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xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01796
Fidelity Destiny Portfolios
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end:
| September 30
|
| |
Date of reporting period:
| September 30, 2025
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Item 1.
Reports to Stockholders
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ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
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This report describes changes to the Fund that occurred during the reporting period.
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Fidelity Advisor® Diversified Stock Fund
Fidelity Advisor® Diversified Stock Fund Class Z : FZACX
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This annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 47
|
0.44%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, led by the consumer discretionary sector. Picks in financials also hampered the fund's result, as did an overweight in materials.
•The largest individual relative detractor was our stake in UnitedHealth Group (-49%). The stock was not held at period end. An underweight in Palantir Technologies (+390%), an investment we established this period, also hurt. Another notable relative detractor was an underweight in Tesla (+70%), however this period we increased exposure to the stock.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in materials. Investment choices and an underweight in consumer staples also boosted the portfolio's relative return. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, helped as well.
•The top individual relative contributor was an overweight in GE Vernova (+137%), where we decreased our investment in this stock this period. A non-benchmark position in Agnico Eagle Mines (+117%) also helped, followed by an outsized stake in Amphenol (+92%).
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care stocks.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class Z
|
$10,000
|
$11,500
|
$13,683
|
$16,559
|
$16,106
|
$20,370
|
$26,185
|
$21,610
|
$26,547
|
$36,698
|
$42,183
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class Z
|
14.94%
|
15.67%
|
15.48%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,835,245,388
|
|
Number of Holdings
|
235
|
|
Total Advisory Fee
|
$15,468,639
|
|
Portfolio Turnover
|
85%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
34.3
|
|
Consumer Discretionary
|
12.4
|
|
Communication Services
|
12.2
|
|
Financials
|
12.1
|
|
Industrials
|
8.7
|
|
Health Care
|
7.5
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.3
|
|
Energy
|
2.0
|
|
Real Estate
|
1.5
|
|
Utilities
|
1.3
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
0.4
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 0.4
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.4
|
|
|
United States
|
90.3
|
Canada
|
2.2
|
Taiwan
|
1.8
|
China
|
1.5
|
Netherlands
|
0.9
|
Italy
|
0.7
|
United Kingdom
|
0.7
|
Brazil
|
0.6
|
France
|
0.4
|
Others
|
0.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.3
|
|
|
Canada - 2.2
|
|
|
Taiwan - 1.8
|
|
|
China - 1.5
|
|
|
Netherlands - 0.9
|
|
|
Italy - 0.7
|
|
|
United Kingdom - 0.7
|
|
|
Brazil - 0.6
|
|
|
France - 0.4
|
|
|
Others - 0.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
9.5
|
|
Microsoft Corp
|
7.8
|
|
Apple Inc
|
5.5
|
|
Alphabet Inc Class C
|
4.3
|
|
Amazon.com Inc
|
4.2
|
|
Meta Platforms Inc Class A
|
3.7
|
|
Broadcom Inc
|
1.9
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
1.8
|
|
Mastercard Inc Class A
|
1.5
|
|
Boeing Co
|
1.3
|
|
|
|
41.5
|
|
How has the Fund changed?
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
- Management fee
- Operating expenses
- Expense reductions
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|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
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|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913711.101 2528-TSRA-1125
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|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
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|
|
Fidelity Advisor® Diversified Stock Fund
Fidelity Advisor® Diversified Stock Fund Class O : FDESX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class O
|
$ 44
|
0.41%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, led by the consumer discretionary sector. Picks in financials also hampered the fund's result, as did an overweight in materials.
•The largest individual relative detractor was our stake in UnitedHealth Group (-49%). The stock was not held at period end. An underweight in Palantir Technologies (+390%), an investment we established this period, also hurt. Another notable relative detractor was an underweight in Tesla (+70%), however this period we increased exposure to the stock.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in materials. Investment choices and an underweight in consumer staples also boosted the portfolio's relative return. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, helped as well.
•The top individual relative contributor was an overweight in GE Vernova (+137%), where we decreased our investment in this stock this period. A non-benchmark position in Agnico Eagle Mines (+117%) also helped, followed by an outsized stake in Amphenol (+92%).
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care stocks.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class O
|
$10,000
|
$11,505
|
$13,689
|
$16,575
|
$16,131
|
$20,406
|
$26,241
|
$21,664
|
$26,618
|
$36,810
|
$42,318
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class O
|
14.96%
|
15.71%
|
15.52%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,835,245,388
|
|
Number of Holdings
|
235
|
|
Total Advisory Fee
|
$15,468,639
|
|
Portfolio Turnover
|
85%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
34.3
|
|
Consumer Discretionary
|
12.4
|
|
Communication Services
|
12.2
|
|
Financials
|
12.1
|
|
Industrials
|
8.7
|
|
Health Care
|
7.5
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.3
|
|
Energy
|
2.0
|
|
Real Estate
|
1.5
|
|
Utilities
|
1.3
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
0.4
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 0.4
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.4
|
|
|
United States
|
90.3
|
Canada
|
2.2
|
Taiwan
|
1.8
|
China
|
1.5
|
Netherlands
|
0.9
|
Italy
|
0.7
|
United Kingdom
|
0.7
|
Brazil
|
0.6
|
France
|
0.4
|
Others
|
0.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.3
|
|
|
Canada - 2.2
|
|
|
Taiwan - 1.8
|
|
|
China - 1.5
|
|
|
Netherlands - 0.9
|
|
|
Italy - 0.7
|
|
|
United Kingdom - 0.7
|
|
|
Brazil - 0.6
|
|
|
France - 0.4
|
|
|
Others - 0.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
9.5
|
|
Microsoft Corp
|
7.8
|
|
Apple Inc
|
5.5
|
|
Alphabet Inc Class C
|
4.3
|
|
Amazon.com Inc
|
4.2
|
|
Meta Platforms Inc Class A
|
3.7
|
|
Broadcom Inc
|
1.9
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
1.8
|
|
Mastercard Inc Class A
|
1.5
|
|
Boeing Co
|
1.3
|
|
|
|
41.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913713.101 6-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Diversified Stock Fund
Fidelity Advisor® Diversified Stock Fund Class M : FDTEX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 116
|
1.08%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, led by the consumer discretionary sector. Picks in financials also hampered the fund's result, as did an overweight in materials.
•The largest individual relative detractor was our stake in UnitedHealth Group (-49%). The stock was not held at period end. An underweight in Palantir Technologies (+390%), an investment we established this period, also hurt. Another notable relative detractor was an underweight in Tesla (+70%), however this period we increased exposure to the stock.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in materials. Investment choices and an underweight in consumer staples also boosted the portfolio's relative return. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, helped as well.
•The top individual relative contributor was an overweight in GE Vernova (+137%), where we decreased our investment in this stock this period. A non-benchmark position in Agnico Eagle Mines (+117%) also helped, followed by an outsized stake in Amphenol (+92%).
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care stocks.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000 and the current sales charge was paid.
Class M
|
$9,650
|
$11,019
|
$13,013
|
$15,645
|
$15,110
|
$18,984
|
$24,250
|
$19,881
|
$24,262
|
$33,326
|
$38,062
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class M (incl. 3.50% sales charge)
|
10.22%
|
14.11%
|
14.30%
|
Class M (without 3.50% sales charge)
|
14.21%
|
14.93%
|
14.71%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,835,245,388
|
|
Number of Holdings
|
235
|
|
Total Advisory Fee
|
$15,468,639
|
|
Portfolio Turnover
|
85%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
34.3
|
|
Consumer Discretionary
|
12.4
|
|
Communication Services
|
12.2
|
|
Financials
|
12.1
|
|
Industrials
|
8.7
|
|
Health Care
|
7.5
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.3
|
|
Energy
|
2.0
|
|
Real Estate
|
1.5
|
|
Utilities
|
1.3
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
0.4
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 0.4
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.4
|
|
|
United States
|
90.3
|
Canada
|
2.2
|
Taiwan
|
1.8
|
China
|
1.5
|
Netherlands
|
0.9
|
Italy
|
0.7
|
United Kingdom
|
0.7
|
Brazil
|
0.6
|
France
|
0.4
|
Others
|
0.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.3
|
|
|
Canada - 2.2
|
|
|
Taiwan - 1.8
|
|
|
China - 1.5
|
|
|
Netherlands - 0.9
|
|
|
Italy - 0.7
|
|
|
United Kingdom - 0.7
|
|
|
Brazil - 0.6
|
|
|
France - 0.4
|
|
|
Others - 0.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
9.5
|
|
Microsoft Corp
|
7.8
|
|
Apple Inc
|
5.5
|
|
Alphabet Inc Class C
|
4.3
|
|
Amazon.com Inc
|
4.2
|
|
Meta Platforms Inc Class A
|
3.7
|
|
Broadcom Inc
|
1.9
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
1.8
|
|
Mastercard Inc Class A
|
1.5
|
|
Boeing Co
|
1.3
|
|
|
|
41.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913709.101 1445-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Diversified Stock Fund
Fidelity Advisor® Diversified Stock Fund Class I : FDTIX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 60
|
0.56%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, led by the consumer discretionary sector. Picks in financials also hampered the fund's result, as did an overweight in materials.
•The largest individual relative detractor was our stake in UnitedHealth Group (-49%). The stock was not held at period end. An underweight in Palantir Technologies (+390%), an investment we established this period, also hurt. Another notable relative detractor was an underweight in Tesla (+70%), however this period we increased exposure to the stock.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in materials. Investment choices and an underweight in consumer staples also boosted the portfolio's relative return. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, helped as well.
•The top individual relative contributor was an overweight in GE Vernova (+137%), where we decreased our investment in this stock this period. A non-benchmark position in Agnico Eagle Mines (+117%) also helped, followed by an outsized stake in Amphenol (+92%).
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care stocks.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class I
|
$10,000
|
$11,492
|
$13,653
|
$16,504
|
$16,033
|
$20,253
|
$26,011
|
$21,440
|
$26,308
|
$36,318
|
$41,702
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class I
|
14.83%
|
15.54%
|
15.35%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,835,245,388
|
|
Number of Holdings
|
235
|
|
Total Advisory Fee
|
$15,468,639
|
|
Portfolio Turnover
|
85%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
34.3
|
|
Consumer Discretionary
|
12.4
|
|
Communication Services
|
12.2
|
|
Financials
|
12.1
|
|
Industrials
|
8.7
|
|
Health Care
|
7.5
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.3
|
|
Energy
|
2.0
|
|
Real Estate
|
1.5
|
|
Utilities
|
1.3
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
0.4
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 0.4
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.4
|
|
|
United States
|
90.3
|
Canada
|
2.2
|
Taiwan
|
1.8
|
China
|
1.5
|
Netherlands
|
0.9
|
Italy
|
0.7
|
United Kingdom
|
0.7
|
Brazil
|
0.6
|
France
|
0.4
|
Others
|
0.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.3
|
|
|
Canada - 2.2
|
|
|
Taiwan - 1.8
|
|
|
China - 1.5
|
|
|
Netherlands - 0.9
|
|
|
Italy - 0.7
|
|
|
United Kingdom - 0.7
|
|
|
Brazil - 0.6
|
|
|
France - 0.4
|
|
|
Others - 0.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
9.5
|
|
Microsoft Corp
|
7.8
|
|
Apple Inc
|
5.5
|
|
Alphabet Inc Class C
|
4.3
|
|
Amazon.com Inc
|
4.2
|
|
Meta Platforms Inc Class A
|
3.7
|
|
Broadcom Inc
|
1.9
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
1.8
|
|
Mastercard Inc Class A
|
1.5
|
|
Boeing Co
|
1.3
|
|
|
|
41.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913710.101 1446-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Diversified Stock Fund
Fidelity Advisor® Diversified Stock Fund Class C : FDTCX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 171
|
1.60%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, led by the consumer discretionary sector. Picks in financials also hampered the fund's result, as did an overweight in materials.
•The largest individual relative detractor was our stake in UnitedHealth Group (-49%). The stock was not held at period end. An underweight in Palantir Technologies (+390%), an investment we established this period, also hurt. Another notable relative detractor was an underweight in Tesla (+70%), however this period we increased exposure to the stock.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in materials. Investment choices and an underweight in consumer staples also boosted the portfolio's relative return. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, helped as well.
•The top individual relative contributor was an overweight in GE Vernova (+137%), where we decreased our investment in this stock this period. A non-benchmark position in Agnico Eagle Mines (+117%) also helped, followed by an outsized stake in Amphenol (+92%).
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care stocks.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class C
|
$10,000
|
$11,356
|
$13,344
|
$15,953
|
$15,327
|
$19,140
|
$24,314
|
$19,818
|
$24,055
|
$33,151
|
$37,987
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class C (incl. contingent deferred sales charge)
|
12.63%
|
14.30%
|
14.28%
|
Class C
|
13.62%
|
14.30%
|
14.28%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,835,245,388
|
|
Number of Holdings
|
235
|
|
Total Advisory Fee
|
$15,468,639
|
|
Portfolio Turnover
|
85%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
34.3
|
|
Consumer Discretionary
|
12.4
|
|
Communication Services
|
12.2
|
|
Financials
|
12.1
|
|
Industrials
|
8.7
|
|
Health Care
|
7.5
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.3
|
|
Energy
|
2.0
|
|
Real Estate
|
1.5
|
|
Utilities
|
1.3
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
0.4
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 0.4
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.4
|
|
|
United States
|
90.3
|
Canada
|
2.2
|
Taiwan
|
1.8
|
China
|
1.5
|
Netherlands
|
0.9
|
Italy
|
0.7
|
United Kingdom
|
0.7
|
Brazil
|
0.6
|
France
|
0.4
|
Others
|
0.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.3
|
|
|
Canada - 2.2
|
|
|
Taiwan - 1.8
|
|
|
China - 1.5
|
|
|
Netherlands - 0.9
|
|
|
Italy - 0.7
|
|
|
United Kingdom - 0.7
|
|
|
Brazil - 0.6
|
|
|
France - 0.4
|
|
|
Others - 0.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
9.5
|
|
Microsoft Corp
|
7.8
|
|
Apple Inc
|
5.5
|
|
Alphabet Inc Class C
|
4.3
|
|
Amazon.com Inc
|
4.2
|
|
Meta Platforms Inc Class A
|
3.7
|
|
Broadcom Inc
|
1.9
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
1.8
|
|
Mastercard Inc Class A
|
1.5
|
|
Boeing Co
|
1.3
|
|
|
|
41.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913708.101 1444-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Diversified Stock Fund
Fidelity Advisor® Diversified Stock Fund Class A : FDTOX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 82
|
0.76%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, led by the consumer discretionary sector. Picks in financials also hampered the fund's result, as did an overweight in materials.
•The largest individual relative detractor was our stake in UnitedHealth Group (-49%). The stock was not held at period end. An underweight in Palantir Technologies (+390%), an investment we established this period, also hurt. Another notable relative detractor was an underweight in Tesla (+70%), however this period we increased exposure to the stock.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in materials. Investment choices and an underweight in consumer staples also boosted the portfolio's relative return. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, helped as well.
•The top individual relative contributor was an overweight in GE Vernova (+137%), where we decreased our investment in this stock this period. A non-benchmark position in Agnico Eagle Mines (+117%) also helped, followed by an outsized stake in Amphenol (+92%).
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care stocks.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000 and the current sales charge was paid.
Class A
|
$9,425
|
$10,805
|
$12,813
|
$15,462
|
$14,990
|
$18,895
|
$24,218
|
$19,918
|
$24,390
|
$33,613
|
$38,517
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class A (incl. 5.75% sales charge)
|
8.00%
|
13.95%
|
14.44%
|
Class A (without 5.75% sales charge)
|
14.59%
|
15.31%
|
15.12%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,835,245,388
|
|
Number of Holdings
|
235
|
|
Total Advisory Fee
|
$15,468,639
|
|
Portfolio Turnover
|
85%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
34.3
|
|
Consumer Discretionary
|
12.4
|
|
Communication Services
|
12.2
|
|
Financials
|
12.1
|
|
Industrials
|
8.7
|
|
Health Care
|
7.5
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.3
|
|
Energy
|
2.0
|
|
Real Estate
|
1.5
|
|
Utilities
|
1.3
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
0.4
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 0.4
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.4
|
|
|
United States
|
90.3
|
Canada
|
2.2
|
Taiwan
|
1.8
|
China
|
1.5
|
Netherlands
|
0.9
|
Italy
|
0.7
|
United Kingdom
|
0.7
|
Brazil
|
0.6
|
France
|
0.4
|
Others
|
0.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.3
|
|
|
Canada - 2.2
|
|
|
Taiwan - 1.8
|
|
|
China - 1.5
|
|
|
Netherlands - 0.9
|
|
|
Italy - 0.7
|
|
|
United Kingdom - 0.7
|
|
|
Brazil - 0.6
|
|
|
France - 0.4
|
|
|
Others - 0.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
9.5
|
|
Microsoft Corp
|
7.8
|
|
Apple Inc
|
5.5
|
|
Alphabet Inc Class C
|
4.3
|
|
Amazon.com Inc
|
4.2
|
|
Meta Platforms Inc Class A
|
3.7
|
|
Broadcom Inc
|
1.9
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
1.8
|
|
Mastercard Inc Class A
|
1.5
|
|
Boeing Co
|
1.3
|
|
|
|
41.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913712.101 395-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Capital Development Fund
Fidelity Advisor® Capital Development Fund Class O : FDETX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class O
|
$ 59
|
0.53%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picks in financials and health care also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Vernova (+137%). The second-largest relative contributor was an overweight in GE Aerospace (+60%). An overweight in Wells Fargo (+52%) also helped. Each was among the fund's top holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Stock picking in communication services, primarily within the media & entertainment industry, also hurt. Also detracting was an overweight in energy. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor this period was avoiding Tesla, a benchmark component that gained 70%. A second notable relative detractor was an overweight in Exxon Mobil (0%). The stock was one of the fund's biggest holdings. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained about 390%.
•Notable changes in positioning include a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class O
|
$10,000
|
$11,501
|
$13,695
|
$15,754
|
$15,529
|
$15,935
|
$22,247
|
$19,383
|
$24,700
|
$33,586
|
$41,847
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class O
|
24.60%
|
21.30%
|
15.39%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,758,190,180
|
|
Number of Holdings
|
178
|
|
Total Advisory Fee
|
$27,131,243
|
|
Portfolio Turnover
|
18%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
24.8
|
|
Industrials
|
18.1
|
|
Financials
|
16.0
|
|
Health Care
|
10.3
|
|
Communication Services
|
9.9
|
|
Energy
|
8.4
|
|
Consumer Staples
|
3.9
|
|
Consumer Discretionary
|
2.8
|
|
Materials
|
2.1
|
|
Utilities
|
1.1
|
|
Real Estate
|
0.6
|
|
|
|
Common Stocks
|
97.9
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
2.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.9
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
|
United States
|
90.4
|
Canada
|
2.4
|
Zambia
|
1.5
|
Belgium
|
1.1
|
United Kingdom
|
1.0
|
Germany
|
0.9
|
Netherlands
|
0.8
|
Taiwan
|
0.7
|
France
|
0.6
|
Others
|
0.6
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.4
|
|
|
Canada - 2.4
|
|
|
Zambia - 1.5
|
|
|
Belgium - 1.1
|
|
|
United Kingdom - 1.0
|
|
|
Germany - 0.9
|
|
|
Netherlands - 0.8
|
|
|
Taiwan - 0.7
|
|
|
France - 0.6
|
|
|
Others - 0.6
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
7.6
|
|
Microsoft Corp
|
6.8
|
|
Wells Fargo & Co
|
6.0
|
|
GE Aerospace
|
4.9
|
|
GE Vernova Inc
|
4.1
|
|
Boeing Co
|
4.0
|
|
Exxon Mobil Corp
|
3.7
|
|
Meta Platforms Inc Class A
|
3.2
|
|
Bank of America Corp
|
2.8
|
|
Alphabet Inc Class A
|
2.7
|
|
|
|
45.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913717.101 306-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Capital Development Fund
Fidelity Advisor® Capital Development Fund Class M : FDTZX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 131
|
1.17%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picks in financials and health care also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Vernova (+137%). The second-largest relative contributor was an overweight in GE Aerospace (+60%). An overweight in Wells Fargo (+52%) also helped. Each was among the fund's top holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Stock picking in communication services, primarily within the media & entertainment industry, also hurt. Also detracting was an overweight in energy. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor this period was avoiding Tesla, a benchmark component that gained 70%. A second notable relative detractor was an overweight in Exxon Mobil (0%). The stock was one of the fund's biggest holdings. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained about 390%.
•Notable changes in positioning include a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000 and the current sales charge was paid.
Class M
|
$9,650
|
$11,010
|
$12,993
|
$14,835
|
$14,498
|
$14,752
|
$20,448
|
$17,678
|
$22,364
|
$30,205
|
$37,395
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class M (incl. 3.50% sales charge)
|
19.47%
|
19.59%
|
14.10%
|
Class M (without 3.50% sales charge)
|
23.80%
|
20.45%
|
14.51%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,758,190,180
|
|
Number of Holdings
|
178
|
|
Total Advisory Fee
|
$27,131,243
|
|
Portfolio Turnover
|
18%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
24.8
|
|
Industrials
|
18.1
|
|
Financials
|
16.0
|
|
Health Care
|
10.3
|
|
Communication Services
|
9.9
|
|
Energy
|
8.4
|
|
Consumer Staples
|
3.9
|
|
Consumer Discretionary
|
2.8
|
|
Materials
|
2.1
|
|
Utilities
|
1.1
|
|
Real Estate
|
0.6
|
|
|
|
Common Stocks
|
97.9
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
2.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.9
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
|
United States
|
90.4
|
Canada
|
2.4
|
Zambia
|
1.5
|
Belgium
|
1.1
|
United Kingdom
|
1.0
|
Germany
|
0.9
|
Netherlands
|
0.8
|
Taiwan
|
0.7
|
France
|
0.6
|
Others
|
0.6
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.4
|
|
|
Canada - 2.4
|
|
|
Zambia - 1.5
|
|
|
Belgium - 1.1
|
|
|
United Kingdom - 1.0
|
|
|
Germany - 0.9
|
|
|
Netherlands - 0.8
|
|
|
Taiwan - 0.7
|
|
|
France - 0.6
|
|
|
Others - 0.6
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
7.6
|
|
Microsoft Corp
|
6.8
|
|
Wells Fargo & Co
|
6.0
|
|
GE Aerospace
|
4.9
|
|
GE Vernova Inc
|
4.1
|
|
Boeing Co
|
4.0
|
|
Exxon Mobil Corp
|
3.7
|
|
Meta Platforms Inc Class A
|
3.2
|
|
Bank of America Corp
|
2.8
|
|
Alphabet Inc Class A
|
2.7
|
|
|
|
45.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913715.101 1449-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Capital Development Fund
Fidelity Advisor® Capital Development Fund Class I : FDEIX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 75
|
0.67%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picks in financials and health care also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Vernova (+137%). The second-largest relative contributor was an overweight in GE Aerospace (+60%). An overweight in Wells Fargo (+52%) also helped. Each was among the fund's top holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Stock picking in communication services, primarily within the media & entertainment industry, also hurt. Also detracting was an overweight in energy. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor this period was avoiding Tesla, a benchmark component that gained 70%. A second notable relative detractor was an overweight in Exxon Mobil (0%). The stock was one of the fund's biggest holdings. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained about 390%.
•Notable changes in positioning include a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class I
|
$10,000
|
$11,489
|
$13,652
|
$15,695
|
$15,431
|
$15,823
|
$22,058
|
$19,184
|
$24,408
|
$33,140
|
$41,231
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class I
|
24.41%
|
21.11%
|
15.22%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,758,190,180
|
|
Number of Holdings
|
178
|
|
Total Advisory Fee
|
$27,131,243
|
|
Portfolio Turnover
|
18%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
24.8
|
|
Industrials
|
18.1
|
|
Financials
|
16.0
|
|
Health Care
|
10.3
|
|
Communication Services
|
9.9
|
|
Energy
|
8.4
|
|
Consumer Staples
|
3.9
|
|
Consumer Discretionary
|
2.8
|
|
Materials
|
2.1
|
|
Utilities
|
1.1
|
|
Real Estate
|
0.6
|
|
|
|
Common Stocks
|
97.9
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
2.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.9
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
|
United States
|
90.4
|
Canada
|
2.4
|
Zambia
|
1.5
|
Belgium
|
1.1
|
United Kingdom
|
1.0
|
Germany
|
0.9
|
Netherlands
|
0.8
|
Taiwan
|
0.7
|
France
|
0.6
|
Others
|
0.6
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.4
|
|
|
Canada - 2.4
|
|
|
Zambia - 1.5
|
|
|
Belgium - 1.1
|
|
|
United Kingdom - 1.0
|
|
|
Germany - 0.9
|
|
|
Netherlands - 0.8
|
|
|
Taiwan - 0.7
|
|
|
France - 0.6
|
|
|
Others - 0.6
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
7.6
|
|
Microsoft Corp
|
6.8
|
|
Wells Fargo & Co
|
6.0
|
|
GE Aerospace
|
4.9
|
|
GE Vernova Inc
|
4.1
|
|
Boeing Co
|
4.0
|
|
Exxon Mobil Corp
|
3.7
|
|
Meta Platforms Inc Class A
|
3.2
|
|
Bank of America Corp
|
2.8
|
|
Alphabet Inc Class A
|
2.7
|
|
|
|
45.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913716.101 1451-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Capital Development Fund
Fidelity Advisor® Capital Development Fund Class C : FDECX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 186
|
1.66%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picks in financials and health care also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Vernova (+137%). The second-largest relative contributor was an overweight in GE Aerospace (+60%). An overweight in Wells Fargo (+52%) also helped. Each was among the fund's top holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Stock picking in communication services, primarily within the media & entertainment industry, also hurt. Also detracting was an overweight in energy. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor this period was avoiding Tesla, a benchmark component that gained 70%. A second notable relative detractor was an overweight in Exxon Mobil (0%). The stock was one of the fund's biggest holdings. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained about 390%.
•Notable changes in positioning include a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000.
Class C
|
$10,000
|
$11,360
|
$13,356
|
$15,174
|
$14,761
|
$14,965
|
$20,635
|
$17,756
|
$22,354
|
$30,306
|
$37,653
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class C (incl. contingent deferred sales charge)
|
22.19%
|
19.86%
|
14.18%
|
Class C
|
23.19%
|
19.86%
|
14.18%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,758,190,180
|
|
Number of Holdings
|
178
|
|
Total Advisory Fee
|
$27,131,243
|
|
Portfolio Turnover
|
18%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
24.8
|
|
Industrials
|
18.1
|
|
Financials
|
16.0
|
|
Health Care
|
10.3
|
|
Communication Services
|
9.9
|
|
Energy
|
8.4
|
|
Consumer Staples
|
3.9
|
|
Consumer Discretionary
|
2.8
|
|
Materials
|
2.1
|
|
Utilities
|
1.1
|
|
Real Estate
|
0.6
|
|
|
|
Common Stocks
|
97.9
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
2.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.9
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
|
United States
|
90.4
|
Canada
|
2.4
|
Zambia
|
1.5
|
Belgium
|
1.1
|
United Kingdom
|
1.0
|
Germany
|
0.9
|
Netherlands
|
0.8
|
Taiwan
|
0.7
|
France
|
0.6
|
Others
|
0.6
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.4
|
|
|
Canada - 2.4
|
|
|
Zambia - 1.5
|
|
|
Belgium - 1.1
|
|
|
United Kingdom - 1.0
|
|
|
Germany - 0.9
|
|
|
Netherlands - 0.8
|
|
|
Taiwan - 0.7
|
|
|
France - 0.6
|
|
|
Others - 0.6
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
7.6
|
|
Microsoft Corp
|
6.8
|
|
Wells Fargo & Co
|
6.0
|
|
GE Aerospace
|
4.9
|
|
GE Vernova Inc
|
4.1
|
|
Boeing Co
|
4.0
|
|
Exxon Mobil Corp
|
3.7
|
|
Meta Platforms Inc Class A
|
3.2
|
|
Bank of America Corp
|
2.8
|
|
Alphabet Inc Class A
|
2.7
|
|
|
|
45.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913714.101 1448-TSRA-1125
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF SEPTEMBER 30, 2025
|
|
|
|
Fidelity Advisor® Capital Development Fund
Fidelity Advisor® Capital Development Fund Class A : FDTTX
|
|
|
|
|
This annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 91
|
0.82%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending September 30, 2025, extending a historically fast rebound that began in early April, supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reduction since December.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picks in financials and health care also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Vernova (+137%). The second-largest relative contributor was an overweight in GE Aerospace (+60%). An overweight in Wells Fargo (+52%) also helped. Each was among the fund's top holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Stock picking in communication services, primarily within the media & entertainment industry, also hurt. Also detracting was an overweight in energy. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor this period was avoiding Tesla, a benchmark component that gained 70%. A second notable relative detractor was an overweight in Exxon Mobil (0%). The stock was one of the fund's biggest holdings. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained about 390%.
•Notable changes in positioning include a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
September 30, 2015 through September 30, 2025.
Initial investment of $10,000 and the current sales charge was paid.
Class A
|
$9,425
|
$10,811
|
$12,835
|
$14,723
|
$14,464
|
$14,806
|
$20,612
|
$17,902
|
$22,754
|
$30,848
|
$38,327
|
S&P 500® Index
|
$10,000
|
$11,543
|
$13,691
|
$16,143
|
$16,830
|
$19,380
|
$25,194
|
$21,296
|
$25,900
|
$35,315
|
$41,530
|
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class A (incl. 5.75% sales charge)
|
17.10%
|
19.53%
|
14.38%
|
Class A (without 5.75% sales charge)
|
24.24%
|
20.95%
|
15.06%
|
S&P 500® Index
|
17.60%
|
16.47%
|
15.30%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of September 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,758,190,180
|
|
Number of Holdings
|
178
|
|
Total Advisory Fee
|
$27,131,243
|
|
Portfolio Turnover
|
18%
|
|
What did the Fund invest in?
(as of September 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
24.8
|
|
Industrials
|
18.1
|
|
Financials
|
16.0
|
|
Health Care
|
10.3
|
|
Communication Services
|
9.9
|
|
Energy
|
8.4
|
|
Consumer Staples
|
3.9
|
|
Consumer Discretionary
|
2.8
|
|
Materials
|
2.1
|
|
Utilities
|
1.1
|
|
Real Estate
|
0.6
|
|
|
|
Common Stocks
|
97.9
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
2.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.9
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
|
United States
|
90.4
|
Canada
|
2.4
|
Zambia
|
1.5
|
Belgium
|
1.1
|
United Kingdom
|
1.0
|
Germany
|
0.9
|
Netherlands
|
0.8
|
Taiwan
|
0.7
|
France
|
0.6
|
Others
|
0.6
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.4
|
|
|
Canada - 2.4
|
|
|
Zambia - 1.5
|
|
|
Belgium - 1.1
|
|
|
United Kingdom - 1.0
|
|
|
Germany - 0.9
|
|
|
Netherlands - 0.8
|
|
|
Taiwan - 0.7
|
|
|
France - 0.6
|
|
|
Others - 0.6
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
7.6
|
|
Microsoft Corp
|
6.8
|
|
Wells Fargo & Co
|
6.0
|
|
GE Aerospace
|
4.9
|
|
GE Vernova Inc
|
4.1
|
|
Boeing Co
|
4.0
|
|
Exxon Mobil Corp
|
3.7
|
|
Meta Platforms Inc Class A
|
3.2
|
|
Bank of America Corp
|
2.8
|
|
Alphabet Inc Class A
|
2.7
|
|
|
|
45.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9913718.101 396-TSRA-1125
|
Item 2.
Code of Ethics
As of the end of the period, September 30, 2025, 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, 2025 FeesA
| | | | |
| Audit Fees
| Audit-Related Fees
| Tax Fees
| All Other Fees
|
Fidelity Advisor Capital Development Fund
| $55,500
| $-
| $10,600
| $800
|
Fidelity Advisor Diversified Stock Fund
| $65,400
| $-
| $10,600
| $900
|
| | | | |
| Audit Fees
| Audit-Related Fees
| Tax Fees
| All Other Fees
|
Fidelity Advisor Capital Development Fund
| $53,000
| $-
| $10,500
| $1,300
|
Fidelity Advisor Diversified Stock Fund
| $62,400
| $-
| $10,600
| $1,500
|
A Amounts 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, 2025A
| September 30, 2024A
|
Audit-Related Fees
| $125,000
| $125,000
|
Tax Fees
| $-
| $-
|
All Other Fees
| $1,970,400
| $2,929,500
|
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, 2025A
| September 30, 2024A
|
Deloitte Entities
| $2,455,100
| $5,208,900
|
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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity Advisor® Diversified Stock Fund
Annual Report
September 30, 2025
Contents
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Diversified Stock Fund
Consolidated Schedule of Investments September 30, 2025
Showing Percentage of Net Assets
Common Stocks - 98.2%
|
|
|
|
Shares
|
Value ($)
|
AUSTRALIA - 0.3%
|
|
|
|
Industrials - 0.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
DroneShield Ltd (a)(b)
|
|
500,000
|
1,541,761
|
Information Technology - 0.3%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Elsight Ltd (a)
|
|
661,000
|
732,617
|
Software - 0.3%
|
|
|
|
Canva Australia Holdings Pty Ltd Class A (a)(c)(d)
|
|
4,833
|
7,955,795
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
8,688,412
|
|
|
|
|
|
TOTAL AUSTRALIA
|
|
|
10,230,173
|
BELGIUM - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Pharmaceuticals - 0.1%
|
|
|
|
UCB SA
|
|
10,000
|
2,759,018
|
BRAZIL - 0.6%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Broadline Retail - 0.2%
|
|
|
|
MercadoLibre Inc (a)
|
|
4,300
|
10,048,842
|
Materials - 0.4%
|
|
|
|
Metals & Mining - 0.4%
|
|
|
|
Wheaton Precious Metals Corp
|
|
129,400
|
14,480,675
|
TOTAL BRAZIL
|
|
|
24,529,517
|
CANADA - 2.2%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Specialty Retail - 0.0%
|
|
|
|
Aritzia Inc Subordinate Voting Shares (a)
|
|
25,000
|
1,512,179
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
Cameco Corp (United States)
|
|
64,600
|
5,417,356
|
South Bow Corp (e)
|
|
61,400
|
1,737,395
|
|
|
|
|
7,154,751
|
Information Technology - 0.2%
|
|
|
|
IT Services - 0.2%
|
|
|
|
Shopify Inc Class A (United States) (a)
|
|
53,600
|
7,965,496
|
Materials - 1.8%
|
|
|
|
Chemicals - 0.3%
|
|
|
|
Nutrien Ltd (United States)
|
|
184,700
|
10,843,737
|
Metals & Mining - 1.5%
|
|
|
|
Agnico Eagle Mines Ltd/CA (United States)
|
|
138,000
|
23,261,280
|
Franco-Nevada Corp
|
|
139,400
|
31,028,194
|
Teck Resources Ltd Class B (United States)
|
|
42,000
|
1,843,380
|
|
|
|
|
56,132,854
|
TOTAL MATERIALS
|
|
|
66,976,591
|
|
|
|
|
|
TOTAL CANADA
|
|
|
83,609,017
|
CHILE - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
Antofagasta PLC
|
|
16,400
|
606,770
|
Lundin Mining Corp
|
|
60,000
|
895,021
|
|
|
|
|
|
TOTAL CHILE
|
|
|
1,501,791
|
CHINA - 1.4%
|
|
|
|
Communication Services - 0.6%
|
|
|
|
Interactive Media & Services - 0.6%
|
|
|
|
Tencent Holdings Ltd
|
|
274,600
|
23,398,557
|
Consumer Discretionary - 0.7%
|
|
|
|
Broadline Retail - 0.7%
|
|
|
|
Alibaba Group Holding Ltd ADR
|
|
142,000
|
25,379,660
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Luckin Coffee Inc ADR (a)
|
|
39,800
|
1,512,798
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
26,892,458
|
|
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
BeOne Medicines Ltd ADR (a)
|
|
5,700
|
1,941,990
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Pony AI Inc ADR
|
|
12,000
|
269,880
|
TOTAL CHINA
|
|
|
52,502,885
|
FINLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Amer Sports Inc (a)
|
|
174,174
|
6,052,547
|
FRANCE - 0.4%
|
|
|
|
Health Care - 0.4%
|
|
|
|
Health Care Equipment & Supplies - 0.4%
|
|
|
|
EssilorLuxottica SA
|
|
45,700
|
14,808,527
|
GERMANY - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Specialty Retail - 0.2%
|
|
|
|
Auto1 Group SE (a)
|
|
137,000
|
4,664,501
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
SAP SE ADR
|
|
5,300
|
1,416,213
|
TOTAL GERMANY
|
|
|
6,080,714
|
HONG KONG - 0.1%
|
|
|
|
Financials - 0.1%
|
|
|
|
Capital Markets - 0.1%
|
|
|
|
Futu Holdings Ltd Class A ADR
|
|
28,200
|
4,904,262
|
ITALY - 0.7%
|
|
|
|
Consumer Discretionary - 0.6%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.6%
|
|
|
|
Brunello Cucinelli SpA
|
|
208,600
|
22,776,335
|
Financials - 0.1%
|
|
|
|
Banks - 0.1%
|
|
|
|
Intesa Sanpaolo SpA
|
|
455,500
|
3,015,035
|
Industrials - 0.0%
|
|
|
|
Electrical Equipment - 0.0%
|
|
|
|
Prysmian SpA
|
|
24,600
|
2,431,256
|
TOTAL ITALY
|
|
|
28,222,626
|
JAPAN - 0.0%
|
|
|
|
Industrials - 0.0%
|
|
|
|
Machinery - 0.0%
|
|
|
|
Japan Steel Works Ltd/The
|
|
17,000
|
1,031,281
|
MEXICO - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
Southern Copper Corp (e)
|
|
22,700
|
2,754,872
|
NETHERLANDS - 0.9%
|
|
|
|
Health Care - 0.9%
|
|
|
|
Biotechnology - 0.9%
|
|
|
|
Argenx SE ADR (a)
|
|
46,600
|
34,370,296
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
NXP Semiconductors NV
|
|
4,400
|
1,002,012
|
TOTAL NETHERLANDS
|
|
|
35,372,308
|
TAIWAN - 1.8%
|
|
|
|
Information Technology - 1.8%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.8%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
244,100
|
68,174,689
|
UNITED KINGDOM - 0.7%
|
|
|
|
Consumer Discretionary - 0.4%
|
|
|
|
Hotels, Restaurants & Leisure - 0.4%
|
|
|
|
Compass Group PLC
|
|
95,505
|
3,255,361
|
Flutter Entertainment PLC (a)
|
|
40,400
|
10,261,600
|
|
|
|
|
13,516,961
|
Consumer Staples - 0.2%
|
|
|
|
Tobacco - 0.2%
|
|
|
|
British American Tobacco PLC
|
|
174,000
|
9,254,592
|
Financials - 0.1%
|
|
|
|
Banks - 0.1%
|
|
|
|
Starling Bank Ltd (c)
|
|
879,300
|
2,849,995
|
Industrials - 0.0%
|
|
|
|
Professional Services - 0.0%
|
|
|
|
RELX PLC
|
|
22,900
|
1,094,135
|
TOTAL UNITED KINGDOM
|
|
|
26,715,683
|
UNITED STATES - 88.6%
|
|
|
|
Communication Services - 11.5%
|
|
|
|
Entertainment - 2.3%
|
|
|
|
Live Nation Entertainment Inc (a)
|
|
98,400
|
16,078,560
|
Netflix Inc (a)
|
|
34,700
|
41,602,524
|
ROBLOX Corp Class A (a)
|
|
46,300
|
6,413,476
|
Spotify Technology SA (a)
|
|
26,900
|
18,776,200
|
Walt Disney Co/The
|
|
41,300
|
4,728,850
|
|
|
|
|
87,599,610
|
Interactive Media & Services - 9.1%
|
|
|
|
Alphabet Inc Class A
|
|
114,000
|
27,713,400
|
Alphabet Inc Class C
|
|
678,060
|
165,141,513
|
Meta Platforms Inc Class A
|
|
192,031
|
141,023,726
|
Reddit Inc Class A (a)
|
|
61,000
|
14,029,390
|
Reddit Inc Class B (a)
|
|
3,500
|
804,965
|
|
|
|
|
348,712,994
|
Media - 0.0%
|
|
|
|
Magnite Inc (a)
|
|
26,200
|
570,636
|
Wireless Telecommunication Services - 0.1%
|
|
|
|
T-Mobile US Inc
|
|
14,900
|
3,566,762
|
TOTAL COMMUNICATION SERVICES
|
|
|
440,450,002
|
|
|
|
|
|
Consumer Discretionary - 10.1%
|
|
|
|
Automobiles - 1.3%
|
|
|
|
Tesla Inc (a)
|
|
111,800
|
49,719,696
|
Broadline Retail - 4.2%
|
|
|
|
Amazon.com Inc (a)
|
|
727,200
|
159,671,304
|
Hotels, Restaurants & Leisure - 0.9%
|
|
|
|
Booking Holdings Inc
|
|
1,100
|
5,939,197
|
Carnival Corp (a)
|
|
268,100
|
7,750,771
|
Cava Group Inc (a)(e)
|
|
4,800
|
289,968
|
DraftKings Inc Class A (a)
|
|
1,722
|
64,403
|
Hilton Worldwide Holdings Inc
|
|
20,484
|
5,314,369
|
Marriott International Inc/MD Class A1
|
|
1,500
|
390,660
|
Royal Caribbean Cruises Ltd (e)
|
|
17,500
|
5,662,650
|
Starbucks Corp
|
|
5,900
|
499,140
|
Viking Holdings Ltd (a)
|
|
43,200
|
2,685,312
|
Wyndham Hotels & Resorts Inc
|
|
50,500
|
4,034,950
|
|
|
|
|
32,631,420
|
Household Durables - 1.2%
|
|
|
|
DR Horton Inc
|
|
69,600
|
11,795,112
|
SharkNinja Inc (a)
|
|
116,800
|
12,047,920
|
Somnigroup International Inc
|
|
213,500
|
18,004,455
|
Toll Brothers Inc
|
|
40,700
|
5,622,298
|
|
|
|
|
47,469,785
|
Specialty Retail - 2.2%
|
|
|
|
American Eagle Outfitters Inc
|
|
143,600
|
2,456,996
|
AutoZone Inc (a)
|
|
2,800
|
12,012,672
|
Group 1 Automotive Inc
|
|
2,800
|
1,225,028
|
Home Depot Inc/The
|
|
3,000
|
1,215,570
|
Lowe's Cos Inc
|
|
134,666
|
33,842,912
|
Revolve Group Inc Class A (a)
|
|
17,100
|
364,230
|
Ross Stores Inc
|
|
7,500
|
1,142,925
|
TJX Cos Inc/The
|
|
101,240
|
14,633,230
|
Williams-Sonoma Inc
|
|
80,000
|
15,636,000
|
|
|
|
|
82,529,563
|
Textiles, Apparel & Luxury Goods - 0.3%
|
|
|
|
NIKE Inc Class B
|
|
180,000
|
12,551,400
|
Ralph Lauren Corp Class A
|
|
5,600
|
1,755,936
|
Tory Burch LLC Class A (a)(c)(d)(f)
|
|
28,846
|
1,116,906
|
|
|
|
|
15,424,242
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
387,446,010
|
|
|
|
|
|
Consumer Staples - 2.1%
|
|
|
|
Consumer Staples Distribution & Retail - 0.6%
|
|
|
|
Costco Wholesale Corp
|
|
600
|
555,378
|
Dollar General Corp
|
|
27,500
|
2,842,125
|
Dollar Tree Inc (a)
|
|
110,600
|
10,437,322
|
Performance Food Group Co (a)
|
|
38,900
|
4,047,156
|
Walmart Inc
|
|
66,200
|
6,822,572
|
|
|
|
|
24,704,553
|
Personal Care Products - 0.4%
|
|
|
|
Estee Lauder Cos Inc/The Class A
|
|
155,900
|
13,737,908
|
Tobacco - 1.1%
|
|
|
|
Philip Morris International Inc
|
|
251,900
|
40,858,180
|
TOTAL CONSUMER STAPLES
|
|
|
79,300,641
|
|
|
|
|
|
Energy - 1.8%
|
|
|
|
Energy Equipment & Services - 1.1%
|
|
|
|
Baker Hughes Co Class A
|
|
852,100
|
41,514,312
|
Oil, Gas & Consumable Fuels - 0.7%
|
|
|
|
Antero Resources Corp (a)
|
|
175,900
|
5,903,204
|
APA Corp
|
|
271,000
|
6,579,880
|
Cheniere Energy Inc
|
|
13,900
|
3,266,222
|
EQT Corp
|
|
35,000
|
1,905,050
|
Exxon Mobil Corp
|
|
41,000
|
4,622,750
|
Marathon Petroleum Corp
|
|
5,700
|
1,098,618
|
Shell PLC
|
|
108,200
|
3,856,360
|
|
|
|
|
27,232,084
|
TOTAL ENERGY
|
|
|
68,746,396
|
|
|
|
|
|
Financials - 11.8%
|
|
|
|
Banks - 2.0%
|
|
|
|
Bank of America Corp
|
|
150,100
|
7,743,659
|
First Horizon Corp
|
|
440,100
|
9,950,661
|
JPMorgan Chase & Co
|
|
87,800
|
27,694,754
|
M&T Bank Corp
|
|
15,000
|
2,964,300
|
Wells Fargo & Co
|
|
322,900
|
27,065,478
|
|
|
|
|
75,418,852
|
Capital Markets - 5.3%
|
|
|
|
Bank of New York Mellon Corp/The
|
|
267,300
|
29,125,008
|
Blackstone Inc
|
|
113,900
|
19,459,815
|
Cboe Global Markets Inc
|
|
129,100
|
31,661,775
|
Charles Schwab Corp/The
|
|
271,100
|
25,881,917
|
CME Group Inc Class A
|
|
29,700
|
8,024,643
|
Goldman Sachs Group Inc/The
|
|
8,900
|
7,087,515
|
KKR & Co Inc Class A
|
|
92,800
|
12,059,360
|
Moody's Corp
|
|
10,300
|
4,907,744
|
Morgan Stanley
|
|
278,300
|
44,238,568
|
MSCI Inc
|
|
2,700
|
1,532,007
|
Northern Trust Corp
|
|
62,400
|
8,399,040
|
State Street Corp
|
|
109,500
|
12,703,095
|
|
|
|
|
205,080,487
|
Consumer Finance - 0.8%
|
|
|
|
Capital One Financial Corp
|
|
142,400
|
30,271,392
|
Financial Services - 2.9%
|
|
|
|
Apollo Global Management Inc
|
|
148,000
|
19,723,960
|
Mastercard Inc Class A
|
|
99,359
|
56,516,393
|
Visa Inc Class A
|
|
101,400
|
34,615,932
|
|
|
|
|
110,856,285
|
Insurance - 0.8%
|
|
|
|
Arthur J Gallagher & Co
|
|
43,054
|
13,335,546
|
Chubb Ltd
|
|
61,100
|
17,245,475
|
|
|
|
|
30,581,021
|
TOTAL FINANCIALS
|
|
|
452,208,037
|
|
|
|
|
|
Health Care - 6.0%
|
|
|
|
Biotechnology - 2.7%
|
|
|
|
Alnylam Pharmaceuticals Inc (a)
|
|
83,200
|
37,939,201
|
Blueprint Medicines Corp rights (a)(c)
|
|
3,000
|
0
|
Exact Sciences Corp (a)
|
|
100,113
|
5,477,182
|
Gilead Sciences Inc
|
|
245,100
|
27,206,100
|
Insmed Inc (a)
|
|
124,800
|
17,972,448
|
Legend Biotech Corp ADR (a)
|
|
260,384
|
8,491,122
|
Madrigal Pharmaceuticals Inc (a)
|
|
1,700
|
779,722
|
Nuvalent Inc Class A (a)
|
|
31,800
|
2,750,064
|
Scholar Rock Holding Corp (a)
|
|
19,200
|
715,008
|
Soleno Therapeutics Inc (a)
|
|
17,900
|
1,210,040
|
|
|
|
|
102,540,887
|
Health Care Equipment & Supplies - 1.4%
|
|
|
|
Boston Scientific Corp (a)
|
|
156,237
|
15,253,418
|
Edwards Lifesciences Corp (a)
|
|
219,900
|
17,101,623
|
Insulet Corp (a)
|
|
61,400
|
18,956,022
|
Penumbra Inc (a)
|
|
7,600
|
1,925,232
|
|
|
|
|
53,236,295
|
Health Care Providers & Services - 0.7%
|
|
|
|
CVS Health Corp
|
|
303,500
|
22,880,865
|
McKesson Corp
|
|
5,600
|
4,326,224
|
|
|
|
|
27,207,089
|
Health Care Technology - 0.2%
|
|
|
|
Veeva Systems Inc Class A (a)
|
|
29,400
|
8,758,554
|
Life Sciences Tools & Services - 0.2%
|
|
|
|
Thermo Fisher Scientific Inc
|
|
14,600
|
7,081,292
|
Pharmaceuticals - 0.8%
|
|
|
|
Eli Lilly & Co
|
|
38,538
|
29,404,494
|
TOTAL HEALTH CARE
|
|
|
228,228,611
|
|
|
|
|
|
Industrials - 8.7%
|
|
|
|
Aerospace & Defense - 2.3%
|
|
|
|
Anduril Industries Inc Class B (c)(d)
|
|
3,198
|
130,734
|
Anduril Industries Inc Class C (c)(d)
|
|
2
|
82
|
Boeing Co (a)
|
|
235,020
|
50,724,367
|
BWX Technologies Inc
|
|
4,000
|
737,480
|
GE Aerospace
|
|
11,900
|
3,579,758
|
General Dynamics Corp
|
|
5,700
|
1,943,700
|
Howmet Aerospace Inc
|
|
95,400
|
18,720,342
|
Karman Holdings Inc
|
|
7,600
|
548,720
|
TransDigm Group Inc
|
|
4,500
|
5,931,090
|
Woodward Inc
|
|
12,700
|
3,209,417
|
|
|
|
|
85,525,690
|
Air Freight & Logistics - 0.0%
|
|
|
|
CH Robinson Worldwide Inc
|
|
11,900
|
1,575,560
|
Building Products - 1.0%
|
|
|
|
Carrier Global Corp
|
|
93,400
|
5,575,980
|
Trane Technologies PLC
|
|
76,849
|
32,427,204
|
|
|
|
|
38,003,184
|
Commercial Services & Supplies - 0.2%
|
|
|
|
Cintas Corp
|
|
18,040
|
3,702,890
|
GFL Environmental Inc Subordinate Voting Shares (United States)
|
|
57,100
|
2,705,398
|
|
|
|
|
6,408,288
|
Construction & Engineering - 0.9%
|
|
|
|
Dycom Industries Inc (a)
|
|
48,000
|
14,004,480
|
EMCOR Group Inc
|
|
20,800
|
13,510,432
|
Granite Construction Inc
|
|
44,000
|
4,824,600
|
Legence Corp Class A
|
|
26,500
|
816,465
|
|
|
|
|
33,155,977
|
Electrical Equipment - 1.1%
|
|
|
|
Eaton Corp PLC
|
|
28,600
|
10,703,550
|
GE Vernova Inc
|
|
47,900
|
29,453,710
|
NEXTracker Inc Class A (a)
|
|
17,500
|
1,294,825
|
|
|
|
|
41,452,085
|
Ground Transportation - 0.6%
|
|
|
|
Norfolk Southern Corp
|
|
28,000
|
8,411,480
|
Uber Technologies Inc (a)
|
|
154,100
|
15,097,177
|
|
|
|
|
23,508,657
|
Industrial Conglomerates - 0.4%
|
|
|
|
3M Co
|
|
99,200
|
15,393,856
|
Machinery - 1.5%
|
|
|
|
Caterpillar Inc
|
|
9,100
|
4,342,065
|
Cummins Inc
|
|
14,900
|
6,293,313
|
Deere & Co
|
|
52,400
|
23,960,424
|
Parker-Hannifin Corp
|
|
18,100
|
13,722,515
|
Pentair PLC
|
|
5,000
|
553,800
|
Westinghouse Air Brake Technologies Corp
|
|
52,100
|
10,444,487
|
|
|
|
|
59,316,604
|
Passenger Airlines - 0.2%
|
|
|
|
Delta Air Lines 1991 Series K Pass Through Trust
|
|
149,100
|
8,461,425
|
Trading Companies & Distributors - 0.5%
|
|
|
|
Applied Industrial Technologies Inc
|
|
8,400
|
2,192,820
|
Ferguson Enterprises Inc
|
|
28,500
|
6,400,530
|
United Rentals Inc
|
|
12,300
|
11,742,318
|
|
|
|
|
20,335,668
|
TOTAL INDUSTRIALS
|
|
|
333,136,994
|
|
|
|
|
|
Information Technology - 31.7%
|
|
|
|
Communications Equipment - 0.0%
|
|
|
|
Arista Networks Inc
|
|
8,200
|
1,194,822
|
Electronic Equipment, Instruments & Components - 1.3%
|
|
|
|
Amphenol Corp Class A
|
|
342,700
|
42,409,125
|
Flex Ltd (a)
|
|
51,000
|
2,956,470
|
Jabil Inc
|
|
21,400
|
4,647,438
|
|
|
|
|
50,013,033
|
IT Services - 0.9%
|
|
|
|
CoreWeave Inc (g)
|
|
5,404
|
739,537
|
CoreWeave Inc Class A (a)
|
|
25,140
|
3,440,409
|
IBM Corporation
|
|
64,700
|
18,255,752
|
Snowflake Inc (a)
|
|
38,800
|
8,751,340
|
X.Ai Holdings Corp Class A (c)(d)
|
|
63,493
|
2,321,304
|
|
|
|
|
33,508,342
|
Semiconductors & Semiconductor Equipment - 13.6%
|
|
|
|
Advanced Micro Devices Inc (a)
|
|
81,600
|
13,202,064
|
Analog Devices Inc
|
|
84,200
|
20,687,940
|
Applied Materials Inc
|
|
18,700
|
3,828,638
|
Broadcom Inc
|
|
224,400
|
74,031,804
|
Intel Corp (a)
|
|
218,400
|
7,327,320
|
KLA Corp
|
|
12,800
|
13,806,080
|
Lam Research Corp
|
|
24,800
|
3,320,720
|
Marvell Technology Inc
|
|
109,148
|
9,176,072
|
Micron Technology Inc
|
|
87,900
|
14,707,428
|
Monolithic Power Systems Inc
|
|
1,700
|
1,565,088
|
NVIDIA Corp
|
|
1,928,100
|
359,744,898
|
|
|
|
|
521,398,052
|
Software - 10.4%
|
|
|
|
Applied Intuition Inc Class A (a)(c)(d)
|
|
6,266
|
851,737
|
Datadog Inc Class A (a)
|
|
42,000
|
5,980,800
|
Klaviyo Inc Class A (a)
|
|
96,000
|
2,658,240
|
Life360 Inc (a)(e)
|
|
9,000
|
956,700
|
Microsoft Corp
|
|
578,513
|
299,640,809
|
Netskope Inc (a)
|
|
10,900
|
247,757
|
Oracle Corp
|
|
163,000
|
45,842,120
|
Palantir Technologies Inc Class A (a)
|
|
103,600
|
18,898,712
|
Palo Alto Networks Inc (a)
|
|
36,700
|
7,472,854
|
Pegasystems Inc
|
|
50,000
|
2,875,000
|
Synopsys Inc (a)
|
|
13,100
|
6,463,409
|
Zscaler Inc (a)
|
|
18,500
|
5,543,710
|
|
|
|
|
397,431,848
|
Technology Hardware, Storage & Peripherals - 5.5%
|
|
|
|
Apple Inc
|
|
829,155
|
211,127,738
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
1,214,673,835
|
|
|
|
|
|
Materials - 2.1%
|
|
|
|
Chemicals - 1.0%
|
|
|
|
Corteva Inc
|
|
288,700
|
19,524,781
|
Ecolab Inc
|
|
4,000
|
1,095,440
|
Linde PLC
|
|
12,290
|
5,837,750
|
Sherwin-Williams Co/The
|
|
35,166
|
12,176,579
|
|
|
|
|
38,634,550
|
Construction Materials - 0.5%
|
|
|
|
Martin Marietta Materials Inc
|
|
28,800
|
18,152,064
|
Vulcan Materials Co
|
|
5,900
|
1,814,958
|
|
|
|
|
19,967,022
|
Metals & Mining - 0.6%
|
|
|
|
Carpenter Technology Corp
|
|
1,600
|
392,864
|
MP Materials Corp (a)(e)
|
|
51,400
|
3,447,398
|
Newmont Corp
|
|
213,600
|
18,008,616
|
|
|
|
|
21,848,878
|
TOTAL MATERIALS
|
|
|
80,450,450
|
|
|
|
|
|
Real Estate - 1.5%
|
|
|
|
Health Care REITs - 0.7%
|
|
|
|
Ventas Inc
|
|
369,400
|
25,854,306
|
Real Estate Management & Development - 0.7%
|
|
|
|
CBRE Group Inc Class A (a)
|
|
21,200
|
3,340,272
|
Compass Inc Class A (a)
|
|
194,300
|
1,560,229
|
Zillow Group Inc Class C (a)
|
|
308,700
|
23,785,335
|
|
|
|
|
28,685,836
|
Specialized REITs - 0.1%
|
|
|
|
Public Storage Operating Co
|
|
12,400
|
3,581,740
|
TOTAL REAL ESTATE
|
|
|
58,121,882
|
|
|
|
|
|
Utilities - 1.3%
|
|
|
|
Electric Utilities - 1.0%
|
|
|
|
Constellation Energy Corp
|
|
6,600
|
2,171,862
|
Evergy Inc
|
|
16,000
|
1,216,320
|
Eversource Energy
|
|
49,000
|
3,485,860
|
Exelon Corp
|
|
222,300
|
10,005,723
|
NRG Energy Inc
|
|
126,700
|
20,519,065
|
|
|
|
|
37,398,830
|
Independent Power and Renewable Electricity Producers - 0.3%
|
|
|
|
Talen Energy Corp (a)
|
|
3,800
|
1,616,444
|
Vistra Corp
|
|
78,400
|
15,360,128
|
|
|
|
|
16,976,572
|
TOTAL UTILITIES
|
|
|
54,375,402
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
3,397,138,260
|
|
TOTAL COMMON STOCKS
(Cost $2,210,235,837)
|
|
|
3,766,388,170
|
|
|
|
|
|
Convertible Preferred Stocks - 0.4%
|
|
|
|
Shares
|
Value ($)
|
CHINA - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Interactive Media & Services - 0.1%
|
|
|
|
Douyin Co Ltd Series E1 (a)(c)(d)
|
|
17,226
|
4,454,644
|
UNITED STATES - 0.3%
|
|
|
|
Industrials - 0.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
Anduril Industries Inc Series G (c)(d)
|
|
30,000
|
1,226,400
|
Information Technology - 0.3%
|
|
|
|
IT Services - 0.0%
|
|
|
|
Yanka Industries Inc Series E (a)(c)(d)
|
|
165,574
|
460,296
|
Yanka Industries Inc Series F (a)(c)(d)
|
|
265,105
|
1,185,019
|
|
|
|
|
1,645,315
|
Software - 0.3%
|
|
|
|
Applied Intuition Inc Series A2 (a)(c)(d)
|
|
8,157
|
1,108,781
|
Applied Intuition Inc Series B2 (a)(c)(d)
|
|
3,934
|
534,749
|
Evozyne Inc Series A (a)(c)(d)
|
|
20,000
|
316,600
|
MOLOCO Inc Series A (a)(c)(d)
|
|
100,208
|
7,469,504
|
|
|
|
|
9,429,634
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
11,074,949
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
12,301,349
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $20,748,360)
|
|
|
16,755,993
|
|
|
|
|
|
Money Market Funds - 1.7%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (h)
|
|
4.21
|
55,102,008
|
55,113,028
|
Fidelity Securities Lending Cash Central Fund (h)(i)
|
|
4.19
|
8,254,005
|
8,254,830
|
|
TOTAL MONEY MARKET FUNDS
(Cost $63,367,858)
|
|
|
|
63,367,858
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $2,294,352,055)
|
3,846,512,021
|
NET OTHER ASSETS (LIABILITIES) - (0.3)%
|
(11,266,633)
|
NET ASSETS - 100.0%
|
3,835,245,388
|
|
|
|
Legend
(a)
|
Non-income producing.
|
(b)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,541,761 or 0.0% of net assets.
|
(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 $29,132,551 or 0.8% of net assets.
|
(e)
|
Security or a portion of the security is on loan at period end.
|
(f)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(g)
|
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 $739,537 or 0.0% of net assets.
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(i)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anduril Industries Inc Class B
|
6/16/2025
|
130,743
|
|
|
|
|
Anduril Industries Inc Class C
|
6/16/2025
|
82
|
|
|
|
|
Anduril Industries Inc Series G
|
4/17/2025
|
1,226,484
|
|
|
|
|
Applied Intuition Inc Class A
|
7/2/2024
|
374,048
|
|
|
|
|
Applied Intuition Inc Series A2
|
7/2/2024
|
486,931
|
|
|
|
|
Applied Intuition Inc Series B2
|
7/2/2024
|
234,840
|
|
|
|
|
Canva Australia Holdings Pty Ltd Class A
|
3/18/2024 - 5/3/2024
|
5,155,173
|
|
|
|
|
Douyin Co Ltd Series E1
|
11/18/2020
|
1,887,524
|
|
|
|
|
Evozyne Inc Series A
|
4/9/2021
|
449,400
|
|
|
|
|
MOLOCO Inc Series A
|
6/26/2023
|
6,012,480
|
|
|
|
|
Tory Burch LLC Class A
|
5/14/2015
|
2,256,162
|
|
|
|
|
X.Ai Holdings Corp Class A
|
10/25/2022
|
2,287,000
|
|
|
|
|
Yanka Industries Inc Series E
|
5/15/2020
|
2,000,001
|
|
|
|
|
Yanka Industries Inc Series F
|
4/8/2021
|
8,450,700
|
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
50,455,982
|
631,664,571
|
627,007,524
|
2,258,955
|
(1)
|
-
|
55,113,028
|
55,102,008
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
15,967,950
|
236,856,252
|
244,569,372
|
11,480
|
-
|
-
|
8,254,830
|
8,254,005
|
0.0%
|
Total
|
66,423,932
|
868,520,823
|
871,576,896
|
2,270,435
|
(1)
|
-
|
63,367,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
463,848,559
|
440,450,002
|
23,398,557
|
-
|
Consumer Discretionary
|
472,909,833
|
468,537,566
|
3,255,361
|
1,116,906
|
Consumer Staples
|
88,555,233
|
79,300,641
|
9,254,592
|
-
|
Energy
|
75,901,147
|
72,044,787
|
3,856,360
|
-
|
Financials
|
462,977,329
|
457,112,299
|
3,015,035
|
2,849,995
|
Health Care
|
282,108,442
|
282,108,442
|
-
|
-
|
Industrials
|
339,235,427
|
336,979,195
|
2,125,416
|
130,816
|
Information Technology
|
1,302,190,537
|
1,291,061,701
|
-
|
11,128,836
|
Materials
|
166,164,379
|
166,164,379
|
-
|
-
|
Real Estate
|
58,121,882
|
58,121,882
|
-
|
-
|
Utilities
|
54,375,402
|
54,375,402
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Communication Services
|
4,454,644
|
-
|
-
|
4,454,644
|
Industrials
|
1,226,400
|
-
|
-
|
1,226,400
|
Information Technology
|
11,074,949
|
-
|
-
|
11,074,949
|
|
|
Money Market Funds
|
63,367,858
|
63,367,858
|
-
|
-
|
Total Investments in Securities:
|
3,846,512,021
|
3,769,624,154
|
44,905,321
|
31,982,546
|
Consolidated Financial Statements
Consolidated Statement of Assets and Liabilities
|
As of September 30, 2025
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $8,550,317) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $2,230,984,197)
|
$
|
3,783,144,163
|
|
|
Fidelity Central Funds (cost $63,367,858)
|
|
63,367,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $2,294,352,055)
|
|
|
$
|
3,846,512,021
|
Cash
|
|
|
|
299,195
|
Foreign currency held at value (cost $1,862)
|
|
|
|
1,868
|
Receivable for investments sold
|
|
|
|
7,090,684
|
Receivable for fund shares sold
|
|
|
|
411,648
|
Dividends receivable
|
|
|
|
1,031,447
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
151,473
|
Prepaid expenses
|
|
|
|
4,453
|
Other receivables
|
|
|
|
12,287
|
Total assets
|
|
|
|
3,855,515,076
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
9,849,986
|
|
|
Payable for fund shares redeemed
|
|
503,540
|
|
|
Accrued management fee
|
|
1,361,669
|
|
|
Distribution and service plan fees payable
|
|
192,760
|
|
|
Other payables and accrued expenses
|
|
106,903
|
|
|
Collateral on securities loaned
|
|
8,254,830
|
|
|
Total liabilities
|
|
|
|
20,269,688
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
3,835,245,388
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
2,103,075,317
|
Total accumulated earnings (loss)
|
|
|
|
1,732,170,071
|
Net Assets
|
|
|
$
|
3,835,245,388
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class O :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($2,803,493,743 ÷ 70,349,836 shares)
|
|
|
$
|
39.85
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($616,074,110 ÷ 16,300,110 shares)(a)
|
|
|
$
|
37.80
|
Maximum offering price per share (100/94.25 of $37.80)
|
|
|
$
|
40.11
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($72,818,000 ÷ 1,963,820 shares)(a)
|
|
|
$
|
37.08
|
Maximum offering price per share (100/96.50 of $37.08)
|
|
|
$
|
38.42
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($42,924,479 ÷ 1,251,720 shares)(a)
|
|
|
$
|
34.29
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($179,757,411 ÷ 4,253,082 shares)
|
|
|
$
|
42.27
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($120,177,645 ÷ 2,889,796 shares)
|
|
|
$
|
41.59
|
(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, 2025
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
33,132,959
|
Income from Fidelity Central Funds (including $11,480 from security lending)
|
|
|
|
2,270,435
|
Total income
|
|
|
|
35,403,394
|
Expenses
|
|
|
|
|
Management fee
|
$
|
15,468,639
|
|
|
Distribution and service plan fees
|
|
2,167,742
|
|
|
Custodian fees and expenses
|
|
99,484
|
|
|
Independent trustees' fees and expenses
|
|
14,122
|
|
|
Registration fees
|
|
125,211
|
|
|
Audit fees
|
|
86,087
|
|
|
Legal
|
|
9,474
|
|
|
Miscellaneous
|
|
20,984
|
|
|
Total expenses before reductions
|
|
17,991,743
|
|
|
Expense reductions
|
|
(3,730)
|
|
|
Total expenses after reductions
|
|
|
|
17,988,013
|
Net Investment income (loss)
|
|
|
|
17,415,381
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
224,369,675
|
|
|
Fidelity Central Funds
|
|
(1)
|
|
|
Foreign currency transactions
|
|
18,419
|
|
|
Written options
|
|
78,697
|
|
|
Total net realized gain (loss)
|
|
|
|
224,466,790
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
261,994,553
|
|
|
Unfunded commitments
|
|
287,088
|
|
|
Assets and liabilities in foreign currencies
|
|
(1,247)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
262,280,394
|
Net gain (loss)
|
|
|
|
486,747,184
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
504,162,565
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Year ended
September 30, 2025
|
|
Year ended
September 30, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
17,415,381
|
$
|
16,307,467
|
Net realized gain (loss)
|
|
224,466,790
|
|
406,985,111
|
Change in net unrealized appreciation (depreciation)
|
|
262,280,394
|
|
569,069,216
|
Net increase (decrease) in net assets resulting from operations
|
|
504,162,565
|
|
992,361,794
|
Distributions to shareholders
|
|
(451,247,562)
|
|
(99,366,862)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
225,406,995
|
|
20,457,029
|
Total increase (decrease) in net assets
|
|
278,321,998
|
|
913,451,961
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
3,556,923,390
|
|
2,643,471,429
|
End of period
|
$
|
3,835,245,388
|
$
|
3,556,923,390
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity Advisor® Diversified Stock Fund Class O
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
39.46
|
$
|
29.56
|
$
|
26.24
|
$
|
37.32
|
$
|
30.57
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.21
|
|
.21
|
|
.19
|
|
.26
|
|
.16
|
Net realized and unrealized gain (loss)
|
|
5.19
|
|
10.82
|
|
5.47
|
|
(5.43)
|
|
8.28
|
Total from investment operations
|
|
5.40
|
|
11.03
|
|
5.66
|
|
(5.17)
|
|
8.44
|
Distributions from net investment income
|
|
(.21)
|
|
(.18)
|
|
(.22)
|
|
(.25) C
|
|
(.17)
|
Distributions from net realized gain
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.66) C
|
|
(1.53)
|
Total distributions
|
|
(5.01)
|
|
(1.13)
|
|
(2.34) D
|
|
(5.91)
|
|
(1.69) D
|
Net asset value, end of period
|
$
|
39.85
|
$
|
39.46
|
$
|
29.56
|
$
|
26.24
|
$
|
37.32
|
Total Return E
|
|
|
|
38.29%
|
|
22.87%
|
|
(17.44)%
|
|
28.60%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.41%
|
|
.44%
|
|
.55%
|
|
.55%
|
|
.55%
|
Expenses net of fee waivers, if any
|
|
|
|
.41%
|
|
.44%
|
|
.45%
|
|
.45%
|
Expenses net of all reductions, if any
|
|
.41%
|
|
.41%
|
|
.44%
|
|
.45%
|
|
.44%
|
Net investment income (loss)
|
|
.57%
|
|
.60%
|
|
.65%
|
|
.80%
|
|
.47%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,803,494
|
$
|
2,645,493
|
$
|
2,028,690
|
$
|
1,791,079
|
$
|
2,335,000
|
Portfolio turnover rate H
|
|
|
|
84%
|
|
85%
|
|
90%
|
|
75%
|
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.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Diversified Stock Fund Class A
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
37.68
|
$
|
28.28
|
$
|
25.18
|
$
|
36.04
|
$
|
29.58
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.08
|
|
.08
|
|
.08
|
|
.14
|
|
.04
|
Net realized and unrealized gain (loss)
|
|
4.94
|
|
10.36
|
|
5.25
|
|
(5.22)
|
|
8.01
|
Total from investment operations
|
|
5.02
|
|
10.44
|
|
5.33
|
|
(5.08)
|
|
8.05
|
Distributions from net investment income
|
|
(.09)
|
|
(.09)
|
|
(.12)
|
|
(.12) C
|
|
(.07)
|
Distributions from net realized gain
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.66) C
|
|
(1.53)
|
Total distributions
|
|
(4.90) D
|
|
(1.04)
|
|
(2.23)
|
|
(5.78)
|
|
(1.59) D
|
Net asset value, end of period
|
$
|
37.80
|
$
|
37.68
|
$
|
28.28
|
$
|
25.18
|
$
|
36.04
|
Total Return E,F
|
|
|
|
37.81%
|
|
22.46%
|
|
(17.76)%
|
|
28.17%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.76%
|
|
.78%
|
|
.85%
|
|
.85%
|
|
.85%
|
Expenses net of fee waivers, if any
|
|
|
|
.77%
|
|
.79%
|
|
.80%
|
|
.80%
|
Expenses net of all reductions, if any
|
|
.76%
|
|
.77%
|
|
.79%
|
|
.80%
|
|
.79%
|
Net investment income (loss)
|
|
.22%
|
|
.25%
|
|
.30%
|
|
.45%
|
|
.12%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
616,074
|
$
|
557,724
|
$
|
389,470
|
$
|
318,997
|
$
|
399,876
|
Portfolio turnover rate I
|
|
|
|
84%
|
|
85%
|
|
90%
|
|
75%
|
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 effect of the sales charges.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Diversified Stock Fund Class M
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
37.07
|
$
|
27.85
|
$
|
24.82
|
$
|
35.60
|
$
|
29.27
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.03)
|
|
(.02)
|
|
(.01)
|
|
.04
|
|
(.07)
|
Net realized and unrealized gain (loss)
|
|
4.84
|
|
10.19
|
|
5.18
|
|
(5.14)
|
|
7.93
|
Total from investment operations
|
|
4.81
|
|
10.17
|
|
5.17
|
|
(5.10)
|
|
7.86
|
Distributions from net investment income
|
|
-
|
|
-
|
|
(.02)
|
|
(.04) C
|
|
-
|
Distributions from net realized gain
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.64) C
|
|
(1.53)
|
Total distributions
|
|
(4.80)
|
|
(.95)
|
|
(2.14) D
|
|
(5.68)
|
|
(1.53)
|
Net asset value, end of period
|
$
|
37.08
|
$
|
37.07
|
$
|
27.85
|
$
|
24.82
|
$
|
35.60
|
Total Return E,F
|
|
|
|
37.36%
|
|
22.03%
|
|
(18.02)%
|
|
27.74%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.08%
|
|
1.09%
|
|
1.12%
|
|
1.12%
|
|
1.13%
|
Expenses net of fee waivers, if any
|
|
|
|
1.09%
|
|
1.12%
|
|
1.12%
|
|
1.13%
|
Expenses net of all reductions, if any
|
|
1.08%
|
|
1.09%
|
|
1.12%
|
|
1.12%
|
|
1.12%
|
Net investment income (loss)
|
|
(.10)%
|
|
(.07)%
|
|
(.02)%
|
|
.12%
|
|
(.21)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
72,818
|
$
|
68,321
|
$
|
49,711
|
$
|
41,957
|
$
|
53,062
|
Portfolio turnover rate I
|
|
|
|
84%
|
|
85%
|
|
90%
|
|
75%
|
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 effect of the sales charges.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Diversified Stock Fund Class C
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
34.79
|
$
|
26.33
|
$
|
23.67
|
$
|
34.17
|
$
|
28.30
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.20)
|
|
(.19)
|
|
(.15)
|
|
(.13)
|
|
(.25)
|
Net realized and unrealized gain (loss)
|
|
4.50
|
|
9.60
|
|
4.92
|
|
(4.91)
|
|
7.65
|
Total from investment operations
|
|
4.30
|
|
9.41
|
|
4.77
|
|
(5.04)
|
|
7.40
|
Distributions from net investment income
|
|
-
|
|
-
|
|
-
|
|
(.04) C
|
|
-
|
Distributions from net realized gain
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.42) C
|
|
(1.53)
|
Total distributions
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.46)
|
|
(1.53)
|
Net asset value, end of period
|
$
|
34.29
|
$
|
34.79
|
$
|
26.33
|
$
|
23.67
|
$
|
34.17
|
Total Return D,E
|
|
|
|
36.61%
|
|
21.38%
|
|
(18.49)%
|
|
27.03%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.60%
|
|
1.62%
|
|
1.69%
|
|
1.69%
|
|
1.70%
|
Expenses net of fee waivers, if any
|
|
|
|
1.62%
|
|
1.68%
|
|
1.69%
|
|
1.70%
|
Expenses net of all reductions, if any
|
|
1.60%
|
|
1.62%
|
|
1.68%
|
|
1.69%
|
|
1.69%
|
Net investment income (loss)
|
|
(.62)%
|
|
(.60)%
|
|
(.59)%
|
|
(.45)%
|
|
(.78)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
42,924
|
$
|
38,017
|
$
|
27,192
|
$
|
22,437
|
$
|
32,096
|
Portfolio turnover rate H
|
|
|
|
84%
|
|
85%
|
|
90%
|
|
75%
|
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 returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Diversified Stock Fund Class I
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
41.57
|
$
|
31.10
|
$
|
27.49
|
$
|
38.84
|
$
|
31.75
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.17
|
|
.17
|
|
.15
|
|
.22
|
|
.12
|
Net realized and unrealized gain (loss)
|
|
5.50
|
|
11.39
|
|
5.75
|
|
(5.71)
|
|
8.62
|
Total from investment operations
|
|
5.67
|
|
11.56
|
|
5.90
|
|
(5.49)
|
|
8.74
|
Distributions from net investment income
|
|
(.16)
|
|
(.14)
|
|
(.18)
|
|
(.20) C
|
|
(.12)
|
Distributions from net realized gain
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.66) C
|
|
(1.53)
|
Total distributions
|
|
(4.97) D
|
|
(1.09)
|
|
(2.29)
|
|
(5.86)
|
|
(1.65)
|
Net asset value, end of period
|
$
|
42.27
|
$
|
41.57
|
$
|
31.10
|
$
|
27.49
|
$
|
38.84
|
Total Return E
|
|
|
|
38.05%
|
|
22.70%
|
|
(17.57)%
|
|
28.43%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.56%
|
|
.58%
|
|
.59%
|
|
.59%
|
|
.59%
|
Expenses net of fee waivers, if any
|
|
|
|
.57%
|
|
.59%
|
|
.59%
|
|
.59%
|
Expenses net of all reductions, if any
|
|
.56%
|
|
.57%
|
|
.59%
|
|
.59%
|
|
.58%
|
Net investment income (loss)
|
|
.42%
|
|
.45%
|
|
.51%
|
|
.65%
|
|
.33%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
179,757
|
$
|
165,239
|
$
|
111,079
|
$
|
75,626
|
$
|
73,345
|
Portfolio turnover rate H
|
|
|
|
84%
|
|
85%
|
|
90%
|
|
75%
|
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.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Diversified Stock Fund Class Z
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
40.99
|
$
|
30.67
|
$
|
27.14
|
$
|
38.41
|
$
|
31.42
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.21
|
|
.20
|
|
.18
|
|
.25
|
|
.16
|
Net realized and unrealized gain (loss)
|
|
5.41
|
|
11.24
|
|
5.68
|
|
(5.63)
|
|
8.51
|
Total from investment operations
|
|
5.62
|
|
11.44
|
|
5.86
|
|
(5.38)
|
|
8.67
|
Distributions from net investment income
|
|
(.22)
|
|
(.17)
|
|
(.22)
|
|
(.23) C
|
|
(.16)
|
Distributions from net realized gain
|
|
(4.80)
|
|
(.95)
|
|
(2.11)
|
|
(5.66) C
|
|
(1.53)
|
Total distributions
|
|
(5.02)
|
|
(1.12)
|
|
(2.33)
|
|
(5.89)
|
|
(1.68) D
|
Net asset value, end of period
|
$
|
41.59
|
$
|
40.99
|
$
|
30.67
|
$
|
27.14
|
$
|
38.41
|
Total Return E
|
|
|
|
38.24%
|
|
22.85%
|
|
(17.47)%
|
|
28.55%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.44%
|
|
.47%
|
|
.48%
|
|
.48%
|
|
.48%
|
Expenses net of fee waivers, if any
|
|
|
|
.47%
|
|
.47%
|
|
.48%
|
|
.48%
|
Expenses net of all reductions, if any
|
|
.44%
|
|
.47%
|
|
.47%
|
|
.48%
|
|
.47%
|
Net investment income (loss)
|
|
.54%
|
|
.55%
|
|
.62%
|
|
.77%
|
|
.44%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
120,178
|
$
|
82,129
|
$
|
37,329
|
$
|
17,302
|
$
|
16,639
|
Portfolio turnover rate H
|
|
|
|
84%
|
|
85%
|
|
90%
|
|
75%
|
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.
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), derivatives or securities that mature within one year from acquisition.
Notes to Consolidated Financial Statements
For the period ended September 30, 2025
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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. 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 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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, 2025 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. 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. 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
|
$8,692
|
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, 2025, 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, passive foreign investment companies (PFIC), partnerships 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
|
$1,580,935,740
|
Gross unrealized depreciation
|
(33,048,706)
|
Net unrealized appreciation (depreciation)
|
$1,547,887,034
|
Tax Cost
|
$2,298,624,987
|
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income
|
$12,193,949
|
Undistributed long-term capital gain
|
$172,086,845
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$1,547,889,280
|
The tax character of distributions paid was as follows:
|
September 30, 2025
|
September 30, 2024
|
Ordinary Income
|
$16,300,626
|
$ 14,343,371
|
Long-term Capital Gains
|
434,946,936
|
85,023,491
|
Total
|
$451,247,562
|
$ 99,366,862
|
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.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
Fidelity Advisor Diversified Stock Fund
|
Canva Inc. Class A
|
1,646,140
|
-
|
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
|
1,116,906
|
.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.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.
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.
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
|
3,034,807,789
|
3,248,936,105
|
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class O
|
.40
|
Class A
|
.50
|
Class M
|
.57
|
Class C
|
.59
|
Class I
|
.55
|
Class Z
|
.43
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class O
|
.40
|
Class A
|
.50
|
Class M
|
.57
|
Class C
|
.59
|
Class I
|
.55
|
Class Z
|
.43
|
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 ($)
|
Class A
|
- %
|
.25%
|
1,426,900
|
32,817
|
Class M
|
.25%
|
.25%
|
347,854
|
392
|
Class C
|
.75%
|
.25%
|
392,988
|
89,287
|
|
|
|
2,167,742
|
122,496
|
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
127,062
|
Class M
|
5,848
|
Class C A
|
1,159
|
|
134,069
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
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 ($)
|
Fidelity Advisor Diversified Stock Fund
|
60,084
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Advisor Diversified Stock Fund
|
138,687,669
|
221,650,122
|
31,882,567
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
|
Amount ($)
|
Fidelity Advisor Diversified Stock Fund
|
4,991
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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 ($)
|
Fidelity Advisor Diversified Stock Fund
|
1,250
|
278
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
|
Amount ($)
|
Fidelity Advisor Diversified Stock Fund
|
566,533
|
9. Expense Reductions.
Through arrangements with the Fund's custodian, 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 $3,730.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended
September 30, 2025
|
Year ended
September 30, 2024
|
Fidelity Advisor Diversified Stock Fund
|
|
|
Distributions to shareholders
|
|
|
Class O
|
$331,294,801
|
$76,992,583
|
Class A
|
72,630,931
|
14,193,429
|
Class M
|
8,872,982
|
1,717,575
|
Class C
|
5,215,078
|
982,468
|
Class I
|
22,457,869
|
4,036,650
|
Class Z
|
10,775,901
|
1,444,157
|
Total
|
$451,247,562
|
$99,366,862
|
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, 2025
|
Year ended
September 30, 2024
|
Year ended
September 30, 2025
|
Year ended
September 30, 2024
|
Fidelity Advisor Diversified Stock Fund
|
|
|
|
|
Class O
|
|
|
|
|
Shares sold
|
381,581
|
281,661
|
$14,112,116
|
$9,534,141
|
Reinvestment of distributions
|
7,947,725
|
2,115,120
|
287,627,940
|
66,626,272
|
Shares redeemed
|
(5,027,202)
|
(3,974,677)
|
(185,453,884)
|
(138,069,648)
|
Net increase (decrease)
|
3,302,104
|
(1,577,896)
|
$116,286,172
|
$(61,909,235)
|
Class A
|
|
|
|
|
Shares sold
|
1,935,999
|
2,306,210
|
$67,930,847
|
$78,403,900
|
Reinvestment of distributions
|
2,077,021
|
464,571
|
71,470,298
|
14,011,461
|
Shares redeemed
|
(2,514,391)
|
(1,739,138)
|
(87,490,012)
|
(58,243,039)
|
Net increase (decrease)
|
1,498,629
|
1,031,643
|
$51,911,133
|
$34,172,322
|
Class M
|
|
|
|
|
Shares sold
|
199,330
|
349,398
|
$6,950,498
|
$11,615,274
|
Reinvestment of distributions
|
261,479
|
57,589
|
8,851,064
|
1,713,269
|
Shares redeemed
|
(339,911)
|
(348,823)
|
(11,574,840)
|
(11,657,744)
|
Net increase (decrease)
|
120,898
|
58,164
|
$4,226,722
|
$1,670,799
|
Class C
|
|
|
|
|
Shares sold
|
338,492
|
337,389
|
$10,917,464
|
$10,497,712
|
Reinvestment of distributions
|
163,410
|
34,423
|
5,135,980
|
965,217
|
Shares redeemed
|
(342,846)
|
(311,956)
|
(10,990,194)
|
(9,764,387)
|
Net increase (decrease)
|
159,056
|
59,856
|
$5,063,250
|
$1,698,542
|
Class I
|
|
|
|
|
Shares sold
|
2,160,816
|
1,839,968
|
$86,292,031
|
$68,431,059
|
Reinvestment of distributions
|
525,788
|
106,611
|
20,200,779
|
3,542,668
|
Shares redeemed
|
(2,408,161)
|
(1,543,712)
|
(92,434,083)
|
(56,518,725)
|
Net increase (decrease)
|
278,443
|
402,867
|
$14,058,727
|
$15,455,002
|
Class Z
|
|
|
|
|
Shares sold
|
1,391,947
|
1,037,215
|
$53,440,868
|
$38,699,252
|
Reinvestment of distributions
|
264,027
|
39,704
|
9,972,316
|
1,299,502
|
Shares redeemed
|
(769,939)
|
(290,316)
|
(29,552,193)
|
(10,629,155)
|
Net increase (decrease)
|
886,035
|
786,603
|
$33,860,991
|
$29,369,599
|
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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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, 2025, 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 13, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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, 2025, $227,741,193 or, if subsequently determined to be different, the net capital gain of such year.
Class O, Class A, 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 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 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
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 certain affiliates 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.
At its May 2025 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 was 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 and the factors may have been weighed differently by different Trustees.
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 the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (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, including with respect to liquidity risk management. 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 under a separate agreement.
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 to the Board 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 index that has characteristics relevant to the fund's investment strategies (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. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class O, the Board considered the effective management fee rate for Class O from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 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 "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Class O of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class O of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class O of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class O of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the management fee rate of Class O of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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 total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
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 management fee of each class of the fund 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 Fidelity 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.
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. 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 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's consideration of these matters was informed by the recent findings of the committee.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders 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 funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the 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 but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (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, as well as the methodology used for 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; and (vii) 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 May 31, 2026.
1.814744.120
ADESI-ANN-1125
Fidelity Advisor® Capital Development Fund
Annual Report
September 30, 2025
Contents
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Capital Development Fund
Schedule of Investments September 30, 2025
Showing Percentage of Net Assets
Common Stocks - 97.9%
|
|
|
|
Shares
|
Value ($)
|
AUSTRALIA - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Santos Ltd
|
|
1,498,978
|
6,675,310
|
BELGIUM - 1.1%
|
|
|
|
Health Care - 1.1%
|
|
|
|
Pharmaceuticals - 1.1%
|
|
|
|
UCB SA
|
|
223,400
|
61,636,451
|
CANADA - 2.4%
|
|
|
|
Energy - 2.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 2.0%
|
|
|
|
Athabasca Oil Corp (b)
|
|
1,635,300
|
7,825,751
|
Imperial Oil Ltd (a)
|
|
955,200
|
86,611,115
|
MEG Energy Corp
|
|
872,700
|
17,608,261
|
|
|
|
|
112,045,127
|
Industrials - 0.4%
|
|
|
|
Aerospace & Defense - 0.4%
|
|
|
|
Bombardier Inc Class B (b)
|
|
167,100
|
23,417,053
|
TOTAL CANADA
|
|
|
135,462,180
|
DENMARK - 0.3%
|
|
|
|
Health Care - 0.3%
|
|
|
|
Pharmaceuticals - 0.3%
|
|
|
|
Novo Nordisk A/S Class B ADR
|
|
342,700
|
19,016,423
|
FRANCE - 0.6%
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Pernod Ricard SA
|
|
93,400
|
9,160,685
|
Industrials - 0.5%
|
|
|
|
Aerospace & Defense - 0.5%
|
|
|
|
Airbus SE
|
|
113,600
|
26,528,552
|
TOTAL FRANCE
|
|
|
35,689,237
|
GERMANY - 0.9%
|
|
|
|
Information Technology - 0.9%
|
|
|
|
Software - 0.9%
|
|
|
|
SAP SE ADR
|
|
184,500
|
49,300,245
|
ITALY - 0.1%
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Davide Campari-Milano NV (a)
|
|
525,200
|
3,311,201
|
JAPAN - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Money Forward Inc (b)
|
|
26,300
|
1,064,733
|
KOREA (SOUTH) - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
SK Hynix Inc
|
|
5,230
|
1,294,066
|
NETHERLANDS - 0.8%
|
|
|
|
Communication Services - 0.3%
|
|
|
|
Entertainment - 0.3%
|
|
|
|
Universal Music Group NV
|
|
604,300
|
17,462,736
|
Health Care - 0.2%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
Argenx SE ADR (b)
|
|
6,600
|
4,867,896
|
Merus NV (b)
|
|
76,500
|
7,202,475
|
|
|
|
|
12,070,371
|
Information Technology - 0.3%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.3%
|
|
|
|
ASML Holding NV depository receipt
|
|
9,800
|
9,487,282
|
BE Semiconductor Industries NV
|
|
63,700
|
9,486,729
|
|
|
|
|
18,974,011
|
TOTAL NETHERLANDS
|
|
|
48,507,118
|
SPAIN - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.1%
|
|
|
|
Cellnex Telecom SA (c)(d)
|
|
200,600
|
6,948,265
|
TAIWAN - 0.7%
|
|
|
|
Information Technology - 0.7%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.7%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
147,900
|
41,306,991
|
UNITED KINGDOM - 1.0%
|
|
|
|
Consumer Staples - 0.6%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Diageo PLC ADR
|
|
109,400
|
10,440,042
|
Tobacco - 0.5%
|
|
|
|
British American Tobacco PLC ADR
|
|
494,200
|
26,232,136
|
TOTAL CONSUMER STAPLES
|
|
|
36,672,178
|
|
|
|
|
|
Financials - 0.1%
|
|
|
|
Capital Markets - 0.1%
|
|
|
|
3i Group PLC
|
|
56,200
|
3,097,911
|
Industrials - 0.3%
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
Rolls-Royce Holdings PLC
|
|
1,110,100
|
17,844,038
|
TOTAL UNITED KINGDOM
|
|
|
57,614,127
|
UNITED STATES - 88.3%
|
|
|
|
Communication Services - 9.5%
|
|
|
|
Entertainment - 0.4%
|
|
|
|
Walt Disney Co/The
|
|
193,500
|
22,155,750
|
Interactive Media & Services - 8.2%
|
|
|
|
Alphabet Inc Class A
|
|
639,800
|
155,535,380
|
Alphabet Inc Class C
|
|
540,360
|
131,604,678
|
Meta Platforms Inc Class A
|
|
252,339
|
185,312,715
|
|
|
|
|
472,452,773
|
Media - 0.9%
|
|
|
|
Comcast Corp Class A
|
|
1,739,000
|
54,639,380
|
TOTAL COMMUNICATION SERVICES
|
|
|
549,247,903
|
|
|
|
|
|
Consumer Discretionary - 2.8%
|
|
|
|
Broadline Retail - 0.7%
|
|
|
|
Amazon.com Inc (b)
|
|
194,400
|
42,684,408
|
Hotels, Restaurants & Leisure - 0.5%
|
|
|
|
Booking Holdings Inc
|
|
1,650
|
8,908,796
|
Marriott International Inc/MD Class A1
|
|
46,100
|
12,006,284
|
Starbucks Corp
|
|
114,100
|
9,652,860
|
|
|
|
|
30,567,940
|
Household Durables - 0.6%
|
|
|
|
Somnigroup International Inc
|
|
354,100
|
29,861,253
|
Whirlpool Corp
|
|
63,700
|
5,006,820
|
|
|
|
|
34,868,073
|
Specialty Retail - 0.9%
|
|
|
|
Home Depot Inc/The
|
|
1,500
|
607,785
|
Lowe's Cos Inc
|
|
161,800
|
40,661,958
|
Restoration Hardware Inc (b)
|
|
19,400
|
3,941,304
|
|
|
|
|
45,211,047
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
Lululemon Athletica Inc (b)
|
|
4,800
|
854,064
|
NIKE Inc Class B
|
|
103,600
|
7,224,028
|
|
|
|
|
8,078,092
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
161,409,560
|
|
|
|
|
|
Consumer Staples - 3.1%
|
|
|
|
Beverages - 1.3%
|
|
|
|
Brown-Forman Corp Class B (a)
|
|
349,900
|
9,475,292
|
Coca-Cola Co/The
|
|
545,000
|
36,144,400
|
Keurig Dr Pepper Inc
|
|
1,090,700
|
27,823,757
|
|
|
|
|
73,443,449
|
Consumer Staples Distribution & Retail - 0.8%
|
|
|
|
Performance Food Group Co (b)
|
|
79,900
|
8,312,796
|
Sysco Corp
|
|
125,600
|
10,341,904
|
Target Corp
|
|
176,900
|
15,867,930
|
US Foods Holding Corp (b)
|
|
113,100
|
8,665,722
|
|
|
|
|
43,188,352
|
Food Products - 0.0%
|
|
|
|
Lamb Weston Holdings Inc
|
|
21,700
|
1,260,336
|
Household Products - 0.0%
|
|
|
|
Procter & Gamble Co/The
|
|
7,200
|
1,106,280
|
Personal Care Products - 0.6%
|
|
|
|
Estee Lauder Cos Inc/The Class A
|
|
131,000
|
11,543,720
|
Kenvue Inc
|
|
1,382,913
|
22,444,678
|
|
|
|
|
33,988,398
|
Tobacco - 0.4%
|
|
|
|
Philip Morris International Inc
|
|
157,600
|
25,562,720
|
TOTAL CONSUMER STAPLES
|
|
|
178,549,535
|
|
|
|
|
|
Energy - 6.3%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
Tidewater Inc (a)(b)
|
|
60,800
|
3,242,464
|
Oil, Gas & Consumable Fuels - 6.2%
|
|
|
|
Chevron Corp
|
|
111,900
|
17,376,951
|
ConocoPhillips
|
|
176,000
|
16,647,840
|
Exxon Mobil Corp
|
|
1,869,919
|
210,833,367
|
Shell PLC ADR
|
|
1,603,140
|
114,672,604
|
|
|
|
|
359,530,762
|
TOTAL ENERGY
|
|
|
362,773,226
|
|
|
|
|
|
Financials - 15.9%
|
|
|
|
Banks - 10.9%
|
|
|
|
Bank of America Corp
|
|
3,131,215
|
161,539,382
|
JPMorgan Chase & Co (e)
|
|
35,500
|
11,197,765
|
M&T Bank Corp
|
|
119,100
|
23,536,542
|
PNC Financial Services Group Inc/The
|
|
281,316
|
56,524,824
|
Truist Financial Corp
|
|
160,400
|
7,333,488
|
US Bancorp
|
|
455,842
|
22,030,844
|
Wells Fargo & Co (e)
|
|
4,125,521
|
345,801,170
|
|
|
|
|
627,964,015
|
Capital Markets - 2.1%
|
|
|
|
Blue Owl Capital Inc Class A
|
|
684,100
|
11,581,813
|
Charles Schwab Corp/The
|
|
111,100
|
10,606,717
|
KKR & Co Inc Class A
|
|
376,785
|
48,963,211
|
Moody's Corp
|
|
6,900
|
3,287,712
|
Morgan Stanley
|
|
56,600
|
8,997,136
|
MSCI Inc
|
|
800
|
453,928
|
Northern Trust Corp
|
|
227,695
|
30,647,747
|
Raymond James Financial Inc
|
|
23,850
|
4,116,510
|
|
|
|
|
118,654,774
|
Financial Services - 2.3%
|
|
|
|
Apollo Global Management Inc
|
|
53,100
|
7,076,637
|
Corpay Inc (b)
|
|
17,600
|
5,069,856
|
Global Payments Inc
|
|
39,900
|
3,314,892
|
Mastercard Inc Class A
|
|
38,600
|
21,956,066
|
PayPal Holdings Inc (b)
|
|
94,700
|
6,350,582
|
Visa Inc Class A
|
|
265,200
|
90,533,976
|
|
|
|
|
134,302,009
|
Insurance - 0.6%
|
|
|
|
Arthur J Gallagher & Co
|
|
37,100
|
11,491,354
|
Brown & Brown Inc
|
|
193,500
|
18,148,365
|
Chubb Ltd
|
|
22,100
|
6,237,725
|
|
|
|
|
35,877,444
|
TOTAL FINANCIALS
|
|
|
916,798,242
|
|
|
|
|
|
Health Care - 8.6%
|
|
|
|
Biotechnology - 0.7%
|
|
|
|
Alnylam Pharmaceuticals Inc (b)
|
|
39,500
|
18,012,000
|
Exact Sciences Corp (b)
|
|
313,300
|
17,140,643
|
Gilead Sciences Inc
|
|
35,400
|
3,929,400
|
Vaxcyte Inc (b)
|
|
110,900
|
3,994,618
|
|
|
|
|
43,076,661
|
Health Care Equipment & Supplies - 1.5%
|
|
|
|
Abbott Laboratories
|
|
44,800
|
6,000,512
|
Baxter International Inc
|
|
618,700
|
14,087,799
|
Becton Dickinson & Co
|
|
40,600
|
7,599,102
|
Boston Scientific Corp (b)
|
|
545,451
|
53,252,381
|
Masimo Corp (b)
|
|
20,400
|
3,010,020
|
Solventum Corp (b)
|
|
47,675
|
3,480,275
|
|
|
|
|
87,430,089
|
Health Care Providers & Services - 3.1%
|
|
|
|
Cardinal Health Inc
|
|
109,400
|
17,171,424
|
Cigna Group/The
|
|
120,000
|
34,590,000
|
Humana Inc
|
|
83,500
|
21,724,195
|
McKesson Corp (e)
|
|
39,580
|
30,577,133
|
UnitedHealth Group Inc
|
|
218,900
|
75,586,170
|
|
|
|
|
179,648,922
|
Life Sciences Tools & Services - 0.9%
|
|
|
|
Bruker Corp
|
|
443,600
|
14,412,564
|
Danaher Corp
|
|
78,600
|
15,583,236
|
Thermo Fisher Scientific Inc
|
|
39,900
|
19,352,298
|
|
|
|
|
49,348,098
|
Pharmaceuticals - 2.4%
|
|
|
|
Eli Lilly & Co
|
|
29,320
|
22,371,160
|
GSK PLC ADR
|
|
1,124,900
|
48,550,684
|
Haleon PLC ADR (a)
|
|
3,524,000
|
31,610,280
|
Johnson & Johnson
|
|
131,757
|
24,430,383
|
Merck & Co Inc
|
|
120,600
|
10,121,958
|
|
|
|
|
137,084,465
|
TOTAL HEALTH CARE
|
|
|
496,588,235
|
|
|
|
|
|
Industrials - 16.9%
|
|
|
|
Aerospace & Defense - 10.1%
|
|
|
|
Boeing Co (b)
|
|
1,061,840
|
229,176,927
|
GE Aerospace (e)
|
|
931,759
|
280,291,742
|
General Dynamics Corp
|
|
55,900
|
19,061,900
|
Howmet Aerospace Inc
|
|
33,700
|
6,612,951
|
Huntington Ingalls Industries Inc
|
|
58,900
|
16,957,899
|
RTX Corp
|
|
20,000
|
3,346,600
|
Spirit AeroSystems Holdings Inc Class A (b)
|
|
580,406
|
22,403,672
|
Textron Inc
|
|
6,300
|
532,287
|
|
|
|
|
578,383,978
|
Air Freight & Logistics - 0.7%
|
|
|
|
United Parcel Service Inc Class B
|
|
511,900
|
42,759,007
|
Building Products - 0.1%
|
|
|
|
A O Smith Corp
|
|
72,500
|
5,322,225
|
AAON Inc
|
|
9,600
|
897,024
|
|
|
|
|
6,219,249
|
Commercial Services & Supplies - 0.0%
|
|
|
|
Veralto Corp
|
|
25,833
|
2,754,056
|
Construction & Engineering - 0.0%
|
|
|
|
Centuri Holdings Inc (b)
|
|
121,500
|
2,572,155
|
Electrical Equipment - 4.8%
|
|
|
|
Emerson Electric Co
|
|
25,000
|
3,279,500
|
GE Vernova Inc (e)
|
|
371,814
|
228,628,429
|
Hubbell Inc
|
|
19,418
|
8,355,760
|
Vertiv Holdings Co Class A
|
|
205,147
|
30,948,476
|
|
|
|
|
271,212,165
|
Ground Transportation - 0.2%
|
|
|
|
Knight-Swift Transportation Holdings Inc
|
|
271,400
|
10,723,014
|
Machinery - 1.0%
|
|
|
|
Allison Transmission Holdings Inc
|
|
66,000
|
5,602,080
|
Cummins Inc
|
|
24,400
|
10,305,828
|
Deere & Co
|
|
15,800
|
7,224,708
|
Donaldson Co Inc
|
|
56,000
|
4,583,600
|
Nordson Corp
|
|
15,800
|
3,585,810
|
Otis Worldwide Corp
|
|
77,950
|
7,126,969
|
Stanley Black & Decker Inc
|
|
28,700
|
2,133,270
|
Westinghouse Air Brake Technologies Corp
|
|
55,302
|
11,086,392
|
|
|
|
|
51,648,657
|
Trading Companies & Distributors - 0.0%
|
|
|
|
Watsco Inc
|
|
6,800
|
2,749,240
|
TOTAL INDUSTRIALS
|
|
|
969,021,521
|
|
|
|
|
|
Information Technology - 22.9%
|
|
|
|
IT Services - 0.0%
|
|
|
|
Gartner Inc (b)
|
|
6,000
|
1,577,220
|
Semiconductors & Semiconductor Equipment - 12.4%
|
|
|
|
Applied Materials Inc
|
|
75,800
|
15,519,292
|
Broadcom Inc
|
|
432,000
|
142,521,120
|
First Solar Inc (b)(e)
|
|
72,300
|
15,944,319
|
Lam Research Corp
|
|
149,200
|
19,977,880
|
Marvell Technology Inc
|
|
494,367
|
41,561,434
|
Micron Technology Inc
|
|
202,300
|
33,848,836
|
NVIDIA Corp
|
|
2,331,800
|
435,067,245
|
Teradyne Inc
|
|
32,700
|
4,500,828
|
|
|
|
|
708,940,954
|
Software - 7.9%
|
|
|
|
Adobe Inc (b)
|
|
71,000
|
25,045,250
|
Autodesk Inc (b)
|
|
52,400
|
16,645,908
|
Intuit Inc
|
|
14,000
|
9,560,740
|
Microsoft Corp
|
|
761,500
|
394,418,925
|
Synopsys Inc (b)
|
|
20,500
|
10,114,495
|
|
|
|
|
455,785,318
|
Technology Hardware, Storage & Peripherals - 2.6%
|
|
|
|
Apple Inc
|
|
584,200
|
148,754,846
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
1,315,058,338
|
|
|
|
|
|
Materials - 0.6%
|
|
|
|
Chemicals - 0.5%
|
|
|
|
Air Products and Chemicals Inc
|
|
24,500
|
6,681,640
|
Dow Inc
|
|
74,800
|
1,715,164
|
LyondellBasell Industries NV Class A1
|
|
22,800
|
1,118,112
|
Mosaic Co/The
|
|
594,100
|
20,603,388
|
Sherwin-Williams Co/The
|
|
1,400
|
484,764
|
|
|
|
|
30,603,068
|
Construction Materials - 0.1%
|
|
|
|
James Hardie Industries PLC (b)
|
|
338,630
|
6,505,082
|
TOTAL MATERIALS
|
|
|
37,108,150
|
|
|
|
|
|
Real Estate - 0.6%
|
|
|
|
Industrial REITs - 0.0%
|
|
|
|
Terreno Realty Corp
|
|
64,700
|
3,671,725
|
Residential REITs - 0.1%
|
|
|
|
Sun Communities Inc
|
|
31,800
|
4,102,200
|
Specialized REITs - 0.5%
|
|
|
|
American Tower Corp
|
|
66,900
|
12,866,208
|
Crown Castle Inc
|
|
139,400
|
13,450,706
|
Equinix Inc
|
|
1,400
|
1,096,536
|
|
|
|
|
27,413,450
|
TOTAL REAL ESTATE
|
|
|
35,187,375
|
|
|
|
|
|
Utilities - 1.1%
|
|
|
|
Electric Utilities - 1.0%
|
|
|
|
Duke Energy Corp
|
|
18,200
|
2,252,250
|
Edison International
|
|
38,800
|
2,144,864
|
Entergy Corp
|
|
64,400
|
6,001,436
|
PG&E Corp
|
|
121,800
|
1,836,744
|
Southern Co/The
|
|
448,200
|
42,475,914
|
|
|
|
|
54,711,208
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Vistra Corp
|
|
21,800
|
4,271,056
|
Multi-Utilities - 0.1%
|
|
|
|
Sempra
|
|
60,500
|
5,443,790
|
TOTAL UTILITIES
|
|
|
64,426,054
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
5,086,168,139
|
ZAMBIA - 1.5%
|
|
|
|
Materials - 1.5%
|
|
|
|
Metals & Mining - 1.5%
|
|
|
|
First Quantum Minerals Ltd (b)
|
|
3,710,100
|
83,921,785
|
|
TOTAL COMMON STOCKS
(Cost $2,709,661,261)
|
|
|
5,637,916,271
|
|
|
|
|
|
Convertible Preferred Stocks - 0.1%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Life Sciences Tools & Services - 0.1%
|
|
|
|
Bruker Corp 6.375% Series A
(Cost $5,444,996)
|
|
21,600
|
5,870,880
|
|
|
|
|
|
Money Market Funds - 3.2%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
4.21
|
114,852,662
|
114,875,633
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
4.19
|
70,971,474
|
70,978,571
|
|
TOTAL MONEY MARKET FUNDS
(Cost $185,854,204)
|
|
|
|
185,854,204
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 101.2%
(Cost $2,900,960,461)
|
5,829,641,355
|
NET OTHER ASSETS (LIABILITIES) - (1.2)%
|
(71,451,175)
|
NET ASSETS - 100.0%
|
5,758,190,180
|
|
|
|
Written Options
|
|
|
Counterparty
|
Number
of Contracts
|
Notional
Amount ($)
|
Exercise
Price ($)
|
Expiration
Date
|
Value ($)
|
Call Options
|
|
|
|
|
|
|
First Solar Inc
|
Chicago Board Options Exchange
|
367
|
8,093,451
|
250.00
|
11/21/2025
|
(336,723)
|
First Solar Inc
|
Chicago Board Options Exchange
|
183
|
4,035,699
|
240.00
|
11/21/2025
|
(220,515)
|
GE Aerospace
|
Chicago Board Options Exchange
|
471
|
14,168,622
|
320.00
|
11/21/2025
|
(394,463)
|
GE Aerospace
|
Chicago Board Options Exchange
|
380
|
11,431,160
|
300.00
|
11/21/2025
|
(646,000)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
141
|
8,670,090
|
700.00
|
11/21/2025
|
(260,145)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
103
|
6,333,470
|
730.00
|
11/21/2025
|
(128,750)
|
JPMorgan Chase & Co
|
Chicago Board Options Exchange
|
343
|
10,819,249
|
305.00
|
10/3/2025
|
(375,585)
|
McKesson Corp
|
Chicago Board Options Exchange
|
76
|
5,871,304
|
750.00
|
10/17/2025
|
(228,000)
|
Wells Fargo & Co
|
Chicago Board Options Exchange
|
2,055
|
17,225,010
|
95.00
|
11/21/2025
|
(108,915)
|
Wells Fargo & Co
|
Chicago Board Options Exchange
|
209
|
1,751,838
|
92.50
|
11/21/2025
|
(17,974)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,717,070)
|
TOTAL WRITTEN OPTIONS
|
|
|
|
|
|
(2,717,070)
|
Legend
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing.
|
(c)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,948,265 or 0.1% of net assets.
|
(d)
|
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 $6,948,265 or 0.1% of net assets.
|
(e)
|
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $88,399,893.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
55,876,990
|
546,196,675
|
487,198,751
|
4,057,879
|
719
|
-
|
114,875,633
|
114,852,662
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
24,485,207
|
766,376,013
|
719,882,649
|
121,213
|
-
|
-
|
70,978,571
|
70,971,474
|
0.2%
|
Total
|
80,362,197
|
1,312,572,688
|
1,207,081,400
|
4,179,092
|
719
|
-
|
185,854,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 income 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, 2025, 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 Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
573,658,904
|
549,247,903
|
24,411,001
|
-
|
Consumer Discretionary
|
161,409,560
|
161,409,560
|
-
|
-
|
Consumer Staples
|
227,693,599
|
227,693,599
|
-
|
-
|
Energy
|
481,493,663
|
481,493,663
|
-
|
-
|
Financials
|
919,896,153
|
916,798,242
|
3,097,911
|
-
|
Health Care
|
589,311,480
|
589,311,480
|
-
|
-
|
Industrials
|
1,036,811,164
|
992,438,574
|
44,372,590
|
-
|
Information Technology
|
1,426,998,384
|
1,426,998,384
|
-
|
-
|
Materials
|
121,029,935
|
121,029,935
|
-
|
-
|
Real Estate
|
35,187,375
|
35,187,375
|
-
|
-
|
Utilities
|
64,426,054
|
64,426,054
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
5,870,880
|
-
|
5,870,880
|
-
|
|
|
Money Market Funds
|
185,854,204
|
185,854,204
|
-
|
-
|
Total Investments in Securities:
|
5,829,641,355
|
5,751,888,973
|
77,752,382
|
-
|
Derivative Instruments:
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Written Options
|
(2,717,070)
|
(2,717,070)
|
-
|
-
|
Total Liabilities
|
(2,717,070)
|
(2,717,070)
|
-
|
-
|
Total Derivative Instruments:
|
(2,717,070)
|
(2,717,070)
|
-
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
Equity Risk
|
|
|
Written Options (a)
|
-
|
(2,717,070)
|
Total Equity Risk
|
-
|
(2,717,070)
|
Total Value of Derivatives
|
-
|
(2,717,070)
|
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements
Statement of Assets and Liabilities
|
As of September 30, 2025
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $66,682,387) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $2,715,106,257)
|
$
|
5,643,787,151
|
|
|
Fidelity Central Funds (cost $185,854,204)
|
|
185,854,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $2,900,960,461)
|
|
|
$
|
5,829,641,355
|
Foreign currency held at value (cost $735)
|
|
|
|
741
|
Receivable for investments sold
|
|
|
|
876,600
|
Receivable for fund shares sold
|
|
|
|
1,436,179
|
Dividends receivable
|
|
|
|
4,531,952
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
458,393
|
Prepaid expenses
|
|
|
|
6,650
|
Other receivables
|
|
|
|
301,332
|
Total assets
|
|
|
|
5,837,253,202
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
576,066
|
|
|
Payable for fund shares redeemed
|
|
1,979,271
|
|
|
Accrued management fee
|
|
2,513,939
|
|
|
Distribution and service plan fees payable
|
|
195,494
|
|
|
Written options, at value (premium received $2,171,468)
|
|
2,717,070
|
|
|
Other payables and accrued expenses
|
|
93,742
|
|
|
Collateral on securities loaned
|
|
70,987,440
|
|
|
Total liabilities
|
|
|
|
79,063,022
|
Net Assets
|
|
|
$
|
5,758,190,180
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
2,352,477,871
|
Total accumulated earnings (loss)
|
|
|
|
3,405,712,309
|
Net Assets
|
|
|
$
|
5,758,190,180
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class O :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($4,710,362,754 ÷ 162,120,008 shares)
|
|
|
$
|
29.05
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($912,736,819 ÷ 33,301,389 shares)(a)
|
|
|
$
|
27.41
|
Maximum offering price per share (100/94.25 of $27.41)
|
|
|
$
|
29.08
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($5,967,827 ÷ 227,864 shares)(a)
|
|
|
$
|
26.19
|
Maximum offering price per share (100/96.50 of $26.19)
|
|
|
$
|
27.14
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($6,270,470 ÷ 254,917 shares)(a)
|
|
|
$
|
24.60
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($122,852,310 ÷ 4,211,540 shares)
|
|
|
$
|
29.17
|
(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, 2025
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
71,294,191
|
Interest
|
|
|
|
231,391
|
Income from Fidelity Central Funds (including $121,213 from security lending)
|
|
|
|
4,179,092
|
Total income
|
|
|
|
75,704,674
|
Expenses
|
|
|
|
|
Management fee
|
$
|
27,131,243
|
|
|
Distribution and service plan fees
|
|
2,092,408
|
|
|
Custodian fees and expenses
|
|
78,189
|
|
|
Independent trustees' fees and expenses
|
|
19,857
|
|
|
Registration fees
|
|
99,398
|
|
|
Audit fees
|
|
76,820
|
|
|
Legal
|
|
8,388
|
|
|
Miscellaneous
|
|
18,320
|
|
|
Total expenses before reductions
|
|
29,524,623
|
|
|
Expense reductions
|
|
(1,389)
|
|
|
Total expenses after reductions
|
|
|
|
29,523,234
|
Net Investment income (loss)
|
|
|
|
46,181,440
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
510,901,600
|
|
|
Fidelity Central Funds
|
|
719
|
|
|
Foreign currency transactions
|
|
(103,930)
|
|
|
Written options
|
|
(2,108,916)
|
|
|
Total net realized gain (loss)
|
|
|
|
508,689,473
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
598,459,600
|
|
|
Assets and liabilities in foreign currencies
|
|
18,707
|
|
|
Written options
|
|
716,263
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
599,194,570
|
Net gain (loss)
|
|
|
|
1,107,884,043
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
1,154,065,483
|
Statement of Changes in Net Assets
|
|
|
|
|
Year ended
September 30, 2025
|
|
Year ended
September 30, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
46,181,440
|
$
|
47,029,502
|
Net realized gain (loss)
|
|
508,689,473
|
|
356,167,360
|
Change in net unrealized appreciation (depreciation)
|
|
599,194,570
|
|
929,221,915
|
Net increase (decrease) in net assets resulting from operations
|
|
1,154,065,483
|
|
1,332,418,777
|
Distributions to shareholders
|
|
(408,939,359)
|
|
(174,267,454)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
122,496,361
|
|
(82,292,412)
|
Total increase (decrease) in net assets
|
|
867,622,485
|
|
1,075,858,911
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
4,890,567,695
|
|
3,814,708,784
|
End of period
|
$
|
5,758,190,180
|
$
|
4,890,567,695
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Capital Development Fund Class O
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
25.39
|
$
|
19.50
|
$
|
16.18
|
$
|
19.65
|
$
|
14.71
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.24
|
|
.25
|
|
.26
|
|
.25
|
|
.37 C
|
Net realized and unrealized gain (loss)
|
|
5.56
|
|
6.54
|
|
4.04
|
|
(2.60)
|
|
5.32
|
Total from investment operations
|
|
5.80
|
|
6.79
|
|
4.30
|
|
(2.35)
|
|
5.69
|
Distributions from net investment income
|
|
(.26)
|
|
(.26)
|
|
(.26)
|
|
(.38)
|
|
(.28)
|
Distributions from net realized gain
|
|
(1.89)
|
|
(.64)
|
|
(.71)
|
|
(.73)
|
|
(.47)
|
Total distributions
|
|
(2.14) D
|
|
(.90)
|
|
(.98) D
|
|
(1.12) D
|
|
(.75)
|
Net asset value, end of period
|
$
|
29.05
|
$
|
25.39
|
$
|
19.50
|
$
|
16.18
|
$
|
19.65
|
Total Return E
|
|
|
|
35.97%
|
|
27.44%
|
|
(12.87)%
|
|
39.61%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.53%
|
|
.56%
|
|
.68%
|
|
.68%
|
|
.70%
|
Expenses net of fee waivers, if any
|
|
|
|
.53%
|
|
.55%
|
|
.56%
|
|
.56%
|
Expenses net of all reductions, if any
|
|
.53%
|
|
.53%
|
|
.55%
|
|
.56%
|
|
.56%
|
Net investment income (loss)
|
|
.95%
|
|
1.12%
|
|
1.37%
|
|
1.31%
|
|
2.03% C
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
4,710,363
|
$
|
4,059,396
|
$
|
3,183,538
|
$
|
2,660,011
|
$
|
3,567,329
|
Portfolio turnover rate H
|
|
|
|
16%
|
|
12%
|
|
11%
|
|
16%
|
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.
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%.
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 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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital Development Fund Class A
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
24.08
|
$
|
18.54
|
$
|
15.42
|
$
|
18.78
|
$
|
14.09
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.16
|
|
.18
|
|
.19
|
|
.19
|
|
.31 C
|
Net realized and unrealized gain (loss)
|
|
5.25
|
|
6.21
|
|
3.86
|
|
(2.49)
|
|
5.09
|
Total from investment operations
|
|
5.41
|
|
6.39
|
|
4.05
|
|
(2.30)
|
|
5.40
|
Distributions from net investment income
|
|
(.20)
|
|
(.21)
|
|
(.21)
|
|
(.33)
|
|
(.24)
|
Distributions from net realized gain
|
|
(1.89)
|
|
(.64)
|
|
(.71)
|
|
(.73)
|
|
(.47)
|
Total distributions
|
|
(2.08) D
|
|
(.85)
|
|
(.93) D
|
|
(1.06)
|
|
(.71)
|
Net asset value, end of period
|
$
|
27.41
|
$
|
24.08
|
$
|
18.54
|
$
|
15.42
|
$
|
18.78
|
Total Return E,F
|
|
|
|
35.58%
|
|
27.10%
|
|
(13.15)%
|
|
39.21%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.82%
|
|
.85%
|
|
.96%
|
|
.96%
|
|
.97%
|
Expenses net of fee waivers, if any
|
|
|
|
.82%
|
|
.84%
|
|
.85%
|
|
.85%
|
Expenses net of all reductions, if any
|
|
.82%
|
|
.82%
|
|
.84%
|
|
.85%
|
|
.85%
|
Net investment income (loss)
|
|
.66%
|
|
.83%
|
|
1.08%
|
|
1.01%
|
|
1.74% C
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
912,737
|
$
|
765,876
|
$
|
584,349
|
$
|
467,810
|
$
|
552,638
|
Portfolio turnover rate I
|
|
|
|
16%
|
|
12%
|
|
11%
|
|
16%
|
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.
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 1.12%.
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.
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.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital Development Fund Class M
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
23.11
|
$
|
17.82
|
$
|
14.85
|
$
|
18.12
|
$
|
13.61
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.07
|
|
.09
|
|
.11
|
|
.10
|
|
.21 C
|
Net realized and unrealized gain (loss)
|
|
5.03
|
|
5.97
|
|
3.71
|
|
(2.39)
|
|
4.93
|
Total from investment operations
|
|
5.10
|
|
6.06
|
|
3.82
|
|
(2.29)
|
|
5.14
|
Distributions from net investment income
|
|
(.13)
|
|
(.13)
|
|
(.14)
|
|
(.24)
|
|
(.17)
|
Distributions from net realized gain
|
|
(1.89)
|
|
(.64)
|
|
(.71)
|
|
(.73)
|
|
(.47)
|
Total distributions
|
|
(2.02)
|
|
(.77)
|
|
(.85)
|
|
(.98) D
|
|
(.63) D
|
Net asset value, end of period
|
$
|
26.19
|
$
|
23.11
|
$
|
17.82
|
$
|
14.85
|
$
|
18.12
|
Total Return E,F
|
|
|
|
35.06%
|
|
26.51%
|
|
(13.54)%
|
|
38.61%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.17%
|
|
1.21%
|
|
1.31%
|
|
1.32%
|
|
1.33%
|
Expenses net of fee waivers, if any
|
|
|
|
1.21%
|
|
1.30%
|
|
1.32%
|
|
1.33%
|
Expenses net of all reductions, if any
|
|
1.17%
|
|
1.21%
|
|
1.29%
|
|
1.32%
|
|
1.33%
|
Net investment income (loss)
|
|
.31%
|
|
.45%
|
|
.64%
|
|
.54%
|
|
1.25% C
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
5,968
|
$
|
5,038
|
$
|
3,965
|
$
|
3,152
|
$
|
3,476
|
Portfolio turnover rate I
|
|
|
|
16%
|
|
12%
|
|
11%
|
|
16%
|
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.
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 .63%.
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.
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.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital Development Fund Class C
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
21.83
|
$
|
16.87
|
$
|
14.10
|
$
|
17.28
|
$
|
12.99
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.04)
|
|
(.01)
|
|
.02
|
|
.01
|
|
.13 C
|
Net realized and unrealized gain (loss)
|
|
4.73
|
|
5.66
|
|
3.53
|
|
(2.27)
|
|
4.70
|
Total from investment operations
|
|
4.69
|
|
5.65
|
|
3.55
|
|
(2.26)
|
|
4.83
|
Distributions from net investment income
|
|
(.03)
|
|
(.05)
|
|
(.06)
|
|
(.19)
|
|
(.07)
|
Distributions from net realized gain
|
|
(1.89)
|
|
(.64)
|
|
(.71)
|
|
(.73)
|
|
(.47)
|
Total distributions
|
|
(1.92)
|
|
(.69)
|
|
(.78) D
|
|
(.92)
|
|
(.54)
|
Net asset value, end of period
|
$
|
24.60
|
$
|
21.83
|
$
|
16.87
|
$
|
14.10
|
$
|
17.28
|
Total Return E,F
|
|
|
|
34.44%
|
|
25.89%
|
|
(13.95)%
|
|
37.89%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.66%
|
|
1.71%
|
|
1.78%
|
|
1.78%
|
|
1.80%
|
Expenses net of fee waivers, if any
|
|
|
|
1.70%
|
|
1.77%
|
|
1.78%
|
|
1.80%
|
Expenses net of all reductions, if any
|
|
1.66%
|
|
1.70%
|
|
1.77%
|
|
1.78%
|
|
1.80%
|
Net investment income (loss)
|
|
(.19)%
|
|
(.05)%
|
|
.15%
|
|
.08%
|
|
.79% C
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
6,270
|
$
|
4,468
|
$
|
3,662
|
$
|
2,807
|
$
|
2,607
|
Portfolio turnover rate I
|
|
|
|
16%
|
|
12%
|
|
11%
|
|
16%
|
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.
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%.
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 contingent deferred sales charge.
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.
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), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital Development Fund Class I
|
|
|
Years ended September 30,
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
|
2021
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
25.50
|
$
|
19.58
|
$
|
16.24
|
$
|
19.73
|
$
|
14.77
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.21
|
|
.21
|
|
.23
|
|
.22
|
|
.35 C
|
Net realized and unrealized gain (loss)
|
|
5.58
|
|
6.58
|
|
4.06
|
|
(2.62)
|
|
5.34
|
Total from investment operations
|
|
5.79
|
|
6.79
|
|
4.29
|
|
(2.40)
|
|
5.69
|
Distributions from net investment income
|
|
(.23)
|
|
(.23)
|
|
(.23)
|
|
(.36)
|
|
(.26)
|
Distributions from net realized gain
|
|
(1.89)
|
|
(.64)
|
|
(.71)
|
|
(.73)
|
|
(.47)
|
Total distributions
|
|
(2.12)
|
|
(.87)
|
|
(.95) D
|
|
(1.09)
|
|
(.73)
|
Net asset value, end of period
|
$
|
29.17
|
$
|
25.50
|
$
|
19.58
|
$
|
16.24
|
$
|
19.73
|
Total Return E
|
|
|
|
35.78%
|
|
27.23%
|
|
(13.03)%
|
|
39.40%
|
Ratios to Average Net Assets A,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.67%
|
|
.70%
|
|
.72%
|
|
.72%
|
|
.71%
|
Expenses net of fee waivers, if any
|
|
|
|
.70%
|
|
.72%
|
|
.72%
|
|
.71%
|
Expenses net of all reductions, if any
|
|
.67%
|
|
.70%
|
|
.72%
|
|
.72%
|
|
.71%
|
Net investment income (loss)
|
|
.81%
|
|
.96%
|
|
1.21%
|
|
1.15%
|
|
1.87% C
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
122,852
|
$
|
55,790
|
$
|
39,194
|
$
|
29,353
|
$
|
39,639
|
Portfolio turnover rate H
|
|
|
|
16%
|
|
12%
|
|
11%
|
|
16%
|
ANet 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.
BCalculated 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%.
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.
FExpense 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.
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.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended September 30, 2025
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.
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 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2025 is included at the end of the Fund's 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 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
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. 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. 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
|
$14,693
|
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, 2025, 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.
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 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, partnerships, passive foreign investment companies (PFIC), and losses deferred due to wash sales and options transactions.
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
|
$3,022,880,595
|
Gross unrealized depreciation
|
(98,510,107)
|
Net unrealized appreciation (depreciation)
|
$2,924,370,488
|
Tax Cost
|
$2,902,553,797
|
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income
|
$35,829,702
|
Undistributed long-term capital gain
|
$445,823,050
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$2,924,059,557
|
The tax character of distributions paid was as follows:
|
September 30, 2025
|
September 30, 2024
|
Ordinary Income
|
$52,858,919
|
$49,205,934
|
Long-term Capital Gains
|
356,080,440
|
125,061,520
|
Total
|
$408,939,359
|
$ 174,267,454
|
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 Schedule of Investments, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
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 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.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
Fidelity Advisor Capital Development Fund
|
|
|
Equity Risk
|
|
|
Purchased Options
|
(54,948)
|
-
|
Written Options
|
(2,108,916)
|
716,263
|
Total Equity Risk
|
(2,163,864)
|
716,263
|
Totals
|
(2,163,864)
|
716,263
|
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
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 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 an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.
Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
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 Capital Development Fund
|
890,331,608
|
1,184,704,089
|
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class O
|
.52
|
Class A
|
.56
|
Class M
|
.72
|
Class C
|
.72
|
Class I
|
.68
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class O
|
.52
|
Class A
|
.56
|
Class M
|
.66
|
Class C
|
.66
|
Class I
|
.66
|
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%
|
2,018,470
|
15,310
|
Class M
|
.25%
|
.25%
|
26,154
|
47
|
Class C
|
.75%
|
.25%
|
47,784
|
7,760
|
|
|
|
2,092,408
|
23,117
|
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 ($)
|
Class A
|
83,867
|
Class M
|
1,469
|
Class C A
|
91
|
|
85,427
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Advisor Capital Development Fund
|
14,061
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Capital Development Fund
|
78,981,374
|
47,583,142
|
19,634,640
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
|
Amount ($)
|
Fidelity Advisor Capital Development Fund
|
6,968
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
|
13,119
|
21
|
-
|
9. Expense Reductions.
Through arrangements with the Fund's custodian, 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 $1,389.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended
September 30, 2025
|
Year ended
September 30, 2024
|
Fidelity Advisor Capital Development Fund
|
|
|
Distributions to shareholders
|
|
|
Class O
|
$337,703,513
|
$145,631,990
|
Class A
|
65,501,963
|
26,586,232
|
Class M
|
437,072
|
167,447
|
Class C
|
383,789
|
140,619
|
Class I
|
4,913,022
|
1,741,166
|
Total
|
$408,939,359
|
$174,267,454
|
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, 2025
|
Year ended
September 30, 2024
|
Year ended
September 30, 2025
|
Year ended
September 30, 2024
|
Fidelity Advisor Capital Development Fund
|
|
|
|
|
Class O
|
|
|
|
|
Shares sold
|
1,287,013
|
1,338,087
|
$33,459,449
|
$29,403,095
|
Reinvestment of distributions
|
13,468,592
|
6,888,734
|
324,189,000
|
140,116,913
|
Shares redeemed
|
(12,508,556)
|
(11,605,174)
|
(321,305,047)
|
(258,785,940)
|
Net increase (decrease)
|
2,247,049
|
(3,378,353)
|
$36,343,402
|
$(89,265,932)
|
Class A
|
|
|
|
|
Shares sold
|
1,917,284
|
1,332,331
|
$46,716,434
|
$28,165,107
|
Reinvestment of distributions
|
2,853,639
|
1,365,110
|
64,948,815
|
26,401,208
|
Shares redeemed
|
(3,279,659)
|
(2,410,939)
|
(79,279,834)
|
(51,184,065)
|
Net increase (decrease)
|
1,491,264
|
286,502
|
$32,385,415
|
$3,382,250
|
Class M
|
|
|
|
|
Shares sold
|
43,089
|
29,076
|
$1,018,419
|
$594,734
|
Reinvestment of distributions
|
20,040
|
8,998
|
437,072
|
167,446
|
Shares redeemed
|
(53,278)
|
(42,594)
|
(1,213,701)
|
(850,804)
|
Net increase (decrease)
|
9,851
|
(4,520)
|
$241,790
|
$(88,624)
|
Class C
|
|
|
|
|
Shares sold
|
89,057
|
41,734
|
$1,977,091
|
$802,466
|
Reinvestment of distributions
|
18,015
|
7,642
|
370,381
|
134,884
|
Shares redeemed
|
(56,827)
|
(61,743)
|
(1,232,458)
|
(1,173,569)
|
Net increase (decrease)
|
50,245
|
(12,367)
|
$1,115,014
|
$(236,219)
|
Class I
|
|
|
|
|
Shares sold
|
2,817,879
|
728,285
|
$74,083,732
|
$16,508,661
|
Reinvestment of distributions
|
190,613
|
77,648
|
4,612,828
|
1,587,895
|
Shares redeemed
|
(985,164)
|
(619,606)
|
(26,285,820)
|
(14,180,443)
|
Net increase (decrease)
|
2,023,328
|
186,327
|
$52,410,740
|
$3,916,113
|
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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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 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, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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, 2025, 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, 2025, 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 12, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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, 2025, $485,418,388, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 99.24% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The fund designates $1,957,300 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.
Class O designates 94 %; Class A designates 100%; Class M designates 100%; Class C designates 100%; and Class I designates 100%; of the dividends distributed in December 2024, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class O designates 99.13%; Class A designates100%; Class M designates 100%; Class C designates 100%; and Class I designates 100%; of the dividends distributed in December, respectively 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.
Class O designates 0.86% of the dividend distributed in December 2024, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Capital Development 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 certain affiliates 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.
At its May 2025 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 was 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 and the factors may have been weighed differently by different Trustees.
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 the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (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, including with respect to liquidity risk management. 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 under a separate agreement.
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 to the Board 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 index that has characteristics relevant to the fund's investment strategies (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. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class O, the Board considered the effective management fee rate for Class O from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 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 "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Class O of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class O of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class O of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class O of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the management fee rate of Class O of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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 total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
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 management fee for each class of the fund 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 Fidelity 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.
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. 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 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's consideration of these matters was informed by the recent findings of the committee.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders 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 funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the 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 but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (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, as well as the methodology used for 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; and (vii) 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 May 31, 2026.
1.814756.120
ADESII-ANN-1125
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 16.
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 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
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 (Principal Executive Officer) |
| | |
| Date: | November 20, 2025 |
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 (Principal Executive Officer) |
| | |
| Date: | November 20, 2025 |
| |
| By: | /s/Stephanie Caron |
| | Stephanie Caron |
| | Chief Financial Officer (Principal Financial Officer) |
| | |
| Date: | November 20, 2025 |
