N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1796

Fidelity Destiny Portfolios
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

September 30

Date of reporting period:

June 30, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Destiny I Class N Fund

June 30, 2005

1.818358.100

DESIN-QTLY-0805

Investments June 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value

CONSUMER DISCRETIONARY - 12.1%

Auto Components - 0.4%

Gentex Corp.

676,700

$ 12,315,940

Diversified Consumer Services - 2.6%

Apollo Group, Inc. Class A (a)

741,700

58,015,774

Bright Horizons Family Solutions, Inc. (a)

495,500

20,176,760

78,192,534

Internet & Catalog Retail - 2.2%

eBay, Inc. (a)

2,020,800

66,706,608

Media - 1.5%

Lamar Advertising Co. Class A (a)

16,500

705,705

Univision Communications, Inc.
Class A (a)

1,592,200

43,865,110

44,570,815

Specialty Retail - 5.4%

Aeropostale, Inc. (a)

799,600

26,866,560

Home Depot, Inc.

2,270,500

88,322,450

Staples, Inc.

2,184,100

46,565,012

161,754,022

TOTAL CONSUMER DISCRETIONARY

363,539,919

CONSUMER STAPLES - 3.6%

Food & Staples Retailing - 2.7%

Wal-Mart Stores, Inc.

1,681,400

81,043,480

Food Products - 0.9%

Nestle SA (Reg.)

110,850

28,368,743

TOTAL CONSUMER STAPLES

109,412,223

ENERGY - 13.5%

Energy Equipment & Services - 7.4%

Baker Hughes, Inc.

329,600

16,862,336

BJ Services Co.

293,200

15,387,136

Halliburton Co.

1,319,100

63,079,362

Noble Corp.

267,300

16,441,623

Pride International, Inc. (a)

744,700

19,138,790

Schlumberger Ltd. (NY Shares)

701,600

53,279,504

Smith International, Inc.

207,400

13,211,380

Weatherford International Ltd. (a)

393,000

22,786,140

220,186,271

Oil, Gas & Consumable Fuels - 6.1%

Apache Corp.

465,000

30,039,000

ConocoPhillips

433,600

24,927,664

Forest Oil Corp. (a)

283,300

11,898,600

Occidental Petroleum Corp.

449,200

34,556,956

Total SA sponsored ADR

310,800

36,316,980

Valero Energy Corp.

581,700

46,018,287

183,757,487

TOTAL ENERGY

403,943,758

Shares

Value

FINANCIALS - 25.0%

Capital Markets - 4.6%

Goldman Sachs Group, Inc.

681,600

$ 69,536,832

Merrill Lynch & Co., Inc.

513,500

28,247,635

UBS AG (NY Shares)

509,300

39,649,005

137,433,472

Commercial Banks - 0.4%

Standard Chartered PLC (United Kingdom)

709,300

12,962,699

Diversified Financial Services - 1.8%

JPMorgan Chase & Co.

1,540,800

54,421,056

Insurance - 18.2%

ACE Ltd.

1,354,600

60,753,810

AMBAC Financial Group, Inc.

767,600

53,547,776

American International Group, Inc.

3,917,164

227,587,228

Hartford Financial Services Group, Inc.

597,500

44,681,050

MBIA, Inc.

347,100

20,586,501

PartnerRe Ltd.

231,700

14,926,114

W.R. Berkley Corp.

1,097,876

39,172,216

XL Capital Ltd. Class A

1,141,100

84,920,662

546,175,357

TOTAL FINANCIALS

750,992,584

HEALTH CARE - 8.7%

Biotechnology - 1.0%

Cephalon, Inc. (a)

714,900

28,460,169

Health Care Equipment & Supplies - 2.2%

Kinetic Concepts, Inc. (a)

135,000

8,100,000

Medtronic, Inc.

682,000

35,320,780

Waters Corp. (a)

602,700

22,402,359

65,823,139

Health Care Providers & Services - 3.5%

Pediatrix Medical Group, Inc. (a)

234,700

17,259,838

UnitedHealth Group, Inc.

1,676,200

87,397,068

104,656,906

Pharmaceuticals - 2.0%

Allergan, Inc.

243,300

20,738,892

Roche Holding AG (participation certificate)

317,962

40,239,875

60,978,767

TOTAL HEALTH CARE

259,918,981

INDUSTRIALS - 13.7%

Aerospace & Defense - 2.0%

Honeywell International, Inc.

1,682,200

61,618,986

Commercial Services & Supplies - 1.9%

Robert Half International, Inc.

2,344,080

58,531,678

Construction & Engineering - 1.1%

Chicago Bridge & Iron Co. NV
(NY Shares)

510,900

11,679,174

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Fluor Corp.

269,500

$ 15,520,505

Jacobs Engineering Group, Inc. (a)

85,500

4,810,230

32,009,909

Industrial Conglomerates - 6.8%

General Electric Co.

4,126,800

142,993,620

Tyco International Ltd.

2,049,900

59,857,080

202,850,700

Road & Rail - 1.9%

Burlington Northern Santa Fe Corp.

493,000

23,210,440

Norfolk Southern Corp.

1,098,600

34,012,656

57,223,096

TOTAL INDUSTRIALS

412,234,369

INFORMATION TECHNOLOGY - 20.1%

Communications Equipment - 0.5%

Juniper Networks, Inc. (a)

626,700

15,780,306

Computers & Peripherals - 2.8%

Dell, Inc. (a)

2,130,600

84,180,006

Electronic Equipment & Instruments - 1.4%

Amphenol Corp. Class A

109,490

4,398,213

CDW Corp.

344,200

19,650,378

National Instruments Corp.

861,100

18,255,320

42,303,911

Internet Software & Services - 4.3%

Google, Inc. Class A (sub. vtg.)

270,800

79,655,820

Yahoo!, Inc. (a)

1,461,900

50,654,835

130,310,655

IT Services - 0.6%

Affiliated Computer Services, Inc.
Class A (a)

361,300

18,462,430

Office Electronics - 0.8%

Zebra Technologies Corp. Class A (a)

536,500

23,493,335

Semiconductors & Semiconductor Equipment - 5.2%

Altera Corp. (a)

593,689

11,766,916

Analog Devices, Inc.

538,300

20,083,973

ARM Holdings PLC sponsored ADR

3,678,800

22,587,832

FormFactor, Inc. (a)

165,100

4,361,942

Freescale Semiconductor, Inc.:

Class A

371,400

7,803,114

Class B

227,325

4,814,744

Intel Corp.

2,480,600

64,644,436

National Semiconductor Corp.

851,700

18,762,951

154,825,908

Shares

Value

Software - 4.5%

Microsoft Corp.

4,555,998

$ 113,170,990

Symantec Corp. (a)

952,800

20,713,872

133,884,862

TOTAL INFORMATION TECHNOLOGY

603,241,413

MATERIALS - 0.6%

Chemicals - 0.6%

Lyondell Chemical Co.

671,200

17,733,104

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 1.4%

SBC Communications, Inc.

1,807,300

42,923,375

TOTAL COMMON STOCKS

(Cost $2,867,731,317)

2,963,939,726

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(d)

262,000

225,320

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $1,441,000)

225,320

Money Market Funds - 1.9%

Fidelity Cash Central Fund, 3.21% (b)

8,594,971

8,594,971

Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)

47,288,250

47,288,250

TOTAL MONEY MARKET FUNDS

(Cost $55,883,221)

55,883,221

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $2,925,055,538)

3,020,048,267

NET OTHER ASSETS - (0.6)%

(16,964,710)

NET ASSETS - 100%

$ 3,003,083,557

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $225,320 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Geneprot, Inc. Series A

7/7/00

$ 1,441,000

Income Tax Information

At June 30, 2005, the aggregate cost of investment securities for income tax purposes was $2,961,198,293. Net unrealized appreciation aggregated $58,849,974, of which $216,292,143 related to appreciated investment securities and $157,442,169 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-800-433-0734 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny I Class O Fund

June 30, 2005

1.803296.101

DESIO-QTLY-0805

Investments June 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value

CONSUMER DISCRETIONARY - 12.1%

Auto Components - 0.4%

Gentex Corp.

676,700

$ 12,315,940

Diversified Consumer Services - 2.6%

Apollo Group, Inc. Class A (a)

741,700

58,015,774

Bright Horizons Family Solutions, Inc. (a)

495,500

20,176,760

78,192,534

Internet & Catalog Retail - 2.2%

eBay, Inc. (a)

2,020,800

66,706,608

Media - 1.5%

Lamar Advertising Co. Class A (a)

16,500

705,705

Univision Communications, Inc.
Class A (a)

1,592,200

43,865,110

44,570,815

Specialty Retail - 5.4%

Aeropostale, Inc. (a)

799,600

26,866,560

Home Depot, Inc.

2,270,500

88,322,450

Staples, Inc.

2,184,100

46,565,012

161,754,022

TOTAL CONSUMER DISCRETIONARY

363,539,919

CONSUMER STAPLES - 3.6%

Food & Staples Retailing - 2.7%

Wal-Mart Stores, Inc.

1,681,400

81,043,480

Food Products - 0.9%

Nestle SA (Reg.)

110,850

28,368,743

TOTAL CONSUMER STAPLES

109,412,223

ENERGY - 13.5%

Energy Equipment & Services - 7.4%

Baker Hughes, Inc.

329,600

16,862,336

BJ Services Co.

293,200

15,387,136

Halliburton Co.

1,319,100

63,079,362

Noble Corp.

267,300

16,441,623

Pride International, Inc. (a)

744,700

19,138,790

Schlumberger Ltd. (NY Shares)

701,600

53,279,504

Smith International, Inc.

207,400

13,211,380

Weatherford International Ltd. (a)

393,000

22,786,140

220,186,271

Oil, Gas & Consumable Fuels - 6.1%

Apache Corp.

465,000

30,039,000

ConocoPhillips

433,600

24,927,664

Forest Oil Corp. (a)

283,300

11,898,600

Occidental Petroleum Corp.

449,200

34,556,956

Total SA sponsored ADR

310,800

36,316,980

Valero Energy Corp.

581,700

46,018,287

183,757,487

TOTAL ENERGY

403,943,758

Shares

Value

FINANCIALS - 25.0%

Capital Markets - 4.6%

Goldman Sachs Group, Inc.

681,600

$ 69,536,832

Merrill Lynch & Co., Inc.

513,500

28,247,635

UBS AG (NY Shares)

509,300

39,649,005

137,433,472

Commercial Banks - 0.4%

Standard Chartered PLC (United Kingdom)

709,300

12,962,699

Diversified Financial Services - 1.8%

JPMorgan Chase & Co.

1,540,800

54,421,056

Insurance - 18.2%

ACE Ltd.

1,354,600

60,753,810

AMBAC Financial Group, Inc.

767,600

53,547,776

American International Group, Inc.

3,917,164

227,587,228

Hartford Financial Services Group, Inc.

597,500

44,681,050

MBIA, Inc.

347,100

20,586,501

PartnerRe Ltd.

231,700

14,926,114

W.R. Berkley Corp.

1,097,876

39,172,216

XL Capital Ltd. Class A

1,141,100

84,920,662

546,175,357

TOTAL FINANCIALS

750,992,584

HEALTH CARE - 8.7%

Biotechnology - 1.0%

Cephalon, Inc. (a)

714,900

28,460,169

Health Care Equipment & Supplies - 2.2%

Kinetic Concepts, Inc. (a)

135,000

8,100,000

Medtronic, Inc.

682,000

35,320,780

Waters Corp. (a)

602,700

22,402,359

65,823,139

Health Care Providers & Services - 3.5%

Pediatrix Medical Group, Inc. (a)

234,700

17,259,838

UnitedHealth Group, Inc.

1,676,200

87,397,068

104,656,906

Pharmaceuticals - 2.0%

Allergan, Inc.

243,300

20,738,892

Roche Holding AG (participation certificate)

317,962

40,239,875

60,978,767

TOTAL HEALTH CARE

259,918,981

INDUSTRIALS - 13.7%

Aerospace & Defense - 2.0%

Honeywell International, Inc.

1,682,200

61,618,986

Commercial Services & Supplies - 1.9%

Robert Half International, Inc.

2,344,080

58,531,678

Construction & Engineering - 1.1%

Chicago Bridge & Iron Co. NV
(NY Shares)

510,900

11,679,174

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Fluor Corp.

269,500

$ 15,520,505

Jacobs Engineering Group, Inc. (a)

85,500

4,810,230

32,009,909

Industrial Conglomerates - 6.8%

General Electric Co.

4,126,800

142,993,620

Tyco International Ltd.

2,049,900

59,857,080

202,850,700

Road & Rail - 1.9%

Burlington Northern Santa Fe Corp.

493,000

23,210,440

Norfolk Southern Corp.

1,098,600

34,012,656

57,223,096

TOTAL INDUSTRIALS

412,234,369

INFORMATION TECHNOLOGY - 20.1%

Communications Equipment - 0.5%

Juniper Networks, Inc. (a)

626,700

15,780,306

Computers & Peripherals - 2.8%

Dell, Inc. (a)

2,130,600

84,180,006

Electronic Equipment & Instruments - 1.4%

Amphenol Corp. Class A

109,490

4,398,213

CDW Corp.

344,200

19,650,378

National Instruments Corp.

861,100

18,255,320

42,303,911

Internet Software & Services - 4.3%

Google, Inc. Class A (sub. vtg.)

270,800

79,655,820

Yahoo!, Inc. (a)

1,461,900

50,654,835

130,310,655

IT Services - 0.6%

Affiliated Computer Services, Inc.
Class A (a)

361,300

18,462,430

Office Electronics - 0.8%

Zebra Technologies Corp. Class A (a)

536,500

23,493,335

Semiconductors & Semiconductor Equipment - 5.2%

Altera Corp. (a)

593,689

11,766,916

Analog Devices, Inc.

538,300

20,083,973

ARM Holdings PLC sponsored ADR

3,678,800

22,587,832

FormFactor, Inc. (a)

165,100

4,361,942

Freescale Semiconductor, Inc.:

Class A

371,400

7,803,114

Class B

227,325

4,814,744

Intel Corp.

2,480,600

64,644,436

National Semiconductor Corp.

851,700

18,762,951

154,825,908

Shares

Value

Software - 4.5%

Microsoft Corp.

4,555,998

$ 113,170,990

Symantec Corp. (a)

952,800

20,713,872

133,884,862

TOTAL INFORMATION TECHNOLOGY

603,241,413

MATERIALS - 0.6%

Chemicals - 0.6%

Lyondell Chemical Co.

671,200

17,733,104

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 1.4%

SBC Communications, Inc.

1,807,300

42,923,375

TOTAL COMMON STOCKS

(Cost $2,867,731,317)

2,963,939,726

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(d)

262,000

225,320

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $1,441,000)

225,320

Money Market Funds - 1.9%

Fidelity Cash Central Fund, 3.21% (b)

8,594,971

8,594,971

Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)

47,288,250

47,288,250

TOTAL MONEY MARKET FUNDS

(Cost $55,883,221)

55,883,221

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $2,925,055,538)

3,020,048,267

NET OTHER ASSETS - (0.6)%

(16,964,710)

NET ASSETS - 100%

$ 3,003,083,557

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $225,320 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Geneprot, Inc. Series A

7/7/00

$ 1,441,000

Income Tax Information

At June 30, 2005, the aggregate cost of investment securities for income tax purposes was $2,961,198,293. Net unrealized appreciation aggregated $58,849,974, of which $216,292,143 related to appreciated investment securities and $157,442,169 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-800-433-0734 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny Portfolios: Destiny II
Class N

June 30, 2005

1.818363.100

DESIIN-QTLY-0805

Investments June 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%

Shares

Value

CONSUMER DISCRETIONARY - 17.8%

Auto Components - 1.4%

Gentex Corp.

583,870

$ 10,626,434

Michelin SA (Compagnie Generale des Etablissements) Series B

1,016,669

61,946,712

72,573,146

Automobiles - 0.0%

Monaco Coach Corp.

22,400

385,056

National R.V. Holdings, Inc. (a)

216,000

1,725,840

2,110,896

Hotels, Restaurants & Leisure - 2.2%

Domino's Pizza, Inc.

404,400

9,001,944

GTECH Holdings Corp.

463,200

13,543,968

International Game Technology

1,610,500

45,335,575

Scientific Games Corp. Class A (a)

318,200

8,569,126

Sportingbet PLC (a)

1,087,400

6,361,182

Vail Resorts, Inc. (a)

127,000

3,568,700

WMS Industries, Inc. (a)

780,300

26,335,125

112,715,620

Household Durables - 0.2%

Pace Micro Technology PLC (a)

719,200

760,268

Sony Corp.

271,000

9,333,240

10,093,508

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

296,300

9,801,604

eBay, Inc. (a)

296,400

9,784,164

19,585,768

Leisure Equipment & Products - 0.1%

Brunswick Corp.

5,400

233,928

Marvel Enterprises, Inc. (a)

127,100

2,506,412

2,740,340

Media - 8.6%

Clear Channel Communications, Inc.

3,091,800

95,629,374

Cumulus Media, Inc. Class A (a)

2,604,210

30,677,594

EchoStar Communications Corp. Class A

1,099,190

33,140,579

Entercom Communications Corp.
Class A (a)

681,755

22,695,624

Getty Images, Inc. (a)

21,800

1,618,868

Lamar Advertising Co. Class A (a)

2,010,864

86,004,653

News Corp. Class A

3,387,900

54,816,222

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

255,000

3,299,700

Reuters Group PLC

422,640

2,991,114

Spanish Broadcasting System, Inc.
Class A (a)

198,511

1,983,125

Univision Communications, Inc.
Class A (a)

2,119,224

58,384,621

XM Satellite Radio Holdings, Inc.
Class A (a)

1,354,600

45,595,836

436,837,310

Shares

Value

Specialty Retail - 4.4%

Borders Group, Inc.

550,000

$ 13,920,500

Electronics Boutique Holding Corp. (a)

828,100

52,576,069

GameStop Corp. Class A (a)(d)

1,875,500

61,347,605

Monro Muffler Brake, Inc. (d)

713,038

21,041,751

Staples, Inc.

2,922,250

62,302,370

Urban Outfitters, Inc. (a)

255,500

14,484,295

225,672,590

Textiles, Apparel & Luxury Goods - 0.5%

Ashworth, Inc. (a)

429,900

3,873,399

NIKE, Inc. Class B

253,600

21,961,760

25,835,159

TOTAL CONSUMER DISCRETIONARY

908,164,337

CONSUMER STAPLES - 9.6%

Beverages - 1.6%

Coca-Cola Enterprises, Inc.

571,900

12,587,519

The Coca-Cola Co.

1,692,500

70,661,875

83,249,394

Food & Staples Retailing - 0.7%

Wal-Mart Stores, Inc.

741,300

35,730,660

Food Products - 2.0%

Bunge Ltd.

242,860

15,397,324

Corn Products International, Inc.

806,600

19,164,816

Groupe Danone

528,100

46,461,132

Hormel Foods Corp.

583,765

17,121,827

Ralcorp Holdings, Inc.

139,200

5,728,080

103,873,179

Household Products - 2.3%

Colgate-Palmolive Co.

593,000

29,596,630

Procter & Gamble Co.

1,695,900

89,458,725

119,055,355

Personal Products - 0.9%

Gillette Co.

847,200

42,893,736

Tobacco - 2.1%

Altria Group, Inc.

1,608,900

104,031,474

TOTAL CONSUMER STAPLES

488,833,798

ENERGY - 0.9%

Oil, Gas & Consumable Fuels - 0.9%

BP PLC sponsored ADR

100,000

6,238,000

Exxon Mobil Corp.

200,000

11,494,000

Total SA sponsored ADR

225,000

26,291,250

44,023,250

FINANCIALS - 15.5%

Capital Markets - 1.0%

T. Rowe Price Group, Inc.

836,159

52,343,553

Commercial Banks - 0.6%

Bank of America Corp.

105,900

4,830,099

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Bank of Communications Co. Ltd.
(H Shares)

424,000

$ 152,773

Boston Private Financial Holdings, Inc.

24,869

626,699

Uniao de Bancos Brasileiros SA (Unibanco):

unit

2,069,200

16,002,168

GDR

27,500

1,062,050

Wachovia Corp.

127,400

6,319,040

28,992,829

Consumer Finance - 3.2%

SLM Corp.

3,237,318

164,455,754

Insurance - 10.5%

ACE Ltd.

1,652,218

74,101,977

AFLAC, Inc.

1,204,820

52,144,610

AMBAC Financial Group, Inc.

691,700

48,252,992

American International Group, Inc.

5,640,000

327,684,001

Endurance Specialty Holdings Ltd.

203,100

7,681,242

Scottish Re Group Ltd.

255,360

6,189,926

The St. Paul Travelers Companies, Inc.

412,600

16,310,078

W.R. Berkley Corp.

111,000

3,960,480

536,325,306

Thrifts & Mortgage Finance - 0.2%

Fannie Mae

183,500

10,716,400

TOTAL FINANCIALS

792,833,842

HEALTH CARE - 11.1%

Biotechnology - 2.6%

Biogen Idec, Inc. (a)

487,100

16,780,595

Cephalon, Inc. (a)

211,600

8,423,796

Gilead Sciences, Inc. (a)

975,400

42,907,846

MedImmune, Inc. (a)

1,780,400

47,572,288

ONYX Pharmaceuticals, Inc. (a)

313,300

7,481,604

OSI Pharmaceuticals, Inc. (a)

226,200

9,244,794

132,410,923

Health Care Equipment & Supplies - 1.5%

BioLase Technology, Inc.

664,200

4,197,744

Guidant Corp.

1,117,300

75,194,290

79,392,034

Health Care Providers & Services - 1.0%

UnitedHealth Group, Inc.

952,400

49,658,136

Pharmaceuticals - 6.0%

Cipla Ltd.

1,949,966

14,068,012

Johnson & Johnson

595,100

38,681,500

Nastech Pharmaceutical Co., Inc. (a)

72,800

1,035,944

Novartis AG sponsored ADR

1,162,100

55,130,024

Shares

Value

Pfizer, Inc.

2,090,000

$ 57,642,200

Roche Holding AG (participation certificate)

1,100,232

139,240,534

305,798,214

TOTAL HEALTH CARE

567,259,307

INDUSTRIALS - 9.4%

Aerospace & Defense - 4.1%

Honeywell International, Inc.

3,144,000

115,164,720

Northrop Grumman Corp.

826,900

45,686,225

The Boeing Co.

732,000

48,312,000

209,162,945

Airlines - 2.1%

AirTran Holdings, Inc. (a)

2,125,073

19,614,424

Delta Air Lines, Inc. (a)(d)

9,134,340

34,345,118

Northwest Airlines Corp. (a)(d)

4,674,492

21,315,684

Southwest Airlines Co.

2,120,500

29,538,565

104,813,791

Industrial Conglomerates - 2.7%

General Electric Co.

3,869,400

134,074,710

Tyco International Ltd.

140,500

4,102,600

138,177,310

Marine - 0.4%

Alexander & Baldwin, Inc.

436,927

20,251,566

Road & Rail - 0.1%

Laidlaw International, Inc. (a)

313,100

7,545,710

TOTAL INDUSTRIALS

479,951,322

INFORMATION TECHNOLOGY - 15.6%

Communications Equipment - 4.2%

CIENA Corp. (a)(d)

38,382,900

80,220,261

Corning, Inc. (a)

6,142,400

102,086,688

Finisar Corp. (a)(d)

18,440,500

19,362,525

NMS Communications Corp. (a)

1,903,170

5,443,066

TomTom Group BV

308,500

6,772,229

213,884,769

Computers & Peripherals - 0.2%

Dell, Inc. (a)

167,309

6,610,379

Western Digital Corp. (a)

212,700

2,854,434

9,464,813

Electronic Equipment & Instruments - 0.6%

Applied Films Corp. (a)

800

20,480

Solectron Corp. (a)

5,151,700

19,524,943

Symbol Technologies, Inc.

1,277,200

12,605,964

32,151,387

Internet Software & Services - 0.4%

Akamai Technologies, Inc. (a)

1,062,000

13,944,060

NetRatings, Inc. (a)

423,854

5,764,414

Yahoo!, Inc. (a)

6,800

235,620

19,944,094

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - 0.8%

Anteon International Corp. (a)

204,000

$ 9,306,480

Infosys Technologies Ltd.

583,577

31,655,445

40,961,925

Semiconductors & Semiconductor Equipment - 2.8%

Analog Devices, Inc.

118,600

4,424,966

Applied Materials, Inc.

63,400

1,025,812

Applied Micro Circuits Corp. (a)

2,371,223

6,070,331

ASE Test Ltd. (a)

1,003,800

6,464,472

ASML Holding NV (NY Shares) (a)

911,800

14,278,788

Cymer, Inc. (a)

363,600

9,580,860

Intel Corp.

21,210

552,733

LTX Corp. (a)

255,000

1,264,800

PMC-Sierra, Inc. (a)

3,044,750

28,407,518

Samsung Electronics Co. Ltd.

90

42,977

Silicon On Insulator TEChnologies SA (SOITEC) (a)

1,355,058

14,758,411

Teradyne, Inc. (a)

2,135,900

25,566,723

United Microelectronics Corp.
sponsored ADR

6,352,089

26,107,086

Xilinx, Inc.

126,800

3,233,400

141,778,877

Software - 6.6%

Activision, Inc. (a)

1,533,800

25,338,376

BEA Systems, Inc. (a)

339,170

2,977,913

Macrovision Corp. (a)

423,500

9,545,690

Microsoft Corp.

11,128,346

276,428,115

NAVTEQ Corp.

425,200

15,808,936

NDS Group PLC sponsored ADR (a)

200,100

6,667,332

336,766,362

TOTAL INFORMATION TECHNOLOGY

794,952,227

MATERIALS - 6.6%

Chemicals - 1.3%

Monsanto Co.

1,098,900

69,087,843

Metals & Mining - 5.3%

Alamos Gold, Inc. (a)

1,058,900

3,629,922

Apex Silver Mines Ltd. (a)

924,100

12,697,134

Glamis Gold Ltd. (a)

4,657,100

79,746,946

Goldcorp, Inc.

1,559,500

24,807,913

High River Gold Mines Ltd. (a)

2,104,700

2,319,087

IAMGOLD Corp.

1,918,900

12,952,418

Meridian Gold, Inc. (a)

1,695,600

30,446,621

Newmont Mining Corp.

2,413,300

94,191,099

Titanium Metals Corp. (a)

178,900

10,159,731

270,950,871

TOTAL MATERIALS

340,038,714

Shares

Value

TELECOMMUNICATION SERVICES - 5.7%

Diversified Telecommunication Services - 5.7%

BellSouth Corp.

1,736,200

$ 46,130,834

SBC Communications, Inc.

4,915,000

116,731,250

Verizon Communications, Inc.

3,682,100

127,216,555

290,078,639

TOTAL COMMON STOCKS

(Cost $4,562,858,081)

4,706,135,436

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies, Inc. Series E (a)(e)

27,000

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(e)

255,000

219,300

TOTAL PREFERRED STOCKS

(Cost $1,807,550)

219,300

Convertible Bonds - 0.4%

Principal Amount

INFORMATION TECHNOLOGY - 0.4%

Communications Equipment - 0.4%

CIENA Corp. 3.75% 2/1/08

$ 22,990,000

20,031,187

TOTAL CONVERTIBLE BONDS

(Cost $21,322,795)

20,031,187

Money Market Funds - 10.4%

Shares

Fidelity Cash Central Fund, 3.21% (b)

444,719,443

444,719,443

Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)

87,270,723

87,270,723

TOTAL MONEY MARKET FUNDS

(Cost $531,990,166)

531,990,166

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $5,117,978,592)

5,258,376,089

NET OTHER ASSETS - (3.0)%

(150,817,883)

NET ASSETS - 100%

$ 5,107,558,206

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $219,300 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Chorum Technologies, Inc. Series E

9/19/00

$ 465,480

Geneprot, Inc. Series A

7/7/00

$ 1,402,500

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value, end of period

CIENA Corp.

$ 33,106,392

$ 52,227,789

$ -

$ -

$ 80,220,261

Delta Air Lines, Inc.

17,629,662

25,692,577

-

-

34,345,118

Dendreon Corp.

9,676,546

20,340,389

22,661,492

-

-

Finisar Corp.

-

29,766,153

-

-

19,362,525

GameStop Corp. Class A

-

43,539,249

-

-

61,347,605

Monro Muffler Brake, Inc.

8,144,129

9,099,749

-

-

21,041,751

Northwest Airlines Corp.

-

66,059,957

12,856,193

-

21,315,684

Total

$ 68,556,729

$ 246,725,863

$ 35,517,685

$ -

$ 237,632,944

Income Tax Information

At June 30, 2005, the aggregate cost of investment securities for income tax purposes was $5,131,650,427. Net unrealized appreciation aggregated $126,725,662, of which $340,375,743 related to appreciated investment securities and $213,650,081 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-800-433-0734 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny Portfolios: Destiny II
Class O

June 30, 2005

1.803297.101

DESIIO-QTLY-0805

Investments June 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%

Shares

Value

CONSUMER DISCRETIONARY - 17.8%

Auto Components - 1.4%

Gentex Corp.

583,870

$ 10,626,434

Michelin SA (Compagnie Generale des Etablissements) Series B

1,016,669

61,946,712

72,573,146

Automobiles - 0.0%

Monaco Coach Corp.

22,400

385,056

National R.V. Holdings, Inc. (a)

216,000

1,725,840

2,110,896

Hotels, Restaurants & Leisure - 2.2%

Domino's Pizza, Inc.

404,400

9,001,944

GTECH Holdings Corp.

463,200

13,543,968

International Game Technology

1,610,500

45,335,575

Scientific Games Corp. Class A (a)

318,200

8,569,126

Sportingbet PLC (a)

1,087,400

6,361,182

Vail Resorts, Inc. (a)

127,000

3,568,700

WMS Industries, Inc. (a)

780,300

26,335,125

112,715,620

Household Durables - 0.2%

Pace Micro Technology PLC (a)

719,200

760,268

Sony Corp.

271,000

9,333,240

10,093,508

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

296,300

9,801,604

eBay, Inc. (a)

296,400

9,784,164

19,585,768

Leisure Equipment & Products - 0.1%

Brunswick Corp.

5,400

233,928

Marvel Enterprises, Inc. (a)

127,100

2,506,412

2,740,340

Media - 8.6%

Clear Channel Communications, Inc.

3,091,800

95,629,374

Cumulus Media, Inc. Class A (a)

2,604,210

30,677,594

EchoStar Communications Corp. Class A

1,099,190

33,140,579

Entercom Communications Corp.
Class A (a)

681,755

22,695,624

Getty Images, Inc. (a)

21,800

1,618,868

Lamar Advertising Co. Class A (a)

2,010,864

86,004,653

News Corp. Class A

3,387,900

54,816,222

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

255,000

3,299,700

Reuters Group PLC

422,640

2,991,114

Spanish Broadcasting System, Inc.
Class A (a)

198,511

1,983,125

Univision Communications, Inc.
Class A (a)

2,119,224

58,384,621

XM Satellite Radio Holdings, Inc.
Class A (a)

1,354,600

45,595,836

436,837,310

Shares

Value

Specialty Retail - 4.4%

Borders Group, Inc.

550,000

$ 13,920,500

Electronics Boutique Holding Corp. (a)

828,100

52,576,069

GameStop Corp. Class A (a)(d)

1,875,500

61,347,605

Monro Muffler Brake, Inc. (d)

713,038

21,041,751

Staples, Inc.

2,922,250

62,302,370

Urban Outfitters, Inc. (a)

255,500

14,484,295

225,672,590

Textiles, Apparel & Luxury Goods - 0.5%

Ashworth, Inc. (a)

429,900

3,873,399

NIKE, Inc. Class B

253,600

21,961,760

25,835,159

TOTAL CONSUMER DISCRETIONARY

908,164,337

CONSUMER STAPLES - 9.6%

Beverages - 1.6%

Coca-Cola Enterprises, Inc.

571,900

12,587,519

The Coca-Cola Co.

1,692,500

70,661,875

83,249,394

Food & Staples Retailing - 0.7%

Wal-Mart Stores, Inc.

741,300

35,730,660

Food Products - 2.0%

Bunge Ltd.

242,860

15,397,324

Corn Products International, Inc.

806,600

19,164,816

Groupe Danone

528,100

46,461,132

Hormel Foods Corp.

583,765

17,121,827

Ralcorp Holdings, Inc.

139,200

5,728,080

103,873,179

Household Products - 2.3%

Colgate-Palmolive Co.

593,000

29,596,630

Procter & Gamble Co.

1,695,900

89,458,725

119,055,355

Personal Products - 0.9%

Gillette Co.

847,200

42,893,736

Tobacco - 2.1%

Altria Group, Inc.

1,608,900

104,031,474

TOTAL CONSUMER STAPLES

488,833,798

ENERGY - 0.9%

Oil, Gas & Consumable Fuels - 0.9%

BP PLC sponsored ADR

100,000

6,238,000

Exxon Mobil Corp.

200,000

11,494,000

Total SA sponsored ADR

225,000

26,291,250

44,023,250

FINANCIALS - 15.5%

Capital Markets - 1.0%

T. Rowe Price Group, Inc.

836,159

52,343,553

Commercial Banks - 0.6%

Bank of America Corp.

105,900

4,830,099

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Bank of Communications Co. Ltd.
(H Shares)

424,000

$ 152,773

Boston Private Financial Holdings, Inc.

24,869

626,699

Uniao de Bancos Brasileiros SA (Unibanco):

unit

2,069,200

16,002,168

GDR

27,500

1,062,050

Wachovia Corp.

127,400

6,319,040

28,992,829

Consumer Finance - 3.2%

SLM Corp.

3,237,318

164,455,754

Insurance - 10.5%

ACE Ltd.

1,652,218

74,101,977

AFLAC, Inc.

1,204,820

52,144,610

AMBAC Financial Group, Inc.

691,700

48,252,992

American International Group, Inc.

5,640,000

327,684,001

Endurance Specialty Holdings Ltd.

203,100

7,681,242

Scottish Re Group Ltd.

255,360

6,189,926

The St. Paul Travelers Companies, Inc.

412,600

16,310,078

W.R. Berkley Corp.

111,000

3,960,480

536,325,306

Thrifts & Mortgage Finance - 0.2%

Fannie Mae

183,500

10,716,400

TOTAL FINANCIALS

792,833,842

HEALTH CARE - 11.1%

Biotechnology - 2.6%

Biogen Idec, Inc. (a)

487,100

16,780,595

Cephalon, Inc. (a)

211,600

8,423,796

Gilead Sciences, Inc. (a)

975,400

42,907,846

MedImmune, Inc. (a)

1,780,400

47,572,288

ONYX Pharmaceuticals, Inc. (a)

313,300

7,481,604

OSI Pharmaceuticals, Inc. (a)

226,200

9,244,794

132,410,923

Health Care Equipment & Supplies - 1.5%

BioLase Technology, Inc.

664,200

4,197,744

Guidant Corp.

1,117,300

75,194,290

79,392,034

Health Care Providers & Services - 1.0%

UnitedHealth Group, Inc.

952,400

49,658,136

Pharmaceuticals - 6.0%

Cipla Ltd.

1,949,966

14,068,012

Johnson & Johnson

595,100

38,681,500

Nastech Pharmaceutical Co., Inc. (a)

72,800

1,035,944

Novartis AG sponsored ADR

1,162,100

55,130,024

Shares

Value

Pfizer, Inc.

2,090,000

$ 57,642,200

Roche Holding AG (participation certificate)

1,100,232

139,240,534

305,798,214

TOTAL HEALTH CARE

567,259,307

INDUSTRIALS - 9.4%

Aerospace & Defense - 4.1%

Honeywell International, Inc.

3,144,000

115,164,720

Northrop Grumman Corp.

826,900

45,686,225

The Boeing Co.

732,000

48,312,000

209,162,945

Airlines - 2.1%

AirTran Holdings, Inc. (a)

2,125,073

19,614,424

Delta Air Lines, Inc. (a)(d)

9,134,340

34,345,118

Northwest Airlines Corp. (a)(d)

4,674,492

21,315,684

Southwest Airlines Co.

2,120,500

29,538,565

104,813,791

Industrial Conglomerates - 2.7%

General Electric Co.

3,869,400

134,074,710

Tyco International Ltd.

140,500

4,102,600

138,177,310

Marine - 0.4%

Alexander & Baldwin, Inc.

436,927

20,251,566

Road & Rail - 0.1%

Laidlaw International, Inc. (a)

313,100

7,545,710

TOTAL INDUSTRIALS

479,951,322

INFORMATION TECHNOLOGY - 15.6%

Communications Equipment - 4.2%

CIENA Corp. (a)(d)

38,382,900

80,220,261

Corning, Inc. (a)

6,142,400

102,086,688

Finisar Corp. (a)(d)

18,440,500

19,362,525

NMS Communications Corp. (a)

1,903,170

5,443,066

TomTom Group BV

308,500

6,772,229

213,884,769

Computers & Peripherals - 0.2%

Dell, Inc. (a)

167,309

6,610,379

Western Digital Corp. (a)

212,700

2,854,434

9,464,813

Electronic Equipment & Instruments - 0.6%

Applied Films Corp. (a)

800

20,480

Solectron Corp. (a)

5,151,700

19,524,943

Symbol Technologies, Inc.

1,277,200

12,605,964

32,151,387

Internet Software & Services - 0.4%

Akamai Technologies, Inc. (a)

1,062,000

13,944,060

NetRatings, Inc. (a)

423,854

5,764,414

Yahoo!, Inc. (a)

6,800

235,620

19,944,094

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - 0.8%

Anteon International Corp. (a)

204,000

$ 9,306,480

Infosys Technologies Ltd.

583,577

31,655,445

40,961,925

Semiconductors & Semiconductor Equipment - 2.8%

Analog Devices, Inc.

118,600

4,424,966

Applied Materials, Inc.

63,400

1,025,812

Applied Micro Circuits Corp. (a)

2,371,223

6,070,331

ASE Test Ltd. (a)

1,003,800

6,464,472

ASML Holding NV (NY Shares) (a)

911,800

14,278,788

Cymer, Inc. (a)

363,600

9,580,860

Intel Corp.

21,210

552,733

LTX Corp. (a)

255,000

1,264,800

PMC-Sierra, Inc. (a)

3,044,750

28,407,518

Samsung Electronics Co. Ltd.

90

42,977

Silicon On Insulator TEChnologies SA (SOITEC) (a)

1,355,058

14,758,411

Teradyne, Inc. (a)

2,135,900

25,566,723

United Microelectronics Corp.
sponsored ADR

6,352,089

26,107,086

Xilinx, Inc.

126,800

3,233,400

141,778,877

Software - 6.6%

Activision, Inc. (a)

1,533,800

25,338,376

BEA Systems, Inc. (a)

339,170

2,977,913

Macrovision Corp. (a)

423,500

9,545,690

Microsoft Corp.

11,128,346

276,428,115

NAVTEQ Corp.

425,200

15,808,936

NDS Group PLC sponsored ADR (a)

200,100

6,667,332

336,766,362

TOTAL INFORMATION TECHNOLOGY

794,952,227

MATERIALS - 6.6%

Chemicals - 1.3%

Monsanto Co.

1,098,900

69,087,843

Metals & Mining - 5.3%

Alamos Gold, Inc. (a)

1,058,900

3,629,922

Apex Silver Mines Ltd. (a)

924,100

12,697,134

Glamis Gold Ltd. (a)

4,657,100

79,746,946

Goldcorp, Inc.

1,559,500

24,807,913

High River Gold Mines Ltd. (a)

2,104,700

2,319,087

IAMGOLD Corp.

1,918,900

12,952,418

Meridian Gold, Inc. (a)

1,695,600

30,446,621

Newmont Mining Corp.

2,413,300

94,191,099

Titanium Metals Corp. (a)

178,900

10,159,731

270,950,871

TOTAL MATERIALS

340,038,714

Shares

Value

TELECOMMUNICATION SERVICES - 5.7%

Diversified Telecommunication Services - 5.7%

BellSouth Corp.

1,736,200

$ 46,130,834

SBC Communications, Inc.

4,915,000

116,731,250

Verizon Communications, Inc.

3,682,100

127,216,555

290,078,639

TOTAL COMMON STOCKS

(Cost $4,562,858,081)

4,706,135,436

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies, Inc. Series E (a)(e)

27,000

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(e)

255,000

219,300

TOTAL PREFERRED STOCKS

(Cost $1,807,550)

219,300

Convertible Bonds - 0.4%

Principal Amount

INFORMATION TECHNOLOGY - 0.4%

Communications Equipment - 0.4%

CIENA Corp. 3.75% 2/1/08

$ 22,990,000

20,031,187

TOTAL CONVERTIBLE BONDS

(Cost $21,322,795)

20,031,187

Money Market Funds - 10.4%

Shares

Fidelity Cash Central Fund, 3.21% (b)

444,719,443

444,719,443

Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)

87,270,723

87,270,723

TOTAL MONEY MARKET FUNDS

(Cost $531,990,166)

531,990,166

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $5,117,978,592)

5,258,376,089

NET OTHER ASSETS - (3.0)%

(150,817,883)

NET ASSETS - 100%

$ 5,107,558,206

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $219,300 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Chorum Technologies, Inc. Series E

9/19/00

$ 465,480

Geneprot, Inc. Series A

7/7/00

$ 1,402,500

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value, end of period

CIENA Corp.

$ 33,106,392

$ 52,227,789

$ -

$ -

$ 80,220,261

Delta Air Lines, Inc.

17,629,662

25,692,577

-

-

34,345,118

Dendreon Corp.

9,676,546

20,340,389

22,661,492

-

-

Finisar Corp.

-

29,766,153

-

-

19,362,525

GameStop Corp. Class A

-

43,539,249

-

-

61,347,605

Monro Muffler Brake, Inc.

8,144,129

9,099,749

-

-

21,041,751

Northwest Airlines Corp.

-

66,059,957

12,856,193

-

21,315,684

Total

$ 68,556,729

$ 246,725,863

$ 35,517,685

$ -

$ 237,632,944

Income Tax Information

At June 30, 2005, the aggregate cost of investment securities for income tax purposes was $5,131,650,427. Net unrealized appreciation aggregated $126,725,662, of which $340,375,743 related to appreciated investment securities and $213,650,081 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-800-433-0734 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Destiny Portfolios's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Destiny Portfolios

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 18, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 18, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

August 18, 2005