FIDELITY HASTINGS STREET TRUST, N-30D, 2000-02-15

FIDELITY HASTINGS STREET TRUST
N-30D, 2000-02-15

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FIDELITY(REGISTERED TRADEMARK)
CONTRAFUND(REGISTERED TRADEMARK) II

SEMIANNUAL REPORT
DECEMBER 31, 1999

(2_FIDELITY_LOGOS)(registered trademark)

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

NOTES 21 Notes to the financial
statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.

Other third party marks appearing herein are the property of their
respective owners.

All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.

This report is printed on recycled paper using soy-based inks.

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 1-800-544-6666 FOR A
FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.

PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)

DEAR SHAREHOLDER:

The NASDAQ, S&P 500(Registered trademark) and Dow Jones Industrial
Average all closed 1999 at record highs. Investors should note,
however, that much of the year's returns were driven by a single
sector: technology. Most other stocks were flat or down in 1999.
Likewise, bond investors had little cause to celebrate at year's end.
Steadily rising interest rates left the benchmark 30-year Treasury at
its highest yield level in two years.

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 an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.

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. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our
web site at www.fidelity.com. 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

CUMULATIVE TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY CONTRAFUND II 26.01% 42.52% 58.77%

FIDELITY CONTRAFUND II (INCL. 22.23% 38.25% 54.01%
3.00% SALES CHARGE)

S&P 500 7.71% 21.04% 36.58%

Growth Funds Average 15.57% 29.27% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on 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 500SM Index - a market
capitalization-weighted index of common stocks. To measure how the
fund's performance stacked up against its peers, you can compare it to
the growth funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Inc. The past six
months average represents a peer group of 1,149 mutual funds. These
benchmarks include reinvested dividends and capital gains, if any, and
exclude the effect of sales charges. Lipper has created new comparison
categories that group funds according to portfolio characteristics and
capitalization, as well as by capitalization only. These averages are
listed on page 5 of this report.*

AVERAGE ANNUAL TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 1 YEAR LIFE OF FUND

FIDELITY CONTRAFUND II 42.52% 30.23%

FIDELITY CONTRAFUND II (INCL. 38.25% 27.99%
3.00% SALES CHARGE)

S&P 500 21.04% 19.50%

Growth Funds Average 29.27% n/a

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
arithmatic average. This may produce a different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)

$10,000 OVER LIFE OF FUND
Contrafund II S&P 500
00339 SP001
1998/03/31 9700.00 10000.00
1998/04/30 9738.80 10100.60
1998/05/31 9457.50 9926.97
1998/06/30 10039.50 10330.20
1998/07/31 9787.30 10220.19
1998/08/31 7992.80 8742.55
1998/09/30 8691.20 9302.60
1998/10/31 8914.30 10059.27
1998/11/30 9797.00 10668.97
1998/12/31 10805.80 11283.71
1999/01/31 11416.90 11755.60
1999/02/28 10999.80 11390.23
1999/03/31 11630.30 11845.96
1999/04/30 11921.30 12304.75
1999/05/31 11717.60 12014.24
1999/06/30 12222.00 12681.03
1999/07/31 11921.30 12285.12
1999/08/31 11744.29 12224.31
1999/09/30 11506.72 11889.24
1999/10/31 12260.75 12641.60
1999/11/30 13200.70 12898.60
1999/12/31 15400.82 13658.33
IMATRL PRASUN SHR__CHT 19991231 20000113 114812 R00000000000024

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Contrafund II on March 31, 1998, when the fund
started, and the current 3.00% sales charge was paid. As the chart
shows, by December 31, 1999, the value of the investment would have
grown to $15,401 - a 54.01% 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 gains, if any, reinvested, the
same $10,000 would have grown to $13,658 - a 36.58% increase.

(checkmark)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.

* THE LIPPER MULTI-CAP GROWTH FUNDS AVERAGE REFLECTS THE PERFORMANCE
(EXCLUDING SALES CHARGES) OF MUTUAL FUNDS WITH SIMILAR PORTFOLIO
CHARACTERISTICS AND CAPITALIZATION. THE LIPPER MULTI-CAP SUPERGROUP
AVERAGE REFLECTS THE PERFORMANCE (EXCLUDING SALES CHARGES) OF MUTUAL
FUNDS WITH SIMILAR CAPITALIZATION. AS OF DECEMBER 31, 1999, THE SIX
MONTH AND ONE YEAR CUMULATIVE TOTAL RETURNS FOR THE MULTI-CAP GROWTH
FUNDS AVERAGE WERE, 31.76% AND 52.34%, RESPECTIVELY. THE ONE YEAR
AVERAGE ANNUAL TOTAL RETURN WAS, 52.34%. THE SIX MONTH AND ONE YEAR
CUMULATIVE TOTAL RETURNS FOR THE MULTI-CAP SUPERGROUP AVERAGE WERE,
11.38%, AND 24.95%, RESPECTIVELY. THE ONE YEAR AVERAGE ANNUAL TOTAL
RETURN WAS 24.95%.

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

Technology. If one could use only a
single word to sum up what
characterized the U.S. equity
markets for the second half of 1999,
no other term would be more
appropriate. The performance of the
technology sector during the
six-month period ending December
31, 1999, dwarfed all others. To
illustrate: The Goldman Sachs
Indexes monitor the performance of
seven sectors - Consumer, Cyclical,
Financial, Health Care, Natural
Resources, Technology and Utilities.
Of those, Utilities was the
second-best performer, returning
7.64% for the final six months of
1999. In comparison, the Goldman
Sachs Technology Index returned an
astonishing 49.40%. That
performance was mirrored by the
tech-heavy NASDAQ Index, which
was up 51.69% during the same
time frame. On a broader scale and
reflective of the extreme narrowness
of the market, the Standard & Poor's
500 Index - a
market-capitalization-weighted index
of 500 widely held U.S. stocks -
returned a more modest 7.71%. The
Dow Jones Industrial Average - an
index of 30 blue-chip stocks -
posted a 5.60% return during the
period. On the last day of the period
- - in fact, the last day of the decade,
century and millennium - the
NASDAQ, Dow and S&P all closed
at record high levels.

(photograph of Jason Weiner)

An interview with Jason Weiner, Portfolio Manager of Contrafund II

Q. HOW DID THE FUND PERFORM, JASON?

A. During the second half of 1999, the fund more than tripled the
performance of the Standard & Poor's 500 Index in a strong overall
equity environment. For the six months ending December 31, 1999, the
fund returned 26.01%, compared to 7.71% for the S&P 500 and 15.57% for
the growth funds average monitored by Lipper Inc. For the 12 months
ending December 31, 1999, the fund returned 42.52%, while the index
and average had returns of 21.04% and 29.27%, respectively.

Q. WHAT KIND OF MARKET CONDITIONS DID YOU ENCOUNTER DURING THE PAST
SIX MONTHS?

A. To put the past six months in proper context, we need to step back
for a moment. A year ago I mentioned that the performance of large
companies was significantly outpacing that of smaller companies and
that this phenomenon detracted from the fund's relative performance.
This trend reversed in 1999 and the fund benefited accordingly. I also
said then that the market was benefiting from the Federal Reserve
Board lowering interest rates. The opposite is true today - since my
report six months ago, the Fed raised rates twice, for a total of
three rate increases in 1999.

Q. WERE THERE ANY SIMILARITIES?

A. Yes, there were. The technology sector continued to lead the
overall market by a wide margin. For instance, during the period the
technology sector gained 38.5% compared to the overall market's return
of 8%. That is a large divergence. Put another way, in the past six
months all but one of the 10 best contributors to the fund's
performance were technology stocks, including Cisco Systems, VeriSign,
Microsoft, Optical Coating Lab and PE Biosystems Group. The biggest
winners were Internet companies, which exhibited unprecedented growth
rates, and the market gave them extraordinary valuations. BroadVision
and Vignette, two Internet infrastructure companies that are
positioned to grow as more companies expand their Web presence,
performed extremely well during the period.

Q. WERE THERE OTHER TECHNOLOGY SECTORS THAT YOU LIKED?

A. The fund owned the stocks of several wireless communications
service providers and networking companies. In particular, I am on the
lookout for successful companies in the wireless data area.

Q. YOU DECREASED THE FUND'S FINANCE HOLDINGS FROM 15.6% OF NET ASSETS
SIX MONTHS AGO TO 8.8% AT THE END OF THE PERIOD. WHY?

A. Most of the reduction occurred in bank stocks, which I felt were
vulnerable to slowing earnings growth and fears of increasing
competition from Internet banking. The branch office structure
maintained by traditional banks is an anachronism - and a costly one,
at that - in this age of on-line banking. The Fed's interest-rate
hikes also contributed to the unfavorable environment for bank stocks.

Q. WHICH STOCKS WERE DETRIMENTAL TO PERFORMANCE?

A. Republic Services, a waste management company, pulled back when the
company reported earnings that were slightly below analysts'
expectations. Unfortunately, the stock was punished partly because of
negative investor sentiment created by even greater earnings
shortfalls experienced by other major industry players. Clothing
retailer Abercrombie & Fitch, previously one of the fund's star
performers, stumbled badly when the company's same-store sales growth
went from astronomical to merely good. Philip Morris continued to
struggle in the absence of any real progress toward reducing its risks
from smoking-related lawsuits. I sold the first two stocks but held on
to Philip Morris, which at the end of the period was trading around
seven times earnings and had a dividend yield of approximately 8%.
Unfortunately, Philip Morris exemplified the poor performance of most
value stocks during the period.

Q. WHAT'S YOUR OUTLOOK, JASON?

A. The story remains the same. The market is trading at a rich
valuation, and breadth - a measure of how many stocks are following
the market leaders - is poor. The economy is nine years into an
expansion that may slow down. Inflation remains a risk, as do higher
interest rates. The S&P 500's average annual return for the past five
years is an amazing 28.5%. I cannot help but be cautious. Nonetheless,
I am sticking to a bias in favor of earnings growth over value. My
belief is that the stocks with the best earnings growth win over the
long haul.

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 AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.

(checkmark)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

FUND NUMBER: 339

TRADING SYMBOL: FCONX

START DATE: March 31, 1998

SIZE: as of December 31,
1999, more than $1.3
billion

MANAGER: Jason Weiner,
since inception; associate
manager, VIP: Contrafund,
since March 1998; Fidelity
Export and Multinational Fund,
1997-1998; Fidelity Select
Computers Portfolio,
1996-1997; Fidelity Select
Air Transportation Portfolio,
1994-1996; joined Fidelity
in 1991

JASON WEINER ON INVESTING
IN INTERNET STOCKS:

"The universe of Internet stocks
can be split into three groups:
business-to-consumer e-tailers,
business-to-business e-commerce
companies and Internet
infrastructure companies. I am
focusing on infrastructure companies,
which should be the most immediate
beneficiaries of the ongoing
build-out of the Internet. There will
no doubt be winners in all three
categories, but I believe that
infrastructure stocks are the safest
way to play the wildly volatile
Internet group.

"I look for companies that address
large markets and enjoy a
time-to-market advantage over their
competition. In a nascent
technology market, it is critical to
gain an early advantage to cement a
list of reference accounts,
consultants and integrators that are
committed to a product as a platform
for their growth.

"Why avoid business-to-consumer
e-tailers? The traditional
bricks-and-mortar retail business
was already a fiercely competitive
marketplace before the Internet
existed. Internet retailing is even
more cutthroat and could get even
worse as the bricks-and-mortar
retailers focus on the Net. As for the
business-to-business market, you'll
notice that the fund did not own any
pure plays. That was due to their
extreme valuations. It is a market I am
watching carefully, though, to see what
emerges as the business models for
those companies develop."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS AS OF DECEMBER
31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

Microsoft Corp. 5.3 4.2

Cisco Systems, Inc. 3.3 1.4

General Electric Co. 2.6 0.0

Exxon Mobil Corp. 2.2 1.1

Sprint Corp. - PCS Group 2.1 0.0
Series 1

Fannie Mae 1.8 3.2

American International Group, 1.5 0.0
Inc.

Warner-Lambert Co. 1.4 0.0

AT&T Corp. - Liberty Media 1.3 1.1
Group Class A

Mannesmann AG (Reg.) 1.3 0.0

22.8 11.0

TOP FIVE MARKET SECTORS AS OF
DECEMBER 31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

TECHNOLOGY 30.5 17.0

UTILITIES 10.4 8.5

FINANCE 8.8 15.6

HEALTH 8.0 13.7

INDUSTRIAL MACHINERY & 7.4 4.1
EQUIPMENT

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
NET ASSETS)

AS OF DECEMBER 31, 1999 * AS OF JUNE 30, 1999 **

Stocks 93.8% Stocks 98.9%

Short-Term Investments and Short-Term Investments and
Net Other Assets 6.2% Net Other Assets 1.1%

* FOREIGN INVESTMENTS 8.2% ** FOREIGN INVESTMENTS 3.3%

Row: 1, Col: 1, Value: 93.8 Row: 1, Col: 1, Value: 98.90000000000001
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 6.2 Row: 1, Col: 8, Value: 1.1

</TABLE>

PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.

INVESTMENTS DECEMBER 31, 1999 (UNAUDITED)

Showing Percentage of Net Assets

<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 93.8%

SHARES VALUE (NOTE 1) (000S)

AEROSPACE & DEFENSE - 0.6%

Textron, Inc. 99,300 $ 7,615

BASIC INDUSTRIES - 3.2%

CHEMICALS & PLASTICS - 0.5%

Georgia Gulf Corp. 225,000 6,848

METALS & MINING - 1.9%

Alcoa, Inc. 120,000 9,960

Furukawa Electric Co. Ltd. 1,100,000 16,683

26,643

PACKAGING & CONTAINERS - 0.8%

Corning, Inc. 80,000 10,315

TOTAL BASIC INDUSTRIES 43,806

DURABLES - 1.1%

AUTOS, TIRES, & ACCESSORIES -
0.3%

Danaher Corp. 100,000 4,825

HOME FURNISHINGS - 0.3%

Miller (Herman), Inc. 197,000 4,531

TEXTILES & APPAREL - 0.5%

Shaw Industries, Inc. 420,000 6,484

TOTAL DURABLES 15,840

ENERGY - 7.2%

ENERGY SERVICES - 4.4%

BJ Services Co. (a) 309,200 12,928

ENSCO International, Inc. 400,000 9,150

Noble Drilling Corp. (a) 373,100 12,219

Smith International, Inc. (a) 256,350 12,737

Weatherford International, 345,500 13,798
Inc. (a)

60,832

OIL & GAS - 2.8%

Cooper Cameron Corp. (a) 165,500 8,099

Exxon Mobil Corp. 381,100 30,702

38,801

TOTAL ENERGY 99,633

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

FINANCE - 8.8%

BANKS - 0.9%

Bank of New York Co., Inc. 167,600 $ 6,704

Chase Manhattan Corp. 67,100 5,213

11,917

CREDIT & OTHER FINANCE - 1.0%

Citigroup, Inc. 144,500 8,029

Concord EFS, Inc. (a) 249,000 6,412

14,441

FEDERAL SPONSORED CREDIT - 2.7%

Fannie Mae 388,400 24,251

Freddie Mac 264,300 12,439

36,690

INSURANCE - 3.9%

AFLAC, Inc. 150,100 7,083

Ambac Financial Group, Inc. 204,000 10,646

American International Group, 187,800 20,306
Inc.

CIGNA Corp. 87,400 7,041

Hartford Life, Inc. Class A 185,000 8,140

53,216

SECURITIES INDUSTRY - 0.3%

Charles Schwab Corp. 130,000 4,989

TOTAL FINANCE 121,253

HEALTH - 8.0%

DRUGS & PHARMACEUTICALS - 7.2%

Amgen, Inc. (a) 130,000 7,808

Bristol-Myers Squibb Co. 179,200 11,502

Celgene Corp. (a) 92,500 6,475

Eli Lilly & Co. 100,000 6,650

IDEC Pharmaceuticals Corp. (a) 96,914 9,522

Immunex Corp. (a) 83,500 9,143

Medimmune, Inc. (a) 69,800 11,578

QLT PhotoTherapeutics, Inc. 125,500 7,374
(a)

Schering-Plough Corp. 250,000 10,547

Warner-Lambert Co. 234,300 19,198

99,797

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

HEALTH - CONTINUED

MEDICAL EQUIPMENT & SUPPLIES
- - 0.4%

Cygnus, Inc. (a) 300,000 $ 5,475

MEDICAL FACILITIES MANAGEMENT
- - 0.4%

Express Scripts, Inc. Class A 80,000 5,120
(a)

TOTAL HEALTH 110,392

INDUSTRIAL MACHINERY &
EQUIPMENT - 7.4%

ELECTRICAL EQUIPMENT - 4.3%

General Electric Co. 230,300 35,639

Hutchison Whampoa Ltd. 452,000 6,575

Omnipoint Corp. (a) 136,900 16,514

58,728

INDUSTRIAL MACHINERY &
EQUIPMENT - 3.1%

Ingersoll-Rand Co. 145,000 7,984

Kaydon Corp. 300,000 8,044

Kennametal, Inc. 200,000 6,725

MSC Industrial Direct, Inc. 277,100 3,672
(a)

Parker-Hannifin Corp. 180,000 9,236

PRI Automation, Inc. (a) 115,000 7,719

43,380

TOTAL INDUSTRIAL MACHINERY & 102,108
EQUIPMENT

MEDIA & LEISURE - 7.1%

BROADCASTING - 5.3%

AT&T Corp. - Liberty Media 319,800 18,149
Group Class A (a)

Cablevision Systems Corp. 85,000 6,418
Class A (a)

CBS Corp. (a) 172,000 10,997

Comcast Corp. Class A 234,500 11,857
(special)

Cox Communications, Inc. 291,300 15,002
Class A (a)

Time Warner, Inc. 150,351 10,891

73,314

ENTERTAINMENT - 0.9%

Royal Carribbean Cruises Ltd. 130,000 6,411

Viacom, Inc. Class B 100,000 6,044
(non-vtg.) (a)

12,455

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

MEDIA & LEISURE - CONTINUED

LODGING & GAMING - 0.5%

Four Seasons Hotels, Inc. 125,000 $ 6,636

RESTAURANTS - 0.4%

McDonald's Corp. 122,000 4,918

TOTAL MEDIA & LEISURE 97,323

NONDURABLES - 1.9%

FOODS - 0.4%

Keebler Foods Co. (a) 205,000 5,766

HOUSEHOLD PRODUCTS - 1.1%

Procter & Gamble Co. 133,700 14,649

TOBACCO - 0.4%

Philip Morris Companies, Inc. 271,800 6,302

TOTAL NONDURABLES 26,717

PRECIOUS METALS - 1.1%

Newmont Mining Corp. 600,000 14,700

RETAIL & WHOLESALE - 2.8%

GENERAL MERCHANDISE STORES -
1.8%

Dollar Tree Stores, Inc. (a) 160,300 7,765

Wal-Mart Stores, Inc. 241,900 16,721

24,486

RETAIL & WHOLESALE,
MISCELLANEOUS - 1.0%

Home Depot, Inc. 207,900 14,254

TOTAL RETAIL & WHOLESALE 38,740

SERVICES - 3.0%

ADVERTISING - 1.1%

DoubleClick, Inc. (a) 40,000 10,123

Young & Rubicam, Inc. 75,000 5,306

15,429

LEASING & RENTAL - 0.9%

Hertz Corp. Class A 235,000 11,779

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

SERVICES - CONTINUED

SERVICES - 1.0%

Caremark Rx, Inc. (a) 1,100,000 $ 5,569

CheckFree Holdings Corp. (a) 75,000 7,838

13,407

TOTAL SERVICES 40,615

TECHNOLOGY - 30.5%

COMMUNICATIONS EQUIPMENT - 5.2%

Cisco Systems, Inc. (a) 427,600 45,807

Efficient Networks, Inc. 15,200 1,034

Nokia AB sponsored ADR 60,000 11,400

Nortel Networks Corp. 133,300 13,439

71,680

COMPUTER SERVICES & SOFTWARE
- - 17.7%

Affiliated Computer Services, 75,000 3,450
Inc. Class A (a)

Affymetrix, Inc. (a) 85,000 14,423

America Online, Inc. (a) 159,800 12,055

Automatic Data Processing, 237,000 12,768
Inc.

Banyan Systems, Inc. (a) 229,400 4,588

BroadVision, Inc. (a) 41,100 6,990

Cambridge Technology 46,400 1,218
Partners, Inc. (a)

Ceridian Corp. (a) 375,000 8,086

Citrix Systems, Inc. (a) 138,500 17,036

DSET Corp. (a) 61,200 2,287

DST Systems, Inc. (a) 111,500 8,509

Exodus Communications, Inc. 110,000 9,769
(a)

Liquid Audio, Inc. 200,000 5,250

Microsoft Corp. (a) 625,000 72,963

National Instrument Corp. (a) 165,000 6,311

Sabre Group Holdings, Inc. 150,000 7,688
Class A (a)

Siebel Systems, Inc. (a) 90,000 7,560

Software.com, Inc. 7,600 730

Student Advantage, Inc. 265,000 5,880

Usinternetworking, Inc. 100,000 6,988

VeriSign, Inc. (a) 51,600 9,852

Vignette Corp. 79,000 12,877

Yahoo!, Inc. (a) 15,000 6,490

243,768

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

TECHNOLOGY - CONTINUED

COMPUTERS & OFFICE EQUIPMENT
- - 3.4%

Alteon Websystems, Inc. 70,000 $ 6,143

Comverse Technology, Inc. (a) 57,200 8,280

EMC Corp. (a) 90,000 9,833

Seagate Technology, Inc. (a) 160,000 7,450

Symbol Technologies, Inc. 236,600 15,039

46,745

ELECTRONIC INSTRUMENTS - 1.5%

Optical Coating Laboratories, 25,000 7,400
Inc.

PE Corp. - Biosystems Group 106,100 12,765

20,165

ELECTRONICS - 2.7%

AstroPower, Inc. (a) 86,300 1,208

Celestica, Inc. (sub. vtg.) 137,800 7,696
(a)

Flextronics International 182,800 8,409
Ltd. (a)

KEMET Corp. (a) 100,000 4,506

Motorola, Inc. 50,000 7,363

PMC-Sierra, Inc. (a) 50,000 8,016

37,198

TOTAL TECHNOLOGY 419,556

TRANSPORTATION - 0.7%

TRUCKING & FREIGHT - 0.7%

Eagle USA Airfreight, Inc. (a) 135,000 5,822

Expeditors International of 72,900 3,194
Washington, Inc.

9,016

UTILITIES - 10.4%

CELLULAR - 6.9%

Mannesmann AG (Reg.) 72,700 17,705

Nextel Communications, Inc. 147,600 15,221
Class A (a)

Powertel, Inc. (a) 100,000 10,038

Sprint Corp. - PCS Group 279,000 28,598
Series 1 (a)

Telephone & Data Systems, 59,000 7,434
Inc.

Vodafone AirTouch PLC 322,500 15,964
sponsored ADR

94,960

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

UTILITIES - CONTINUED

ELECTRIC UTILITY - 1.0%

Calpine Corp. (a) 217,341 $ 13,910

TELEPHONE SERVICES - 2.5%

BellSouth Corp. 50,400 2,359

CenturyTel, Inc. 150,000 7,106

Global TeleSystems Group, 150,000 5,194
Inc. (a)

McLeodUSA, Inc. Class A (a) 160,000 9,420

Metromedia Fiber Network, 225,500 10,810
Inc. Class A (a)

34,889

TOTAL UTILITIES 143,759

TOTAL COMMON STOCKS 1,291,073
(Cost $1,015,492)

CASH EQUIVALENTS - 9.0%

Central Cash Collateral Fund, 30,984,800 30,985
4.97% (b)

Taxable Central Cash Fund, 93,087,474 93,087
5.12% (b)

TOTAL CASH EQUIVALENTS 124,072
(Cost $124,072)

TOTAL INVESTMENT PORTFOLIO - 1,415,145
102.8%
(Cost $1,139,564)

NET OTHER ASSETS - (2.8)% (38,920)

NET ASSETS - 100% $ 1,376,225

</TABLE>

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At December 31, 1999, the aggregate
cost of investment securities for income
tax purposes was $1,146,281,000. Net unrealized appreciation
aggregated $268,864,000, of which $292,742,000 related to appreciated
investment securities and $23,878,000 related to depreciated
investment securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
AMOUNTS IN THOUSANDS (EXCEPT
PER-SHARE AMOUNTS)
DECEMBER 31, 1999 (UNAUDITED)

ASSETS

Investment in securities, at $ 1,415,145
value (cost $1,139,564) -
See accompanying schedule

Cash 2,075

Foreign currency held at 9
value (cost $9)

Receivable for investments 3,443
sold

Receivable for fund shares 10,627
sold

Dividends receivable 462

Interest receivable 350

Other receivables 83

TOTAL ASSETS 1,432,194

LIABILITIES

Payable for investments $ 21,300
purchased

Payable for fund shares 2,770
redeemed

Accrued management fee 672

Other payables and accrued 242
expenses

Collateral on securities 30,985
loaned, at value

TOTAL LIABILITIES 55,969

NET ASSETS $ 1,376,225

Net Assets consist of:

Paid in capital $ 1,030,331

Accumulated net investment (815)
(loss)

Accumulated undistributed net 71,135
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 275,574
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS, for 92,292 shares $ 1,376,225
outstanding

NET ASSET VALUE and $14.91
redemption price per share
($1,376,225 (divided by)
92,292 shares)

Maximum offering price per $15.37
share (100/97.00 of $14.91)

STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS SIX
MONTHS ENDED DECEMBER 31,
1999 (UNAUDITED)

INVESTMENT INCOME $ 2,300
Dividends

Interest 873

Security lending 51

TOTAL INCOME 3,224

EXPENSES

Management fee Basic fee $ 2,764

Performance adjustment 165

Transfer agent fees 1,032

Accounting and security 174
lending fees

Non-interested trustees' 1
compensation

Custodian fees and expenses 30

Registration fees 96

Audit 13

Legal 7

Interest 6

Miscellaneous 3

Total expenses before 4,291
reductions

Expense reductions (252) 4,039

NET INVESTMENT INCOME (LOSS) (815)

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

Investment securities 81,348

Foreign currency transactions (25) 81,323

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 179,912

Assets and liabilities in (8) 179,904
foreign currencies

NET GAIN (LOSS) 261,227

NET INCREASE (DECREASE) IN $ 260,412
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER YEAR ENDED JUNE 30,
31,1999 (UNAUDITED) 1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ (815) $ (29)
income (loss)

Net realized gain (loss) 81,323 51,202

Change in net unrealized 179,904 79,239
appreciation (depreciation)

NET INCREASE (DECREASE) IN 260,412 130,412
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (51,448) -
from net realized gains

Share transactions Net 422,465 800,818
proceeds from sales of shares

Reinvestment of distributions 50,104 -

Cost of shares redeemed (206,242) (349,422)

NET INCREASE (DECREASE) IN 266,327 451,396
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) 475,291 581,808
IN NET ASSETS

NET ASSETS

Beginning of period 900,934 319,126

End of period (including $ 1,376,225 $ 900,934
undistributed net investment
income (loss) of $(815) and
$8, respectively)

OTHER INFORMATION
Shares

Sold 33,101 73,180

Issued in reinvestment of 4,514 -
distributions

Redeemed (16,821) (32,501)

Net increase (decrease) 20,794 40,679

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS

SIX MONTHS ENDED DECEMBER 31, YEARS ENDED JUNE 30,
1999

(UNAUDITED) 1999 1998 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 12.60 $ 10.35 $ 10.00
period

Income from Investment
Operations

Net investment income (loss) D (.01) .00 (.01)

Net realized and unrealized 3.04 2.25 .36
gain (loss)

Total from investment 3.03 2.25 .35
operations

Less Distributions

From net realized gain (.72) - -

Net asset value, end of period $ 14.91 $ 12.60 $ 10.35

TOTAL RETURN B, C 26.01% 21.74% 3.50%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 1,376 $ 901 $ 319
millions)

Ratio of expenses to average .89% A .93% 1.28% A
net assets

Ratio of expenses to average .84% A, F .86% F 1.23% A, F
net assets after expense
reductions

Ratio of net investment (.17)% A (.01)% (.28)% A
income (loss) to average
net assets

Portfolio turnover rate 340% A 293% 141% A

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
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 (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO JUNE
30, 1998.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.

NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1999 (Unaudited)

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. Foreign securities are valued based
on quotations from the principal market in which such securities are
normally traded. If trading or events occurring in other markets after
the close of the principal market in which foreign securities are
traded, and before the close of the business of the fund, are expected
to materially affect the value of those securities, then they are
valued at their fair value taking this trading or these events into
account. Fair value is determined in good faith under consistently
applied procedures under the general supervision of the Board of
Trustees. 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. 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
and settlement date 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

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

INCOME TAXES - CONTINUED

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 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 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 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 &

2. OPERATING POLICIES - CONTINUED

JOINT TRADING ACCOUNT - CONTINUED

Research Company (FMR), may transfer uninvested cash balances into one
or more joint trading accounts. These balances are invested in one or
more repurchase agreements for U.S. Treasury or Federal Agency
obligations.

REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal 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.

CENTRAL CASH FUNDS. Pursuant to an Exemptive Order issued by the SEC,
the fund may invest in the Taxable Central Cash Fund and the Central
Cash Collateral Fund(the Cash Funds) managed by Fidelity Investments
Money Management, Inc., an affiliate of FMR. The Cash Funds are
open-end money market funds available only to investment companies and
other accounts managed by FMR and its affiliates. The Cash Funds seek
preservation of capital, liquidity, and current income. Income
distributions from the Cash Funds are declared daily and paid monthly
from net interest income. Income distributions earned by the fund are
recorded as either interest income or security lending income in the
accompanying financial statements.

INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by
the SEC, the fund, along with other registered investment companies
having management contracts with FMR, may participate in an interfund
lending program. This program provides an alternative credit facility
allowing the fund to borrow from, or lend money to, other
participating funds.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $1,748,709,000 and $1,609,638,000, respectively.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

MANAGEMENT FEE - CONTINUED

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
took effect in March 1999. For the period, the management fee was
equivalent to an annualized rate of .61% of average net assets after
the performance adjustment.

SALES LOAD. For the period, Fidelity Distributors Corporation (FDC),
an affiliate of FMR and the general distributor of the fund, received
sales charges of $1,253,000 on sales of shares of the fund all of
which 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 .21% 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 $67,000 for the
period.

5. INTERFUND LENDING PROGRAM.

The fund participated in the interfund lending program as a borrower.
The average daily loan balance during the period for which loans were
outstanding amounted to $8,857,000. The weighted average interest rate
was 5.42%. Interest expense includes $5,000 paid under the interfund
lending program.

6. SECURITY LENDING.

The fund lends portfolio securities from time to time in order to earn
additional income. The fund receives collateral in the form of U.S.
Treasury obligations, letters of credit, and/or cash against the
loaned securities, and maintains collateral in an amount not less than
100% of the market value of the loaned securities during the period of
the loan. The market value of the loaned securities is determined at
the close of business of the fund and any additional required
collateral is delivered to the fund on the next business day. If the
borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the fund could experience
delays and costs in recovering the securities loaned or in gaining
access to the collateral. At period end, the

6. SECURITY LENDING - CONTINUED

value of the securities loaned amounted to $30,544,000. The fund
received cash collateral of $30,985,000 which was invested in cash
equivalents.

7. BANK BORROWINGS.

The fund is permitted to have bank borrowings for temporary or
emergency purposes to fund shareholder redemptions. The fund has
established borrowing arrangements with certain banks. The interest
rate on the borrowings is the bank's base rate, as revised from time
to time. The average daily loan balance during the period for which
loans were outstanding amounted to $3,119,000. The weighted average
interest rate was 5.57%. Interest expense includes $1,000 paid under
the bank borrowing program.

8. 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 $248,000 under this arrangement.

In addition, through arrangements with the fund's custodian and
transfer agent, 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 $3,000 and $1,000, respectively, under these arrangements.

MANAGING YOUR INVESTMENTS

Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.

BY PHONE

Fidelity Automated Service Telephone 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)FIDELITY AUTOMATED
SERVICE TELEPHONE (FASTSM)

1-800-544-5555

PRESS

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

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 EarthLink Sprint at
1-800-288-2967, and be sure to ask for registration number SMD004 to
receive a special Fidelity package that includes 30 days of free
Internet access. EarthLink is North America's #1 independent Internet
access provider.

(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)

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 1-800-544-0240 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 Colinas Blvd.
Irving, TX 75039-5587

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 Colinas Blvd.
Irving, TX 75039-5587

GENERAL CORRESPONDENCE

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.

ARIZONA

7373 N. Scottsdale Road
Scottsdale, AZ

CALIFORNIA

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 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

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

MASSACHUSETTS

470 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

MICHIGAN

280 North Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

MINNESOTA

7600 France Avenue South
Edina, MN

MISSOURI

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

200 North Broadway
St. Louis, MO

NEW JERSEY

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

NEW YORK

1055 Franklin Avenue
Garden City, NY

999 Walt Whitman Road
Melville, L.I., NY

1271 Avenue of the Americas
New York, NY

71 Broadway
New York, NY

350 Park Avenue
New York, NY

NORTH CAROLINA

4611 Sharon Road
Charlotte, NC

OHIO

600 Vine Street
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

OREGON

16850 SW 72 Avenue
Tigard, OR

PENNSYLVANIA

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 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

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
Bart A. Grenier, Vice President
Jason L. Weiner, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, 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
Ned C. Lautenbach

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
Aggressive Growth Fund
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund (registered trademark)
Contrafund(registered trademark) II
Disciplined Equity Fund
Dividend Growth Fund
Export and Multinational Fund
Fidelity FiftySM
Growth Company Fund
Large Cap Stock Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium Fund (registered trademark)
OTC Portfolio
Retirement Growth Fund
Small Cap Selector
Small Cap Stock Fund
Stock Selector
Tax Managed Stock Fund
TechnoQuant(registered trademark) Growth Fund
Trend Fund
Value Fund

THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
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)
Fidelity Automated Service
Telephone (FASTSM) 1-800-544-5555
AUTOMATED LINE FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

FIDELITY(REGISTERED TRADEMARK)
FUND

SEMIANNUAL REPORT
DECEMBER 31, 1999

(2_FIDELITY_LOGOS)(registered trademark)

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over
time.

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

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

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

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

NOTES 25 Notes to the financial
statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.

Other third party marks appearing herein are the property of their
respective owners.

All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.

This report is printed on recycled paper using soy-based inks.

PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)

DEAR SHAREHOLDER:

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.

Best regards,
Edward C. Johnson 3d

PERFORMANCE: THE BOTTOM LINE

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY FUND 12.40% 24.21% 242.08% 430.74%

S&P 500 7.71% 21.04% 251.12% 432.89%

Growth & Income Funds Average 2.35% 13.76% 167.25% 293.90%

</TABLE>

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, five
years or ten 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 500SM Index - a market
capitalization-weighted 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 Inc. The past
six months average represents a peer group of 972 mutual funds. These
benchmarks include reinvested dividends and capital gains, if any, and
exclude the effect of sales charges. Lipper has created new comparison
categories that group funds according to portfolio characteristics and
capitalization, as well as by capitalization only. These averages are
listed on page 5 of this report.*

AVERAGE ANNUAL TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS

FIDELITY FUND 24.21% 27.89% 18.16%

S&P 500 21.04% 28.56% 18.21%

Growth & Income Funds Average 13.76% 21.34% 14.42%

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 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
1989/12/31 10000.00 10000.00
1990/01/31 9464.58 9329.00
1990/02/28 9659.79 9449.34
1990/03/31 9849.88 9699.75
1990/04/30 9597.17 9457.26
1990/05/31 10310.36 10379.34
1990/06/30 10248.11 10308.76
1990/07/31 10152.01 10275.77
1990/08/31 9422.83 9346.84
1990/09/30 9001.08 8891.65
1990/10/31 8904.30 8853.42
1990/11/30 9297.13 9425.35
1990/12/31 9490.31 9688.32
1991/01/31 10102.02 10110.73
1991/02/28 10766.17 10833.64
1991/03/31 11011.91 11095.82
1991/04/30 11023.64 11122.45
1991/05/31 11580.68 11602.94
1991/06/30 10939.20 11071.52
1991/07/31 11428.93 11587.46
1991/08/31 11617.74 11862.08
1991/09/30 11517.47 11663.98
1991/10/31 11630.27 11820.28
1991/11/30 10929.72 11343.92
1991/12/31 11781.84 12641.67
1992/01/31 11966.93 12406.53
1992/02/29 12305.19 12567.82
1992/03/31 11932.77 12322.74
1992/04/30 12016.27 12685.03
1992/05/31 12125.45 12747.19
1992/06/30 11958.94 12557.26
1992/07/31 12217.09 13070.85
1992/08/31 11965.39 12802.90
1992/09/30 12087.58 12953.97
1992/10/31 12236.73 12999.31
1992/11/30 12509.09 13442.58
1992/12/31 12778.63 13607.93
1993/01/31 13115.98 13722.24
1993/02/28 13229.98 13908.86
1993/03/31 13622.95 14202.33
1993/04/30 13622.95 13858.64
1993/05/31 13956.54 14230.05
1993/06/30 13977.93 14271.32
1993/07/31 13991.62 14214.23
1993/08/31 14642.83 14752.95
1993/09/30 14776.70 14639.35
1993/10/31 15021.01 14942.39
1993/11/30 14621.24 14800.44
1993/12/31 15125.00 14979.52
1994/01/31 15768.62 15488.82
1994/02/28 15454.66 15069.08
1994/03/31 14751.81 14412.07
1994/04/30 15098.73 14596.54
1994/05/31 15082.96 14835.92
1994/06/30 14734.36 14472.44
1994/07/31 15217.32 14947.14
1994/08/31 15879.25 15559.97
1994/09/30 15545.65 15178.75
1994/10/31 15879.60 15520.27
1994/11/30 15320.23 14955.03
1994/12/31 15515.34 15176.81
1995/01/31 15490.16 15570.34
1995/02/28 16019.09 16177.12
1995/03/31 16599.78 16654.51
1995/04/30 17004.86 17144.98
1995/05/31 17291.79 17830.27
1995/06/30 17841.60 18244.46
1995/07/31 18655.67 18849.45
1995/08/31 18960.26 18896.76
1995/09/30 19517.12 19694.21
1995/10/31 19289.67 19623.90
1995/11/30 20103.24 20485.39
1995/12/31 20611.83 20879.93
1996/01/31 21113.22 21590.69
1996/02/29 21377.59 21790.83
1996/03/31 21779.32 22000.68
1996/04/30 22127.21 22324.97
1996/05/31 22557.48 22900.73
1996/06/30 22658.08 22987.98
1996/07/31 21674.54 21972.37
1996/08/31 22279.31 22435.77
1996/09/30 23419.52 23698.46
1996/10/31 23803.93 24352.06
1996/11/30 25233.15 26192.83
1996/12/31 24697.87 25673.95
1997/01/31 25737.78 27278.06
1997/02/28 25987.76 27491.92
1997/03/31 24703.34 26362.28
1997/04/30 26137.59 27936.10
1997/05/31 27571.85 29636.85
1997/06/30 28995.89 30964.59
1997/07/31 31439.87 33428.44
1997/08/31 29819.18 31555.78
1997/09/30 31408.60 33284.09
1997/10/31 30534.70 32172.40
1997/11/30 31887.17 33661.66
1997/12/31 32615.91 34239.63
1998/01/31 32780.02 34618.32
1998/02/28 35044.87 37114.99
1998/03/31 36875.61 39015.65
1998/04/30 37149.81 39408.15
1998/05/31 36919.48 38730.72
1998/06/30 38720.98 40303.96
1998/07/31 38885.90 39874.73
1998/08/31 33052.60 34109.64
1998/09/30 34521.82 36294.70
1998/10/31 37064.93 39246.91
1998/11/30 39377.89 41625.67
1998/12/31 42727.84 44024.14
1999/01/31 44230.13 45865.23
1999/02/28 43310.13 44439.74
1999/03/31 45196.47 46217.77
1999/04/30 46164.80 48007.79
1999/05/31 44729.80 46874.32
1999/06/30 47219.76 49475.85
1999/07/31 45746.70 47931.21
1999/08/31 45087.88 47693.95
1999/09/30 44127.82 46386.66
1999/10/31 46043.18 49322.01
1999/11/30 47933.66 50324.73
1999/12/31 53074.38 53288.85
IMATRL PRASUN SHR__CHT 19991231 20000113 115009 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Fund on December 31, 1989. As the chart shows, by
December 31, 1999, the value of the investment would have grown to
$53,074 - a 430.74% 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 gains, if any, reinvested, the
same $10,000 would have grown to $53,289 - a 432.89% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

* THE LIPPER LARGE-CAP CORE FUNDS AVERAGE REFLECTS THE PERFORMANCE
(EXCLUDING SALES CHARGES) OF MUTUAL FUNDS WITH SIMILAR PORTFOLIO
CHARACTERISTICS AND CAPITALIZATION. THE LIPPER LARGE-CAP SUPERGROUP
AVERAGE REFLECTS THE PERFORMANCE (EXCLUDING SALES CHARGES) OF MUTUAL
FUNDS WITH SIMILAR CAPITALIZATION. AS OF DECEMBER 31, 1999, THE SIX
MONTH, ONE YEAR, FIVE YEAR AND 10 YEAR CUMULATIVE AND AVERAGE ANNUAL
TOTAL RETURNS FOR THE LIPPER LARGE-CAP CORE FUNDS AVERAGE WERE 9.96%,
22.35%, 213.20%, 373.15%, AND 22.35%, 25.53%, 16.66%, RESPECTIVELY;
AND THE SIX MONTH, ONE YEAR, FIVE YEAR, AND 10 YEAR CUMULATIVE AND
AVERAGE ANNUAL TOTAL RETURNS FOR THE LIPPER LARGE-CAP SUPERGROUP
AVERAGES WERE 11.64%, 24.93%, 227.59%, 397.83%, AND 24.93%, 26.34%,
17.07%, RESPECTIVELY.

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Beth Terrana)

An interview with Beth Terrana, Portfolio Manager of Fidelity Fund

Q. HOW DID THE FUND PERFORM, BETH?

A. Very well, on both an absolute and relative basis. For the six
months ending December 31, 1999, Fidelity Fund returned 12.40%. The
growth and income funds average, as tracked by Lipper Inc., returned
2.35% during that time frame, while the Standard & Poor's 500 Index
returned 7.71%. The fund's 12-month return of 24.21% also outperformed
its Lipper peer average and the S&P 500, which returned 13.76% and
21.04%, respectively.

Q. WHAT HELPED THE FUND OUTPACE BOTH ITS BENCHMARK AND PEER GROUP
DURING THE SIX-MONTH PERIOD?

A. Strong stock selection across several sectors, particularly in
utilities and technology, spurred fund performance in the second half
of 1999. While I still underweighted both sectors relative to the S&P
500 at the period's end, eight of the fund's top 10 performing stocks
were from those two industries. In the fund's utilities position -
which is almost entirely a wireless play - VoiceStream Wireless and
Qualcomm were top performers. Both were strong beneficiaries of
advancing the delivery of digital voice and data.

Q. YOU ALSO MENTIONED TECHNOLOGY. WHAT WERE SOME OF THE
BETTER-PERFORMING STOCKS IN THAT SECTOR?

A. Familiar names such as Microsoft, Cisco, Nokia, Motorola and
several others were tremendously beneficial to the fund's return. For
most of the past year, I underweighted technology because I have
always been value-oriented and did not find many attractive valuations
in the sector. In hindsight, that was a mistake. Therefore, I
increased the fund's technology weighting from 15% six months ago to
nearly 28% of net assets at the end of 1999. Technology has done well
for obvious reasons. In recent years, many tech companies have had
among the highest earnings growth rates and the greatest improvements
in return on capital. The market has been willing to pay a premium for
this superior growth, with the expectation that earnings will continue
to improve. As I compared various investment alternatives, I found a
number of technology companies that I believe have the ability to
continuously improve profitability and return on assets.

Q. WHAT OTHER STOCKS PERFORMED WELL FOR THE FUND?

A. GE, the fund's largest holding, also was its top contributor to
performance. The company continued to be rewarded for its tremendous
product line and for maintaining dominant market share. Several media
and leisure positions, including CBS, Comcast and Viacom, also stood
out. Overweighting this sector in general was a key contributor to the
fund's relative performance, and the individual securities I just
mentioned all offered a compelling combination of attractive
valuations and strong fundamentals, which the market justly rewarded
them for.

Q. WHICH STOCKS DID NOT PERFORM AS YOU HOPED?

A. Xerox was a disappointment. For the past three years, Xerox had the
market for digital products largely to itself. Recently, Canon and
Ricoh have developed strong competing products. In addition, Xerox has
been slow to implement its announced sales force reorganization. These
two factors left it vulnerable to increased competition and earnings
disappointments. The fund no longer held this stock at the end of the
period. Several of the fund's consumer nondurables holdings, most
notably Clorox, also detracted from returns. Clorox, along with many
consumer nondurables companies, was hurt by increased competition as
well as by a slowdown in unit volumes.

Q. LOOKING AHEAD, WHAT AREAS OF THE MARKET APPEAR PARTICULARLY
INTERESTING TO YOU?

A. In the U.S., I have been focusing some of my time on the wireless
sector. Once critical masses of people are using wireless
communications, it becomes an attractive alternative for everyday
communication. Although I primarily concentrate on U.S. companies,
international stocks - particularly Japan - are another area of focus
for me. When comparing the relative earnings growth rates between U.S.
and foreign companies, many opportunities now exist overseas that may
not have several years ago. In Europe, corporate restructuring has
picked up, merger and acquisition activity has been heavy and the
economy is improving. These three factors should drive better earnings
growth and improved profitability going forward. In Japan, the economy
also is improving. Many companies finally seem to be serious about
restructuring. If Japanese managements remain committed to it, we
could see the beginning of long-term improvement in profitability for
Japanese companies.

(checkmark)FUND FACTS

GOAL: seeks long-term
capital growth

FUND NUMBER: 003

TRADING SYMBOL: FFIDX

START DATE: April 30, 1930

SIZE: as of December 31,
1999 more than $16.1
billion

MANAGER: Beth Terrana, since
1993; joined Fidelity in
1983

BETH TERRANA TALKS ABOUT
OPPORTUNITIES IN JAPAN:

"Japan appears to have many of the
conditions that helped propel the
U.S. market to dizzying heights over
the past few years - (1) improving
corporate earnings, (2) favorable
consumer demographics, and (3)
healthy capital markets activity.
First, if Japanese management
remains committed to restructuring,
we could see the beginning of
long-term improvement in
profitability and earnings growth for
Japanese companies. Second, if even
a modest portion of Japanese
consumer savings is re-directed to
the Japanese equity market, the
effect could be powerful. Japanese
households have among the highest
savings rates in the world, close to
30% recently. In contrast, according
to the Federal Reserve Board, the
savings rate for U.S. households is
- -1.3%. According to a recent study by
the Bank of Japan, however, the
average Japanese household had
only 9% of household financial
assets invested in equities -
compared to 43% for U.S.
households. Most Japanese
consumers' savings are invested in
`postal savings,' which are
government-sponsored savings
accounts with low returns. Daiwa
Securities Group of Japan
estimates that more than $100
trillion yen (about $1 trillion in U.S.
dollars) in postal savings will mature
by the end of 2001 - and thus be
available for investing in the stock
market. Finally, more corporate
asset sales, spin-offs, and mergers
and acquisitions should fuel
increased capital markets activity
and help sustain a vibrant
Japanese market."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS AS OF DECEMBER
31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

General Electric Co. 4.2 3.3

Microsoft Corp. 3.9 2.6

Nokia AB sponsored ADR 2.3 0.9

Cisco Systems, Inc. 1.9 1.1

Citigroup, Inc. 1.7 2.0

Chase Manhattan Corp. 1.7 2.0

Lucent Technologies, Inc. 1.5 1.4

American Express Co. 1.5 2.1

Motorola, Inc. 1.4 0.5

Home Depot, Inc. 1.4 0.8

21.5 16.7

TOP FIVE MARKET SECTORS AS OF
DECEMBER 31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

TECHNOLOGY 28.2 15.1

UTILITIES 10.4 9.2

MEDIA & LEISURE 10.4 9.7

FINANCE 10.2 11.9

HEALTH 9.8 9.3

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
NET ASSETS)

AS OF DECEMBER 31, 1999 * AS OF JUNE 30, 1999 **

Stocks 93.7% Stocks 92.9%

Convertible Securities 1.3% Convertible Securities 1.1%

Short-Term Investments and Short-Term Investments and
Net Other Assets 5.0% Net Other Assets 6.0%

* FOREIGN INVESTMENTS 15.2% ** FOREIGN INVESTMENTS 5.7%

Row: 1, Col: 1, Value: 93.7 Row: 1, Col: 1, Value: 92.90000000000001
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 1.3 Row: 1, Col: 4, Value: 1.1
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 5.0 Row: 1, Col: 8, Value: 6.0

</TABLE>

PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.

INVESTMENTS DECEMBER 31, 1999 (UNAUDITED)

Showing Percentage of Net Assets

<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 93.7%

SHARES VALUE (NOTE 1) (000S)

AEROSPACE & DEFENSE - 1.2%

AEROSPACE & DEFENSE - 0.9%

Boeing Co. 2,509,200 $ 104,289

British Aerospace PLC 779,545 5,167

Textron, Inc. 433,200 33,221

142,677

SHIP BUILDING & REPAIR - 0.3%

General Dynamics Corp. 1,102,100 58,136

TOTAL AEROSPACE & DEFENSE 200,813

BASIC INDUSTRIES - 2.4%

CHEMICALS & PLASTICS - 0.7%

Praxair, Inc. 2,006,000 100,927

Rohm & Haas Co. 304,072 12,372

113,299

IRON & STEEL - 0.1%

Nucor Corp. 141,500 7,756

METALS & MINING - 1.5%

Alcoa, Inc. 2,432,400 201,889

Furukawa Electric Co. Ltd. 2,977,000 45,150

247,039

PACKAGING & CONTAINERS - 0.1%

Owens-Illinois, Inc. (a) 563,800 14,130

TOTAL BASIC INDUSTRIES 382,224

CONSTRUCTION & REAL ESTATE -
0.3%

BUILDING MATERIALS - 0.1%

Masco Corp. 824,000 20,909

ENGINEERING - 0.2%

Fluor Corp. 487,400 22,359

TOTAL CONSTRUCTION & REAL 43,268
ESTATE

DURABLES - 1.1%

AUTOS, TIRES, & ACCESSORIES -
0.3%

Danaher Corp. 1,001,500 48,322

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

DURABLES - CONTINUED

CONSUMER DURABLES - 0.0%

Minnesota Mining & 83,100 $ 8,133
Manufacturing Co.

CONSUMER ELECTRONICS - 0.6%

Sony Corp. 327,400 93,227

HOME FURNISHINGS - 0.2%

Leggett & Platt, Inc. 1,404,800 30,115

TOTAL DURABLES 179,797

ENERGY - 3.1%

ENERGY SERVICES - 0.3%

Halliburton Co. 894,100 35,988

Schlumberger Ltd. 243,600 13,703

Transocean Sedco Forex, Inc. 47,160 1,589

51,280

OIL & GAS - 2.8%

BP Amoco PLC sponsored ADR 1,275,300 75,641

Chevron Corp. 413,600 35,828

Exxon Mobil Corp. 2,492,556 200,807

Royal Dutch Petroleum Co. (NY 2,035,000 122,990
Registry Gilder 1.25)

USX - Marathon Group 230,000 5,678

440,944

TOTAL ENERGY 492,224

FINANCE - 10.0%

BANKS - 2.5%

Bank of New York Co., Inc. 2,502,360 100,094

Chase Manhattan Corp. 3,533,100 274,478

U.S. Bancorp 1,454,900 34,645

409,217

CREDIT & OTHER FINANCE - 3.5%

American Express Co. 1,428,964 237,565

Associates First Capital 1,471,000 40,361
Corp. Class A

Citigroup, Inc. 5,020,125 278,931

556,857

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

FINANCE - CONTINUED

FEDERAL SPONSORED CREDIT - 0.8%

Fannie Mae 1,100,400 $ 68,706

Freddie Mac 1,295,600 60,974

129,680

INSURANCE - 1.6%

AFLAC, Inc. 955,200 45,074

American International Group, 1,885,400 203,859
Inc.

MBIA, Inc. 256,800 13,562

262,495

SECURITIES INDUSTRY - 1.6%

Daiwa Securities Co. Ltd. 5,160,000 80,732

Morgan Stanley Dean Witter & 695,800 99,325
Co.

Nikko Securities Co. Ltd. 6,471,000 81,869

261,926

TOTAL FINANCE 1,620,175

HEALTH - 9.8%

DRUGS & PHARMACEUTICALS - 7.9%

Allergan, Inc. 139,300 6,930

American Home Products Corp. 2,419,200 95,407

Amgen, Inc. (a) 2,558,400 153,664

Biogen, Inc. (a) 551,500 46,602

Bristol-Myers Squibb Co. 2,652,300 170,245

Elan Corp. PLC sponsored ADR 595,600 17,570
(a)

Eli Lilly & Co. 2,487,300 165,405

Genentech, Inc. 1,287,000 173,102

Merck & Co., Inc. 1,321,000 88,590

Millennium Pharmaceuticals, 106,800 13,030
Inc. (a)

Pfizer, Inc. 79,100 2,566

Schering-Plough Corp. 4,531,900 191,190

Warner-Lambert Co. 1,832,000 150,110

1,274,411

MEDICAL EQUIPMENT & SUPPLIES
- - 1.9%

Abbott Laboratories 2,338,900 84,931

Biomet, Inc. 994,600 39,784

Cardinal Health, Inc. 1,471,982 70,471

Guidant Corp. 257,600 12,107

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

HEALTH - CONTINUED

MEDICAL EQUIPMENT & SUPPLIES
- - CONTINUED

Johnson & Johnson 949,100 $ 88,385

Medtronic, Inc. 458,800 16,718

312,396

TOTAL HEALTH 1,586,807

INDUSTRIAL MACHINERY &
EQUIPMENT - 7.4%

ELECTRICAL EQUIPMENT - 5.9%

ABB Ltd. (Sweden) (a) 547,593 67,271

General Electric Co. 4,374,500 676,944

Hutchison Whampoa Ltd. 6,348,000 92,343

Koninklijke Philips 339,400 45,819
Electronics NV (NY Shares)

Mitsubishi Electric Corp. 9,483,000 61,241

943,618

INDUSTRIAL MACHINERY &
EQUIPMENT - 1.5%

Deere & Co. 950,500 41,228

Illinois Tool Works, Inc. 113,800 7,689

Ingersoll-Rand Co. 670,800 36,936

Parker-Hannifin Corp. 71,600 3,674

Tyco International Ltd. 3,830,000 148,891

238,418

TOTAL INDUSTRIAL MACHINERY & 1,182,036
EQUIPMENT

MEDIA & LEISURE - 9.4%

BROADCASTING - 4.6%

CBS Corp. (a) 2,497,800 159,703

Clear Channel Communications, 1,201,100 107,198
Inc. (a)

Comcast Corp. Class A 4,322,600 218,561
(special)

Infinity Broadcasting Corp. 1,122,900 40,635
Class A

Time Warner, Inc. 1,461,640 105,878

USA Networks, Inc. (a) 2,042,800 112,865

744,840

ENTERTAINMENT - 2.2%

Carnival Corp. 1,388,800 66,402

Fox Entertainment Group, Inc. 1,829,600 45,626
Class A

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

MEDIA & LEISURE - CONTINUED

ENTERTAINMENT - CONTINUED

News Corp. Ltd. sponsored:

ADR 842,300 $ 32,218

ADR (preferred ltd. vtg.) 730,000 24,409

Viacom, Inc. Class B 2,825,600 170,772
(non-vtg.) (a)

Walt Disney Co. 423,500 12,387

351,814

PUBLISHING - 1.5%

McGraw-Hill Companies, Inc. 3,605,400 222,183

Reader's Digest Association, 572,200 16,737
Inc. Class A (non-vtg.)

238,920

RESTAURANTS - 1.1%

McDonald's Corp. 3,293,600 132,773

Starbucks Corp. (a) 1,607,700 38,987

171,760

TOTAL MEDIA & LEISURE 1,507,334

NONDURABLES - 2.7%

BEVERAGES - 0.3%

Anheuser-Busch Companies, 795,500 56,381
Inc.

FOODS - 0.3%

Flowers Industries, Inc. 610,700 9,733

Keebler Foods Co. (a) 1,180,700 33,207

42,940

HOUSEHOLD PRODUCTS - 1.7%

Avon Products, Inc. 492,500 16,253

Clorox Co. 2,432,354 122,530

Colgate-Palmolive Co. 1,090,500 70,883

Estee Lauder Companies, Inc. 428,480 21,611

Procter & Gamble Co. 343,800 37,668

268,945

TOBACCO - 0.4%

Philip Morris Companies, Inc. 2,888,700 66,982

TOTAL NONDURABLES 435,248

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

RETAIL & WHOLESALE - 5.8%

APPAREL STORES - 0.5%

Abercrombie & Fitch Co. Class 2,379,200 $ 63,495
A (a)

The Limited, Inc. 424,400 18,382

81,877

DRUG STORES - 0.8%

CVS Corp. 3,324,726 132,781

GENERAL MERCHANDISE STORES -
2.6%

Cifra SA de CV Series V (a) 15,180,000 30,472

Costco Wholesale Corp. (a) 976,900 89,142

Dayton Hudson Corp. 1,122,500 82,434

Kohls Corp. (a) 153,700 11,095

Nordstrom, Inc. 862,400 22,584

Wal-Mart Stores, Inc. 2,483,500 171,672

407,399

RETAIL & WHOLESALE,
MISCELLANEOUS - 1.9%

Home Depot, Inc. 3,397,894 232,968

Staples, Inc. (a) 3,107,800 64,487

Webvan Group, Inc. 621,600 10,256

307,711

TOTAL RETAIL & WHOLESALE 929,768

SERVICES - 2.0%

ADVERTISING - 1.1%

DoubleClick, Inc. (a) 121,200 30,671

Omnicom Group, Inc. 1,472,200 147,220

177,891

LEASING & RENTAL - 0.2%

Marubeni Corp. 5,422,000 22,760

SERVICES - 0.7%

Cendant Corp. (a) 1,858,100 49,356

Ecolab, Inc. 1,552,100 60,726

Gartner Group, Inc. Class B 510,736 7,055
(a)

117,137

TOTAL SERVICES 317,788

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

TECHNOLOGY - 28.1%

COMMUNICATIONS EQUIPMENT - 7.3%

ADC Telecommunications, Inc. 845,300 $ 61,337
(a)

Cabletron Systems, Inc. (a) 1,184,500 30,797

Cisco Systems, Inc. (a) 2,942,950 315,264

Jabil Circuit, Inc. (a) 386,800 28,236

Lucent Technologies, Inc. 3,177,820 237,741

Marconi PLC 1,818,000 32,195

NEC Corp. 1,454,000 34,643

Nokia AB sponsored ADR 1,994,500 378,955

Telefonaktiebolaget LM 1,097,400 72,085
Ericsson sponsored ADR

1,191,253

COMPUTER SERVICES & SOFTWARE
- - 9.3%

Amazon.com, Inc. (a) 374,300 28,494

America Online, Inc. (a) 1,791,000 135,109

At Home Corp. Series A (a) 864,692 37,074

Automatic Data Processing, 430,600 23,199
Inc.

BEA Systems, Inc. (a) 120,600 8,434

Computer Sciences Corp. (a) 528,200 49,981

Exodus Communications, Inc. 439,600 39,042
(a)

Healtheon/Web Maryland Corp. 755,700 28,339

IMS Health, Inc. 2,128,900 57,879

Inktomi Corp. (a) 363,600 32,270

Intuit, Inc. (a) 1,757,100 105,316

Lycos, Inc. (a) 221,600 17,631

Microsoft Corp. (a) 5,362,200 626,037

Trans Cosmos, Inc. 75,900 32,380

Unisys Corp. (a) 3,780,209 120,730

Yahoo Japan Corp. 45 40,245

Yahoo!, Inc. (a) 270,300 116,955

1,499,115

COMPUTERS & OFFICE EQUIPMENT
- - 6.3%

Comverse Technology, Inc. (a) 169,500 24,535

Dell Computer Corp. (a) 3,477,300 177,342

EMC Corp. (a) 1,537,500 167,972

Fujitsu Ltd. 2,258,000 102,958

Hewlett-Packard Co. 444,300 50,622

International Business 814,300 87,944
Machines Corp.

Lexmark International Group, 527,200 47,712
Inc. Class A (a)

Pitney Bowes, Inc. 1,284,700 62,067

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

TECHNOLOGY - CONTINUED

COMPUTERS & OFFICE EQUIPMENT
- - CONTINUED

SCI Systems, Inc. (a) 291,100 $ 23,925

Softbank Corp. 141,800 135,695

Sun Microsystems, Inc. (a) 1,807,400 139,961

1,020,733

ELECTRONIC INSTRUMENTS - 0.1%

PE Corp. - Biosystems Group 106,900 12,861

ELECTRONICS - 5.1%

Analog Devices, Inc. (a) 873,000 81,189

DII Group, Inc. (a) 659,200 46,783

Flextronics International 222,800 10,249
Ltd. (a)

Intel Corp. 283,800 23,360

Motorola, Inc. 1,592,100 234,437

Samsung Electronics Co. Ltd. 300,910 70,491

Sanmina Corp. (a) 754,600 75,366

Solectron Corp. (a) 605,200 57,570

Texas Instruments, Inc. 2,265,600 219,480

818,925

TOTAL TECHNOLOGY 4,542,887

UTILITIES - 10.4%

CELLULAR - 7.4%

ALLTEL Corp. 1,544,500 127,711

China Telecom (Hong Kong) 18,554,600 119,271
Ltd. (a)

Hikari Tsushin, Inc. 20,000 40,117

Mannesmann AG (Reg.) 444,750 108,313

Nextel Communications, Inc. 1,003,400 103,476
Class A (a)

QUALCOMM, Inc. (a) 860,400 151,538

Sprint Corp. - PCS Group 1,317,000 134,993
Series 1 (a)

United States Cellular Corp. 303,600 30,645
(a)

Vodafone AirTouch PLC 3,981,000 197,060
sponsored ADR

VoiceStream Wireless Corp. (a) 1,090,500 155,192

Western Wireless Corp. Class A 378,700 25,278

1,193,594

ELECTRIC UTILITY - 1.0%

AES Corp. (a) 1,112,400 83,152

Illinova Corp. 1,074,900 37,353

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1) (000S)

UTILITIES - CONTINUED

ELECTRIC UTILITY - CONTINUED

PG&E Corp. 199,200 $ 4,084

Unicom Corp. 841,500 28,190

152,779

GAS - 0.0%

Dynegy, Inc. 305,800 7,435

TELEPHONE SERVICES - 2.0%

AT&T Corp. 704,194 35,738

BellSouth Corp. 411,200 19,249

CenturyTel, Inc. 612,200 29,003

DDI Corp. 4,278 58,603

MCI WorldCom, Inc. (a) 2,438,199 129,377

SBC Communications, Inc. 983,900 47,965

319,935

TOTAL UTILITIES 1,673,743

TOTAL COMMON STOCKS 15,094,112
(Cost $9,747,524)

CONVERTIBLE PREFERRED STOCKS
- - 0.9%

MEDIA & LEISURE - 0.9%

BROADCASTING - 0.9%

Comcast Corp.:

$1.44 ZONES 292,200 28,964

$1.63 ZONES 148,200 14,653

Cox Communications, Inc. 149,500 14,502
$6.858 PRIZES

MediaOne Group, Inc. 702,700 75,892
(Vodafone AirTouch PLC)
$3.63 PIES

UnitedGlobalCom, Inc. $3.50 242,700 15,351

TOTAL CONVERTIBLE PREFERRED 149,362
STOCKS
(Cost $114,560)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CORPORATE BONDS - 0.4%

MOODY'S RATINGS (UNAUDITED) PRINCIPAL AMOUNT (000S) VALUE (NOTE 1) (000S)

CONVERTIBLE BONDS - 0.4%

FINANCE - 0.2%

CREDIT & OTHER FINANCE - 0.2%

Elan Finance Corp. Ltd. Baa3 $ 48,100 $ 25,002
liquid yield option notes 0%
12/14/18 (c)

MEDIA & LEISURE - 0.1%

BROADCASTING - 0.1%

Liberty Media Corp. 4% Baa3 10,870 13,642
11/15/29 (c)

TECHNOLOGY - 0.1%

COMPUTERS & OFFICE EQUIPMENT
- - 0.1%

EMC Corp. 3.25% 3/15/02 Ba2 2,230 21,508

TOTAL CONVERTIBLE BONDS 60,152

NONCONVERTIBLE BONDS - 0.0%

AEROSPACE & DEFENSE - 0.0%

British Aerospace PLC 7.45% - GBP 246 388
11/30/03

TOTAL CORPORATE BONDS 60,540
(Cost $40,393)

</TABLE>

CASH EQUIVALENTS - 5.8%

Central Cash Collateral Fund, 143,491,594 143,492
4.97% (b)

Taxable Central Cash Fund, 792,256,599 792,257
5.12% (b)

TOTAL CASH EQUIVALENTS 935,749
(Cost $935,749)

TOTAL INVESTMENT PORTFOLIO - 16,239,763
100.8%
(Cost $10,838,226)

NET OTHER ASSETS - (0.8)% (121,552)

NET ASSETS - 100% $ 16,118,211

CURRENCY TYPE ABBREVIATIONS

GBP - British pound

SECURITY TYPE ABBREVIATIONS

PIES - Premium Income Equity
Securities

PRIZES - Participating Redeemable
Indexed Zero- Premium
Exchangable Securities

ZONES - Zero-Premium Option Note
Exchangeable Securities

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

(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 $38,644,000 or 0.3% of net assets.

Distribution of investments by country of issue, as a percentage of
net assets, is as follows:

United States of America 84.8%

Japan 5.3

Finland 2.3

United Kingdom 1.9

Hong Kong 1.3

Netherlands 1.1

Others (individually less 3.3
than 1%)

100.0%

INCOME TAX INFORMATION

At December 31, 1999, the aggregate cost of investment securities for
income tax purposes was $10,874,189,000. Net unrealized appreciation
aggregated $5,365,574,000, of which $5,621,223,000 related to
appreciated investment securities and $255,649,000 related to
depreciated investment securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
AMOUNTS IN THOUSANDS (EXCEPT
PER-SHARE AMOUNT) DECEMBER
31, 1999 (UNAUDITED)

ASSETS

Investment in securities, at $ 16,239,763
value (cost $10,838,226) -
See accompanying schedule

Receivable for investments 46,138
sold

Receivable for fund shares 26,303
sold

Dividends receivable 7,305

Interest receivable 3,191

Other receivables 742

TOTAL ASSETS 16,323,442

LIABILITIES

Payable to custodian bank $ 4

Payable for investments 31,532
purchased

Payable for fund shares 23,325
redeemed

Accrued management fee 4,634

Other payables and accrued 2,244
expenses

Collateral on securities 143,492
loaned, at value

TOTAL LIABILITIES 205,231

NET ASSETS $ 16,118,211

Net Assets consist of:

Paid in capital $ 10,669,434

Distributions in excess of (5,067)
net investment income

Accumulated undistributed net 52,298
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 5,401,546
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS, for 378,301 $ 16,118,211
shares outstanding

NET ASSET VALUE, offering $42.61
price and redemption price
per share ($16,118,211
(divided by) 378,301 shares)

STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS SIX
MONTHS ENDED DECEMBER 31,
1999 (UNAUDITED)

INVESTMENT INCOME $ 58,128
Dividends

Interest 21,358

Security lending 272

TOTAL INCOME 79,758

EXPENSES

Management fee $ 25,852

Transfer agent fees 12,101

Accounting and security 517
lending fees

Non-interested trustees' 18
compensation

Custodian fees and expenses 203

Registration fees 464

Audit 38

Legal 48

Miscellaneous 32

Total expenses before 39,273
reductions

Expense reductions (1,601) 37,672

NET INVESTMENT INCOME 42,086

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

Investment securities 93,726

Foreign currency transactions (669) 93,057

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 1,629,796

Assets and liabilities in 11 1,629,807
foreign currencies

NET GAIN (LOSS) 1,722,864

NET INCREASE (DECREASE) IN $ 1,764,950
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

AMOUNTS IN THOUSANDS SIX MONTHS ENDED DECEMBER 31, YEAR ENDED JUNE 30, 1999
1999 (UNAUDITED)

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ 42,086 $ 93,003
income

Net realized gain (loss) 93,057 919,878

Change in net unrealized 1,629,807 1,192,377
appreciation (depreciation)

NET INCREASE (DECREASE) IN 1,764,950 2,205,258
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (52,377) (88,023)
From net investment income

From net realized gain (778,627) (476,294)

TOTAL DISTRIBUTIONS (831,004) (564,317)

Share transactions Net 2,770,105 6,719,777
proceeds from sales of shares

Reinvestment of distributions 779,366 528,255

Cost of shares redeemed (2,207,282) (3,772,952)

NET INCREASE (DECREASE) IN 1,342,189 3,475,080
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) 2,276,135 5,116,021
IN NET ASSETS

NET ASSETS

Beginning of period 13,842,076 8,726,055

End of period (including $ 16,118,211 $ 13,842,076
under (over) distribution
of net investment income of
$(5,067) and $5,224,
respectively)

OTHER INFORMATION
Shares

Sold 71,916 186,703

Issued in reinvestment of 21,619 15,678
distributions

Redeemed (57,972) (107,375)

Net increase (decrease) 35,563 95,006

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS

SIX MONTHS ENDED DECEMBER 31, YEARS ENDED JUNE 30,
1999

(UNAUDITED) 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 40.39 $ 35.22 $ 28.83 $ 24.65 $ 21.04 $ 18.61
period

Income from Invest- ment
Operations

Net investment income .11 D .31 D .32 D .34 D .39 .38

Net realized and unrealized 4.46 6.96 8.74 5.99 5.04 3.35
gain (loss)

Total from investment 4.57 7.27 9.06 6.33 5.43 3.73
operations

Less Distributions

From net investment income (.14) (.29) (.31) (.33) (.41) (.36)

From net realized gain (2.21) (1.81) (2.36) (1.82) (1.41) (.94)

Total distributions (2.35) (2.10) (2.67) (2.15) (1.82) (1.30)

Net asset value, end of $ 42.61 $ 40.39 $ 35.22 $ 28.83 $ 24.65 $ 21.04
period

TOTAL RETURN B, C 12.40% 21.95% 33.54% 27.97% 27.00% 21.09%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 16,118 $ 13,842 $ 8,726 $ 5,509 $ 3,947 $ 2,404
(in millions)

Ratio of expenses to average .56% A .57% .58% .62% .63% .66%
net assets

Ratio of expenses to average .53% A, E .55% E .56% E .59% E .60% E .64% E
net assets after expense
reductions

Ratio of net invest- ment .60% A .87% 1.01% 1.34% 1.71% 2.18%
income to average net assets

Portfolio turnover rate 79% A 71% 65% 107% 150% 157%

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
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.

NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1999 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

Fidelity Fund (the fund) is a fund of Fidelity Hastings Street Trust
(the trust) and is authorized to issue an unlimited number of shares.
The trust is registered under the Investment Company Act of 1940, as
amended, 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. Foreign securities are valued based
on quotations from the principal market in which such securities are
normally traded. If trading or events occurring in other markets after
the close of the principal market in which foreign securities are
traded, and before the close of the business of the fund, are expected
to materially affect the value of those securities, then they are
valued at their fair value taking this trading or these events into
account. Fair value is determined in good faith under consistently
applied procedures under the general supervision of the Board of
Trustees. 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. 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.

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."

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

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
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. Deferred amounts are treated as though equivalent dollar
amounts had been invested in shares of the fund or are invested in a
cross-section of other Fidelity funds. 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.
Distributions in excess of net investment income and accumulated
undistributed net realized gain (loss) on investments and foreign
currency transactions may include temporary book and tax basis
differences which will reverse in a subsequent period. Any taxable
income or gain remaining at fiscal year end is distributed in the
following year.

SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.

2. OPERATING POLICIES.

JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the

2. OPERATING POLICIES - CONTINUED

JOINT TRADING ACCOUNT - CONTINUED

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.

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 $5,879,084,000 and $5,311,087,000, 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 .2167% 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,

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

MANAGEMENT FEE - CONTINUED

the management fee was equivalent to an annualized rate of .37% of
average net assets.

5. SECURITY LENDING.

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 $1,422,000 under this arrangement.

In addition, through an arrangement with the fund's transfer agent,
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 $179,000 under this arrangement.

MANAGING YOUR INVESTMENTS

BY PHONE

(PHONE_GRAPHIC)FIDELITY AUTOMATED
SERVICE TELEPHONE (FASTSM)

1-800-544-5555

PRESS

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

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

(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)

TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.

ARIZONA

7373 N. Scottsdale Road
Scottsdale, AZ

CALIFORNIA

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 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

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

MASSACHUSETTS

470 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

MICHIGAN

280 North Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

MINNESOTA

7600 France Avenue South
Edina, MN

MISSOURI

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

200 North Broadway
St. Louis, MO

NEW JERSEY

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

NEW YORK

1055 Franklin Avenue
Garden City, NY

999 Walt Whitman Road
Melville, L.I., NY

1271 Avenue of the Americas
New York, NY

71 Broadway
New York, NY

350 Park Avenue
New York, NY

NORTH CAROLINA

4611 Sharon Road
Charlotte, NC

OHIO

600 Vine Street
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

OREGON

16850 SW 72 Avenue
Tigard, OR

PENNSYLVANIA

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 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

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
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, Assistant Treasurer

ADVISORY BOARD
J. Gary Burkhead
Ned C. Lautenbach

* 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(registered trademark) Fund
Global Balanced Fund
Growth & Income Portfolio
Growth & Income II Portfolio
Puritan(registered trademark) Fund
Real Estate Investment Portfolio
Utilities Fund

AUTOMATED LINE FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

FIDELITY FIFTYSM

SEMIANNUAL REPORT
DECEMBER 31, 1999

(2_FIDELITY_LOGOS)(registered trademark)

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 15 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.

NOTES 19 Notes to the financial
statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.

Other third party marks appearing herein are the property of their
respective owners.

All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.

This report is printed on recycled paper using soy-based inks.

PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)

DEAR SHAREHOLDER:

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.

Best regards,
Edward C. Johnson 3d

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $10,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value). Fidelity Fifty has a 3% sales charge, which was
waived beginning January 1, 1995 through December 31, 1998. Effective
January 1, 1999, the fund's 3% sales charge has been reinstated.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY FIFTY 14.92% 45.79% 217.60% 249.78%

FIDELITY FIFTY (INCL. 3.00% 11.47% 41.42% 208.07% 239.28%
SALES CHARGE)

S&P 500 (registered trademark) 7.71% 21.04% 251.12% 264.45%

Capital Appreciation Funds 23.51% 41.56% 209.17% n/a
Average

</TABLE>

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, five
years 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 market capitalization-weighted 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 Inc. The past six months average represents a peer
group of 292 mutual funds. These benchmarks include reinvested
dividends and capital gains, if any, and exclude the effect of sales
charges. Lipper has created new comparison categories that group funds
according to portfolio characteristics and capitalization, as well as
by capitalization only. These averages are listed on page 5 of this
report.*

AVERAGE ANNUAL TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND

FIDELITY FIFTY 45.79% 26.00% 22.03%

FIDELITY FIFTY (INCL. 3.00% 41.42% 25.24% 21.44%
SALES CHARGE)

S&P 500 21.04% 28.56% 22.83%

Capital Appreciation Funds 41.56% 22.88% n/a
Average

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 different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)

$10,000 OVER LIFE OF FUND
Fidelity Fifty S&P 500
00500 SP001
1993/09/17 9700.00 10000.00
1993/09/30 9971.60 10012.20
1993/10/31 10369.30 10219.45
1993/11/30 10204.40 10122.36
1993/12/31 10272.24 10244.84
1994/01/31 10660.60 10593.17
1994/02/28 10505.25 10306.09
1994/03/31 9990.67 9856.75
1994/04/30 10116.89 9982.91
1994/05/31 10126.60 10146.63
1994/06/30 9874.16 9898.04
1994/07/31 10262.53 10222.70
1994/08/31 10796.53 10641.83
1994/09/30 10767.40 10381.10
1994/10/31 10990.71 10614.68
1994/11/30 10495.55 10228.09
1994/12/31 10682.65 10379.77
1995/01/31 10623.74 10648.92
1995/02/28 11065.57 11063.91
1995/03/31 11536.87 11390.41
1995/04/30 11860.88 11725.85
1995/05/31 12302.72 12194.54
1995/06/30 12862.38 12477.82
1995/07/31 13520.22 12891.58
1995/08/31 13547.85 12923.94
1995/09/30 13994.60 13469.33
1995/10/31 13610.19 13421.24
1995/11/30 14181.61 14010.43
1995/12/31 14115.33 14280.28
1996/01/31 14474.47 14766.38
1996/02/29 14866.26 14903.26
1996/03/31 14909.79 15046.78
1996/04/30 15225.40 15268.57
1996/05/31 15508.36 15662.35
1996/06/30 15236.28 15722.02
1996/07/31 14126.21 15027.42
1996/08/31 14412.90 15344.35
1996/09/30 15039.55 16207.93
1996/10/31 15358.57 16654.94
1996/11/30 16497.93 17913.89
1996/12/31 16362.51 17559.02
1997/01/31 17201.62 18656.10
1997/02/28 17026.80 18802.37
1997/03/31 16001.23 18029.78
1997/04/30 16817.03 19106.16
1997/05/31 18157.26 20269.34
1997/06/30 19008.02 21177.40
1997/07/31 20534.72 22862.49
1997/08/31 19821.88 21581.73
1997/09/30 20974.46 22763.77
1997/10/31 19467.24 22003.46
1997/11/30 19707.88 23022.00
1997/12/31 20134.90 23417.28
1998/01/31 20201.04 23676.28
1998/02/28 21775.32 25383.81
1998/03/31 23204.08 26683.72
1998/04/30 23428.98 26952.15
1998/05/31 22330.95 26488.85
1998/06/30 22820.43 27564.82
1998/07/31 22569.08 27271.26
1998/08/31 17584.99 23328.38
1998/09/30 18095.70 24822.80
1998/10/31 19669.24 26841.88
1998/11/30 21063.34 28468.77
1998/12/31 23271.81 30109.14
1999/01/31 26349.88 31368.30
1999/02/28 25742.55 30393.38
1999/03/31 29427.94 31609.42
1999/04/30 29924.85 32833.65
1999/05/31 28254.69 32058.45
1999/06/30 29524.56 33837.69
1999/07/31 28599.76 32781.28
1999/08/31 28707.47 32619.01
1999/09/30 28305.86 31724.92
1999/10/31 29332.19 33732.48
1999/11/30 30566.76 34418.26
1999/12/31 33928.36 36445.49
IMATRL PRASUN SHR__CHT 19991231 20000112 161701 R00000000000079

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Fifty on September 17, 1993, when the fund
started, and the current 3.00% sales charge was paid. As the chart
shows, by December 31, 1999, the value of the investment would have
grown to $33,928 - a 239.28% 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 gains, if any, reinvested, the
same $10,000 would have grown to $36,445 - a 264.45% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

* THE LIPPER LARGE-CAP GROWTH FUNDS AVERAGE REFLECTS THE PERFORMANCE
(EXCLUDING SALES CHARGES) OF MUTUAL FUNDS WITH SIMILAR PORTFOLIO
CHARACTERISTICS AND CAPITALIZATION. THE LIPPER LARGE-CAP SUPERGROUP
AVERAGE REFLECTS THE PERFORMANCE (EXCLUDING SALES CHARGES) OF MUTUAL
FUNDS WITH SIMILAR CAPITALIZATION. AS OF DECEMBER 31, 1999, THE SIX
MONTH, ONE YEAR AND FIVE YEAR CUMULATIVE AND AVERAGE ANNUAL TOTAL
RETURNS FOR THE LIPPER LARGE-CAP GROWTH FUNDS AVERAGE WERE 22.26%,
38.09%, 279.21% AND 38.09%, 30.14%, RESPECTIVELY; AND THE SIX MONTH,
ONE YEAR AND FIVE YEAR CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURNS FOR
THE LIPPER LARGE-CAP SUPERGROUP AVERAGE WERE 11.64%, 24.93%, 227.59%
AND 24.93%, 26.34%, RESPECTIVELY.

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of John Muresianu)

An interview with John Muresianu, Portfolio Manager of Fidelity Fifty

Q. HOW DID THE FUND PERFORM, JOHN?

A. For the six-month period that ended December 31, 1999, the fund had
a total return of 14.92%. That outpaced the Standard & Poor's 500
Index, which was up 7.71% over the same period. The capital
appreciation funds average tracked by Lipper Inc. returned 23.51% over
the same time frame. For the 12 months that ended December 31, 1999,
the fund returned 45.79%, while the S&P 500 and the Lipper group
returned 21.04% and 41.56%, respectively.

Q. WHY DID THE FUND OUTPERFORM ITS BENCHMARK DURING THE SIX-MONTH
PERIOD?

A. Simply put, strong stock picking within the technology and health
care sectors, along with a timely investment in Japan, powered fund
returns. Our exposure to the explosive growth of the Internet, as well
as to voice and data communications, further bolstered fund
performance relative to the index. Out-of-benchmark positions in
Amazon.com, eBay and Nokia, as well as an overweighting in America
Online and Yahoo!, contributed meaningfully to returns. The fund no
longer held eBay at the close of the period. The fund's stake in
health care, most notably in biotechnology and genomics concerns, also
added appreciably to performance. Additionally, we were rewarded for
our position in Softbank, a Japanese venture capital firm investing in
Internet start-ups, which benefited from a resurgent economy in that
nation. The fund trailed the Lipper average as many of its peers
remained heavier in tech for much of the period.

Q. WHAT ELSE INFLUENCED FUND PERFORMANCE?

A. Having an average underweighting in financial stocks relative to
the index helped, as sharply rising interest rates kept most issues in
check during the period. Holding some strong retailer names, such as
Home Depot and Wal-Mart, also gave us a boost. Overweighting CBS and
global communications equipment provider Nortel Networks garnered
additional returns for the fund. On the flip side, the fund suffered
from maintaining a higher-than-normal cash weighting at times during
the period. It's important to note that the fund's cash position will
vary as I become more or less concerned with the general valuation
levels of the market. Over the past six months during the dramatic
run-up in tech stocks, I became as concerned as ever. Thus, I
restructured the fund, taking profits from some of the fund's richly
valued positions. The cash that accumulated from these moves was
re-deployed as soon as I could find quality investment opportunities
elsewhere in the marketplace.

Q. COULD YOU NAME SOME OTHER STOCKS THAT WERE KEY CONTRIBUTORS?

A. Sure. The market rallied around the earnings growth potential of PE
Biosystems and Celera Genomics. These companies provide technology and
information solutions to life science customers involved in the quest
to decode the blueprint of human life. Genentech - a biotechnology
company that uses human genetic information in the development of
biopharmaceuticals - soared on the back of strong sales of its core
drug products.

Q. WHAT STOCKS DETRACTED FROM PERFORMANCE?

A. Many defensive names that are traditionally considered safe havens
were quite the opposite over the past six months. Incredibly cheap
stocks that had been out of favor for so long became even cheaper and
even more out of favor. A good example of this was Waste Management,
which fell precipitously during the period. Investors' waning
confidence in the nation's largest trash collector, felled by
accounting irregularities and repeated earnings shortfalls, pushed the
stock further downward. Other not-so-safe havens included energy
services provider PG&E and tobacco giant Philip Morris, each of which
lost ground during the period.

Q. WHAT'S YOUR OUTLOOK, JOHN?

A. I will continue to focus my efforts on trying to pick the best
stocks. In the past, my success has overwhelmingly come from picking
stocks, not betting on sectors or timing the market. I remain
concerned about the lofty valuation levels in certain sectors along
with their inherent risks. Stock prices have seemed to amass much of
their buoyancy from the market's optimism about the U.S. economy's
strong prospects. With world economies picking up and technological
innovation influencing further openness of the global economy,
tremendous potential exists for growth in the world's leading
companies. However, fear of higher interest rates and further
tightening in monetary policy may temper Wall Street's enthusiasm and
continue to fuel volatility in the coming months.

(checkmark)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 December 31,
1999, more than $609 million

MANAGER: John Muresianu,
since 1999; manager,
Fidelity American Trust
Portfolio, since 1997; Fidelity
Advisor Utilities Growth
Fund, 1996-1997; several
Fidelity Select Portfolios,
1992-1997; joined Fidelity
in 1986

JOHN MURESIANU ON HOW
CORPORATE EARNINGS HELP
GUIDE HIS INVESTMENT DECISIONS:

"In researching an investment
opportunity, I take a longer-term
perspective than most in this
business, namely looking 10-20
years in either direction. I use a
wide range of analytical tools that
combine the elements of
fundamental, valuation and
technical analysis. I concentrate
more on business mix and
management than I do on earnings
or revenue momentum. I apply
customized metrics to individual
securities, which help me drill down
deeper than surface-level earnings
to understand what fuels stock
prices. In our business, the mantra is
that `earnings drive stocks.' But
earnings alone tell me very little.
What's more important to
understand is that, over the long
term, revenues drive earnings.
Taking it two steps further, units
drive revenues and value-added
drives units. To really get ahead of
the curve as an analyst, it's
essential to have a clear
understanding of whether or not a
company actually adds value for its
customers. One must see the
company through the eyes of its
customers. This involves
re-directing the research focus
away from simply talking to
company management to
speaking directly to its customers.
By digging deeper, I reaped the
rewards as an early Internet and
genomics investor. If I had been
obsessed solely with earnings,
there's a good chance that I would
have completely missed many of
the greatest companies of the past
few years."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS AS OF DECEMBER
31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

Microsoft Corp. 5.0 4.4

PE Corp. - Celera Genomics 4.1 0.4
Group

Citigroup, Inc. 4.1 1.1

Exxon Mobil Corp. 3.9 2.3

Genentech, Inc. 3.1 0.0

General Electric Co. 3.0 3.0

AT&T Corp. 2.8 3.5

Motorola, Inc. 2.7 0.0

Wal-Mart Stores, Inc. 2.6 2.3

Softbank Corp. 2.6 0.0

33.9 17.0

TOP FIVE MARKET SECTORS AS OF
DECEMBER 31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

TECHNOLOGY 27.0 20.6

HEALTH 15.0 12.5

UTILITIES 10.6 15.5

FINANCE 10.6 8.7

ENERGY 7.7 7.6

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
NET ASSETS)

AS OF DECEMBER 31, 1999 * AS OF JUNE 30, 1999 **

Stocks 93.8% Stocks 92.9%

Short-Term Investments and Short-Term Investments and
Net Other Assets 6.2% Net Other Assets 7.1%

* FOREIGN INVESTMENTS 10.6% ** FOREIGN INVESTMENTS 10.1%

Row: 1, Col: 1, Value: 93.8 Row: 1, Col: 1, Value: 93.0
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 6.2 Row: 1, Col: 8, Value: 7.0

</TABLE>

PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.

INVESTMENTS DECEMBER 31, 1999 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 93.8%

SHARES VALUE (NOTE 1)

AEROSPACE & DEFENSE - 0.8%

Boeing Co. 123,300 $ 5,124,656

BASIC INDUSTRIES - 4.9%

IRON & STEEL - 1.8%

Bethlehem Steel Corp. (a) 1,328,200 11,123,675

METALS & MINING - 3.1%

Inco Ltd. 382,100 8,874,376

Phelps Dodge Corp. 142,800 9,585,450

18,459,826

TOTAL BASIC INDUSTRIES 29,583,501

ENERGY - 7.7%

ENERGY SERVICES - 2.3%

Schlumberger Ltd. 248,700 13,989,375

Transocean Sedco Forex, Inc. 8,148 274,486

14,263,861

OIL & GAS - 5.4%

Burlington Resources, Inc. 270,400 8,940,100

Exxon Mobil Corp. 294,700 23,741,769

32,681,869

TOTAL ENERGY 46,945,730

FINANCE - 10.6%

CREDIT & OTHER FINANCE - 4.1%

Citigroup, Inc. 447,050 24,839,216

FEDERAL SPONSORED CREDIT - 3.3%

Fannie Mae 172,400 10,764,225

Freddie Mac 137,400 6,466,388

SLM Holding Corp. 68,100 2,877,225

20,107,838

INSURANCE - 2.6%

American International Group, 95,925 10,371,891
Inc.

Berkshire Hathaway, Inc. 97 5,441,700
Class A (a)

15,813,591

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

FINANCE - CONTINUED

SECURITIES INDUSTRY - 0.6%

Nomura Securities Co. Ltd. 209,000 $ 3,773,043

TOTAL FINANCE 64,533,688

HEALTH - 15.0%

DRUGS & PHARMACEUTICALS - 13.6%

Biogen, Inc. (a) 49,000 4,140,500

Bristol-Myers Squibb Co. 91,500 5,873,156

Eli Lilly & Co. 92,600 6,157,900

Genentech, Inc. 142,500 19,166,250

Merck & Co., Inc. 104,300 6,994,619

PE Corp. - Celera Genomics 167,700 24,987,300
Group (a)

Pfizer, Inc. 99,100 3,214,556

Pharmacia & Upjohn, Inc. 69,100 3,109,500

Schering-Plough Corp. 108,000 4,556,250

Warner-Lambert Co. 54,800 4,490,175

82,690,206

MEDICAL EQUIPMENT & SUPPLIES
- - 1.4%

Guidant Corp. 79,600 3,741,200

Medtronic, Inc. 134,700 4,908,131

8,649,331

TOTAL HEALTH 91,339,537

INDUSTRIAL MACHINERY &
EQUIPMENT - 4.6%

ELECTRICAL EQUIPMENT - 3.0%

General Electric Co. 119,100 18,430,725

POLLUTION CONTROL - 1.6%

Waste Management, Inc. 564,600 9,704,063

TOTAL INDUSTRIAL MACHINERY & 28,134,788
EQUIPMENT

MEDIA & LEISURE - 4.5%

BROADCASTING - 3.1%

CBS Corp. (a) 189,400 12,109,763

Clear Channel Communications, 72,700 6,488,475
Inc. (a)

18,598,238

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

MEDIA & LEISURE - CONTINUED

ENTERTAINMENT - 0.7%

Walt Disney Co. 138,900 $ 4,062,825

RESTAURANTS - 0.7%

McDonald's Corp. 111,000 4,474,688

TOTAL MEDIA & LEISURE 27,135,751

NONDURABLES - 2.6%

FOODS - 0.5%

Nabisco Group Holdings Corp. 284,600 3,023,875

HOUSEHOLD PRODUCTS - 1.0%

Procter & Gamble Co. 56,100 6,146,456

TOBACCO - 1.1%

Philip Morris Companies, Inc. 278,300 6,453,081

TOTAL NONDURABLES 15,623,412

PRECIOUS METALS - 1.5%

Newmont Mining Corp. 382,100 9,361,450

RETAIL & WHOLESALE - 4.0%

GENERAL MERCHANDISE STORES -
2.6%

Wal-Mart Stores, Inc. 234,200 16,189,075

RETAIL & WHOLESALE,
MISCELLANEOUS - 1.4%

Home Depot, Inc. 120,600 8,268,638

TOTAL RETAIL & WHOLESALE 24,457,713

TECHNOLOGY - 27.0%

COMMUNICATIONS EQUIPMENT - 7.7%

Cisco Systems, Inc. (a) 126,000 13,497,750

Lucent Technologies, Inc. 151,500 11,334,094

Nokia AB sponsored ADR 67,700 12,863,000

Nortel Networks Corp. 91,500 9,224,632

46,919,476

COMPUTER SERVICES & SOFTWARE
- - 8.5%

Amazon.com, Inc. (a) 26,400 2,009,700

America Online, Inc. (a) 167,700 12,650,869

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

TECHNOLOGY - CONTINUED

COMPUTER SERVICES & SOFTWARE
- - CONTINUED

Microsoft Corp. (a) 260,800 $ 30,448,395

Yahoo!, Inc. (a) 15,000 6,490,313

51,599,277

COMPUTERS & OFFICE EQUIPMENT
- - 4.0%

International Business 75,900 8,197,200
Machines Corp.

Softbank Corp. 16,800 16,076,713

24,273,913

ELECTRONIC INSTRUMENTS - 2.1%

PE Corp. - Biosystems Group 109,500 13,174,219

ELECTRONICS - 4.7%

Intel Corp. 70,200 5,778,338

Motorola, Inc. 113,800 16,757,050

Texas Instruments, Inc. 66,400 6,432,500

28,967,888

TOTAL TECHNOLOGY 164,934,773

UTILITIES - 10.6%

CELLULAR - 2.7%

QUALCOMM, Inc. (a) 44,000 7,749,500

Sprint Corp. - PCS Group 86,500 8,866,250
Series 1 (a)

16,615,750

ELECTRIC UTILITY - 0.3%

PG&E Corp. 100,800 2,066,400

TELEPHONE SERVICES - 7.6%

AT&T Corp. 336,900 17,097,675

MCI WorldCom, Inc. (a) 177,150 9,400,022

SBC Communications, Inc. 294,423 14,353,121

Sprint Corp. - FON Group 79,800 5,371,538

46,222,356

TOTAL UTILITIES 64,904,506

TOTAL COMMON STOCKS 572,079,505
(Cost $462,952,884)

CASH EQUIVALENTS - 6.4%

SHARES VALUE (NOTE 1)

Taxable Central Cash Fund, 38,794,969 $ 38,794,969
5.12% (b) (Cost $38,794,969)

TOTAL INVESTMENT PORTFOLIO - 610,874,474
100.2%
(Cost $501,747,853)

NET OTHER ASSETS - (0.2)% (1,031,810)

NET ASSETS - 100% $ 609,842,664

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

Distribution of investments by country of issue, as a percentage of
net assets, is as follows:

United States of America 89.4%

Japan 3.2

Canada 3.0

Netherlands Antilles 2.3

Finland 2.1

100.0%

INCOME TAX INFORMATION

At December 31, 1999, the aggregate
cost of investment securities for income
tax purposes was $509,788,097. Net unrealized appreciation aggregated
$101,086,377, of which $129,112,698 related to appreciated investment
securities and $28,026,321 related to depreciated investment
securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (UNAUDITED)

ASSETS

Investment in securities, at $ 610,874,474
value (cost $501,747,853) -
See accompanying schedule

Receivable for investments 4,473,177
sold

Receivable for fund shares 3,048,717
sold

Dividends receivable 452,238

Interest receivable 136,361

Other receivables 67,575

TOTAL ASSETS 619,052,542

LIABILITIES

Payable for investments $ 6,545,463
purchased

Payable for fund shares 2,281,788
redeemed

Accrued management fee 271,618

Other payables and accrued 111,009
expenses

TOTAL LIABILITIES 9,209,878

NET ASSETS $ 609,842,664

Net Assets consist of:

Paid in capital $ 505,006,169

Undistributed net investment 1,300,356
income

Accumulated undistributed net (5,590,572)
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 109,126,711
(depreciation) on
investments and assets and
liabilities in foreign
currencies

NET ASSETS, for 26,737,901 $ 609,842,664
shares outstanding

NET ASSET VALUE, offering $22.81
price and redemption price
per share ($609,842,664
(divided by) 26,737,901
shares)

Maximum offering price per $23.52
share (100/97.00 of $22.81)

STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER
31, 1999 (UNAUDITED)

INVESTMENT INCOME $ 2,375,763
Dividends

Interest 1,005,955

Security lending 19,153

TOTAL INCOME 3,400,871

EXPENSES

Management fee Basic fee $ 1,510,293

Performance adjustment (167,442)

Transfer agent fees 653,188

Accounting and security 115,898
lending fees

Non-interested trustees' 707
compensation

Custodian fees and expenses 13,587

Registration fees 51,718

Audit 10,414

Legal 3,978

Miscellaneous 1,043

Total expenses before 2,193,384
reductions

Expense reductions (138,964) 2,054,420

NET INVESTMENT INCOME 1,346,451

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

Investment securities (279,077)

Foreign currency transactions 44,617 (234,460)

Change in net unrealized
appreciation (depreciation)
on:

Investment securities 77,436,768

Assets and liabilities in 1,378 77,438,146
foreign currencies

NET GAIN (LOSS) 77,203,686

NET INCREASE (DECREASE) IN $ 78,550,137
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED DECEMBER 31, YEAR ENDED JUNE 30,
1999

INCREASE (DECREASE) IN NET (UNAUDITED) 1999
ASSETS

Operations Net investment $ 1,346,451 $ 1,012,415
income

Net realized gain (loss) (234,460) 53,806,045

Change in net unrealized 77,438,146 (1,923,062)
appreciation (depreciation)

NET INCREASE (DECREASE) IN 78,550,137 52,895,398
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (720,994) (220,177)
From net investment income

From net realized gain (28,983,875) (7,371,283)

In excess of net realized (5,356,112) -
gain

TOTAL DISTRIBUTIONS (35,060,981) (7,591,460)

Share transactions Net 270,663,146 861,346,449
proceeds from sales of shares

Reinvestment of distributions 34,464,635 7,510,494

Cost of shares redeemed (260,851,242) (584,704,549)

NET INCREASE (DECREASE) IN 44,276,539 284,152,394
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) 87,765,695 329,456,332
IN NET ASSETS

NET ASSETS

Beginning of period 522,076,969 192,620,637

End of period (including $ 609,842,664 $ 522,076,969
undistributed net investment
income of $1,300,356 and
$1,125,208, respectively)

OTHER INFORMATION
Shares

Sold 13,273,011 42,455,516

Issued in reinvestment of 1,832,249 472,062
distributions

Redeemed (12,771,001) (29,688,090)

Net increase (decrease) 2,334,259 13,239,488

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS

SIX MONTHS ENDED DECEMBER 31, YEARS ENDED JUNE 30,
1999

(UNAUDITED) 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 21.39 $ 17.25 $ 16.31 $ 14.00 $ 13.10 $ 10.17
period

Income from Investment
Operations

Net investment income .05 D .07 D .04 D .07 D .15 .08

Net realized and unrealized 2.83 4.76 2.95 3.16 2.12 2.97
gain (loss)

Total from investment 2.88 4.83 2.99 3.23 2.27 3.05
operations

Less Distributions

From net investment income (.03) (.02) (.05) (.09) (.13) (.02)

From net realized gain (1.21) (.67) (2.00) (.83) (1.24) (.10)

In excess of net realized gain (.22) - - - - -

Total distributions (1.46) (.69) (2.05) (.92) (1.37) (.12)

Net asset value, end of $ 22.81 $ 21.39 $ 17.25 $ 16.31 $ 14.00 $ 13.10
period

TOTAL RETURN B, C 14.92% 29.38% 20.06% 24.75% 18.46% 30.26%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 609,843 $ 522,077 $ 192,621 $ 156,136 $ 180,983 $ 128,572
(000 omitted)

Ratio of expenses to average .83% A .83% .80% .88% 1.03% 1.22%
net assets

Ratio of expenses to average .78% A, E .79% E .77% E .84% E .99% E 1.19% E
net assets after expense
reductions

Ratio of net investment .51% A .37% .27% .53% 1.20% 1.15%
income to average net assets

Portfolio turnover rate 184% A 316% 121% 131% 152% 180%

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
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.

NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1999 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

Fidelity Fifty (the fund) is a fund of Fidelity Hastings Street Trust
(the trust) and is authorized to issue an unlimited number of shares.
The trust is registered under the Investment Company Act of 1940, as
amended, 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:

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
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, foreign
currency transactions, passive foreign investment companies (PFIC) 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.

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.

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

2. OPERATING POLICIES - CONTINUED

REPURCHASE AGREEMENTS - CONTINUED

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., 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. 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.

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $466,426,231 and $456,716,954, 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 .2167% 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 annualized rate of .51% of average
net assets after the performance adjustment.

SALES LOAD. For the period, Fidelity Distributors Corporation (FDC),
an affiliate of FMR and the general distributor of the fund, received
sales charges of $473,580 on sales of shares of the fund of which
$473,489 was retained. Beginning on January 31, 2000, through December
31, 2000, FDC will voluntarily waive the sales charge (3% of the
offering price on sales of shares). The fund will adopt a 0.75%
redemption fee for shares held less than 30 days, which will apply to
shares redeemed after April 28, 2000.

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

5. SECURITY LENDING.

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 $132,233 under this arrangement.

In addition, through arrangements with the fund's custodian and
transfer agent, 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 $75 and $6,656, respectively, under these arrangements.

MANAGING YOUR INVESTMENTS

BY PHONE

(PHONE_GRAPHIC)FIDELITY AUTOMATED
SERVICE TELEPHONE (FASTSM)

1-800-544-5555

PRESS

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

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

(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management &
Research Company
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert A. Lawrence, Vice President
John M. Muresianu, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, Assistant Treasurer

BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Richard M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *

ADVISORY BOARD
J. Gary Burkhead
Ned C. Lautenbach

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
Aggressive Growth Fund
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund (registered trademark)
Contrafund(registered trademark) II
Disciplined Equity Fund
Dividend Growth Fund
Export and Multinational Fund
Fidelity FiftySM
Growth Company Fund
Large Cap Stock Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium Fund (registered trademark)
OTC Portfolio
Retirement Growth Fund
Small Cap Selector
Small Cap Stock Fund
Stock Selector
Tax Managed Stock Fund
TechnoQuant (registered trademark) Growth Fund
Trend Fund
Value Fund

AUTOMATED LINE FOR QUICKEST SERVICE

(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

FIDELITY(REGISTERED TRADEMARK)
GROWTH & INCOME II
PORTFOLIO

SEMIANNUAL REPORT
DECEMBER 31, 1999

(2_FIDELITY_LOGOS)(registered trademark)

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.

Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.

Other third party marks appearing herein are the property of their
respective owners.

All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.

This report is printed on recycled paper using soy-based inks.

PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)

DEAR SHAREHOLDER:

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.

Best regards,
Edward C. Johnson 3d

PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 6 MONTHS PAST 1 YEAR LIFE OF FUND

FIDELITY GROWTH & INCOME II 1.26% 8.09% 9.17%

S&P 500 7.71% 21.04% 21.43%

Growth & Income Funds Average 2.35% 13.76% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, or since
the fund started on December 28, 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 500SM Index - a
market capitalization-weighted index of common stocks. To measure how
the fund's performance stacked up against its peers, you can compare
it to the growth and income funds average, which reflects the
performance of mutual funds with similar objectives tracked by Lipper
Inc. The past six months average represents a peer group of 972 mutual
funds. These benchmarks include reinvested dividends and capital
gains, if any, and exclude the effect of sales charges. Lipper has
created new comparison categories that group funds according to
portfolio characteristics and capitalization, as well as by
capitalization only. These averages are listed on page 5 of this
report.*

AVERAGE ANNUAL TOTAL RETURNS

PERIODS ENDED DECEMBER 31, 1999 PAST 1 YEAR LIFE OF FUND

FIDELITY GROWTH & INCOME II 8.09% 9.09%

S&P 500 21.04% 21.24%

Growth & Income Funds Average 13.76% n/a

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.

$10,000 LIFE OF FUND
Growth & Income II S&P 500
00361 SP001
1998/12/28 10000.00 10000.00
1998/12/31 10100.00 10031.66
1999/01/31 10290.00 10451.19
1999/02/28 10060.00 10126.36
1999/03/31 10360.00 10531.52
1999/04/30 10640.00 10939.40
1999/05/31 10340.00 10681.13
1999/06/30 10781.46 11273.93
1999/07/31 10400.35 10921.96
1999/08/31 10270.62 10867.89
1999/09/30 10088.51 10570.00
1999/10/31 10613.64 11238.87
1999/11/30 10674.23 11467.36
1999/12/31 10917.10 12142.79
IMATRL PRASUN SHR__CHT 19991231 20000113 154418 R00000000000016

$10,000 LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Growth & Income II Portfolio on December 28,
1998, when the fund started. As the chart shows, by December 31, 1999,
the value of the investment would have grown to $10,917 - a 9.17%
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 gains, if any, reinvested, the same $10,000 would have
grown to $12,143 - a 21.43% increase.

(checkmark)UNDERSTANDING
PERFORMANCE

* THE LIPPER LARGE-CAP VALUE FUNDS AVERAGE REFLECTS THE PERFORMANCE
(EXCLUDING SALES CHARGES) OF MUTUAL FUNDS WITH SIMILAR PORTFOLIO
CHARACTERISTICS AND CAPITALIZATION. THE LIPPER LARGE-CAP SUPERGROUP
AVERAGE REFLECTS THE PERFORMANCE (EXCLUDING SALES CHARGES) OF MUTUAL
FUNDS WITH SIMILAR CAPITALIZATION. AS OF DECEMBER 31, 1999, THE ONE
YEAR CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURNS FOR THE LIPPER
LARGE-CAP VALUE FUNDS AVERAGE WERE 11.23% AND 11.23%, RESPECTIVELY;
AND THE ONE YEAR CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURNS FOR THE
LIPPER LARGE-CAP SUPERGROUP AVERAGE WERE 24.93% AND 24.93%,
RESPECTIVELY.

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP

(photograph of Louis Salemy)

An interview with Louis Salemy, Portfolio Manager of Fidelity Growth &
Income II Portfolio

Q. HOW DID THE FUND PERFORM, LOUIS?

A. The fund's performance fell considerably short of the return of its
benchmark index. For the six months that ended December 31, 1999, the
fund had a total return of 1.26%. That compared with a 7.71% return
for the Standard & Poor's 500 Index and 2.35% for the growth and
income funds average monitored by Lipper Inc. For the 12 months that
ended December 31, 1999, the fund returned 8.09%, while the S&P 500
and Lipper average returned 21.04% and 13.76%, respectively.

Q. WHY DID THE FUND UNDERPERFORM THE INDEX BY SUCH A WIDE MARGIN OVER
THE PAST SIX MONTHS?

A. Underweighting the technology sector was the most important reason.
In the second half of 1999, there were essentially two stock markets -
technology stocks and everything else. The discrepancy was so
pronounced that the non-technology part of the S&P 500, as a group,
was actually down for the year. I brought the fund's technology
weighting up from 12.9% of net assets six months ago to 20.9% at the
end of the period. However, it was not enough to make up the
performance shortfall. Another factor that hurt performance relative
to the index was investors' emphasis within the technology sector on a
small number of stocks with very high price-to-earnings ratios. The
fund's policy of pursuing growth at a reasonable price prevented me
from buying these stocks.

Q. WHY DID YOU MAINTAIN AN OVERWEIGHTING IN FINANCE STOCKS - WHICH
WERE 18.1% OF NET ASSETS AT THE END OF THE PERIOD - IN THE FACE OF
RISING INTEREST RATES?

A. Rising interest rates do not affect all types of finance stocks
equally. Banks, which I underweighted, tend to have more difficulty
responding quickly to rate increases. Furthermore, during the period
many banks had earnings problems related to recent mergers and
acquisitions. However, consumer finance companies and credit card
companies, which I overweighted relative to the index, can do well
when interest rates are rising, as long as the economy is growing
vigorously and the rate hikes are not too steep. This phenomenon was
reflected in the strong earnings reported by many of the fund's
finance holdings. Unfortunately, investors chose to focus, for the
time being, on interest rates instead of earnings.

Q. WHAT STOCKS DID WELL FOR THE FUND?

A. Microsoft topped the list of stocks that helped performance.
Investors put aside earlier concerns over the government's antitrust
lawsuit against the company, and the stock rallied sharply as the
period drew to a close. In addition, Microsoft was helped by positive
momentum in the technology sector generally and by the upcoming launch
of the company's Windows 2000 operating system. American Express was
another strong holding, benefiting from the introduction of a credit
card aimed specifically at Internet users. Also doing well was Home
Depot, which enjoyed strong sales at existing stores as well as good
results from new stores.

Q. WHAT STOCKS DETRACTED FROM PERFORMANCE?

A. Philip Morris was one disappointing holding. Although the stock was
already cheap when I bought it, it got cheaper during the period due
to ongoing litigation concerns. Associates First, a consumer credit
company, consistently reported earnings that matched analysts'
estimates, but the stock took a hit because of concerns about higher
interest rates and a slight deterioration in the credit quality of the
company's loan portfolio. Freddie Mac and Fannie Mae, two
government-sponsored mortgage companies, also made the list of
disappointments. Apparently frightened by higher interest rates,
investors chose to ignore the excellent earnings outlook for these two
stocks.

Q. WHAT'S YOUR OUTLOOK, LOUIS?

A. My decisions about sector allocations will be influenced to some
extent by what happens in the bond market and the economy. Right now
the economy looks strong, and if that trend continues, there may be
further opportunities in cyclical stocks. The technology sector also
bears careful watching, especially for signs of a reacceleration of
spending following the Y2K phenomenon. On the other hand, if prospects
for the bond market improve, perhaps because of a softening economy, I
would consider moving more assets into the finance sector, where
investor sentiment has been overly negative. My main focus, though, is
to add value through stock selection by finding stocks with the
potential to contribute meaningfully to the fund's goal of a high
total return through a combination of current income and capital
appreciation.

(checkmark)FUND FACTS

GOAL: seeks a high total
return through a
combination of current
income and capital
appreciation by investing
mainly in common stocks

FUND NUMBER: 361

TRADING SYMBOL: FGRTX

START DATE: December 28, 1998

SIZE: as of December 31,
1999, more than $218 million

MANAGER: Louis Salemy, since
inception; manager, Fidelity
VIP: Growth & Income
Portfolio, since 1998;
various Fidelity Select
Portfolios, 1992-1998;
joined Fidelity in 1992

LOUIS SALEMY ON THE EFFECT
OF EXPANDING AND
CONTRACTING PRICE-TO-EARNING
MULTIPLES ON STOCK PRICES:

"During the period, we saw two
good examples of one factor that
makes investing challenging:
dramatic expansion or
contraction in P/E ratios, or
multiples, for stocks in a specific
sector. Because investors were
enamored of the prospects for
technology stocks during the
period, especially those with
Internet ties, there was a marked
expansion of the multiples thought
to be reasonable for that group.
What's interesting about this
phenomenon is that many
companies saw their multiples
skyrocket simply by virtue of the
business they were in, not because
of substantial improvements in
their earnings prospects.

"Conversely, finance stocks
experienced a deflation of their
multiples. The trigger in that case
was rising interest rates, which
many investors - incorrectly, I
think - assumed would
negatively affect the earnings of
finance stocks across the board. Yet
many of the fund's finance
holdings continued to meet, and
sometimes beat, their earnings
estimates during the latter half of
1999, even as their stock prices
headed south.

"When investor psychology is at
odds with earnings prospects, the
latter will generally win out in the
long run. This implies that the
technology sector will eventually
settle down, as investors become
more selective and focus on stocks
with genuinely strong earnings
prospects. For their part, finance
stocks should recover from their
malaise as long as rising interest
rates do not interfere with the
fundamentally sound economy
and favorable outlook for many
companies in that sector."

INVESTMENT CHANGES

<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS AS OF DECEMBER
31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

Microsoft Corp. 6.5 3.3

Exxon Mobil Corp. 4.6 2.9

Fannie Mae 4.1 3.5

Freddie Mac 3.4 2.4

Associates First Capital 3.3 4.4
Corp. Class A

Procter & Gamble Co. 2.7 2.0

American Express Co. 2.6 3.0

Cisco Systems, Inc. 2.6 0.9

Warner-Lambert Co. 2.6 2.1

SBC Communications, Inc. 2.5 1.2

34.9 25.7

TOP FIVE MARKET SECTORS AS OF
DECEMBER 31, 1999

% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO

TECHNOLOGY 20.9 12.9

FINANCE 18.1 21.7

HEALTH 12.3 11.6

RETAIL & WHOLESALE 8.6 5.3

UTILITIES 8.5 8.9

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
NET ASSETS)

AS OF DECEMBER 31, 1999 * AS OF JUNE 30, 1999 **

Stocks 93.2% Stocks 90.7%

Short-Term Investments and Short-Term Investments and
Net Other Assets 6.8% Net Other Assets 9.3%

* FOREIGN INVESTMENTS 4.5% ** FOREIGN INVESTMENTS 3.2%

Row: 1, Col: 1, Value: 93.2 Row: 1, Col: 1, Value: 90.7
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 0.0 Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0 Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 6.8 Row: 1, Col: 8, Value: 9.300000000000001

</TABLE>

PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.

INVESTMENTS DECEMBER 31, 1999 (UNAUDITED)

Showing Percentage of Net Assets

COMMON STOCKS - 93.2%

SHARES VALUE (NOTE 1)

AEROSPACE & DEFENSE - 0.9%

AEROSPACE & DEFENSE - 0.5%

Boeing Co. 27,800 $ 1,155,438

SHIP BUILDING & REPAIR - 0.4%

General Dynamics Corp. 17,490 922,598

TOTAL AEROSPACE & DEFENSE 2,078,036

BASIC INDUSTRIES - 0.6%

CHEMICALS & PLASTICS - 0.1%

Avery Dennison Corp. 2,900 211,338

PACKAGING & CONTAINERS - 0.5%

Ball Corp. 25,892 1,019,498

TOTAL BASIC INDUSTRIES 1,230,836

CONSTRUCTION & REAL ESTATE -
1.4%

REAL ESTATE INVESTMENT TRUSTS
- - 1.4%

Equity Office Properties Trust 40,910 1,007,409

Equity Residential Properties 24,630 1,051,393
Trust (SBI)

Public Storage, Inc. 39,690 900,467

2,959,269

DURABLES - 1.6%

AUTOS, TIRES, & ACCESSORIES -
0.8%

Ford Motor Co. 32,100 1,715,344

CONSUMER DURABLES - 0.8%

Minnesota Mining & 18,400 1,800,900
Manufacturing Co.

TOTAL DURABLES 3,516,244

ENERGY - 7.0%

ENERGY SERVICES - 0.6%

Schlumberger Ltd. 19,200 1,080,000

Transocean Sedco Forex, Inc. 3,717 125,216

1,205,216

OIL & GAS - 6.4%

BP Amoco PLC sponsored ADR 49,958 2,963,134

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

ENERGY - CONTINUED

OIL & GAS - CONTINUED

Exxon Mobil Corp. 123,646 $ 9,961,231

Royal Dutch Petroleum Co. (NY 18,930 1,144,082
Registry Gilder 1.25)

14,068,447

TOTAL ENERGY 15,273,663

FINANCE - 18.1%

BANKS - 3.6%

Bank of New York Co., Inc. 69,290 2,771,600

Mellon Financial Corp. 42,200 1,437,438

Wachovia Corp. 53,000 3,604,000

7,813,038

CREDIT & OTHER FINANCE - 5.9%

American Express Co. 34,500 5,735,625

Associates First Capital 261,390 7,171,888
Corp. Class A

12,907,513

FEDERAL SPONSORED CREDIT - 7.5%

Fannie Mae 142,590 8,902,963

Freddie Mac 157,730 7,423,168

16,326,131

INSURANCE - 1.1%

American International Group, 11,887 1,285,282
Inc.

Hartford Financial Services 22,700 1,075,413
Group, Inc.

2,360,695

TOTAL FINANCE 39,407,377

HEALTH - 12.3%

DRUGS & PHARMACEUTICALS - 11.4%

American Home Products Corp. 42,200 1,664,263

Amgen, Inc. (a) 45,800 2,750,863

Bristol-Myers Squibb Co. 69,440 4,457,180

Eli Lilly & Co. 63,800 4,242,700

Merck & Co., Inc. 81,360 5,456,205

Schering-Plough Corp. 19,500 822,656

Warner-Lambert Co. 68,310 5,597,151

24,991,018

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

HEALTH - CONTINUED

MEDICAL EQUIPMENT & SUPPLIES
- - 0.9%

Baxter International, Inc. 16,980 $ 1,066,556

Becton, Dickinson & Co. 33,310 891,043

1,957,599

TOTAL HEALTH 26,948,617

INDUSTRIAL MACHINERY &
EQUIPMENT - 4.2%

ELECTRICAL EQUIPMENT - 2.5%

General Electric Co. 34,340 5,314,115

INDUSTRIAL MACHINERY &
EQUIPMENT - 1.7%

Caterpillar, Inc. 22,200 1,044,788

Ingersoll-Rand Co. 20,540 1,130,984

Tyco International Ltd. 41,360 1,607,870

3,783,642

TOTAL INDUSTRIAL MACHINERY & 9,097,757
EQUIPMENT

MEDIA & LEISURE - 2.5%

BROADCASTING - 1.7%

Comcast Corp. Class A 35,800 1,810,138
(special)

Infinity Broadcasting Corp. 52,187 1,888,517
Class A

3,698,655

ENTERTAINMENT - 0.5%

Walt Disney Co. 33,800 988,650

PUBLISHING - 0.3%

Times Mirror Co. Class A 10,370 694,790

TOTAL MEDIA & LEISURE 5,382,095

NONDURABLES - 5.3%

FOODS - 1.1%

Bestfoods 24,430 1,284,102

Ralston Purina Co. 36,450 1,016,044

2,300,146

HOUSEHOLD PRODUCTS - 2.7%

Procter & Gamble Co. 54,340 5,953,626

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

NONDURABLES - CONTINUED

TOBACCO - 1.5%

Philip Morris Companies, Inc. 146,230 $ 3,390,708

TOTAL NONDURABLES 11,644,480

RETAIL & WHOLESALE - 8.6%

APPAREL STORES - 0.6%

Gap, Inc. 32,080 1,475,680

DRUG STORES - 1.3%

CVS Corp. 33,100 1,321,931

Walgreen Co. 50,100 1,465,425

2,787,356

GENERAL MERCHANDISE STORES -
4.0%

Costco Wholesale Corp. (a) 29,290 2,672,713

Dayton Hudson Corp. 21,210 1,557,609

Wal-Mart Stores, Inc. 64,820 4,480,683

8,711,005

GROCERY STORES - 0.3%

Safeway, Inc. (a) 19,100 679,244

RETAIL & WHOLESALE,
MISCELLANEOUS - 2.4%

Bed Bath & Beyond, Inc. (a) 36,090 1,254,128

Home Depot, Inc. 58,035 3,979,024

5,233,152

TOTAL RETAIL & WHOLESALE 18,886,437

SERVICES - 0.8%

ADVERTISING - 0.7%

Omnicom Group, Inc. 15,600 1,560,000

SERVICES - 0.1%

Gartner Group, Inc. Class B 11,566 159,755
(a)

TOTAL SERVICES 1,719,755

TECHNOLOGY - 20.9%

COMMUNICATIONS EQUIPMENT - 4.0%

Cisco Systems, Inc. (a) 52,700 5,645,488

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

TECHNOLOGY - CONTINUED

COMMUNICATIONS EQUIPMENT -
CONTINUED

Lucent Technologies, Inc. 18,700 $ 1,398,994

Nokia AB sponsored ADR 8,700 1,653,000

8,697,482

COMPUTER SERVICES & SOFTWARE
- - 10.7%

Automatic Data Processing, 66,480 3,581,610
Inc.

DST Systems, Inc. (a) 25,600 1,953,600

IMS Health, Inc. 92,380 2,511,581

Intuit, Inc. (a) 2,400 143,850

Litton Industries, Inc. (a) 19,200 957,600

Microsoft Corp. (a) 122,200 14,266,841

23,415,082

COMPUTERS & OFFICE EQUIPMENT
- - 2.7%

EMC Corp. (a) 19,340 2,112,895

Hewlett-Packard Co. 13,900 1,583,731

Pitney Bowes, Inc. 46,800 2,261,025

5,957,651

ELECTRONICS - 3.5%

Intel Corp. 43,980 3,620,104

Motorola, Inc. 8,600 1,266,350

Solectron Corp. (a) 28,160 2,678,720

7,565,174

TOTAL TECHNOLOGY 45,635,389

TRANSPORTATION - 0.5%

RAILROADS - 0.5%

Burlington Northern Santa Fe 45,212 1,096,391
Corp.

UTILITIES - 8.5%

CELLULAR - 2.8%

ALLTEL Corp. 20,910 1,728,996

Nextel Communications, Inc. 16,000 1,650,000
Class A (a)

Vodafone AirTouch PLC 55,600 2,752,200
sponsored ADR

6,131,196

ELECTRIC UTILITY - 0.4%

IPALCO Enterprises, Inc. 47,000 801,938

TELEPHONE SERVICES - 5.3%

AT&T Corp. 36,410 1,847,808

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

UTILITIES - CONTINUED

TELEPHONE SERVICES - CONTINUED

BellSouth Corp. 38,130 $ 1,784,961

MCI WorldCom, Inc. (a) 46,230 2,453,079

SBC Communications, Inc. 113,090 5,513,139

11,598,987

TOTAL UTILITIES 18,532,121

TOTAL COMMON STOCKS 203,408,467
(Cost $191,811,578)

CASH EQUIVALENTS - 6.7%

Taxable Central Cash Fund, 14,735,232 14,735,232
5.12% (b) (Cost $14,735,232)

TOTAL INVESTMENT PORTFOLIO - 218,143,699
99.9%
(Cost $206,546,810)

NET OTHER ASSETS - 0.1% 149,644

NET ASSETS - 100% $ 218,293,343

LEGEND

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at
period end.

INCOME TAX INFORMATION

At December 31, 1999, the aggregate
cost of investment securities for income
tax purposes was $206,822,126. Net unrealized appreciation aggregated
$11,321,573, of which $27,997,313 related to appreciated investment
securities and $16,675,740 related to depreciated investment
securities.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (UNAUDITED)

ASSETS

Investment in securities, at $ 218,143,699
value (cost $206,546,810) -
See accompanying schedule

Receivable for investments 750,892
sold

Receivable for fund shares 1,111,767
sold

Dividends receivable 204,634

Interest receivable 84,530

TOTAL ASSETS 220,295,522

LIABILITIES

Payable to custodian bank $ 893

Payable for investments 652,628
purchased

Payable for fund shares 1,191,909
redeemed

Accrued management fee 87,242

Other payables and accrued 69,507
expenses

TOTAL LIABILITIES 2,002,179

NET ASSETS $ 218,293,343

Net Assets consist of:

Paid in capital $ 208,015,708

Undistributed net investment 156,942
income

Accumulated undistributed net (1,476,196)
realized gain (loss) on
investments and foreign
currency transactions

Net unrealized appreciation 11,596,889
(depreciation) on investments

NET ASSETS, for 20,235,490 $ 218,293,343
shares outstanding

NET ASSET VALUE, offering $10.79
price and redemption price
per share ($218,293,343
(divided by) 20,235,490
shares)

STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER
31, 1999 (UNAUDITED)

INVESTMENT INCOME $ 1,282,328
Dividends

Interest 622,520

Security lending 15

TOTAL INCOME 1,904,863

EXPENSES

Management fee $ 523,691

Transfer agent fees 318,414

Accounting and security 49,395
lending fees

Non-interested trustees' 300
compensation

Custodian fees and expenses 8,079

Registration fees 16,246

Audit 8,811

Legal 1,502

Miscellaneous 396

Total expenses before 926,834
reductions

Expense reductions (8,987) 917,847

NET INVESTMENT INCOME 987,016

REALIZED AND UNREALIZED GAIN (1,152,284)
(LOSS)
Net realized gain (loss) on
investment securities

Change in net unrealized 3,412,266
appreciation (depreciation)
on investment securities

NET GAIN (LOSS) 2,259,982

NET INCREASE (DECREASE) IN $ 3,246,998
NET ASSETS RESULTING FROM
OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS ENDED DECEMBER 31, DECEMBER 28, 1998
1999 (UNAUDITED) (COMMENCEMENT OF OPERATIONS)
TO JUNE 30, 1999

INCREASE (DECREASE) IN NET
ASSETS

Operations Net investment $ 987,016 $ 403,866
income

Net realized gain (loss) (1,152,284) 943,152

Change in net unrealized 3,412,266 8,184,623
appreciation (depreciation)

NET INCREASE (DECREASE) IN 3,246,998 9,531,641
NET ASSETS RESULTING FROM
OPERATIONS

Distributions to shareholders (830,074) (403,866)
From net investment income

In excess of net investment - (184,623)
income

From net realized gain (704,994) -

In excess of net realized (323,912) -
gain

TOTAL DISTRIBUTIONS (1,858,980) (588,489)

Share transactions Net 74,643,993 234,891,043
proceeds from sales of shares

Reinvestment of distributions 1,775,661 561,168

Cost of shares redeemed (75,803,558) (28,106,134)

NET INCREASE (DECREASE) IN 616,096 207,346,077
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) 2,004,114 216,289,229
IN NET ASSETS

NET ASSETS

Beginning of period 216,289,229 -

End of period (including $ 218,293,343 $ 216,289,229
undistributed net investment
income of $156,942 and $0,
respectively)

OTHER INFORMATION
Shares

Sold 7,195,339 22,753,650

Issued in reinvestment of 173,697 54,748
distributions

Redeemed (7,247,520) (2,694,424)

Net increase (decrease) 121,516 20,113,974

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS

SIX MONTHS ENDED DECEMBER 31, YEAR ENDED JUNE 30,
1999 1999 E
(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 10.75 $ 10.00
period

Income from Investment
Operations

Net investment income D .05 .03

Net realized and unrealized .08 .75
gain (loss)

Total from investment .13 .78
operations

Less Distributions

From net investment income (.04) (.02)

In excess of net investment - (.01)
income

From net realized gain (.03) -

In excess of net realized gain (.02) -

Total distributions (.09) (.03)

Net asset value, end of period $ 10.79 $ 10.75

TOTAL RETURN B, C 1.26% 7.81%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 218,293 $ 216,289
(000 omitted)

Ratio of expenses to average .84% A 1.14% A
net assets

Ratio of expenses to average .83% A, F 1.12% A, F
net assets after expense
reductions

Ratio of net investment .90% A .62% A
income to average net assets

Portfolio turnover rate 60% A 59% A

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 28, 1998 (COMMENCEMENT OF OPERATIONS) TO
JUNE 30, 1999.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.

NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1999 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.

Fidelity Growth & Income II Portfolio (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:

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
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 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 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.

2. OPERATING POLICIES - CONTINUED

3. PURCHASES AND SALES OF INVESTMENTS.

Purchases and sales of securities, other than short-term securities,
aggregated $63,579,734 and $58,629,374, 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 .2167% to .5200% for the period. The annual
individual fund fee rate is .20%. In the event that these rates were
lower than the contractual rates in effect during the period, FMR
voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. For the period, the management fee was
equivalent to an annualized rate of .48% of average net assets.

5. SECURITY LENDING.

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 $8,987 under this arrangement.

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA

INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan

OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Richard A. Spillane Jr., Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer

ADVISORY BOARD
J. Gary Burkhead
Ned C. Lautenbach

* 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(registered trademark) Fund
Global Balanced Fund
Growth & Income Portfolio
Growth & Income II Portfolio
Puritan (registered trademark) Fund
Real Estate Investment Portfolio
Utilities Fund

(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com