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)

Scott C. Goebel, 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, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor® Diversified Stock Fund
Class A

June 30, 2012

1.818358.107

DESIN-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Auto Components - 0.2%
TRW Automotive Holdings Corp. (a)	75,000		$ 2,757,000
Distributors - 0.3%
Li & Fung Ltd.	2,374,000		4,596,659
Household Durables - 0.5%
D.R. Horton, Inc.	200,000		3,676,000
KB Home	250,000		2,450,000
Toll Brothers, Inc. (a)	125,000		3,716,250
			9,842,250
Leisure Equipment & Products - 0.4%
New Academy Holding Co. LLC unit (e)(f)	60,000		6,954,600
Media - 4.9%
Comcast Corp. Class A	1,350,000		43,159,500
DreamWorks Animation SKG, Inc. Class A (a)	225,000		4,288,500
News Corp. Class A	450,000		10,030,500
The Walt Disney Co.	350,000		16,975,000
Time Warner, Inc.	375,000		14,437,500
			88,891,000
Multiline Retail - 0.5%
Target Corp.	170,000		9,892,300
Specialty Retail - 1.4%
Citi Trends, Inc. (a)	350,000		5,404,000
Lowe's Companies, Inc.	550,000		15,642,000
Staples, Inc.	275,000		3,588,750
			24,634,750
Textiles, Apparel & Luxury Goods - 0.1%
Burberry Group PLC	75,000		1,556,362
TOTAL CONSUMER DISCRETIONARY			149,124,921
CONSUMER STAPLES - 10.0%
Beverages - 2.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	200,000		5,412,000
Molson Coors Brewing Co. Class B	110,000		4,577,100
Monster Beverage Corp. (a)	35,000		2,492,000
PepsiCo, Inc.	400,000		28,264,000
The Coca-Cola Co.	150,000		11,728,500
			52,473,600
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	225,000		10,514,250
Drogasil SA	375,000		3,780,807
Walgreen Co.	300,000		8,874,000
			23,169,057
Food Products - 0.1%
Green Mountain Coffee Roasters, Inc. (a)	90,994		1,981,849
Household Products - 3.2%
Colgate-Palmolive Co.	240,000		24,984,000
Procter & Gamble Co.	525,000		32,156,250
			57,140,250
	Shares		Value
Tobacco - 2.5%
Altria Group, Inc.	250,000		$ 8,637,500
British American Tobacco PLC sponsored ADR	135,000		13,786,200
Philip Morris International, Inc.	250,000		21,815,000
			44,238,700
TOTAL CONSUMER STAPLES			179,003,456
ENERGY - 12.9%
Energy Equipment & Services - 2.7%
Cameron International Corp. (a)	125,000		5,338,750
Halliburton Co.	425,000		12,065,750
Helmerich & Payne, Inc.	100,000		4,348,000
McDermott International, Inc. (a)	250,000		2,785,000
National Oilwell Varco, Inc.	160,000		10,310,400
Noble Corp.	250,000		8,132,500
Schlumberger Ltd.	50,000		3,245,500
Trinidad Drilling Ltd. (d)	400,000		2,282,683
			48,508,583
Oil, Gas & Consumable Fuels - 10.2%
Amyris, Inc. (a)(d)	1,000,000		4,430,000
Apache Corp.	160,000		14,062,400
BP PLC sponsored ADR	400,000		16,216,000
Canadian Natural Resources Ltd.	275,000		7,376,731
Celtic Exploration Ltd. (a)	75,000		1,014,390
Chevron Corp.	500,000		52,750,000
Clean Energy Fuels Corp. (a)(d)	175,000		2,712,500
Exxon Mobil Corp.	225,000		19,253,250
Hess Corp.	150,000		6,517,500
HollyFrontier Corp.	125,000		4,428,750
Newfield Exploration Co. (a)	75,000		2,198,250
Peabody Energy Corp.	250,000		6,130,000
Plains Exploration & Production Co. (a)	100,000		3,518,000
QEP Resources, Inc.	100,000		2,997,000
Royal Dutch Shell PLC Class A sponsored ADR	325,000		21,914,750
Suncor Energy, Inc.	500,000		14,458,305
Whiting Petroleum Corp. (a)	107,500		4,420,400
			184,398,226
TOTAL ENERGY			232,906,809
FINANCIALS - 14.8%
Capital Markets - 2.6%
Ashmore Group PLC	1,000,000		5,458,033
Goldman Sachs Group, Inc.	150,000		14,379,000
KKR & Co. LP	475,000		6,122,750
Manning & Napier, Inc.	150,000		2,134,500
Morgan Stanley	875,000		12,766,250
The Blackstone Group LP	425,000		5,554,750
			46,415,283
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 4.4%
Alliance Financial Corp.	211,250		$ 7,254,325
CIT Group, Inc. (a)	125,000		4,455,000
First Niagara Financial Group, Inc.	400,000		3,060,000
SunTrust Banks, Inc.	325,000		7,874,750
Wells Fargo & Co.	1,700,000		56,848,000
			79,492,075
Diversified Financial Services - 4.5%
JPMorgan Chase & Co.	1,750,000		62,527,500
KKR Financial Holdings LLC	2,200,000		18,744,000
			81,271,500
Insurance - 2.7%
ACE Ltd.	87,500		6,486,375
AFLAC, Inc.	100,000		4,259,000
Allstate Corp.	150,000		5,263,500
Brasil Insurance Participacoes e Administracao SA	425,000		3,777,072
Genworth Financial, Inc. Class A (a)	400,000		2,264,000
Hanover Insurance Group, Inc.	125,000		4,891,250
Lincoln National Corp.	250,000		5,467,500
MetLife, Inc.	475,000		14,653,750
RenaissanceRe Holdings Ltd.	25,000		1,900,250
			48,962,697
Thrifts & Mortgage Finance - 0.6%
MGIC Investment Corp. (a)	990,044		2,851,327
Radian Group, Inc. (d)	2,275,415		7,486,115
			10,337,442
TOTAL FINANCIALS			266,478,997
HEALTH CARE - 13.9%
Biotechnology - 2.1%
Alnylam Pharmaceuticals, Inc. (a)	350,000		4,084,500
Amgen, Inc.	205,000		14,973,200
Gentium SpA sponsored ADR (a)	175,000		1,618,750
Gilead Sciences, Inc. (a)	100,000		5,128,000
PDL BioPharma, Inc. (d)	675,000		4,475,250
Synageva BioPharma Corp. (a)	75,000		3,042,000
Vertex Pharmaceuticals, Inc. (a)	65,000		3,634,800
			36,956,500
Health Care Equipment & Supplies - 0.9%
Align Technology, Inc. (a)	100,000		3,346,000
EnteroMedics, Inc. (a)(d)	475,000		1,638,750
HeartWare International, Inc. (a)	55,000		4,884,000
St. Jude Medical, Inc.	75,000		2,993,250
Zimmer Holdings, Inc.	50,000		3,218,000
			16,080,000
Health Care Providers & Services - 4.6%
Aetna, Inc.	150,000		5,815,500
	Shares		Value
Brookdale Senior Living, Inc. (a)	325,000		$ 5,765,500
Emeritus Corp. (a)	156,991		2,642,159
Express Scripts Holding Co. (a)	100,000		5,583,000
IPC The Hospitalist Co., Inc. (a)	125,000		5,665,000
Laboratory Corp. of America Holdings (a)	30,000		2,778,300
LHC Group, Inc. (a)	200,000		3,392,000
McKesson Corp.	275,000		25,781,250
MEDNAX, Inc. (a)	65,000		4,455,100
Quest Diagnostics, Inc.	50,000		2,995,000
WellPoint, Inc.	275,000		17,542,250
			82,415,059
Health Care Technology - 0.2%
Epocrates, Inc. (a)	14,905		119,538
MedAssets, Inc. (a)	275,000		3,698,750
			3,818,288
Life Sciences Tools & Services - 0.1%
QIAGEN NV (a)	125,000		2,087,500
Pharmaceuticals - 6.0%
Auxilium Pharmaceuticals, Inc. (a)	75,000		2,016,750
Eli Lilly & Co.	250,000		10,727,500
GlaxoSmithKline PLC sponsored ADR	287,500		13,101,375
Johnson & Johnson	150,000		10,134,000
Merck & Co., Inc.	600,000		25,050,000
Pfizer, Inc.	1,575,000		36,225,000
Roche Holding AG (participation certificate)	25,000		4,309,119
ViroPharma, Inc. (a)	150,000		3,555,000
XenoPort, Inc. (a)	490,900		2,965,036
			108,083,780
TOTAL HEALTH CARE			249,441,127
INDUSTRIALS - 9.0%
Aerospace & Defense - 2.1%
Honeywell International, Inc.	225,000		12,564,000
Rockwell Collins, Inc.	185,000		9,129,750
United Technologies Corp.	200,000		15,106,000
			36,799,750
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	150,000		8,779,500
Building Products - 0.8%
Lennox International, Inc.	75,000		3,497,250
Owens Corning (a)	275,000		7,848,500
Quanex Building Products Corp.	150,000		2,682,000
			14,027,750
Commercial Services & Supplies - 0.8%
Covanta Holding Corp.	400,000		6,860,000
Interface, Inc.	275,000		3,748,250
Standard Parking Corp. (a)	185,000		3,981,200
			14,589,450
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.8%
Fluor Corp.	125,000		$ 6,167,500
Quanta Services, Inc. (a)	300,000		7,221,000
			13,388,500
Electrical Equipment - 0.1%
GrafTech International Ltd. (a)	250,000		2,412,500
Industrial Conglomerates - 2.2%
General Electric Co.	1,700,000		35,428,000
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	225,200		4,429,684
			39,857,684
Machinery - 0.2%
Edwards Group Ltd. ADR (a)	4,249		33,822
Ingersoll-Rand PLC	100,000		4,218,000
			4,251,822
Professional Services - 0.9%
Acacia Research Corp. (f)	85,000		3,165,400
Acacia Research Corp. - Acacia Technologies (a)	200,000		7,448,000
Michael Page International PLC	1,050,000		6,148,627
			16,762,027
Road & Rail - 0.6%
Con-way, Inc.	100,000		3,611,000
CSX Corp.	200,000		4,472,000
Swift Transporation Co. (a)	325,000		3,071,250
			11,154,250
TOTAL INDUSTRIALS			162,023,233
INFORMATION TECHNOLOGY - 25.8%
Communications Equipment - 2.4%
Acme Packet, Inc. (a)	100,000		1,865,000
Brocade Communications Systems, Inc. (a)	1,050,000		5,176,500
Cisco Systems, Inc.	1,450,000		24,896,500
Juniper Networks, Inc. (a)	500,000		8,155,000
Riverbed Technology, Inc. (a)	225,000		3,633,750
			43,726,750
Computers & Peripherals - 6.5%
Apple, Inc. (a)	180,000		105,119,999
Fusion-io, Inc.	75,000		1,566,750
Hewlett-Packard Co.	479,000		9,632,690
			116,319,439
Electronic Equipment & Components - 1.1%
Corning, Inc.	1,100,000		14,223,000
Fabrinet (a)	175,000		2,196,250
Itron, Inc. (a)	100,000		4,124,000
			20,543,250
Internet Software & Services - 2.9%
Constant Contact, Inc. (a)(d)	100,000		1,788,000
	Shares		Value
Google, Inc. Class A (a)	62,500		$ 36,254,375
SciQuest, Inc. (a)	400,010		7,184,180
VeriSign, Inc. (a)	150,000		6,535,500
			51,762,055
IT Services - 8.2%
Cognizant Technology Solutions Corp. Class A (a)	255,000		15,300,000
Fidelity National Information Services, Inc.	125,000		4,260,000
IBM Corp.	180,000		35,204,400
MasterCard, Inc. Class A	75,000		32,258,250
Paychex, Inc.	825,000		25,913,250
Visa, Inc. Class A	275,000		33,998,250
			146,934,150
Semiconductors & Semiconductor Equipment - 3.1%
Axcelis Technologies, Inc. (a)	2,500,000		3,000,000
Broadcom Corp. Class A	225,000		7,605,000
GT Advanced Technologies, Inc. (a)(d)	1,000,000		5,280,000
KLA-Tencor Corp.	100,000		4,925,000
Lam Research Corp. (a)	225,000		8,491,500
NXP Semiconductors NV (a)	218,300		5,075,475
Siliconware Precision Industries Co. Ltd. sponsored ADR	1,500,000		7,785,000
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d)	625,000		8,725,000
Tessera Technologies, Inc.	304,700		4,683,239
			55,570,214
Software - 1.6%
Kenexa Corp. (a)	50,000		1,451,500
Nuance Communications, Inc. (a)	250,000		5,955,000
Oracle Corp.	350,000		10,395,000
salesforce.com, Inc. (a)	54,800		7,576,648
Splunk, Inc. (d)	58,600		1,646,660
VMware, Inc. Class A (a)	25,000		2,276,000
			29,300,808
TOTAL INFORMATION TECHNOLOGY			464,156,666
MATERIALS - 2.0%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	50,000		4,036,500
Cabot Corp.	110,000		4,477,000
Ecolab, Inc.	110,000		7,538,300
Olin Corp.	125,000		2,611,250
W.R. Grace & Co. (a)	75,000		3,783,750
			22,446,800
Metals & Mining - 0.7%
Gem Diamonds Ltd. (a)	975,000		2,992,913
Nucor Corp.	275,000		10,422,500
			13,415,413
TOTAL MATERIALS			35,862,213
Common Stocks - continued
	Shares		Value
UTILITIES - 0.7%
Electric Utilities - 0.5%
NextEra Energy, Inc.	125,000		$ 8,601,250
Multi-Utilities - 0.2%
TECO Energy, Inc.	225,000		4,063,500
TOTAL UTILITIES			12,664,750
TOTAL COMMON STOCKS (Cost $1,661,338,491)		1,751,662,172
Nonconvertible Preferred Stocks - 1.9%
CONSUMER DISCRETIONARY - 1.9%
Automobiles - 1.9%
Porsche Automobil Holding SE (Germany)	349,950		17,335,822
Volkswagen AG	112,100		17,676,074
			35,011,896
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,553,456)		35,011,896

Convertible Bonds - 0.1%
	Principal Amount
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (f) (Cost $2,000,000)	$ 2,000,000	1,665,980

Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	13,105,677		$ 13,105,677
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	24,817,457		24,817,457
TOTAL MONEY MARKET FUNDS (Cost $37,923,134)		37,923,134

TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,737,815,081)	1,826,263,182
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(26,879,497)
NET ASSETS - 100%	$ 1,799,383,685

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security or a portion of the security is on loan at period end.

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(f) 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 $11,785,980 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Acacia Research Corp.	2/16/12	$ 3,123,750
Amyris, Inc. 3% 2/27/17	2/27/12	$ 2,000,000
New Academy Holding Co. LLC unit	8/1/11	$ 6,324,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 51,459
Fidelity Securities Lending Cash Central Fund	495,862
Total	$ 547,321

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 184,136,817	$ 172,585,558	$ 4,596,659	$ 6,954,600
Consumer Staples	179,003,456	179,003,456	-	-
Energy	232,906,809	232,906,809	-	-
Financials	266,478,997	266,478,997	-	-
Health Care	249,441,127	249,441,127	-	-
Industrials	162,023,233	162,023,233	-	-
Information Technology	464,156,666	464,156,666	-	-
Materials	35,862,213	35,862,213	-	-
Utilities	12,664,750	12,664,750	-	-
Corporate Bonds	1,665,980	-	1,665,980	-
Money Market Funds	37,923,134	37,923,134	-	-
Total Investments in Securities:	$ 1,826,263,182	$ 1,813,045,943	$ 6,262,639	$ 6,954,600

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $1,747,752,591. Net unrealized appreciation aggregated $78,510,591, of which $258,543,669 related to appreciated investment securities and $180,033,078 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 1-877-208-0098 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Diversified Stock Fund

Class A
Class T
Class B
Class C
Institutional Class

June 30, 2012

1.833433.106

ADESI-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Auto Components - 0.2%
TRW Automotive Holdings Corp. (a)	75,000		$ 2,757,000
Distributors - 0.3%
Li & Fung Ltd.	2,374,000		4,596,659
Household Durables - 0.5%
D.R. Horton, Inc.	200,000		3,676,000
KB Home	250,000		2,450,000
Toll Brothers, Inc. (a)	125,000		3,716,250
			9,842,250
Leisure Equipment & Products - 0.4%
New Academy Holding Co. LLC unit (e)(f)	60,000		6,954,600
Media - 4.9%
Comcast Corp. Class A	1,350,000		43,159,500
DreamWorks Animation SKG, Inc. Class A (a)	225,000		4,288,500
News Corp. Class A	450,000		10,030,500
The Walt Disney Co.	350,000		16,975,000
Time Warner, Inc.	375,000		14,437,500
			88,891,000
Multiline Retail - 0.5%
Target Corp.	170,000		9,892,300
Specialty Retail - 1.4%
Citi Trends, Inc. (a)	350,000		5,404,000
Lowe's Companies, Inc.	550,000		15,642,000
Staples, Inc.	275,000		3,588,750
			24,634,750
Textiles, Apparel & Luxury Goods - 0.1%
Burberry Group PLC	75,000		1,556,362
TOTAL CONSUMER DISCRETIONARY			149,124,921
CONSUMER STAPLES - 10.0%
Beverages - 2.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	200,000		5,412,000
Molson Coors Brewing Co. Class B	110,000		4,577,100
Monster Beverage Corp. (a)	35,000		2,492,000
PepsiCo, Inc.	400,000		28,264,000
The Coca-Cola Co.	150,000		11,728,500
			52,473,600
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	225,000		10,514,250
Drogasil SA	375,000		3,780,807
Walgreen Co.	300,000		8,874,000
			23,169,057
Food Products - 0.1%
Green Mountain Coffee Roasters, Inc. (a)	90,994		1,981,849
Household Products - 3.2%
Colgate-Palmolive Co.	240,000		24,984,000
Procter & Gamble Co.	525,000		32,156,250
			57,140,250
	Shares		Value
Tobacco - 2.5%
Altria Group, Inc.	250,000		$ 8,637,500
British American Tobacco PLC sponsored ADR	135,000		13,786,200
Philip Morris International, Inc.	250,000		21,815,000
			44,238,700
TOTAL CONSUMER STAPLES			179,003,456
ENERGY - 12.9%
Energy Equipment & Services - 2.7%
Cameron International Corp. (a)	125,000		5,338,750
Halliburton Co.	425,000		12,065,750
Helmerich & Payne, Inc.	100,000		4,348,000
McDermott International, Inc. (a)	250,000		2,785,000
National Oilwell Varco, Inc.	160,000		10,310,400
Noble Corp.	250,000		8,132,500
Schlumberger Ltd.	50,000		3,245,500
Trinidad Drilling Ltd. (d)	400,000		2,282,683
			48,508,583
Oil, Gas & Consumable Fuels - 10.2%
Amyris, Inc. (a)(d)	1,000,000		4,430,000
Apache Corp.	160,000		14,062,400
BP PLC sponsored ADR	400,000		16,216,000
Canadian Natural Resources Ltd.	275,000		7,376,731
Celtic Exploration Ltd. (a)	75,000		1,014,390
Chevron Corp.	500,000		52,750,000
Clean Energy Fuels Corp. (a)(d)	175,000		2,712,500
Exxon Mobil Corp.	225,000		19,253,250
Hess Corp.	150,000		6,517,500
HollyFrontier Corp.	125,000		4,428,750
Newfield Exploration Co. (a)	75,000		2,198,250
Peabody Energy Corp.	250,000		6,130,000
Plains Exploration & Production Co. (a)	100,000		3,518,000
QEP Resources, Inc.	100,000		2,997,000
Royal Dutch Shell PLC Class A sponsored ADR	325,000		21,914,750
Suncor Energy, Inc.	500,000		14,458,305
Whiting Petroleum Corp. (a)	107,500		4,420,400
			184,398,226
TOTAL ENERGY			232,906,809
FINANCIALS - 14.8%
Capital Markets - 2.6%
Ashmore Group PLC	1,000,000		5,458,033
Goldman Sachs Group, Inc.	150,000		14,379,000
KKR & Co. LP	475,000		6,122,750
Manning & Napier, Inc.	150,000		2,134,500
Morgan Stanley	875,000		12,766,250
The Blackstone Group LP	425,000		5,554,750
			46,415,283
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 4.4%
Alliance Financial Corp.	211,250		$ 7,254,325
CIT Group, Inc. (a)	125,000		4,455,000
First Niagara Financial Group, Inc.	400,000		3,060,000
SunTrust Banks, Inc.	325,000		7,874,750
Wells Fargo & Co.	1,700,000		56,848,000
			79,492,075
Diversified Financial Services - 4.5%
JPMorgan Chase & Co.	1,750,000		62,527,500
KKR Financial Holdings LLC	2,200,000		18,744,000
			81,271,500
Insurance - 2.7%
ACE Ltd.	87,500		6,486,375
AFLAC, Inc.	100,000		4,259,000
Allstate Corp.	150,000		5,263,500
Brasil Insurance Participacoes e Administracao SA	425,000		3,777,072
Genworth Financial, Inc. Class A (a)	400,000		2,264,000
Hanover Insurance Group, Inc.	125,000		4,891,250
Lincoln National Corp.	250,000		5,467,500
MetLife, Inc.	475,000		14,653,750
RenaissanceRe Holdings Ltd.	25,000		1,900,250
			48,962,697
Thrifts & Mortgage Finance - 0.6%
MGIC Investment Corp. (a)	990,044		2,851,327
Radian Group, Inc. (d)	2,275,415		7,486,115
			10,337,442
TOTAL FINANCIALS			266,478,997
HEALTH CARE - 13.9%
Biotechnology - 2.1%
Alnylam Pharmaceuticals, Inc. (a)	350,000		4,084,500
Amgen, Inc.	205,000		14,973,200
Gentium SpA sponsored ADR (a)	175,000		1,618,750
Gilead Sciences, Inc. (a)	100,000		5,128,000
PDL BioPharma, Inc. (d)	675,000		4,475,250
Synageva BioPharma Corp. (a)	75,000		3,042,000
Vertex Pharmaceuticals, Inc. (a)	65,000		3,634,800
			36,956,500
Health Care Equipment & Supplies - 0.9%
Align Technology, Inc. (a)	100,000		3,346,000
EnteroMedics, Inc. (a)(d)	475,000		1,638,750
HeartWare International, Inc. (a)	55,000		4,884,000
St. Jude Medical, Inc.	75,000		2,993,250
Zimmer Holdings, Inc.	50,000		3,218,000
			16,080,000
Health Care Providers & Services - 4.6%
Aetna, Inc.	150,000		5,815,500
	Shares		Value
Brookdale Senior Living, Inc. (a)	325,000		$ 5,765,500
Emeritus Corp. (a)	156,991		2,642,159
Express Scripts Holding Co. (a)	100,000		5,583,000
IPC The Hospitalist Co., Inc. (a)	125,000		5,665,000
Laboratory Corp. of America Holdings (a)	30,000		2,778,300
LHC Group, Inc. (a)	200,000		3,392,000
McKesson Corp.	275,000		25,781,250
MEDNAX, Inc. (a)	65,000		4,455,100
Quest Diagnostics, Inc.	50,000		2,995,000
WellPoint, Inc.	275,000		17,542,250
			82,415,059
Health Care Technology - 0.2%
Epocrates, Inc. (a)	14,905		119,538
MedAssets, Inc. (a)	275,000		3,698,750
			3,818,288
Life Sciences Tools & Services - 0.1%
QIAGEN NV (a)	125,000		2,087,500
Pharmaceuticals - 6.0%
Auxilium Pharmaceuticals, Inc. (a)	75,000		2,016,750
Eli Lilly & Co.	250,000		10,727,500
GlaxoSmithKline PLC sponsored ADR	287,500		13,101,375
Johnson & Johnson	150,000		10,134,000
Merck & Co., Inc.	600,000		25,050,000
Pfizer, Inc.	1,575,000		36,225,000
Roche Holding AG (participation certificate)	25,000		4,309,119
ViroPharma, Inc. (a)	150,000		3,555,000
XenoPort, Inc. (a)	490,900		2,965,036
			108,083,780
TOTAL HEALTH CARE			249,441,127
INDUSTRIALS - 9.0%
Aerospace & Defense - 2.1%
Honeywell International, Inc.	225,000		12,564,000
Rockwell Collins, Inc.	185,000		9,129,750
United Technologies Corp.	200,000		15,106,000
			36,799,750
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	150,000		8,779,500
Building Products - 0.8%
Lennox International, Inc.	75,000		3,497,250
Owens Corning (a)	275,000		7,848,500
Quanex Building Products Corp.	150,000		2,682,000
			14,027,750
Commercial Services & Supplies - 0.8%
Covanta Holding Corp.	400,000		6,860,000
Interface, Inc.	275,000		3,748,250
Standard Parking Corp. (a)	185,000		3,981,200
			14,589,450
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.8%
Fluor Corp.	125,000		$ 6,167,500
Quanta Services, Inc. (a)	300,000		7,221,000
			13,388,500
Electrical Equipment - 0.1%
GrafTech International Ltd. (a)	250,000		2,412,500
Industrial Conglomerates - 2.2%
General Electric Co.	1,700,000		35,428,000
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	225,200		4,429,684
			39,857,684
Machinery - 0.2%
Edwards Group Ltd. ADR (a)	4,249		33,822
Ingersoll-Rand PLC	100,000		4,218,000
			4,251,822
Professional Services - 0.9%
Acacia Research Corp. (f)	85,000		3,165,400
Acacia Research Corp. - Acacia Technologies (a)	200,000		7,448,000
Michael Page International PLC	1,050,000		6,148,627
			16,762,027
Road & Rail - 0.6%
Con-way, Inc.	100,000		3,611,000
CSX Corp.	200,000		4,472,000
Swift Transporation Co. (a)	325,000		3,071,250
			11,154,250
TOTAL INDUSTRIALS			162,023,233
INFORMATION TECHNOLOGY - 25.8%
Communications Equipment - 2.4%
Acme Packet, Inc. (a)	100,000		1,865,000
Brocade Communications Systems, Inc. (a)	1,050,000		5,176,500
Cisco Systems, Inc.	1,450,000		24,896,500
Juniper Networks, Inc. (a)	500,000		8,155,000
Riverbed Technology, Inc. (a)	225,000		3,633,750
			43,726,750
Computers & Peripherals - 6.5%
Apple, Inc. (a)	180,000		105,119,999
Fusion-io, Inc.	75,000		1,566,750
Hewlett-Packard Co.	479,000		9,632,690
			116,319,439
Electronic Equipment & Components - 1.1%
Corning, Inc.	1,100,000		14,223,000
Fabrinet (a)	175,000		2,196,250
Itron, Inc. (a)	100,000		4,124,000
			20,543,250
Internet Software & Services - 2.9%
Constant Contact, Inc. (a)(d)	100,000		1,788,000
	Shares		Value
Google, Inc. Class A (a)	62,500		$ 36,254,375
SciQuest, Inc. (a)	400,010		7,184,180
VeriSign, Inc. (a)	150,000		6,535,500
			51,762,055
IT Services - 8.2%
Cognizant Technology Solutions Corp. Class A (a)	255,000		15,300,000
Fidelity National Information Services, Inc.	125,000		4,260,000
IBM Corp.	180,000		35,204,400
MasterCard, Inc. Class A	75,000		32,258,250
Paychex, Inc.	825,000		25,913,250
Visa, Inc. Class A	275,000		33,998,250
			146,934,150
Semiconductors & Semiconductor Equipment - 3.1%
Axcelis Technologies, Inc. (a)	2,500,000		3,000,000
Broadcom Corp. Class A	225,000		7,605,000
GT Advanced Technologies, Inc. (a)(d)	1,000,000		5,280,000
KLA-Tencor Corp.	100,000		4,925,000
Lam Research Corp. (a)	225,000		8,491,500
NXP Semiconductors NV (a)	218,300		5,075,475
Siliconware Precision Industries Co. Ltd. sponsored ADR	1,500,000		7,785,000
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d)	625,000		8,725,000
Tessera Technologies, Inc.	304,700		4,683,239
			55,570,214
Software - 1.6%
Kenexa Corp. (a)	50,000		1,451,500
Nuance Communications, Inc. (a)	250,000		5,955,000
Oracle Corp.	350,000		10,395,000
salesforce.com, Inc. (a)	54,800		7,576,648
Splunk, Inc. (d)	58,600		1,646,660
VMware, Inc. Class A (a)	25,000		2,276,000
			29,300,808
TOTAL INFORMATION TECHNOLOGY			464,156,666
MATERIALS - 2.0%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	50,000		4,036,500
Cabot Corp.	110,000		4,477,000
Ecolab, Inc.	110,000		7,538,300
Olin Corp.	125,000		2,611,250
W.R. Grace & Co. (a)	75,000		3,783,750
			22,446,800
Metals & Mining - 0.7%
Gem Diamonds Ltd. (a)	975,000		2,992,913
Nucor Corp.	275,000		10,422,500
			13,415,413
TOTAL MATERIALS			35,862,213
Common Stocks - continued
	Shares		Value
UTILITIES - 0.7%
Electric Utilities - 0.5%
NextEra Energy, Inc.	125,000		$ 8,601,250
Multi-Utilities - 0.2%
TECO Energy, Inc.	225,000		4,063,500
TOTAL UTILITIES			12,664,750
TOTAL COMMON STOCKS (Cost $1,661,338,491)		1,751,662,172
Nonconvertible Preferred Stocks - 1.9%
CONSUMER DISCRETIONARY - 1.9%
Automobiles - 1.9%
Porsche Automobil Holding SE (Germany)	349,950		17,335,822
Volkswagen AG	112,100		17,676,074
			35,011,896
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,553,456)		35,011,896

Convertible Bonds - 0.1%
	Principal Amount
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (f) (Cost $2,000,000)	$ 2,000,000	1,665,980

Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	13,105,677		$ 13,105,677
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	24,817,457		24,817,457
TOTAL MONEY MARKET FUNDS (Cost $37,923,134)		37,923,134

TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,737,815,081)	1,826,263,182
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(26,879,497)
NET ASSETS - 100%	$ 1,799,383,685

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security or a portion of the security is on loan at period end.

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(f) 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 $11,785,980 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Acacia Research Corp.	2/16/12	$ 3,123,750
Amyris, Inc. 3% 2/27/17	2/27/12	$ 2,000,000
New Academy Holding Co. LLC unit	8/1/11	$ 6,324,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 51,459
Fidelity Securities Lending Cash Central Fund	495,862
Total	$ 547,321

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 184,136,817	$ 172,585,558	$ 4,596,659	$ 6,954,600
Consumer Staples	179,003,456	179,003,456	-	-
Energy	232,906,809	232,906,809	-	-
Financials	266,478,997	266,478,997	-	-
Health Care	249,441,127	249,441,127	-	-
Industrials	162,023,233	162,023,233	-	-
Information Technology	464,156,666	464,156,666	-	-
Materials	35,862,213	35,862,213	-	-
Utilities	12,664,750	12,664,750	-	-
Corporate Bonds	1,665,980	-	1,665,980	-
Money Market Funds	37,923,134	37,923,134	-	-
Total Investments in Securities:	$ 1,826,263,182	$ 1,813,045,943	$ 6,262,639	$ 6,954,600

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $1,747,752,591. Net unrealized appreciation aggregated $78,510,591, of which $258,543,669 related to appreciated investment securities and $180,033,078 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 1-877-208-0098 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Diversified Stock Fund
Class O

June 30, 2012

1.804792.108

DESIO-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Auto Components - 0.2%
TRW Automotive Holdings Corp. (a)	75,000		$ 2,757,000
Distributors - 0.3%
Li & Fung Ltd.	2,374,000		4,596,659
Household Durables - 0.5%
D.R. Horton, Inc.	200,000		3,676,000
KB Home	250,000		2,450,000
Toll Brothers, Inc. (a)	125,000		3,716,250
			9,842,250
Leisure Equipment & Products - 0.4%
New Academy Holding Co. LLC unit (e)(f)	60,000		6,954,600
Media - 4.9%
Comcast Corp. Class A	1,350,000		43,159,500
DreamWorks Animation SKG, Inc. Class A (a)	225,000		4,288,500
News Corp. Class A	450,000		10,030,500
The Walt Disney Co.	350,000		16,975,000
Time Warner, Inc.	375,000		14,437,500
			88,891,000
Multiline Retail - 0.5%
Target Corp.	170,000		9,892,300
Specialty Retail - 1.4%
Citi Trends, Inc. (a)	350,000		5,404,000
Lowe's Companies, Inc.	550,000		15,642,000
Staples, Inc.	275,000		3,588,750
			24,634,750
Textiles, Apparel & Luxury Goods - 0.1%
Burberry Group PLC	75,000		1,556,362
TOTAL CONSUMER DISCRETIONARY			149,124,921
CONSUMER STAPLES - 10.0%
Beverages - 2.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	200,000		5,412,000
Molson Coors Brewing Co. Class B	110,000		4,577,100
Monster Beverage Corp. (a)	35,000		2,492,000
PepsiCo, Inc.	400,000		28,264,000
The Coca-Cola Co.	150,000		11,728,500
			52,473,600
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	225,000		10,514,250
Drogasil SA	375,000		3,780,807
Walgreen Co.	300,000		8,874,000
			23,169,057
Food Products - 0.1%
Green Mountain Coffee Roasters, Inc. (a)	90,994		1,981,849
Household Products - 3.2%
Colgate-Palmolive Co.	240,000		24,984,000
Procter & Gamble Co.	525,000		32,156,250
			57,140,250
	Shares		Value
Tobacco - 2.5%
Altria Group, Inc.	250,000		$ 8,637,500
British American Tobacco PLC sponsored ADR	135,000		13,786,200
Philip Morris International, Inc.	250,000		21,815,000
			44,238,700
TOTAL CONSUMER STAPLES			179,003,456
ENERGY - 12.9%
Energy Equipment & Services - 2.7%
Cameron International Corp. (a)	125,000		5,338,750
Halliburton Co.	425,000		12,065,750
Helmerich & Payne, Inc.	100,000		4,348,000
McDermott International, Inc. (a)	250,000		2,785,000
National Oilwell Varco, Inc.	160,000		10,310,400
Noble Corp.	250,000		8,132,500
Schlumberger Ltd.	50,000		3,245,500
Trinidad Drilling Ltd. (d)	400,000		2,282,683
			48,508,583
Oil, Gas & Consumable Fuels - 10.2%
Amyris, Inc. (a)(d)	1,000,000		4,430,000
Apache Corp.	160,000		14,062,400
BP PLC sponsored ADR	400,000		16,216,000
Canadian Natural Resources Ltd.	275,000		7,376,731
Celtic Exploration Ltd. (a)	75,000		1,014,390
Chevron Corp.	500,000		52,750,000
Clean Energy Fuels Corp. (a)(d)	175,000		2,712,500
Exxon Mobil Corp.	225,000		19,253,250
Hess Corp.	150,000		6,517,500
HollyFrontier Corp.	125,000		4,428,750
Newfield Exploration Co. (a)	75,000		2,198,250
Peabody Energy Corp.	250,000		6,130,000
Plains Exploration & Production Co. (a)	100,000		3,518,000
QEP Resources, Inc.	100,000		2,997,000
Royal Dutch Shell PLC Class A sponsored ADR	325,000		21,914,750
Suncor Energy, Inc.	500,000		14,458,305
Whiting Petroleum Corp. (a)	107,500		4,420,400
			184,398,226
TOTAL ENERGY			232,906,809
FINANCIALS - 14.8%
Capital Markets - 2.6%
Ashmore Group PLC	1,000,000		5,458,033
Goldman Sachs Group, Inc.	150,000		14,379,000
KKR & Co. LP	475,000		6,122,750
Manning & Napier, Inc.	150,000		2,134,500
Morgan Stanley	875,000		12,766,250
The Blackstone Group LP	425,000		5,554,750
			46,415,283
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 4.4%
Alliance Financial Corp.	211,250		$ 7,254,325
CIT Group, Inc. (a)	125,000		4,455,000
First Niagara Financial Group, Inc.	400,000		3,060,000
SunTrust Banks, Inc.	325,000		7,874,750
Wells Fargo & Co.	1,700,000		56,848,000
			79,492,075
Diversified Financial Services - 4.5%
JPMorgan Chase & Co.	1,750,000		62,527,500
KKR Financial Holdings LLC	2,200,000		18,744,000
			81,271,500
Insurance - 2.7%
ACE Ltd.	87,500		6,486,375
AFLAC, Inc.	100,000		4,259,000
Allstate Corp.	150,000		5,263,500
Brasil Insurance Participacoes e Administracao SA	425,000		3,777,072
Genworth Financial, Inc. Class A (a)	400,000		2,264,000
Hanover Insurance Group, Inc.	125,000		4,891,250
Lincoln National Corp.	250,000		5,467,500
MetLife, Inc.	475,000		14,653,750
RenaissanceRe Holdings Ltd.	25,000		1,900,250
			48,962,697
Thrifts & Mortgage Finance - 0.6%
MGIC Investment Corp. (a)	990,044		2,851,327
Radian Group, Inc. (d)	2,275,415		7,486,115
			10,337,442
TOTAL FINANCIALS			266,478,997
HEALTH CARE - 13.9%
Biotechnology - 2.1%
Alnylam Pharmaceuticals, Inc. (a)	350,000		4,084,500
Amgen, Inc.	205,000		14,973,200
Gentium SpA sponsored ADR (a)	175,000		1,618,750
Gilead Sciences, Inc. (a)	100,000		5,128,000
PDL BioPharma, Inc. (d)	675,000		4,475,250
Synageva BioPharma Corp. (a)	75,000		3,042,000
Vertex Pharmaceuticals, Inc. (a)	65,000		3,634,800
			36,956,500
Health Care Equipment & Supplies - 0.9%
Align Technology, Inc. (a)	100,000		3,346,000
EnteroMedics, Inc. (a)(d)	475,000		1,638,750
HeartWare International, Inc. (a)	55,000		4,884,000
St. Jude Medical, Inc.	75,000		2,993,250
Zimmer Holdings, Inc.	50,000		3,218,000
			16,080,000
Health Care Providers & Services - 4.6%
Aetna, Inc.	150,000		5,815,500
	Shares		Value
Brookdale Senior Living, Inc. (a)	325,000		$ 5,765,500
Emeritus Corp. (a)	156,991		2,642,159
Express Scripts Holding Co. (a)	100,000		5,583,000
IPC The Hospitalist Co., Inc. (a)	125,000		5,665,000
Laboratory Corp. of America Holdings (a)	30,000		2,778,300
LHC Group, Inc. (a)	200,000		3,392,000
McKesson Corp.	275,000		25,781,250
MEDNAX, Inc. (a)	65,000		4,455,100
Quest Diagnostics, Inc.	50,000		2,995,000
WellPoint, Inc.	275,000		17,542,250
			82,415,059
Health Care Technology - 0.2%
Epocrates, Inc. (a)	14,905		119,538
MedAssets, Inc. (a)	275,000		3,698,750
			3,818,288
Life Sciences Tools & Services - 0.1%
QIAGEN NV (a)	125,000		2,087,500
Pharmaceuticals - 6.0%
Auxilium Pharmaceuticals, Inc. (a)	75,000		2,016,750
Eli Lilly & Co.	250,000		10,727,500
GlaxoSmithKline PLC sponsored ADR	287,500		13,101,375
Johnson & Johnson	150,000		10,134,000
Merck & Co., Inc.	600,000		25,050,000
Pfizer, Inc.	1,575,000		36,225,000
Roche Holding AG (participation certificate)	25,000		4,309,119
ViroPharma, Inc. (a)	150,000		3,555,000
XenoPort, Inc. (a)	490,900		2,965,036
			108,083,780
TOTAL HEALTH CARE			249,441,127
INDUSTRIALS - 9.0%
Aerospace & Defense - 2.1%
Honeywell International, Inc.	225,000		12,564,000
Rockwell Collins, Inc.	185,000		9,129,750
United Technologies Corp.	200,000		15,106,000
			36,799,750
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	150,000		8,779,500
Building Products - 0.8%
Lennox International, Inc.	75,000		3,497,250
Owens Corning (a)	275,000		7,848,500
Quanex Building Products Corp.	150,000		2,682,000
			14,027,750
Commercial Services & Supplies - 0.8%
Covanta Holding Corp.	400,000		6,860,000
Interface, Inc.	275,000		3,748,250
Standard Parking Corp. (a)	185,000		3,981,200
			14,589,450
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.8%
Fluor Corp.	125,000		$ 6,167,500
Quanta Services, Inc. (a)	300,000		7,221,000
			13,388,500
Electrical Equipment - 0.1%
GrafTech International Ltd. (a)	250,000		2,412,500
Industrial Conglomerates - 2.2%
General Electric Co.	1,700,000		35,428,000
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	225,200		4,429,684
			39,857,684
Machinery - 0.2%
Edwards Group Ltd. ADR (a)	4,249		33,822
Ingersoll-Rand PLC	100,000		4,218,000
			4,251,822
Professional Services - 0.9%
Acacia Research Corp. (f)	85,000		3,165,400
Acacia Research Corp. - Acacia Technologies (a)	200,000		7,448,000
Michael Page International PLC	1,050,000		6,148,627
			16,762,027
Road & Rail - 0.6%
Con-way, Inc.	100,000		3,611,000
CSX Corp.	200,000		4,472,000
Swift Transporation Co. (a)	325,000		3,071,250
			11,154,250
TOTAL INDUSTRIALS			162,023,233
INFORMATION TECHNOLOGY - 25.8%
Communications Equipment - 2.4%
Acme Packet, Inc. (a)	100,000		1,865,000
Brocade Communications Systems, Inc. (a)	1,050,000		5,176,500
Cisco Systems, Inc.	1,450,000		24,896,500
Juniper Networks, Inc. (a)	500,000		8,155,000
Riverbed Technology, Inc. (a)	225,000		3,633,750
			43,726,750
Computers & Peripherals - 6.5%
Apple, Inc. (a)	180,000		105,119,999
Fusion-io, Inc.	75,000		1,566,750
Hewlett-Packard Co.	479,000		9,632,690
			116,319,439
Electronic Equipment & Components - 1.1%
Corning, Inc.	1,100,000		14,223,000
Fabrinet (a)	175,000		2,196,250
Itron, Inc. (a)	100,000		4,124,000
			20,543,250
Internet Software & Services - 2.9%
Constant Contact, Inc. (a)(d)	100,000		1,788,000
	Shares		Value
Google, Inc. Class A (a)	62,500		$ 36,254,375
SciQuest, Inc. (a)	400,010		7,184,180
VeriSign, Inc. (a)	150,000		6,535,500
			51,762,055
IT Services - 8.2%
Cognizant Technology Solutions Corp. Class A (a)	255,000		15,300,000
Fidelity National Information Services, Inc.	125,000		4,260,000
IBM Corp.	180,000		35,204,400
MasterCard, Inc. Class A	75,000		32,258,250
Paychex, Inc.	825,000		25,913,250
Visa, Inc. Class A	275,000		33,998,250
			146,934,150
Semiconductors & Semiconductor Equipment - 3.1%
Axcelis Technologies, Inc. (a)	2,500,000		3,000,000
Broadcom Corp. Class A	225,000		7,605,000
GT Advanced Technologies, Inc. (a)(d)	1,000,000		5,280,000
KLA-Tencor Corp.	100,000		4,925,000
Lam Research Corp. (a)	225,000		8,491,500
NXP Semiconductors NV (a)	218,300		5,075,475
Siliconware Precision Industries Co. Ltd. sponsored ADR	1,500,000		7,785,000
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d)	625,000		8,725,000
Tessera Technologies, Inc.	304,700		4,683,239
			55,570,214
Software - 1.6%
Kenexa Corp. (a)	50,000		1,451,500
Nuance Communications, Inc. (a)	250,000		5,955,000
Oracle Corp.	350,000		10,395,000
salesforce.com, Inc. (a)	54,800		7,576,648
Splunk, Inc. (d)	58,600		1,646,660
VMware, Inc. Class A (a)	25,000		2,276,000
			29,300,808
TOTAL INFORMATION TECHNOLOGY			464,156,666
MATERIALS - 2.0%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	50,000		4,036,500
Cabot Corp.	110,000		4,477,000
Ecolab, Inc.	110,000		7,538,300
Olin Corp.	125,000		2,611,250
W.R. Grace & Co. (a)	75,000		3,783,750
			22,446,800
Metals & Mining - 0.7%
Gem Diamonds Ltd. (a)	975,000		2,992,913
Nucor Corp.	275,000		10,422,500
			13,415,413
TOTAL MATERIALS			35,862,213
Common Stocks - continued
	Shares		Value
UTILITIES - 0.7%
Electric Utilities - 0.5%
NextEra Energy, Inc.	125,000		$ 8,601,250
Multi-Utilities - 0.2%
TECO Energy, Inc.	225,000		4,063,500
TOTAL UTILITIES			12,664,750
TOTAL COMMON STOCKS (Cost $1,661,338,491)		1,751,662,172
Nonconvertible Preferred Stocks - 1.9%
CONSUMER DISCRETIONARY - 1.9%
Automobiles - 1.9%
Porsche Automobil Holding SE (Germany)	349,950		17,335,822
Volkswagen AG	112,100		17,676,074
			35,011,896
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,553,456)		35,011,896

Convertible Bonds - 0.1%
	Principal Amount
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (f) (Cost $2,000,000)	$ 2,000,000	1,665,980

Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	13,105,677		$ 13,105,677
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	24,817,457		24,817,457
TOTAL MONEY MARKET FUNDS (Cost $37,923,134)		37,923,134

TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,737,815,081)	1,826,263,182
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(26,879,497)
NET ASSETS - 100%	$ 1,799,383,685

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security or a portion of the security is on loan at period end.

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(f) 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 $11,785,980 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Acacia Research Corp.	2/16/12	$ 3,123,750
Amyris, Inc. 3% 2/27/17	2/27/12	$ 2,000,000
New Academy Holding Co. LLC unit	8/1/11	$ 6,324,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 51,459
Fidelity Securities Lending Cash Central Fund	495,862
Total	$ 547,321

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 184,136,817	$ 172,585,558	$ 4,596,659	$ 6,954,600
Consumer Staples	179,003,456	179,003,456	-	-
Energy	232,906,809	232,906,809	-	-
Financials	266,478,997	266,478,997	-	-
Health Care	249,441,127	249,441,127	-	-
Industrials	162,023,233	162,023,233	-	-
Information Technology	464,156,666	464,156,666	-	-
Materials	35,862,213	35,862,213	-	-
Utilities	12,664,750	12,664,750	-	-
Corporate Bonds	1,665,980	-	1,665,980	-
Money Market Funds	37,923,134	37,923,134	-	-
Total Investments in Securities:	$ 1,826,263,182	$ 1,813,045,943	$ 6,262,639	$ 6,954,600

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $1,747,752,591. Net unrealized appreciation aggregated $78,510,591, of which $258,543,669 related to appreciated investment securities and $180,033,078 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 1-877-208-0098 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Capital Development Fund
Class A
Class T
Class B
Class C
Institutional Class

June 30, 2012

1.833435.106

ADESII-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 20.1%
Auto Components - 0.2%
Tenneco, Inc. (a)	40,000		$ 1,072,800
TRW Automotive Holdings Corp. (a)	120,200		4,418,552
			5,491,352
Automobiles - 0.6%
PT Astra International Tbk	1,000,000		737,199
Bajaj Auto Ltd.	250,000		7,136,849
Ford Motor Co.	250,000		2,397,500
Tesla Motors, Inc. (a)(d)	119,400		3,736,026
			14,007,574
Diversified Consumer Services - 0.3%
Anhanguera Educacional Participacoes SA	530,000		6,755,290
Collectors Universe, Inc.	100,000		1,468,000
			8,223,290
Hotels, Restaurants & Leisure - 1.2%
Bravo Brio Restaurant Group, Inc. (a)	113,800		2,029,054
Dunkin' Brands Group, Inc.	100,800		3,461,472
Interval Leisure Group, Inc.	200,000		3,802,000
Jubilant Foodworks Ltd. (a)	220,000		4,659,643
McDonald's Corp.	30,000		2,655,900
Starbucks Corp.	100,000		5,332,000
The Cheesecake Factory, Inc. (a)	45,000		1,438,200
Tim Hortons, Inc. (Canada)	154,000		8,118,240
			31,496,509
Household Durables - 0.2%
Jarden Corp.	65,000		2,731,300
Toll Brothers, Inc. (a)	103,700		3,083,001
			5,814,301
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	146,100		33,361,935
Priceline.com, Inc. (a)	9,600		6,379,392
Start Today Co. Ltd. (d)	388,100		5,423,501
			45,164,828
Leisure Equipment & Products - 0.6%
Bauer Performance Sports Ltd. (a)(f)	817,600		6,544,976
Hasbro, Inc.	238,600		8,081,382
			14,626,358
Media - 1.8%
Comcast Corp. Class A	200,000		6,394,000
Pandora Media, Inc. (d)	353,000		3,837,110
The Walt Disney Co.	665,200		32,262,200
Time Warner, Inc.	100,000		3,850,000
			46,343,310
Multiline Retail - 2.7%
Dollar General Corp. (a)	216,400		11,769,996
Dollar Tree, Inc. (a)	120,000		6,456,000
Dollarama, Inc.	471,000		28,303,487
Marisa Lojas SA	600,000		6,870,799
	Shares		Value
Springland International Holdings Ltd.	1,750,000		$ 995,357
Target Corp.	256,000		14,896,640
			69,292,279
Specialty Retail - 6.4%
Ascena Retail Group, Inc. (a)	150,000		2,793,000
AutoZone, Inc. (a)	44,700		16,412,499
China ZhengTong Auto Services Holdings Ltd. (a)	504,000		267,987
Destination Maternity Corp.	383,100		8,274,960
Dick's Sporting Goods, Inc.	150,000		7,200,000
Express, Inc. (a)	23,600		428,812
Guess?, Inc.	221,000		6,711,770
Jos. A. Bank Clothiers, Inc. (a)	28,200		1,197,372
Limited Brands, Inc.	263,600		11,210,908
New York & Co., Inc. (a)	1,449,187		5,043,171
PT ACE Hardware Indonesia Tbk	8,999,000		4,875,930
Ross Stores, Inc.	631,070		39,422,943
Sally Beauty Holdings, Inc. (a)	291,000		7,490,340
SuperGroup PLC (a)(d)	218,200		1,135,411
Teavana Holdings, Inc. (a)	20,000		270,600
The Buckle, Inc. (d)	70,000		2,769,900
Tilly's, Inc. (a)(e)	510,400		8,191,920
TJX Companies, Inc.	988,900		42,453,477
			166,151,000
Textiles, Apparel & Luxury Goods - 4.3%
Arezzo Industria e Comercio SA	14,000		208,414
Bosideng International Holdings Ltd.	13,500,000		3,505,857
Brunello Cucinelli SpA	110,500		1,571,776
Daphne International Holdings Ltd.	3,000,000		3,060,742
Fifth & Pacific Companies, Inc. (a)(d)	1,025,000		10,998,250
Gildan Activewear, Inc.	100,000		2,755,132
lululemon athletica, Inc. (a)	105,842		6,311,358
Michael Kors Holdings Ltd.	291,000		12,175,440
NIKE, Inc. Class B	100,000		8,778,000
PVH Corp.	186,400		14,500,056
Ralph Lauren Corp.	82,500		11,554,950
Samsonite International SA	2,307,600		3,900,874
Steven Madden Ltd. (a)	256,903		8,156,670
Tumi Holdings, Inc. (d)	9,300		162,750
Vera Bradley, Inc. (a)(d)	223,762		4,716,903
VF Corp.	84,653		11,296,943
Warnaco Group, Inc. (a)	186,900		7,958,202
			111,612,317
TOTAL CONSUMER DISCRETIONARY			518,223,118
CONSUMER STAPLES - 11.6%
Beverages - 2.3%
Anheuser-Busch InBev SA NV	83,846		6,610,525
Anheuser-Busch InBev SA NV:
ADR	65,000		5,177,250
(strip VVPR)	160,000		202
Beam, Inc.	230,000		14,372,700
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc.	352,400		$ 15,417,500
Monster Beverage Corp. (a)	250,200		17,814,240
			59,392,417
Food & Staples Retailing - 3.0%
Drogasil SA	483,666		4,876,394
Fresh Market, Inc. (a)	137,800		7,390,214
PriceSmart, Inc.	149,300		10,079,243
Wal-Mart Stores, Inc.	601,300		41,922,636
Whole Foods Market, Inc.	140,000		13,344,800
			77,613,287
Food Products - 1.4%
Annie's, Inc.	2,400		100,464
Biostime International Holdings Ltd.	2,478,000		6,495,721
Green Mountain Coffee Roasters, Inc. (a)	166,999		3,637,238
Kraft Foods, Inc. Class A	270,000		10,427,400
Orion Corp.	9,352		7,774,494
TreeHouse Foods, Inc. (a)	131,500		8,191,135
			36,626,452
Household Products - 1.4%
Colgate-Palmolive Co.	197,400		20,549,340
Procter & Gamble Co.	238,300		14,595,875
			35,145,215
Personal Products - 1.1%
Herbalife Ltd.	370,260		17,894,666
Nu Skin Enterprises, Inc. Class A	232,263		10,893,135
			28,787,801
Tobacco - 2.4%
Altria Group, Inc.	50,000		1,727,500
British American Tobacco PLC:
(United Kingdom)	200,000		10,167,995
sponsored ADR	60,000		6,127,200
Imperial Tobacco Group PLC	100,000		3,844,898
Lorillard, Inc.	131,100		17,298,645
Philip Morris International, Inc.	257,900		22,504,354
			61,670,592
TOTAL CONSUMER STAPLES			299,235,764
ENERGY - 11.1%
Energy Equipment & Services - 2.2%
Baker Hughes, Inc.	285,834		11,747,777
Cameron International Corp. (a)	67,000		2,861,570
Halliburton Co.	722,900		20,523,131
Nabors Industries Ltd. (a)	272,800		3,928,320
Rowan Companies PLC (a)	142,900		4,619,957
Schlumberger Ltd.	40,000		2,596,400
Transocean Ltd. (United States)	150,000		6,709,500
Tuscany International Drilling, Inc. (a)(f)	7,000,000		2,715,843
			55,702,498
	Shares		Value
Oil, Gas & Consumable Fuels - 8.9%
Anadarko Petroleum Corp.	170,500		$ 11,287,100
Apache Corp.	214,100		18,817,249
Bellatrix Exploration Ltd. (a)	915,600		2,850,852
Chevron Corp.	600,900		63,394,950
ConocoPhillips	175,700		9,818,116
Crestwood Midstream Partners LP	100,000		2,586,000
Crown Point Ventures Ltd. (a)(f)	419,300		197,686
Enbridge Energy Partners LP	150,000		4,615,500
Energy Partners Ltd. (a)	841,100		14,214,590
Enterprise Products Partners LP	113,200		5,800,368
Exxon Mobil Corp.	468,000		40,046,760
Hess Corp.	95,300		4,140,785
HollyFrontier Corp.	336,770		11,931,761
Madalena Ventures, Inc. (a)	6,684,500		2,297,982
Madalena Ventures, Inc. (f)	324,500		111,556
Marathon Petroleum Corp.	86,900		3,903,548
Noble Energy, Inc.	38,100		3,231,642
Occidental Petroleum Corp.	156,800		13,448,736
Phillips 66 (a)	87,850		2,920,134
Scorpio Tankers, Inc. (a)	5,000		31,950
Williams Companies, Inc.	415,558		11,976,382
WPX Energy, Inc.	124,600		2,016,028
			229,639,675
TOTAL ENERGY			285,342,173
FINANCIALS - 9.7%
Capital Markets - 1.4%
Invesco Ltd.	423,300		9,566,580
Morgan Stanley	800,000		11,672,000
State Street Corp.	320,000		14,284,800
			35,523,380
Commercial Banks - 3.2%
BSB Bancorp, Inc.	100,000		1,275,000
CIT Group, Inc. (a)	100,000		3,564,000
HDFC Bank Ltd.	573,925		5,879,830
HDFC Bank Ltd. sponsored ADR	100,000		3,260,000
Huntington Bancshares, Inc.	797,600		5,104,640
Regions Financial Corp.	700,000		4,725,000
SunTrust Banks, Inc.	200,000		4,846,000
Wells Fargo & Co.	1,572,650		52,589,416
			81,243,886
Consumer Finance - 1.4%
Capital One Financial Corp.	275,000		15,031,500
Discover Financial Services	605,400		20,934,732
			35,966,232
Diversified Financial Services - 1.6%
Citigroup, Inc.	777,900		21,322,239
JPMorgan Chase & Co.	577,800		20,644,794
			41,967,033
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 1.1%
ACE Ltd.	40,000		$ 2,965,200
Berkshire Hathaway, Inc. Class A (a)	66		8,246,370
Intact Financial Corp. (a)(f)	120,000		7,471,565
Lincoln National Corp.	303,400		6,635,358
Platinum Underwriters Holdings Ltd.	98,167		3,740,163
			29,058,656
Real Estate Investment Trusts - 0.5%
American Residential Properties, Inc. (a)(f)	150,000		3,037,500
Dundee (REIT) (f)	600,000		5,857,971
Simon Property Group, Inc.	25,000		3,891,500
			12,786,971
Real Estate Management & Development - 0.5%
DLF Ltd.	1,580,000		5,711,933
Iguatemi Empresa de Shopping Centers SA	295,000		6,095,345
			11,807,278
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd.	105,000		1,245,425
TOTAL FINANCIALS			249,598,861
HEALTH CARE - 9.0%
Biotechnology - 1.9%
ADVENTRX Pharmaceuticals, Inc. (a)(d)	2,334,324		1,190,505
ADVENTRX Pharmaceuticals, Inc. warrants 11/16/16 (a)	667,162		17,914
Alexion Pharmaceuticals, Inc. (a)	145,112		14,409,622
Amgen, Inc.	18,315		1,337,728
AVEO Pharmaceuticals, Inc. (a)	405,900		4,935,744
Clovis Oncology, Inc.	28,400		615,712
Dynavax Technologies Corp. (a)	2,844,511		12,288,288
ImmunoGen, Inc. (a)	164,623		2,762,374
Merrimack Pharmaceuticals, Inc. (g)	611,538		4,006,797
NPS Pharmaceuticals, Inc. (a)	28,900		248,829
Theravance, Inc. (a)	125,000		2,777,500
ZIOPHARM Oncology, Inc. (a)(d)	472,200		2,809,590
			47,400,603
Health Care Equipment & Supplies - 1.2%
Boston Scientific Corp. (a)	819,800		4,648,266
Covidien PLC	313,400		16,766,900
Insulet Corp. (a)	100,000		2,137,000
Sirona Dental Systems, Inc. (a)	180,000		8,101,800
			31,653,966
Health Care Providers & Services - 2.8%
Accretive Health, Inc. (a)	50,000		548,000
Express Scripts Holding Co. (a)	70,000		3,908,100
Hanger, Inc. (a)	621,338		15,931,106
Humana, Inc.	100,000		7,744,000
	Shares		Value
McKesson Corp.	154,700		$ 14,503,125
MEDNAX, Inc. (a)	40,000		2,741,600
UnitedHealth Group, Inc.	230,000		13,455,000
WellPoint, Inc.	220,000		14,033,800
			72,864,731
Health Care Technology - 0.0%
athenahealth, Inc. (a)	11,800		934,206
Pharmaceuticals - 3.1%
Abbott Laboratories	197,900		12,758,613
Allergan, Inc.	106,400		9,849,448
Eli Lilly & Co.	200,000		8,582,000
GlaxoSmithKline PLC sponsored ADR	205,000		9,341,850
Johnson & Johnson	190,000		12,836,400
Meda AB (A Shares)	500,000		4,759,702
Merck & Co., Inc.	100,000		4,175,000
PT Kalbe Farma Tbk	11,000,000		4,448,581
Shire PLC	400,000		11,507,956
ViroPharma, Inc. (a)	100,000		2,370,000
			80,629,550
TOTAL HEALTH CARE			233,483,056
INDUSTRIALS - 8.5%
Aerospace & Defense - 2.8%
Esterline Technologies Corp. (a)	118,083		7,362,475
Honeywell International, Inc.	449,367		25,092,653
Precision Castparts Corp.	16,000		2,631,840
Textron, Inc.	365,200		9,082,524
Ultra Electronics Holdings PLC	120,000		2,982,576
United Technologies Corp.	346,500		26,171,145
			73,323,213
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	180,800		14,239,808
Building Products - 0.2%
Fortune Brands Home & Security, Inc. (a)	285,000		6,346,950
Commercial Services & Supplies - 0.4%
United Stationers, Inc.	361,400		9,739,730
Construction & Engineering - 0.8%
EMCOR Group, Inc.	308,400		8,579,688
Foster Wheeler AG (a)	330,000		5,718,900
Jacobs Engineering Group, Inc. (a)	98,600		3,732,996
MYR Group, Inc. (a)	120,000		2,047,200
			20,078,784
Electrical Equipment - 0.2%
GrafTech International Ltd. (a)	321,900		3,106,335
Regal-Beloit Corp.	28,000		1,743,280
			4,849,615
Industrial Conglomerates - 0.2%
Danaher Corp.	21,900		1,140,552
Max India Ltd. (a)	800,000		2,779,671
			3,920,223
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 0.7%
Caterpillar, Inc.	30,000		$ 2,547,300
Cummins, Inc.	14,100		1,366,431
Jain Irrigation Systems Ltd.	301,378		454,865
Jain Irrigation Systems Ltd. DVR (a)	15,068		10,728
Pall Corp.	184,000		10,085,040
Westport Innovations, Inc. (a)(d)	100,000		3,675,001
			18,139,365
Marine - 0.0%
Kirby Corp. (a)	25,000		1,177,000
Professional Services - 0.4%
Nielsen Holdings B.V. (a)	276,400		7,247,208
Qualicorp SA	425,000		3,715,708
			10,962,916
Road & Rail - 2.1%
CSX Corp.	590,000		13,192,400
Norfolk Southern Corp.	205,000		14,712,850
Union Pacific Corp.	213,500		25,472,685
			53,377,935
Trading Companies & Distributors - 0.1%
Superior Plus Corp.	350,000		2,086,730
TOTAL INDUSTRIALS			218,242,269
INFORMATION TECHNOLOGY - 19.7%
Communications Equipment - 1.1%
Motorola Solutions, Inc.	229,000		11,017,190
QUALCOMM, Inc.	297,900		16,587,072
			27,604,262
Computers & Peripherals - 6.8%
Apple, Inc. (a)	290,200		169,476,799
EMC Corp. (a)	100,000		2,563,000
SanDisk Corp. (a)	114,000		4,158,720
			176,198,519
Electronic Equipment & Components - 0.4%
Jabil Circuit, Inc.	175,700		3,571,981
SYNNEX Corp. (a)	212,900		7,342,921
			10,914,902
Internet Software & Services - 2.1%
Angie's List, Inc. (d)	483,900		7,664,976
Blinkx PLC (a)(d)	4,266,981		2,723,213
Cornerstone OnDemand, Inc. (a)	150,000		3,571,500
Demandware, Inc.	300		7,107
Google, Inc. Class A (a)	20,400		11,833,428
Mail.ru Group Ltd. GDR (a)(f)	241,200		8,174,268
Open Text Corp. (a)	182,500		9,143,822
Rackspace Hosting, Inc. (a)	148,800		6,538,272
Support.com, Inc. (a)	557,200		1,777,468
Velti PLC (a)(d)	378,800		2,462,200
			53,896,254
	Shares		Value
IT Services - 3.2%
Cardtronics, Inc. (a)	219,100		$ 6,619,011
Cognizant Technology Solutions Corp. Class A (a)	200,500		12,030,000
IBM Corp.	59,400		11,617,452
MasterCard, Inc. Class A	46,900		20,172,159
Redecard SA	150,000		2,453,323
Vantiv, Inc.	248,700		5,792,223
Visa, Inc. Class A	202,500		25,035,075
			83,719,243
Semiconductors & Semiconductor Equipment - 2.7%
Alpha & Omega Semiconductor Ltd. (a)	200,000		1,830,000
ARM Holdings PLC	1,803,500		14,288,434
ARM Holdings PLC sponsored ADR	1,192,900		28,379,091
Cymer, Inc. (a)	60,000		3,537,000
NVIDIA Corp. (a)	505,458		6,985,430
STMicroelectronics NV (NY Shares) unit	1,000,000		5,440,000
Texas Instruments, Inc.	350,000		10,041,500
			70,501,455
Software - 3.4%
Autodesk, Inc. (a)	100,000		3,499,000
Citrix Systems, Inc. (a)	143,600		12,053,784
MICROS Systems, Inc. (a)	280,400		14,356,480
Oracle Corp.	990,500		29,417,850
salesforce.com, Inc. (a)	90,100		12,457,226
ServiceNow, Inc.	6,400		157,440
Solera Holdings, Inc.	296,900		12,407,451
Splunk, Inc.	5,100		143,310
VMware, Inc. Class A (a)	20,000		1,820,800
			86,313,341
TOTAL INFORMATION TECHNOLOGY			509,147,976
MATERIALS - 7.1%
Chemicals - 2.2%
Agrium, Inc. (d)	100,000		8,862,587
Ashland, Inc.	195,900		13,577,829
CF Industries Holdings, Inc.	34,000		6,587,160
Monsanto Co.	189,000		15,645,420
Rockwood Holdings, Inc.	100,000		4,435,000
Sigma Aldrich Corp.	35,000		2,587,550
The Mosaic Co.	120,000		6,571,200
			58,266,746
Metals & Mining - 4.9%
Agnico-Eagle Mines Ltd. (Canada)	561,000		22,724,330
Alamos Gold, Inc.	420,000		6,559,277
Allied Nevada Gold Corp. (a)	120,000		3,405,600
ArcelorMittal SA Class A unit (d)	265,000		4,046,550
Carpenter Technology Corp.	185,300		8,864,752
Coeur d'Alene Mines Corp. (a)	93,946		1,649,692
Compass Minerals International, Inc.	96,000		7,322,880
Detour Gold Corp. (a)(f)	175,000		3,525,440
Eldorado Gold Corp.	520,000		6,404,872
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Goldcorp, Inc.	605,700		$ 22,803,733
Newcrest Mining Ltd.	655,091		15,244,690
Newmont Mining Corp.	258,300		12,530,133
Royal Gold, Inc.	37,800		2,963,520
Sabina Gold & Silver Corp. (a)	2,180,000		4,261,075
Silver Wheaton Corp.	135,425		3,640,686
			125,947,230
TOTAL MATERIALS			184,213,976
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.	120,900		4,311,294
Telenor ASA	100,000		1,662,562
			5,973,856
Wireless Telecommunication Services - 0.1%
SBA Communications Corp. Class A (a)	55,600		3,171,980
TOTAL TELECOMMUNICATION SERVICES			9,145,836
UTILITIES - 0.6%
Electric Utilities - 0.1%
Duke Energy Corp.	160,000		3,689,600
Gas Utilities - 0.2%
ONEOK, Inc.	100,000		4,231,000
Multi-Utilities - 0.3%
Sempra Energy	100,000		6,888,000
TOTAL UTILITIES			14,808,600
TOTAL COMMON STOCKS (Cost $2,259,985,031)		2,521,441,629
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	39,938,963		$ 39,938,963
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	33,471,884		33,471,884
TOTAL MONEY MARKET FUNDS (Cost $73,410,847)		73,410,847

TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $2,333,395,878) 2,594,852,476

NET OTHER ASSETS (LIABILITIES) - (0.6)%		(16,039,008)
NET ASSETS - 100%	$ 2,578,813,468

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $37,636,805 or 1.5% of net assets.

(g) 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 $4,006,797 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 4,280,766

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 25,456
Fidelity Securities Lending Cash Central Fund	2,377,920
Total	$ 2,403,376

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Tilly's, Inc.	$ -	$ 8,173,896	$ -	$ -	$ 8,191,920
Total	$ -	$ 8,173,896	$ -	$ -	$ 8,191,920

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 518,223,118	$ 483,659,179	$ 34,563,939	$ -
Consumer Staples	299,235,764	268,187,029	31,048,735	-
Energy	285,342,173	285,342,173	-	-
Financials	249,598,861	233,724,173	12,837,188	3,037,500
Health Care	233,483,056	213,501,808	19,981,248	-
Industrials	218,242,269	214,997,005	3,245,264	-
Information Technology	509,147,976	494,859,542	14,288,434	-
Materials	184,213,976	168,969,286	15,244,690	-
Telecommunication Services	9,145,836	9,145,836	-	-
Utilities	14,808,600	14,808,600	-	-
Money Market Funds	73,410,847	73,410,847	-	-
Total Investments in Securities:	$ 2,594,852,476	$ 2,460,605,478	$ 131,209,498	$ 3,037,500

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $2,347,254,642. Net unrealized appreciation aggregated $247,597,834, of which $459,286,379 related to appreciated investment securities and $211,688,545 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 1-877-208-0098 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Capital Development Fund
Class O

June 30, 2012

1.804793.108

DESIIO-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 20.1%
Auto Components - 0.2%
Tenneco, Inc. (a)	40,000		$ 1,072,800
TRW Automotive Holdings Corp. (a)	120,200		4,418,552
			5,491,352
Automobiles - 0.6%
PT Astra International Tbk	1,000,000		737,199
Bajaj Auto Ltd.	250,000		7,136,849
Ford Motor Co.	250,000		2,397,500
Tesla Motors, Inc. (a)(d)	119,400		3,736,026
			14,007,574
Diversified Consumer Services - 0.3%
Anhanguera Educacional Participacoes SA	530,000		6,755,290
Collectors Universe, Inc.	100,000		1,468,000
			8,223,290
Hotels, Restaurants & Leisure - 1.2%
Bravo Brio Restaurant Group, Inc. (a)	113,800		2,029,054
Dunkin' Brands Group, Inc.	100,800		3,461,472
Interval Leisure Group, Inc.	200,000		3,802,000
Jubilant Foodworks Ltd. (a)	220,000		4,659,643
McDonald's Corp.	30,000		2,655,900
Starbucks Corp.	100,000		5,332,000
The Cheesecake Factory, Inc. (a)	45,000		1,438,200
Tim Hortons, Inc. (Canada)	154,000		8,118,240
			31,496,509
Household Durables - 0.2%
Jarden Corp.	65,000		2,731,300
Toll Brothers, Inc. (a)	103,700		3,083,001
			5,814,301
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	146,100		33,361,935
Priceline.com, Inc. (a)	9,600		6,379,392
Start Today Co. Ltd. (d)	388,100		5,423,501
			45,164,828
Leisure Equipment & Products - 0.6%
Bauer Performance Sports Ltd. (a)(f)	817,600		6,544,976
Hasbro, Inc.	238,600		8,081,382
			14,626,358
Media - 1.8%
Comcast Corp. Class A	200,000		6,394,000
Pandora Media, Inc. (d)	353,000		3,837,110
The Walt Disney Co.	665,200		32,262,200
Time Warner, Inc.	100,000		3,850,000
			46,343,310
Multiline Retail - 2.7%
Dollar General Corp. (a)	216,400		11,769,996
Dollar Tree, Inc. (a)	120,000		6,456,000
Dollarama, Inc.	471,000		28,303,487
Marisa Lojas SA	600,000		6,870,799
	Shares		Value
Springland International Holdings Ltd.	1,750,000		$ 995,357
Target Corp.	256,000		14,896,640
			69,292,279
Specialty Retail - 6.4%
Ascena Retail Group, Inc. (a)	150,000		2,793,000
AutoZone, Inc. (a)	44,700		16,412,499
China ZhengTong Auto Services Holdings Ltd. (a)	504,000		267,987
Destination Maternity Corp.	383,100		8,274,960
Dick's Sporting Goods, Inc.	150,000		7,200,000
Express, Inc. (a)	23,600		428,812
Guess?, Inc.	221,000		6,711,770
Jos. A. Bank Clothiers, Inc. (a)	28,200		1,197,372
Limited Brands, Inc.	263,600		11,210,908
New York & Co., Inc. (a)	1,449,187		5,043,171
PT ACE Hardware Indonesia Tbk	8,999,000		4,875,930
Ross Stores, Inc.	631,070		39,422,943
Sally Beauty Holdings, Inc. (a)	291,000		7,490,340
SuperGroup PLC (a)(d)	218,200		1,135,411
Teavana Holdings, Inc. (a)	20,000		270,600
The Buckle, Inc. (d)	70,000		2,769,900
Tilly's, Inc. (a)(e)	510,400		8,191,920
TJX Companies, Inc.	988,900		42,453,477
			166,151,000
Textiles, Apparel & Luxury Goods - 4.3%
Arezzo Industria e Comercio SA	14,000		208,414
Bosideng International Holdings Ltd.	13,500,000		3,505,857
Brunello Cucinelli SpA	110,500		1,571,776
Daphne International Holdings Ltd.	3,000,000		3,060,742
Fifth & Pacific Companies, Inc. (a)(d)	1,025,000		10,998,250
Gildan Activewear, Inc.	100,000		2,755,132
lululemon athletica, Inc. (a)	105,842		6,311,358
Michael Kors Holdings Ltd.	291,000		12,175,440
NIKE, Inc. Class B	100,000		8,778,000
PVH Corp.	186,400		14,500,056
Ralph Lauren Corp.	82,500		11,554,950
Samsonite International SA	2,307,600		3,900,874
Steven Madden Ltd. (a)	256,903		8,156,670
Tumi Holdings, Inc. (d)	9,300		162,750
Vera Bradley, Inc. (a)(d)	223,762		4,716,903
VF Corp.	84,653		11,296,943
Warnaco Group, Inc. (a)	186,900		7,958,202
			111,612,317
TOTAL CONSUMER DISCRETIONARY			518,223,118
CONSUMER STAPLES - 11.6%
Beverages - 2.3%
Anheuser-Busch InBev SA NV	83,846		6,610,525
Anheuser-Busch InBev SA NV:
ADR	65,000		5,177,250
(strip VVPR)	160,000		202
Beam, Inc.	230,000		14,372,700
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc.	352,400		$ 15,417,500
Monster Beverage Corp. (a)	250,200		17,814,240
			59,392,417
Food & Staples Retailing - 3.0%
Drogasil SA	483,666		4,876,394
Fresh Market, Inc. (a)	137,800		7,390,214
PriceSmart, Inc.	149,300		10,079,243
Wal-Mart Stores, Inc.	601,300		41,922,636
Whole Foods Market, Inc.	140,000		13,344,800
			77,613,287
Food Products - 1.4%
Annie's, Inc.	2,400		100,464
Biostime International Holdings Ltd.	2,478,000		6,495,721
Green Mountain Coffee Roasters, Inc. (a)	166,999		3,637,238
Kraft Foods, Inc. Class A	270,000		10,427,400
Orion Corp.	9,352		7,774,494
TreeHouse Foods, Inc. (a)	131,500		8,191,135
			36,626,452
Household Products - 1.4%
Colgate-Palmolive Co.	197,400		20,549,340
Procter & Gamble Co.	238,300		14,595,875
			35,145,215
Personal Products - 1.1%
Herbalife Ltd.	370,260		17,894,666
Nu Skin Enterprises, Inc. Class A	232,263		10,893,135
			28,787,801
Tobacco - 2.4%
Altria Group, Inc.	50,000		1,727,500
British American Tobacco PLC:
(United Kingdom)	200,000		10,167,995
sponsored ADR	60,000		6,127,200
Imperial Tobacco Group PLC	100,000		3,844,898
Lorillard, Inc.	131,100		17,298,645
Philip Morris International, Inc.	257,900		22,504,354
			61,670,592
TOTAL CONSUMER STAPLES			299,235,764
ENERGY - 11.1%
Energy Equipment & Services - 2.2%
Baker Hughes, Inc.	285,834		11,747,777
Cameron International Corp. (a)	67,000		2,861,570
Halliburton Co.	722,900		20,523,131
Nabors Industries Ltd. (a)	272,800		3,928,320
Rowan Companies PLC (a)	142,900		4,619,957
Schlumberger Ltd.	40,000		2,596,400
Transocean Ltd. (United States)	150,000		6,709,500
Tuscany International Drilling, Inc. (a)(f)	7,000,000		2,715,843
			55,702,498
	Shares		Value
Oil, Gas & Consumable Fuels - 8.9%
Anadarko Petroleum Corp.	170,500		$ 11,287,100
Apache Corp.	214,100		18,817,249
Bellatrix Exploration Ltd. (a)	915,600		2,850,852
Chevron Corp.	600,900		63,394,950
ConocoPhillips	175,700		9,818,116
Crestwood Midstream Partners LP	100,000		2,586,000
Crown Point Ventures Ltd. (a)(f)	419,300		197,686
Enbridge Energy Partners LP	150,000		4,615,500
Energy Partners Ltd. (a)	841,100		14,214,590
Enterprise Products Partners LP	113,200		5,800,368
Exxon Mobil Corp.	468,000		40,046,760
Hess Corp.	95,300		4,140,785
HollyFrontier Corp.	336,770		11,931,761
Madalena Ventures, Inc. (a)	6,684,500		2,297,982
Madalena Ventures, Inc. (f)	324,500		111,556
Marathon Petroleum Corp.	86,900		3,903,548
Noble Energy, Inc.	38,100		3,231,642
Occidental Petroleum Corp.	156,800		13,448,736
Phillips 66 (a)	87,850		2,920,134
Scorpio Tankers, Inc. (a)	5,000		31,950
Williams Companies, Inc.	415,558		11,976,382
WPX Energy, Inc.	124,600		2,016,028
			229,639,675
TOTAL ENERGY			285,342,173
FINANCIALS - 9.7%
Capital Markets - 1.4%
Invesco Ltd.	423,300		9,566,580
Morgan Stanley	800,000		11,672,000
State Street Corp.	320,000		14,284,800
			35,523,380
Commercial Banks - 3.2%
BSB Bancorp, Inc.	100,000		1,275,000
CIT Group, Inc. (a)	100,000		3,564,000
HDFC Bank Ltd.	573,925		5,879,830
HDFC Bank Ltd. sponsored ADR	100,000		3,260,000
Huntington Bancshares, Inc.	797,600		5,104,640
Regions Financial Corp.	700,000		4,725,000
SunTrust Banks, Inc.	200,000		4,846,000
Wells Fargo & Co.	1,572,650		52,589,416
			81,243,886
Consumer Finance - 1.4%
Capital One Financial Corp.	275,000		15,031,500
Discover Financial Services	605,400		20,934,732
			35,966,232
Diversified Financial Services - 1.6%
Citigroup, Inc.	777,900		21,322,239
JPMorgan Chase & Co.	577,800		20,644,794
			41,967,033
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 1.1%
ACE Ltd.	40,000		$ 2,965,200
Berkshire Hathaway, Inc. Class A (a)	66		8,246,370
Intact Financial Corp. (a)(f)	120,000		7,471,565
Lincoln National Corp.	303,400		6,635,358
Platinum Underwriters Holdings Ltd.	98,167		3,740,163
			29,058,656
Real Estate Investment Trusts - 0.5%
American Residential Properties, Inc. (a)(f)	150,000		3,037,500
Dundee (REIT) (f)	600,000		5,857,971
Simon Property Group, Inc.	25,000		3,891,500
			12,786,971
Real Estate Management & Development - 0.5%
DLF Ltd.	1,580,000		5,711,933
Iguatemi Empresa de Shopping Centers SA	295,000		6,095,345
			11,807,278
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd.	105,000		1,245,425
TOTAL FINANCIALS			249,598,861
HEALTH CARE - 9.0%
Biotechnology - 1.9%
ADVENTRX Pharmaceuticals, Inc. (a)(d)	2,334,324		1,190,505
ADVENTRX Pharmaceuticals, Inc. warrants 11/16/16 (a)	667,162		17,914
Alexion Pharmaceuticals, Inc. (a)	145,112		14,409,622
Amgen, Inc.	18,315		1,337,728
AVEO Pharmaceuticals, Inc. (a)	405,900		4,935,744
Clovis Oncology, Inc.	28,400		615,712
Dynavax Technologies Corp. (a)	2,844,511		12,288,288
ImmunoGen, Inc. (a)	164,623		2,762,374
Merrimack Pharmaceuticals, Inc. (g)	611,538		4,006,797
NPS Pharmaceuticals, Inc. (a)	28,900		248,829
Theravance, Inc. (a)	125,000		2,777,500
ZIOPHARM Oncology, Inc. (a)(d)	472,200		2,809,590
			47,400,603
Health Care Equipment & Supplies - 1.2%
Boston Scientific Corp. (a)	819,800		4,648,266
Covidien PLC	313,400		16,766,900
Insulet Corp. (a)	100,000		2,137,000
Sirona Dental Systems, Inc. (a)	180,000		8,101,800
			31,653,966
Health Care Providers & Services - 2.8%
Accretive Health, Inc. (a)	50,000		548,000
Express Scripts Holding Co. (a)	70,000		3,908,100
Hanger, Inc. (a)	621,338		15,931,106
Humana, Inc.	100,000		7,744,000
	Shares		Value
McKesson Corp.	154,700		$ 14,503,125
MEDNAX, Inc. (a)	40,000		2,741,600
UnitedHealth Group, Inc.	230,000		13,455,000
WellPoint, Inc.	220,000		14,033,800
			72,864,731
Health Care Technology - 0.0%
athenahealth, Inc. (a)	11,800		934,206
Pharmaceuticals - 3.1%
Abbott Laboratories	197,900		12,758,613
Allergan, Inc.	106,400		9,849,448
Eli Lilly & Co.	200,000		8,582,000
GlaxoSmithKline PLC sponsored ADR	205,000		9,341,850
Johnson & Johnson	190,000		12,836,400
Meda AB (A Shares)	500,000		4,759,702
Merck & Co., Inc.	100,000		4,175,000
PT Kalbe Farma Tbk	11,000,000		4,448,581
Shire PLC	400,000		11,507,956
ViroPharma, Inc. (a)	100,000		2,370,000
			80,629,550
TOTAL HEALTH CARE			233,483,056
INDUSTRIALS - 8.5%
Aerospace & Defense - 2.8%
Esterline Technologies Corp. (a)	118,083		7,362,475
Honeywell International, Inc.	449,367		25,092,653
Precision Castparts Corp.	16,000		2,631,840
Textron, Inc.	365,200		9,082,524
Ultra Electronics Holdings PLC	120,000		2,982,576
United Technologies Corp.	346,500		26,171,145
			73,323,213
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	180,800		14,239,808
Building Products - 0.2%
Fortune Brands Home & Security, Inc. (a)	285,000		6,346,950
Commercial Services & Supplies - 0.4%
United Stationers, Inc.	361,400		9,739,730
Construction & Engineering - 0.8%
EMCOR Group, Inc.	308,400		8,579,688
Foster Wheeler AG (a)	330,000		5,718,900
Jacobs Engineering Group, Inc. (a)	98,600		3,732,996
MYR Group, Inc. (a)	120,000		2,047,200
			20,078,784
Electrical Equipment - 0.2%
GrafTech International Ltd. (a)	321,900		3,106,335
Regal-Beloit Corp.	28,000		1,743,280
			4,849,615
Industrial Conglomerates - 0.2%
Danaher Corp.	21,900		1,140,552
Max India Ltd. (a)	800,000		2,779,671
			3,920,223
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 0.7%
Caterpillar, Inc.	30,000		$ 2,547,300
Cummins, Inc.	14,100		1,366,431
Jain Irrigation Systems Ltd.	301,378		454,865
Jain Irrigation Systems Ltd. DVR (a)	15,068		10,728
Pall Corp.	184,000		10,085,040
Westport Innovations, Inc. (a)(d)	100,000		3,675,001
			18,139,365
Marine - 0.0%
Kirby Corp. (a)	25,000		1,177,000
Professional Services - 0.4%
Nielsen Holdings B.V. (a)	276,400		7,247,208
Qualicorp SA	425,000		3,715,708
			10,962,916
Road & Rail - 2.1%
CSX Corp.	590,000		13,192,400
Norfolk Southern Corp.	205,000		14,712,850
Union Pacific Corp.	213,500		25,472,685
			53,377,935
Trading Companies & Distributors - 0.1%
Superior Plus Corp.	350,000		2,086,730
TOTAL INDUSTRIALS			218,242,269
INFORMATION TECHNOLOGY - 19.7%
Communications Equipment - 1.1%
Motorola Solutions, Inc.	229,000		11,017,190
QUALCOMM, Inc.	297,900		16,587,072
			27,604,262
Computers & Peripherals - 6.8%
Apple, Inc. (a)	290,200		169,476,799
EMC Corp. (a)	100,000		2,563,000
SanDisk Corp. (a)	114,000		4,158,720
			176,198,519
Electronic Equipment & Components - 0.4%
Jabil Circuit, Inc.	175,700		3,571,981
SYNNEX Corp. (a)	212,900		7,342,921
			10,914,902
Internet Software & Services - 2.1%
Angie's List, Inc. (d)	483,900		7,664,976
Blinkx PLC (a)(d)	4,266,981		2,723,213
Cornerstone OnDemand, Inc. (a)	150,000		3,571,500
Demandware, Inc.	300		7,107
Google, Inc. Class A (a)	20,400		11,833,428
Mail.ru Group Ltd. GDR (a)(f)	241,200		8,174,268
Open Text Corp. (a)	182,500		9,143,822
Rackspace Hosting, Inc. (a)	148,800		6,538,272
Support.com, Inc. (a)	557,200		1,777,468
Velti PLC (a)(d)	378,800		2,462,200
			53,896,254
	Shares		Value
IT Services - 3.2%
Cardtronics, Inc. (a)	219,100		$ 6,619,011
Cognizant Technology Solutions Corp. Class A (a)	200,500		12,030,000
IBM Corp.	59,400		11,617,452
MasterCard, Inc. Class A	46,900		20,172,159
Redecard SA	150,000		2,453,323
Vantiv, Inc.	248,700		5,792,223
Visa, Inc. Class A	202,500		25,035,075
			83,719,243
Semiconductors & Semiconductor Equipment - 2.7%
Alpha & Omega Semiconductor Ltd. (a)	200,000		1,830,000
ARM Holdings PLC	1,803,500		14,288,434
ARM Holdings PLC sponsored ADR	1,192,900		28,379,091
Cymer, Inc. (a)	60,000		3,537,000
NVIDIA Corp. (a)	505,458		6,985,430
STMicroelectronics NV (NY Shares) unit	1,000,000		5,440,000
Texas Instruments, Inc.	350,000		10,041,500
			70,501,455
Software - 3.4%
Autodesk, Inc. (a)	100,000		3,499,000
Citrix Systems, Inc. (a)	143,600		12,053,784
MICROS Systems, Inc. (a)	280,400		14,356,480
Oracle Corp.	990,500		29,417,850
salesforce.com, Inc. (a)	90,100		12,457,226
ServiceNow, Inc.	6,400		157,440
Solera Holdings, Inc.	296,900		12,407,451
Splunk, Inc.	5,100		143,310
VMware, Inc. Class A (a)	20,000		1,820,800
			86,313,341
TOTAL INFORMATION TECHNOLOGY			509,147,976
MATERIALS - 7.1%
Chemicals - 2.2%
Agrium, Inc. (d)	100,000		8,862,587
Ashland, Inc.	195,900		13,577,829
CF Industries Holdings, Inc.	34,000		6,587,160
Monsanto Co.	189,000		15,645,420
Rockwood Holdings, Inc.	100,000		4,435,000
Sigma Aldrich Corp.	35,000		2,587,550
The Mosaic Co.	120,000		6,571,200
			58,266,746
Metals & Mining - 4.9%
Agnico-Eagle Mines Ltd. (Canada)	561,000		22,724,330
Alamos Gold, Inc.	420,000		6,559,277
Allied Nevada Gold Corp. (a)	120,000		3,405,600
ArcelorMittal SA Class A unit (d)	265,000		4,046,550
Carpenter Technology Corp.	185,300		8,864,752
Coeur d'Alene Mines Corp. (a)	93,946		1,649,692
Compass Minerals International, Inc.	96,000		7,322,880
Detour Gold Corp. (a)(f)	175,000		3,525,440
Eldorado Gold Corp.	520,000		6,404,872
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Goldcorp, Inc.	605,700		$ 22,803,733
Newcrest Mining Ltd.	655,091		15,244,690
Newmont Mining Corp.	258,300		12,530,133
Royal Gold, Inc.	37,800		2,963,520
Sabina Gold & Silver Corp. (a)	2,180,000		4,261,075
Silver Wheaton Corp.	135,425		3,640,686
			125,947,230
TOTAL MATERIALS			184,213,976
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.	120,900		4,311,294
Telenor ASA	100,000		1,662,562
			5,973,856
Wireless Telecommunication Services - 0.1%
SBA Communications Corp. Class A (a)	55,600		3,171,980
TOTAL TELECOMMUNICATION SERVICES			9,145,836
UTILITIES - 0.6%
Electric Utilities - 0.1%
Duke Energy Corp.	160,000		3,689,600
Gas Utilities - 0.2%
ONEOK, Inc.	100,000		4,231,000
Multi-Utilities - 0.3%
Sempra Energy	100,000		6,888,000
TOTAL UTILITIES			14,808,600
TOTAL COMMON STOCKS (Cost $2,259,985,031)		2,521,441,629
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	39,938,963		$ 39,938,963
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	33,471,884		33,471,884
TOTAL MONEY MARKET FUNDS (Cost $73,410,847)		73,410,847

TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $2,333,395,878) 2,594,852,476

NET OTHER ASSETS (LIABILITIES) - (0.6)%		(16,039,008)
NET ASSETS - 100%	$ 2,578,813,468

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $37,636,805 or 1.5% of net assets.

(g) 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 $4,006,797 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 4,280,766

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 25,456
Fidelity Securities Lending Cash Central Fund	2,377,920
Total	$ 2,403,376

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Tilly's, Inc.	$ -	$ 8,173,896	$ -	$ -	$ 8,191,920
Total	$ -	$ 8,173,896	$ -	$ -	$ 8,191,920

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 518,223,118	$ 483,659,179	$ 34,563,939	$ -
Consumer Staples	299,235,764	268,187,029	31,048,735	-
Energy	285,342,173	285,342,173	-	-
Financials	249,598,861	233,724,173	12,837,188	3,037,500
Health Care	233,483,056	213,501,808	19,981,248	-
Industrials	218,242,269	214,997,005	3,245,264	-
Information Technology	509,147,976	494,859,542	14,288,434	-
Materials	184,213,976	168,969,286	15,244,690	-
Telecommunication Services	9,145,836	9,145,836	-	-
Utilities	14,808,600	14,808,600	-	-
Money Market Funds	73,410,847	73,410,847	-	-
Total Investments in Securities:	$ 2,594,852,476	$ 2,460,605,478	$ 131,209,498	$ 3,037,500

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $2,347,254,642. Net unrealized appreciation aggregated $247,597,834, of which $459,286,379 related to appreciated investment securities and $211,688,545 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 1-877-208-0098 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Capital Development Fund
Class A

June 30, 2012

1.818363.107

DESIIN-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 20.1%
Auto Components - 0.2%
Tenneco, Inc. (a)	40,000		$ 1,072,800
TRW Automotive Holdings Corp. (a)	120,200		4,418,552
			5,491,352
Automobiles - 0.6%
PT Astra International Tbk	1,000,000		737,199
Bajaj Auto Ltd.	250,000		7,136,849
Ford Motor Co.	250,000		2,397,500
Tesla Motors, Inc. (a)(d)	119,400		3,736,026
			14,007,574
Diversified Consumer Services - 0.3%
Anhanguera Educacional Participacoes SA	530,000		6,755,290
Collectors Universe, Inc.	100,000		1,468,000
			8,223,290
Hotels, Restaurants & Leisure - 1.2%
Bravo Brio Restaurant Group, Inc. (a)	113,800		2,029,054
Dunkin' Brands Group, Inc.	100,800		3,461,472
Interval Leisure Group, Inc.	200,000		3,802,000
Jubilant Foodworks Ltd. (a)	220,000		4,659,643
McDonald's Corp.	30,000		2,655,900
Starbucks Corp.	100,000		5,332,000
The Cheesecake Factory, Inc. (a)	45,000		1,438,200
Tim Hortons, Inc. (Canada)	154,000		8,118,240
			31,496,509
Household Durables - 0.2%
Jarden Corp.	65,000		2,731,300
Toll Brothers, Inc. (a)	103,700		3,083,001
			5,814,301
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	146,100		33,361,935
Priceline.com, Inc. (a)	9,600		6,379,392
Start Today Co. Ltd. (d)	388,100		5,423,501
			45,164,828
Leisure Equipment & Products - 0.6%
Bauer Performance Sports Ltd. (a)(f)	817,600		6,544,976
Hasbro, Inc.	238,600		8,081,382
			14,626,358
Media - 1.8%
Comcast Corp. Class A	200,000		6,394,000
Pandora Media, Inc. (d)	353,000		3,837,110
The Walt Disney Co.	665,200		32,262,200
Time Warner, Inc.	100,000		3,850,000
			46,343,310
Multiline Retail - 2.7%
Dollar General Corp. (a)	216,400		11,769,996
Dollar Tree, Inc. (a)	120,000		6,456,000
Dollarama, Inc.	471,000		28,303,487
Marisa Lojas SA	600,000		6,870,799
	Shares		Value
Springland International Holdings Ltd.	1,750,000		$ 995,357
Target Corp.	256,000		14,896,640
			69,292,279
Specialty Retail - 6.4%
Ascena Retail Group, Inc. (a)	150,000		2,793,000
AutoZone, Inc. (a)	44,700		16,412,499
China ZhengTong Auto Services Holdings Ltd. (a)	504,000		267,987
Destination Maternity Corp.	383,100		8,274,960
Dick's Sporting Goods, Inc.	150,000		7,200,000
Express, Inc. (a)	23,600		428,812
Guess?, Inc.	221,000		6,711,770
Jos. A. Bank Clothiers, Inc. (a)	28,200		1,197,372
Limited Brands, Inc.	263,600		11,210,908
New York & Co., Inc. (a)	1,449,187		5,043,171
PT ACE Hardware Indonesia Tbk	8,999,000		4,875,930
Ross Stores, Inc.	631,070		39,422,943
Sally Beauty Holdings, Inc. (a)	291,000		7,490,340
SuperGroup PLC (a)(d)	218,200		1,135,411
Teavana Holdings, Inc. (a)	20,000		270,600
The Buckle, Inc. (d)	70,000		2,769,900
Tilly's, Inc. (a)(e)	510,400		8,191,920
TJX Companies, Inc.	988,900		42,453,477
			166,151,000
Textiles, Apparel & Luxury Goods - 4.3%
Arezzo Industria e Comercio SA	14,000		208,414
Bosideng International Holdings Ltd.	13,500,000		3,505,857
Brunello Cucinelli SpA	110,500		1,571,776
Daphne International Holdings Ltd.	3,000,000		3,060,742
Fifth & Pacific Companies, Inc. (a)(d)	1,025,000		10,998,250
Gildan Activewear, Inc.	100,000		2,755,132
lululemon athletica, Inc. (a)	105,842		6,311,358
Michael Kors Holdings Ltd.	291,000		12,175,440
NIKE, Inc. Class B	100,000		8,778,000
PVH Corp.	186,400		14,500,056
Ralph Lauren Corp.	82,500		11,554,950
Samsonite International SA	2,307,600		3,900,874
Steven Madden Ltd. (a)	256,903		8,156,670
Tumi Holdings, Inc. (d)	9,300		162,750
Vera Bradley, Inc. (a)(d)	223,762		4,716,903
VF Corp.	84,653		11,296,943
Warnaco Group, Inc. (a)	186,900		7,958,202
			111,612,317
TOTAL CONSUMER DISCRETIONARY			518,223,118
CONSUMER STAPLES - 11.6%
Beverages - 2.3%
Anheuser-Busch InBev SA NV	83,846		6,610,525
Anheuser-Busch InBev SA NV:
ADR	65,000		5,177,250
(strip VVPR)	160,000		202
Beam, Inc.	230,000		14,372,700
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc.	352,400		$ 15,417,500
Monster Beverage Corp. (a)	250,200		17,814,240
			59,392,417
Food & Staples Retailing - 3.0%
Drogasil SA	483,666		4,876,394
Fresh Market, Inc. (a)	137,800		7,390,214
PriceSmart, Inc.	149,300		10,079,243
Wal-Mart Stores, Inc.	601,300		41,922,636
Whole Foods Market, Inc.	140,000		13,344,800
			77,613,287
Food Products - 1.4%
Annie's, Inc.	2,400		100,464
Biostime International Holdings Ltd.	2,478,000		6,495,721
Green Mountain Coffee Roasters, Inc. (a)	166,999		3,637,238
Kraft Foods, Inc. Class A	270,000		10,427,400
Orion Corp.	9,352		7,774,494
TreeHouse Foods, Inc. (a)	131,500		8,191,135
			36,626,452
Household Products - 1.4%
Colgate-Palmolive Co.	197,400		20,549,340
Procter & Gamble Co.	238,300		14,595,875
			35,145,215
Personal Products - 1.1%
Herbalife Ltd.	370,260		17,894,666
Nu Skin Enterprises, Inc. Class A	232,263		10,893,135
			28,787,801
Tobacco - 2.4%
Altria Group, Inc.	50,000		1,727,500
British American Tobacco PLC:
(United Kingdom)	200,000		10,167,995
sponsored ADR	60,000		6,127,200
Imperial Tobacco Group PLC	100,000		3,844,898
Lorillard, Inc.	131,100		17,298,645
Philip Morris International, Inc.	257,900		22,504,354
			61,670,592
TOTAL CONSUMER STAPLES			299,235,764
ENERGY - 11.1%
Energy Equipment & Services - 2.2%
Baker Hughes, Inc.	285,834		11,747,777
Cameron International Corp. (a)	67,000		2,861,570
Halliburton Co.	722,900		20,523,131
Nabors Industries Ltd. (a)	272,800		3,928,320
Rowan Companies PLC (a)	142,900		4,619,957
Schlumberger Ltd.	40,000		2,596,400
Transocean Ltd. (United States)	150,000		6,709,500
Tuscany International Drilling, Inc. (a)(f)	7,000,000		2,715,843
			55,702,498
	Shares		Value
Oil, Gas & Consumable Fuels - 8.9%
Anadarko Petroleum Corp.	170,500		$ 11,287,100
Apache Corp.	214,100		18,817,249
Bellatrix Exploration Ltd. (a)	915,600		2,850,852
Chevron Corp.	600,900		63,394,950
ConocoPhillips	175,700		9,818,116
Crestwood Midstream Partners LP	100,000		2,586,000
Crown Point Ventures Ltd. (a)(f)	419,300		197,686
Enbridge Energy Partners LP	150,000		4,615,500
Energy Partners Ltd. (a)	841,100		14,214,590
Enterprise Products Partners LP	113,200		5,800,368
Exxon Mobil Corp.	468,000		40,046,760
Hess Corp.	95,300		4,140,785
HollyFrontier Corp.	336,770		11,931,761
Madalena Ventures, Inc. (a)	6,684,500		2,297,982
Madalena Ventures, Inc. (f)	324,500		111,556
Marathon Petroleum Corp.	86,900		3,903,548
Noble Energy, Inc.	38,100		3,231,642
Occidental Petroleum Corp.	156,800		13,448,736
Phillips 66 (a)	87,850		2,920,134
Scorpio Tankers, Inc. (a)	5,000		31,950
Williams Companies, Inc.	415,558		11,976,382
WPX Energy, Inc.	124,600		2,016,028
			229,639,675
TOTAL ENERGY			285,342,173
FINANCIALS - 9.7%
Capital Markets - 1.4%
Invesco Ltd.	423,300		9,566,580
Morgan Stanley	800,000		11,672,000
State Street Corp.	320,000		14,284,800
			35,523,380
Commercial Banks - 3.2%
BSB Bancorp, Inc.	100,000		1,275,000
CIT Group, Inc. (a)	100,000		3,564,000
HDFC Bank Ltd.	573,925		5,879,830
HDFC Bank Ltd. sponsored ADR	100,000		3,260,000
Huntington Bancshares, Inc.	797,600		5,104,640
Regions Financial Corp.	700,000		4,725,000
SunTrust Banks, Inc.	200,000		4,846,000
Wells Fargo & Co.	1,572,650		52,589,416
			81,243,886
Consumer Finance - 1.4%
Capital One Financial Corp.	275,000		15,031,500
Discover Financial Services	605,400		20,934,732
			35,966,232
Diversified Financial Services - 1.6%
Citigroup, Inc.	777,900		21,322,239
JPMorgan Chase & Co.	577,800		20,644,794
			41,967,033
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 1.1%
ACE Ltd.	40,000		$ 2,965,200
Berkshire Hathaway, Inc. Class A (a)	66		8,246,370
Intact Financial Corp. (a)(f)	120,000		7,471,565
Lincoln National Corp.	303,400		6,635,358
Platinum Underwriters Holdings Ltd.	98,167		3,740,163
			29,058,656
Real Estate Investment Trusts - 0.5%
American Residential Properties, Inc. (a)(f)	150,000		3,037,500
Dundee (REIT) (f)	600,000		5,857,971
Simon Property Group, Inc.	25,000		3,891,500
			12,786,971
Real Estate Management & Development - 0.5%
DLF Ltd.	1,580,000		5,711,933
Iguatemi Empresa de Shopping Centers SA	295,000		6,095,345
			11,807,278
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd.	105,000		1,245,425
TOTAL FINANCIALS			249,598,861
HEALTH CARE - 9.0%
Biotechnology - 1.9%
ADVENTRX Pharmaceuticals, Inc. (a)(d)	2,334,324		1,190,505
ADVENTRX Pharmaceuticals, Inc. warrants 11/16/16 (a)	667,162		17,914
Alexion Pharmaceuticals, Inc. (a)	145,112		14,409,622
Amgen, Inc.	18,315		1,337,728
AVEO Pharmaceuticals, Inc. (a)	405,900		4,935,744
Clovis Oncology, Inc.	28,400		615,712
Dynavax Technologies Corp. (a)	2,844,511		12,288,288
ImmunoGen, Inc. (a)	164,623		2,762,374
Merrimack Pharmaceuticals, Inc. (g)	611,538		4,006,797
NPS Pharmaceuticals, Inc. (a)	28,900		248,829
Theravance, Inc. (a)	125,000		2,777,500
ZIOPHARM Oncology, Inc. (a)(d)	472,200		2,809,590
			47,400,603
Health Care Equipment & Supplies - 1.2%
Boston Scientific Corp. (a)	819,800		4,648,266
Covidien PLC	313,400		16,766,900
Insulet Corp. (a)	100,000		2,137,000
Sirona Dental Systems, Inc. (a)	180,000		8,101,800
			31,653,966
Health Care Providers & Services - 2.8%
Accretive Health, Inc. (a)	50,000		548,000
Express Scripts Holding Co. (a)	70,000		3,908,100
Hanger, Inc. (a)	621,338		15,931,106
Humana, Inc.	100,000		7,744,000
	Shares		Value
McKesson Corp.	154,700		$ 14,503,125
MEDNAX, Inc. (a)	40,000		2,741,600
UnitedHealth Group, Inc.	230,000		13,455,000
WellPoint, Inc.	220,000		14,033,800
			72,864,731
Health Care Technology - 0.0%
athenahealth, Inc. (a)	11,800		934,206
Pharmaceuticals - 3.1%
Abbott Laboratories	197,900		12,758,613
Allergan, Inc.	106,400		9,849,448
Eli Lilly & Co.	200,000		8,582,000
GlaxoSmithKline PLC sponsored ADR	205,000		9,341,850
Johnson & Johnson	190,000		12,836,400
Meda AB (A Shares)	500,000		4,759,702
Merck & Co., Inc.	100,000		4,175,000
PT Kalbe Farma Tbk	11,000,000		4,448,581
Shire PLC	400,000		11,507,956
ViroPharma, Inc. (a)	100,000		2,370,000
			80,629,550
TOTAL HEALTH CARE			233,483,056
INDUSTRIALS - 8.5%
Aerospace & Defense - 2.8%
Esterline Technologies Corp. (a)	118,083		7,362,475
Honeywell International, Inc.	449,367		25,092,653
Precision Castparts Corp.	16,000		2,631,840
Textron, Inc.	365,200		9,082,524
Ultra Electronics Holdings PLC	120,000		2,982,576
United Technologies Corp.	346,500		26,171,145
			73,323,213
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	180,800		14,239,808
Building Products - 0.2%
Fortune Brands Home & Security, Inc. (a)	285,000		6,346,950
Commercial Services & Supplies - 0.4%
United Stationers, Inc.	361,400		9,739,730
Construction & Engineering - 0.8%
EMCOR Group, Inc.	308,400		8,579,688
Foster Wheeler AG (a)	330,000		5,718,900
Jacobs Engineering Group, Inc. (a)	98,600		3,732,996
MYR Group, Inc. (a)	120,000		2,047,200
			20,078,784
Electrical Equipment - 0.2%
GrafTech International Ltd. (a)	321,900		3,106,335
Regal-Beloit Corp.	28,000		1,743,280
			4,849,615
Industrial Conglomerates - 0.2%
Danaher Corp.	21,900		1,140,552
Max India Ltd. (a)	800,000		2,779,671
			3,920,223
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 0.7%
Caterpillar, Inc.	30,000		$ 2,547,300
Cummins, Inc.	14,100		1,366,431
Jain Irrigation Systems Ltd.	301,378		454,865
Jain Irrigation Systems Ltd. DVR (a)	15,068		10,728
Pall Corp.	184,000		10,085,040
Westport Innovations, Inc. (a)(d)	100,000		3,675,001
			18,139,365
Marine - 0.0%
Kirby Corp. (a)	25,000		1,177,000
Professional Services - 0.4%
Nielsen Holdings B.V. (a)	276,400		7,247,208
Qualicorp SA	425,000		3,715,708
			10,962,916
Road & Rail - 2.1%
CSX Corp.	590,000		13,192,400
Norfolk Southern Corp.	205,000		14,712,850
Union Pacific Corp.	213,500		25,472,685
			53,377,935
Trading Companies & Distributors - 0.1%
Superior Plus Corp.	350,000		2,086,730
TOTAL INDUSTRIALS			218,242,269
INFORMATION TECHNOLOGY - 19.7%
Communications Equipment - 1.1%
Motorola Solutions, Inc.	229,000		11,017,190
QUALCOMM, Inc.	297,900		16,587,072
			27,604,262
Computers & Peripherals - 6.8%
Apple, Inc. (a)	290,200		169,476,799
EMC Corp. (a)	100,000		2,563,000
SanDisk Corp. (a)	114,000		4,158,720
			176,198,519
Electronic Equipment & Components - 0.4%
Jabil Circuit, Inc.	175,700		3,571,981
SYNNEX Corp. (a)	212,900		7,342,921
			10,914,902
Internet Software & Services - 2.1%
Angie's List, Inc. (d)	483,900		7,664,976
Blinkx PLC (a)(d)	4,266,981		2,723,213
Cornerstone OnDemand, Inc. (a)	150,000		3,571,500
Demandware, Inc.	300		7,107
Google, Inc. Class A (a)	20,400		11,833,428
Mail.ru Group Ltd. GDR (a)(f)	241,200		8,174,268
Open Text Corp. (a)	182,500		9,143,822
Rackspace Hosting, Inc. (a)	148,800		6,538,272
Support.com, Inc. (a)	557,200		1,777,468
Velti PLC (a)(d)	378,800		2,462,200
			53,896,254
	Shares		Value
IT Services - 3.2%
Cardtronics, Inc. (a)	219,100		$ 6,619,011
Cognizant Technology Solutions Corp. Class A (a)	200,500		12,030,000
IBM Corp.	59,400		11,617,452
MasterCard, Inc. Class A	46,900		20,172,159
Redecard SA	150,000		2,453,323
Vantiv, Inc.	248,700		5,792,223
Visa, Inc. Class A	202,500		25,035,075
			83,719,243
Semiconductors & Semiconductor Equipment - 2.7%
Alpha & Omega Semiconductor Ltd. (a)	200,000		1,830,000
ARM Holdings PLC	1,803,500		14,288,434
ARM Holdings PLC sponsored ADR	1,192,900		28,379,091
Cymer, Inc. (a)	60,000		3,537,000
NVIDIA Corp. (a)	505,458		6,985,430
STMicroelectronics NV (NY Shares) unit	1,000,000		5,440,000
Texas Instruments, Inc.	350,000		10,041,500
			70,501,455
Software - 3.4%
Autodesk, Inc. (a)	100,000		3,499,000
Citrix Systems, Inc. (a)	143,600		12,053,784
MICROS Systems, Inc. (a)	280,400		14,356,480
Oracle Corp.	990,500		29,417,850
salesforce.com, Inc. (a)	90,100		12,457,226
ServiceNow, Inc.	6,400		157,440
Solera Holdings, Inc.	296,900		12,407,451
Splunk, Inc.	5,100		143,310
VMware, Inc. Class A (a)	20,000		1,820,800
			86,313,341
TOTAL INFORMATION TECHNOLOGY			509,147,976
MATERIALS - 7.1%
Chemicals - 2.2%
Agrium, Inc. (d)	100,000		8,862,587
Ashland, Inc.	195,900		13,577,829
CF Industries Holdings, Inc.	34,000		6,587,160
Monsanto Co.	189,000		15,645,420
Rockwood Holdings, Inc.	100,000		4,435,000
Sigma Aldrich Corp.	35,000		2,587,550
The Mosaic Co.	120,000		6,571,200
			58,266,746
Metals & Mining - 4.9%
Agnico-Eagle Mines Ltd. (Canada)	561,000		22,724,330
Alamos Gold, Inc.	420,000		6,559,277
Allied Nevada Gold Corp. (a)	120,000		3,405,600
ArcelorMittal SA Class A unit (d)	265,000		4,046,550
Carpenter Technology Corp.	185,300		8,864,752
Coeur d'Alene Mines Corp. (a)	93,946		1,649,692
Compass Minerals International, Inc.	96,000		7,322,880
Detour Gold Corp. (a)(f)	175,000		3,525,440
Eldorado Gold Corp.	520,000		6,404,872
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Goldcorp, Inc.	605,700		$ 22,803,733
Newcrest Mining Ltd.	655,091		15,244,690
Newmont Mining Corp.	258,300		12,530,133
Royal Gold, Inc.	37,800		2,963,520
Sabina Gold & Silver Corp. (a)	2,180,000		4,261,075
Silver Wheaton Corp.	135,425		3,640,686
			125,947,230
TOTAL MATERIALS			184,213,976
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.	120,900		4,311,294
Telenor ASA	100,000		1,662,562
			5,973,856
Wireless Telecommunication Services - 0.1%
SBA Communications Corp. Class A (a)	55,600		3,171,980
TOTAL TELECOMMUNICATION SERVICES			9,145,836
UTILITIES - 0.6%
Electric Utilities - 0.1%
Duke Energy Corp.	160,000		3,689,600
Gas Utilities - 0.2%
ONEOK, Inc.	100,000		4,231,000
Multi-Utilities - 0.3%
Sempra Energy	100,000		6,888,000
TOTAL UTILITIES			14,808,600
TOTAL COMMON STOCKS (Cost $2,259,985,031)		2,521,441,629
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	39,938,963		$ 39,938,963
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	33,471,884		33,471,884
TOTAL MONEY MARKET FUNDS (Cost $73,410,847)		73,410,847

TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $2,333,395,878) 2,594,852,476

NET OTHER ASSETS (LIABILITIES) - (0.6)%		(16,039,008)
NET ASSETS - 100%	$ 2,578,813,468

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $37,636,805 or 1.5% of net assets.

(g) 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 $4,006,797 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 4,280,766

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 25,456
Fidelity Securities Lending Cash Central Fund	2,377,920
Total	$ 2,403,376

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Tilly's, Inc.	$ -	$ 8,173,896	$ -	$ -	$ 8,191,920
Total	$ -	$ 8,173,896	$ -	$ -	$ 8,191,920

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 518,223,118	$ 483,659,179	$ 34,563,939	$ -
Consumer Staples	299,235,764	268,187,029	31,048,735	-
Energy	285,342,173	285,342,173	-	-
Financials	249,598,861	233,724,173	12,837,188	3,037,500
Health Care	233,483,056	213,501,808	19,981,248	-
Industrials	218,242,269	214,997,005	3,245,264	-
Information Technology	509,147,976	494,859,542	14,288,434	-
Materials	184,213,976	168,969,286	15,244,690	-
Telecommunication Services	9,145,836	9,145,836	-	-
Utilities	14,808,600	14,808,600	-	-
Money Market Funds	73,410,847	73,410,847	-	-
Total Investments in Securities:	$ 2,594,852,476	$ 2,460,605,478	$ 131,209,498	$ 3,037,500

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $2,347,254,642. Net unrealized appreciation aggregated $247,597,834, of which $459,286,379 related to appreciated investment securities and $211,688,545 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 1-877-208-0098 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 LLC 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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	August 29, 2012

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	August 29, 2012
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer
Date:	August 29, 2012