To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended September 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class O	22.87%	9.94%	11.45%
Class A (incl. 5.75% sales charge)	15.41%	8.26%	10.41%
Class M (incl. 3.50% sales charge)	17.76%	8.40%	10.26%
Class C (incl. contingent deferred sales charge)	20.38%	8.56%	10.25%
Class I	22.70%	9.77%	11.29%
Class Z	22.85%	9.90%	11.42%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Diversified Stock Fund - Class A, a class of the fund, on September 30, 2013, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 21.62% for the 12 months ending September 30, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped-down 25 basis points. The year-to-date rally sputtered in August amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and concern that the Fed will keep interest rates higher for longer than expected. These factors slowed the advance of richly valued tech stocks and seemed to lower the odds of an economic "soft landing." The S&P 500® closed at its 2023 high on July 31 before returning -6.28% in the final two months of Q3. Still, U.S. stocks ended September up 13.07% year to date. By sector for the full 12 months, tech (+43%) and communications services (+38%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-7%) and real estate (-1%).

Comments from Portfolio Manager Daniel Kelley:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 21% to 23%, versus 21.62% for the benchmark S&P 500® index. Relative to the benchmark, security selection was the primary contributor, especially within the industrials, and communication services sectors. Stock picks and an overweight in energy also boosted relative performance. The top individual contributor was an overweight in Nvidia (+230%), which we established this period. Nvidia was the fund's No. 2 holding as of September 30. A second notable relative contributor was a non-benchmark stake in Uber Technologies (+73%). An overweight in Meta Platforms (+120%) also helped performance versus the benchmark. We increased our stake in Meta Platforms, which was among the fund's largest holdings on September 30. In contrast, the biggest detractors from relative performance were stock picks and an underweight in information technology. An overweight on average in financials also hampered the fund's result, as did positioning in materials. In addition, the fund's cash position hurt in a rising market. The biggest individual relative detractor was untimely positioning in Amazon.com (+12%), one of our largest holdings. The second-largest relative detractor was an overweight in UnitedHealth Group (+1%). We reduced our investment during the period. Not owning Broadcom, a benchmark component that gained 92%, was another relative detractor. Notable changes in positioning include lower exposure to the consumer staples and health care sectors and higher allocations to information technology, industrials and communication services.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Consolidated Investment Summary September 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	9.4
NVIDIA Corp.	5.6
Alphabet, Inc. Class C	5.4
Meta Platforms, Inc. Class A	3.6
Amazon.com, Inc.	3.4
Eaton Corp. PLC	3.1
MasterCard, Inc. Class A	2.7
Apple, Inc.	2.4
Eli Lilly & Co.	2.1
Marvell Technology, Inc.	1.8
	39.5

Market Sectors (% of Fund's net assets)

Information Technology	30.3
Industrials	13.7
Health Care	12.1
Financials	11.3
Communication Services	11.0
Consumer Discretionary	9.4
Energy	5.7
Materials	3.7
Consumer Staples	1.9

Asset Allocation (% of Fund's net assets)

Consolidated Schedule of Investments September 30, 2023

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.8%
Entertainment - 0.9%
Electronic Arts, Inc.	10,367	1,248,187
Netflix, Inc. (a)	51,800	19,559,680
Spotify Technology SA (a)	7,900	1,221,656
Universal Music Group NV	108,700	2,836,655
		24,866,178
Interactive Media & Services - 9.0%
Alphabet, Inc. Class C (a)	1,082,360	142,709,166
Meta Platforms, Inc. Class A (a)	319,031	95,776,297
		238,485,463
Media - 0.9%
Comcast Corp. Class A	528,700	23,442,558
TOTAL COMMUNICATION SERVICES		286,794,199
CONSUMER DISCRETIONARY - 9.4%
Automobile Components - 0.1%
Aptiv PLC (a)	25,700	2,533,763
Automobiles - 0.0%
Li Auto, Inc. ADR (a)	13,800	491,970
Broadline Retail - 3.4%
Amazon.com, Inc. (a)	697,600	88,678,912
Global-e Online Ltd. (a)(b)	28,500	1,132,590
		89,811,502
Hotels, Restaurants & Leisure - 2.3%
Airbnb, Inc. Class A (a)	86,200	11,827,502
Caesars Entertainment, Inc. (a)	69,700	3,230,595
Compass Group PLC	73,105	1,779,492
Domino's Pizza, Inc.	21,300	8,068,227
Flutter Entertainment PLC (a)	35,100	5,734,336
Hilton Worldwide Holdings, Inc.	118,584	17,808,945
Marriott International, Inc. Class A	38,021	7,473,408
McDonald's Corp.	21,400	5,637,616
		61,560,121
Household Durables - 0.2%
Chervon Holdings Ltd.	216,700	648,914
D.R. Horton, Inc.	38,200	4,105,354
		4,754,268
Specialty Retail - 2.5%
Abercrombie & Fitch Co. Class A (a)	20,000	1,127,400
Lowe's Companies, Inc.	105,800	21,989,472
Revolve Group, Inc. (a)	25,900	352,499
RH (a)	12,200	3,225,192
TJX Companies, Inc.	431,440	38,346,387
		65,040,950
Textiles, Apparel & Luxury Goods - 0.9%
Brunello Cucinelli SpA	205,300	15,638,699
Moncler SpA	13,867	807,522
NIKE, Inc. Class B	23,000	2,199,260
On Holding AG (a)	6,700	186,394
Ralph Lauren Corp.	41,400	4,806,126
Tapestry, Inc.	26,100	750,375
Tory Burch LLC (a)(c)(d)(e)	28,846	893,929
		25,282,305
TOTAL CONSUMER DISCRETIONARY		249,474,879
CONSUMER STAPLES - 1.9%
Beverages - 1.0%
Boston Beer Co., Inc. Class A (a)	10,703	4,169,140
Monster Beverage Corp.	438,780	23,233,401
		27,402,541
Consumer Staples Distribution & Retail - 0.1%
Dollar Tree, Inc. (a)	12,600	1,341,270
Performance Food Group Co. (a)	22,200	1,306,692
		2,647,962
Household Products - 0.4%
The Clorox Co.	91,400	11,978,884
Personal Care Products - 0.4%
Estee Lauder Companies, Inc. Class A	29,500	4,264,225
Kenvue, Inc.	260,400	5,228,832
		9,493,057
TOTAL CONSUMER STAPLES		51,522,444
ENERGY - 5.7%
Energy Equipment & Services - 3.2%
Baker Hughes Co. Class A	711,200	25,119,584
Expro Group Holdings NV (a)	45,000	1,045,350
NOV, Inc.	666,700	13,934,030
Schlumberger Ltd.	552,800	32,228,240
Seadrill Ltd. (a)	8,000	358,320
TechnipFMC PLC	607,200	12,350,448
Weatherford International PLC (a)	7,500	677,475
		85,713,447
Oil, Gas & Consumable Fuels - 2.5%
Antero Resources Corp. (a)	93,879	2,382,649
Exxon Mobil Corp.	207,634	24,413,606
Hess Corp.	186,495	28,533,735
Range Resources Corp.	286,465	9,284,331
		64,614,321
TOTAL ENERGY		150,327,768
FINANCIALS - 11.3%
Banks - 0.7%
JPMorgan Chase & Co.	97,400	14,124,948
Starling Bank Ltd. Series D (a)(d)(e)	879,300	3,572,537
		17,697,485
Capital Markets - 4.0%
Ares Management Corp.	211,600	21,767,292
BlackRock, Inc. Class A	21,400	13,834,886
Cboe Global Markets, Inc.	57,600	8,997,696
CME Group, Inc.	41,100	8,229,042
Deutsche Borse AG	23,700	4,092,914
Goldman Sachs Group, Inc.	21,400	6,924,398
Intercontinental Exchange, Inc.	114,100	12,553,282
KKR & Co. LP	83,700	5,155,920
London Stock Exchange Group PLC	17,900	1,794,044
Moody's Corp.	11,000	3,477,870
Morgan Stanley	202,700	16,554,509
Raymond James Financial, Inc.	19,400	1,948,342
		105,330,195
Consumer Finance - 0.2%
American Express Co.	29,600	4,416,024
Capital One Financial Corp.	22,700	2,203,035
		6,619,059
Financial Services - 4.2%
Berkshire Hathaway, Inc. Class B (a)	36,345	12,731,654
Block, Inc. Class A (a)	33,500	1,482,710
MasterCard, Inc. Class A	180,259	71,366,341
Toast, Inc. (a)	69,600	1,303,608
Visa, Inc. Class A	100,300	23,070,003
		109,954,316
Insurance - 2.2%
Arthur J. Gallagher & Co.	74,754	17,038,679
Chubb Ltd.	56,000	11,658,080
Globe Life, Inc.	33,100	3,598,963
Hartford Financial Services Group, Inc.	33,300	2,361,303
Marsh & McLennan Companies, Inc.	70,400	13,397,120
The Travelers Companies, Inc.	61,442	10,034,093
		58,088,238
TOTAL FINANCIALS		297,689,293
HEALTH CARE - 12.1%
Biotechnology - 2.3%
Argenx SE ADR (a)	15,433	7,587,326
Exact Sciences Corp. (a)	142,500	9,721,350
Karuna Therapeutics, Inc. (a)	9,300	1,572,537
Legend Biotech Corp. ADR (a)	134,800	9,054,516
Moderna, Inc. (a)	40,000	4,131,600
Nuvalent, Inc. Class A (a)	17,800	818,266
Prothena Corp. PLC (a)	22,200	1,071,150
Regeneron Pharmaceuticals, Inc. (a)	17,355	14,282,471
Vertex Pharmaceuticals, Inc. (a)	33,900	11,788,386
		60,027,602
Health Care Equipment & Supplies - 3.3%
Baxter International, Inc.	27,100	1,022,754
Boston Scientific Corp. (a)	906,437	47,859,874
Glaukos Corp. (a)	24,700	1,858,675
Intuitive Surgical, Inc. (a)	28,300	8,271,807
Stryker Corp.	100,949	27,586,333
		86,599,443
Health Care Providers & Services - 2.8%
agilon health, Inc. (a)	571,347	10,147,123
Cardinal Health, Inc.	20,900	1,814,538
Cigna Group	16,300	4,662,941
CVS Health Corp.	138,700	9,684,034
UnitedHealth Group, Inc.	96,208	48,507,112
		74,815,748
Health Care Technology - 0.2%
Evolent Health, Inc. (d)	145,500	3,763,867
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	28,700	3,209,234
Thermo Fisher Scientific, Inc.	5,933	3,003,107
		6,212,341
Pharmaceuticals - 3.3%
AstraZeneca PLC sponsored ADR	15,400	1,042,888
Eli Lilly & Co.	104,738	56,257,922
Merck & Co., Inc.	235,000	24,193,250
Novo Nordisk A/S Series B	62,600	5,699,809
		87,193,869
TOTAL HEALTH CARE		318,612,870
INDUSTRIALS - 13.7%
Aerospace & Defense - 3.0%
BWX Technologies, Inc.	4,000	299,920
Howmet Aerospace, Inc.	204,400	9,453,500
Lockheed Martin Corp.	45,000	18,403,200
The Boeing Co. (a)	244,303	46,827,999
TransDigm Group, Inc. (a)	6,100	5,143,093
		80,127,712
Air Freight & Logistics - 0.2%
FedEx Corp.	19,000	5,033,480
Building Products - 1.3%
Fortune Brands Home & Security, Inc.	61,400	3,816,624
Johnson Controls International PLC	82,000	4,363,220
Trane Technologies PLC	122,249	24,805,545
		32,985,389
Commercial Services & Supplies - 0.4%
Cintas Corp.	17,610	8,470,586
Copart, Inc.	10,400	448,136
Republic Services, Inc.	5,600	798,056
		9,716,778
Construction & Engineering - 0.3%
Fluor Corp. (a)	192,900	7,079,430
Electrical Equipment - 3.9%
Eaton Corp. PLC	379,300	80,897,104
Hubbell, Inc. Class B	25,100	7,866,591
Prysmian SpA	89,400	3,605,867
Regal Rexnord Corp.	7,700	1,100,176
Vertiv Holdings Co.	251,800	9,366,960
		102,836,698
Ground Transportation - 1.5%
Lyft, Inc. (a)	238,300	2,511,682
Uber Technologies, Inc. (a)	807,472	37,135,637
		39,647,319
Industrial Conglomerates - 1.3%
General Electric Co.	309,000	34,159,950
Machinery - 1.3%
Caterpillar, Inc.	106,200	28,992,600
PACCAR, Inc.	13,800	1,173,276
Parker Hannifin Corp.	5,200	2,025,504
Pentair PLC	42,600	2,758,350
		34,949,730
Passenger Airlines - 0.2%
Copa Holdings SA Class A	49,100	4,375,792
Delta Air Lines, Inc.	48,700	1,801,900
		6,177,692
Professional Services - 0.1%
Equifax, Inc.	20,900	3,828,462
Trading Companies & Distributors - 0.2%
Applied Industrial Technologies, Inc.	5,100	788,511
W.W. Grainger, Inc.	5,800	4,012,672
		4,801,183
TOTAL INDUSTRIALS		361,343,823
INFORMATION TECHNOLOGY - 30.0%
Electronic Equipment, Instruments & Components - 1.1%
Amphenol Corp. Class A	147,300	12,371,727
Flex Ltd. (a)	199,300	5,377,114
Jabil, Inc.	83,300	10,569,937
		28,318,778
IT Services - 2.2%
Accenture PLC Class A	62,223	19,109,306
Shopify, Inc. Class A (a)	616,100	33,620,577
Snowflake, Inc. (a)	35,000	5,346,950
X Holdings Corp. Class A (d)(e)	22,870	807,768
		58,884,601
Semiconductors & Semiconductor Equipment - 11.2%
Advanced Micro Devices, Inc. (a)	17,200	1,768,504
Analog Devices, Inc.	130,800	22,901,772
Applied Materials, Inc.	35,800	4,956,510
ASML Holding NV (depository receipt)	14,800	8,712,168
GlobalFoundries, Inc. (a)	156,400	9,100,916
Lam Research Corp.	8,601	5,390,849
Lattice Semiconductor Corp. (a)	34,500	2,964,585
Marvell Technology, Inc.	899,948	48,714,185
Monolithic Power Systems, Inc.	9,300	4,296,600
NVIDIA Corp.	341,800	148,679,582
NXP Semiconductors NV	54,200	10,835,664
ON Semiconductor Corp. (a)	100,800	9,369,360
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	154,400	13,417,360
Universal Display Corp.	40,834	6,410,530
		297,518,585
Software - 13.1%
Adobe, Inc. (a)	31,219	15,918,568
Autodesk, Inc. (a)	12,300	2,544,993
Confluent, Inc. (a)	38,100	1,128,141
Dynatrace, Inc. (a)	318,036	14,861,822
Fair Isaac Corp. (a)	3,700	3,213,561
HubSpot, Inc. (a)	8,200	4,038,500
Intuit, Inc.	2,500	1,277,350
Microsoft Corp.	788,113	248,846,675
Oracle Corp.	180,300	19,097,376
Salesforce, Inc. (a)	68,895	13,970,528
Synopsys, Inc. (a)	22,800	10,464,516
Tenable Holdings, Inc. (a)	14,709	658,963
UiPath, Inc. Class A (a)	48,400	828,124
Workday, Inc. Class A (a)	38,600	8,293,210
		345,142,327
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.	364,655	62,432,583
Samsung Electronics Co. Ltd.	15,000	756,566
		63,189,149
TOTAL INFORMATION TECHNOLOGY		793,053,440
MATERIALS - 3.7%
Chemicals - 2.8%
Linde PLC	108,600	40,437,210
Sherwin-Williams Co.	127,666	32,561,213
		72,998,423
Construction Materials - 0.2%
Martin Marietta Materials, Inc.	9,200	3,776,416
Containers & Packaging - 0.1%
Aptargroup, Inc.	2,100	262,584
Ball Corp.	60,900	3,031,602
		3,294,186
Metals & Mining - 0.6%
First Quantum Minerals Ltd.	185,100	4,373,171
Franco-Nevada Corp.	4,111	548,829
Freeport-McMoRan, Inc.	11,900	443,751
Newcrest Mining Ltd.	179,500	2,829,842
Newmont Corp.	191,000	7,057,450
Wheaton Precious Metals Corp.	34,900	1,416,299
		16,669,342
TOTAL MATERIALS		96,738,367
TOTAL COMMON STOCKS (Cost $1,879,176,453)		2,605,557,083

Convertible Preferred Stocks - 0.5%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.2%
Interactive Media & Services - 0.2%
ByteDance Ltd. Series E1 (a)(d)(e)	17,226	4,024,855
Reddit, Inc. Series E (a)(d)(e)	3,500	115,465
		4,140,320
INFORMATION TECHNOLOGY - 0.3%
IT Services - 0.1%
Yanka Industries, Inc.:
Series E (a)(d)(e)	165,574	1,129,215
Series F (a)(d)(e)	265,105	1,808,016
		2,937,231
Software - 0.2%
Evozyne, Inc. Series A (a)(d)(e)	20,000	294,600
Moloco, Inc. Series A (d)(e)	100,208	6,012,480
		6,307,080
TOTAL INFORMATION TECHNOLOGY		9,244,311
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $18,948,765)		13,384,631

Money Market Funds - 1.8%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (f)	46,923,087	46,932,472
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)	1,132,276	1,132,389
TOTAL MONEY MARKET FUNDS (Cost $48,064,861)		48,064,861

TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $1,946,190,079)	2,667,006,575
NET OTHER ASSETS (LIABILITIES) - (0.9)%	(23,535,146)
NET ASSETS - 100.0%	2,643,471,429

Legend

(a)	Non-income producing

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

(c)	Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(d)	Restricted securities (including private placements) - 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 $22,422,732 or 0.8% of net assets.

(e)	Level 3 security

(f)

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
ByteDance Ltd. Series E1	11/18/20	1,887,525

Evolent Health, Inc.	3/28/23	4,219,500

Evozyne, Inc. Series A	4/09/21	449,400

Moloco, Inc. Series A	6/26/23	6,012,480

Reddit, Inc. Series E	5/18/21	148,660

Starling Bank Ltd. Series D	6/18/21 - 4/05/22	1,694,172

Tory Burch LLC	5/14/15	2,039,212

X Holdings Corp. Class A	10/25/22	2,287,000

Yanka Industries, Inc. Series E	5/15/20	2,000,001

Yanka Industries, Inc. Series F	4/08/21	8,450,699

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	73,108,960	465,224,278	491,400,766	2,439,097	-	-	46,932,472	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	2,193,014	111,476,464	112,537,089	39,860	-	-	1,132,389	0.0%
Total	75,301,974	576,700,742	603,937,855	2,478,957	-	-	48,064,861

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2023, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	290,934,519	283,957,544	2,836,655	4,140,320
Consumer Discretionary	249,474,879	246,801,458	1,779,492	893,929
Consumer Staples	51,522,444	51,522,444	-	-
Energy	150,327,768	150,327,768	-	-
Financials	297,689,293	288,229,798	5,886,958	3,572,537
Health Care	318,612,870	309,149,194	9,463,676	-
Industrials	361,343,823	361,343,823	-	-
Information Technology	802,297,751	791,489,106	756,566	10,052,079
Materials	96,738,367	96,738,367	-	-

Money Market Funds	48,064,861	48,064,861	-	-
Total Investments in Securities:	2,667,006,575	2,627,624,363	20,723,347	18,658,865

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities
				September 30, 2023

Assets
Investment in securities, at value (including securities loaned of $1,128,616) - See accompanying schedule:
Unaffiliated issuers (cost $1,898,125,218)	$	2,618,941,714
Fidelity Central Funds (cost $48,064,861)		48,064,861


Total Investment in Securities (cost $1,946,190,079)			$	2,667,006,575
Cash				259,443
Restricted cash				20,101
Foreign currency held at value (cost $191)				192
Receivable for investments sold				23,451,509
Receivable for fund shares sold				315,636
Dividends receivable				912,599
Distributions receivable from Fidelity Central Funds				139,466
Prepaid expenses				4,138
Other receivables				67,022
Total assets				2,692,176,681
Liabilities
Payable for investments purchased	$	45,704,351
Payable for fund shares redeemed		556,678
Accrued management fee		893,265
Distribution and service plan fees payable		128,410
Other affiliated payables		143,830
Other payables and accrued expenses		149,818
Collateral on securities loaned		1,128,900
Total Liabilities				48,705,252
Net Assets			$	2,643,471,429
Net Assets consist of:
Paid in capital			$	1,833,198,253
Total accumulated earnings (loss)				810,273,176
Net Assets			$	2,643,471,429

Net Asset Value and Maximum Offering Price
Class O :
Net Asset Value, offering price and redemption price per share ($2,028,689,536 ÷ 68,625,628 shares)			$	29.56
Class A :
Net Asset Value and redemption price per share ($389,470,071 ÷ 13,769,838 shares)(a)			$	28.28
Maximum offering price per share (100/94.25 of $28.28)			$	30.01
Class M :
Net Asset Value and redemption price per share ($49,711,460 ÷ 1,784,758 shares)(a)			$	27.85
Maximum offering price per share (100/96.50 of $27.85)			$	28.86
Class C :
Net Asset Value and offering price per share ($27,192,234 ÷ 1,032,808 shares)(a)			$	26.33
Class I :
Net Asset Value, offering price and redemption price per share ($111,078,757 ÷ 3,571,772 shares)			$	31.10
Class Z :
Net Asset Value, offering price and redemption price per share ($37,329,371 ÷ 1,217,158 shares)			$	30.67
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Consolidated Statement of Operations
				Year ended September 30, 2023
Investment Income
Dividends			$	25,265,120
Income from Fidelity Central Funds (including $39,860 from security lending)				2,478,957
Total Income				27,744,077
Expenses
Management fee	$	10,021,964
Transfer agent fees		3,236,052
Distribution and service plan fees		1,408,662
Accounting fees		665,567
Custodian fees and expenses		79,730
Independent trustees' fees and expenses		13,955
Registration fees		113,536
Audit		94,772
Legal		9,273
Miscellaneous		12,065
Total expenses before reductions		15,655,576
Expense reductions		(2,437,045)
Total expenses after reductions				13,218,531
Net Investment income (loss)				14,525,546
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		91,099,067
Foreign currency transactions		(5,739)
Written options		3,312,203
Total net realized gain (loss)				94,405,531
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Investments		391,983,350
Assets and liabilities in foreign currencies		23,965
Total change in net unrealized appreciation (depreciation)				392,007,315
Net gain (loss)				486,412,846
Net increase (decrease) in net assets resulting from operations			$	500,938,392

Consolidated Statement of Changes in Net Assets

		Year ended September 30, 2023		Year ended September 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	14,525,546	$	20,063,935
Net realized gain (loss)		94,405,531		213,809,147
Change in net unrealized appreciation (depreciation)		392,007,315		(715,326,018)
Net increase (decrease) in net assets resulting from operations		500,938,392		(481,452,936)
Distributions to shareholders		(196,467,573)		(458,516,913)

Share transactions - net increase (decrease)		71,602,216		297,349,064
Total increase (decrease) in net assets		376,073,035		(642,620,785)

Net Assets
Beginning of period		2,267,398,394		2,910,019,179
End of period	$	2,643,471,429	$	2,267,398,394

Consolidated Financial Highlights

Fidelity Advisor® Diversified Stock Fund Class O

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	26.24	$	37.32	$	30.57	$	24.95	$	28.95
Income from Investment Operations
Net investment income (loss) A,B		.19		.26		.16		.20		.22
Net realized and unrealized gain (loss)		5.47		(5.43)		8.28		6.28		(1.33)
Total from investment operations		5.66		(5.17)		8.44		6.48		(1.11)
Distributions from net investment income		(.22)		(.25) C		(.17)		(.22)		(.17)
Distributions from net realized gain		(2.11)		(5.66) C		(1.53)		(.64)		(2.71)
Total distributions		(2.34) D		(5.91)		(1.69) D		(.86)		(2.89) D
Net asset value, end of period	$	29.56	$	26.24	$	37.32	$	30.57	$	24.95
Total Return E		22.87%		(17.44)%		28.60%		26.50%		(2.68)% F
Ratios to Average Net Assets B,G,H
Expenses before reductions		.55%		.55%		.55%		.57%		.57%
Expenses net of fee waivers, if any		.44%		.45%		.45%		.46%		.46%
Expenses net of all reductions		.44%		.45%		.44%		.45%		.46%
Net investment income (loss)		.65%		.80%		.47%		.74%		.88%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,028,690	$	1,791,079	$	2,335,000	$	1,935,829	$	1,640,484
Portfolio turnover rate I		85%		90%		75%		78%		95%

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FTotal returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans. These sales charges and other fees were discontinued effective November 16, 2018 in conjunction with the termination of the Destiny Plans.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Diversified Stock Fund Class A

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	25.18	$	36.04	$	29.58	$	24.17	$	28.14
Income from Investment Operations
Net investment income (loss) A,B		.08		.14		.04		.10		.12
Net realized and unrealized gain (loss)		5.25		(5.22)		8.01		6.08		(1.30)
Total from investment operations		5.33		(5.08)		8.05		6.18		(1.18)
Distributions from net investment income		(.12)		(.12) C		(.07)		(.13)		(.08)
Distributions from net realized gain		(2.11)		(5.66) C		(1.53)		(.64)		(2.71)
Total distributions		(2.23)		(5.78)		(1.59) D		(.77)		(2.79)
Net asset value, end of period	$	28.28	$	25.18	$	36.04	$	29.58	$	24.17
Total Return E,F		22.46%		(17.76)%		28.17%		26.05%		(3.05)% G
Ratios to Average Net Assets B,H,I
Expenses before reductions		.85%		.85%		.85%		.87%		.88%
Expenses net of fee waivers, if any		.79%		.80%		.80%		.81%		.82%
Expenses net of all reductions		.79%		.80%		.79%		.80%		.81%
Net investment income (loss)		.30%		.45%		.12%		.38%		.52%
Supplemental Data
Net assets, end of period (000 omitted)	$	389,470	$	318,997	$	399,876	$	314,622	$	270,441
Portfolio turnover rate J		85%		90%		75%		78%		95%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FTotal returns do not include the effect of the sales charges.

GTotal returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans. These sales charges and other fees were discontinued effective November 16, 2018 in conjunction with the termination of the Destiny Plans.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Diversified Stock Fund Class M

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	24.82	$	35.60	$	29.27	$	23.91	$	27.86
Income from Investment Operations
Net investment income (loss) A,B		(.01)		.04		(.07)		.01		.04
Net realized and unrealized gain (loss)		5.18		(5.14)		7.93		6.02		(1.29)
Total from investment operations		5.17		(5.10)		7.86		6.03		(1.25)
Distributions from net investment income		(.02)		(.04) C		-		(.03)		-
Distributions from net realized gain		(2.11)		(5.64) C		(1.53)		(.64)		(2.70)
Total distributions		(2.14) D		(5.68)		(1.53)		(.67)		(2.70)
Net asset value, end of period	$	27.85	$	24.82	$	35.60	$	29.27	$	23.91
Total Return E,F		22.03%		(18.02)%		27.74%		25.64%		(3.42)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.12%		1.12%		1.13%		1.17%		1.18%
Expenses net of fee waivers, if any		1.12%		1.12%		1.13%		1.16%		1.18%
Expenses net of all reductions		1.12%		1.12%		1.12%		1.16%		1.18%
Net investment income (loss)		(.02)%		.12%		(.21)%		.03%		.16%
Supplemental Data
Net assets, end of period (000 omitted)	$	49,711	$	41,957	$	53,062	$	42,562	$	38,382
Portfolio turnover rate I		85%		90%		75%		78%		95%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FTotal returns do not include the effect of the sales charges.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Diversified Stock Fund Class C

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.67	$	34.17	$	28.30	$	23.21	$	27.13
Income from Investment Operations
Net investment income (loss) A,B		(.15)		(.13)		(.25)		(.13)		(.09)
Net realized and unrealized gain (loss)		4.92		(4.91)		7.65		5.82		(1.25)
Total from investment operations		4.77		(5.04)		7.40		5.69		(1.34)
Distributions from net investment income		-		(.04) C		-		- D		-
Distributions from net realized gain		(2.11)		(5.42) C		(1.53)		(.60)		(2.58)
Total distributions		(2.11)		(5.46)		(1.53)		(.60)		(2.58)
Net asset value, end of period	$	26.33	$	23.67	$	34.17	$	28.30	$	23.21
Total Return E,F		21.38%		(18.49)%		27.03%		24.87%		(3.92)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.69%		1.69%		1.70%		1.73%		1.74%
Expenses net of fee waivers, if any		1.68%		1.69%		1.70%		1.73%		1.74%
Expenses net of all reductions		1.68%		1.69%		1.69%		1.72%		1.74%
Net investment income (loss)		(.59)%		(.45)%		(.78)%		(.54)%		(.40)%
Supplemental Data
Net assets, end of period (000 omitted)	$	27,192	$	22,437	$	32,096	$	30,556	$	29,785
Portfolio turnover rate I		85%		90%		75%		78%		95%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DAmount represents less than $.005 per share.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FTotal returns do not include the effect of the contingent deferred sales charge.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Diversified Stock Fund Class I

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	27.49	$	38.84	$	31.75	$	25.88	$	29.91
Income from Investment Operations
Net investment income (loss) A,B		.15		.22		.12		.16		.18
Net realized and unrealized gain (loss)		5.75		(5.71)		8.62		6.52		(1.36)
Total from investment operations		5.90		(5.49)		8.74		6.68		(1.18)
Distributions from net investment income		(.18)		(.20) C		(.12)		(.18)		(.13)
Distributions from net realized gain		(2.11)		(5.66) C		(1.53)		(.64)		(2.71)
Total distributions		(2.29)		(5.86)		(1.65)		(.81) D		(2.85) D
Net asset value, end of period	$	31.10	$	27.49	$	38.84	$	31.75	$	25.88
Total Return E		22.70%		(17.57)%		28.43%		26.32%		(2.85)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.59%		.59%		.59%		.61%		.62%
Expenses net of fee waivers, if any		.59%		.59%		.59%		.61%		.62%
Expenses net of all reductions		.59%		.59%		.58%		.60%		.62%
Net investment income (loss)		.51%		.65%		.33%		.59%		.72%
Supplemental Data
Net assets, end of period (000 omitted)	$	111,079	$	75,626	$	73,345	$	58,886	$	56,150
Portfolio turnover rate H		85%		90%		75%		78%		95%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Diversified Stock Fund Class Z

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	27.14	$	38.41	$	31.42	$	25.62	$	29.65
Income from Investment Operations
Net investment income (loss) A,B		.18		.25		.16		.19		.21
Net realized and unrealized gain (loss)		5.68		(5.63)		8.51		6.46		(1.36)
Total from investment operations		5.86		(5.38)		8.67		6.65		(1.15)
Distributions from net investment income		(.22)		(.23) C		(.16)		(.21)		(.17)
Distributions from net realized gain		(2.11)		(5.66) C		(1.53)		(.64)		(2.71)
Total distributions		(2.33)		(5.89)		(1.68) D		(.85)		(2.88)
Net asset value, end of period	$	30.67	$	27.14	$	38.41	$	31.42	$	25.62
Total Return E		22.85%		(17.47)%		28.55%		26.47%		(2.74)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.48%		.48%		.48%		.49%		.50%
Expenses net of fee waivers, if any		.47%		.48%		.48%		.49%		.50%
Expenses net of all reductions		.47%		.48%		.47%		.49%		.49%
Net investment income (loss)		.62%		.77%		.44%		.70%		.84%
Supplemental Data
Net assets, end of period (000 omitted)	$	37,329	$	17,302	$	16,639	$	12,284	$	10,010
Portfolio turnover rate H		85%		90%		75%		78%		95%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Consolidated Financial Statements

For the period ended September 30, 2023

1. Organization.

Fidelity Advisor Diversified Stock Fund (the Fund) is a fund of Fidelity Destiny Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is authorized to issue an unlimited number of shares.

The Fund offers Class O, Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class O, Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Class O is closed to new accounts.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

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 service 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, 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. 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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2023 is included at the end of the Fund's Consolidated Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor Diversified Stock Fund

$10,426

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2023, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$773,599,675
Gross unrealized depreciation	(58,458,009)
Net unrealized appreciation (depreciation)	$715,141,666
Tax Cost	$1,951,864,909

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$10,143,956
Undistributed long-term capital gain	$84,991,451
Net unrealized appreciation (depreciation) on securities and other investments	$715,137,771

The tax character of distributions paid was as follows:

	September 30, 2023	September 30, 2022
Ordinary Income	$16,985,144	$ 91,306,614
Long-term Capital Gains	179,482,429	367,210,299
Total	$196,467,573	$ 458,516,913

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Advisor Diversified Stock Fund	914,030	.03

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):


Equity Risk	Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Consolidated Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Consolidated Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Consolidated Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Advisor Diversified Stock Fund	2,109,093,832	2,187,596,897

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .17% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .40% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$921,485	9,199
Class M	.25%	.25%	238,342	753
Class C	.75%	.25%	248,835	43,748
			$1,408,662	$53,700

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$63,356
Class M	3,618
Class C A	1,723
	$68,697

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class O	$2,310,580	.12
Class A	602,822	.16
Class M	90,842	.19
Class C	63,510	.26
Class I	155,735	.16
Class Z	12,563	.04
	$3,236,052

During the period, the investment adviser or its affiliates waived a portion of these fees.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Advisor Diversified Stock Fund	.03

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
Fidelity Advisor Diversified Stock Fund	$45,258

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Diversified Stock Fund	102,462,639	128,892,106	5,076,497

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Advisor Diversified Stock Fund	$4,602

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Diversified Stock Fund	$4,023	$-	$-

9. Expense Reductions.

Effective November 1, 2018, FIIOC agreed to waive Class O and Class A transfer agent fees to the extent that they exceeded certain levels of class-level average net assets as noted in the table below. This waiver may not be terminated without the approval of the Board.

	Transfer Agent Fees Limitation	Waiver
Class O	.01%	$2,111,081
Class A	.11%	196,535

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,291. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	$1,598

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $125,540.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended September 30, 2023	Year ended September 30, 2022
Fidelity Advisor Diversified Stock Fund
Distributions to shareholders
Class O	$ 154,281,370	$365,744,514
Class A	28,221,117	64,804,937
Class M	3,593,245	8,769,739
Class C	1,915,199	5,288,572
Class I	6,755,305	11,364,980
Class Z	1,701,337	2,544,171
Total	$196,467,573	$458,516,913

11. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended September 30, 2023	Year ended September 30, 2022	Year ended September 30, 2023	Year ended September 30, 2022
Fidelity Advisor Diversified Stock Fund
Class O
Shares sold	325,309	551,781	$9,339,172	$17,867,516
Reinvestment of distributions	5,205,884	9,414,946	134,051,504	319,354,977
Shares redeemed	(5,174,055)	(4,261,527)	(143,633,754)	(138,547,377)
Net increase (decrease)	357,138	5,705,200	$(243,078)	$198,675,116
Class A
Shares sold	1,625,740	1,399,424	$44,177,246	$44,810,563
Reinvestment of distributions	1,127,278	1,959,102	27,855,059	63,964,694
Shares redeemed	(1,650,632)	(1,786,105)	(44,684,185)	(54,737,292)
Net increase (decrease)	1,102,386	1,572,421	$27,348,120	$54,037,965
Class M
Shares sold	250,524	297,075	$6,770,032	$9,639,615
Reinvestment of distributions	146,709	270,089	3,578,243	8,713,064
Shares redeemed	(303,136)	(367,174)	(8,135,215)	(11,150,374)
Net increase (decrease)	94,097	199,990	$2,213,060	$7,202,305
Class C
Shares sold	318,929	209,837	$8,182,208	$6,571,126
Reinvestment of distributions	81,037	167,701	1,876,816	5,183,644
Shares redeemed	(315,056)	(369,072)	(7,967,842)	(10,825,059)
Net increase (decrease)	84,910	8,466	$2,091,182	$929,711
Class I
Shares sold	1,360,395	1,292,193	$40,572,809	$42,965,177
Reinvestment of distributions	210,392	252,131	5,705,837	8,970,834
Shares redeemed	(750,379)	(681,409)	(22,428,071)	(22,296,490)
Net increase (decrease)	820,408	862,915	$23,850,575	$29,639,521
Class Z
Shares sold	816,559	268,029	$23,688,094	$8,751,413
Reinvestment of distributions	58,613	66,191	1,566,132	2,323,303
Shares redeemed	(295,597)	(129,807)	(8,911,869)	(4,210,270)
Net increase (decrease)	579,575	204,413	$16,342,357	$6,864,446

12. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Destiny Portfolios and the Shareholders of Fidelity Advisor Diversified Stock Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Advisor Diversified Stock Fund (the "Fund"), a fund of Fidelity Destiny Portfolios, including the consolidated schedule of investments, as of September 30, 2023, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 10, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Vijay Advani, each of the Trustees oversees 322 funds. Mr. Advani oversees 215 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2023 to September 30, 2023).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value April 1, 2023	Ending Account Value September 30, 2023	Expenses Paid During Period- C April 1, 2023 to September 30, 2023
Fidelity Advisor® Diversified Stock Fund
Class O	.44%
Actual		$ 1,000	$ 1,074.50	$ 2.29
Hypothetical-B		$ 1,000	$ 1,022.86	$ 2.23
Class A	.79%
Actual		$ 1,000	$ 1,072.80	$ 4.10
Hypothetical-B		$ 1,000	$ 1,021.11	$ 4.00
Class M	1.11%
Actual		$ 1,000	$ 1,070.70	$ 5.76
Hypothetical-B		$ 1,000	$ 1,019.50	$ 5.62
Class C	1.68%
Actual		$ 1,000	$ 1,068.20	$ 8.71
Hypothetical-B		$ 1,000	$ 1,016.65	$ 8.49
Class I	.59%
Actual		$ 1,000	$ 1,073.90	$ 3.07
Hypothetical-B		$ 1,000	$ 1,022.11	$ 2.99
Class Z	.47%
Actual		$ 1,000	$ 1,074.60	$ 2.44
Hypothetical-B		$ 1,000	$ 1,022.71	$ 2.38

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2023, $87,392,314, or, if subsequently determined to be different, the net capital gain of such year.

Class O, Class A, Class M, Class I and Class Z designate 100% of the dividend distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class O, Class A, Class M, Class I and Class Z designate 100% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Diversified Stock Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class O, which was selected because it is the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of Class O, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class O of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class O of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class O of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of Class O of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.

1.814744.118

ADESI-ANN-1123

Fidelity Advisor® Capital Development Fund

Annual Report

September 30, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended September 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class O	27.44%	9.41%	10.59%
Class A (incl. 5.75% sales charge)	19.79%	7.81%	9.63%
Class M (incl. 3.50% sales charge)	22.08%	7.78%	9.32%
Class C (incl. contingent deferred sales charge)	24.89%	8.06%	9.41%
Class I	27.23%	9.23%	10.43%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Capital Development Fund - Class A, a class of the fund, on September 30, 2013, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matthew Fruhan:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 26% to 27%, versus 21.62% for the benchmark S&P 500® index. Relative to the benchmark, security selection was the primary contributor, led by the industrials sector. Stock picks and an overweight in energy also helped relative performance, along with stock selection and an underweight in consumer discretionary. The top individual relative contributor by far was an overweight in General Electric (+131%). General Electric was one of the fund's biggest holdings. A second notable relative contributor was an overweight in Exxon Mobil (+39%), the fund's top holding. Another notable relative contributor this period was avoiding Tesla, a benchmark component that returned roughly -6%. In contrast, the biggest detractors from performance versus the benchmark were security selection and an underweight in information technology. Picks in financials also hampered the fund's result. The largest individual relative detractor by a wide margin was an underweight in Nvidia (+259%). This period we increased our stake in Nvidia. The second-largest relative detractor was an overweight in Wells Fargo (+5%), one of our biggest holdings. An overweight in Bristol-Myers Squibb (-16%) also detracted. Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to financials.

Investment Summary September 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	7.8
Microsoft Corp.	7.1
General Electric Co.	6.5
Wells Fargo & Co.	5.3
Apple, Inc.	3.1
Bank of America Corp.	2.4
Hess Corp.	2.2
Comcast Corp. Class A	2.1
The Boeing Co.	2.0
UnitedHealth Group, Inc.	2.0
	40.5

Market Sectors (% of Fund's net assets)

Information Technology	17.0
Financials	16.3
Industrials	15.4
Health Care	13.4
Energy	12.3
Communication Services	9.9
Consumer Staples	5.4
Consumer Discretionary	3.8
Materials	2.8
Real Estate	0.9
Utilities	0.9

Asset Allocation (% of Fund's net assets)

Schedule of Investments September 30, 2023

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 9.9%
Diversified Telecommunication Services - 0.3%
Cellnex Telecom SA (a)	160,500	5,594,634
Verizon Communications, Inc.	197,006	6,384,964
		11,979,598
Entertainment - 1.1%
Activision Blizzard, Inc.	61,300	5,739,519
The Walt Disney Co. (b)	198,100	16,056,005
Universal Music Group NV	774,200	20,203,665
		41,999,189
Interactive Media & Services - 5.9%
Alphabet, Inc.:
Class A (b)	541,100	70,808,346
Class C (b)	499,460	65,853,801
Match Group, Inc. (b)	254,600	9,973,955
Meta Platforms, Inc. Class A (b)	228,039	68,459,588
Snap, Inc. Class A (b)	862,400	7,683,984
		222,779,674
Media - 2.6%
Charter Communications, Inc. Class A (b)	8,200	3,606,524
Comcast Corp. Class A	1,846,200	81,860,508
Interpublic Group of Companies, Inc.	476,600	13,659,356
		99,126,388
TOTAL COMMUNICATION SERVICES		375,884,849
CONSUMER DISCRETIONARY - 3.8%
Automobile Components - 0.2%
BorgWarner, Inc.	177,460	7,164,060
Automobiles - 0.1%
General Motors Co.	82,600	2,723,322
Broadline Retail - 0.1%
Amazon.com, Inc. (b)	41,700	5,300,904
Hotels, Restaurants & Leisure - 2.0%
Amadeus IT Holding SA Class A	113,600	6,879,534
Booking Holdings, Inc. (b)	14,200	43,792,090
Expedia, Inc. (b)	68,200	7,029,374
Marriott International, Inc. Class A	65,900	12,953,304
Starbucks Corp.	51,000	4,654,770
		75,309,072
Household Durables - 0.4%
Mohawk Industries, Inc. (b)	85,100	7,302,431
Sony Group Corp. sponsored ADR (c)	55,100	4,540,791
Whirlpool Corp.	17,600	2,353,120
		14,196,342
Specialty Retail - 0.9%
Lowe's Companies, Inc.	161,800	33,628,512
RH (b)	9,900	2,617,164
		36,245,676
Textiles, Apparel & Luxury Goods - 0.1%
NIKE, Inc. Class B	31,300	2,992,906
TOTAL CONSUMER DISCRETIONARY		143,932,282
CONSUMER STAPLES - 5.4%
Beverages - 1.7%
Diageo PLC sponsored ADR (c)	96,500	14,395,870
Keurig Dr. Pepper, Inc.	517,800	16,346,946
The Coca-Cola Co.	561,700	31,443,966
		62,186,782
Consumer Staples Distribution & Retail - 1.5%
Costco Wholesale Corp.	4,400	2,485,824
Performance Food Group Co. (b)	138,200	8,134,452
Sysco Corp.	305,700	20,191,485
Target Corp.	81,500	9,011,455
U.S. Foods Holding Corp. (b)	174,700	6,935,590
Walmart, Inc.	71,700	11,466,981
		58,225,787
Household Products - 0.0%
Colgate-Palmolive Co.	4,500	319,995
Procter & Gamble Co.	5,100	743,886
		1,063,881
Personal Care Products - 1.4%
Estee Lauder Companies, Inc. Class A	54,000	7,805,700
Haleon PLC ADR (c)	2,592,500	21,595,525
Kenvue, Inc.	1,245,113	25,001,869
		54,403,094
Tobacco - 0.8%
Altria Group, Inc.	640,200	26,920,410
Philip Morris International, Inc.	32,900	3,045,882
		29,966,292
TOTAL CONSUMER STAPLES		205,845,836
ENERGY - 12.3%
Energy Equipment & Services - 0.0%
Baker Hughes Co. Class A	28,200	996,024
Oil, Gas & Consumable Fuels - 12.3%
Exxon Mobil Corp.	2,521,300	296,454,453
Hess Corp.	546,720	83,648,160
Imperial Oil Ltd.	495,900	30,544,446
Kosmos Energy Ltd. (b)	3,119,901	25,520,790
MEG Energy Corp. (b)	933,100	18,157,065
Shell PLC ADR	191,700	12,341,646
		466,666,560
TOTAL ENERGY		467,662,584
FINANCIALS - 16.3%
Banks - 10.9%
Bank of America Corp.	3,308,315	90,581,665
JPMorgan Chase & Co.	288,700	41,867,274
M&T Bank Corp.	68,600	8,674,470
PNC Financial Services Group, Inc.	261,716	32,130,873
Truist Financial Corp.	466,226	13,338,726
U.S. Bancorp	751,142	24,832,755
Wells Fargo & Co.	4,967,250	202,961,835
		414,387,598
Capital Markets - 1.9%
Charles Schwab Corp.	7,500	411,750
CME Group, Inc.	5,100	1,021,122
KKR & Co. LP	374,685	23,080,596
Morgan Stanley	160,800	13,132,536
Northern Trust Corp.	381,195	26,485,429
Raymond James Financial, Inc.	54,850	5,508,586
State Street Corp.	40,890	2,737,994
		72,378,013
Financial Services - 3.3%
Edenred SA	234,900	14,722,071
Fidelity National Information Services, Inc.	158,400	8,754,768
Global Payments, Inc.	30,700	3,542,473
MasterCard, Inc. Class A	38,600	15,282,126
PayPal Holdings, Inc. (b)	102,100	5,968,766
Radian Group, Inc.	357,952	8,988,175
Visa, Inc. Class A	306,800	70,567,068
		127,825,447
Insurance - 0.2%
Chubb Ltd.	40,200	8,368,836
TOTAL FINANCIALS		622,959,894
HEALTH CARE - 13.4%
Biotechnology - 0.5%
Alnylam Pharmaceuticals, Inc. (b)	43,000	7,615,300
Argenx SE ADR (b)	6,600	3,244,758
Insmed, Inc. (b)	157,479	3,976,345
Vaxcyte, Inc. (b)	104,600	5,332,508
Verve Therapeutics, Inc. (b)(c)	66,900	887,094
		21,056,005
Health Care Equipment & Supplies - 2.9%
Abbott Laboratories	21,800	2,111,330
Becton, Dickinson & Co.	40,600	10,496,318
Boston Scientific Corp. (b)	1,035,451	54,671,813
GE Healthcare Holding LLC	564,262	38,392,386
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) (c)	183,551	3,660,007
		109,331,854
Health Care Providers & Services - 5.8%
Cardinal Health, Inc.	259,500	22,529,790
Centene Corp. (b)	34,000	2,341,920
Cigna Group	168,800	48,288,616
CVS Health Corp.	329,900	23,033,618
Guardant Health, Inc. (b)	80,400	2,383,056
Humana, Inc.	13,200	6,422,064
McKesson Corp.	91,080	39,606,138
UnitedHealth Group, Inc.	149,200	75,225,148
		219,830,350
Life Sciences Tools & Services - 0.3%
Danaher Corp.	45,700	11,338,170
Pharmaceuticals - 3.9%
Bristol-Myers Squibb Co.	993,200	57,645,328
Eli Lilly & Co.	56,520	30,358,588
GSK PLC sponsored ADR	753,100	27,299,875
Johnson & Johnson	192,657	30,006,328
Sanofi SA sponsored ADR	63,000	3,379,320
		148,689,439
TOTAL HEALTH CARE		510,245,818
INDUSTRIALS - 15.2%
Aerospace & Defense - 3.4%
Airbus Group NV	170,600	22,834,551
General Dynamics Corp.	49,300	10,893,821
Howmet Aerospace, Inc.	8,000	370,000
Huntington Ingalls Industries, Inc.	33,400	6,832,972
RTX Corp.	62,000	4,462,140
Safran SA	29,100	4,560,239
Textron, Inc.	36,800	2,875,552
The Boeing Co. (b)	410,700	78,722,976
		131,552,251
Air Freight & Logistics - 1.7%
FedEx Corp.	83,300	22,067,836
United Parcel Service, Inc. Class B	277,100	43,191,577
		65,259,413
Building Products - 0.1%
Johnson Controls International PLC	52,400	2,788,204
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (b)	307,100	4,661,778
Electrical Equipment - 1.5%
Acuity Brands, Inc.	62,900	10,712,499
Hubbell, Inc. Class B	43,218	13,544,953
Regal Rexnord Corp.	64,700	9,244,336
Vertiv Holdings Co.	611,000	22,729,200
		56,230,988
Ground Transportation - 0.4%
Knight-Swift Transportation Holdings, Inc. Class A	290,200	14,553,530
Industrial Conglomerates - 6.6%
3M Co.	33,900	3,173,718
General Electric Co.	2,250,659	248,810,352
		251,984,070
Machinery - 1.0%
Chart Industries, Inc. (b)	42,600	7,204,512
Cummins, Inc.	24,400	5,574,424
Fortive Corp.	112,100	8,313,336
Nordson Corp.	3,400	758,778
Otis Worldwide Corp.	71,750	5,762,243
Stanley Black & Decker, Inc.	43,700	3,652,446
Westinghouse Air Brake Tech Co.	48,502	5,154,308
		36,420,047
Passenger Airlines - 0.1%
Copa Holdings SA Class A	13,500	1,203,120
Ryanair Holdings PLC sponsored ADR (b)	34,400	3,344,024
		4,547,144
Professional Services - 0.3%
Equifax, Inc.	15,900	2,912,562
Genpact Ltd.	145,400	5,263,480
Paycom Software, Inc.	9,400	2,437,138
		10,613,180
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	112,399	1,188,232
TOTAL INDUSTRIALS		579,798,837
INFORMATION TECHNOLOGY - 17.0%
IT Services - 0.3%
EPAM Systems, Inc. (b)	9,300	2,377,917
IBM Corp.	40,500	5,682,150
Snowflake, Inc. (b)	3,300	504,141
Twilio, Inc. Class A (b)	85,300	4,992,609
		13,556,817
Semiconductors & Semiconductor Equipment - 3.5%
Analog Devices, Inc.	46,200	8,089,158
Applied Materials, Inc.	88,000	12,183,600
Broadcom, Inc.	14,000	11,628,120
Lam Research Corp.	15,700	9,840,289
Marvell Technology, Inc.	468,767	25,374,358
NVIDIA Corp.	72,600	31,580,274
Qualcomm, Inc.	205,690	22,843,931
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	129,900	11,288,310
		132,828,040
Software - 10.0%
Adobe, Inc. (b)	67,900	34,622,210
Autodesk, Inc. (b)	42,200	8,731,602
DoubleVerify Holdings, Inc. (b)	64,200	1,794,390
Elastic NV (b)	121,700	9,886,908
Intuit, Inc.	23,100	11,802,714
Microsoft Corp.	853,800	269,587,350
PTC, Inc. (b)	37,900	5,369,672
Sage Group PLC	61,900	746,934
Salesforce, Inc. (b)	17,700	3,589,206
SAP SE sponsored ADR (c)	253,300	32,756,756
Workday, Inc. Class A (b)	12,900	2,771,565
		381,659,307
Technology Hardware, Storage & Peripherals - 3.2%
Apple, Inc.	686,700	117,569,907
Samsung Electronics Co. Ltd.	84,220	4,247,863
		121,817,770
TOTAL INFORMATION TECHNOLOGY		649,861,934
MATERIALS - 2.8%
Chemicals - 0.7%
DuPont de Nemours, Inc.	261,500	19,505,285
LyondellBasell Industries NV Class A	63,400	6,003,980
Sherwin-Williams Co.	7,400	1,887,370
		27,396,635
Metals & Mining - 2.1%
First Quantum Minerals Ltd.	1,563,500	36,939,234
Freeport-McMoRan, Inc.	1,085,479	40,477,512
Ivanhoe Mines Ltd. (b)	354,700	3,039,726
		80,456,472
TOTAL MATERIALS		107,853,107
REAL ESTATE - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.9%
American Tower Corp.	49,900	8,206,055
Crown Castle International Corp.	135,400	12,460,862
Equinix, Inc.	1,400	1,016,764
Simon Property Group, Inc.	134,200	14,497,626
		36,181,307
UTILITIES - 0.9%
Electric Utilities - 0.9%
Entergy Corp.	32,200	2,978,500
PG&E Corp. (b)	227,300	3,666,349
Southern Co.	435,600	28,192,032
		34,836,881
Multi-Utilities - 0.0%
Sempra	18,600	1,265,358
TOTAL UTILITIES		36,102,239
TOTAL COMMON STOCKS (Cost $2,337,475,109)		3,736,328,687

Preferred Stocks - 0.2%
	Shares	Value ($)
Convertible Preferred Stocks - 0.0%
COMMUNICATION SERVICES - 0.0%
Interactive Media & Services - 0.0%
Reddit, Inc. Series E (b)(d)(e)	5,200	171,548

Nonconvertible Preferred Stocks - 0.2%
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
Embraer SA sponsored ADR (b)	451,800	6,198,696

TOTAL PREFERRED STOCKS (Cost $5,449,043)		6,370,244

Money Market Funds - 2.8%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (f)	69,608,062	69,621,984
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)	38,408,115	38,411,956
TOTAL MONEY MARKET FUNDS (Cost $108,033,939)		108,033,940

TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $2,450,958,091)	3,850,732,871
NET OTHER ASSETS (LIABILITIES) - (0.9)%	(36,024,087)
NET ASSETS - 100.0%	3,814,708,784

Legend

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,594,634 or 0.1% of net assets.

(b)	Non-income producing

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

(d)	Restricted securities (including private placements) - 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 $171,548 or 0.0% of net assets.

(e)	Level 3 security

(f)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Reddit, Inc. Series E	5/18/21	220,866

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	72,038,809	238,436,585	240,853,411	4,229,274	-	1	69,621,984	0.2%
Fidelity Securities Lending Cash Central Fund 5.39%	22,860,131	337,602,094	322,050,269	348,620	-	-	38,411,956	0.1%
Total	94,898,940	576,038,679	562,903,680	4,577,894	-	1	108,033,940

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	376,056,397	355,681,184	20,203,665	171,548
Consumer Discretionary	143,932,282	143,932,282	-	-
Consumer Staples	205,845,836	205,845,836	-	-
Energy	467,662,584	467,662,584	-	-
Financials	622,959,894	622,959,894	-	-
Health Care	510,245,818	510,245,818	-	-
Industrials	585,997,533	558,602,743	27,394,790	-
Information Technology	649,861,934	645,614,071	4,247,863	-
Materials	107,853,107	107,853,107	-	-
Real Estate	36,181,307	36,181,307	-	-
Utilities	36,102,239	36,102,239	-	-

Money Market Funds	108,033,940	108,033,940	-	-
Total Investments in Securities:	3,850,732,871	3,798,715,005	51,846,318	171,548

Financial Statements

Statement of Assets and Liabilities
				September 30, 2023

Assets
Investment in securities, at value (including securities loaned of $37,813,455) - See accompanying schedule:
Unaffiliated issuers (cost $2,342,924,152)	$	3,742,698,931
Fidelity Central Funds (cost $108,033,939)		108,033,940


Total Investment in Securities (cost $2,450,958,091)			$	3,850,732,871
Foreign currency held at value (cost $43,742)				43,739
Receivable for investments sold				762,005
Receivable for fund shares sold				295,929
Dividends receivable				3,789,840
Distributions receivable from Fidelity Central Funds				395,300
Prepaid expenses				5,908
Other receivables				324,293
Total assets				3,856,349,885
Liabilities
Payable for investments purchased	$	392,314
Payable for fund shares redeemed		806,910
Accrued management fee		1,700,759
Distribution and service plan fees payable		129,143
Other affiliated payables		102,855
Other payables and accrued expenses		88,295
Collateral on securities loaned		38,420,825
Total Liabilities				41,641,101
Net Assets			$	3,814,708,784
Net Assets consist of:
Paid in capital			$	2,281,562,788
Total accumulated earnings (loss)				1,533,145,996
Net Assets			$	3,814,708,784

Net Asset Value and Maximum Offering Price
Class O :
Net Asset Value, offering price and redemption price per share ($3,183,537,823 ÷ 163,251,312 shares)			$	19.50
Class A :
Net Asset Value and redemption price per share ($584,349,433 ÷ 31,523,623 shares)(a)			$	18.54
Maximum offering price per share (100/94.25 of $18.54)			$	19.67
Class M :
Net Asset Value and redemption price per share ($3,965,165 ÷ 222,533 shares)(a)			$	17.82
Maximum offering price per share (100/96.50 of $17.82)			$	18.47
Class C :
Net Asset Value and offering price per share ($3,662,358 ÷ 217,039 shares)(a)			$	16.87
Class I :
Net Asset Value, offering price and redemption price per share ($39,194,005 ÷ 2,001,885 shares)			$	19.58
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended September 30, 2023
Investment Income
Dividends			$	66,793,359
Income from Fidelity Central Funds (including $348,620 from security lending)				4,577,894
Total Income				71,371,253
Expenses
Management fee	$	19,472,043
Transfer agent fees		4,738,332
Distribution and service plan fees		1,456,102
Accounting fees		902,891
Custodian fees and expenses		95,970
Independent trustees' fees and expenses		20,221
Registration fees		93,937
Audit		74,899
Legal		11,093
Miscellaneous		17,158
Total expenses before reductions		26,882,646
Expense reductions		(4,600,209)
Total expenses after reductions				22,282,437
Net Investment income (loss)				49,088,816
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		118,575,708
Foreign currency transactions		367,644
Total net realized gain (loss)				118,943,352
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		681,643,088
Fidelity Central Funds		1
Assets and liabilities in foreign currencies		49,097
Total change in net unrealized appreciation (depreciation)				681,692,186
Net gain (loss)				800,635,538
Net increase (decrease) in net assets resulting from operations			$	849,724,354

Statement of Changes in Net Assets

		Year ended September 30, 2023		Year ended September 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	49,088,816	$	48,567,478
Net realized gain (loss)		118,943,352		177,401,543
Change in net unrealized appreciation (depreciation)		681,692,186		(681,782,978)
Net increase (decrease) in net assets resulting from operations		849,724,354		(455,813,957)
Distributions to shareholders		(187,739,920)		(224,714,403)

Share transactions - net increase (decrease)		(10,409,694)		(322,026,152)
Total increase (decrease) in net assets		651,574,740		(1,002,554,512)

Net Assets
Beginning of period		3,163,134,044		4,165,688,556
End of period	$	3,814,708,784	$	3,163,134,044

Financial Highlights

Fidelity Advisor® Capital Development Fund Class O

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.18	$	19.65	$	14.71	$	15.41	$	17.96
Income from Investment Operations
Net investment income (loss) A,B		.26		.25		.37 C		.29		.31
Net realized and unrealized gain (loss)		4.04		(2.60)		5.32		.21		(.79) D
Total from investment operations		4.30		(2.35)		5.69		.50		(.48)
Distributions from net investment income		(.26)		(.38)		(.28)		(.31)		(.28)
Distributions from net realized gain		(.71)		(.73)		(.47)		(.88)		(1.80)
Total distributions		(.98) E		(1.12) E		(.75)		(1.20) E		(2.07) E
Net asset value, end of period	$	19.50	$	16.18	$	19.65	$	14.71	$	15.41
Total Return F		27.44%		(12.87)%		39.61%		2.62%		(1.43)% D,G
Ratios to Average Net Assets B,H,I
Expenses before reductions		.68%		.68%		.70%		.72%		.70%
Expenses net of fee waivers, if any		.55%		.56%		.56%		.57%		.58%
Expenses net of all reductions		.55%		.56%		.56%		.57%		.57%
Net investment income (loss)		1.37%		1.31%		2.03% C		1.95%		2.07%
Supplemental Data
Net assets, end of period (000 omitted)	$	3,183,538	$	2,660,011	$	3,567,329	$	2,663,852	$	2,611,342
Portfolio turnover rate J		12%		11%		16%		26%		38%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.41%.

DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.53)%.

ETotal distributions per share do not sum due to rounding.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Capital Development Fund Class A

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	15.42	$	18.78	$	14.09	$	14.80	$	17.34
Income from Investment Operations
Net investment income (loss) A,B		.19		.19		.31 C		.24		.26
Net realized and unrealized gain (loss)		3.86		(2.49)		5.09		.20		(.77) D
Total from investment operations		4.05		(2.30)		5.40		.44		(.51)
Distributions from net investment income		(.21)		(.33)		(.24)		(.27)		(.23)
Distributions from net realized gain		(.71)		(.73)		(.47)		(.88)		(1.80)
Total distributions		(.93) E		(1.06)		(.71)		(1.15)		(2.03)
Net asset value, end of period	$	18.54	$	15.42	$	18.78	$	14.09	$	14.80
Total Return F,G		27.10%		(13.15)%		39.21%		2.37%		(1.76)% D,H
Ratios to Average Net Assets B,I,J
Expenses before reductions		.96%		.96%		.97%		1.00%		1.00%
Expenses net of fee waivers, if any		.84%		.85%		.85%		.86%		.87%
Expenses net of all reductions		.84%		.85%		.85%		.86%		.86%
Net investment income (loss)		1.08%		1.01%		1.74% C		1.66%		1.78%
Supplemental Data
Net assets, end of period (000 omitted)	$	584,349	$	467,810	$	552,638	$	425,890	$	433,610
Portfolio turnover rate K		12%		11%		16%		26%		38%

ACalculated based on average shares outstanding during the period.

DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (1.86)%.

ETotal distributions per share do not sum due to rounding.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GTotal returns do not include the effect of the sales charges.

HTotal returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans. These sales charges and other fees were discontinued effective November 16, 2018 in conjunction with the termination of the Destiny Plans.

IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Capital Development Fund Class M

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	14.85	$	18.12	$	13.61	$	14.34	$	16.85
Income from Investment Operations
Net investment income (loss) A,B		.11		.10		.21 C		.16		.18
Net realized and unrealized gain (loss)		3.71		(2.39)		4.93		.18		(.75) D
Total from investment operations		3.82		(2.29)		5.14		.34		(.57)
Distributions from net investment income		(.14)		(.24)		(.17)		(.19)		(.14)
Distributions from net realized gain		(.71)		(.73)		(.47)		(.88)		(1.80)
Total distributions		(.85)		(.98) E		(.63) E		(1.07)		(1.94)
Net asset value, end of period	$	17.82	$	14.85	$	18.12	$	13.61	$	14.34
Total Return F,G		26.51%		(13.54)%		38.61%		1.76%		(2.27)% D
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.31%		1.32%		1.33%		1.37%		1.40%
Expenses net of fee waivers, if any		1.30%		1.32%		1.33%		1.37%		1.40%
Expenses net of all reductions		1.29%		1.32%		1.33%		1.36%		1.40%
Net investment income (loss)		.64%		.54%		1.25% C		1.16%		1.24%
Supplemental Data
Net assets, end of period (000 omitted)	$	3,965	$	3,152	$	3,476	$	2,468	$	3,294
Portfolio turnover rate J		12%		11%		16%		26%		38%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GTotal returns do not include the effect of the sales charges.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Capital Development Fund Class C

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	14.10	$	17.28	$	12.99	$	13.73	$	16.23
Income from Investment Operations
Net investment income (loss) A,B		.02		.01		.13 C		.09		.11
Net realized and unrealized gain (loss)		3.53		(2.27)		4.70		.19		(.73) D
Total from investment operations		3.55		(2.26)		4.83		.28		(.62)
Distributions from net investment income		(.06)		(.19)		(.07)		(.14)		(.09)
Distributions from net realized gain		(.71)		(.73)		(.47)		(.88)		(1.80)
Total distributions		(.78) E		(.92)		(.54)		(1.02)		(1.88) E
Net asset value, end of period	$	16.87	$	14.10	$	17.28	$	12.99	$	13.73
Total Return F,G		25.89%		(13.95)%		37.89%		1.39%		(2.72)% D
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.78%		1.78%		1.80%		1.83%		1.83%
Expenses net of fee waivers, if any		1.77%		1.78%		1.80%		1.83%		1.83%
Expenses net of all reductions		1.77%		1.78%		1.80%		1.82%		1.82%
Net investment income (loss)		.15%		.08%		.79% C		.70%		.82%
Supplemental Data
Net assets, end of period (000 omitted)	$	3,662	$	2,807	$	2,607	$	1,956	$	3,247
Portfolio turnover rate J		12%		11%		16%		26%		38%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.

ETotal distributions per share do not sum due to rounding.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GTotal returns do not include the effect of the contingent deferred sales charge.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Capital Development Fund Class I

Years ended September 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.24	$	19.73	$	14.77	$	15.46	$	18.03
Income from Investment Operations
Net investment income (loss) A,B		.23		.22		.35 C		.27		.29
Net realized and unrealized gain (loss)		4.06		(2.62)		5.34		.22		(.81) D
Total from investment operations		4.29		(2.40)		5.69		.49		(.52)
Distributions from net investment income		(.23)		(.36)		(.26)		(.29)		(.26)
Distributions from net realized gain		(.71)		(.73)		(.47)		(.88)		(1.80)
Total distributions		(.95) E		(1.09)		(.73)		(1.18) E		(2.05) E
Net asset value, end of period	$	19.58	$	16.24	$	19.73	$	14.77	$	15.46
Total Return F		27.23%		(13.03)%		39.40%		2.54%		(1.68)% D
Ratios to Average Net Assets B,G,H
Expenses before reductions		.72%		.72%		.71%		.72%		.73%
Expenses net of fee waivers, if any		.72%		.72%		.71%		.72%		.73%
Expenses net of all reductions		.72%		.72%		.71%		.71%		.73%
Net investment income (loss)		1.21%		1.15%		1.87% C		1.81%		1.91%
Supplemental Data
Net assets, end of period (000 omitted)	$	39,194	$	29,353	$	39,639	$	11,438	$	12,138
Portfolio turnover rate I		12%		11%		16%		26%		38%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.

ETotal distributions per share do not sum due to rounding.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

For the period ended September 30, 2023

1. Organization.

Fidelity Advisor Capital Development Fund (the Fund) is a fund of Fidelity Destiny Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is authorized to issue an unlimited number of shares.

The Fund offers Class O, Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Class O, Class A, Class M, Class C, Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Class O is closed to new accounts.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor Capital Development Fund

$17,608

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$1,515,769,418
Gross unrealized depreciation	(120,623,207)
Net unrealized appreciation (depreciation)	$1,395,146,211
Tax Cost	$2,455,586,660

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$37,274,119
Undistributed long-term capital gain	$101,037,620
Net unrealized appreciation (depreciation) on securities and other investments	$1,394,834,255

The tax character of distributions paid was as follows:

	September 30, 2023	September 30, 2022
Ordinary Income	$49,458,020	$98,611,674
Long-term Capital Gains	138,281,900	126,102,729
Total	$187,739,920	$224,714,403

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Advisor Capital Development Fund	430,273,772	574,150,340

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% of the Fund's average net assets.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$1,402,219	$14,800
Class M	.25%	.25%	18,836	44
Class C	.75%	.25%	35,047	4,219
			$1,456,102	$19,063

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$37,258
Class M	688
Class C A	311
	$38,257

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class O	$ 3,806,461	.12
Class A	855,393	.15
Class M	9,378	.25
Class C	7,766	.22
Class I	59,334	.16
	$4,738,332

During the period, the investment adviser or its affiliates waived a portion of these fees.

	% of Average Net Assets
Fidelity Advisor Capital Development Fund	.02

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
Fidelity Advisor Capital Development Fund	$8,729

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Capital Development Fund	35,599,220	21,586,369	7,278,511

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Advisor Capital Development Fund	$6,700

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Capital Development Fund	$36,525	$-	$-

8. Expense Reductions.

	Transfer Agent Fees Limitation	Waiver
Class O	.00%	$3,792,368
Class A	.04%	625,122

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $279. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	$485

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $181,955.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended September 30, 2023	Year ended September 30, 2022
Fidelity Advisor Capital Development Fund
Distributions to shareholders
Class O	$ 157,550,598	$191,175,178
Class A	28,132,043	31,061,621
Class M	178,543	181,972
Class C	155,227	154,286
Class I	1,723,509	2,141,346
Total	$187,739,920	$224,714,403

10. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended September 30, 2023	Year ended September 30, 2022	Year ended September 30, 2023	Year ended September 30, 2022
Fidelity Advisor Capital Development Fund
Class O
Shares sold	1,394,169	2,274,309	$26,041,932	$44,524,973
Reinvestment of distributions	8,928,558	9,628,440	152,142,622	185,058,616
Shares redeemed	(11,499,950)	(29,010,632)	(211,065,655)	(566,420,710)
Net increase (decrease)	(1,177,223)	(17,107,883)	$(32,881,101)	$(336,837,121)
Class A
Shares sold	1,510,371	1,347,054	$26,993,379	$24,709,340
Reinvestment of distributions	1,722,233	1,681,559	27,951,846	30,873,426
Shares redeemed	(2,050,894)	(2,117,176)	(36,458,279)	(38,725,031)
Net increase (decrease)	1,181,710	911,437	$18,486,946	$16,857,735
Class M
Shares sold	18,498	36,811	$324,912	$658,898
Reinvestment of distributions	11,401	10,252	178,543	181,972
Shares redeemed	(19,700)	(26,601)	(341,738)	(468,862)
Net increase (decrease)	10,199	20,462	$161,717	$372,008
Class C
Shares sold	78,989	158,585	$1,294,892	$2,739,763
Reinvestment of distributions	10,125	8,891	150,667	150,435
Shares redeemed	(71,176)	(119,205)	(1,166,413)	(1,940,174)
Net increase (decrease)	17,938	48,271	$279,146	$950,024
Class I
Shares sold	508,367	649,695	$9,591,290	$13,036,781
Reinvestment of distributions	89,390	96,947	1,531,242	1,873,010
Shares redeemed	(403,840)	(948,147)	(7,578,934)	(18,278,589)
Net increase (decrease)	193,917	(201,505)	$3,543,598	$(3,368,798)

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Destiny Portfolios and the Shareholders of Fidelity Advisor Capital Development Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Capital Development Fund (the "Fund"), a fund of Fidelity Destiny Portfolios, including the schedule of investments, as of September 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2023 to September 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value April 1, 2023	Ending Account Value September 30, 2023	Expenses Paid During Period- C April 1, 2023 to September 30, 2023
Fidelity Advisor® Capital Development Fund
Class O	.55%
Actual		$ 1,000	$ 1,058.60	$ 2.84
Hypothetical-B		$ 1,000	$ 1,022.31	$ 2.79
Class A	.84%
Actual		$ 1,000	$ 1,057.60	$ 4.33
Hypothetical-B		$ 1,000	$ 1,020.86	$ 4.26
Class M	1.29%
Actual		$ 1,000	$ 1,055.10	$ 6.65
Hypothetical-B		$ 1,000	$ 1,018.60	$ 6.53
Class C	1.76%
Actual		$ 1,000	$ 1,052.40	$ 9.06
Hypothetical-B		$ 1,000	$ 1,016.24	$ 8.90
Class I	.71%
Actual		$ 1,000	$ 1,057.80	$ 3.66
Hypothetical-B		$ 1,000	$ 1,021.51	$ 3.60

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2023, $ 104,575,539, or, if subsequently determined to be different, the net capital gain of such year.

Class O, Class A, Class M, Class C and Class I designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class O, Class A, Class M, Class C and Class I designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Capital Development Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.814756.118

ADESII-ANN-1123

Item 2.

Code of Ethics

As of the end of the period, September 30, 2023, Fidelity Destiny Portfolios (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Capital Development Fund and Fidelity Advisor Diversified Stock Fund (the “Fund(s)”):

Services Billed by Deloitte Entities

September 30, 2023 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Capital Development Fund	$53,200	$-	$10,500	$1,400
Fidelity Advisor Diversified Stock Fund	$62,700	$-	$10,800	$1,600

September 30, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Capital Development Fund	$52,500	$-	$10,000	$1,300
Fidelity Advisor Diversified Stock Fund	$62,000	$-	$10,300	$1,400

^AAmounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):

Services Billed by Deloitte Entities


	September 30, 2023^A	September 30, 2022^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$-
All Other Fees	$-	$-

^A Amounts may reflect rounding.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	September 30, 2023^A	September 30, 2022^A
Deloitte Entities	$266,900	$480,600

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	November 21, 2023

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/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	November 21, 2023


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	November 21, 2023