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:	December 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Destiny I Class O Fund

December 31, 2005

1.811319.101

DESIO-QTLY-0206

Investments December 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 14.3%
Diversified Consumer Services - 2.5%
Apollo Group, Inc. Class A (a)	1,080,760		$ 65,342,750
Bright Horizons Family Solutions, Inc. (a)	396,760		14,699,958
			80,042,708
Hotels, Restaurants & Leisure - 1.5%
Carnival Corp. unit	608,900		32,557,883
Starbucks Corp. (a)	521,400		15,647,214
			48,205,097
Internet & Catalog Retail - 2.8%
eBay, Inc. (a)	2,085,400		90,193,550
Media - 2.0%
Clear Channel Outdoor Holding, Inc. Class A	248,100		4,974,405
Lamar Advertising Co. Class A (a)	403,500		18,617,490
Univision Communications, Inc. Class A (a)	1,379,600		40,546,444
			64,138,339
Specialty Retail - 5.2%
Aeropostale, Inc. (a)	682,700		17,955,010
Home Depot, Inc.	2,582,500		104,539,600
Staples, Inc.	2,036,200		46,242,102
			168,736,712
Textiles, Apparel & Luxury Goods - 0.3%
Fossil, Inc. (a)	519,602		11,176,639
TOTAL CONSUMER DISCRETIONARY			462,493,045
CONSUMER STAPLES - 4.5%
Food & Staples Retailing - 3.8%
CVS Corp.	509,300		13,455,706
Wal-Mart Stores, Inc.	2,314,100		108,299,880
			121,755,586
Food Products - 0.7%
Nestle SA (Reg.)	76,928		23,008,146
TOTAL CONSUMER STAPLES			144,763,732
ENERGY - 13.5%
Energy Equipment & Services - 5.4%
Halliburton Co.	834,400		51,699,424
National Oilwell Varco, Inc. (a)	382,100		23,957,670
Noble Corp.	334,800		23,616,792
Schlumberger Ltd. (NY Shares)	419,800		40,783,570
Smith International, Inc.	322,000		11,949,420
Weatherford International Ltd. (a)	627,600		22,719,120
			174,725,996
Oil, Gas & Consumable Fuels - 8.1%
Amerada Hess Corp.	140,400		17,805,528
Apache Corp.	505,800		34,657,416
ConocoPhillips	636,500		37,031,570

	Shares		Value
Forest Oil Corp. (a)	328,100		$ 14,951,517
Occidental Petroleum Corp.	602,000		48,087,760
Total SA sponsored ADR	291,100		36,795,040
Valero Energy Corp.	999,800		51,589,680
XTO Energy, Inc.	500,000		21,970,000
			262,888,511
TOTAL ENERGY			437,614,507
FINANCIALS - 27.3%
Capital Markets - 3.9%
Goldman Sachs Group, Inc.	601,900		76,868,649
UBS AG (NY Shares)	516,900		49,183,035
			126,051,684
Commercial Banks - 4.0%
Bank of America Corp.	2,401,400		110,824,610
Standard Chartered PLC (United Kingdom)	581,505		12,964,115
State Bank of India	302,134		6,628,617
			130,417,342
Diversified Financial Services - 1.6%
JPMorgan Chase & Co.	1,287,500		51,100,875
Insurance - 17.4%
ACE Ltd.	1,680,170		89,788,285
AMBAC Financial Group, Inc.	1,022,900		78,824,674
American International Group, Inc.	3,343,964		228,158,664
Hartford Financial Services Group, Inc.	391,500		33,625,935
W.R. Berkley Corp.	1,143,576		54,457,089
XL Capital Ltd. Class A	1,142,600		76,988,388
			561,843,035
Thrifts & Mortgage Finance - 0.4%
Fannie Mae	307,300		14,999,313
TOTAL FINANCIALS			884,412,249
HEALTH CARE - 9.4%
Biotechnology - 1.4%
Cephalon, Inc. (a)	687,700		44,521,698
Health Care Equipment & Supplies - 0.5%
Waters Corp. (a)	424,000		16,027,200
Health Care Providers & Services - 3.4%
UnitedHealth Group, Inc.	1,746,800		108,546,152
Pharmaceuticals - 4.1%
Allergan, Inc.	197,700		21,343,692
Johnson & Johnson	1,213,400		72,925,340
Roche Holding AG (participation certificate)	132,447		19,887,209
Teva Pharmaceutical Industries Ltd. sponsored ADR	469,400		20,188,894
			134,345,135
TOTAL HEALTH CARE			303,440,185
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 12.4%
Aerospace & Defense - 1.8%
Honeywell International, Inc.	1,557,500		$ 58,016,875
Commercial Services & Supplies - 3.0%
Robert Half International, Inc.	2,564,580		97,171,936
Industrial Conglomerates - 5.4%
General Electric Co.	4,962,700		173,942,635
Machinery - 0.6%
Deere & Co.	303,900		20,698,629
Road & Rail - 1.6%
Burlington Northern Santa Fe Corp.	311,500		22,060,430
Norfolk Southern Corp.	696,100		31,206,163
			53,266,593
TOTAL INDUSTRIALS			403,096,668
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.8%
Research In Motion Ltd. (a)	400,000		26,407,466
Computers & Peripherals - 2.5%
Dell, Inc. (a)	2,720,900		81,599,791
Electronic Equipment & Instruments - 1.3%
Amphenol Corp. Class A	386,690		17,114,899
CDW Corp.	251,700		14,490,369
National Instruments Corp.	316,700		10,150,235
			41,755,503
Internet Software & Services - 3.2%
Google, Inc. Class A (sub. vtg.) (a)	195,700		81,188,102
Yahoo!, Inc. (a)	579,500		22,704,810
			103,892,912
IT Services - 0.6%
Affiliated Computer Services, Inc. Class A (a)	288,100		17,049,758
Office Electronics - 0.6%
Zebra Technologies Corp. Class A (a)	435,900		18,678,315
Semiconductors & Semiconductor Equipment - 3.3%
ARM Holdings PLC sponsored ADR	3,613,400		22,439,214
FormFactor, Inc. (a)	357,300		8,728,839
Intel Corp.	3,055,000		76,252,800
			107,420,853
Software - 5.7%
Cognos, Inc. (a)	400,000		13,952,088
Microsoft Corp.	4,182,198		109,364,478
Oracle Corp. (a)	2,824,900		34,492,029
Symantec Corp. (a)	1,533,200		26,831,000
			184,639,595
TOTAL INFORMATION TECHNOLOGY			581,444,193

	Shares		Value
MATERIALS - 0.3%
Metals & Mining - 0.3%
Mittal Steel Co. NV Class A (NY Shares)	400,000		$ 10,532,000
TOTAL COMMON STOCKS (Cost $2,970,573,747)		3,227,796,579
Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%
Biotechnology - 0.0%
GeneProt, Inc. Series A (a)(d)	262,000		262
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,426,590)		262
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 4.28% (b)	11,748,195		11,748,195
Fidelity Securities Lending Cash Central Fund, 4.35% (b)(c)	51,986,450		51,986,450
TOTAL MONEY MARKET FUNDS (Cost $63,734,645)		63,734,645
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $3,035,734,982)	3,291,531,486
NET OTHER ASSETS - (1.7)%		(56,178,285)
NET ASSETS - 100%		$ 3,235,353,201

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(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 $262 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	$ 1,426,590

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income received
Fidelity Cash Central Fund	$ 247,400
Fidelity Securities Lending Cash Central Fund	78,923
Total	$ 326,323

Income Tax Information

At December 31, 2005, the aggregate cost of investment securities for income tax purposes was $3,070,156,743. Net unrealized appreciation aggregated $221,374,743, of which $373,953,139 related to appreciated investment securities and $152,578,396 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 A Fund

December 31, 2005

1.811318.101

DESIN-QTLY-0206

Investments December 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 14.3%
Diversified Consumer Services - 2.5%
Apollo Group, Inc. Class A (a)	1,080,760		$ 65,342,750
Bright Horizons Family Solutions, Inc. (a)	396,760		14,699,958
			80,042,708
Hotels, Restaurants & Leisure - 1.5%
Carnival Corp. unit	608,900		32,557,883
Starbucks Corp. (a)	521,400		15,647,214
			48,205,097
Internet & Catalog Retail - 2.8%
eBay, Inc. (a)	2,085,400		90,193,550
Media - 2.0%
Clear Channel Outdoor Holding, Inc. Class A	248,100		4,974,405
Lamar Advertising Co. Class A (a)	403,500		18,617,490
Univision Communications, Inc. Class A (a)	1,379,600		40,546,444
			64,138,339
Specialty Retail - 5.2%
Aeropostale, Inc. (a)	682,700		17,955,010
Home Depot, Inc.	2,582,500		104,539,600
Staples, Inc.	2,036,200		46,242,102
			168,736,712
Textiles, Apparel & Luxury Goods - 0.3%
Fossil, Inc. (a)	519,602		11,176,639
TOTAL CONSUMER DISCRETIONARY			462,493,045
CONSUMER STAPLES - 4.5%
Food & Staples Retailing - 3.8%
CVS Corp.	509,300		13,455,706
Wal-Mart Stores, Inc.	2,314,100		108,299,880
			121,755,586
Food Products - 0.7%
Nestle SA (Reg.)	76,928		23,008,146
TOTAL CONSUMER STAPLES			144,763,732
ENERGY - 13.5%
Energy Equipment & Services - 5.4%
Halliburton Co.	834,400		51,699,424
National Oilwell Varco, Inc. (a)	382,100		23,957,670
Noble Corp.	334,800		23,616,792
Schlumberger Ltd. (NY Shares)	419,800		40,783,570
Smith International, Inc.	322,000		11,949,420
Weatherford International Ltd. (a)	627,600		22,719,120
			174,725,996
Oil, Gas & Consumable Fuels - 8.1%
Amerada Hess Corp.	140,400		17,805,528
Apache Corp.	505,800		34,657,416
ConocoPhillips	636,500		37,031,570

	Shares		Value
Forest Oil Corp. (a)	328,100		$ 14,951,517
Occidental Petroleum Corp.	602,000		48,087,760
Total SA sponsored ADR	291,100		36,795,040
Valero Energy Corp.	999,800		51,589,680
XTO Energy, Inc.	500,000		21,970,000
			262,888,511
TOTAL ENERGY			437,614,507
FINANCIALS - 27.3%
Capital Markets - 3.9%
Goldman Sachs Group, Inc.	601,900		76,868,649
UBS AG (NY Shares)	516,900		49,183,035
			126,051,684
Commercial Banks - 4.0%
Bank of America Corp.	2,401,400		110,824,610
Standard Chartered PLC (United Kingdom)	581,505		12,964,115
State Bank of India	302,134		6,628,617
			130,417,342
Diversified Financial Services - 1.6%
JPMorgan Chase & Co.	1,287,500		51,100,875
Insurance - 17.4%
ACE Ltd.	1,680,170		89,788,285
AMBAC Financial Group, Inc.	1,022,900		78,824,674
American International Group, Inc.	3,343,964		228,158,664
Hartford Financial Services Group, Inc.	391,500		33,625,935
W.R. Berkley Corp.	1,143,576		54,457,089
XL Capital Ltd. Class A	1,142,600		76,988,388
			561,843,035
Thrifts & Mortgage Finance - 0.4%
Fannie Mae	307,300		14,999,313
TOTAL FINANCIALS			884,412,249
HEALTH CARE - 9.4%
Biotechnology - 1.4%
Cephalon, Inc. (a)	687,700		44,521,698
Health Care Equipment & Supplies - 0.5%
Waters Corp. (a)	424,000		16,027,200
Health Care Providers & Services - 3.4%
UnitedHealth Group, Inc.	1,746,800		108,546,152
Pharmaceuticals - 4.1%
Allergan, Inc.	197,700		21,343,692
Johnson & Johnson	1,213,400		72,925,340
Roche Holding AG (participation certificate)	132,447		19,887,209
Teva Pharmaceutical Industries Ltd. sponsored ADR	469,400		20,188,894
			134,345,135
TOTAL HEALTH CARE			303,440,185
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 12.4%
Aerospace & Defense - 1.8%
Honeywell International, Inc.	1,557,500		$ 58,016,875
Commercial Services & Supplies - 3.0%
Robert Half International, Inc.	2,564,580		97,171,936
Industrial Conglomerates - 5.4%
General Electric Co.	4,962,700		173,942,635
Machinery - 0.6%
Deere & Co.	303,900		20,698,629
Road & Rail - 1.6%
Burlington Northern Santa Fe Corp.	311,500		22,060,430
Norfolk Southern Corp.	696,100		31,206,163
			53,266,593
TOTAL INDUSTRIALS			403,096,668
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.8%
Research In Motion Ltd. (a)	400,000		26,407,466
Computers & Peripherals - 2.5%
Dell, Inc. (a)	2,720,900		81,599,791
Electronic Equipment & Instruments - 1.3%
Amphenol Corp. Class A	386,690		17,114,899
CDW Corp.	251,700		14,490,369
National Instruments Corp.	316,700		10,150,235
			41,755,503
Internet Software & Services - 3.2%
Google, Inc. Class A (sub. vtg.) (a)	195,700		81,188,102
Yahoo!, Inc. (a)	579,500		22,704,810
			103,892,912
IT Services - 0.6%
Affiliated Computer Services, Inc. Class A (a)	288,100		17,049,758
Office Electronics - 0.6%
Zebra Technologies Corp. Class A (a)	435,900		18,678,315
Semiconductors & Semiconductor Equipment - 3.3%
ARM Holdings PLC sponsored ADR	3,613,400		22,439,214
FormFactor, Inc. (a)	357,300		8,728,839
Intel Corp.	3,055,000		76,252,800
			107,420,853
Software - 5.7%
Cognos, Inc. (a)	400,000		13,952,088
Microsoft Corp.	4,182,198		109,364,478
Oracle Corp. (a)	2,824,900		34,492,029
Symantec Corp. (a)	1,533,200		26,831,000
			184,639,595
TOTAL INFORMATION TECHNOLOGY			581,444,193

	Shares		Value
MATERIALS - 0.3%
Metals & Mining - 0.3%
Mittal Steel Co. NV Class A (NY Shares)	400,000		$ 10,532,000
TOTAL COMMON STOCKS (Cost $2,970,573,747)		3,227,796,579
Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%
Biotechnology - 0.0%
GeneProt, Inc. Series A (a)(d)	262,000		262
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,426,590)		262
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 4.28% (b)	11,748,195		11,748,195
Fidelity Securities Lending Cash Central Fund, 4.35% (b)(c)	51,986,450		51,986,450
TOTAL MONEY MARKET FUNDS (Cost $63,734,645)		63,734,645
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $3,035,734,982)	3,291,531,486
NET OTHER ASSETS - (1.7)%		(56,178,285)
NET ASSETS - 100%		$ 3,235,353,201

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
GeneProt, Inc. Series A	7/7/00	$ 1,426,590

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income received
Fidelity Cash Central Fund	$ 247,400
Fidelity Securities Lending Cash Central Fund	78,923
Total	$ 326,323

Income Tax Information

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny Portfolios: Destiny I
Class A
Class T
Class B
Class C
Institutional Class

December 31, 2005

1.827901.100

ADESI-QTLY-0206

Investments December 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 14.3%
Diversified Consumer Services - 2.5%
Apollo Group, Inc. Class A (a)	1,080,760		$ 65,342,750
Bright Horizons Family Solutions, Inc. (a)	396,760		14,699,958
			80,042,708
Hotels, Restaurants & Leisure - 1.5%
Carnival Corp. unit	608,900		32,557,883
Starbucks Corp. (a)	521,400		15,647,214
			48,205,097
Internet & Catalog Retail - 2.8%
eBay, Inc. (a)	2,085,400		90,193,550
Media - 2.0%
Clear Channel Outdoor Holding, Inc. Class A	248,100		4,974,405
Lamar Advertising Co. Class A (a)	403,500		18,617,490
Univision Communications, Inc. Class A (a)	1,379,600		40,546,444
			64,138,339
Specialty Retail - 5.2%
Aeropostale, Inc. (a)	682,700		17,955,010
Home Depot, Inc.	2,582,500		104,539,600
Staples, Inc.	2,036,200		46,242,102
			168,736,712
Textiles, Apparel & Luxury Goods - 0.3%
Fossil, Inc. (a)	519,602		11,176,639
TOTAL CONSUMER DISCRETIONARY			462,493,045
CONSUMER STAPLES - 4.5%
Food & Staples Retailing - 3.8%
CVS Corp.	509,300		13,455,706
Wal-Mart Stores, Inc.	2,314,100		108,299,880
			121,755,586
Food Products - 0.7%
Nestle SA (Reg.)	76,928		23,008,146
TOTAL CONSUMER STAPLES			144,763,732
ENERGY - 13.5%
Energy Equipment & Services - 5.4%
Halliburton Co.	834,400		51,699,424
National Oilwell Varco, Inc. (a)	382,100		23,957,670
Noble Corp.	334,800		23,616,792
Schlumberger Ltd. (NY Shares)	419,800		40,783,570
Smith International, Inc.	322,000		11,949,420
Weatherford International Ltd. (a)	627,600		22,719,120
			174,725,996
Oil, Gas & Consumable Fuels - 8.1%
Amerada Hess Corp.	140,400		17,805,528
Apache Corp.	505,800		34,657,416
ConocoPhillips	636,500		37,031,570

	Shares		Value
Forest Oil Corp. (a)	328,100		$ 14,951,517
Occidental Petroleum Corp.	602,000		48,087,760
Total SA sponsored ADR	291,100		36,795,040
Valero Energy Corp.	999,800		51,589,680
XTO Energy, Inc.	500,000		21,970,000
			262,888,511
TOTAL ENERGY			437,614,507
FINANCIALS - 27.3%
Capital Markets - 3.9%
Goldman Sachs Group, Inc.	601,900		76,868,649
UBS AG (NY Shares)	516,900		49,183,035
			126,051,684
Commercial Banks - 4.0%
Bank of America Corp.	2,401,400		110,824,610
Standard Chartered PLC (United Kingdom)	581,505		12,964,115
State Bank of India	302,134		6,628,617
			130,417,342
Diversified Financial Services - 1.6%
JPMorgan Chase & Co.	1,287,500		51,100,875
Insurance - 17.4%
ACE Ltd.	1,680,170		89,788,285
AMBAC Financial Group, Inc.	1,022,900		78,824,674
American International Group, Inc.	3,343,964		228,158,664
Hartford Financial Services Group, Inc.	391,500		33,625,935
W.R. Berkley Corp.	1,143,576		54,457,089
XL Capital Ltd. Class A	1,142,600		76,988,388
			561,843,035
Thrifts & Mortgage Finance - 0.4%
Fannie Mae	307,300		14,999,313
TOTAL FINANCIALS			884,412,249
HEALTH CARE - 9.4%
Biotechnology - 1.4%
Cephalon, Inc. (a)	687,700		44,521,698
Health Care Equipment & Supplies - 0.5%
Waters Corp. (a)	424,000		16,027,200
Health Care Providers & Services - 3.4%
UnitedHealth Group, Inc.	1,746,800		108,546,152
Pharmaceuticals - 4.1%
Allergan, Inc.	197,700		21,343,692
Johnson & Johnson	1,213,400		72,925,340
Roche Holding AG (participation certificate)	132,447		19,887,209
Teva Pharmaceutical Industries Ltd. sponsored ADR	469,400		20,188,894
			134,345,135
TOTAL HEALTH CARE			303,440,185
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 12.4%
Aerospace & Defense - 1.8%
Honeywell International, Inc.	1,557,500		$ 58,016,875
Commercial Services & Supplies - 3.0%
Robert Half International, Inc.	2,564,580		97,171,936
Industrial Conglomerates - 5.4%
General Electric Co.	4,962,700		173,942,635
Machinery - 0.6%
Deere & Co.	303,900		20,698,629
Road & Rail - 1.6%
Burlington Northern Santa Fe Corp.	311,500		22,060,430
Norfolk Southern Corp.	696,100		31,206,163
			53,266,593
TOTAL INDUSTRIALS			403,096,668
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.8%
Research In Motion Ltd. (a)	400,000		26,407,466
Computers & Peripherals - 2.5%
Dell, Inc. (a)	2,720,900		81,599,791
Electronic Equipment & Instruments - 1.3%
Amphenol Corp. Class A	386,690		17,114,899
CDW Corp.	251,700		14,490,369
National Instruments Corp.	316,700		10,150,235
			41,755,503
Internet Software & Services - 3.2%
Google, Inc. Class A (sub. vtg.) (a)	195,700		81,188,102
Yahoo!, Inc. (a)	579,500		22,704,810
			103,892,912
IT Services - 0.6%
Affiliated Computer Services, Inc. Class A (a)	288,100		17,049,758
Office Electronics - 0.6%
Zebra Technologies Corp. Class A (a)	435,900		18,678,315
Semiconductors & Semiconductor Equipment - 3.3%
ARM Holdings PLC sponsored ADR	3,613,400		22,439,214
FormFactor, Inc. (a)	357,300		8,728,839
Intel Corp.	3,055,000		76,252,800
			107,420,853
Software - 5.7%
Cognos, Inc. (a)	400,000		13,952,088
Microsoft Corp.	4,182,198		109,364,478
Oracle Corp. (a)	2,824,900		34,492,029
Symantec Corp. (a)	1,533,200		26,831,000
			184,639,595
TOTAL INFORMATION TECHNOLOGY			581,444,193

	Shares		Value
MATERIALS - 0.3%
Metals & Mining - 0.3%
Mittal Steel Co. NV Class A (NY Shares)	400,000		$ 10,532,000
TOTAL COMMON STOCKS (Cost $2,970,573,747)		3,227,796,579
Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%
Biotechnology - 0.0%
GeneProt, Inc. Series A (a)(d)	262,000		262
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,426,590)		262
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 4.28% (b)	11,748,195		11,748,195
Fidelity Securities Lending Cash Central Fund, 4.35% (b)(c)	51,986,450		51,986,450
TOTAL MONEY MARKET FUNDS (Cost $63,734,645)		63,734,645
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $3,035,734,982)	3,291,531,486
NET OTHER ASSETS - (1.7)%		(56,178,285)
NET ASSETS - 100%		$ 3,235,353,201

Legend

(a) Non-income producing

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
GeneProt, Inc. Series A	7/7/00	$ 1,426,590

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income received
Fidelity Cash Central Fund	$ 247,400
Fidelity Securities Lending Cash Central Fund	78,923
Total	$ 326,323

Income Tax Information

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny Portfolios: Destiny II
Class A

December 31, 2005

1.811326.101

DESIIN-QTLY-0206

Investments December 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 5.5%
Auto Components - 0.6%
Michelin SA (Compagnie Generale des Etablissements) Series B	620,205		$ 34,861,226
Hotels, Restaurants & Leisure - 0.8%
Domino's Pizza, Inc.	974,800		23,590,160
WMS Industries, Inc. (a)	661,300		16,592,017
			40,182,177
Internet & Catalog Retail - 0.3%
Expedia, Inc. (a)	664,300		15,916,628
Leisure Equipment & Products - 0.4%
Marvel Entertainment, Inc. (a)	1,200,300		19,660,914
Media - 1.9%
DreamWorks Animation SKG, Inc. Class A (a)	1,479,800		36,343,888
Getty Images, Inc. (a)	22,200		1,981,794
Lamar Advertising Co. Class A (a)	106,964		4,935,319
News Corp. Class A	942,600		14,657,430
Omnicom Group, Inc.	81,100		6,904,043
Pixar (a)	612,177		32,273,971
Univision Communications, Inc. Class A (a)	85,424		2,510,611
			99,607,056
Specialty Retail - 1.5%
Gamestop Corp.:
Class A (a)	428,051		13,620,583
Class B (a)	882,300		25,498,470
Staples, Inc.	1,261,850		28,656,614
The Game Group PLC	11,719,089		14,425,123
			82,200,790
TOTAL CONSUMER DISCRETIONARY			292,428,791
CONSUMER STAPLES - 11.5%
Beverages - 1.0%
Coca-Cola Enterprises, Inc.	921,300		17,661,321
The Coca-Cola Co.	877,800		35,384,118
			53,045,439
Food & Staples Retailing - 1.9%
CVS Corp.	2,892,400		76,417,208
Wal-Mart Stores, Inc.	554,800		25,964,640
			102,381,848
Food Products - 3.1%
Campbell Soup Co.	171,300		5,099,601
Hormel Foods Corp.	963,965		31,502,376
Nestle SA:
(Reg.)	85,370		25,533,037
sponsored ADR	899,800		67,260,050
Smithfield Foods, Inc. (a)	1,135,500		34,746,300
			164,141,364

	Shares		Value
Household Products - 1.5%
Colgate-Palmolive Co.	985,600		$ 54,060,160
Procter & Gamble Co.	439,975		25,465,753
			79,525,913
Tobacco - 4.0%
Altria Group, Inc.	2,814,300		210,284,496
TOTAL CONSUMER STAPLES			609,379,060
ENERGY - 1.7%
Energy Equipment & Services - 1.5%
Diamond Offshore Drilling, Inc.	577,700		40,184,812
ENSCO International, Inc.	428,500		19,003,975
Halliburton Co.	85,700		5,309,972
Pride International, Inc. (a)	370,400		11,389,800
			75,888,559
Oil, Gas & Consumable Fuels - 0.2%
BP PLC sponsored ADR	100,000		6,422,000
XTO Energy, Inc.	128,600		5,650,684
			12,072,684
TOTAL ENERGY			87,961,243
FINANCIALS - 18.1%
Commercial Banks - 3.4%
Bank of America Corp.	2,357,000		108,775,550
Boston Private Financial Holdings, Inc.	24,869		756,515
Uniao de Bancos Brasileiros SA (Unibanco):
unit	2,069,200		26,025,391
GDR	27,500		1,748,175
Wachovia Corp.	856,400		45,269,304
			182,574,935
Consumer Finance - 3.2%
SLM Corp.	3,043,418		167,661,898
Diversified Financial Services - 0.3%
IntercontinentalExchange, Inc.	383,600		13,943,860
Insurance - 11.1%
ACE Ltd.	940,318		50,250,594
AFLAC, Inc.	1,285,720		59,683,122
American International Group, Inc.	6,250,300		426,457,969
Aspen Insurance Holdings Ltd.	71,900		1,701,873
Platinum Underwriters Holdings Ltd.	25,100		779,857
The St. Paul Travelers Companies, Inc.	988,400		44,151,828
XL Capital Ltd. Class A	84,500		5,693,610
			588,718,853
Thrifts & Mortgage Finance - 0.1%
Fannie Mae	129,200		6,306,252
TOTAL FINANCIALS			959,205,798
Common Stocks - continued
	Shares		Value
HEALTH CARE - 27.1%
Biotechnology - 2.6%
Affymetrix, Inc. (a)	9,900		$ 472,725
Celgene Corp. (a)	42,800		2,773,440
Cephalon, Inc. (a)	428,700		27,754,038
Charles River Laboratories International, Inc. (a)	1,480,900		62,745,733
Gilead Sciences, Inc. (a)	792,200		41,693,486
			135,439,422
Health Care Equipment & Supplies - 2.4%
Alcon, Inc.	128,100		16,601,760
C.R. Bard, Inc.	346,000		22,808,320
Inverness Medical Innovations, Inc. (a)	129,400		3,068,074
Inverness Medical Innovations, Inc. (a)(e)	83,300		1,975,043
Nobel Biocare Holding AG (Switzerland)	128,060		28,165,403
Palomar Medical Technologies, Inc. (a)	368,776		12,921,911
Phonak Holding AG	258,517		11,135,512
Straumann Holding AG	89,730		20,793,596
Syneron Medical Ltd. (a)	225,300		7,153,275
			124,622,894
Health Care Providers & Services - 8.0%
Aetna, Inc.	1,003,800		94,668,378
Emdeon Corp. (a)	2,699,300		22,836,078
Humana, Inc. (a)	1,480,700		80,446,431
UnitedHealth Group, Inc.	3,555,580		220,943,741
WebMD Health Corp. Class A	216,800		6,298,040
			425,192,668
Pharmaceuticals - 14.1%
Allergan, Inc.	299,800		32,366,408
Barr Pharmaceuticals, Inc. (a)	413,000		25,725,770
Cipla Ltd.	3,289,066		32,748,118
Johnson & Johnson	2,850,500		171,315,050
Merck & Co., Inc.	428,500		13,630,585
Novartis AG sponsored ADR	920,100		48,286,848
Pfizer, Inc.	1,285,600		29,980,192
Roche Holding AG (participation certificate)	725,956		109,003,896
Sepracor, Inc. (a)	948,700		48,952,920
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,370,397		58,940,775
Wyeth	3,792,200		174,706,654
			745,657,216
TOTAL HEALTH CARE		1,430,912,200
INDUSTRIALS - 6.8%
Aerospace & Defense - 2.5%
Honeywell International, Inc.	2,034,900		75,800,025

	Shares		Value
The Boeing Co.	83,900		$ 5,893,136
United Technologies Corp.	900,000		50,319,000
			132,012,161
Industrial Conglomerates - 4.0%
General Electric Co.	5,957,100		208,796,355
Machinery - 0.3%
Toro Co.	385,600		16,877,712
TOTAL INDUSTRIALS			357,686,228
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 5.9%
Alcatel SA sponsored ADR (a)	6,299,100		78,108,840
Avaya, Inc. (a)	600,000		6,402,000
CIENA Corp. (a)(d)	38,594,900		114,626,853
Corning, Inc. (a)	773,000		15,197,180
Finisar Corp. (a)(d)	16,548,100		34,420,048
NMS Communications Corp. (a)	2,162,070		7,545,624
Nokia Corp. sponsored ADR	216,600		3,963,780
Nortel Networks Corp. (a)	6,856,200		20,979,972
Sonus Networks, Inc. (a)	3,955,089		14,712,931
Sycamore Networks, Inc. (a)	4,029,800		17,408,736
			313,365,964
Computers & Peripherals - 0.4%
Dell, Inc. (a)	109,409		3,281,176
Sun Microsystems, Inc. (a)	4,585,100		19,211,569
			22,492,745
Internet Software & Services - 0.8%
aQuantive, Inc. (a)	455,800		11,504,392
Google, Inc. Class A (sub. vtg.) (a)	42,900		17,797,494
The Knot, Inc. (a)	143,900		1,646,216
Yahoo!, Inc. (a)	255,479		10,009,667
			40,957,769
Semiconductors & Semiconductor Equipment - 4.7%
Applied Materials, Inc.	1,306,900		23,445,786
Applied Micro Circuits Corp. (a)	9,428,290		24,230,705
ASML Holding NV (NY Shares) (a)	1,839,700		36,941,176
ATI Technologies, Inc. (a)	3,984,700		67,865,520
Intel Corp.	8,510		212,410
Linear Technology Corp.	320,400		11,556,828
LTX Corp. (a)	1,929,800		8,684,100
Mindspeed Technologies, Inc. (a)	835,700		1,963,895
PMC-Sierra, Inc. (a)	3,090,050		23,824,286
Silicon On Insulator Technologies SA (SOITEC) (a)	222,200		3,585,392
Teradyne, Inc. (a)	2,824,800		41,157,336
Xilinx, Inc.	85,677		2,159,917
			245,627,351
Software - 8.8%
Activision, Inc. (a)	3,126,200		42,953,988
Cadence Design Systems, Inc. (a)	2,730,800		46,205,136
Gameloft (a)	400,345		2,587,758
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	10,839,746	$ 283,459,358
NDS Group PLC sponsored ADR (a)	272,900		11,229,835
Oracle Corp. (a)	3,276,300		40,003,623
Take-Two Interactive Software, Inc. (a)	888,400		15,724,680
THQ, Inc. (a)	933,994		22,275,757
			464,440,135
TOTAL INFORMATION TECHNOLOGY		1,086,883,964
MATERIALS - 1.5%
Metals & Mining - 1.5%
Apex Silver Mines Ltd. (a)	1,093,300		17,383,470
Newmont Mining Corp.	856,500		45,737,100
Placer Dome, Inc.	685,200		15,689,668
			78,810,238
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	1,068,500		26,167,565
Qwest Communications International, Inc. (a)	856,900		4,841,485
Verizon Communications, Inc.	2,570,100		77,411,412
			108,420,462
Wireless Telecommunication Services - 1.4%
Sprint Nextel Corp.	3,128,000		73,070,080
TOTAL TELECOMMUNICATION SERVICES			181,490,542
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
TXU Corp.	146,800		7,367,892
TOTAL COMMON STOCKS (Cost $4,731,915,532)		5,092,125,956
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) (Cost $1,793,525)	255,000		255
Convertible Bonds - 0.4%
		Principal Amount		Value
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.4%
CIENA Corp. 3.75% 2/1/08		$ 22,990,000	$ 21,265,750
TOTAL CONVERTIBLE BONDS (Cost $21,623,561)			21,265,750
Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 4.28% (b)	193,787,246		193,787,246
Fidelity Securities Lending Cash Central Fund, 4.35% (b)(c)	28,570,125		28,570,125
TOTAL MONEY MARKET FUNDS (Cost $222,357,371)		222,357,371
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $4,977,689,989)	5,335,749,332
NET OTHER ASSETS - (0.9)%		(50,171,128)
NET ASSETS - 100%		$ 5,285,578,204

Legend

(a) Non-income producing

(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 $1,975,298 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	$ 405,050
GeneProt, Inc. Series A	7/7/00	$ 1,388,475
Inverness Medical Innovations, Inc.	12/14/05	$ 1,922,564

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income received
Fidelity Cash Central Fund	$ 3,833,708
Fidelity Securities Lending Cash Central Fund	348,674
Total	$ 4,182,382

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
CIENA Corp.	$ 103,046,328	$ -	$ 1,087,443	$ -	$ 114,626,853
Finisar Corp.	26,351,402	-	4,928,884	-	34,420,048
GameStop Corp. Class A	59,021,985	-	2,590,678	-	-
Total	$ 188,419,715	$ -	$ 8,607,005	$ -	$ 149,046,901

Income Tax Information

At December 31, 2005, the aggregate cost of investment securities for income tax purposes was $4,993,090,557. Net unrealized appreciation aggregated $342,658,775, of which $469,987,194 related to appreciated investment securities and $127,328,419 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny Portfolios: Destiny II
Class O

December 31, 2005

1.811327.101

DESIIO-QTLY-0206

Investments December 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 5.5%
Auto Components - 0.6%
Michelin SA (Compagnie Generale des Etablissements) Series B	620,205		$ 34,861,226
Hotels, Restaurants & Leisure - 0.8%
Domino's Pizza, Inc.	974,800		23,590,160
WMS Industries, Inc. (a)	661,300		16,592,017
			40,182,177
Internet & Catalog Retail - 0.3%
Expedia, Inc. (a)	664,300		15,916,628
Leisure Equipment & Products - 0.4%
Marvel Entertainment, Inc. (a)	1,200,300		19,660,914
Media - 1.9%
DreamWorks Animation SKG, Inc. Class A (a)	1,479,800		36,343,888
Getty Images, Inc. (a)	22,200		1,981,794
Lamar Advertising Co. Class A (a)	106,964		4,935,319
News Corp. Class A	942,600		14,657,430
Omnicom Group, Inc.	81,100		6,904,043
Pixar (a)	612,177		32,273,971
Univision Communications, Inc. Class A (a)	85,424		2,510,611
			99,607,056
Specialty Retail - 1.5%
Gamestop Corp.:
Class A (a)	428,051		13,620,583
Class B (a)	882,300		25,498,470
Staples, Inc.	1,261,850		28,656,614
The Game Group PLC	11,719,089		14,425,123
			82,200,790
TOTAL CONSUMER DISCRETIONARY			292,428,791
CONSUMER STAPLES - 11.5%
Beverages - 1.0%
Coca-Cola Enterprises, Inc.	921,300		17,661,321
The Coca-Cola Co.	877,800		35,384,118
			53,045,439
Food & Staples Retailing - 1.9%
CVS Corp.	2,892,400		76,417,208
Wal-Mart Stores, Inc.	554,800		25,964,640
			102,381,848
Food Products - 3.1%
Campbell Soup Co.	171,300		5,099,601
Hormel Foods Corp.	963,965		31,502,376
Nestle SA:
(Reg.)	85,370		25,533,037
sponsored ADR	899,800		67,260,050
Smithfield Foods, Inc. (a)	1,135,500		34,746,300
			164,141,364

	Shares		Value
Household Products - 1.5%
Colgate-Palmolive Co.	985,600		$ 54,060,160
Procter & Gamble Co.	439,975		25,465,753
			79,525,913
Tobacco - 4.0%
Altria Group, Inc.	2,814,300		210,284,496
TOTAL CONSUMER STAPLES			609,379,060
ENERGY - 1.7%
Energy Equipment & Services - 1.5%
Diamond Offshore Drilling, Inc.	577,700		40,184,812
ENSCO International, Inc.	428,500		19,003,975
Halliburton Co.	85,700		5,309,972
Pride International, Inc. (a)	370,400		11,389,800
			75,888,559
Oil, Gas & Consumable Fuels - 0.2%
BP PLC sponsored ADR	100,000		6,422,000
XTO Energy, Inc.	128,600		5,650,684
			12,072,684
TOTAL ENERGY			87,961,243
FINANCIALS - 18.1%
Commercial Banks - 3.4%
Bank of America Corp.	2,357,000		108,775,550
Boston Private Financial Holdings, Inc.	24,869		756,515
Uniao de Bancos Brasileiros SA (Unibanco):
unit	2,069,200		26,025,391
GDR	27,500		1,748,175
Wachovia Corp.	856,400		45,269,304
			182,574,935
Consumer Finance - 3.2%
SLM Corp.	3,043,418		167,661,898
Diversified Financial Services - 0.3%
IntercontinentalExchange, Inc.	383,600		13,943,860
Insurance - 11.1%
ACE Ltd.	940,318		50,250,594
AFLAC, Inc.	1,285,720		59,683,122
American International Group, Inc.	6,250,300		426,457,969
Aspen Insurance Holdings Ltd.	71,900		1,701,873
Platinum Underwriters Holdings Ltd.	25,100		779,857
The St. Paul Travelers Companies, Inc.	988,400		44,151,828
XL Capital Ltd. Class A	84,500		5,693,610
			588,718,853
Thrifts & Mortgage Finance - 0.1%
Fannie Mae	129,200		6,306,252
TOTAL FINANCIALS			959,205,798
Common Stocks - continued
	Shares		Value
HEALTH CARE - 27.1%
Biotechnology - 2.6%
Affymetrix, Inc. (a)	9,900		$ 472,725
Celgene Corp. (a)	42,800		2,773,440
Cephalon, Inc. (a)	428,700		27,754,038
Charles River Laboratories International, Inc. (a)	1,480,900		62,745,733
Gilead Sciences, Inc. (a)	792,200		41,693,486
			135,439,422
Health Care Equipment & Supplies - 2.4%
Alcon, Inc.	128,100		16,601,760
C.R. Bard, Inc.	346,000		22,808,320
Inverness Medical Innovations, Inc. (a)	129,400		3,068,074
Inverness Medical Innovations, Inc. (a)(e)	83,300		1,975,043
Nobel Biocare Holding AG (Switzerland)	128,060		28,165,403
Palomar Medical Technologies, Inc. (a)	368,776		12,921,911
Phonak Holding AG	258,517		11,135,512
Straumann Holding AG	89,730		20,793,596
Syneron Medical Ltd. (a)	225,300		7,153,275
			124,622,894
Health Care Providers & Services - 8.0%
Aetna, Inc.	1,003,800		94,668,378
Emdeon Corp. (a)	2,699,300		22,836,078
Humana, Inc. (a)	1,480,700		80,446,431
UnitedHealth Group, Inc.	3,555,580		220,943,741
WebMD Health Corp. Class A	216,800		6,298,040
			425,192,668
Pharmaceuticals - 14.1%
Allergan, Inc.	299,800		32,366,408
Barr Pharmaceuticals, Inc. (a)	413,000		25,725,770
Cipla Ltd.	3,289,066		32,748,118
Johnson & Johnson	2,850,500		171,315,050
Merck & Co., Inc.	428,500		13,630,585
Novartis AG sponsored ADR	920,100		48,286,848
Pfizer, Inc.	1,285,600		29,980,192
Roche Holding AG (participation certificate)	725,956		109,003,896
Sepracor, Inc. (a)	948,700		48,952,920
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,370,397		58,940,775
Wyeth	3,792,200		174,706,654
			745,657,216
TOTAL HEALTH CARE		1,430,912,200
INDUSTRIALS - 6.8%
Aerospace & Defense - 2.5%
Honeywell International, Inc.	2,034,900		75,800,025

	Shares		Value
The Boeing Co.	83,900		$ 5,893,136
United Technologies Corp.	900,000		50,319,000
			132,012,161
Industrial Conglomerates - 4.0%
General Electric Co.	5,957,100		208,796,355
Machinery - 0.3%
Toro Co.	385,600		16,877,712
TOTAL INDUSTRIALS			357,686,228
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 5.9%
Alcatel SA sponsored ADR (a)	6,299,100		78,108,840
Avaya, Inc. (a)	600,000		6,402,000
CIENA Corp. (a)(d)	38,594,900		114,626,853
Corning, Inc. (a)	773,000		15,197,180
Finisar Corp. (a)(d)	16,548,100		34,420,048
NMS Communications Corp. (a)	2,162,070		7,545,624
Nokia Corp. sponsored ADR	216,600		3,963,780
Nortel Networks Corp. (a)	6,856,200		20,979,972
Sonus Networks, Inc. (a)	3,955,089		14,712,931
Sycamore Networks, Inc. (a)	4,029,800		17,408,736
			313,365,964
Computers & Peripherals - 0.4%
Dell, Inc. (a)	109,409		3,281,176
Sun Microsystems, Inc. (a)	4,585,100		19,211,569
			22,492,745
Internet Software & Services - 0.8%
aQuantive, Inc. (a)	455,800		11,504,392
Google, Inc. Class A (sub. vtg.) (a)	42,900		17,797,494
The Knot, Inc. (a)	143,900		1,646,216
Yahoo!, Inc. (a)	255,479		10,009,667
			40,957,769
Semiconductors & Semiconductor Equipment - 4.7%
Applied Materials, Inc.	1,306,900		23,445,786
Applied Micro Circuits Corp. (a)	9,428,290		24,230,705
ASML Holding NV (NY Shares) (a)	1,839,700		36,941,176
ATI Technologies, Inc. (a)	3,984,700		67,865,520
Intel Corp.	8,510		212,410
Linear Technology Corp.	320,400		11,556,828
LTX Corp. (a)	1,929,800		8,684,100
Mindspeed Technologies, Inc. (a)	835,700		1,963,895
PMC-Sierra, Inc. (a)	3,090,050		23,824,286
Silicon On Insulator Technologies SA (SOITEC) (a)	222,200		3,585,392
Teradyne, Inc. (a)	2,824,800		41,157,336
Xilinx, Inc.	85,677		2,159,917
			245,627,351
Software - 8.8%
Activision, Inc. (a)	3,126,200		42,953,988
Cadence Design Systems, Inc. (a)	2,730,800		46,205,136
Gameloft (a)	400,345		2,587,758
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	10,839,746	$ 283,459,358
NDS Group PLC sponsored ADR (a)	272,900		11,229,835
Oracle Corp. (a)	3,276,300		40,003,623
Take-Two Interactive Software, Inc. (a)	888,400		15,724,680
THQ, Inc. (a)	933,994		22,275,757
			464,440,135
TOTAL INFORMATION TECHNOLOGY		1,086,883,964
MATERIALS - 1.5%
Metals & Mining - 1.5%
Apex Silver Mines Ltd. (a)	1,093,300		17,383,470
Newmont Mining Corp.	856,500		45,737,100
Placer Dome, Inc.	685,200		15,689,668
			78,810,238
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	1,068,500		26,167,565
Qwest Communications International, Inc. (a)	856,900		4,841,485
Verizon Communications, Inc.	2,570,100		77,411,412
			108,420,462
Wireless Telecommunication Services - 1.4%
Sprint Nextel Corp.	3,128,000		73,070,080
TOTAL TELECOMMUNICATION SERVICES			181,490,542
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
TXU Corp.	146,800		7,367,892
TOTAL COMMON STOCKS (Cost $4,731,915,532)		5,092,125,956
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) (Cost $1,793,525)	255,000		255
Convertible Bonds - 0.4%
		Principal Amount		Value
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.4%
CIENA Corp. 3.75% 2/1/08		$ 22,990,000	$ 21,265,750
TOTAL CONVERTIBLE BONDS (Cost $21,623,561)			21,265,750
Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 4.28% (b)	193,787,246		193,787,246
Fidelity Securities Lending Cash Central Fund, 4.35% (b)(c)	28,570,125		28,570,125
TOTAL MONEY MARKET FUNDS (Cost $222,357,371)		222,357,371
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $4,977,689,989)	5,335,749,332
NET OTHER ASSETS - (0.9)%		(50,171,128)
NET ASSETS - 100%		$ 5,285,578,204

Legend

(a) Non-income producing

(d) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 405,050
GeneProt, Inc. Series A	7/7/00	$ 1,388,475
Inverness Medical Innovations, Inc.	12/14/05	$ 1,922,564

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income received
Fidelity Cash Central Fund	$ 3,833,708
Fidelity Securities Lending Cash Central Fund	348,674
Total	$ 4,182,382

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
CIENA Corp.	$ 103,046,328	$ -	$ 1,087,443	$ -	$ 114,626,853
Finisar Corp.	26,351,402	-	4,928,884	-	34,420,048
GameStop Corp. Class A	59,021,985	-	2,590,678	-	-
Total	$ 188,419,715	$ -	$ 8,607,005	$ -	$ 149,046,901

Income Tax Information

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Destiny Portfolios: Destiny II
Class A
Class T
Class B
Class C
Institutional Class

December 31, 2005

1.827902.100

ADESII-QTLY-0206

Investments December 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 5.5%
Auto Components - 0.6%
Michelin SA (Compagnie Generale des Etablissements) Series B	620,205		$ 34,861,226
Hotels, Restaurants & Leisure - 0.8%
Domino's Pizza, Inc.	974,800		23,590,160
WMS Industries, Inc. (a)	661,300		16,592,017
			40,182,177
Internet & Catalog Retail - 0.3%
Expedia, Inc. (a)	664,300		15,916,628
Leisure Equipment & Products - 0.4%
Marvel Entertainment, Inc. (a)	1,200,300		19,660,914
Media - 1.9%
DreamWorks Animation SKG, Inc. Class A (a)	1,479,800		36,343,888
Getty Images, Inc. (a)	22,200		1,981,794
Lamar Advertising Co. Class A (a)	106,964		4,935,319
News Corp. Class A	942,600		14,657,430
Omnicom Group, Inc.	81,100		6,904,043
Pixar (a)	612,177		32,273,971
Univision Communications, Inc. Class A (a)	85,424		2,510,611
			99,607,056
Specialty Retail - 1.5%
Gamestop Corp.:
Class A (a)	428,051		13,620,583
Class B (a)	882,300		25,498,470
Staples, Inc.	1,261,850		28,656,614
The Game Group PLC	11,719,089		14,425,123
			82,200,790
TOTAL CONSUMER DISCRETIONARY			292,428,791
CONSUMER STAPLES - 11.5%
Beverages - 1.0%
Coca-Cola Enterprises, Inc.	921,300		17,661,321
The Coca-Cola Co.	877,800		35,384,118
			53,045,439
Food & Staples Retailing - 1.9%
CVS Corp.	2,892,400		76,417,208
Wal-Mart Stores, Inc.	554,800		25,964,640
			102,381,848
Food Products - 3.1%
Campbell Soup Co.	171,300		5,099,601
Hormel Foods Corp.	963,965		31,502,376
Nestle SA:
(Reg.)	85,370		25,533,037
sponsored ADR	899,800		67,260,050
Smithfield Foods, Inc. (a)	1,135,500		34,746,300
			164,141,364

	Shares		Value
Household Products - 1.5%
Colgate-Palmolive Co.	985,600		$ 54,060,160
Procter & Gamble Co.	439,975		25,465,753
			79,525,913
Tobacco - 4.0%
Altria Group, Inc.	2,814,300		210,284,496
TOTAL CONSUMER STAPLES			609,379,060
ENERGY - 1.7%
Energy Equipment & Services - 1.5%
Diamond Offshore Drilling, Inc.	577,700		40,184,812
ENSCO International, Inc.	428,500		19,003,975
Halliburton Co.	85,700		5,309,972
Pride International, Inc. (a)	370,400		11,389,800
			75,888,559
Oil, Gas & Consumable Fuels - 0.2%
BP PLC sponsored ADR	100,000		6,422,000
XTO Energy, Inc.	128,600		5,650,684
			12,072,684
TOTAL ENERGY			87,961,243
FINANCIALS - 18.1%
Commercial Banks - 3.4%
Bank of America Corp.	2,357,000		108,775,550
Boston Private Financial Holdings, Inc.	24,869		756,515
Uniao de Bancos Brasileiros SA (Unibanco):
unit	2,069,200		26,025,391
GDR	27,500		1,748,175
Wachovia Corp.	856,400		45,269,304
			182,574,935
Consumer Finance - 3.2%
SLM Corp.	3,043,418		167,661,898
Diversified Financial Services - 0.3%
IntercontinentalExchange, Inc.	383,600		13,943,860
Insurance - 11.1%
ACE Ltd.	940,318		50,250,594
AFLAC, Inc.	1,285,720		59,683,122
American International Group, Inc.	6,250,300		426,457,969
Aspen Insurance Holdings Ltd.	71,900		1,701,873
Platinum Underwriters Holdings Ltd.	25,100		779,857
The St. Paul Travelers Companies, Inc.	988,400		44,151,828
XL Capital Ltd. Class A	84,500		5,693,610
			588,718,853
Thrifts & Mortgage Finance - 0.1%
Fannie Mae	129,200		6,306,252
TOTAL FINANCIALS			959,205,798
Common Stocks - continued
	Shares		Value
HEALTH CARE - 27.1%
Biotechnology - 2.6%
Affymetrix, Inc. (a)	9,900		$ 472,725
Celgene Corp. (a)	42,800		2,773,440
Cephalon, Inc. (a)	428,700		27,754,038
Charles River Laboratories International, Inc. (a)	1,480,900		62,745,733
Gilead Sciences, Inc. (a)	792,200		41,693,486
			135,439,422
Health Care Equipment & Supplies - 2.4%
Alcon, Inc.	128,100		16,601,760
C.R. Bard, Inc.	346,000		22,808,320
Inverness Medical Innovations, Inc. (a)	129,400		3,068,074
Inverness Medical Innovations, Inc. (a)(e)	83,300		1,975,043
Nobel Biocare Holding AG (Switzerland)	128,060		28,165,403
Palomar Medical Technologies, Inc. (a)	368,776		12,921,911
Phonak Holding AG	258,517		11,135,512
Straumann Holding AG	89,730		20,793,596
Syneron Medical Ltd. (a)	225,300		7,153,275
			124,622,894
Health Care Providers & Services - 8.0%
Aetna, Inc.	1,003,800		94,668,378
Emdeon Corp. (a)	2,699,300		22,836,078
Humana, Inc. (a)	1,480,700		80,446,431
UnitedHealth Group, Inc.	3,555,580		220,943,741
WebMD Health Corp. Class A	216,800		6,298,040
			425,192,668
Pharmaceuticals - 14.1%
Allergan, Inc.	299,800		32,366,408
Barr Pharmaceuticals, Inc. (a)	413,000		25,725,770
Cipla Ltd.	3,289,066		32,748,118
Johnson & Johnson	2,850,500		171,315,050
Merck & Co., Inc.	428,500		13,630,585
Novartis AG sponsored ADR	920,100		48,286,848
Pfizer, Inc.	1,285,600		29,980,192
Roche Holding AG (participation certificate)	725,956		109,003,896
Sepracor, Inc. (a)	948,700		48,952,920
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,370,397		58,940,775
Wyeth	3,792,200		174,706,654
			745,657,216
TOTAL HEALTH CARE		1,430,912,200
INDUSTRIALS - 6.8%
Aerospace & Defense - 2.5%
Honeywell International, Inc.	2,034,900		75,800,025

	Shares		Value
The Boeing Co.	83,900		$ 5,893,136
United Technologies Corp.	900,000		50,319,000
			132,012,161
Industrial Conglomerates - 4.0%
General Electric Co.	5,957,100		208,796,355
Machinery - 0.3%
Toro Co.	385,600		16,877,712
TOTAL INDUSTRIALS			357,686,228
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 5.9%
Alcatel SA sponsored ADR (a)	6,299,100		78,108,840
Avaya, Inc. (a)	600,000		6,402,000
CIENA Corp. (a)(d)	38,594,900		114,626,853
Corning, Inc. (a)	773,000		15,197,180
Finisar Corp. (a)(d)	16,548,100		34,420,048
NMS Communications Corp. (a)	2,162,070		7,545,624
Nokia Corp. sponsored ADR	216,600		3,963,780
Nortel Networks Corp. (a)	6,856,200		20,979,972
Sonus Networks, Inc. (a)	3,955,089		14,712,931
Sycamore Networks, Inc. (a)	4,029,800		17,408,736
			313,365,964
Computers & Peripherals - 0.4%
Dell, Inc. (a)	109,409		3,281,176
Sun Microsystems, Inc. (a)	4,585,100		19,211,569
			22,492,745
Internet Software & Services - 0.8%
aQuantive, Inc. (a)	455,800		11,504,392
Google, Inc. Class A (sub. vtg.) (a)	42,900		17,797,494
The Knot, Inc. (a)	143,900		1,646,216
Yahoo!, Inc. (a)	255,479		10,009,667
			40,957,769
Semiconductors & Semiconductor Equipment - 4.7%
Applied Materials, Inc.	1,306,900		23,445,786
Applied Micro Circuits Corp. (a)	9,428,290		24,230,705
ASML Holding NV (NY Shares) (a)	1,839,700		36,941,176
ATI Technologies, Inc. (a)	3,984,700		67,865,520
Intel Corp.	8,510		212,410
Linear Technology Corp.	320,400		11,556,828
LTX Corp. (a)	1,929,800		8,684,100
Mindspeed Technologies, Inc. (a)	835,700		1,963,895
PMC-Sierra, Inc. (a)	3,090,050		23,824,286
Silicon On Insulator Technologies SA (SOITEC) (a)	222,200		3,585,392
Teradyne, Inc. (a)	2,824,800		41,157,336
Xilinx, Inc.	85,677		2,159,917
			245,627,351
Software - 8.8%
Activision, Inc. (a)	3,126,200		42,953,988
Cadence Design Systems, Inc. (a)	2,730,800		46,205,136
Gameloft (a)	400,345		2,587,758
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	10,839,746	$ 283,459,358
NDS Group PLC sponsored ADR (a)	272,900		11,229,835
Oracle Corp. (a)	3,276,300		40,003,623
Take-Two Interactive Software, Inc. (a)	888,400		15,724,680
THQ, Inc. (a)	933,994		22,275,757
			464,440,135
TOTAL INFORMATION TECHNOLOGY		1,086,883,964
MATERIALS - 1.5%
Metals & Mining - 1.5%
Apex Silver Mines Ltd. (a)	1,093,300		17,383,470
Newmont Mining Corp.	856,500		45,737,100
Placer Dome, Inc.	685,200		15,689,668
			78,810,238
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	1,068,500		26,167,565
Qwest Communications International, Inc. (a)	856,900		4,841,485
Verizon Communications, Inc.	2,570,100		77,411,412
			108,420,462
Wireless Telecommunication Services - 1.4%
Sprint Nextel Corp.	3,128,000		73,070,080
TOTAL TELECOMMUNICATION SERVICES			181,490,542
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
TXU Corp.	146,800		7,367,892
TOTAL COMMON STOCKS (Cost $4,731,915,532)		5,092,125,956
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) (Cost $1,793,525)	255,000		255
Convertible Bonds - 0.4%
		Principal Amount		Value
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.4%
CIENA Corp. 3.75% 2/1/08		$ 22,990,000	$ 21,265,750
TOTAL CONVERTIBLE BONDS (Cost $21,623,561)			21,265,750
Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 4.28% (b)	193,787,246		193,787,246
Fidelity Securities Lending Cash Central Fund, 4.35% (b)(c)	28,570,125		28,570,125
TOTAL MONEY MARKET FUNDS (Cost $222,357,371)		222,357,371
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $4,977,689,989)	5,335,749,332
NET OTHER ASSETS - (0.9)%		(50,171,128)
NET ASSETS - 100%		$ 5,285,578,204

Legend

(a) Non-income producing

(d) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 405,050
GeneProt, Inc. Series A	7/7/00	$ 1,388,475
Inverness Medical Innovations, Inc.	12/14/05	$ 1,922,564

Affiliated Central Funds

Information regarding income received by the fund from the affiliated Central funds during the period is as follows:

Fund	Income received
Fidelity Cash Central Fund	$ 3,833,708
Fidelity Securities Lending Cash Central Fund	348,674
Total	$ 4,182,382

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
CIENA Corp.	$ 103,046,328	$ -	$ 1,087,443	$ -	$ 114,626,853
Finisar Corp.	26,351,402	-	4,928,884	-	34,420,048
GameStop Corp. Class A	59,021,985	-	2,590,678	-	-
Total	$ 188,419,715	$ -	$ 8,607,005	$ -	$ 149,046,901

Income Tax Information

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:	February 17, 2006

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:	February 17, 2006

By:	/s/Paul M. Murphy
	Paul M. Murphy
	Chief Financial Officer

Date:	February 17, 2006