N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1796

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

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:

September 30

 

 

Date of reporting period:

December 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

December 31, 2013 

1.827902.108

ADESII-QTLY-0214

Investments December 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Auto Components - 0.1%

The Goodyear Tire & Rubber Co.

170,100

$ 4,056,885

Automobiles - 0.3%

Ford Motor Co.

419,605

6,474,505

Tesla Motors, Inc. (a)

18,400

2,766,992

 

9,241,497

Distributors - 0.1%

LKQ Corp. (a)

126,600

4,165,140

Diversified Consumer Services - 0.1%

H&R Block, Inc.

90,900

2,639,736

Hotels, Restaurants & Leisure - 0.6%

Wyndham Worldwide Corp.

61,000

4,495,090

Yum! Brands, Inc.

173,600

13,125,896

 

17,620,986

Internet & Catalog Retail - 0.1%

Expedia, Inc.

32,100

2,236,086

Leisure Equipment & Products - 0.3%

Mattel, Inc.

177,714

8,455,632

Media - 2.6%

Comcast Corp. Class A

825,500

42,897,108

Discovery Communications, Inc. Class A (a)

13,600

1,229,712

Time Warner, Inc.

477,200

33,270,384

 

77,397,204

Multiline Retail - 1.7%

Kohl's Corp.

50,400

2,860,200

Target Corp.

793,050

50,176,274

 

53,036,474

Specialty Retail - 1.5%

Bed Bath & Beyond, Inc. (a)

17,400

1,397,220

Lowe's Companies, Inc.

767,700

38,039,535

PT ACE Hardware Indonesia Tbk

7,294,000

354,106

Staples, Inc.

344,000

5,466,160

 

45,257,021

Textiles, Apparel & Luxury Goods - 0.1%

Coach, Inc.

36,400

2,043,132

Li & Fung Ltd.

1,474,000

1,900,881

 

3,944,013

TOTAL CONSUMER DISCRETIONARY

228,050,674

CONSUMER STAPLES - 9.1%

Beverages - 2.1%

Diageo PLC

47,134

1,561,954

Molson Coors Brewing Co. Class B

35,800

2,010,170

Monster Beverage Corp. (a)

75,900

5,143,743

PepsiCo, Inc.

200,600

16,637,764

Pernod Ricard SA

26,993

3,075,089

 

Shares

Value

Remy Cointreau SA

44,200

$ 3,708,554

SABMiller PLC

152,200

7,815,624

The Coca-Cola Co.

606,800

25,066,908

 

65,019,806

Food & Staples Retailing - 1.6%

CVS Caremark Corp.

194,100

13,891,737

Susser Holdings Corp. (a)

7,700

504,273

Walgreen Co.

593,600

34,096,384

 

48,492,394

Food Products - 1.2%

Danone SA

109,300

7,867,045

Kellogg Co.

314,000

19,175,980

Mead Johnson Nutrition Co. Class A

32,300

2,705,448

Unilever NV (Certificaten Van Aandelen) (Bearer)

140,500

5,648,845

 

35,397,318

Household Products - 1.7%

Kimberly-Clark Corp.

85,200

8,899,992

Procter & Gamble Co.

533,900

43,464,799

 

52,364,791

Tobacco - 2.5%

British American Tobacco PLC sponsored ADR

300,000

32,226,000

Lorillard, Inc.

460,900

23,358,412

Philip Morris International, Inc.

229,600

20,005,048

 

75,589,460

TOTAL CONSUMER STAPLES

276,863,769

ENERGY - 11.8%

Energy Equipment & Services - 2.3%

Cameron International Corp. (a)

241,700

14,388,401

Dresser-Rand Group, Inc. (a)

119,400

7,119,822

Ensco PLC Class A

125,900

7,198,962

Halliburton Co.

311,600

15,813,700

Helmerich & Payne, Inc.

73,800

6,205,104

National Oilwell Varco, Inc.

82,000

6,521,460

Schlumberger Ltd.

158,600

14,291,446

 

71,538,895

Oil, Gas & Consumable Fuels - 9.5%

Amyris, Inc. (a)

893,102

4,724,510

Apache Corp.

328,000

28,188,320

BG Group PLC

744,600

15,998,439

BP PLC sponsored ADR

121,800

5,920,698

Canadian Natural Resources Ltd.

823,300

27,855,403

Chevron Corp.

454,000

56,709,140

Eni SpA

116,300

2,810,234

Exxon Mobil Corp.

201,100

20,351,320

Imperial Oil Ltd.

170,400

7,545,885

Occidental Petroleum Corp.

503,200

47,854,320

Peabody Energy Corp.

292,200

5,706,666

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Royal Dutch Shell PLC Class A (United Kingdom)

453,300

$ 16,245,491

Suncor Energy, Inc.

815,500

28,589,522

The Williams Companies, Inc.

499,258

19,256,381

 

287,756,329

TOTAL ENERGY

359,295,224

FINANCIALS - 19.1%

Capital Markets - 3.2%

Charles Schwab Corp.

996,300

25,903,800

KKR & Co. LP

236,400

5,753,976

Morgan Stanley

1,043,800

32,733,568

Northern Trust Corp.

207,395

12,835,677

State Street Corp.

254,400

18,670,416

UBS AG

98,064

1,877,666

 

97,775,103

Commercial Banks - 4.7%

BNP Paribas SA

37,900

2,953,676

CIT Group, Inc.

197,000

10,269,610

Comerica, Inc.

154,300

7,335,422

Erste Group Bank AG

111,300

3,878,413

PNC Financial Services Group, Inc.

169,400

13,142,052

Standard Chartered PLC (United Kingdom)

953,670

21,477,526

SunTrust Banks, Inc.

232,100

8,543,601

U.S. Bancorp

558,200

22,551,280

UniCredit SpA

581,800

4,306,057

Wells Fargo & Co.

1,112,050

50,487,070

 

144,944,707

Consumer Finance - 0.1%

SLM Corp.

65,928

1,732,588

Springleaf Holdings, Inc.

25,200

637,056

 

2,369,644

Diversified Financial Services - 7.4%

Bank of America Corp.

3,162,400

49,238,568

Citigroup, Inc.

1,213,200

63,219,852

JPMorgan Chase & Co.

1,926,200

112,644,176

 

225,102,596

Insurance - 3.7%

AIA Group Ltd.

57,200

286,948

American International Group, Inc.

362,400

18,500,520

Genworth Financial, Inc. Class A (a)

1,542,900

23,961,237

Lincoln National Corp.

335,100

17,297,862

MetLife, Inc.

826,400

44,559,488

Prudential Financial, Inc.

78,900

7,276,158

 

111,882,213

TOTAL FINANCIALS

582,074,263

 

Shares

Value

HEALTH CARE - 14.2%

Biotechnology - 1.9%

Aegerion Pharmaceuticals, Inc. (a)

36,000

$ 2,554,560

Amgen, Inc.

236,615

27,011,968

Clovis Oncology, Inc. (a)

141,600

8,534,232

Gentium SpA sponsored ADR (a)

73,080

4,172,868

Infinity Pharmaceuticals, Inc. (a)

199,800

2,759,238

Insmed, Inc. (a)

69,875

1,188,574

Intercept Pharmaceuticals, Inc. (a)

127,000

8,671,560

MEI Pharma, Inc. (a)

360,919

2,890,961

Synageva BioPharma Corp. (a)

23,225

1,503,122

 

59,287,083

Health Care Equipment & Supplies - 4.1%

Abbott Laboratories

143,100

5,485,023

Accuray, Inc. (a)

594,300

5,176,353

Alere, Inc. (a)

1,016,000

36,779,200

Align Technology, Inc. (a)

249,900

14,281,785

Baxter International, Inc.

21,500

1,495,325

Boston Scientific Corp. (a)

1,622,800

19,506,056

Edwards Lifesciences Corp. (a)

33,972

2,233,999

Hologic, Inc. (a)

153,200

3,424,020

IDEXX Laboratories, Inc. (a)

32,500

3,457,025

Intuitive Surgical, Inc. (a)

27,300

10,485,384

NxStage Medical, Inc. (a)

184,800

1,848,000

St. Jude Medical, Inc.

187,400

11,609,430

Stryker Corp.

24,300

1,825,902

Volcano Corp. (a)

190,400

4,160,240

Zimmer Holdings, Inc.

47,400

4,417,206

 

126,184,948

Health Care Providers & Services - 3.6%

Aetna, Inc.

213,200

14,623,388

Catamaran Corp. (a)

120,800

5,737,218

Express Scripts Holding Co. (a)

231,200

16,239,488

McKesson Corp.

140,400

22,660,560

MWI Veterinary Supply, Inc. (a)

5,100

870,009

Quest Diagnostics, Inc.

202,000

10,815,080

UnitedHealth Group, Inc.

364,000

27,409,200

WellPoint, Inc.

108,100

9,987,359

 

108,342,302

Health Care Technology - 0.1%

HMS Holdings Corp. (a)

67,148

1,526,274

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

91,200

10,088,544

QIAGEN NV (a)

259,400

6,176,314

Thermo Fisher Scientific, Inc.

23,400

2,605,590

 

18,870,448

Pharmaceuticals - 3.9%

Actavis PLC (a)

61,800

10,382,400

Cardiome Pharma Corp. (a)

138,700

874,832

Endo Health Solutions, Inc. (a)

110,500

7,454,330

GlaxoSmithKline PLC sponsored ADR

342,200

18,270,058

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Jazz Pharmaceuticals PLC (a)

33,900

$ 4,290,384

Johnson & Johnson

159,800

14,636,082

Merck & Co., Inc.

782,100

39,144,105

Novartis AG sponsored ADR

80,800

6,494,704

Orexo AB (a)

82,400

2,101,044

Sanofi SA

15,289

1,632,788

Teva Pharmaceutical Industries Ltd. sponsored ADR

290,800

11,655,264

XenoPort, Inc. (a)

271,508

1,561,171

 

118,497,162

TOTAL HEALTH CARE

432,708,217

INDUSTRIALS - 9.9%

Aerospace & Defense - 1.4%

Esterline Technologies Corp. (a)

64,000

6,525,440

Honeywell International, Inc.

88,067

8,046,682

The Boeing Co.

183,500

25,045,915

United Technologies Corp.

33,700

3,835,060

 

43,453,097

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

146,500

8,546,810

United Parcel Service, Inc. Class B

254,900

26,784,892

 

35,331,702

Building Products - 0.2%

Allegion PLC (a)

101,900

4,502,961

Electrical Equipment - 0.6%

AMETEK, Inc.

141,600

7,458,072

Hubbell, Inc. Class B

24,900

2,711,610

Roper Industries, Inc.

46,200

6,407,016

 

16,576,698

Industrial Conglomerates - 3.0%

Danaher Corp.

191,200

14,760,640

General Electric Co.

2,700,500

75,695,015

 

90,455,655

Machinery - 1.1%

Caterpillar, Inc.

92,100

8,363,601

Cummins, Inc.

30,700

4,327,779

Ingersoll-Rand PLC

305,600

18,824,960

Valmont Industries, Inc.

12,300

1,834,176

Xylem, Inc.

32,153

1,112,494

 

34,463,010

Professional Services - 0.6%

Acacia Research Corp.

362,968

5,277,555

Bureau Veritas SA

74,800

2,186,161

Michael Page International PLC

597,400

4,827,611

Towers Watson & Co.

18,300

2,335,263

Verisk Analytics, Inc. (a)

68,900

4,528,108

 

19,154,698

 

Shares

Value

Road & Rail - 1.6%

CSX Corp.

1,056,000

$ 30,381,120

Hertz Global Holdings, Inc. (a)

294,000

8,414,280

Norfolk Southern Corp.

118,200

10,972,506

 

49,767,906

Trading Companies & Distributors - 0.2%

Beacon Roofing Supply, Inc. (a)

109,900

4,426,772

WESCO International, Inc. (a)

31,958

2,910,415

 

7,337,187

TOTAL INDUSTRIALS

301,042,914

INFORMATION TECHNOLOGY - 21.2%

Communications Equipment - 2.3%

Cisco Systems, Inc.

2,203,100

49,459,595

QUALCOMM, Inc.

292,000

21,681,000

 

71,140,595

Computers & Peripherals - 4.3%

Apple, Inc.

202,200

113,456,440

EMC Corp.

578,500

14,549,275

NCR Corp. (a)

56,100

1,910,766

 

129,916,481

Internet Software & Services - 2.4%

eBay, Inc. (a)

12,600

691,614

Google, Inc. Class A (a)

61,200

68,587,452

Yahoo!, Inc. (a)

60,399

2,442,536

 

71,721,602

IT Services - 5.6%

Accenture PLC Class A

37,000

3,042,140

Cognizant Technology Solutions Corp. Class A (a)

228,300

23,053,734

Fidelity National Information Services, Inc.

167,100

8,969,928

Gartner, Inc. Class A (a)

66,300

4,710,615

IBM Corp.

59,700

11,197,929

MasterCard, Inc. Class A

45,000

37,595,700

Paychex, Inc.

608,100

27,686,793

The Western Union Co.

516,800

8,914,800

Unisys Corp. (a)

338,800

11,373,516

Visa, Inc. Class A

149,800

33,357,464

 

169,902,619

Semiconductors & Semiconductor Equipment - 1.8%

Applied Materials, Inc.

930,400

16,458,776

Broadcom Corp. Class A

830,136

24,613,532

Lam Research Corp. (a)

177,400

9,659,430

NXP Semiconductors NV (a)

50,000

2,296,500

 

53,028,238

Software - 4.8%

Adobe Systems, Inc. (a)

173,900

10,413,132

Autodesk, Inc. (a)

397,800

20,021,274

Citrix Systems, Inc. (a)

78,200

4,946,150

Concur Technologies, Inc. (a)

57,900

5,974,122

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Electronic Arts, Inc. (a)

31,340

$ 718,940

Interactive Intelligence Group, Inc. (a)

17,600

1,185,536

Microsoft Corp.

1,982,500

74,204,975

Oracle Corp.

385,800

14,760,708

Parametric Technology Corp. (a)

113,400

4,013,226

salesforce.com, Inc. (a)

87,100

4,807,049

VMware, Inc. Class A (a)

61,700

5,535,107

Workday, Inc. Class A (a)

8,600

715,176

 

147,295,395

TOTAL INFORMATION TECHNOLOGY

643,004,930

MATERIALS - 2.6%

Chemicals - 1.8%

Airgas, Inc.

64,200

7,180,770

Chemtura Corp. (a)

118,958

3,321,307

E.I. du Pont de Nemours & Co.

122,547

7,961,879

Intrepid Potash, Inc. (c)

204,100

3,232,944

Johnson Matthey PLC

46,600

2,531,086

Monsanto Co.

180,000

20,979,000

Potash Corp. of Saskatchewan, Inc.

147,600

4,866,041

Syngenta AG (Switzerland)

15,020

5,988,431

 

56,061,458

Construction Materials - 0.0%

Imerys SA

7,300

634,793

Metals & Mining - 0.8%

Freeport-McMoRan Copper & Gold, Inc.

142,000

5,359,080

Grupo Mexico SA de CV Series B

1,134,300

3,785,706

Southern Copper Corp.

170,700

4,900,797

Walter Energy, Inc. (c)

565,600

9,405,928

 

23,451,511

TOTAL MATERIALS

80,147,762

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.9%

Verizon Communications, Inc.

536,100

26,343,954

Wireless Telecommunication Services - 0.2%

Vodafone Group PLC sponsored ADR

169,300

6,655,183

TOTAL TELECOMMUNICATION SERVICES

32,999,137

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

APR Energy PLC (c)

104,200

1,639,225

TOTAL COMMON STOCKS

(Cost $2,654,262,767)


2,937,826,115

U.S. Treasury Obligations - 0.1%

 

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 2/27/14 (d)
(Cost $2,989,853)

$ 2,990,000

$ 2,989,883

Money Market Funds - 3.1%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

92,696,392

92,696,392

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(e)

3,331,159

3,331,159

TOTAL MONEY MARKET FUNDS

(Cost $96,027,551)


96,027,551

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $2,753,280,171)


3,036,843,549

NET OTHER ASSETS (LIABILITIES) - 0.2%

5,133,514

NET ASSETS - 100%

$ 3,041,977,063

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

544 CME E-mini S&P 500 Index Contracts (United States)

March 2014

$ 50,077,920

$ 1,612,486

 

The face value of futures purchased as a percentage of net assets is 1.6%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) Security or a portion of the security is on loan at period end.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,374,907.

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

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

$ 6,009

Fidelity Securities Lending Cash Central Fund

130,922

Total

$ 136,931

Other Information

The following is a summary of the inputs used, as of December 31, 2013, 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

$ 228,050,674

$ 227,696,568

$ 354,106

$ -

Consumer Staples

276,863,769

269,652,970

7,210,799

-

Energy

359,295,224

340,239,499

19,055,725

-

Financials

582,074,263

580,196,597

1,877,666

-

Health Care

432,708,217

431,075,429

1,632,788

-

Industrials

301,042,914

301,042,914

-

-

Information Technology

643,004,930

643,004,930

-

-

Materials

80,147,762

70,373,625

9,774,137

-

Telecommunication Services

32,999,137

32,999,137

-

-

Utilities

1,639,225

1,639,225

-

-

U.S. Government and Government Agency Obligations

2,989,883

-

2,989,883

-

Money Market Funds

96,027,551

96,027,551

-

-

Total Investments in Securities:

$ 3,036,843,549

$ 2,993,948,445

$ 42,895,104

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,612,486

$ 1,612,486

$ -

$ -

Income Tax Information

At December 31, 2013, the cost of investment securities for income tax purposes was $2,757,730,306. Net unrealized appreciation aggregated $279,113,243, of which $289,429,084 related to appreciated investment securities and $10,315,841 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 vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 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 may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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. U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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

December 31, 2013 

1.811327.109

DESIIO-QTLY-0214

Investments December 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Auto Components - 0.1%

The Goodyear Tire & Rubber Co.

170,100

$ 4,056,885

Automobiles - 0.3%

Ford Motor Co.

419,605

6,474,505

Tesla Motors, Inc. (a)

18,400

2,766,992

 

9,241,497

Distributors - 0.1%

LKQ Corp. (a)

126,600

4,165,140

Diversified Consumer Services - 0.1%

H&R Block, Inc.

90,900

2,639,736

Hotels, Restaurants & Leisure - 0.6%

Wyndham Worldwide Corp.

61,000

4,495,090

Yum! Brands, Inc.

173,600

13,125,896

 

17,620,986

Internet & Catalog Retail - 0.1%

Expedia, Inc.

32,100

2,236,086

Leisure Equipment & Products - 0.3%

Mattel, Inc.

177,714

8,455,632

Media - 2.6%

Comcast Corp. Class A

825,500

42,897,108

Discovery Communications, Inc. Class A (a)

13,600

1,229,712

Time Warner, Inc.

477,200

33,270,384

 

77,397,204

Multiline Retail - 1.7%

Kohl's Corp.

50,400

2,860,200

Target Corp.

793,050

50,176,274

 

53,036,474

Specialty Retail - 1.5%

Bed Bath & Beyond, Inc. (a)

17,400

1,397,220

Lowe's Companies, Inc.

767,700

38,039,535

PT ACE Hardware Indonesia Tbk

7,294,000

354,106

Staples, Inc.

344,000

5,466,160

 

45,257,021

Textiles, Apparel & Luxury Goods - 0.1%

Coach, Inc.

36,400

2,043,132

Li & Fung Ltd.

1,474,000

1,900,881

 

3,944,013

TOTAL CONSUMER DISCRETIONARY

228,050,674

CONSUMER STAPLES - 9.1%

Beverages - 2.1%

Diageo PLC

47,134

1,561,954

Molson Coors Brewing Co. Class B

35,800

2,010,170

Monster Beverage Corp. (a)

75,900

5,143,743

PepsiCo, Inc.

200,600

16,637,764

Pernod Ricard SA

26,993

3,075,089

 

Shares

Value

Remy Cointreau SA

44,200

$ 3,708,554

SABMiller PLC

152,200

7,815,624

The Coca-Cola Co.

606,800

25,066,908

 

65,019,806

Food & Staples Retailing - 1.6%

CVS Caremark Corp.

194,100

13,891,737

Susser Holdings Corp. (a)

7,700

504,273

Walgreen Co.

593,600

34,096,384

 

48,492,394

Food Products - 1.2%

Danone SA

109,300

7,867,045

Kellogg Co.

314,000

19,175,980

Mead Johnson Nutrition Co. Class A

32,300

2,705,448

Unilever NV (Certificaten Van Aandelen) (Bearer)

140,500

5,648,845

 

35,397,318

Household Products - 1.7%

Kimberly-Clark Corp.

85,200

8,899,992

Procter & Gamble Co.

533,900

43,464,799

 

52,364,791

Tobacco - 2.5%

British American Tobacco PLC sponsored ADR

300,000

32,226,000

Lorillard, Inc.

460,900

23,358,412

Philip Morris International, Inc.

229,600

20,005,048

 

75,589,460

TOTAL CONSUMER STAPLES

276,863,769

ENERGY - 11.8%

Energy Equipment & Services - 2.3%

Cameron International Corp. (a)

241,700

14,388,401

Dresser-Rand Group, Inc. (a)

119,400

7,119,822

Ensco PLC Class A

125,900

7,198,962

Halliburton Co.

311,600

15,813,700

Helmerich & Payne, Inc.

73,800

6,205,104

National Oilwell Varco, Inc.

82,000

6,521,460

Schlumberger Ltd.

158,600

14,291,446

 

71,538,895

Oil, Gas & Consumable Fuels - 9.5%

Amyris, Inc. (a)

893,102

4,724,510

Apache Corp.

328,000

28,188,320

BG Group PLC

744,600

15,998,439

BP PLC sponsored ADR

121,800

5,920,698

Canadian Natural Resources Ltd.

823,300

27,855,403

Chevron Corp.

454,000

56,709,140

Eni SpA

116,300

2,810,234

Exxon Mobil Corp.

201,100

20,351,320

Imperial Oil Ltd.

170,400

7,545,885

Occidental Petroleum Corp.

503,200

47,854,320

Peabody Energy Corp.

292,200

5,706,666

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Royal Dutch Shell PLC Class A (United Kingdom)

453,300

$ 16,245,491

Suncor Energy, Inc.

815,500

28,589,522

The Williams Companies, Inc.

499,258

19,256,381

 

287,756,329

TOTAL ENERGY

359,295,224

FINANCIALS - 19.1%

Capital Markets - 3.2%

Charles Schwab Corp.

996,300

25,903,800

KKR & Co. LP

236,400

5,753,976

Morgan Stanley

1,043,800

32,733,568

Northern Trust Corp.

207,395

12,835,677

State Street Corp.

254,400

18,670,416

UBS AG

98,064

1,877,666

 

97,775,103

Commercial Banks - 4.7%

BNP Paribas SA

37,900

2,953,676

CIT Group, Inc.

197,000

10,269,610

Comerica, Inc.

154,300

7,335,422

Erste Group Bank AG

111,300

3,878,413

PNC Financial Services Group, Inc.

169,400

13,142,052

Standard Chartered PLC (United Kingdom)

953,670

21,477,526

SunTrust Banks, Inc.

232,100

8,543,601

U.S. Bancorp

558,200

22,551,280

UniCredit SpA

581,800

4,306,057

Wells Fargo & Co.

1,112,050

50,487,070

 

144,944,707

Consumer Finance - 0.1%

SLM Corp.

65,928

1,732,588

Springleaf Holdings, Inc.

25,200

637,056

 

2,369,644

Diversified Financial Services - 7.4%

Bank of America Corp.

3,162,400

49,238,568

Citigroup, Inc.

1,213,200

63,219,852

JPMorgan Chase & Co.

1,926,200

112,644,176

 

225,102,596

Insurance - 3.7%

AIA Group Ltd.

57,200

286,948

American International Group, Inc.

362,400

18,500,520

Genworth Financial, Inc. Class A (a)

1,542,900

23,961,237

Lincoln National Corp.

335,100

17,297,862

MetLife, Inc.

826,400

44,559,488

Prudential Financial, Inc.

78,900

7,276,158

 

111,882,213

TOTAL FINANCIALS

582,074,263

 

Shares

Value

HEALTH CARE - 14.2%

Biotechnology - 1.9%

Aegerion Pharmaceuticals, Inc. (a)

36,000

$ 2,554,560

Amgen, Inc.

236,615

27,011,968

Clovis Oncology, Inc. (a)

141,600

8,534,232

Gentium SpA sponsored ADR (a)

73,080

4,172,868

Infinity Pharmaceuticals, Inc. (a)

199,800

2,759,238

Insmed, Inc. (a)

69,875

1,188,574

Intercept Pharmaceuticals, Inc. (a)

127,000

8,671,560

MEI Pharma, Inc. (a)

360,919

2,890,961

Synageva BioPharma Corp. (a)

23,225

1,503,122

 

59,287,083

Health Care Equipment & Supplies - 4.1%

Abbott Laboratories

143,100

5,485,023

Accuray, Inc. (a)

594,300

5,176,353

Alere, Inc. (a)

1,016,000

36,779,200

Align Technology, Inc. (a)

249,900

14,281,785

Baxter International, Inc.

21,500

1,495,325

Boston Scientific Corp. (a)

1,622,800

19,506,056

Edwards Lifesciences Corp. (a)

33,972

2,233,999

Hologic, Inc. (a)

153,200

3,424,020

IDEXX Laboratories, Inc. (a)

32,500

3,457,025

Intuitive Surgical, Inc. (a)

27,300

10,485,384

NxStage Medical, Inc. (a)

184,800

1,848,000

St. Jude Medical, Inc.

187,400

11,609,430

Stryker Corp.

24,300

1,825,902

Volcano Corp. (a)

190,400

4,160,240

Zimmer Holdings, Inc.

47,400

4,417,206

 

126,184,948

Health Care Providers & Services - 3.6%

Aetna, Inc.

213,200

14,623,388

Catamaran Corp. (a)

120,800

5,737,218

Express Scripts Holding Co. (a)

231,200

16,239,488

McKesson Corp.

140,400

22,660,560

MWI Veterinary Supply, Inc. (a)

5,100

870,009

Quest Diagnostics, Inc.

202,000

10,815,080

UnitedHealth Group, Inc.

364,000

27,409,200

WellPoint, Inc.

108,100

9,987,359

 

108,342,302

Health Care Technology - 0.1%

HMS Holdings Corp. (a)

67,148

1,526,274

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

91,200

10,088,544

QIAGEN NV (a)

259,400

6,176,314

Thermo Fisher Scientific, Inc.

23,400

2,605,590

 

18,870,448

Pharmaceuticals - 3.9%

Actavis PLC (a)

61,800

10,382,400

Cardiome Pharma Corp. (a)

138,700

874,832

Endo Health Solutions, Inc. (a)

110,500

7,454,330

GlaxoSmithKline PLC sponsored ADR

342,200

18,270,058

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Jazz Pharmaceuticals PLC (a)

33,900

$ 4,290,384

Johnson & Johnson

159,800

14,636,082

Merck & Co., Inc.

782,100

39,144,105

Novartis AG sponsored ADR

80,800

6,494,704

Orexo AB (a)

82,400

2,101,044

Sanofi SA

15,289

1,632,788

Teva Pharmaceutical Industries Ltd. sponsored ADR

290,800

11,655,264

XenoPort, Inc. (a)

271,508

1,561,171

 

118,497,162

TOTAL HEALTH CARE

432,708,217

INDUSTRIALS - 9.9%

Aerospace & Defense - 1.4%

Esterline Technologies Corp. (a)

64,000

6,525,440

Honeywell International, Inc.

88,067

8,046,682

The Boeing Co.

183,500

25,045,915

United Technologies Corp.

33,700

3,835,060

 

43,453,097

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

146,500

8,546,810

United Parcel Service, Inc. Class B

254,900

26,784,892

 

35,331,702

Building Products - 0.2%

Allegion PLC (a)

101,900

4,502,961

Electrical Equipment - 0.6%

AMETEK, Inc.

141,600

7,458,072

Hubbell, Inc. Class B

24,900

2,711,610

Roper Industries, Inc.

46,200

6,407,016

 

16,576,698

Industrial Conglomerates - 3.0%

Danaher Corp.

191,200

14,760,640

General Electric Co.

2,700,500

75,695,015

 

90,455,655

Machinery - 1.1%

Caterpillar, Inc.

92,100

8,363,601

Cummins, Inc.

30,700

4,327,779

Ingersoll-Rand PLC

305,600

18,824,960

Valmont Industries, Inc.

12,300

1,834,176

Xylem, Inc.

32,153

1,112,494

 

34,463,010

Professional Services - 0.6%

Acacia Research Corp.

362,968

5,277,555

Bureau Veritas SA

74,800

2,186,161

Michael Page International PLC

597,400

4,827,611

Towers Watson & Co.

18,300

2,335,263

Verisk Analytics, Inc. (a)

68,900

4,528,108

 

19,154,698

 

Shares

Value

Road & Rail - 1.6%

CSX Corp.

1,056,000

$ 30,381,120

Hertz Global Holdings, Inc. (a)

294,000

8,414,280

Norfolk Southern Corp.

118,200

10,972,506

 

49,767,906

Trading Companies & Distributors - 0.2%

Beacon Roofing Supply, Inc. (a)

109,900

4,426,772

WESCO International, Inc. (a)

31,958

2,910,415

 

7,337,187

TOTAL INDUSTRIALS

301,042,914

INFORMATION TECHNOLOGY - 21.2%

Communications Equipment - 2.3%

Cisco Systems, Inc.

2,203,100

49,459,595

QUALCOMM, Inc.

292,000

21,681,000

 

71,140,595

Computers & Peripherals - 4.3%

Apple, Inc.

202,200

113,456,440

EMC Corp.

578,500

14,549,275

NCR Corp. (a)

56,100

1,910,766

 

129,916,481

Internet Software & Services - 2.4%

eBay, Inc. (a)

12,600

691,614

Google, Inc. Class A (a)

61,200

68,587,452

Yahoo!, Inc. (a)

60,399

2,442,536

 

71,721,602

IT Services - 5.6%

Accenture PLC Class A

37,000

3,042,140

Cognizant Technology Solutions Corp. Class A (a)

228,300

23,053,734

Fidelity National Information Services, Inc.

167,100

8,969,928

Gartner, Inc. Class A (a)

66,300

4,710,615

IBM Corp.

59,700

11,197,929

MasterCard, Inc. Class A

45,000

37,595,700

Paychex, Inc.

608,100

27,686,793

The Western Union Co.

516,800

8,914,800

Unisys Corp. (a)

338,800

11,373,516

Visa, Inc. Class A

149,800

33,357,464

 

169,902,619

Semiconductors & Semiconductor Equipment - 1.8%

Applied Materials, Inc.

930,400

16,458,776

Broadcom Corp. Class A

830,136

24,613,532

Lam Research Corp. (a)

177,400

9,659,430

NXP Semiconductors NV (a)

50,000

2,296,500

 

53,028,238

Software - 4.8%

Adobe Systems, Inc. (a)

173,900

10,413,132

Autodesk, Inc. (a)

397,800

20,021,274

Citrix Systems, Inc. (a)

78,200

4,946,150

Concur Technologies, Inc. (a)

57,900

5,974,122

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Electronic Arts, Inc. (a)

31,340

$ 718,940

Interactive Intelligence Group, Inc. (a)

17,600

1,185,536

Microsoft Corp.

1,982,500

74,204,975

Oracle Corp.

385,800

14,760,708

Parametric Technology Corp. (a)

113,400

4,013,226

salesforce.com, Inc. (a)

87,100

4,807,049

VMware, Inc. Class A (a)

61,700

5,535,107

Workday, Inc. Class A (a)

8,600

715,176

 

147,295,395

TOTAL INFORMATION TECHNOLOGY

643,004,930

MATERIALS - 2.6%

Chemicals - 1.8%

Airgas, Inc.

64,200

7,180,770

Chemtura Corp. (a)

118,958

3,321,307

E.I. du Pont de Nemours & Co.

122,547

7,961,879

Intrepid Potash, Inc. (c)

204,100

3,232,944

Johnson Matthey PLC

46,600

2,531,086

Monsanto Co.

180,000

20,979,000

Potash Corp. of Saskatchewan, Inc.

147,600

4,866,041

Syngenta AG (Switzerland)

15,020

5,988,431

 

56,061,458

Construction Materials - 0.0%

Imerys SA

7,300

634,793

Metals & Mining - 0.8%

Freeport-McMoRan Copper & Gold, Inc.

142,000

5,359,080

Grupo Mexico SA de CV Series B

1,134,300

3,785,706

Southern Copper Corp.

170,700

4,900,797

Walter Energy, Inc. (c)

565,600

9,405,928

 

23,451,511

TOTAL MATERIALS

80,147,762

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.9%

Verizon Communications, Inc.

536,100

26,343,954

Wireless Telecommunication Services - 0.2%

Vodafone Group PLC sponsored ADR

169,300

6,655,183

TOTAL TELECOMMUNICATION SERVICES

32,999,137

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

APR Energy PLC (c)

104,200

1,639,225

TOTAL COMMON STOCKS

(Cost $2,654,262,767)


2,937,826,115

U.S. Treasury Obligations - 0.1%

 

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 2/27/14 (d)
(Cost $2,989,853)

$ 2,990,000

$ 2,989,883

Money Market Funds - 3.1%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

92,696,392

92,696,392

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(e)

3,331,159

3,331,159

TOTAL MONEY MARKET FUNDS

(Cost $96,027,551)


96,027,551

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $2,753,280,171)


3,036,843,549

NET OTHER ASSETS (LIABILITIES) - 0.2%

5,133,514

NET ASSETS - 100%

$ 3,041,977,063

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

544 CME E-mini S&P 500 Index Contracts (United States)

March 2014

$ 50,077,920

$ 1,612,486

 

The face value of futures purchased as a percentage of net assets is 1.6%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) Security or a portion of the security is on loan at period end.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,374,907.

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

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

$ 6,009

Fidelity Securities Lending Cash Central Fund

130,922

Total

$ 136,931

Other Information

The following is a summary of the inputs used, as of December 31, 2013, 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

$ 228,050,674

$ 227,696,568

$ 354,106

$ -

Consumer Staples

276,863,769

269,652,970

7,210,799

-

Energy

359,295,224

340,239,499

19,055,725

-

Financials

582,074,263

580,196,597

1,877,666

-

Health Care

432,708,217

431,075,429

1,632,788

-

Industrials

301,042,914

301,042,914

-

-

Information Technology

643,004,930

643,004,930

-

-

Materials

80,147,762

70,373,625

9,774,137

-

Telecommunication Services

32,999,137

32,999,137

-

-

Utilities

1,639,225

1,639,225

-

-

U.S. Government and Government Agency Obligations

2,989,883

-

2,989,883

-

Money Market Funds

96,027,551

96,027,551

-

-

Total Investments in Securities:

$ 3,036,843,549

$ 2,993,948,445

$ 42,895,104

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,612,486

$ 1,612,486

$ -

$ -

Income Tax Information

At December 31, 2013, the cost of investment securities for income tax purposes was $2,757,730,306. Net unrealized appreciation aggregated $279,113,243, of which $289,429,084 related to appreciated investment securities and $10,315,841 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 vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 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 may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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. U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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

December 31, 2013 

1.811326.109

DESIIN-QTLY-0214

Investments December 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Auto Components - 0.1%

The Goodyear Tire & Rubber Co.

170,100

$ 4,056,885

Automobiles - 0.3%

Ford Motor Co.

419,605

6,474,505

Tesla Motors, Inc. (a)

18,400

2,766,992

 

9,241,497

Distributors - 0.1%

LKQ Corp. (a)

126,600

4,165,140

Diversified Consumer Services - 0.1%

H&R Block, Inc.

90,900

2,639,736

Hotels, Restaurants & Leisure - 0.6%

Wyndham Worldwide Corp.

61,000

4,495,090

Yum! Brands, Inc.

173,600

13,125,896

 

17,620,986

Internet & Catalog Retail - 0.1%

Expedia, Inc.

32,100

2,236,086

Leisure Equipment & Products - 0.3%

Mattel, Inc.

177,714

8,455,632

Media - 2.6%

Comcast Corp. Class A

825,500

42,897,108

Discovery Communications, Inc. Class A (a)

13,600

1,229,712

Time Warner, Inc.

477,200

33,270,384

 

77,397,204

Multiline Retail - 1.7%

Kohl's Corp.

50,400

2,860,200

Target Corp.

793,050

50,176,274

 

53,036,474

Specialty Retail - 1.5%

Bed Bath & Beyond, Inc. (a)

17,400

1,397,220

Lowe's Companies, Inc.

767,700

38,039,535

PT ACE Hardware Indonesia Tbk

7,294,000

354,106

Staples, Inc.

344,000

5,466,160

 

45,257,021

Textiles, Apparel & Luxury Goods - 0.1%

Coach, Inc.

36,400

2,043,132

Li & Fung Ltd.

1,474,000

1,900,881

 

3,944,013

TOTAL CONSUMER DISCRETIONARY

228,050,674

CONSUMER STAPLES - 9.1%

Beverages - 2.1%

Diageo PLC

47,134

1,561,954

Molson Coors Brewing Co. Class B

35,800

2,010,170

Monster Beverage Corp. (a)

75,900

5,143,743

PepsiCo, Inc.

200,600

16,637,764

Pernod Ricard SA

26,993

3,075,089

 

Shares

Value

Remy Cointreau SA

44,200

$ 3,708,554

SABMiller PLC

152,200

7,815,624

The Coca-Cola Co.

606,800

25,066,908

 

65,019,806

Food & Staples Retailing - 1.6%

CVS Caremark Corp.

194,100

13,891,737

Susser Holdings Corp. (a)

7,700

504,273

Walgreen Co.

593,600

34,096,384

 

48,492,394

Food Products - 1.2%

Danone SA

109,300

7,867,045

Kellogg Co.

314,000

19,175,980

Mead Johnson Nutrition Co. Class A

32,300

2,705,448

Unilever NV (Certificaten Van Aandelen) (Bearer)

140,500

5,648,845

 

35,397,318

Household Products - 1.7%

Kimberly-Clark Corp.

85,200

8,899,992

Procter & Gamble Co.

533,900

43,464,799

 

52,364,791

Tobacco - 2.5%

British American Tobacco PLC sponsored ADR

300,000

32,226,000

Lorillard, Inc.

460,900

23,358,412

Philip Morris International, Inc.

229,600

20,005,048

 

75,589,460

TOTAL CONSUMER STAPLES

276,863,769

ENERGY - 11.8%

Energy Equipment & Services - 2.3%

Cameron International Corp. (a)

241,700

14,388,401

Dresser-Rand Group, Inc. (a)

119,400

7,119,822

Ensco PLC Class A

125,900

7,198,962

Halliburton Co.

311,600

15,813,700

Helmerich & Payne, Inc.

73,800

6,205,104

National Oilwell Varco, Inc.

82,000

6,521,460

Schlumberger Ltd.

158,600

14,291,446

 

71,538,895

Oil, Gas & Consumable Fuels - 9.5%

Amyris, Inc. (a)

893,102

4,724,510

Apache Corp.

328,000

28,188,320

BG Group PLC

744,600

15,998,439

BP PLC sponsored ADR

121,800

5,920,698

Canadian Natural Resources Ltd.

823,300

27,855,403

Chevron Corp.

454,000

56,709,140

Eni SpA

116,300

2,810,234

Exxon Mobil Corp.

201,100

20,351,320

Imperial Oil Ltd.

170,400

7,545,885

Occidental Petroleum Corp.

503,200

47,854,320

Peabody Energy Corp.

292,200

5,706,666

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Royal Dutch Shell PLC Class A (United Kingdom)

453,300

$ 16,245,491

Suncor Energy, Inc.

815,500

28,589,522

The Williams Companies, Inc.

499,258

19,256,381

 

287,756,329

TOTAL ENERGY

359,295,224

FINANCIALS - 19.1%

Capital Markets - 3.2%

Charles Schwab Corp.

996,300

25,903,800

KKR & Co. LP

236,400

5,753,976

Morgan Stanley

1,043,800

32,733,568

Northern Trust Corp.

207,395

12,835,677

State Street Corp.

254,400

18,670,416

UBS AG

98,064

1,877,666

 

97,775,103

Commercial Banks - 4.7%

BNP Paribas SA

37,900

2,953,676

CIT Group, Inc.

197,000

10,269,610

Comerica, Inc.

154,300

7,335,422

Erste Group Bank AG

111,300

3,878,413

PNC Financial Services Group, Inc.

169,400

13,142,052

Standard Chartered PLC (United Kingdom)

953,670

21,477,526

SunTrust Banks, Inc.

232,100

8,543,601

U.S. Bancorp

558,200

22,551,280

UniCredit SpA

581,800

4,306,057

Wells Fargo & Co.

1,112,050

50,487,070

 

144,944,707

Consumer Finance - 0.1%

SLM Corp.

65,928

1,732,588

Springleaf Holdings, Inc.

25,200

637,056

 

2,369,644

Diversified Financial Services - 7.4%

Bank of America Corp.

3,162,400

49,238,568

Citigroup, Inc.

1,213,200

63,219,852

JPMorgan Chase & Co.

1,926,200

112,644,176

 

225,102,596

Insurance - 3.7%

AIA Group Ltd.

57,200

286,948

American International Group, Inc.

362,400

18,500,520

Genworth Financial, Inc. Class A (a)

1,542,900

23,961,237

Lincoln National Corp.

335,100

17,297,862

MetLife, Inc.

826,400

44,559,488

Prudential Financial, Inc.

78,900

7,276,158

 

111,882,213

TOTAL FINANCIALS

582,074,263

 

Shares

Value

HEALTH CARE - 14.2%

Biotechnology - 1.9%

Aegerion Pharmaceuticals, Inc. (a)

36,000

$ 2,554,560

Amgen, Inc.

236,615

27,011,968

Clovis Oncology, Inc. (a)

141,600

8,534,232

Gentium SpA sponsored ADR (a)

73,080

4,172,868

Infinity Pharmaceuticals, Inc. (a)

199,800

2,759,238

Insmed, Inc. (a)

69,875

1,188,574

Intercept Pharmaceuticals, Inc. (a)

127,000

8,671,560

MEI Pharma, Inc. (a)

360,919

2,890,961

Synageva BioPharma Corp. (a)

23,225

1,503,122

 

59,287,083

Health Care Equipment & Supplies - 4.1%

Abbott Laboratories

143,100

5,485,023

Accuray, Inc. (a)

594,300

5,176,353

Alere, Inc. (a)

1,016,000

36,779,200

Align Technology, Inc. (a)

249,900

14,281,785

Baxter International, Inc.

21,500

1,495,325

Boston Scientific Corp. (a)

1,622,800

19,506,056

Edwards Lifesciences Corp. (a)

33,972

2,233,999

Hologic, Inc. (a)

153,200

3,424,020

IDEXX Laboratories, Inc. (a)

32,500

3,457,025

Intuitive Surgical, Inc. (a)

27,300

10,485,384

NxStage Medical, Inc. (a)

184,800

1,848,000

St. Jude Medical, Inc.

187,400

11,609,430

Stryker Corp.

24,300

1,825,902

Volcano Corp. (a)

190,400

4,160,240

Zimmer Holdings, Inc.

47,400

4,417,206

 

126,184,948

Health Care Providers & Services - 3.6%

Aetna, Inc.

213,200

14,623,388

Catamaran Corp. (a)

120,800

5,737,218

Express Scripts Holding Co. (a)

231,200

16,239,488

McKesson Corp.

140,400

22,660,560

MWI Veterinary Supply, Inc. (a)

5,100

870,009

Quest Diagnostics, Inc.

202,000

10,815,080

UnitedHealth Group, Inc.

364,000

27,409,200

WellPoint, Inc.

108,100

9,987,359

 

108,342,302

Health Care Technology - 0.1%

HMS Holdings Corp. (a)

67,148

1,526,274

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

91,200

10,088,544

QIAGEN NV (a)

259,400

6,176,314

Thermo Fisher Scientific, Inc.

23,400

2,605,590

 

18,870,448

Pharmaceuticals - 3.9%

Actavis PLC (a)

61,800

10,382,400

Cardiome Pharma Corp. (a)

138,700

874,832

Endo Health Solutions, Inc. (a)

110,500

7,454,330

GlaxoSmithKline PLC sponsored ADR

342,200

18,270,058

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Jazz Pharmaceuticals PLC (a)

33,900

$ 4,290,384

Johnson & Johnson

159,800

14,636,082

Merck & Co., Inc.

782,100

39,144,105

Novartis AG sponsored ADR

80,800

6,494,704

Orexo AB (a)

82,400

2,101,044

Sanofi SA

15,289

1,632,788

Teva Pharmaceutical Industries Ltd. sponsored ADR

290,800

11,655,264

XenoPort, Inc. (a)

271,508

1,561,171

 

118,497,162

TOTAL HEALTH CARE

432,708,217

INDUSTRIALS - 9.9%

Aerospace & Defense - 1.4%

Esterline Technologies Corp. (a)

64,000

6,525,440

Honeywell International, Inc.

88,067

8,046,682

The Boeing Co.

183,500

25,045,915

United Technologies Corp.

33,700

3,835,060

 

43,453,097

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

146,500

8,546,810

United Parcel Service, Inc. Class B

254,900

26,784,892

 

35,331,702

Building Products - 0.2%

Allegion PLC (a)

101,900

4,502,961

Electrical Equipment - 0.6%

AMETEK, Inc.

141,600

7,458,072

Hubbell, Inc. Class B

24,900

2,711,610

Roper Industries, Inc.

46,200

6,407,016

 

16,576,698

Industrial Conglomerates - 3.0%

Danaher Corp.

191,200

14,760,640

General Electric Co.

2,700,500

75,695,015

 

90,455,655

Machinery - 1.1%

Caterpillar, Inc.

92,100

8,363,601

Cummins, Inc.

30,700

4,327,779

Ingersoll-Rand PLC

305,600

18,824,960

Valmont Industries, Inc.

12,300

1,834,176

Xylem, Inc.

32,153

1,112,494

 

34,463,010

Professional Services - 0.6%

Acacia Research Corp.

362,968

5,277,555

Bureau Veritas SA

74,800

2,186,161

Michael Page International PLC

597,400

4,827,611

Towers Watson & Co.

18,300

2,335,263

Verisk Analytics, Inc. (a)

68,900

4,528,108

 

19,154,698

 

Shares

Value

Road & Rail - 1.6%

CSX Corp.

1,056,000

$ 30,381,120

Hertz Global Holdings, Inc. (a)

294,000

8,414,280

Norfolk Southern Corp.

118,200

10,972,506

 

49,767,906

Trading Companies & Distributors - 0.2%

Beacon Roofing Supply, Inc. (a)

109,900

4,426,772

WESCO International, Inc. (a)

31,958

2,910,415

 

7,337,187

TOTAL INDUSTRIALS

301,042,914

INFORMATION TECHNOLOGY - 21.2%

Communications Equipment - 2.3%

Cisco Systems, Inc.

2,203,100

49,459,595

QUALCOMM, Inc.

292,000

21,681,000

 

71,140,595

Computers & Peripherals - 4.3%

Apple, Inc.

202,200

113,456,440

EMC Corp.

578,500

14,549,275

NCR Corp. (a)

56,100

1,910,766

 

129,916,481

Internet Software & Services - 2.4%

eBay, Inc. (a)

12,600

691,614

Google, Inc. Class A (a)

61,200

68,587,452

Yahoo!, Inc. (a)

60,399

2,442,536

 

71,721,602

IT Services - 5.6%

Accenture PLC Class A

37,000

3,042,140

Cognizant Technology Solutions Corp. Class A (a)

228,300

23,053,734

Fidelity National Information Services, Inc.

167,100

8,969,928

Gartner, Inc. Class A (a)

66,300

4,710,615

IBM Corp.

59,700

11,197,929

MasterCard, Inc. Class A

45,000

37,595,700

Paychex, Inc.

608,100

27,686,793

The Western Union Co.

516,800

8,914,800

Unisys Corp. (a)

338,800

11,373,516

Visa, Inc. Class A

149,800

33,357,464

 

169,902,619

Semiconductors & Semiconductor Equipment - 1.8%

Applied Materials, Inc.

930,400

16,458,776

Broadcom Corp. Class A

830,136

24,613,532

Lam Research Corp. (a)

177,400

9,659,430

NXP Semiconductors NV (a)

50,000

2,296,500

 

53,028,238

Software - 4.8%

Adobe Systems, Inc. (a)

173,900

10,413,132

Autodesk, Inc. (a)

397,800

20,021,274

Citrix Systems, Inc. (a)

78,200

4,946,150

Concur Technologies, Inc. (a)

57,900

5,974,122

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Electronic Arts, Inc. (a)

31,340

$ 718,940

Interactive Intelligence Group, Inc. (a)

17,600

1,185,536

Microsoft Corp.

1,982,500

74,204,975

Oracle Corp.

385,800

14,760,708

Parametric Technology Corp. (a)

113,400

4,013,226

salesforce.com, Inc. (a)

87,100

4,807,049

VMware, Inc. Class A (a)

61,700

5,535,107

Workday, Inc. Class A (a)

8,600

715,176

 

147,295,395

TOTAL INFORMATION TECHNOLOGY

643,004,930

MATERIALS - 2.6%

Chemicals - 1.8%

Airgas, Inc.

64,200

7,180,770

Chemtura Corp. (a)

118,958

3,321,307

E.I. du Pont de Nemours & Co.

122,547

7,961,879

Intrepid Potash, Inc. (c)

204,100

3,232,944

Johnson Matthey PLC

46,600

2,531,086

Monsanto Co.

180,000

20,979,000

Potash Corp. of Saskatchewan, Inc.

147,600

4,866,041

Syngenta AG (Switzerland)

15,020

5,988,431

 

56,061,458

Construction Materials - 0.0%

Imerys SA

7,300

634,793

Metals & Mining - 0.8%

Freeport-McMoRan Copper & Gold, Inc.

142,000

5,359,080

Grupo Mexico SA de CV Series B

1,134,300

3,785,706

Southern Copper Corp.

170,700

4,900,797

Walter Energy, Inc. (c)

565,600

9,405,928

 

23,451,511

TOTAL MATERIALS

80,147,762

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.9%

Verizon Communications, Inc.

536,100

26,343,954

Wireless Telecommunication Services - 0.2%

Vodafone Group PLC sponsored ADR

169,300

6,655,183

TOTAL TELECOMMUNICATION SERVICES

32,999,137

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

APR Energy PLC (c)

104,200

1,639,225

TOTAL COMMON STOCKS

(Cost $2,654,262,767)


2,937,826,115

U.S. Treasury Obligations - 0.1%

 

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 2/27/14 (d)
(Cost $2,989,853)

$ 2,990,000

$ 2,989,883

Money Market Funds - 3.1%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

92,696,392

92,696,392

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(e)

3,331,159

3,331,159

TOTAL MONEY MARKET FUNDS

(Cost $96,027,551)


96,027,551

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $2,753,280,171)


3,036,843,549

NET OTHER ASSETS (LIABILITIES) - 0.2%

5,133,514

NET ASSETS - 100%

$ 3,041,977,063

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

544 CME E-mini S&P 500 Index Contracts (United States)

March 2014

$ 50,077,920

$ 1,612,486

 

The face value of futures purchased as a percentage of net assets is 1.6%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) Security or a portion of the security is on loan at period end.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,374,907.

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

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

$ 6,009

Fidelity Securities Lending Cash Central Fund

130,922

Total

$ 136,931

Other Information

The following is a summary of the inputs used, as of December 31, 2013, 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

$ 228,050,674

$ 227,696,568

$ 354,106

$ -

Consumer Staples

276,863,769

269,652,970

7,210,799

-

Energy

359,295,224

340,239,499

19,055,725

-

Financials

582,074,263

580,196,597

1,877,666

-

Health Care

432,708,217

431,075,429

1,632,788

-

Industrials

301,042,914

301,042,914

-

-

Information Technology

643,004,930

643,004,930

-

-

Materials

80,147,762

70,373,625

9,774,137

-

Telecommunication Services

32,999,137

32,999,137

-

-

Utilities

1,639,225

1,639,225

-

-

U.S. Government and Government Agency Obligations

2,989,883

-

2,989,883

-

Money Market Funds

96,027,551

96,027,551

-

-

Total Investments in Securities:

$ 3,036,843,549

$ 2,993,948,445

$ 42,895,104

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,612,486

$ 1,612,486

$ -

$ -

Income Tax Information

At December 31, 2013, the cost of investment securities for income tax purposes was $2,757,730,306. Net unrealized appreciation aggregated $279,113,243, of which $289,429,084 related to appreciated investment securities and $10,315,841 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 vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 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 may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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. U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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® Diversified Stock Fund

Class A
Class T
Class B
Class C
Institutional Class
Class Z

December 31, 2013 

1.827901.108

ADESI-QTLY-0214

Investments December 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Automobiles - 0.3%

Ford Motor Co.

150,000

$ 2,314,500

Tesla Motors, Inc. (a)

25,000

3,759,500

 

6,074,000

Hotels, Restaurants & Leisure - 2.0%

McDonald's Corp.

200,000

19,406,000

Texas Roadhouse, Inc. Class A

175,000

4,865,000

Yum! Brands, Inc.

275,000

20,792,750

 

45,063,750

Leisure Equipment & Products - 0.7%

Brunswick Corp.

100,000

4,606,000

New Academy Holding Co. LLC unit (f)(g)

60,000

11,014,200

 

15,620,200

Media - 2.0%

Comcast Corp. Class A (special) (non-vtg.)

700,000

34,916,000

Sinclair Broadcast Group, Inc. Class A

75,000

2,679,750

Smiles SA

225,000

3,126,435

Time Warner, Inc.

75,000

5,229,000

 

45,951,185

Multiline Retail - 1.5%

Kohl's Corp.

150,000

8,512,500

Target Corp.

400,000

25,308,000

 

33,820,500

Specialty Retail - 0.5%

Abercrombie & Fitch Co. Class A

75,000

2,468,250

Citi Trends, Inc. (a)

16,450

279,650

Staples, Inc.

325,000

5,164,250

World Duty Free SpA (a)

300,000

3,772,169

 

11,684,319

Textiles, Apparel & Luxury Goods - 0.5%

Arezzo Industria e Comercio SA

377,300

4,800,550

Coach, Inc.

137,500

7,717,875

 

12,518,425

TOTAL CONSUMER DISCRETIONARY

170,732,379

CONSUMER STAPLES - 10.0%

Beverages - 2.7%

Molson Coors Brewing Co. Class B

250,000

14,037,500

PepsiCo, Inc.

245,000

20,320,300

The Coca-Cola Co.

650,000

26,851,500

 

61,209,300

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

350,000

25,049,500

Kroger Co.

300,000

11,859,000

Walgreen Co.

375,000

21,540,000

 

58,448,500

 

Shares

Value

Food Products - 0.7%

Kellogg Co.

225,000

$ 13,740,750

Mead Johnson Nutrition Co. Class A

25,000

2,094,000

 

15,834,750

Household Products - 2.0%

Energizer Holdings, Inc.

100,000

10,824,000

Procter & Gamble Co.

425,000

34,599,250

 

45,423,250

Tobacco - 2.0%

British American Tobacco PLC sponsored ADR

150,000

16,113,000

Lorillard, Inc.

350,000

17,738,000

Philip Morris International, Inc.

150,000

13,069,500

 

46,920,500

TOTAL CONSUMER STAPLES

227,836,300

ENERGY - 13.9%

Energy Equipment & Services - 3.2%

Halliburton Co.

137,403

6,973,202

Helmerich & Payne, Inc.

125,000

10,510,000

McDermott International, Inc. (a)

275,000

2,519,000

National Oilwell Varco, Inc.

237,500

18,888,375

Noble Corp.

250,000

9,367,500

Schlumberger Ltd.

225,000

20,274,750

Trinidad Drilling Ltd.

400,000

3,709,108

 

72,241,935

Oil, Gas & Consumable Fuels - 10.7%

Amyris, Inc. (a)(d)

1,000,000

5,290,000

Antero Resources Corp.

10,300

653,432

Apache Corp.

255,000

21,914,700

Canadian Natural Resources Ltd.

675,000

22,837,844

Chevron Corp.

325,000

40,595,750

Clean Energy Fuels Corp. (a)(d)

275,000

3,542,000

ConocoPhillips Co.

75,000

5,298,750

CONSOL Energy, Inc.

475,000

18,069,000

Exxon Mobil Corp.

225,000

22,770,000

HollyFrontier Corp.

87,500

4,347,875

Occidental Petroleum Corp.

250,000

23,775,000

Peabody Energy Corp.

500,000

9,765,000

Royal Dutch Shell PLC Class A sponsored ADR

225,000

16,035,750

Scorpio Tankers, Inc.

234,900

2,769,471

Suncor Energy, Inc.

700,000

24,540,362

The Williams Companies, Inc.

550,000

21,213,500

 

243,418,434

TOTAL ENERGY

315,660,369

FINANCIALS - 17.5%

Capital Markets - 3.9%

Ashmore Group PLC

950,000

6,313,061

Invesco Ltd.

100,000

3,640,000

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

KKR & Co. LP

700,000

$ 17,038,000

LPL Financial

100,000

4,703,000

Morgan Stanley

950,000

29,792,000

The Blackstone Group LP

850,000

26,775,000

 

88,261,061

Commercial Banks - 3.7%

CIT Group, Inc.

225,000

11,729,250

Standard Chartered PLC (United Kingdom)

250,000

5,630,230

U.S. Bancorp

100,000

4,040,000

Wells Fargo & Co.

1,400,000

63,560,000

 

84,959,480

Consumer Finance - 0.3%

Springleaf Holdings, Inc.

300,000

7,584,000

Diversified Financial Services - 5.4%

Bank of America Corp.

950,000

14,791,500

Citigroup, Inc.

250,000

13,027,500

JPMorgan Chase & Co.

1,050,000

61,404,000

KKR Financial Holdings LLC

2,250,000

27,427,500

KKR Renaissance Co-Invest LP unit (g)

50,000

5,055,500

 

121,706,000

Insurance - 2.7%

Allied World Assurance Co. Holdings Ltd.

37,702

4,253,163

MetLife, Inc.

650,000

35,048,000

The Chubb Corp.

100,000

9,663,000

The Travelers Companies, Inc.

125,000

11,317,500

 

60,281,663

Real Estate Investment Trusts - 0.3%

American Capital Agency Corp.

300,000

5,787,000

Thrifts & Mortgage Finance - 1.2%

Radian Group, Inc. (d)

2,000,015

28,240,212

TOTAL FINANCIALS

396,819,416

HEALTH CARE - 12.0%

Biotechnology - 1.9%

Achillion Pharmaceuticals, Inc. (a)

300,000

996,000

Alnylam Pharmaceuticals, Inc. (a)

35,000

2,251,550

Amgen, Inc.

187,500

21,405,000

Dyax Corp. (a)

275,000

2,070,750

Genmab A/S (a)

50,000

1,954,728

Gentium SpA sponsored ADR (a)

148,294

8,467,587

KYTHERA Biopharmaceuticals, Inc. (a)

45,300

1,687,425

MEI Pharma, Inc. (a)

450,000

3,604,500

 

42,437,540

Health Care Equipment & Supplies - 0.9%

Align Technology, Inc. (a)

125,000

7,143,750

Edwards Lifesciences Corp. (a)

25,000

1,644,000

 

Shares

Value

Haemonetics Corp. (a)

125,000

$ 5,266,250

Hologic, Inc. (a)

200,000

4,470,000

NxStage Medical, Inc. (a)

300,000

3,000,000

 

21,524,000

Health Care Providers & Services - 4.5%

Aetna, Inc.

137,500

9,431,125

Cardinal Health, Inc.

100,000

6,681,000

Catamaran Corp. (a)

200,000

9,498,706

Express Scripts Holding Co. (a)

150,000

10,536,000

HCA Holdings, Inc.

250,000

11,927,500

Laboratory Corp. of America Holdings (a)

62,500

5,710,625

McKesson Corp.

90,000

14,526,000

MEDNAX, Inc. (a)

100,000

5,338,000

MWI Veterinary Supply, Inc. (a)

24,800

4,230,632

Qualicorp SA (a)

500,000

4,811,381

Quest Diagnostics, Inc.

35,000

1,873,900

UnitedHealth Group, Inc.

250,000

18,825,000

 

103,389,869

Health Care Technology - 0.8%

Allscripts Healthcare Solutions, Inc. (a)

325,000

5,024,500

HMS Holdings Corp. (a)

150,000

3,409,500

MedAssets, Inc. (a)

500,000

9,915,000

 

18,349,000

Life Sciences Tools & Services - 0.4%

QIAGEN NV (a)(d)

350,000

8,333,500

Pharmaceuticals - 3.5%

Actavis PLC (a)

75,000

12,600,000

Auxilium Pharmaceuticals, Inc. (a)

90,000

1,866,600

Endo Health Solutions, Inc. (a)

75,000

5,059,500

Jazz Pharmaceuticals PLC (a)

40,000

5,062,400

Merck & Co., Inc.

675,000

33,783,750

Teva Pharmaceutical Industries Ltd. sponsored ADR

200,000

8,016,000

ViroPharma, Inc. (a)

175,000

8,723,750

XenoPort, Inc. (a)

600,000

3,450,000

 

78,562,000

TOTAL HEALTH CARE

272,595,909

INDUSTRIALS - 8.2%

Aerospace & Defense - 1.0%

United Technologies Corp.

200,000

22,760,000

Air Freight & Logistics - 1.7%

C.H. Robinson Worldwide, Inc.

225,000

13,126,500

Expeditors International of Washington, Inc.

75,000

3,318,750

FedEx Corp.

50,000

7,188,500

United Parcel Service, Inc. Class B

150,000

15,762,000

 

39,395,750

Electrical Equipment - 0.8%

AMETEK, Inc.

112,500

5,925,375

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - continued

Babcock & Wilcox Co.

175,000

$ 5,983,250

Roper Industries, Inc.

45,000

6,240,600

 

18,149,225

Industrial Conglomerates - 2.4%

Danaher Corp.

50,000

3,860,000

General Electric Co.

1,850,000

51,855,500

 

55,715,500

Machinery - 0.4%

Stanley Black & Decker, Inc.

100,000

8,069,000

Professional Services - 0.7%

Acacia Research Corp.

640,100

9,307,054

Towers Watson & Co.

50,000

6,380,500

 

15,687,554

Road & Rail - 0.9%

AMERCO

10,000

2,378,400

CSX Corp.

425,000

12,227,250

Hertz Global Holdings, Inc. (a)

175,000

5,008,500

 

19,614,150

Trading Companies & Distributors - 0.3%

United Rentals, Inc. (a)

100,000

7,795,000

TOTAL INDUSTRIALS

187,186,179

INFORMATION TECHNOLOGY - 24.9%

Communications Equipment - 4.0%

Brocade Communications Systems, Inc. (a)

675,000

5,987,250

Cisco Systems, Inc.

2,075,000

46,583,750

Juniper Networks, Inc. (a)

275,000

6,206,750

Nokia Corp. sponsored ADR (a)

1,000,000

8,110,000

QUALCOMM, Inc.

337,500

25,059,375

 

91,947,125

Computers & Peripherals - 3.7%

Apple, Inc.

150,000

84,166,499

Electronic Equipment & Components - 0.2%

Fabrinet (a)

175,000

3,598,000

Internet Software & Services - 3.2%

Facebook, Inc. Class A (a)

225,000

12,298,500

Google, Inc. Class A (a)

45,000

50,431,950

VeriSign, Inc. (a)

150,000

8,967,000

 

71,697,450

IT Services - 7.9%

Cognizant Technology Solutions Corp. Class A (a)

275,000

27,769,500

Fidelity National Information Services, Inc.

125,000

6,710,000

 

Shares

Value

IBM Corp.

325,000

$ 60,960,250

MasterCard, Inc. Class A

37,500

31,329,750

Paychex, Inc.

600,000

27,318,000

Visa, Inc. Class A

110,000

24,494,800

 

178,582,300

Semiconductors & Semiconductor Equipment - 2.3%

Applied Materials, Inc.

900,000

15,921,000

Broadcom Corp. Class A

1,000,000

29,650,000

Samsung Electronics Co. Ltd.

5,000

6,497,902

 

52,068,902

Software - 3.6%

Citrix Systems, Inc. (a)

137,500

8,696,875

Concur Technologies, Inc. (a)

35,000

3,611,300

Electronic Arts, Inc. (a)

150,000

3,441,000

Microsoft Corp.

1,200,000

44,916,000

Nuance Communications, Inc. (a)(d)

525,000

7,980,000

Oracle Corp.

200,000

7,652,000

VMware, Inc. Class A (a)

75,000

6,728,250

 

83,025,425

TOTAL INFORMATION TECHNOLOGY

565,085,701

MATERIALS - 1.3%

Chemicals - 0.2%

Tronox Ltd. Class A

200,000

4,614,000

Metals & Mining - 0.9%

Century Aluminum Co. (a)

375,000

3,922,500

Freeport-McMoRan Copper & Gold, Inc.

325,000

12,265,500

Walter Energy, Inc. (d)

225,000

3,741,750

 

19,929,750

Paper & Forest Products - 0.2%

West Fraser Timber Co. Ltd.

37,500

3,657,331

TOTAL MATERIALS

28,201,081

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 1.0%

Verizon Communications, Inc.

450,000

22,113,000

UTILITIES - 0.3%

Electric Utilities - 0.3%

PPL Corp.

200,000

6,018,000

TOTAL COMMON STOCKS

(Cost $1,740,729,102)


2,192,248,334

Preferred Stocks - 0.7%

Shares

Value

Convertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Leisure Equipment & Products - 0.0%

NJOY, Inc. Series C (g)

65,160

$ 526,493

Nonconvertible Preferred Stocks - 0.7%

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.7%

Volkswagen AG

55,005

15,448,108

TOTAL PREFERRED STOCKS

(Cost $10,384,534)


15,974,601

Convertible Bonds - 0.1%

 

Principal Amount

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

(Cost $2,000,000)

$ 2,000,000


1,892,160

Other - 0.4%

ENERGY - 0.4%

Oil, Gas & Consumable Fuels - 0.4%

EQTY ER Holdings, LLC 12% 1/28/18 (e)(g)(h)

6,666,667

6,666,667

Shares

 

EQTY ER Holdings, LLC (e)(g)(h)

3,333,333

3,333,333

TOTAL OTHER

(Cost $10,000,000)


10,000,000

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

33,817,407

33,817,407

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)

34,958,137

34,958,137

TOTAL MONEY MARKET FUNDS

(Cost $68,775,544)


68,775,544

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $1,831,889,180)


2,288,890,639

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(17,809,103)

NET ASSETS - 100%

$ 2,271,081,536

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(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 $26,596,193 or 1.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

EQTY ER Holdings, LLC 12% 1/28/18

1/29/13

$ 6,666,667

EQTY ER Holdings, LLC

1/29/13

$ 3,333,333

KKR Renaissance Co-Invest LP unit

7/25/13

$ 5,275,000

New Academy Holding Co. LLC unit

8/1/11

$ 6,324,000

NJOY, Inc. Series C

6/7/13

$ 526,688

(h) Investments represent a non-operating interest in oil and gas wells through an entity owned by the fund that is treated as a corporation for U.S. tax purposes.

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

$ 14,973

Fidelity Securities Lending Cash Central Fund

102,125

Total

$ 117,098

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

EQTY ER Holdings, LLC 12% 1/28/18

$ 6,666,667

$ -

$ -

$ -

$ 6,666,667

EQTY ER Holdings, LLC

3,333,333

-

-

-

3,333,333

Total

$ 10,000,000

$ -

$ -

$ -

$ 10,000,000

Other Information

The following is a summary of the inputs used, as of December 31, 2013, 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 tables 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

$ 186,706,980

$ 167,239,302

$ 7,926,985

$ 11,540,693

Consumer Staples

227,836,300

227,836,300

-

-

Energy

315,660,369

315,660,369

-

-

Financials

396,819,416

391,763,916

-

5,055,500

Health Care

272,595,909

267,784,528

4,811,381

-

Industrials

187,186,179

187,186,179

-

-

Information Technology

565,085,701

565,085,701

-

-

Materials

28,201,081

28,201,081

-

-

Telecommunication Services

22,113,000

22,113,000

-

-

Utilities

6,018,000

6,018,000

-

-

Other/Energy

10,000,000

-

-

10,000,000

Corporate Bonds

1,892,160

-

1,892,160

-

Money Market Funds

68,775,544

68,775,544

-

-

Total Investments in Securities:

$ 2,288,890,639

$ 2,247,663,920

$ 14,630,526

$ 26,596,193

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Beginning Balance

$ 26,049,893

Net Realized Gain (Loss) on Investment Securities

-

Net Unrealized Gain (Loss) on Investment Securities

546,300

Cost of Purchases

-

Proceeds of Sales

-

Investments in Securities:

Amortization/Accretion

$ -

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 26,596,193

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2013

$ 546,300

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At December 31, 2013, the cost of investment securities for income tax purposes was $1,840,715,105. Net unrealized appreciation aggregated $448,175,534, of which $507,366,016 related to appreciated investment securities and $59,190,482 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 vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 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 may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. For equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following provides provides information on L3 securities held by the Fund that were valued at period end based on unobservable inputs. Those amounts exclude valuations provided by broker.

Asset Type

Fair Value at
12/31/13

Valuation
Technique(s)

Unobservable Input

Amount or Range /
Weighted Average

Impact to
Valuation from an Increase in Input*

Common Stock

$ 16,069,700

Discounted cash flow

Discount rate

20.0%

Decrease

 

 

Market comparable

EV/EBITDA multiple

9.0 - 9.4/9.1

Increase

 Other/Energy

$ 10,000,000

Market comparable

Transaction price

$ 1.00

Increase

Preferred Stocks

$ 526,493

Market comparable

Transaction price

$ 8.08

Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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

December 31, 2013 

1.811318.109

DESIN-QTLY-0214

Investments December 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Automobiles - 0.3%

Ford Motor Co.

150,000

$ 2,314,500

Tesla Motors, Inc. (a)

25,000

3,759,500

 

6,074,000

Hotels, Restaurants & Leisure - 2.0%

McDonald's Corp.

200,000

19,406,000

Texas Roadhouse, Inc. Class A

175,000

4,865,000

Yum! Brands, Inc.

275,000

20,792,750

 

45,063,750

Leisure Equipment & Products - 0.7%

Brunswick Corp.

100,000

4,606,000

New Academy Holding Co. LLC unit (f)(g)

60,000

11,014,200

 

15,620,200

Media - 2.0%

Comcast Corp. Class A (special) (non-vtg.)

700,000

34,916,000

Sinclair Broadcast Group, Inc. Class A

75,000

2,679,750

Smiles SA

225,000

3,126,435

Time Warner, Inc.

75,000

5,229,000

 

45,951,185

Multiline Retail - 1.5%

Kohl's Corp.

150,000

8,512,500

Target Corp.

400,000

25,308,000

 

33,820,500

Specialty Retail - 0.5%

Abercrombie & Fitch Co. Class A

75,000

2,468,250

Citi Trends, Inc. (a)

16,450

279,650

Staples, Inc.

325,000

5,164,250

World Duty Free SpA (a)

300,000

3,772,169

 

11,684,319

Textiles, Apparel & Luxury Goods - 0.5%

Arezzo Industria e Comercio SA

377,300

4,800,550

Coach, Inc.

137,500

7,717,875

 

12,518,425

TOTAL CONSUMER DISCRETIONARY

170,732,379

CONSUMER STAPLES - 10.0%

Beverages - 2.7%

Molson Coors Brewing Co. Class B

250,000

14,037,500

PepsiCo, Inc.

245,000

20,320,300

The Coca-Cola Co.

650,000

26,851,500

 

61,209,300

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

350,000

25,049,500

Kroger Co.

300,000

11,859,000

Walgreen Co.

375,000

21,540,000

 

58,448,500

 

Shares

Value

Food Products - 0.7%

Kellogg Co.

225,000

$ 13,740,750

Mead Johnson Nutrition Co. Class A

25,000

2,094,000

 

15,834,750

Household Products - 2.0%

Energizer Holdings, Inc.

100,000

10,824,000

Procter & Gamble Co.

425,000

34,599,250

 

45,423,250

Tobacco - 2.0%

British American Tobacco PLC sponsored ADR

150,000

16,113,000

Lorillard, Inc.

350,000

17,738,000

Philip Morris International, Inc.

150,000

13,069,500

 

46,920,500

TOTAL CONSUMER STAPLES

227,836,300

ENERGY - 13.9%

Energy Equipment & Services - 3.2%

Halliburton Co.

137,403

6,973,202

Helmerich & Payne, Inc.

125,000

10,510,000

McDermott International, Inc. (a)

275,000

2,519,000

National Oilwell Varco, Inc.

237,500

18,888,375

Noble Corp.

250,000

9,367,500

Schlumberger Ltd.

225,000

20,274,750

Trinidad Drilling Ltd.

400,000

3,709,108

 

72,241,935

Oil, Gas & Consumable Fuels - 10.7%

Amyris, Inc. (a)(d)

1,000,000

5,290,000

Antero Resources Corp.

10,300

653,432

Apache Corp.

255,000

21,914,700

Canadian Natural Resources Ltd.

675,000

22,837,844

Chevron Corp.

325,000

40,595,750

Clean Energy Fuels Corp. (a)(d)

275,000

3,542,000

ConocoPhillips Co.

75,000

5,298,750

CONSOL Energy, Inc.

475,000

18,069,000

Exxon Mobil Corp.

225,000

22,770,000

HollyFrontier Corp.

87,500

4,347,875

Occidental Petroleum Corp.

250,000

23,775,000

Peabody Energy Corp.

500,000

9,765,000

Royal Dutch Shell PLC Class A sponsored ADR

225,000

16,035,750

Scorpio Tankers, Inc.

234,900

2,769,471

Suncor Energy, Inc.

700,000

24,540,362

The Williams Companies, Inc.

550,000

21,213,500

 

243,418,434

TOTAL ENERGY

315,660,369

FINANCIALS - 17.5%

Capital Markets - 3.9%

Ashmore Group PLC

950,000

6,313,061

Invesco Ltd.

100,000

3,640,000

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

KKR & Co. LP

700,000

$ 17,038,000

LPL Financial

100,000

4,703,000

Morgan Stanley

950,000

29,792,000

The Blackstone Group LP

850,000

26,775,000

 

88,261,061

Commercial Banks - 3.7%

CIT Group, Inc.

225,000

11,729,250

Standard Chartered PLC (United Kingdom)

250,000

5,630,230

U.S. Bancorp

100,000

4,040,000

Wells Fargo & Co.

1,400,000

63,560,000

 

84,959,480

Consumer Finance - 0.3%

Springleaf Holdings, Inc.

300,000

7,584,000

Diversified Financial Services - 5.4%

Bank of America Corp.

950,000

14,791,500

Citigroup, Inc.

250,000

13,027,500

JPMorgan Chase & Co.

1,050,000

61,404,000

KKR Financial Holdings LLC

2,250,000

27,427,500

KKR Renaissance Co-Invest LP unit (g)

50,000

5,055,500

 

121,706,000

Insurance - 2.7%

Allied World Assurance Co. Holdings Ltd.

37,702

4,253,163

MetLife, Inc.

650,000

35,048,000

The Chubb Corp.

100,000

9,663,000

The Travelers Companies, Inc.

125,000

11,317,500

 

60,281,663

Real Estate Investment Trusts - 0.3%

American Capital Agency Corp.

300,000

5,787,000

Thrifts & Mortgage Finance - 1.2%

Radian Group, Inc. (d)

2,000,015

28,240,212

TOTAL FINANCIALS

396,819,416

HEALTH CARE - 12.0%

Biotechnology - 1.9%

Achillion Pharmaceuticals, Inc. (a)

300,000

996,000

Alnylam Pharmaceuticals, Inc. (a)

35,000

2,251,550

Amgen, Inc.

187,500

21,405,000

Dyax Corp. (a)

275,000

2,070,750

Genmab A/S (a)

50,000

1,954,728

Gentium SpA sponsored ADR (a)

148,294

8,467,587

KYTHERA Biopharmaceuticals, Inc. (a)

45,300

1,687,425

MEI Pharma, Inc. (a)

450,000

3,604,500

 

42,437,540

Health Care Equipment & Supplies - 0.9%

Align Technology, Inc. (a)

125,000

7,143,750

Edwards Lifesciences Corp. (a)

25,000

1,644,000

 

Shares

Value

Haemonetics Corp. (a)

125,000

$ 5,266,250

Hologic, Inc. (a)

200,000

4,470,000

NxStage Medical, Inc. (a)

300,000

3,000,000

 

21,524,000

Health Care Providers & Services - 4.5%

Aetna, Inc.

137,500

9,431,125

Cardinal Health, Inc.

100,000

6,681,000

Catamaran Corp. (a)

200,000

9,498,706

Express Scripts Holding Co. (a)

150,000

10,536,000

HCA Holdings, Inc.

250,000

11,927,500

Laboratory Corp. of America Holdings (a)

62,500

5,710,625

McKesson Corp.

90,000

14,526,000

MEDNAX, Inc. (a)

100,000

5,338,000

MWI Veterinary Supply, Inc. (a)

24,800

4,230,632

Qualicorp SA (a)

500,000

4,811,381

Quest Diagnostics, Inc.

35,000

1,873,900

UnitedHealth Group, Inc.

250,000

18,825,000

 

103,389,869

Health Care Technology - 0.8%

Allscripts Healthcare Solutions, Inc. (a)

325,000

5,024,500

HMS Holdings Corp. (a)

150,000

3,409,500

MedAssets, Inc. (a)

500,000

9,915,000

 

18,349,000

Life Sciences Tools & Services - 0.4%

QIAGEN NV (a)(d)

350,000

8,333,500

Pharmaceuticals - 3.5%

Actavis PLC (a)

75,000

12,600,000

Auxilium Pharmaceuticals, Inc. (a)

90,000

1,866,600

Endo Health Solutions, Inc. (a)

75,000

5,059,500

Jazz Pharmaceuticals PLC (a)

40,000

5,062,400

Merck & Co., Inc.

675,000

33,783,750

Teva Pharmaceutical Industries Ltd. sponsored ADR

200,000

8,016,000

ViroPharma, Inc. (a)

175,000

8,723,750

XenoPort, Inc. (a)

600,000

3,450,000

 

78,562,000

TOTAL HEALTH CARE

272,595,909

INDUSTRIALS - 8.2%

Aerospace & Defense - 1.0%

United Technologies Corp.

200,000

22,760,000

Air Freight & Logistics - 1.7%

C.H. Robinson Worldwide, Inc.

225,000

13,126,500

Expeditors International of Washington, Inc.

75,000

3,318,750

FedEx Corp.

50,000

7,188,500

United Parcel Service, Inc. Class B

150,000

15,762,000

 

39,395,750

Electrical Equipment - 0.8%

AMETEK, Inc.

112,500

5,925,375

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - continued

Babcock & Wilcox Co.

175,000

$ 5,983,250

Roper Industries, Inc.

45,000

6,240,600

 

18,149,225

Industrial Conglomerates - 2.4%

Danaher Corp.

50,000

3,860,000

General Electric Co.

1,850,000

51,855,500

 

55,715,500

Machinery - 0.4%

Stanley Black & Decker, Inc.

100,000

8,069,000

Professional Services - 0.7%

Acacia Research Corp.

640,100

9,307,054

Towers Watson & Co.

50,000

6,380,500

 

15,687,554

Road & Rail - 0.9%

AMERCO

10,000

2,378,400

CSX Corp.

425,000

12,227,250

Hertz Global Holdings, Inc. (a)

175,000

5,008,500

 

19,614,150

Trading Companies & Distributors - 0.3%

United Rentals, Inc. (a)

100,000

7,795,000

TOTAL INDUSTRIALS

187,186,179

INFORMATION TECHNOLOGY - 24.9%

Communications Equipment - 4.0%

Brocade Communications Systems, Inc. (a)

675,000

5,987,250

Cisco Systems, Inc.

2,075,000

46,583,750

Juniper Networks, Inc. (a)

275,000

6,206,750

Nokia Corp. sponsored ADR (a)

1,000,000

8,110,000

QUALCOMM, Inc.

337,500

25,059,375

 

91,947,125

Computers & Peripherals - 3.7%

Apple, Inc.

150,000

84,166,499

Electronic Equipment & Components - 0.2%

Fabrinet (a)

175,000

3,598,000

Internet Software & Services - 3.2%

Facebook, Inc. Class A (a)

225,000

12,298,500

Google, Inc. Class A (a)

45,000

50,431,950

VeriSign, Inc. (a)

150,000

8,967,000

 

71,697,450

IT Services - 7.9%

Cognizant Technology Solutions Corp. Class A (a)

275,000

27,769,500

Fidelity National Information Services, Inc.

125,000

6,710,000

 

Shares

Value

IBM Corp.

325,000

$ 60,960,250

MasterCard, Inc. Class A

37,500

31,329,750

Paychex, Inc.

600,000

27,318,000

Visa, Inc. Class A

110,000

24,494,800

 

178,582,300

Semiconductors & Semiconductor Equipment - 2.3%

Applied Materials, Inc.

900,000

15,921,000

Broadcom Corp. Class A

1,000,000

29,650,000

Samsung Electronics Co. Ltd.

5,000

6,497,902

 

52,068,902

Software - 3.6%

Citrix Systems, Inc. (a)

137,500

8,696,875

Concur Technologies, Inc. (a)

35,000

3,611,300

Electronic Arts, Inc. (a)

150,000

3,441,000

Microsoft Corp.

1,200,000

44,916,000

Nuance Communications, Inc. (a)(d)

525,000

7,980,000

Oracle Corp.

200,000

7,652,000

VMware, Inc. Class A (a)

75,000

6,728,250

 

83,025,425

TOTAL INFORMATION TECHNOLOGY

565,085,701

MATERIALS - 1.3%

Chemicals - 0.2%

Tronox Ltd. Class A

200,000

4,614,000

Metals & Mining - 0.9%

Century Aluminum Co. (a)

375,000

3,922,500

Freeport-McMoRan Copper & Gold, Inc.

325,000

12,265,500

Walter Energy, Inc. (d)

225,000

3,741,750

 

19,929,750

Paper & Forest Products - 0.2%

West Fraser Timber Co. Ltd.

37,500

3,657,331

TOTAL MATERIALS

28,201,081

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 1.0%

Verizon Communications, Inc.

450,000

22,113,000

UTILITIES - 0.3%

Electric Utilities - 0.3%

PPL Corp.

200,000

6,018,000

TOTAL COMMON STOCKS

(Cost $1,740,729,102)


2,192,248,334

Preferred Stocks - 0.7%

Shares

Value

Convertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Leisure Equipment & Products - 0.0%

NJOY, Inc. Series C (g)

65,160

$ 526,493

Nonconvertible Preferred Stocks - 0.7%

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.7%

Volkswagen AG

55,005

15,448,108

TOTAL PREFERRED STOCKS

(Cost $10,384,534)


15,974,601

Convertible Bonds - 0.1%

 

Principal Amount

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

(Cost $2,000,000)

$ 2,000,000


1,892,160

Other - 0.4%

ENERGY - 0.4%

Oil, Gas & Consumable Fuels - 0.4%

EQTY ER Holdings, LLC 12% 1/28/18 (e)(g)(h)

6,666,667

6,666,667

Shares

 

EQTY ER Holdings, LLC (e)(g)(h)

3,333,333

3,333,333

TOTAL OTHER

(Cost $10,000,000)


10,000,000

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

33,817,407

33,817,407

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)

34,958,137

34,958,137

TOTAL MONEY MARKET FUNDS

(Cost $68,775,544)


68,775,544

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $1,831,889,180)


2,288,890,639

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(17,809,103)

NET ASSETS - 100%

$ 2,271,081,536

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(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 $26,596,193 or 1.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

EQTY ER Holdings, LLC 12% 1/28/18

1/29/13

$ 6,666,667

EQTY ER Holdings, LLC

1/29/13

$ 3,333,333

KKR Renaissance Co-Invest LP unit

7/25/13

$ 5,275,000

New Academy Holding Co. LLC unit

8/1/11

$ 6,324,000

NJOY, Inc. Series C

6/7/13

$ 526,688

(h) Investments represent a non-operating interest in oil and gas wells through an entity owned by the fund that is treated as a corporation for U.S. tax purposes.

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

$ 14,973

Fidelity Securities Lending Cash Central Fund

102,125

Total

$ 117,098

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

EQTY ER Holdings, LLC 12% 1/28/18

$ 6,666,667

$ -

$ -

$ -

$ 6,666,667

EQTY ER Holdings, LLC

3,333,333

-

-

-

3,333,333

Total

$ 10,000,000

$ -

$ -

$ -

$ 10,000,000

Other Information

The following is a summary of the inputs used, as of December 31, 2013, 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 tables 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

$ 186,706,980

$ 167,239,302

$ 7,926,985

$ 11,540,693

Consumer Staples

227,836,300

227,836,300

-

-

Energy

315,660,369

315,660,369

-

-

Financials

396,819,416

391,763,916

-

5,055,500

Health Care

272,595,909

267,784,528

4,811,381

-

Industrials

187,186,179

187,186,179

-

-

Information Technology

565,085,701

565,085,701

-

-

Materials

28,201,081

28,201,081

-

-

Telecommunication Services

22,113,000

22,113,000

-

-

Utilities

6,018,000

6,018,000

-

-

Other/Energy

10,000,000

-

-

10,000,000

Corporate Bonds

1,892,160

-

1,892,160

-

Money Market Funds

68,775,544

68,775,544

-

-

Total Investments in Securities:

$ 2,288,890,639

$ 2,247,663,920

$ 14,630,526

$ 26,596,193

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Beginning Balance

$ 26,049,893

Net Realized Gain (Loss) on Investment Securities

-

Net Unrealized Gain (Loss) on Investment Securities

546,300

Cost of Purchases

-

Proceeds of Sales

-

Investments in Securities:

Amortization/Accretion

$ -

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 26,596,193

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2013

$ 546,300

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At December 31, 2013, the cost of investment securities for income tax purposes was $1,840,715,105. Net unrealized appreciation aggregated $448,175,534, of which $507,366,016 related to appreciated investment securities and $59,190,482 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 vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 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 may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. For equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following provides provides information on L3 securities held by the Fund that were valued at period end based on unobservable inputs. Those amounts exclude valuations provided by broker.

Asset Type

Fair Value at
12/31/13

Valuation
Technique(s)

Unobservable Input

Amount or Range /
Weighted Average

Impact to
Valuation from an Increase in Input*

Common Stock

$ 16,069,700

Discounted cash flow

Discount rate

20.0%

Decrease

 

 

Market comparable

EV/EBITDA multiple

9.0 - 9.4/9.1

Increase

 Other/Energy

$ 10,000,000

Market comparable

Transaction price

$ 1.00

Increase

Preferred Stocks

$ 526,493

Market comparable

Transaction price

$ 8.08

Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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

December 31, 2013 

1.811319.109

DESIO-QTLY-0214

Investments December 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Automobiles - 0.3%

Ford Motor Co.

150,000

$ 2,314,500

Tesla Motors, Inc. (a)

25,000

3,759,500

 

6,074,000

Hotels, Restaurants & Leisure - 2.0%

McDonald's Corp.

200,000

19,406,000

Texas Roadhouse, Inc. Class A

175,000

4,865,000

Yum! Brands, Inc.

275,000

20,792,750

 

45,063,750

Leisure Equipment & Products - 0.7%

Brunswick Corp.

100,000

4,606,000

New Academy Holding Co. LLC unit (f)(g)

60,000

11,014,200

 

15,620,200

Media - 2.0%

Comcast Corp. Class A (special) (non-vtg.)

700,000

34,916,000

Sinclair Broadcast Group, Inc. Class A

75,000

2,679,750

Smiles SA

225,000

3,126,435

Time Warner, Inc.

75,000

5,229,000

 

45,951,185

Multiline Retail - 1.5%

Kohl's Corp.

150,000

8,512,500

Target Corp.

400,000

25,308,000

 

33,820,500

Specialty Retail - 0.5%

Abercrombie & Fitch Co. Class A

75,000

2,468,250

Citi Trends, Inc. (a)

16,450

279,650

Staples, Inc.

325,000

5,164,250

World Duty Free SpA (a)

300,000

3,772,169

 

11,684,319

Textiles, Apparel & Luxury Goods - 0.5%

Arezzo Industria e Comercio SA

377,300

4,800,550

Coach, Inc.

137,500

7,717,875

 

12,518,425

TOTAL CONSUMER DISCRETIONARY

170,732,379

CONSUMER STAPLES - 10.0%

Beverages - 2.7%

Molson Coors Brewing Co. Class B

250,000

14,037,500

PepsiCo, Inc.

245,000

20,320,300

The Coca-Cola Co.

650,000

26,851,500

 

61,209,300

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

350,000

25,049,500

Kroger Co.

300,000

11,859,000

Walgreen Co.

375,000

21,540,000

 

58,448,500

 

Shares

Value

Food Products - 0.7%

Kellogg Co.

225,000

$ 13,740,750

Mead Johnson Nutrition Co. Class A

25,000

2,094,000

 

15,834,750

Household Products - 2.0%

Energizer Holdings, Inc.

100,000

10,824,000

Procter & Gamble Co.

425,000

34,599,250

 

45,423,250

Tobacco - 2.0%

British American Tobacco PLC sponsored ADR

150,000

16,113,000

Lorillard, Inc.

350,000

17,738,000

Philip Morris International, Inc.

150,000

13,069,500

 

46,920,500

TOTAL CONSUMER STAPLES

227,836,300

ENERGY - 13.9%

Energy Equipment & Services - 3.2%

Halliburton Co.

137,403

6,973,202

Helmerich & Payne, Inc.

125,000

10,510,000

McDermott International, Inc. (a)

275,000

2,519,000

National Oilwell Varco, Inc.

237,500

18,888,375

Noble Corp.

250,000

9,367,500

Schlumberger Ltd.

225,000

20,274,750

Trinidad Drilling Ltd.

400,000

3,709,108

 

72,241,935

Oil, Gas & Consumable Fuels - 10.7%

Amyris, Inc. (a)(d)

1,000,000

5,290,000

Antero Resources Corp.

10,300

653,432

Apache Corp.

255,000

21,914,700

Canadian Natural Resources Ltd.

675,000

22,837,844

Chevron Corp.

325,000

40,595,750

Clean Energy Fuels Corp. (a)(d)

275,000

3,542,000

ConocoPhillips Co.

75,000

5,298,750

CONSOL Energy, Inc.

475,000

18,069,000

Exxon Mobil Corp.

225,000

22,770,000

HollyFrontier Corp.

87,500

4,347,875

Occidental Petroleum Corp.

250,000

23,775,000

Peabody Energy Corp.

500,000

9,765,000

Royal Dutch Shell PLC Class A sponsored ADR

225,000

16,035,750

Scorpio Tankers, Inc.

234,900

2,769,471

Suncor Energy, Inc.

700,000

24,540,362

The Williams Companies, Inc.

550,000

21,213,500

 

243,418,434

TOTAL ENERGY

315,660,369

FINANCIALS - 17.5%

Capital Markets - 3.9%

Ashmore Group PLC

950,000

6,313,061

Invesco Ltd.

100,000

3,640,000

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

KKR & Co. LP

700,000

$ 17,038,000

LPL Financial

100,000

4,703,000

Morgan Stanley

950,000

29,792,000

The Blackstone Group LP

850,000

26,775,000

 

88,261,061

Commercial Banks - 3.7%

CIT Group, Inc.

225,000

11,729,250

Standard Chartered PLC (United Kingdom)

250,000

5,630,230

U.S. Bancorp

100,000

4,040,000

Wells Fargo & Co.

1,400,000

63,560,000

 

84,959,480

Consumer Finance - 0.3%

Springleaf Holdings, Inc.

300,000

7,584,000

Diversified Financial Services - 5.4%

Bank of America Corp.

950,000

14,791,500

Citigroup, Inc.

250,000

13,027,500

JPMorgan Chase & Co.

1,050,000

61,404,000

KKR Financial Holdings LLC

2,250,000

27,427,500

KKR Renaissance Co-Invest LP unit (g)

50,000

5,055,500

 

121,706,000

Insurance - 2.7%

Allied World Assurance Co. Holdings Ltd.

37,702

4,253,163

MetLife, Inc.

650,000

35,048,000

The Chubb Corp.

100,000

9,663,000

The Travelers Companies, Inc.

125,000

11,317,500

 

60,281,663

Real Estate Investment Trusts - 0.3%

American Capital Agency Corp.

300,000

5,787,000

Thrifts & Mortgage Finance - 1.2%

Radian Group, Inc. (d)

2,000,015

28,240,212

TOTAL FINANCIALS

396,819,416

HEALTH CARE - 12.0%

Biotechnology - 1.9%

Achillion Pharmaceuticals, Inc. (a)

300,000

996,000

Alnylam Pharmaceuticals, Inc. (a)

35,000

2,251,550

Amgen, Inc.

187,500

21,405,000

Dyax Corp. (a)

275,000

2,070,750

Genmab A/S (a)

50,000

1,954,728

Gentium SpA sponsored ADR (a)

148,294

8,467,587

KYTHERA Biopharmaceuticals, Inc. (a)

45,300

1,687,425

MEI Pharma, Inc. (a)

450,000

3,604,500

 

42,437,540

Health Care Equipment & Supplies - 0.9%

Align Technology, Inc. (a)

125,000

7,143,750

Edwards Lifesciences Corp. (a)

25,000

1,644,000

 

Shares

Value

Haemonetics Corp. (a)

125,000

$ 5,266,250

Hologic, Inc. (a)

200,000

4,470,000

NxStage Medical, Inc. (a)

300,000

3,000,000

 

21,524,000

Health Care Providers & Services - 4.5%

Aetna, Inc.

137,500

9,431,125

Cardinal Health, Inc.

100,000

6,681,000

Catamaran Corp. (a)

200,000

9,498,706

Express Scripts Holding Co. (a)

150,000

10,536,000

HCA Holdings, Inc.

250,000

11,927,500

Laboratory Corp. of America Holdings (a)

62,500

5,710,625

McKesson Corp.

90,000

14,526,000

MEDNAX, Inc. (a)

100,000

5,338,000

MWI Veterinary Supply, Inc. (a)

24,800

4,230,632

Qualicorp SA (a)

500,000

4,811,381

Quest Diagnostics, Inc.

35,000

1,873,900

UnitedHealth Group, Inc.

250,000

18,825,000

 

103,389,869

Health Care Technology - 0.8%

Allscripts Healthcare Solutions, Inc. (a)

325,000

5,024,500

HMS Holdings Corp. (a)

150,000

3,409,500

MedAssets, Inc. (a)

500,000

9,915,000

 

18,349,000

Life Sciences Tools & Services - 0.4%

QIAGEN NV (a)(d)

350,000

8,333,500

Pharmaceuticals - 3.5%

Actavis PLC (a)

75,000

12,600,000

Auxilium Pharmaceuticals, Inc. (a)

90,000

1,866,600

Endo Health Solutions, Inc. (a)

75,000

5,059,500

Jazz Pharmaceuticals PLC (a)

40,000

5,062,400

Merck & Co., Inc.

675,000

33,783,750

Teva Pharmaceutical Industries Ltd. sponsored ADR

200,000

8,016,000

ViroPharma, Inc. (a)

175,000

8,723,750

XenoPort, Inc. (a)

600,000

3,450,000

 

78,562,000

TOTAL HEALTH CARE

272,595,909

INDUSTRIALS - 8.2%

Aerospace & Defense - 1.0%

United Technologies Corp.

200,000

22,760,000

Air Freight & Logistics - 1.7%

C.H. Robinson Worldwide, Inc.

225,000

13,126,500

Expeditors International of Washington, Inc.

75,000

3,318,750

FedEx Corp.

50,000

7,188,500

United Parcel Service, Inc. Class B

150,000

15,762,000

 

39,395,750

Electrical Equipment - 0.8%

AMETEK, Inc.

112,500

5,925,375

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - continued

Babcock & Wilcox Co.

175,000

$ 5,983,250

Roper Industries, Inc.

45,000

6,240,600

 

18,149,225

Industrial Conglomerates - 2.4%

Danaher Corp.

50,000

3,860,000

General Electric Co.

1,850,000

51,855,500

 

55,715,500

Machinery - 0.4%

Stanley Black & Decker, Inc.

100,000

8,069,000

Professional Services - 0.7%

Acacia Research Corp.

640,100

9,307,054

Towers Watson & Co.

50,000

6,380,500

 

15,687,554

Road & Rail - 0.9%

AMERCO

10,000

2,378,400

CSX Corp.

425,000

12,227,250

Hertz Global Holdings, Inc. (a)

175,000

5,008,500

 

19,614,150

Trading Companies & Distributors - 0.3%

United Rentals, Inc. (a)

100,000

7,795,000

TOTAL INDUSTRIALS

187,186,179

INFORMATION TECHNOLOGY - 24.9%

Communications Equipment - 4.0%

Brocade Communications Systems, Inc. (a)

675,000

5,987,250

Cisco Systems, Inc.

2,075,000

46,583,750

Juniper Networks, Inc. (a)

275,000

6,206,750

Nokia Corp. sponsored ADR (a)

1,000,000

8,110,000

QUALCOMM, Inc.

337,500

25,059,375

 

91,947,125

Computers & Peripherals - 3.7%

Apple, Inc.

150,000

84,166,499

Electronic Equipment & Components - 0.2%

Fabrinet (a)

175,000

3,598,000

Internet Software & Services - 3.2%

Facebook, Inc. Class A (a)

225,000

12,298,500

Google, Inc. Class A (a)

45,000

50,431,950

VeriSign, Inc. (a)

150,000

8,967,000

 

71,697,450

IT Services - 7.9%

Cognizant Technology Solutions Corp. Class A (a)

275,000

27,769,500

Fidelity National Information Services, Inc.

125,000

6,710,000

 

Shares

Value

IBM Corp.

325,000

$ 60,960,250

MasterCard, Inc. Class A

37,500

31,329,750

Paychex, Inc.

600,000

27,318,000

Visa, Inc. Class A

110,000

24,494,800

 

178,582,300

Semiconductors & Semiconductor Equipment - 2.3%

Applied Materials, Inc.

900,000

15,921,000

Broadcom Corp. Class A

1,000,000

29,650,000

Samsung Electronics Co. Ltd.

5,000

6,497,902

 

52,068,902

Software - 3.6%

Citrix Systems, Inc. (a)

137,500

8,696,875

Concur Technologies, Inc. (a)

35,000

3,611,300

Electronic Arts, Inc. (a)

150,000

3,441,000

Microsoft Corp.

1,200,000

44,916,000

Nuance Communications, Inc. (a)(d)

525,000

7,980,000

Oracle Corp.

200,000

7,652,000

VMware, Inc. Class A (a)

75,000

6,728,250

 

83,025,425

TOTAL INFORMATION TECHNOLOGY

565,085,701

MATERIALS - 1.3%

Chemicals - 0.2%

Tronox Ltd. Class A

200,000

4,614,000

Metals & Mining - 0.9%

Century Aluminum Co. (a)

375,000

3,922,500

Freeport-McMoRan Copper & Gold, Inc.

325,000

12,265,500

Walter Energy, Inc. (d)

225,000

3,741,750

 

19,929,750

Paper & Forest Products - 0.2%

West Fraser Timber Co. Ltd.

37,500

3,657,331

TOTAL MATERIALS

28,201,081

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 1.0%

Verizon Communications, Inc.

450,000

22,113,000

UTILITIES - 0.3%

Electric Utilities - 0.3%

PPL Corp.

200,000

6,018,000

TOTAL COMMON STOCKS

(Cost $1,740,729,102)


2,192,248,334

Preferred Stocks - 0.7%

Shares

Value

Convertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Leisure Equipment & Products - 0.0%

NJOY, Inc. Series C (g)

65,160

$ 526,493

Nonconvertible Preferred Stocks - 0.7%

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.7%

Volkswagen AG

55,005

15,448,108

TOTAL PREFERRED STOCKS

(Cost $10,384,534)


15,974,601

Convertible Bonds - 0.1%

 

Principal Amount

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

(Cost $2,000,000)

$ 2,000,000


1,892,160

Other - 0.4%

ENERGY - 0.4%

Oil, Gas & Consumable Fuels - 0.4%

EQTY ER Holdings, LLC 12% 1/28/18 (e)(g)(h)

6,666,667

6,666,667

Shares

 

EQTY ER Holdings, LLC (e)(g)(h)

3,333,333

3,333,333

TOTAL OTHER

(Cost $10,000,000)


10,000,000

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.11% (b)

33,817,407

33,817,407

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)

34,958,137

34,958,137

TOTAL MONEY MARKET FUNDS

(Cost $68,775,544)


68,775,544

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $1,831,889,180)


2,288,890,639

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(17,809,103)

NET ASSETS - 100%

$ 2,271,081,536

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(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 $26,596,193 or 1.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

EQTY ER Holdings, LLC 12% 1/28/18

1/29/13

$ 6,666,667

EQTY ER Holdings, LLC

1/29/13

$ 3,333,333

KKR Renaissance Co-Invest LP unit

7/25/13

$ 5,275,000

New Academy Holding Co. LLC unit

8/1/11

$ 6,324,000

NJOY, Inc. Series C

6/7/13

$ 526,688

(h) Investments represent a non-operating interest in oil and gas wells through an entity owned by the fund that is treated as a corporation for U.S. tax purposes.

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

$ 14,973

Fidelity Securities Lending Cash Central Fund

102,125

Total

$ 117,098

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

EQTY ER Holdings, LLC 12% 1/28/18

$ 6,666,667

$ -

$ -

$ -

$ 6,666,667

EQTY ER Holdings, LLC

3,333,333

-

-

-

3,333,333

Total

$ 10,000,000

$ -

$ -

$ -

$ 10,000,000

Other Information

The following is a summary of the inputs used, as of December 31, 2013, 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 tables 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

$ 186,706,980

$ 167,239,302

$ 7,926,985

$ 11,540,693

Consumer Staples

227,836,300

227,836,300

-

-

Energy

315,660,369

315,660,369

-

-

Financials

396,819,416

391,763,916

-

5,055,500

Health Care

272,595,909

267,784,528

4,811,381

-

Industrials

187,186,179

187,186,179

-

-

Information Technology

565,085,701

565,085,701

-

-

Materials

28,201,081

28,201,081

-

-

Telecommunication Services

22,113,000

22,113,000

-

-

Utilities

6,018,000

6,018,000

-

-

Other/Energy

10,000,000

-

-

10,000,000

Corporate Bonds

1,892,160

-

1,892,160

-

Money Market Funds

68,775,544

68,775,544

-

-

Total Investments in Securities:

$ 2,288,890,639

$ 2,247,663,920

$ 14,630,526

$ 26,596,193

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Beginning Balance

$ 26,049,893

Net Realized Gain (Loss) on Investment Securities

-

Net Unrealized Gain (Loss) on Investment Securities

546,300

Cost of Purchases

-

Proceeds of Sales

-

Investments in Securities:

Amortization/Accretion

$ -

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 26,596,193

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2013

$ 546,300

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At December 31, 2013, the cost of investment securities for income tax purposes was $1,840,715,105. Net unrealized appreciation aggregated $448,175,534, of which $507,366,016 related to appreciated investment securities and $59,190,482 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 vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 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 may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. For equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following provides provides information on L3 securities held by the Fund that were valued at period end based on unobservable inputs. Those amounts exclude valuations provided by broker.

Asset Type

Fair Value at
12/31/13

Valuation
Technique(s)

Unobservable Input

Amount or Range /
Weighted Average

Impact to
Valuation from an Increase in Input*

Common Stock

$ 16,069,700

Discounted cash flow

Discount rate

20.0%

Decrease

 

 

Market comparable

EV/EBITDA multiple

9.0 - 9.4/9.1

Increase

 Other/Energy

$ 10,000,000

Market comparable

Transaction price

$ 1.00

Increase

Preferred Stocks

$ 526,493

Market comparable

Transaction price

$ 8.08

Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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:

February 28, 2014

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:

February 28, 2014

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

February 28, 2014