANS - 2.0%
Dime Bancorp., Inc. 129,700 3,882,894
TOTAL FINANCE 26,542,532
HEALTH - 10.6%
DRUGS & PHARMACEUTICALS - 6.1%
American Home Products Corp. 81,600 4,222,800
Amgen, Inc. (a) 72,000 4,707,000
Aviron (a) 48,900 1,525,069
ViroPharma, Inc. (a) 50,000 1,162,500
11,617,369
MEDICAL FACILITIES MANAGEMENT - 4.5%
Columbia/HCA Healthcare Corp. 69,700 2,030,013
HEALTHSOUTH Corp. (a) 139,000 3,709,563
United HealthCare Corp. 46,400 2,946,400
8,685,976
TOTAL HEALTH 20,303,345
INDUSTRIAL MACHINERY & EQUIPMENT - 8.8%
ELECTRICAL EQUIPMENT - 5.0%
Alcatel Alsthom Compagnie Generale d'Electricite
SA sponsored ADR 142,700 5,806,106
Loral Space & Communications Ltd. (a) 135,200 3,819,400
9,625,506
INDUSTRIAL MACHINERY & EQUIPMENT - 1.6%
United States Filter Corp. (a) 109,000 3,058,813
POLLUTION CONTROL - 2.2%
USA Waste Services, Inc. (a) 85,100 4,201,813
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 16,886,132
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - 6.5%
BROADCASTING - 2.0%
CBS Corp. 121,476 $ 3,856,863
ENTERTAINMENT - 3.0%
King World Productions, Inc. (a) 38,000 969,000
Viacom, Inc. Class B (non-vtg.) (a) 82,400 4,799,800
5,768,800
PUBLISHING - 1.5%
Harcourt General, Inc. 48,000 2,856,000
TOTAL MEDIA & LEISURE 12,481,663
NONDURABLES - 6.1%
BEVERAGES - 2.7%
Coca-Cola Co. (The) 60,000 5,130,000
HOUSEHOLD PRODUCTS - 3.4%
Avon Products, Inc. 32,000 2,480,000
Gillette Co. 72,000 4,081,500
6,561,500
TOTAL NONDURABLES 11,691,500
PRECIOUS METALS - 0.6%
Newmont Gold Co. 47,300 1,167,719
RETAIL & WHOLESALE - 7.6%
APPAREL STORES - 3.9%
Payless ShoeSource, Inc. (a) 42,900 3,161,194
TJX Companies, Inc. 181,200 4,371,450
7,532,644
GENERAL MERCHANDISE STORES - 1.8%
Consolidated Stores Corp. (a) 96,775 3,508,094
RETAIL & WHOLESALE, MISCELLANEOUS - 1.9%
Best Buy Co., Inc. (a) 100,000 3,612,500
TOTAL RETAIL & WHOLESALE 14,653,238
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - 3.0%
ADVERTISING - 1.8%
Omnicom Group, Inc. 70,000 $ 3,491,250
SERVICES - 1.2%
AccuStaff, Inc. (a) 72,500 2,265,625
TOTAL SERVICES 5,756,875
TECHNOLOGY - 14.9%
COMPUTER SERVICES & SOFTWARE - 9.2%
Keane, Inc. (a) 51,000 2,856,000
Microsoft Corp. (a) 73,000 7,911,375
Siebel Systems, Inc. (a) 114,000 3,676,500
SunGard Data Systems, Inc. (a) 84,200 3,231,175
17,675,050
COMPUTERS & OFFICE EQUIPMENT - 2.5%
EMC Corp. (a) 70,000 3,136,875
Quantum Corp. (a) 77,000 1,597,750
4,734,625
ELECTRONIC INSTRUMENTS - 0.7%
Novellus Systems, Inc. (a) 37,800 1,348,988
ELECTRONICS - 2.5%
Brightpoint, Inc. (a) 50,000 725,000
Micron Technology, Inc. (a) 38,000 942,875
Solectron Corp. (a) 74,700 3,142,069
4,809,944
TOTAL TECHNOLOGY 28,568,607
TRANSPORTATION - 2.5%
AIR TRANSPORTATION - 1.2%
Alaska Air Group, Inc. (a) 42,400 2,313,450
TRUCKING & FREIGHT - 1.3%
USFreightways Corp. 78,300 2,571,666
TOTAL TRANSPORTATION 4,885,116
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - 7.2%
CELLULAR - 0.3%
Nextel Communications, Inc. Class A (a) 19,000 $ 472,625
TELEPHONE SERVICES - 6.9%
GTE Corp. 50,000 2,781,250
Qwest Communications International, Inc. 116,610 4,066,774
WorldCom, Inc. (a) 133,000 6,442,188
13,290,212
TOTAL UTILITIES 13,762,837
TOTAL COMMON STOCKS
(Cost $144,343,408) 177,566,893
U.S. TREASURY OBLIGATIONS (C) - 0.4%
PRINCIPAL
AMOUNT
U.S. Treasury Bills, yields at date of purchase
4.92% - 5.08% 7/23/98 (Cost $797,595) $ 800,000 797,595
CASH EQUIVALENTS - 7.1%
SHARES
Taxable Central Cash Fund (b) (Cost $13,615,112) 13,615,112
13,615,112
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $158,756,115) $ 191,979,600
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
8 Midcap 400 Stock Index Futures Contract Sep. 1998 $ 1,458,400 $
49,150
6 Russell 2000 Stock Index Futures Contract Sep. 1998 1,387,050
62,586
25 S&P 500 Stock Index Futures Contract Sep. 1998 7,143,750
276,406
$ 9,989,200 $ 388,142
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL
INVESTMENT IN SECURITIES - 5.2%
LEGEND
(a) Non-income producing
(b) At period end, the seven-day yield of the Taxable Central Cash
Fund was 5.61%. The yield refers to the income earned by investing in
the fund over the seven-day period, expressed as an annual percentage.
(c) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $797,595.
INCOME TAX INFORMATION
At June 30, 1998, the aggregate cost of investment securities for
income tax purposes was $159,020,828. Net unrealized appreciation
aggregated $32,958,772, of which $38,921,936 related to appreciated
investment securities and $5,963,164 related to depreciated investment
securities.
The fund hereby designates approximately $12,279,000 as a capital gain
dividend for the purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998

ASSETS

INVESTMENT IN SECURITIES, AT VALUE (COST $158,756,115) - $ 191,979,600
SEE ACCOMPANYING SCHEDULE

RECEIVABLE FOR INVESTMENTS SOLD 767,734

RECEIVABLE FOR FUND SHARES SOLD 264,695

DIVIDENDS RECEIVABLE 181,220

INTEREST RECEIVABLE 58,015

OTHER RECEIVABLES 39,940

TOTAL ASSETS 193,291,204

LIABILITIES

PAYABLE FOR FUND SHARES REDEEMED $ 472,335

ACCRUED MANAGEMENT FEE 65,044

PAYABLE FOR DAILY VARIATION ON FUTURES CONTRACTS 47,275

OTHER PAYABLES AND ACCRUED EXPENSES 85,913

TOTAL LIABILITIES 670,567

NET ASSETS $ 192,620,637

NET ASSETS CONSIST OF:

PAID IN CAPITAL $ 144,655,005

UNDISTRIBUTED NET INVESTMENT INCOME 335,632

ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON 14,018,373
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS

NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 33,611,627

NET ASSETS, FOR 11,164,154 SHARES OUTSTANDING $ 192,620,637

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE $17.25
PER SHARE ($192,620,637 (DIVIDED BY) 11,164,154 SHARES)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1998

INVESTMENT INCOME $ 938,937
DIVIDENDS

INTEREST 949,528

TOTAL INCOME 1,888,465

EXPENSES

MANAGEMENT FEE $ 1,069,492
BASIC FEE

PERFORMANCE ADJUSTMENT (296,405)

TRANSFER AGENT FEES 458,025

ACCOUNTING FEES AND EXPENSES 109,147

NON-INTERESTED TRUSTEES' COMPENSATION 673

CUSTODIAN FEES AND EXPENSES 12,389

REGISTRATION FEES 39,931

AUDIT 41,075

LEGAL 1,298

MISCELLANEOUS 10,364

TOTAL EXPENSES BEFORE REDUCTIONS 1,445,989

EXPENSE REDUCTIONS (51,568) 1,394,421

NET INVESTMENT INCOME 494,044

REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:

INVESTMENT SECURITIES 19,898,873

FUTURES CONTRACTS 1,212,504 21,111,377

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:

INVESTMENT SECURITIES 9,385,616

FUTURES CONTRACTS 313,684 9,699,300

NET GAIN (LOSS) 30,810,677

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 31,304,721
FROM OPERATIONS

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1998 1997

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS $ 494,044 $ 802,830
NET INVESTMENT INCOME

NET REALIZED GAIN (LOSS) 21,111,377 22,806,133

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 9,699,300 7,857,885

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 31,304,721 31,466,848
FROM OPERATIONS

DISTRIBUTIONS TO SHAREHOLDERS (495,564) (1,070,638)
FROM NET INVESTMENT INCOME

FROM NET REALIZED GAIN (20,129,202) (9,845,020)

TOTAL DISTRIBUTIONS (20,624,766) (10,915,658)

SHARE TRANSACTIONS 203,058,297 143,303,825
NET PROCEEDS FROM SALES OF SHARES

REINVESTMENT OF DISTRIBUTIONS 20,420,206 10,824,055

COST OF SHARES REDEEMED (197,674,155) (199,525,490)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 25,804,348 (45,397,610)
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 36,484,303 (24,846,420)

NET ASSETS

BEGINNING OF PERIOD 156,136,334 180,982,754

END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT $ 192,620,637 $ 156,136,334
INCOME OF $335,632 AND $505,676, RESPECTIVELY)

OTHER INFORMATION
SHARES

SOLD 12,278,921 9,988,553

ISSUED IN REINVESTMENT OF DISTRIBUTIONS 1,311,377 823,934

REDEEMED (12,000,886) (14,161,512)

NET INCREASE (DECREASE) 1,589,412 (3,349,025)

</TABLE>

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

1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING $ 16.31 $ 14.00 $ 13.10 $ 10.17 $ 10.00
OF PERIOD

INCOME FROM INVESTMENT
OPERATIONS

NET INVESTMENT INCOME .04 D .07 D .15 .08 .02

NET REALIZED AND 2.95 3.16 2.12 2.97 .16
UNREALIZED GAIN (LOSS)

TOTAL FROM INVESTMENT 2.99 3.23 2.27 3.05 .18
OPERATIONS

LESS DISTRIBUTIONS

FROM NET INVESTMENT (.05) (.09) (.13) (.02) (.01)
INCOME

FROM NET REALIZED GAIN (2.00) (.83) (1.24) (.10) -

TOTAL DISTRIBUTIONS (2.05) (.92) (1.37) (.12) (.01)

NET ASSET VALUE, $ 17.25 $ 16.31 $ 14.00 $ 13.10 $ 10.17
END OF PERIOD

TOTAL RETURN B, C 20.06% 24.75% 18.46% 30.26% 1.80%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD $ 192,621 $ 156,136 $ 180,983 $ 128,572 $ 48,359
(000 OMITTED)

RATIO OF EXPENSES TO .80% .88% 1.03% 1.22% 1.58% A
AVERAGE NET ASSETS

RATIO OF EXPENSES TO .77% E .84% E .99% E 1.19% E 1.58% A
AVERAGE NET ASSETS AFTER
EXPENSE REDUCTIONS

RATIO OF NET INVESTMENT .27% .53% 1.20% 1.15% .23% A
INCOME TO AVERAGE
NET ASSETS

PORTFOLIO TURNOVER RATE 121% 131% 152% 180% 320% A

AVERAGE COMMISSION RATE F $ .0428 $ .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 NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E 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).
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, 1998

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust
(the trust) and is authorized to issue an unlimited number of shares.
The trust is registered under the Investment Company Act of 1940, as
amended, 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 require 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. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts , disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
date and settlement on purchases and sales of securities. 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
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
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
among 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, futures 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.
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.
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
2. OPERATING POLICIES -
CONTINUED
REPURCHASE AGREEMENTS -
CONTINUED
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 Fidelity Investments Money Management, Inc.,
(formerly FMR Texas, Inc.) 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 earned
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 or if the counterparties do
not perform under the contracts' terms. Gains (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 $208,993,665 and $196,506,035, respectively.
The market value of futures contracts opened and closed during the
period amounted to $147,078,759 and $152,213,347, 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
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
MANAGEMENT FEE - CONTINUED
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 (plus/minus).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 .43% 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 .25% 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 $48,868 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 $48,263 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 $341 and $2,964, respectively, under these arrangements.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders
of Fidelity Fifty:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Fidelity Fifty (a fund of Fidelity Hastings Street Trust) at June 30,
1998, and the results of its operations, the changes in its net assets
and the financial highlights for the periods indicated, in conformity
with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of Fidelity Fifty's
management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of
these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which
included confirmation of securities at June 30, 1998 by correspondence
with the custodian and brokers, provide a reasonable basis for the
opinion expressed above.
/s/PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP
Boston, Massachusetts
August 3, 1998
DISTRIBUTIONS

The Board of Trustees of Fidelity Fifty voted to pay to shareholders
of record at the opening of business on record date, the following
distributions derived from capital gains realized from sales of
portfolio securities, and dividends derived from net investment
income:

PAY DATE 8/4/97 12/22/97 8/10/98

RECORD DATE 8/1/97 12/19/97 8/7/98

DIVIDENDS $.04 $.01 $.02

SHORT-TERM
CAPITAL GAINS $1.06 $.28 $.16

LONG-TERM
CAPITAL GAINS $.30 $.36 $.51

LONG-TERM
CAPITAL GAIN PERCENTAGES:
28% rate 67.62% 33.28%
20% rate 32.38% 66.72%
A total of .45% 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 6.73% of the dividends distributed during the fiscal year
qualifies for the dividends-received deduction for corporate
shareholders.
The fund will notify shareholders in January 1999 of the applicable
percentages for use in preparing 1998 income tax returns.
MANAGING YOUR INVESTMENTS

For quotes.*

For account balances and holdings.

To review orders and mutual
fund activity.

To change your PIN.

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
48 West Putnam Avenue
Greenwich, CT
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
8880 Tamiami Trail, North
Naples, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
GEORGIA
3445 Peachtree
Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
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
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
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470 Boylston Street
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155 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
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44 Mall Road
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416 Belmont Street
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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
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501 Route 17, South
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NEW YORK
1055 Franklin Avenue
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999 Walt Whitman Road
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1271 Avenue of the Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
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Charlotte, NC
2200 West Main Street
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28699 Chagrin Boulevard
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16850 SW 72 Avenue
Tigard, OR
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1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
6150 Poplar Road
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
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
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

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FIDELITY

(REGISTERED TRADEMARK)

CONTRAFUND II
ANNUAL REPORT
JUNE 30, 1998
CONTENTS

PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING STRATEGIES.

PERFORMANCE 4 HOW THE FUND HAS DONE OVER TIME.

FUND TALK 5 THE MANAGER'S REVIEW OF FUND
PERFORMANCE, STRATEGY AND OUTLOOK.

INVESTMENT SUMMARY 8 A SUMMARY OF THE FUND'S INVESTMENTS.

INVESTMENTS 9 A COMPLETE LIST OF THE FUND'S INVESTMENTS
WITH THEIR MARKET VALUES.

FINANCIAL STATEMENTS 17 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.

NOTES 21 NOTES TO THE FINANCIAL STATEMENTS.

REPORT OF INDEPENDENT 25 THE AUDITORS' OPINION.
ACCOUNTANTS

FIDELITY CONTRAFUND II 3.50%

FIDELITY CONTRAFUND II 0.40%
(INCL. 3.00% SALES CHARGE)

S&P 500 (REGISTERED TRADEMARK) 3.30%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, since the fund started on
March 31, 1998. 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. This benchmark includes reinvested dividends and
capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
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. These numbers will be reported once the fund
is a year old. In addition, the growth of the hypothetical $10,000
investment in the fund will appear in the fund's next report six
months from now.
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
During the past year, investors in
stocks that comprise the Standard
& Poor's 500 Index continued to
be rewarded with strong gains.
While the U.S. stock market
experienced some lackluster
quarters over the past year, the
Standard & Poor's 500 Index - a
measure of the U.S. stock market
- - returned 30.16% for the
12-month period ended June 30,
1998. In comparison, the Russell
2000 - a general measure of
small-capitalization stock
performance - returned 16.50%
during the same 12-month period.
Early in the period, investors
preferred the safety and "liquidity"
of large-cap stocks, hoping these
stocks would maintain steady
earnings and be easier to sell in a
possible economic slowdown. In
response to the unfolding currency
and market crisis in Asia during the
fourth quarter of 1997, the broad
market indexes experienced
some weakness. In late October,
the Dow Jones Industrial Average
fell 550-plus points in one trading
session. Stock prices continued
their upward trend in the first
quarter of 1998, producing a solid
13.95% return during this
three-month period. While
continued concerns about the
potential impact of Asia's difficulties
caused U.S. equities to stumble
in mid-June, stock prices continued
their upward trend by the end of the
period as investors refocused
their attention on the strength of
the U.S. economy, a stable
interest-rate environment and low
inflation.
An interview with Jason Weiner, Portfolio Manager of Contrafund II
Q. HOW DID THE FUND PERFORM IN ITS FIRST THREE MONTHS?
A. It did well. From the fund's inception on March 31, 1998, through
June 30, 1998, it was up 3.50%, compared with a 3.30% rise for the
Standard & Poor's 500 Index. So I'm pleased with its kick-off
performance.
Q. WHAT WAS KEY TO THE FUND'S PERFORMANCE?
A. Basically, it was good stock selection, particularly within my top
holdings. MCI Communications Corp., which is my biggest holding,
appreciated 18% during the period. My second largest was America
Online, which appreciated 54%, followed by Microsoft, which returned
21%.
Q. THE FUND WAS HEAVILY WEIGHTED TOWARD TECHNOLOGY STOCKS. WHAT DID
YOU LIKE ABOUT THAT SECTOR?
A. My technology weighting was about 27% at the end of the period,
which was higher than the S&P 500. I liked the superior growth
characteristics of several technology businesses. For example, the
Internet is experiencing explosive growth; consequently it has been an
easy place to make money. You have probably read about the
mind-boggling appreciation some Internet "stories" have produced.
Eventually investor sentiment will cool off, and only the long-term
winners will reward investors. This is why I bought America Online,
which I thought had promising fundamentals. I also liked Microsoft,
which is currently the premier technology company in the world.
Furthermore, I looked for software and service firms that have a high
degree of visibility on their businesses, such as Saville Systems and
Affiliated Computer Services. Finally, I had almost no semiconductor
or computer stocks in light of the deflation and vicious competition
these firms experienced.
Q. WHAT WERE YOUR OTHER TOP SECTORS?
A. The healthcare industry was my second-largest sector weighting at
the end of June for a couple of reasons. For one thing, our population
keeps getting older - and, for another, the Food and Drug
Administration recently has increased the efficiency of the
drug-review process, which has benefited pharmaceutical companies. I'm
expecting HMOs to do well also, because I believe we're about to enter
a cycle of price increases, and that will increase their earnings.
Q. WHAT DISAPPOINTMENTS DID YOU HAVE DURING THE PERIOD?
A. I have a very strong small-cap bias below my top 10 holdings, and
that was a negative for performance. You can see that in the
performance of the Russell 2000, which tracks small companies, as
compared with the S&P 500. It was very tough in the small-cap world
during this period.
Q. YOU HAVE VERY FEW INTERNATIONAL HOLDINGS. DOES THAT MEAN YOU WERE
NOT AFFECTED BY THE TURMOIL IN ASIA?
A. No, unfortunately it doesn't. It is almost impossible to avoid some
impact from the Asian turmoil. With a good portion of the world's
economy in recession or depression, I have been trying to avoid
industries susceptible to over-capacity and deflation, including basic
materials, deep cyclicals and energy services.
Q. ARE THERE ANY OTHER SECTORS YOU'VE BEEN STAYING AWAY FROM?
A. I am underweighted in financials. I am reluctant to jump into bank
stocks because credit trends right now couldn't be any better, and the
last thing I want to do is buy credit-sensitive stocks at the top of
the cycle. I am, however, trying to add some non-bank financials, such
as insurance and credit-card companies, which have faster earnings
growth and benefit from low interest rates.
Q. WHAT IS YOUR OUTLOOK FOR THE SECOND HALF OF THE YEAR?
A. Midway through the year the S&P 500 is up 20%, so I am cautious on
the future. However, I am staying on the offensive and sticking with a
heavy dose of small- and mid-cap stocks with superior earnings growth.
The market has become very narrow, with fewer and fewer stocks driving
the total performance. Therefore, I am culling through my names and
keeping only those stocks that I believe can grow their earnings at a
clip surpassing the S&P 500.
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.

JASON WEINER ON CONTRAFUND
II'S INVESTMENT
PHILOSOPHY:
"I don't want investors to be misled
by the name of this fund. It is not
contrarian in the sense that I am
betting the market will go down -
not at all. I'm trying to bet on
companies that other investors
have overlooked or haven't yet
begun to appreciate fully. That's
not easy in a market that's been as
strong as this market has been for
the past five to seven years. Also,
besides picking companies that
are on their way up, I want to
invest in groups or sectors before
they're generally recognized as
being hot. Car-rental companies
are a good example. A lot of people
have given up on those stocks,
but I purchased them during the
period believing they're going to
have a terrific year. Another
example is vitamin stocks. I got
into them early and played them
aggressively, including such
companies as Nature's Bounty
(now NBTY) and Rexall Sundown.
The demographics are in favor of
the use of vitamins, and the media
has been reporting more positively
on the results of studies showing
their benefits.
"In the end, though, stock
performance comes down to one
thing: earnings growth."
FUND FACTS
GOAL: to increase the value of
the fund's shares over the long
term by investing in companies
whose value FMR believes is not
fully recognized by the public.
START DATE: March 31, 1998
FUND NUMBER: 339
TRADING SYMBOL: FCONX
SIZE: as of June 30, 1998,
more than $319 million
MANAGER: Jason Weiner,
since inception; associate
manager, VIP: Contrafund,
since March 1998; Fidelity
Export and Multinational Fund,
since 1997; Fidelity Select
Computers Portfolio, 1996 -
1997; Fidelity Select Air
Transportation Portfolio, 1994 -
1996; joined Fidelity in 1991
(checkmark)
INVESTMENT SUMMARY

TOP TEN STOCKS AS OF JUNE 30, 1998
% OF FUND'S INVESTMENTS

MCI COMMUNICATIONS CORP. 4.5

AMERICA ONLINE, INC. 4.4

MICROSOFT CORP. 3.5

ASA HOLDINGS, INC. 3.1

INSIGHT ENTERPRISES, INC. 2.5

GILLETTE CO. 2.4

HENRY SCHEIN, INC. 1.8

MONSANTO CO. 1.8

HAGLER BAILLY, INC. 1.8

COINMACH LAUNDRY CORP. 1.7

TOP FIVE MARKET SECTORS AS OF JUNE 30, 1998
% OF FUND'S INVESTMENTS

TECHNOLOGY 26.7

HEALTH 12.0

SERVICES 10.4

FINANCE 9.0

MEDIA & LEISURE 7.0

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JUNE 30, 1998 *
ROW: 1, COL: 1, VALUE: 96.40000000000001
ROW: 1, COL: 2, VALUE: 0.0
ROW: 1, COL: 3, VALUE: 2.6
STOCKS 97.4%
SHORT-TERM INVESTMENTS 2.6%
FOREIGN INVESTMENTS 4.6%
*
INVESTMENTS JUNE 30, 1998

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

COMMON STOCKS - 97.4%
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - 3.0%
CHEMICALS & PLASTICS - 2.1%
Cytec Industries, Inc. (a) 20,000 $ 885,000
Monsanto Co. 102,700 5,738,363
6,623,363
METALS & MINING - 0.5%
Martin Marietta Materials, Inc. 32,400 1,458,000
PAPER & FOREST PRODUCTS - 0.4%
Mail-Well, Inc. (a) 65,000 1,409,688
TOTAL BASIC INDUSTRIES 9,491,051
CONSTRUCTION & REAL ESTATE - 3.8%
BUILDING MATERIALS - 3.0%
Elcor Corp. 82,900 2,093,225
Lone Star Industries, Inc. 28,700 2,211,694
Masco Corp. 53,800 3,254,900
Southdown, Inc. 25,000 1,784,375
9,344,194
CONSTRUCTION - 0.8%
Toll Brothers, Inc. (a) 91,200 2,616,300
TOTAL CONSTRUCTION & REAL ESTATE 11,960,494
DURABLES - 0.6%
AUTOS, TIRES, & ACCESSORIES - 0.6%
Breed Technologies, Inc. 65,000 995,313
Republic Industries, Inc. (a) 40,200 1,005,000
2,000,313
ENERGY - 0.3%
OIL & GAS - 0.3%
Cooper Cameron Corp. (a) 20,000 1,020,000
FINANCE - 9.0%
BANKS - 3.6%
BankAmerica Corp. 19,400 1,676,888
Citicorp 22,700 3,387,975
Mellon Bank Corp. 30,000 2,088,750
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
BANKS - CONTINUED
Norwest Corp. 50,000 $ 1,868,750
U.S. Bancorp 50,000 2,150,000
11,172,363
CREDIT & OTHER FINANCE - 1.6%
American Express Co. 15,000 1,710,000
Associates First Capital Corp. 25,000 1,921,875
MBNA Corp. 45,000 1,485,000
5,116,875
FEDERAL SPONSORED CREDIT - 1.8%
Freddie Mac 87,300 4,108,556
Fannie Mae 25,000 1,518,750
5,627,306
INSURANCE - 1.0%
AMBAC, Inc. 33,900 1,983,150
MBIA, Inc. 13,800 1,033,275
Torchmark Corp. 800 36,600
3,053,025
SAVINGS & LOANS - 1.0%
Ahmanson (H.F.) & Co. 25,000 1,775,000
Dime Bancorp., Inc. 42,800 1,281,325
3,056,325
TOTAL FINANCE 28,025,894
HEALTH - 12.0%
DRUGS & PHARMACEUTICALS - 6.4%
Bristol-Myers Squibb Co. 42,200 4,850,363
Forest Laboratories, Inc. 1,800 64,350
Lilly (Eli) & Co. 55,000 3,633,438
Merck & Co., Inc. 15,000 2,006,250
NBTY, Inc. 131,400 2,414,475
PharmaPrint, Inc. (a) 144,300 1,479,075
Rexall Sundown, Inc. (a) 51,900 1,829,475
Warner-Lambert Co. 51,300 3,558,938
19,836,364
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
MEDICAL EQUIPMENT & SUPPLIES - 4.1%
Biomet, Inc. 51,500 $ 1,702,719
Boston Scientific Corp. (a) 40,000 2,865,000
Cooper Companies, Inc. (a) 30,200 1,100,413
Steris Corp. (a) 55,000 3,497,656
Sybron International Corp. (a) 147,700 3,729,425
12,895,213
MEDICAL FACILITIES MANAGEMENT - 1.5%
Foundation Health Systems, Inc. Class A (a) 80,000 2,110,000
Wellpoint Health Networks, Inc. (a) 35,000 2,590,000
4,700,000
TOTAL HEALTH 37,431,577
INDUSTRIAL MACHINERY & EQUIPMENT - 1.5%
ELECTRICAL EQUIPMENT - 0.4%
Loral Space & Communications Ltd. (a) 50,000 1,412,500
INDUSTRIAL MACHINERY & EQUIPMENT - 0.6%
Tyco International Ltd. 28,000 1,764,000
POLLUTION CONTROL - 0.5%
USA Waste Services, Inc. (a) 30,000 1,481,250
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 4,657,750
MEDIA & LEISURE - 7.0%
BROADCASTING - 3.2%
CBS Corp. 49,900 1,584,325
Metromedia Fiber Network, Inc. Class A (a) 70,000 3,263,750
Time Warner, Inc. 50,400 4,306,050
Triathlon Broadcasting Co. Class A 60,000 645,000
9,799,125
ENTERTAINMENT - 2.1%
King World Productions, Inc. (a) 90,300 2,302,650
Premier Parks, Inc. (a) 44,400 2,958,150
SFX Entertainment, Inc. Class A (a) 30,000 1,376,250
6,637,050
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
LODGING & GAMING - 1.1%
Sun International Hotels Ltd. Ord. (a) 76,600 $ 3,485,300
PUBLISHING - 0.3%
Cognizant Corp. 15,000 945,000
RESTAURANTS - 0.3%
McDonald's Corp. 12,600 869,400
TOTAL MEDIA & LEISURE 21,735,875
NONDURABLES - 6.5%
AGRICULTURE - 0.9%
Delta & Pine Land Co. 65,000 2,892,500
BEVERAGES - 2.7%
Celestial Seasonings, Inc. (a) 105,000 5,197,500
Coca-Cola Co. (The) 37,700 3,223,350
8,420,850
FOODS - 0.5%
McCormick & Co., Inc. (Non-vtg.) 38,900 1,389,459
HOUSEHOLD PRODUCTS - 2.4%
Gillette Co. 131,800 7,471,413
TOTAL NONDURABLES 20,174,222
RETAIL & WHOLESALE - 6.5%
APPAREL STORES - 0.6%
Abercrombie & Fitch Co. Class A (a) 25,000 1,100,000
Catherines Stores Corp. (a) 75,000 735,938
1,835,938
DRUG STORES - 0.4%
CVS Corp. 34,600 1,347,238
GENERAL MERCHANDISE STORES - 2.3%
Stein Mart, Inc. (a) 136,600 1,844,100
Wal-Mart Stores, Inc. 89,600 5,443,200
7,287,300
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - 3.2%
Action Performance Companies, Inc. (a) 60,000 $ 1,931,250
Home Depot, Inc. 15,000 1,245,938
Henry Schein, Inc. (a) 125,100 5,770,238
Sunglass Hut International, Inc. (a) 90,000 995,625
9,943,051
TOTAL RETAIL & WHOLESALE 20,413,527
SERVICES - 10.4%
ADVERTISING - 1.7%
ADVO, Inc. (a) 75,000 2,114,063
Lamar Advertising Co. Class A (a) 43,200 1,549,800
WPP Group PLC ADR 25,300 1,701,425
5,365,288
LEASING & RENTAL - 2.7%
Budget Group, Inc. Class A (a) 155,200 4,956,700
Hertz Corp. Class A 77,200 3,420,925
8,377,625
PRINTING - 0.2%
Schawk, Inc. Class A 35,000 525,000
SERVICES - 5.8%
Coinmach Laundry Corp. (a) 231,000 5,457,276
CGI Group, Inc. Class A (sub-vtg.) (a) 22,600 483,488
Hagler Bailly, Inc. (a) 213,100 5,513,963
Service Corp. International 41,300 1,770,738
Signature Resorts, Inc. 300,000 4,950,000
18,175,465
TOTAL SERVICES 32,443,378
TECHNOLOGY - 26.7%
COMMUNICATIONS EQUIPMENT - 3.0%
Dialogic Corp. (a) 80,000 2,380,000
Intermedia Communications, Inc. (a) 71,000 2,977,563
Northern Telecom Ltd. 25,000 1,420,542
Tellabs, Inc. (a) 10,500 752,063
3Com Corp. (a) 60,000 1,841,250
9,371,418
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - 17.1%
Affiliated Computer Services, Inc. Class A (a) 55,000 $ 2,117,500
America Online, Inc. (a) 129,300 13,705,800
CompUSA, Inc. (a) 115,000 2,077,188
DST Systems, Inc. (a) 45,000 2,520,000
Data Transmission Network Corp. (a) 41,000 1,640,000
Engineering Animation, Inc. (a) 25,000 1,525,000
FactSet Research Systems, Inc. (a) 43,600 1,417,000
HNC Software, Inc. (a) 57,100 2,330,394
International Telecommunications Data Systems, Inc. 6,300 182,700
Meta Group, Inc. (a) 67,500 1,493,438
Microsoft Corp. (a) 100,200 10,859,175
Pegasus Systems, Inc. (a) 73,500 1,883,438
Sabre Group Holdings, Inc. Class A (a) 64,100 2,435,800
Saville Systems Ireland PLC sponsored ADR (a) 50,400 2,526,300
Siebel Systems, Inc. (a) 78,905 2,544,686
Technology Solutions, Inc. (a) 130,600 4,138,388
53,396,807
COMPUTERS & OFFICE EQUIPMENT - 3.0%
Insight Enterprises, Inc. (a) 192,300 7,692,000
Xerox Corp. 17,300 1,758,113
9,450,113
ELECTRONIC INSTRUMENTS - 1.7%
JDS Fitel, Inc. (a) 200,000 3,338,443
Thermoquest Corp. (a) 58,100 867,869
Waters Corp. (a) 18,900 1,113,919
5,320,231
ELECTRONICS - 1.9%
Alpine Group, Inc. (a) 107,300 2,226,475
Intel Corp. 22,000 1,630,750
Lattice Semiconductor Corp. (a) 14,800 420,413
Vitesse Semiconductor Corp. (a) 53,800 1,661,075
5,938,713
TOTAL TECHNOLOGY 83,477,282
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - 4.8%
AIR TRANSPORTATION - 3.8%
Alaska Air Group, Inc. (a) 40,200 $ 2,193,413
ASA Holdings, Inc. 196,900 9,771,163
11,964,576
TRUCKING & FREIGHT - 1.0%
Air Express International Corp. 74,000 1,979,500
Fritz Companies, Inc. (a) 75,000 1,003,125
2,982,625
TOTAL TRANSPORTATION 14,947,201
UTILITIES - 5.3%
TELEPHONE SERVICES - 5.3%
MCI Communications Corp. 242,400 14,089,500
McLeodUSA, Inc. Class A (a) 36,900 1,434,488
Winstar Communications, Inc. (a) 25,000 1,073,522
16,597,510
TOTAL COMMON STOCKS
(Cost $287,945,407) 304,376,074
U.S. TREASURY OBLIGATIONS - 0.5%
PRINCIPAL
AMOUNT
U.S. Treasury Bills, yields at date of purchase,
5.02% to 5.09%, 7/23/98
(Cost $1,694,617) $ 1,700,000 1,694,951
CASH EQUIVALENTS - 2.1%
SHARES

Taxable Central Cash Fund (b)
(Cost $6,540,395) 6,540,395 6,540,395
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $296,180,419) $ 312,611,420
LEGEND
(a) Non-income producing
(b) At period end, the seven-day yield of the Taxable Central Cash
Fund was 5.61%. 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 June 30, 1998, the aggregate cost of investment securities for
income tax purposes was $296,804,633. Net unrealized appreciation
aggregated $15,806,787, of which $22,536,466 related to appreciated
investment securities and $6,729,679 related to depreciated investment
securities.
The fund intends to elect to defer to its fiscal year ending June 30,
1999 approximately $7,161,346 of losses recognized during the period
March 31, 1998 to June 30, 1998.
FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998

ASSETS

INVESTMENT IN SECURITIES, AT VALUE (COST $296,180,419) - $ 312,611,420
SEE ACCOMPANYING SCHEDULE

RECEIVABLE FOR INVESTMENTS SOLD 11,197,791

RECEIVABLE FOR FUND SHARES SOLD 8,183,782

DIVIDENDS RECEIVABLE 61,031

INTEREST RECEIVABLE 55,393

PREPAID EXPENSES 70,559

TOTAL ASSETS 332,179,976

LIABILITIES

PAYABLE FOR INVESTMENTS PURCHASED $ 12,071,963

PAYABLE FOR FUND SHARES REDEEMED 640,434

ACCRUED MANAGEMENT FEE 140,117

OTHER PAYABLES AND ACCRUED EXPENSES 201,467

TOTAL LIABILITIES 13,053,981

NET ASSETS $ 319,125,995

NET ASSETS CONSIST OF:

PAID IN CAPITAL $ 310,480,555

ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON (7,785,561)
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS

NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 16,431,001

NET ASSETS, FOR 30,818,915 SHARES OUTSTANDING $ 319,125,995

NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $10.35
($319,125,995 (DIVIDED BY) 30,818,915 SHARES)

MAXIMUM OFFERING PRICE PER SHARE (100/97.00 OF $10.35) $10.67

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1998

INVESTMENT INCOME $ 272,558
DIVIDENDS

INTEREST 264,558

TOTAL INCOME 537,116

EXPENSES

MANAGEMENT FEE $ 332,380

TRANSFER AGENT FEES 156,148

ACCOUNTING FEES AND EXPENSES 34,099

NON-INTERESTED TRUSTEES' COMPENSATION 107

CUSTODIAN FEES AND EXPENSES 42,168

REGISTRATION FEES 148,453

AUDIT 5,813

LEGAL 2,795

MISCELLANEOUS 250

TOTAL EXPENSES BEFORE REDUCTIONS 722,213

EXPENSE REDUCTIONS (24,804) 697,409

NET INVESTMENT INCOME (LOSS) (160,293)

REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:

INVESTMENT SECURITIES (7,475,933)

FOREIGN CURRENCY TRANSACTIONS (2,121)

FUTURES CONTRACTS (309,324) (7,787,378)

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON 16,431,001
INVESTMENT SECURITIES

NET GAIN (LOSS) 8,643,623

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 8,483,330
FROM OPERATIONS

</TABLE>

<TABLE>
<CAPTION>
<S> <C>
STATEMENT OF CHANGES IN NET ASSETS
MARCH 31, 1998
(COMMENCEMENT
OF OPERATIONS) TO
JUNE 30, 1998

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS $ (160,293)
NET INVESTMENT INCOME (LOSS)

NET REALIZED GAIN (LOSS) (7,787,378)

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 16,431,001

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 8,483,330

SHARE TRANSACTIONS 343,953,540
NET PROCEEDS FROM SALES OF SHARES

COST OF SHARES REDEEMED (33,310,875)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS 310,642,665

TOTAL INCREASE (DECREASE) IN NET ASSETS 319,125,995

NET ASSETS

BEGINNING OF PERIOD -

END OF PERIOD $ 319,125,995

OTHER INFORMATION
SHARES

SOLD 34,157,092

REDEEMED (3,338,177)

NET INCREASE (DECREASE) 30,818,915

</TABLE>

FINANCIAL HIGHLIGHTS
PERIOD ENDED
JUNE 30,

1998 D

SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) G (.01)

NET REALIZED AND UNREALIZED GAIN (LOSS) .36

TOTAL FROM INVESTMENT OPERATIONS .35

NET ASSET VALUE, END OF PERIOD $ 10.35

TOTAL RETURN B, C 3.50%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 319,126

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.28% A

RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 1.23% A, E

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.28)% A

PORTFOLIO TURNOVER RATE 141% A

AVERAGE COMMISSION RATE F $ .0418

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD 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 FOR THE PERIOD MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO JUNE
30, 1998.
E 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).
F 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.
G NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1998

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Contrafund II (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, 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 require 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. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
date and settlement on purchases and sales of securities. 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. The fund intends to qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code. By so
qualifying, the fund will not be 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 discount, is accrued as earned. Investment income is
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
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
among the funds in the trust.
PREPAID EXPENSES. Fidelity Management & Research Company (FMR) bears
all organizational expenses except for registering and qualifying the
fund and shares of the fund for distribution under federal and state
securities law. These expenses are borne by the fund and amortized
over one year.
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 may result in distribution
reclassifications.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
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 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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of FMR, may transfer uninvested cash
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements 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.
2. OPERATING POLICIES - CONTINUED
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc., 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 earned 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. Losses may arise from changes in the
value of the underlying instruments or if the counterparties do not
perform under the contracts' terms. Gains (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 $385,707,871 and $90,286,229, respectively. The market
value of futures contracts opened and closed during the period
amounted to $59,379,483 and $59,070,159, 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
(plus/minus).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. The fund's
performance adjustment will not take effect until March 1, 1999. For
the period, the management fee was equivalent to an annualized rate of
.59% of average net assets.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SALES LOAD. For the period, Fidelity Distributors Corporation (FDC),
an affiliate of FMR and the general distributor of the fund, received
sales charges of $879,478 on sales of shares of the fund of which
$879,108 was retained.
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 annualized rate of .28% of average net assets.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee
is based on the level of average net assets for the month plus
out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $36,789 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 $24,622 under this arrangement.
In addition, the fund has entered into an arrangement with its
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 transfer agent fees were reduced by $182, under
this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hastings Street Trust and the Shareholders
of Fidelity Contrafund II:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Fidelity Contrafund II (a fund of Fidelity Hastings Street Trust) at
June 30, 1998, and the results of its operations, the changes in its
net assets and the financial highlights for the periods indicated, in
conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to
as "financial statements") are the responsibility of the Fidelity
Contrafund II's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted
our audit of these financial statements in accordance with generally
accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe
that our audit, which included
confirmation of securities at June 30, 1998 by correspondence with the
custodian and brokers, provides a reasonable basis for the opinion
expressed above.
/s/PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP
Boston, Massachusetts
August 3, 1998
MANAGING YOUR INVESTMENTS

For quotes.*

For account balances and holdings.

To review orders and mutual
fund activity.

To change your PIN.

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Abigail Johnson, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert 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
Contrafund II
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Export and Multinational Fund
Fidelity Fifty
SM
Growth Company Fund
Large Cap Stock Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(registered trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Selector
Small Cap Stock Fund
Stock Selector
TechnoQuant Growth Fund
SM
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)
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