N-CSRS 1 filing812.htm PRIMARY DOCUMENT

 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   811-1796





Fidelity Destiny Portfolios

(Exact name of registrant as specified in charter)




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


Marc Bryant, 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:

March 31, 2016


Item 1.

Reports to Stockholders




Fidelity Advisor® Capital Development Fund
Class I



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
JPMorgan Chase & Co. 3.6 4.4 
General Electric Co. 3.3 3.5 
Apple, Inc. 3.0 3.4 
Microsoft Corp. 2.9 2.5 
Bank of America Corp. 2.7 2.8 
Citigroup, Inc. 2.2 2.6 
Chevron Corp. 2.0 1.6 
Procter & Gamble Co. 2.0 1.8 
Qualcomm, Inc. 1.9 1.7 
Alphabet, Inc. Class A 1.9 2.0 
 25.5  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 23.0 23.1 
Financials 18.7 21.0 
Industrials 13.1 12.3 
Health Care 12.2 12.8 
Energy 11.6 8.6 

Asset Allocation (% of fund's net assets)

As of March 31, 2016* 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 9.6%


As of September 30, 2015* 
   Stocks 99.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 10.1%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.2%   
Automobiles - 0.1%   
General Motors Co. 17,800 $559,454 
Harley-Davidson, Inc. 27,600 1,416,708 
Tesla Motors, Inc. (a) 1,200 275,724 
  2,251,886 
Hotels, Restaurants & Leisure - 0.8%   
Las Vegas Sands Corp. 111,400 5,757,152 
Yum! Brands, Inc. 183,424 15,013,254 
  20,770,406 
Household Durables - 0.5%   
KB Home 675,200 9,641,856 
Taylor Morrison Home Corp. (a) 230,000 3,247,600 
  12,889,456 
Leisure Products - 0.1%   
NJOY, Inc. (a)(b) 273,849 35,053 
Polaris Industries, Inc. 33,200 3,269,536 
  3,304,589 
Media - 4.5%   
Comcast Corp. Class A 740,500 45,229,740 
Scripps Networks Interactive, Inc. Class A 238,800 15,641,400 
Sinclair Broadcast Group, Inc. Class A 199,400 6,131,550 
Time Warner, Inc. 498,010 36,130,626 
Viacom, Inc. Class B (non-vtg.) 409,600 16,908,288 
  120,041,604 
Multiline Retail - 1.8%   
Target Corp. 587,650 48,351,842 
Specialty Retail - 1.3%   
Dick's Sporting Goods, Inc. 63,800 2,982,650 
Lowe's Companies, Inc. 410,400 31,087,800 
Sally Beauty Holdings, Inc. (a) 35,900 1,162,442 
  35,232,892 
Textiles, Apparel & Luxury Goods - 0.1%   
Michael Kors Holdings Ltd. (a) 40,100 2,284,096 
TOTAL CONSUMER DISCRETIONARY  245,126,771 
CONSUMER STAPLES - 6.6%   
Beverages - 2.0%   
Diageo PLC 450,668 12,151,840 
The Coca-Cola Co. 905,700 42,015,423 
  54,167,263 
Food & Staples Retailing - 1.1%   
CVS Health Corp. 138,000 14,314,740 
United Natural Foods, Inc. (a) 65,700 2,647,710 
Walgreens Boots Alliance, Inc. 125,700 10,588,968 
Whole Foods Market, Inc. 48,300 1,502,613 
  29,054,031 
Food Products - 0.3%   
Mead Johnson Nutrition Co. Class A 83,500 7,094,995 
Household Products - 2.0%   
Procter & Gamble Co. 656,005 53,995,772 
Tobacco - 1.2%   
British American Tobacco PLC sponsored ADR 41,664 4,870,938 
Philip Morris International, Inc. 271,844 26,670,615 
  31,541,553 
TOTAL CONSUMER STAPLES  175,853,614 
ENERGY - 11.6%   
Energy Equipment & Services - 1.5%   
Baker Hughes, Inc. 171,700 7,525,611 
Ensco PLC Class A 138,100 1,432,097 
Helmerich & Payne, Inc. (c) 58,800 3,452,736 
National Oilwell Varco, Inc. (c) 267,500 8,319,250 
Oceaneering International, Inc. 286,600 9,526,584 
Schlumberger Ltd. 113,900 8,400,125 
  38,656,403 
Oil, Gas & Consumable Fuels - 10.1%   
Amyris, Inc. (a)(c) 1,616,039 1,793,803 
Anadarko Petroleum Corp. 105,100 4,894,507 
Apache Corp. 581,400 28,378,134 
Cabot Oil & Gas Corp. 445,300 10,112,763 
Cenovus Energy, Inc. 774,600 10,079,492 
Chevron Corp. 569,127 54,294,716 
ConocoPhillips Co. 528,900 21,298,803 
Devon Energy Corp. 114,300 3,136,392 
Energy Transfer Equity LP 562,900 4,013,477 
Golar LNG Ltd. 101,800 1,829,346 
Imperial Oil Ltd. (c) 589,700 19,701,315 
Kinder Morgan, Inc. 836,600 14,941,676 
Legacy Reserves LP 186,124 182,402 
MPLX LP 70,668 2,098,133 
Noble Energy, Inc. 63,400 1,991,394 
SM Energy Co. 253,600 4,752,464 
Suncor Energy, Inc. 1,465,800 40,822,318 
Teekay Offshore Partners LP 197,100 1,117,557 
The Williams Companies, Inc. 1,287,392 20,688,389 
Williams Partners LP 1,123,500 22,975,575 
  269,102,656 
TOTAL ENERGY  307,759,059 
FINANCIALS - 18.7%   
Banks - 12.8%   
Bank of America Corp. 5,251,800 71,004,336 
Citigroup, Inc. 1,415,404 59,093,117 
Comerica, Inc. 334,200 12,656,154 
Cullen/Frost Bankers, Inc. 12,600 694,386 
Fifth Third Bancorp 140,000 2,336,600 
JPMorgan Chase & Co. 1,623,210 96,126,495 
Lloyds Banking Group PLC 1,034,000 1,007,115 
PNC Financial Services Group, Inc. 91,016 7,697,223 
Regions Financial Corp. 1,999,200 15,693,720 
Standard Chartered PLC (United Kingdom) 783,994 5,320,967 
SunTrust Banks, Inc. 738,000 26,627,040 
U.S. Bancorp 708,742 28,767,838 
Wells Fargo & Co. 280,550 13,567,398 
  340,592,389 
Capital Markets - 4.7%   
Charles Schwab Corp. 622,555 17,443,991 
Franklin Resources, Inc. 73,700 2,877,985 
Goldman Sachs Group, Inc. 11,900 1,868,062 
KKR & Co. LP 710,382 10,435,512 
Morgan Stanley 922,100 23,061,721 
Northern Trust Corp. 335,295 21,851,175 
State Street Corp. 661,190 38,692,839 
The Blackstone Group LP 336,400 9,436,020 
  125,667,305 
Diversified Financial Services - 0.0%   
Markit Ltd. (a) 35,000 1,237,250 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 6,900 419,451 
MetLife, Inc. 278,600 12,241,684 
Principal Financial Group, Inc. 151,300 5,968,785 
  18,629,920 
Thrifts & Mortgage Finance - 0.5%   
MGIC Investment Corp. (a) 1,289,300 9,888,931 
Radian Group, Inc. 163,408 2,026,259 
  11,915,190 
TOTAL FINANCIALS  498,042,054 
HEALTH CARE - 12.2%   
Biotechnology - 2.9%   
AbbVie, Inc. 112,900 6,448,848 
Alnylam Pharmaceuticals, Inc. (a) 34,500 2,165,565 
Amgen, Inc. 120,715 18,098,800 
Biogen, Inc. (a) 59,100 15,384,912 
BioMarin Pharmaceutical, Inc. (a) 58,000 4,783,840 
Celgene Corp. (a) 85,800 8,587,722 
Celldex Therapeutics, Inc. (a) 11,700 44,226 
Discovery Laboratories, Inc. (a) 85,885 141,710 
Genocea Biosciences, Inc. (a) 41,600 321,984 
Insmed, Inc. (a) 147,800 1,872,626 
Intercept Pharmaceuticals, Inc. (a)(c) 144,314 18,540,020 
Spark Therapeutics, Inc. (a) 39,800 1,174,498 
  77,564,751 
Health Care Equipment & Supplies - 2.9%   
Abbott Laboratories 330,900 13,841,547 
Boston Scientific Corp. (a) 1,845,451 34,712,933 
Medtronic PLC 226,800 17,010,000 
Neovasc, Inc. (a) 80,100 342,027 
NxStage Medical, Inc. (a) 22,700 340,273 
St. Jude Medical, Inc. 45,800 2,519,000 
Zimmer Biomet Holdings, Inc. 87,100 9,287,473 
  78,053,253 
Health Care Providers & Services - 1.2%   
Express Scripts Holding Co. (a) 149,500 10,269,155 
McKesson Corp. 140,380 22,074,755 
  32,343,910 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 80,700 268,731 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 240,300 9,575,955 
Pharmaceuticals - 4.8%   
Allergan PLC (a) 23,600 6,325,508 
Bristol-Myers Squibb Co. 35,400 2,261,352 
GlaxoSmithKline PLC sponsored ADR 1,001,800 40,622,990 
Jazz Pharmaceuticals PLC (a) 82,300 10,744,265 
Johnson & Johnson 260,560 28,192,592 
Novartis AG sponsored ADR 10,900 789,596 
Sanofi SA 24,090 1,936,735 
Teva Pharmaceutical Industries Ltd. sponsored ADR 612,650 32,782,902 
TherapeuticsMD, Inc. (a) 768,900 4,920,960 
  128,576,900 
TOTAL HEALTH CARE  326,383,500 
INDUSTRIALS - 13.1%   
Aerospace & Defense - 1.5%   
KEYW Holding Corp. (a) 120,517 800,233 
The Boeing Co. 189,000 23,991,660 
United Technologies Corp. 162,600 16,276,260 
  41,068,153 
Air Freight & Logistics - 2.2%   
C.H. Robinson Worldwide, Inc. 50,200 3,726,346 
FedEx Corp. 93,500 15,214,320 
Hub Group, Inc. Class A (a) 176,200 7,187,198 
United Parcel Service, Inc. Class B 309,800 32,674,606 
  58,802,470 
Building Products - 0.3%   
Caesarstone Sdot-Yam Ltd. (a) 25,700 882,795 
Lennox International, Inc. 51,600 6,975,804 
  7,858,599 
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. (a) 32,100 4,050,699 
Electrical Equipment - 1.3%   
AMETEK, Inc. 174,600 8,726,508 
Eaton Corp. PLC 94,700 5,924,432 
Emerson Electric Co. 243,900 13,263,282 
Hubbell, Inc. Class B 56,918 6,029,324 
  33,943,546 
Industrial Conglomerates - 3.3%   
General Electric Co. 2,781,800 88,433,422 
Machinery - 1.0%   
Cummins, Inc. 7,800 857,532 
Deere & Co. (c) 99,600 7,668,204 
Ingersoll-Rand PLC 94,100 5,835,141 
Joy Global, Inc. (c) 197,900 3,180,253 
Rexnord Corp. (a) 343,000 6,935,460 
Wabtec Corp. 17,200 1,363,788 
Xylem, Inc. 38,100 1,558,290 
  27,398,668 
Professional Services - 0.4%   
IHS, Inc. Class A (a) 7,500 931,200 
Verisk Analytics, Inc. (a) 110,600 8,839,152 
  9,770,352 
Road & Rail - 2.8%   
Celadon Group, Inc. 30,300 317,544 
CSX Corp. 855,000 22,016,250 
Genesee & Wyoming, Inc. Class A (a) 212,400 13,317,480 
J.B. Hunt Transport Services, Inc. 142,700 12,021,048 
Kansas City Southern 118,800 10,151,460 
Norfolk Southern Corp. 85,500 7,117,875 
Old Dominion Freight Lines, Inc. (a) 93,200 6,488,584 
Union Pacific Corp. 38,200 3,038,810 
  74,469,051 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 39,100 2,431,629 
TOTAL INDUSTRIALS  348,226,589 
INFORMATION TECHNOLOGY - 23.0%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,597,300 45,475,131 
Electronic Equipment & Components - 0.1%   
Fitbit, Inc. 99,600 1,508,940 
Internet Software & Services - 4.7%   
Alphabet, Inc.:   
Class A 65,900 50,275,110 
Class C 57,883 43,119,941 
Facebook, Inc. Class A (a) 133,900 15,277,990 
LinkedIn Corp. Class A (a) 6,500 743,275 
Twitter, Inc. (a) 247,000 4,087,850 
Yahoo!, Inc. (a) 277,259 10,205,904 
  123,710,070 
IT Services - 5.3%   
Cognizant Technology Solutions Corp. Class A (a) 79,300 4,972,110 
First Data Corp. 658,505 8,095,002 
First Data Corp. Class A (a) 175,600 2,272,264 
IBM Corp. 189,800 28,745,210 
MasterCard, Inc. Class A 331,600 31,336,200 
Paychex, Inc. 257,300 13,896,773 
PayPal Holdings, Inc. (a) 162,100 6,257,060 
Unisys Corp. (a) 619,999 4,773,992 
Visa, Inc. Class A 533,100 40,771,488 
  141,120,099 
Semiconductors & Semiconductor Equipment - 2.1%   
Marvell Technology Group Ltd. 253,000 2,608,430 
Maxim Integrated Products, Inc. 64,000 2,353,920 
Qualcomm, Inc. 1,009,000 51,600,260 
  56,562,610 
Software - 4.6%   
Adobe Systems, Inc. (a) 93,300 8,751,540 
Autodesk, Inc. (a) 136,500 7,959,315 
Microsoft Corp. 1,408,400 77,785,932 
Mobileye NV (a) 94,100 3,508,989 
Oracle Corp. 455,950 18,652,915 
Salesforce.com, Inc. (a) 82,700 6,105,741 
  122,764,432 
Technology Hardware, Storage & Peripherals - 4.5%   
Apple, Inc. 737,600 80,391,024 
EMC Corp. 1,185,600 31,596,240 
Western Digital Corp. 186,700 8,819,708 
  120,806,972 
TOTAL INFORMATION TECHNOLOGY  611,948,254 
MATERIALS - 3.2%   
Chemicals - 2.5%   
CF Industries Holdings, Inc. 145,600 4,563,104 
E.I. du Pont de Nemours & Co. 109,247 6,917,520 
Intrepid Potash, Inc. (a) 620,040 688,244 
LyondellBasell Industries NV Class A 62,400 5,340,192 
Monsanto Co. 311,600 27,339,784 
Potash Corp. of Saskatchewan, Inc. 594,500 10,120,805 
Syngenta AG (Switzerland) 20,332 8,431,616 
W.R. Grace & Co. (a) 72,300 5,146,314 
  68,547,579 
Containers & Packaging - 0.5%   
WestRock Co. 322,634 12,592,405 
Metals & Mining - 0.2%   
Freeport-McMoRan, Inc. (c) 479,700 4,960,098 
TOTAL MATERIALS  86,100,082 
TELECOMMUNICATION SERVICES - 0.6%   
Diversified Telecommunication Services - 0.6%   
Verizon Communications, Inc. 305,506 16,521,764 
UTILITIES - 0.9%   
Electric Utilities - 0.7%   
Exelon Corp. 567,300 20,343,378 
Independent Power and Renewable Electricity Producers - 0.2%   
Dynegy, Inc. (a) 330,900 4,755,033 
TOTAL UTILITIES  25,098,411 
TOTAL COMMON STOCKS   
(Cost $2,492,737,643)  2,641,060,098 
 Principal Amount Value 
Convertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Amyris, Inc. 9.5% 4/15/19(d)   
(Cost $1,375,000) $1,375,000 1,102,578 
 Shares Value 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.39% (e) 17,000,284 17,000,284 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,433,077 31,433,077 
TOTAL MONEY MARKET FUNDS   
(Cost $48,433,361)  48,433,361 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $2,542,546,004)  2,690,596,037 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (24,752,411) 
NET ASSETS - 100%  $2,665,843,626 

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $35,053 or 0.0% of net assets.

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

 (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 $1,102,578 or 0.0% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
NJOY, Inc. 2/14/14 $474,963 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $20,678 
Fidelity Securities Lending Cash Central Fund 317,485 
Total $338,163 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $245,126,771 $245,091,718 $-- $35,053 
Consumer Staples 175,853,614 163,701,774 12,151,840 -- 
Energy 307,759,059 307,759,059 -- -- 
Financials 498,042,054 497,034,939 1,007,115 -- 
Health Care 326,383,500 324,446,765 1,936,735 -- 
Industrials 348,226,589 348,226,589 -- -- 
Information Technology 611,948,254 603,853,252 8,095,002 -- 
Materials 86,100,082 77,668,466 8,431,616 -- 
Telecommunication Services 16,521,764 16,521,764 -- -- 
Utilities 25,098,411 25,098,411 -- -- 
Corporate Bonds 1,102,578 -- 1,102,578 -- 
Money Market Funds 48,433,361 48,433,361 -- -- 
Total Investments in Securities: $2,690,596,037 $2,657,836,098 $32,724,886 $35,053 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $30,536,594) — See accompanying schedule:
Unaffiliated issuers (cost $2,494,112,643) 		$2,642,162,676  
Fidelity Central Funds (cost $48,433,361) 48,433,361  
Total Investments (cost $2,542,546,004)  $2,690,596,037 
Cash  30,112 
Foreign currency held at value (cost $443)  2,167 
Receivable for investments sold  11,409,615 
Receivable for fund shares sold  114,102 
Dividends receivable  4,586,980 
Interest receivable  58,418 
Distributions receivable from Fidelity Central Funds  44,821 
Prepaid expenses  2,915 
Other receivables  465,271 
Total assets  2,707,310,438 
Liabilities   
Payable for investments purchased $7,511,310  
Payable for fund shares redeemed 996,715  
Accrued management fee 1,208,358  
Distribution and service plan fees payable 75,354  
Other affiliated payables 117,298  
Other payables and accrued expenses 124,700  
Collateral on securities loaned, at value 31,433,077  
Total liabilities  41,466,812 
Net Assets  $2,665,843,626 
Net Assets consist of:   
Paid in capital  $2,499,631,931 
Undistributed net investment income  10,238,993 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  8,107,559 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  147,865,143 
Net Assets  $2,665,843,626 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,305,493,508 ÷ 176,506,688 shares)  $13.06 
Class A:   
Net Asset Value and redemption price per share ($354,491,137 ÷ 27,975,909 shares)  $12.67 
Maximum offering price per share (100/94.25 of $12.67)  $13.44 
Class T:   
Net Asset Value and redemption price per share ($2,042,336 ÷ 164,861 shares)  $12.39 
Maximum offering price per share (100/96.50 of $12.39)  $12.84 
Class B:   
Net Asset Value and offering price per share ($54,944 ÷ 4,532 shares)(a)  $12.12 
Class C:   
Net Asset Value and offering price per share ($1,856,266 ÷ 154,486 shares)(a)  $12.02 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,905,435 ÷ 145,180 shares)  $13.12 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $29,557,551 
Interest  58,418 
Income from Fidelity Central Funds  338,163 
Total income  29,954,132 
Expenses   
Management fee $7,330,403  
Transfer agent fees 147,588  
Distribution and service plan fees 456,960  
Accounting and security lending fees 399,140  
Custodian fees and expenses 45,294  
Independent trustees' compensation 5,859  
Depreciation in deferred trustee compensation account (127)  
Registration fees 33,256  
Audit 36,924  
Legal 11,723  
Miscellaneous 21,118  
Total expenses before reductions 8,488,138  
Expense reductions (9,872) 8,478,266 
Net investment income (loss)  21,475,866 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 25,840,060  
Foreign currency transactions 13,537  
Total net realized gain (loss)  25,853,597 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		61,865,554  
Assets and liabilities in foreign currencies 13,061  
Total change in net unrealized appreciation (depreciation)  61,878,615 
Net gain (loss)  87,732,212 
Net increase (decrease) in net assets resulting from operations  $109,208,078 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,475,866 $40,656,071 
Net realized gain (loss) 25,853,597 107,104,052 
Change in net unrealized appreciation (depreciation) 61,878,615 (285,143,207) 
Net increase (decrease) in net assets resulting from operations 109,208,078 (137,383,084) 
Distributions to shareholders from net investment income (41,057,988) (37,611,672) 
Distributions to shareholders from net realized gain (113,554,669) (413,083,355) 
Total distributions (154,612,657) (450,695,027) 
Share transactions - net increase (decrease) 66,895,810 203,326,997 
Total increase (decrease) in net assets 21,491,231 (384,751,114) 
Net Assets   
Beginning of period 2,644,352,395 3,029,103,509 
End of period (including undistributed net investment income of $10,238,993 and undistributed net investment income of $29,821,115, respectively) $2,665,843,626 $2,644,352,395 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class O

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.30 $16.53 $14.24 $12.04 $9.67 $9.50 
Income from Investment Operations       
Net investment income (loss)A .11 .21 .20 .11 .12 .05 
Net realized and unrealized gain (loss) .44 (.95) 2.19 2.22 2.32 .18 
Total from investment operations .55 (.74) 2.39 2.33 2.44 .23 
Distributions from net investment income (.21) (.21) (.10) (.13) (.06) (.05) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.79) (2.49) (.10) (.13) (.07) (.06) 
Net asset value, end of period $13.06 $13.30 $16.53 $14.24 $12.04 $9.67 
Total ReturnB,C,D 4.16% (5.16)% 16.83% 19.62% 25.38% 2.33% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .59%G .59% .60% .60% .61% .61% 
Expenses net of fee waivers, if any .59%G .59% .60% .60% .61% .61% 
Expenses net of all reductions .59%G .59% .59% .59% .60% .59% 
Net investment income (loss) 1.65%G 1.40% 1.27% .90% 1.05% .48% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,305,494 $2,290,767 $2,634,214 $2,497,596 $2,382,741 $2,150,649 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.90 $16.10 $13.87 $11.74 $9.42 $9.26 
Income from Investment Operations       
Net investment income (loss)A .09 .16 .15 .07 .08 .01 
Net realized and unrealized gain (loss) .43 (.92) 2.13 2.15 2.28 .17 
Total from investment operations .52 (.76) 2.28 2.22 2.36 .18 
Distributions from net investment income (.17) (.17) (.05) (.09) (.03) (.01) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.75) (2.44)B (.05) (.09) (.04) (.02) 
Net asset value, end of period $12.67 $12.90 $16.10 $13.87 $11.74 $9.42 
Total ReturnC,D,E,F 4.03% (5.42)% 16.50% 19.12% 25.06% 1.91% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .89%I .89% .89% .92% .94% .95% 
Expenses net of fee waivers, if any .89%I .89% .89% .92% .94% .95% 
Expenses net of all reductions .89%I .89% .89% .90% .94% .94% 
Net investment income (loss) 1.35%I 1.10% .97% .58% .71% .13% 
Supplemental Data       
Net assets, end of period (000 omitted) $354,491 $347,875 $389,001 $357,203 $325,967 $284,072 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.278 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class T

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.59 $15.78 $13.62 $11.55 $9.28 $9.15 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .06 .01 .02 (.04) 
Net realized and unrealized gain (loss) .42 (.89) 2.10 2.12 2.25 .17 
Total from investment operations .47 (.81) 2.16 2.13 2.27 .13 
Distributions from net investment income (.10) (.10) – (.06) – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.67)B (2.38) – (.06) – – 
Net asset value, end of period $12.39 $12.59 $15.78 $13.62 $11.55 $9.28 
Total ReturnC,D,E 3.79% (5.96)% 15.86% 18.50% 24.46% 1.42% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of fee waivers, if any 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of all reductions 1.44%H 1.42% 1.43% 1.43% 1.45% 1.43% 
Net investment income (loss) .80%H .56% .43% .05% .20% (.37)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,042 $2,066 $2,140 $1,543 $1,007 $739 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.67 per share is comprised of distributions from net investment income of $.099 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class B

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.27 $15.40 $13.35 $11.31 $9.13 $9.05 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.03) (.09) 
Net realized and unrealized gain (loss) .41 (.87) 2.05 2.09 2.21 .17 
Total from investment operations .43 (.86) 2.05 2.04 2.18 .08 
Distributions from net investment income (.01) – – – – – 
Distributions from net realized gain (.58) (2.27) – – – – 
Total distributions (.58)C (2.27) – – – – 
Net asset value, end of period $12.12 $12.27 $15.40 $13.35 $11.31 $9.13 
Total ReturnD,E,F 3.55% (6.44)% 15.36% 18.04% 23.88% .88% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of fee waivers, if any 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of all reductions 1.87%I 1.89% 1.89% 1.89% 1.90% 1.89% 
Net investment income (loss) .37%I .09% (.03)% (.40)% (.25)% (.82)% 
Supplemental Data       
Net assets, end of period (000 omitted) $55 $92 $144 $184 $235 $296 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.58 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.575 per share.

 D Total returns for periods of less than one year are not annualized.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.21 $15.36 $13.32 $11.28 $9.11 $9.02 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.02) (.08) 
Net realized and unrealized gain (loss) .42 (.87) 2.04 2.09 2.19 .17 
Total from investment operations .44 (.86) 2.04 2.04 2.17 .09 
Distributions from net investment income (.05) (.01) – – – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.63) (2.29) – – – – 
Net asset value, end of period $12.02 $12.21 $15.36 $13.32 $11.28 $9.11 
Total ReturnC,D,E 3.60% (6.43)% 15.32% 18.09% 23.82% 1.00% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of fee waivers, if any 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of all reductions 1.89%H 1.89% 1.89% 1.88% 1.87% 1.85% 
Net investment income (loss) .35%H .10% (.03)% (.39)% (.22)% (.79)% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,856 $1,948 $1,879 $1,764 $1,380 $1,007 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.34 $16.58 $14.28 $12.09 $9.71 $9.54 
Income from Investment Operations       
Net investment income (loss)A .10 .19 .18 .09 .09 .02 
Net realized and unrealized gain (loss) .44 (.96) 2.20 2.21 2.34 .18 
Total from investment operations .54 (.77) 2.38 2.30 2.43 .20 
Distributions from net investment income (.19) (.19) (.08) (.11) (.04) (.02) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.76)B (2.47) (.08) (.11) (.05) (.03) 
Net asset value, end of period $13.12 $13.34 $16.58 $14.28 $12.09 $9.71 
Total ReturnC,D 4.10% (5.35)% 16.72% 19.24% 25.10% 2.04% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .77%G .75% .74% .79% .87% .88% 
Expenses net of fee waivers, if any .77%G .75% .74% .79% .87% .88% 
Expenses net of all reductions .77%G .75% .73% .78% .86% .86% 
Net investment income (loss) 1.48%G 1.24% 1.13% .71% .79% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,604 $1,726 $1,281 $385 $199 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.76 per share is comprised of distributions from net investment income of $.188 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 five classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans II:O and Destiny Plans II:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 March 31, 2016 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $399,382,707 
Gross unrealized depreciation (258,684,917) 
Net unrealized appreciation (depreciation) on securities $140,697,790 

Tax cost $2,549,898,247 

The Fund elected to defer to its next fiscal year approximately $2,434,838 of capital losses recognized during the period November 1, 2014 to September 30, 2015.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $456,082,907 and $535,420,547, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $441,566 $– 
Class T .25% .25% 5,262 – 
Class B .75% .25% 377 283 
Class C .75% .25% 9,755 1,783 
   $456,960 $2,066 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $4,791 
Class T 447 
Class B(a) 13 
Class C(a) 97 
 $5,348 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C and Class I. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund. FIIOC does not receive a fee for Class O Destiny Plan accounts. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $43,396 .00(b) 
Class A 95,917 .05 
Class T 3,722 .35 
Class B 109 .29 
Class C 2,941 .30 
Class I 1,503 .18 
 $147,588  

 (a) Annualized

 (b) Amount less than 0.005%.


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $10,000 for the period.

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,514.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,976 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $317,485. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,872.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $36,421,738 $33,600,473 
Class A 4,589,002 3,972,265 
Class T 16,359 13,494 
Class B 67 – 
Class C 8,649 1,465 
Class I 22,173 23,975 
Total $41,057,988 $37,611,672 
From net realized gain   
Class O $97,862,898 $357,672,834 
Class A 15,430,855 54,510,836 
Class T 95,017 316,906 
Class B 4,257 20,279 
Class C 93,827 278,048 
Class I 67,815 284,452 
Total $113,554,669 $413,083,355 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 1,874,364 3,465,693 $24,893,011 $51,730,981 
Reinvestment of distributions 10,013,152 27,334,022 129,970,694 381,036,246 
Shares redeemed (7,665,695) (17,887,979) (100,939,985) (267,340,065) 
Net increase (decrease) 4,221,821 12,911,736 $53,923,720 $165,427,162 
Class A     
Shares sold 847,581 1,335,357 $10,837,728 $19,472,587 
Reinvestment of distributions 1,569,503 4,291,544 19,775,745 58,150,425 
Shares redeemed (1,410,551) (2,815,140) (17,865,980) (40,869,718) 
Net increase (decrease) 1,006,533 2,811,761 $12,747,493 $36,753,294 
Class T     
Shares sold 13,403 38,308 $163,784 $544,786 
Reinvestment of distributions 8,994 24,795 110,987 329,525 
Shares redeemed (21,652) (34,604) (261,630) (480,691) 
Net increase (decrease) 745 28,499 $13,141 $393,620 
Class B     
Shares sold 539 – $6,000 $– 
Reinvestment of distributions 358 1,560 4,324 20,279 
Shares redeemed (3,894) (3,365) (46,729) (46,212) 
Net increase (decrease) (2,997) (1,805) $(36,405) $(25,933) 
Class C     
Shares sold 14,894 37,660 $180,674 $510,667 
Reinvestment of distributions 6,942 17,743 83,232 229,419 
Shares redeemed (26,869) (18,198) (313,534) (249,829) 
Net increase (decrease) (5,033) 37,205 $(49,628) $490,257 
Class I     
Shares sold 37,563 75,425 $465,360 $1,179,164 
Reinvestment of distributions 6,543 20,995 85,389 293,929 
Shares redeemed (19,115) (80,371) (253,260) (1,184,496) 
Net increase (decrease) 24,991 16,049 $297,489 $288,597 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .59%    
Actual  $1,000.00 $1,041.60 $3.01 
Hypothetical-C  $1,000.00 $1,022.05 $2.98 
Class A .89%    
Actual  $1,000.00 $1,040.30 $4.54 
Hypothetical-C  $1,000.00 $1,020.55 $4.50 
Class T 1.44%    
Actual  $1,000.00 $1,037.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.80 $7.26 
Class B 1.87%    
Actual  $1,000.00 $1,035.50 $9.52 
Hypothetical-C  $1,000.00 $1,015.65 $9.42 
Class C 1.89%    
Actual  $1,000.00 $1,036.00 $9.62 
Hypothetical-C  $1,000.00 $1,015.55 $9.52 
Class I .77%    
Actual  $1,000.00 $1,041.00 $3.93 
Hypothetical-C  $1,000.00 $1,021.15 $3.89 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESII-I-SANN-0516
1.814765.110

Fidelity Advisor® Capital Development Fund
Class A, Class T, Class B and Class C



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
JPMorgan Chase & Co. 3.6 4.4 
General Electric Co. 3.3 3.5 
Apple, Inc. 3.0 3.4 
Microsoft Corp. 2.9 2.5 
Bank of America Corp. 2.7 2.8 
Citigroup, Inc. 2.2 2.6 
Chevron Corp. 2.0 1.6 
Procter & Gamble Co. 2.0 1.8 
Qualcomm, Inc. 1.9 1.7 
Alphabet, Inc. Class A 1.9 2.0 
 25.5  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 23.0 23.1 
Financials 18.7 21.0 
Industrials 13.1 12.3 
Health Care 12.2 12.8 
Energy 11.6 8.6 

Asset Allocation (% of fund's net assets)

As of March 31, 2016* 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 9.6%


As of September 30, 2015* 
   Stocks 99.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 10.1%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.2%   
Automobiles - 0.1%   
General Motors Co. 17,800 $559,454 
Harley-Davidson, Inc. 27,600 1,416,708 
Tesla Motors, Inc. (a) 1,200 275,724 
  2,251,886 
Hotels, Restaurants & Leisure - 0.8%   
Las Vegas Sands Corp. 111,400 5,757,152 
Yum! Brands, Inc. 183,424 15,013,254 
  20,770,406 
Household Durables - 0.5%   
KB Home 675,200 9,641,856 
Taylor Morrison Home Corp. (a) 230,000 3,247,600 
  12,889,456 
Leisure Products - 0.1%   
NJOY, Inc. (a)(b) 273,849 35,053 
Polaris Industries, Inc. 33,200 3,269,536 
  3,304,589 
Media - 4.5%   
Comcast Corp. Class A 740,500 45,229,740 
Scripps Networks Interactive, Inc. Class A 238,800 15,641,400 
Sinclair Broadcast Group, Inc. Class A 199,400 6,131,550 
Time Warner, Inc. 498,010 36,130,626 
Viacom, Inc. Class B (non-vtg.) 409,600 16,908,288 
  120,041,604 
Multiline Retail - 1.8%   
Target Corp. 587,650 48,351,842 
Specialty Retail - 1.3%   
Dick's Sporting Goods, Inc. 63,800 2,982,650 
Lowe's Companies, Inc. 410,400 31,087,800 
Sally Beauty Holdings, Inc. (a) 35,900 1,162,442 
  35,232,892 
Textiles, Apparel & Luxury Goods - 0.1%   
Michael Kors Holdings Ltd. (a) 40,100 2,284,096 
TOTAL CONSUMER DISCRETIONARY  245,126,771 
CONSUMER STAPLES - 6.6%   
Beverages - 2.0%   
Diageo PLC 450,668 12,151,840 
The Coca-Cola Co. 905,700 42,015,423 
  54,167,263 
Food & Staples Retailing - 1.1%   
CVS Health Corp. 138,000 14,314,740 
United Natural Foods, Inc. (a) 65,700 2,647,710 
Walgreens Boots Alliance, Inc. 125,700 10,588,968 
Whole Foods Market, Inc. 48,300 1,502,613 
  29,054,031 
Food Products - 0.3%   
Mead Johnson Nutrition Co. Class A 83,500 7,094,995 
Household Products - 2.0%   
Procter & Gamble Co. 656,005 53,995,772 
Tobacco - 1.2%   
British American Tobacco PLC sponsored ADR 41,664 4,870,938 
Philip Morris International, Inc. 271,844 26,670,615 
  31,541,553 
TOTAL CONSUMER STAPLES  175,853,614 
ENERGY - 11.6%   
Energy Equipment & Services - 1.5%   
Baker Hughes, Inc. 171,700 7,525,611 
Ensco PLC Class A 138,100 1,432,097 
Helmerich & Payne, Inc. (c) 58,800 3,452,736 
National Oilwell Varco, Inc. (c) 267,500 8,319,250 
Oceaneering International, Inc. 286,600 9,526,584 
Schlumberger Ltd. 113,900 8,400,125 
  38,656,403 
Oil, Gas & Consumable Fuels - 10.1%   
Amyris, Inc. (a)(c) 1,616,039 1,793,803 
Anadarko Petroleum Corp. 105,100 4,894,507 
Apache Corp. 581,400 28,378,134 
Cabot Oil & Gas Corp. 445,300 10,112,763 
Cenovus Energy, Inc. 774,600 10,079,492 
Chevron Corp. 569,127 54,294,716 
ConocoPhillips Co. 528,900 21,298,803 
Devon Energy Corp. 114,300 3,136,392 
Energy Transfer Equity LP 562,900 4,013,477 
Golar LNG Ltd. 101,800 1,829,346 
Imperial Oil Ltd. (c) 589,700 19,701,315 
Kinder Morgan, Inc. 836,600 14,941,676 
Legacy Reserves LP 186,124 182,402 
MPLX LP 70,668 2,098,133 
Noble Energy, Inc. 63,400 1,991,394 
SM Energy Co. 253,600 4,752,464 
Suncor Energy, Inc. 1,465,800 40,822,318 
Teekay Offshore Partners LP 197,100 1,117,557 
The Williams Companies, Inc. 1,287,392 20,688,389 
Williams Partners LP 1,123,500 22,975,575 
  269,102,656 
TOTAL ENERGY  307,759,059 
FINANCIALS - 18.7%   
Banks - 12.8%   
Bank of America Corp. 5,251,800 71,004,336 
Citigroup, Inc. 1,415,404 59,093,117 
Comerica, Inc. 334,200 12,656,154 
Cullen/Frost Bankers, Inc. 12,600 694,386 
Fifth Third Bancorp 140,000 2,336,600 
JPMorgan Chase & Co. 1,623,210 96,126,495 
Lloyds Banking Group PLC 1,034,000 1,007,115 
PNC Financial Services Group, Inc. 91,016 7,697,223 
Regions Financial Corp. 1,999,200 15,693,720 
Standard Chartered PLC (United Kingdom) 783,994 5,320,967 
SunTrust Banks, Inc. 738,000 26,627,040 
U.S. Bancorp 708,742 28,767,838 
Wells Fargo & Co. 280,550 13,567,398 
  340,592,389 
Capital Markets - 4.7%   
Charles Schwab Corp. 622,555 17,443,991 
Franklin Resources, Inc. 73,700 2,877,985 
Goldman Sachs Group, Inc. 11,900 1,868,062 
KKR & Co. LP 710,382 10,435,512 
Morgan Stanley 922,100 23,061,721 
Northern Trust Corp. 335,295 21,851,175 
State Street Corp. 661,190 38,692,839 
The Blackstone Group LP 336,400 9,436,020 
  125,667,305 
Diversified Financial Services - 0.0%   
Markit Ltd. (a) 35,000 1,237,250 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 6,900 419,451 
MetLife, Inc. 278,600 12,241,684 
Principal Financial Group, Inc. 151,300 5,968,785 
  18,629,920 
Thrifts & Mortgage Finance - 0.5%   
MGIC Investment Corp. (a) 1,289,300 9,888,931 
Radian Group, Inc. 163,408 2,026,259 
  11,915,190 
TOTAL FINANCIALS  498,042,054 
HEALTH CARE - 12.2%   
Biotechnology - 2.9%   
AbbVie, Inc. 112,900 6,448,848 
Alnylam Pharmaceuticals, Inc. (a) 34,500 2,165,565 
Amgen, Inc. 120,715 18,098,800 
Biogen, Inc. (a) 59,100 15,384,912 
BioMarin Pharmaceutical, Inc. (a) 58,000 4,783,840 
Celgene Corp. (a) 85,800 8,587,722 
Celldex Therapeutics, Inc. (a) 11,700 44,226 
Discovery Laboratories, Inc. (a) 85,885 141,710 
Genocea Biosciences, Inc. (a) 41,600 321,984 
Insmed, Inc. (a) 147,800 1,872,626 
Intercept Pharmaceuticals, Inc. (a)(c) 144,314 18,540,020 
Spark Therapeutics, Inc. (a) 39,800 1,174,498 
  77,564,751 
Health Care Equipment & Supplies - 2.9%   
Abbott Laboratories 330,900 13,841,547 
Boston Scientific Corp. (a) 1,845,451 34,712,933 
Medtronic PLC 226,800 17,010,000 
Neovasc, Inc. (a) 80,100 342,027 
NxStage Medical, Inc. (a) 22,700 340,273 
St. Jude Medical, Inc. 45,800 2,519,000 
Zimmer Biomet Holdings, Inc. 87,100 9,287,473 
  78,053,253 
Health Care Providers & Services - 1.2%   
Express Scripts Holding Co. (a) 149,500 10,269,155 
McKesson Corp. 140,380 22,074,755 
  32,343,910 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 80,700 268,731 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 240,300 9,575,955 
Pharmaceuticals - 4.8%   
Allergan PLC (a) 23,600 6,325,508 
Bristol-Myers Squibb Co. 35,400 2,261,352 
GlaxoSmithKline PLC sponsored ADR 1,001,800 40,622,990 
Jazz Pharmaceuticals PLC (a) 82,300 10,744,265 
Johnson & Johnson 260,560 28,192,592 
Novartis AG sponsored ADR 10,900 789,596 
Sanofi SA 24,090 1,936,735 
Teva Pharmaceutical Industries Ltd. sponsored ADR 612,650 32,782,902 
TherapeuticsMD, Inc. (a) 768,900 4,920,960 
  128,576,900 
TOTAL HEALTH CARE  326,383,500 
INDUSTRIALS - 13.1%   
Aerospace & Defense - 1.5%   
KEYW Holding Corp. (a) 120,517 800,233 
The Boeing Co. 189,000 23,991,660 
United Technologies Corp. 162,600 16,276,260 
  41,068,153 
Air Freight & Logistics - 2.2%   
C.H. Robinson Worldwide, Inc. 50,200 3,726,346 
FedEx Corp. 93,500 15,214,320 
Hub Group, Inc. Class A (a) 176,200 7,187,198 
United Parcel Service, Inc. Class B 309,800 32,674,606 
  58,802,470 
Building Products - 0.3%   
Caesarstone Sdot-Yam Ltd. (a) 25,700 882,795 
Lennox International, Inc. 51,600 6,975,804 
  7,858,599 
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. (a) 32,100 4,050,699 
Electrical Equipment - 1.3%   
AMETEK, Inc. 174,600 8,726,508 
Eaton Corp. PLC 94,700 5,924,432 
Emerson Electric Co. 243,900 13,263,282 
Hubbell, Inc. Class B 56,918 6,029,324 
  33,943,546 
Industrial Conglomerates - 3.3%   
General Electric Co. 2,781,800 88,433,422 
Machinery - 1.0%   
Cummins, Inc. 7,800 857,532 
Deere & Co. (c) 99,600 7,668,204 
Ingersoll-Rand PLC 94,100 5,835,141 
Joy Global, Inc. (c) 197,900 3,180,253 
Rexnord Corp. (a) 343,000 6,935,460 
Wabtec Corp. 17,200 1,363,788 
Xylem, Inc. 38,100 1,558,290 
  27,398,668 
Professional Services - 0.4%   
IHS, Inc. Class A (a) 7,500 931,200 
Verisk Analytics, Inc. (a) 110,600 8,839,152 
  9,770,352 
Road & Rail - 2.8%   
Celadon Group, Inc. 30,300 317,544 
CSX Corp. 855,000 22,016,250 
Genesee & Wyoming, Inc. Class A (a) 212,400 13,317,480 
J.B. Hunt Transport Services, Inc. 142,700 12,021,048 
Kansas City Southern 118,800 10,151,460 
Norfolk Southern Corp. 85,500 7,117,875 
Old Dominion Freight Lines, Inc. (a) 93,200 6,488,584 
Union Pacific Corp. 38,200 3,038,810 
  74,469,051 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 39,100 2,431,629 
TOTAL INDUSTRIALS  348,226,589 
INFORMATION TECHNOLOGY - 23.0%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,597,300 45,475,131 
Electronic Equipment & Components - 0.1%   
Fitbit, Inc. 99,600 1,508,940 
Internet Software & Services - 4.7%   
Alphabet, Inc.:   
Class A 65,900 50,275,110 
Class C 57,883 43,119,941 
Facebook, Inc. Class A (a) 133,900 15,277,990 
LinkedIn Corp. Class A (a) 6,500 743,275 
Twitter, Inc. (a) 247,000 4,087,850 
Yahoo!, Inc. (a) 277,259 10,205,904 
  123,710,070 
IT Services - 5.3%   
Cognizant Technology Solutions Corp. Class A (a) 79,300 4,972,110 
First Data Corp. 658,505 8,095,002 
First Data Corp. Class A (a) 175,600 2,272,264 
IBM Corp. 189,800 28,745,210 
MasterCard, Inc. Class A 331,600 31,336,200 
Paychex, Inc. 257,300 13,896,773 
PayPal Holdings, Inc. (a) 162,100 6,257,060 
Unisys Corp. (a) 619,999 4,773,992 
Visa, Inc. Class A 533,100 40,771,488 
  141,120,099 
Semiconductors & Semiconductor Equipment - 2.1%   
Marvell Technology Group Ltd. 253,000 2,608,430 
Maxim Integrated Products, Inc. 64,000 2,353,920 
Qualcomm, Inc. 1,009,000 51,600,260 
  56,562,610 
Software - 4.6%   
Adobe Systems, Inc. (a) 93,300 8,751,540 
Autodesk, Inc. (a) 136,500 7,959,315 
Microsoft Corp. 1,408,400 77,785,932 
Mobileye NV (a) 94,100 3,508,989 
Oracle Corp. 455,950 18,652,915 
Salesforce.com, Inc. (a) 82,700 6,105,741 
  122,764,432 
Technology Hardware, Storage & Peripherals - 4.5%   
Apple, Inc. 737,600 80,391,024 
EMC Corp. 1,185,600 31,596,240 
Western Digital Corp. 186,700 8,819,708 
  120,806,972 
TOTAL INFORMATION TECHNOLOGY  611,948,254 
MATERIALS - 3.2%   
Chemicals - 2.5%   
CF Industries Holdings, Inc. 145,600 4,563,104 
E.I. du Pont de Nemours & Co. 109,247 6,917,520 
Intrepid Potash, Inc. (a) 620,040 688,244 
LyondellBasell Industries NV Class A 62,400 5,340,192 
Monsanto Co. 311,600 27,339,784 
Potash Corp. of Saskatchewan, Inc. 594,500 10,120,805 
Syngenta AG (Switzerland) 20,332 8,431,616 
W.R. Grace & Co. (a) 72,300 5,146,314 
  68,547,579 
Containers & Packaging - 0.5%   
WestRock Co. 322,634 12,592,405 
Metals & Mining - 0.2%   
Freeport-McMoRan, Inc. (c) 479,700 4,960,098 
TOTAL MATERIALS  86,100,082 
TELECOMMUNICATION SERVICES - 0.6%   
Diversified Telecommunication Services - 0.6%   
Verizon Communications, Inc. 305,506 16,521,764 
UTILITIES - 0.9%   
Electric Utilities - 0.7%   
Exelon Corp. 567,300 20,343,378 
Independent Power and Renewable Electricity Producers - 0.2%   
Dynegy, Inc. (a) 330,900 4,755,033 
TOTAL UTILITIES  25,098,411 
TOTAL COMMON STOCKS   
(Cost $2,492,737,643)  2,641,060,098 
 Principal Amount Value 
Convertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Amyris, Inc. 9.5% 4/15/19(d)   
(Cost $1,375,000) $1,375,000 1,102,578 
 Shares Value 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.39% (e) 17,000,284 17,000,284 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,433,077 31,433,077 
TOTAL MONEY MARKET FUNDS   
(Cost $48,433,361)  48,433,361 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $2,542,546,004)  2,690,596,037 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (24,752,411) 
NET ASSETS - 100%  $2,665,843,626 

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $35,053 or 0.0% of net assets.

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

 (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 $1,102,578 or 0.0% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
NJOY, Inc. 2/14/14 $474,963 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $20,678 
Fidelity Securities Lending Cash Central Fund 317,485 
Total $338,163 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $245,126,771 $245,091,718 $-- $35,053 
Consumer Staples 175,853,614 163,701,774 12,151,840 -- 
Energy 307,759,059 307,759,059 -- -- 
Financials 498,042,054 497,034,939 1,007,115 -- 
Health Care 326,383,500 324,446,765 1,936,735 -- 
Industrials 348,226,589 348,226,589 -- -- 
Information Technology 611,948,254 603,853,252 8,095,002 -- 
Materials 86,100,082 77,668,466 8,431,616 -- 
Telecommunication Services 16,521,764 16,521,764 -- -- 
Utilities 25,098,411 25,098,411 -- -- 
Corporate Bonds 1,102,578 -- 1,102,578 -- 
Money Market Funds 48,433,361 48,433,361 -- -- 
Total Investments in Securities: $2,690,596,037 $2,657,836,098 $32,724,886 $35,053 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $30,536,594) — See accompanying schedule:
Unaffiliated issuers (cost $2,494,112,643) 		$2,642,162,676  
Fidelity Central Funds (cost $48,433,361) 48,433,361  
Total Investments (cost $2,542,546,004)  $2,690,596,037 
Cash  30,112 
Foreign currency held at value (cost $443)  2,167 
Receivable for investments sold  11,409,615 
Receivable for fund shares sold  114,102 
Dividends receivable  4,586,980 
Interest receivable  58,418 
Distributions receivable from Fidelity Central Funds  44,821 
Prepaid expenses  2,915 
Other receivables  465,271 
Total assets  2,707,310,438 
Liabilities   
Payable for investments purchased $7,511,310  
Payable for fund shares redeemed 996,715  
Accrued management fee 1,208,358  
Distribution and service plan fees payable 75,354  
Other affiliated payables 117,298  
Other payables and accrued expenses 124,700  
Collateral on securities loaned, at value 31,433,077  
Total liabilities  41,466,812 
Net Assets  $2,665,843,626 
Net Assets consist of:   
Paid in capital  $2,499,631,931 
Undistributed net investment income  10,238,993 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  8,107,559 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  147,865,143 
Net Assets  $2,665,843,626 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,305,493,508 ÷ 176,506,688 shares)  $13.06 
Class A:   
Net Asset Value and redemption price per share ($354,491,137 ÷ 27,975,909 shares)  $12.67 
Maximum offering price per share (100/94.25 of $12.67)  $13.44 
Class T:   
Net Asset Value and redemption price per share ($2,042,336 ÷ 164,861 shares)  $12.39 
Maximum offering price per share (100/96.50 of $12.39)  $12.84 
Class B:   
Net Asset Value and offering price per share ($54,944 ÷ 4,532 shares)(a)  $12.12 
Class C:   
Net Asset Value and offering price per share ($1,856,266 ÷ 154,486 shares)(a)  $12.02 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,905,435 ÷ 145,180 shares)  $13.12 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $29,557,551 
Interest  58,418 
Income from Fidelity Central Funds  338,163 
Total income  29,954,132 
Expenses   
Management fee $7,330,403  
Transfer agent fees 147,588  
Distribution and service plan fees 456,960  
Accounting and security lending fees 399,140  
Custodian fees and expenses 45,294  
Independent trustees' compensation 5,859  
Depreciation in deferred trustee compensation account (127)  
Registration fees 33,256  
Audit 36,924  
Legal 11,723  
Miscellaneous 21,118  
Total expenses before reductions 8,488,138  
Expense reductions (9,872) 8,478,266 
Net investment income (loss)  21,475,866 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 25,840,060  
Foreign currency transactions 13,537  
Total net realized gain (loss)  25,853,597 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		61,865,554  
Assets and liabilities in foreign currencies 13,061  
Total change in net unrealized appreciation (depreciation)  61,878,615 
Net gain (loss)  87,732,212 
Net increase (decrease) in net assets resulting from operations  $109,208,078 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,475,866 $40,656,071 
Net realized gain (loss) 25,853,597 107,104,052 
Change in net unrealized appreciation (depreciation) 61,878,615 (285,143,207) 
Net increase (decrease) in net assets resulting from operations 109,208,078 (137,383,084) 
Distributions to shareholders from net investment income (41,057,988) (37,611,672) 
Distributions to shareholders from net realized gain (113,554,669) (413,083,355) 
Total distributions (154,612,657) (450,695,027) 
Share transactions - net increase (decrease) 66,895,810 203,326,997 
Total increase (decrease) in net assets 21,491,231 (384,751,114) 
Net Assets   
Beginning of period 2,644,352,395 3,029,103,509 
End of period (including undistributed net investment income of $10,238,993 and undistributed net investment income of $29,821,115, respectively) $2,665,843,626 $2,644,352,395 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class O

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.30 $16.53 $14.24 $12.04 $9.67 $9.50 
Income from Investment Operations       
Net investment income (loss)A .11 .21 .20 .11 .12 .05 
Net realized and unrealized gain (loss) .44 (.95) 2.19 2.22 2.32 .18 
Total from investment operations .55 (.74) 2.39 2.33 2.44 .23 
Distributions from net investment income (.21) (.21) (.10) (.13) (.06) (.05) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.79) (2.49) (.10) (.13) (.07) (.06) 
Net asset value, end of period $13.06 $13.30 $16.53 $14.24 $12.04 $9.67 
Total ReturnB,C,D 4.16% (5.16)% 16.83% 19.62% 25.38% 2.33% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .59%G .59% .60% .60% .61% .61% 
Expenses net of fee waivers, if any .59%G .59% .60% .60% .61% .61% 
Expenses net of all reductions .59%G .59% .59% .59% .60% .59% 
Net investment income (loss) 1.65%G 1.40% 1.27% .90% 1.05% .48% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,305,494 $2,290,767 $2,634,214 $2,497,596 $2,382,741 $2,150,649 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.90 $16.10 $13.87 $11.74 $9.42 $9.26 
Income from Investment Operations       
Net investment income (loss)A .09 .16 .15 .07 .08 .01 
Net realized and unrealized gain (loss) .43 (.92) 2.13 2.15 2.28 .17 
Total from investment operations .52 (.76) 2.28 2.22 2.36 .18 
Distributions from net investment income (.17) (.17) (.05) (.09) (.03) (.01) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.75) (2.44)B (.05) (.09) (.04) (.02) 
Net asset value, end of period $12.67 $12.90 $16.10 $13.87 $11.74 $9.42 
Total ReturnC,D,E,F 4.03% (5.42)% 16.50% 19.12% 25.06% 1.91% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .89%I .89% .89% .92% .94% .95% 
Expenses net of fee waivers, if any .89%I .89% .89% .92% .94% .95% 
Expenses net of all reductions .89%I .89% .89% .90% .94% .94% 
Net investment income (loss) 1.35%I 1.10% .97% .58% .71% .13% 
Supplemental Data       
Net assets, end of period (000 omitted) $354,491 $347,875 $389,001 $357,203 $325,967 $284,072 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.278 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class T

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.59 $15.78 $13.62 $11.55 $9.28 $9.15 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .06 .01 .02 (.04) 
Net realized and unrealized gain (loss) .42 (.89) 2.10 2.12 2.25 .17 
Total from investment operations .47 (.81) 2.16 2.13 2.27 .13 
Distributions from net investment income (.10) (.10) – (.06) – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.67)B (2.38) – (.06) – – 
Net asset value, end of period $12.39 $12.59 $15.78 $13.62 $11.55 $9.28 
Total ReturnC,D,E 3.79% (5.96)% 15.86% 18.50% 24.46% 1.42% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of fee waivers, if any 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of all reductions 1.44%H 1.42% 1.43% 1.43% 1.45% 1.43% 
Net investment income (loss) .80%H .56% .43% .05% .20% (.37)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,042 $2,066 $2,140 $1,543 $1,007 $739 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.67 per share is comprised of distributions from net investment income of $.099 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class B

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.27 $15.40 $13.35 $11.31 $9.13 $9.05 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.03) (.09) 
Net realized and unrealized gain (loss) .41 (.87) 2.05 2.09 2.21 .17 
Total from investment operations .43 (.86) 2.05 2.04 2.18 .08 
Distributions from net investment income (.01) – – – – – 
Distributions from net realized gain (.58) (2.27) – – – – 
Total distributions (.58)C (2.27) – – – – 
Net asset value, end of period $12.12 $12.27 $15.40 $13.35 $11.31 $9.13 
Total ReturnD,E,F 3.55% (6.44)% 15.36% 18.04% 23.88% .88% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of fee waivers, if any 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of all reductions 1.87%I 1.89% 1.89% 1.89% 1.90% 1.89% 
Net investment income (loss) .37%I .09% (.03)% (.40)% (.25)% (.82)% 
Supplemental Data       
Net assets, end of period (000 omitted) $55 $92 $144 $184 $235 $296 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.58 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.575 per share.

 D Total returns for periods of less than one year are not annualized.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.21 $15.36 $13.32 $11.28 $9.11 $9.02 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.02) (.08) 
Net realized and unrealized gain (loss) .42 (.87) 2.04 2.09 2.19 .17 
Total from investment operations .44 (.86) 2.04 2.04 2.17 .09 
Distributions from net investment income (.05) (.01) – – – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.63) (2.29) – – – – 
Net asset value, end of period $12.02 $12.21 $15.36 $13.32 $11.28 $9.11 
Total ReturnC,D,E 3.60% (6.43)% 15.32% 18.09% 23.82% 1.00% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of fee waivers, if any 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of all reductions 1.89%H 1.89% 1.89% 1.88% 1.87% 1.85% 
Net investment income (loss) .35%H .10% (.03)% (.39)% (.22)% (.79)% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,856 $1,948 $1,879 $1,764 $1,380 $1,007 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.34 $16.58 $14.28 $12.09 $9.71 $9.54 
Income from Investment Operations       
Net investment income (loss)A .10 .19 .18 .09 .09 .02 
Net realized and unrealized gain (loss) .44 (.96) 2.20 2.21 2.34 .18 
Total from investment operations .54 (.77) 2.38 2.30 2.43 .20 
Distributions from net investment income (.19) (.19) (.08) (.11) (.04) (.02) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.76)B (2.47) (.08) (.11) (.05) (.03) 
Net asset value, end of period $13.12 $13.34 $16.58 $14.28 $12.09 $9.71 
Total ReturnC,D 4.10% (5.35)% 16.72% 19.24% 25.10% 2.04% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .77%G .75% .74% .79% .87% .88% 
Expenses net of fee waivers, if any .77%G .75% .74% .79% .87% .88% 
Expenses net of all reductions .77%G .75% .73% .78% .86% .86% 
Net investment income (loss) 1.48%G 1.24% 1.13% .71% .79% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,604 $1,726 $1,281 $385 $199 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.76 per share is comprised of distributions from net investment income of $.188 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 five classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans II:O and Destiny Plans II:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 March 31, 2016 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $399,382,707 
Gross unrealized depreciation (258,684,917) 
Net unrealized appreciation (depreciation) on securities $140,697,790 

Tax cost $2,549,898,247 

The Fund elected to defer to its next fiscal year approximately $2,434,838 of capital losses recognized during the period November 1, 2014 to September 30, 2015.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $456,082,907 and $535,420,547, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $441,566 $– 
Class T .25% .25% 5,262 – 
Class B .75% .25% 377 283 
Class C .75% .25% 9,755 1,783 
   $456,960 $2,066 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $4,791 
Class T 447 
Class B(a) 13 
Class C(a) 97 
 $5,348 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C and Class I. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund. FIIOC does not receive a fee for Class O Destiny Plan accounts. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $43,396 .00(b) 
Class A 95,917 .05 
Class T 3,722 .35 
Class B 109 .29 
Class C 2,941 .30 
Class I 1,503 .18 
 $147,588  

 (a) Annualized

 (b) Amount less than 0.005%.


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $10,000 for the period.

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,514.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,976 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $317,485. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,872.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $36,421,738 $33,600,473 
Class A 4,589,002 3,972,265 
Class T 16,359 13,494 
Class B 67 – 
Class C 8,649 1,465 
Class I 22,173 23,975 
Total $41,057,988 $37,611,672 
From net realized gain   
Class O $97,862,898 $357,672,834 
Class A 15,430,855 54,510,836 
Class T 95,017 316,906 
Class B 4,257 20,279 
Class C 93,827 278,048 
Class I 67,815 284,452 
Total $113,554,669 $413,083,355 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 1,874,364 3,465,693 $24,893,011 $51,730,981 
Reinvestment of distributions 10,013,152 27,334,022 129,970,694 381,036,246 
Shares redeemed (7,665,695) (17,887,979) (100,939,985) (267,340,065) 
Net increase (decrease) 4,221,821 12,911,736 $53,923,720 $165,427,162 
Class A     
Shares sold 847,581 1,335,357 $10,837,728 $19,472,587 
Reinvestment of distributions 1,569,503 4,291,544 19,775,745 58,150,425 
Shares redeemed (1,410,551) (2,815,140) (17,865,980) (40,869,718) 
Net increase (decrease) 1,006,533 2,811,761 $12,747,493 $36,753,294 
Class T     
Shares sold 13,403 38,308 $163,784 $544,786 
Reinvestment of distributions 8,994 24,795 110,987 329,525 
Shares redeemed (21,652) (34,604) (261,630) (480,691) 
Net increase (decrease) 745 28,499 $13,141 $393,620 
Class B     
Shares sold 539 – $6,000 $– 
Reinvestment of distributions 358 1,560 4,324 20,279 
Shares redeemed (3,894) (3,365) (46,729) (46,212) 
Net increase (decrease) (2,997) (1,805) $(36,405) $(25,933) 
Class C     
Shares sold 14,894 37,660 $180,674 $510,667 
Reinvestment of distributions 6,942 17,743 83,232 229,419 
Shares redeemed (26,869) (18,198) (313,534) (249,829) 
Net increase (decrease) (5,033) 37,205 $(49,628) $490,257 
Class I     
Shares sold 37,563 75,425 $465,360 $1,179,164 
Reinvestment of distributions 6,543 20,995 85,389 293,929 
Shares redeemed (19,115) (80,371) (253,260) (1,184,496) 
Net increase (decrease) 24,991 16,049 $297,489 $288,597 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .59%    
Actual  $1,000.00 $1,041.60 $3.01 
Hypothetical-C  $1,000.00 $1,022.05 $2.98 
Class A .89%    
Actual  $1,000.00 $1,040.30 $4.54 
Hypothetical-C  $1,000.00 $1,020.55 $4.50 
Class T 1.44%    
Actual  $1,000.00 $1,037.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.80 $7.26 
Class B 1.87%    
Actual  $1,000.00 $1,035.50 $9.52 
Hypothetical-C  $1,000.00 $1,015.65 $9.42 
Class C 1.89%    
Actual  $1,000.00 $1,036.00 $9.62 
Hypothetical-C  $1,000.00 $1,015.55 $9.52 
Class I .77%    
Actual  $1,000.00 $1,041.00 $3.93 
Hypothetical-C  $1,000.00 $1,021.15 $3.89 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESII-SANN-0516
1.814759.110



Fidelity® Destiny® Portfolios:

Fidelity Advisor® Capital Development Fund
Class A



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
JPMorgan Chase & Co. 3.6 4.4 
General Electric Co. 3.3 3.5 
Apple, Inc. 3.0 3.4 
Microsoft Corp. 2.9 2.5 
Bank of America Corp. 2.7 2.8 
Citigroup, Inc. 2.2 2.6 
Chevron Corp. 2.0 1.6 
Procter & Gamble Co. 2.0 1.8 
Qualcomm, Inc. 1.9 1.7 
Alphabet, Inc. Class A 1.9 2.0 
 25.5  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 23.0 23.1 
Financials 18.7 21.0 
Industrials 13.1 12.3 
Health Care 12.2 12.8 
Energy 11.6 8.6 

Asset Allocation (% of fund's net assets)

As of March 31, 2016* 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 9.6%


As of September 30, 2015* 
   Stocks 99.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 10.1%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.2%   
Automobiles - 0.1%   
General Motors Co. 17,800 $559,454 
Harley-Davidson, Inc. 27,600 1,416,708 
Tesla Motors, Inc. (a) 1,200 275,724 
  2,251,886 
Hotels, Restaurants & Leisure - 0.8%   
Las Vegas Sands Corp. 111,400 5,757,152 
Yum! Brands, Inc. 183,424 15,013,254 
  20,770,406 
Household Durables - 0.5%   
KB Home 675,200 9,641,856 
Taylor Morrison Home Corp. (a) 230,000 3,247,600 
  12,889,456 
Leisure Products - 0.1%   
NJOY, Inc. (a)(b) 273,849 35,053 
Polaris Industries, Inc. 33,200 3,269,536 
  3,304,589 
Media - 4.5%   
Comcast Corp. Class A 740,500 45,229,740 
Scripps Networks Interactive, Inc. Class A 238,800 15,641,400 
Sinclair Broadcast Group, Inc. Class A 199,400 6,131,550 
Time Warner, Inc. 498,010 36,130,626 
Viacom, Inc. Class B (non-vtg.) 409,600 16,908,288 
  120,041,604 
Multiline Retail - 1.8%   
Target Corp. 587,650 48,351,842 
Specialty Retail - 1.3%   
Dick's Sporting Goods, Inc. 63,800 2,982,650 
Lowe's Companies, Inc. 410,400 31,087,800 
Sally Beauty Holdings, Inc. (a) 35,900 1,162,442 
  35,232,892 
Textiles, Apparel & Luxury Goods - 0.1%   
Michael Kors Holdings Ltd. (a) 40,100 2,284,096 
TOTAL CONSUMER DISCRETIONARY  245,126,771 
CONSUMER STAPLES - 6.6%   
Beverages - 2.0%   
Diageo PLC 450,668 12,151,840 
The Coca-Cola Co. 905,700 42,015,423 
  54,167,263 
Food & Staples Retailing - 1.1%   
CVS Health Corp. 138,000 14,314,740 
United Natural Foods, Inc. (a) 65,700 2,647,710 
Walgreens Boots Alliance, Inc. 125,700 10,588,968 
Whole Foods Market, Inc. 48,300 1,502,613 
  29,054,031 
Food Products - 0.3%   
Mead Johnson Nutrition Co. Class A 83,500 7,094,995 
Household Products - 2.0%   
Procter & Gamble Co. 656,005 53,995,772 
Tobacco - 1.2%   
British American Tobacco PLC sponsored ADR 41,664 4,870,938 
Philip Morris International, Inc. 271,844 26,670,615 
  31,541,553 
TOTAL CONSUMER STAPLES  175,853,614 
ENERGY - 11.6%   
Energy Equipment & Services - 1.5%   
Baker Hughes, Inc. 171,700 7,525,611 
Ensco PLC Class A 138,100 1,432,097 
Helmerich & Payne, Inc. (c) 58,800 3,452,736 
National Oilwell Varco, Inc. (c) 267,500 8,319,250 
Oceaneering International, Inc. 286,600 9,526,584 
Schlumberger Ltd. 113,900 8,400,125 
  38,656,403 
Oil, Gas & Consumable Fuels - 10.1%   
Amyris, Inc. (a)(c) 1,616,039 1,793,803 
Anadarko Petroleum Corp. 105,100 4,894,507 
Apache Corp. 581,400 28,378,134 
Cabot Oil & Gas Corp. 445,300 10,112,763 
Cenovus Energy, Inc. 774,600 10,079,492 
Chevron Corp. 569,127 54,294,716 
ConocoPhillips Co. 528,900 21,298,803 
Devon Energy Corp. 114,300 3,136,392 
Energy Transfer Equity LP 562,900 4,013,477 
Golar LNG Ltd. 101,800 1,829,346 
Imperial Oil Ltd. (c) 589,700 19,701,315 
Kinder Morgan, Inc. 836,600 14,941,676 
Legacy Reserves LP 186,124 182,402 
MPLX LP 70,668 2,098,133 
Noble Energy, Inc. 63,400 1,991,394 
SM Energy Co. 253,600 4,752,464 
Suncor Energy, Inc. 1,465,800 40,822,318 
Teekay Offshore Partners LP 197,100 1,117,557 
The Williams Companies, Inc. 1,287,392 20,688,389 
Williams Partners LP 1,123,500 22,975,575 
  269,102,656 
TOTAL ENERGY  307,759,059 
FINANCIALS - 18.7%   
Banks - 12.8%   
Bank of America Corp. 5,251,800 71,004,336 
Citigroup, Inc. 1,415,404 59,093,117 
Comerica, Inc. 334,200 12,656,154 
Cullen/Frost Bankers, Inc. 12,600 694,386 
Fifth Third Bancorp 140,000 2,336,600 
JPMorgan Chase & Co. 1,623,210 96,126,495 
Lloyds Banking Group PLC 1,034,000 1,007,115 
PNC Financial Services Group, Inc. 91,016 7,697,223 
Regions Financial Corp. 1,999,200 15,693,720 
Standard Chartered PLC (United Kingdom) 783,994 5,320,967 
SunTrust Banks, Inc. 738,000 26,627,040 
U.S. Bancorp 708,742 28,767,838 
Wells Fargo & Co. 280,550 13,567,398 
  340,592,389 
Capital Markets - 4.7%   
Charles Schwab Corp. 622,555 17,443,991 
Franklin Resources, Inc. 73,700 2,877,985 
Goldman Sachs Group, Inc. 11,900 1,868,062 
KKR & Co. LP 710,382 10,435,512 
Morgan Stanley 922,100 23,061,721 
Northern Trust Corp. 335,295 21,851,175 
State Street Corp. 661,190 38,692,839 
The Blackstone Group LP 336,400 9,436,020 
  125,667,305 
Diversified Financial Services - 0.0%   
Markit Ltd. (a) 35,000 1,237,250 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 6,900 419,451 
MetLife, Inc. 278,600 12,241,684 
Principal Financial Group, Inc. 151,300 5,968,785 
  18,629,920 
Thrifts & Mortgage Finance - 0.5%   
MGIC Investment Corp. (a) 1,289,300 9,888,931 
Radian Group, Inc. 163,408 2,026,259 
  11,915,190 
TOTAL FINANCIALS  498,042,054 
HEALTH CARE - 12.2%   
Biotechnology - 2.9%   
AbbVie, Inc. 112,900 6,448,848 
Alnylam Pharmaceuticals, Inc. (a) 34,500 2,165,565 
Amgen, Inc. 120,715 18,098,800 
Biogen, Inc. (a) 59,100 15,384,912 
BioMarin Pharmaceutical, Inc. (a) 58,000 4,783,840 
Celgene Corp. (a) 85,800 8,587,722 
Celldex Therapeutics, Inc. (a) 11,700 44,226 
Discovery Laboratories, Inc. (a) 85,885 141,710 
Genocea Biosciences, Inc. (a) 41,600 321,984 
Insmed, Inc. (a) 147,800 1,872,626 
Intercept Pharmaceuticals, Inc. (a)(c) 144,314 18,540,020 
Spark Therapeutics, Inc. (a) 39,800 1,174,498 
  77,564,751 
Health Care Equipment & Supplies - 2.9%   
Abbott Laboratories 330,900 13,841,547 
Boston Scientific Corp. (a) 1,845,451 34,712,933 
Medtronic PLC 226,800 17,010,000 
Neovasc, Inc. (a) 80,100 342,027 
NxStage Medical, Inc. (a) 22,700 340,273 
St. Jude Medical, Inc. 45,800 2,519,000 
Zimmer Biomet Holdings, Inc. 87,100 9,287,473 
  78,053,253 
Health Care Providers & Services - 1.2%   
Express Scripts Holding Co. (a) 149,500 10,269,155 
McKesson Corp. 140,380 22,074,755 
  32,343,910 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 80,700 268,731 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 240,300 9,575,955 
Pharmaceuticals - 4.8%   
Allergan PLC (a) 23,600 6,325,508 
Bristol-Myers Squibb Co. 35,400 2,261,352 
GlaxoSmithKline PLC sponsored ADR 1,001,800 40,622,990 
Jazz Pharmaceuticals PLC (a) 82,300 10,744,265 
Johnson & Johnson 260,560 28,192,592 
Novartis AG sponsored ADR 10,900 789,596 
Sanofi SA 24,090 1,936,735 
Teva Pharmaceutical Industries Ltd. sponsored ADR 612,650 32,782,902 
TherapeuticsMD, Inc. (a) 768,900 4,920,960 
  128,576,900 
TOTAL HEALTH CARE  326,383,500 
INDUSTRIALS - 13.1%   
Aerospace & Defense - 1.5%   
KEYW Holding Corp. (a) 120,517 800,233 
The Boeing Co. 189,000 23,991,660 
United Technologies Corp. 162,600 16,276,260 
  41,068,153 
Air Freight & Logistics - 2.2%   
C.H. Robinson Worldwide, Inc. 50,200 3,726,346 
FedEx Corp. 93,500 15,214,320 
Hub Group, Inc. Class A (a) 176,200 7,187,198 
United Parcel Service, Inc. Class B 309,800 32,674,606 
  58,802,470 
Building Products - 0.3%   
Caesarstone Sdot-Yam Ltd. (a) 25,700 882,795 
Lennox International, Inc. 51,600 6,975,804 
  7,858,599 
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. (a) 32,100 4,050,699 
Electrical Equipment - 1.3%   
AMETEK, Inc. 174,600 8,726,508 
Eaton Corp. PLC 94,700 5,924,432 
Emerson Electric Co. 243,900 13,263,282 
Hubbell, Inc. Class B 56,918 6,029,324 
  33,943,546 
Industrial Conglomerates - 3.3%   
General Electric Co. 2,781,800 88,433,422 
Machinery - 1.0%   
Cummins, Inc. 7,800 857,532 
Deere & Co. (c) 99,600 7,668,204 
Ingersoll-Rand PLC 94,100 5,835,141 
Joy Global, Inc. (c) 197,900 3,180,253 
Rexnord Corp. (a) 343,000 6,935,460 
Wabtec Corp. 17,200 1,363,788 
Xylem, Inc. 38,100 1,558,290 
  27,398,668 
Professional Services - 0.4%   
IHS, Inc. Class A (a) 7,500 931,200 
Verisk Analytics, Inc. (a) 110,600 8,839,152 
  9,770,352 
Road & Rail - 2.8%   
Celadon Group, Inc. 30,300 317,544 
CSX Corp. 855,000 22,016,250 
Genesee & Wyoming, Inc. Class A (a) 212,400 13,317,480 
J.B. Hunt Transport Services, Inc. 142,700 12,021,048 
Kansas City Southern 118,800 10,151,460 
Norfolk Southern Corp. 85,500 7,117,875 
Old Dominion Freight Lines, Inc. (a) 93,200 6,488,584 
Union Pacific Corp. 38,200 3,038,810 
  74,469,051 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 39,100 2,431,629 
TOTAL INDUSTRIALS  348,226,589 
INFORMATION TECHNOLOGY - 23.0%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,597,300 45,475,131 
Electronic Equipment & Components - 0.1%   
Fitbit, Inc. 99,600 1,508,940 
Internet Software & Services - 4.7%   
Alphabet, Inc.:   
Class A 65,900 50,275,110 
Class C 57,883 43,119,941 
Facebook, Inc. Class A (a) 133,900 15,277,990 
LinkedIn Corp. Class A (a) 6,500 743,275 
Twitter, Inc. (a) 247,000 4,087,850 
Yahoo!, Inc. (a) 277,259 10,205,904 
  123,710,070 
IT Services - 5.3%   
Cognizant Technology Solutions Corp. Class A (a) 79,300 4,972,110 
First Data Corp. 658,505 8,095,002 
First Data Corp. Class A (a) 175,600 2,272,264 
IBM Corp. 189,800 28,745,210 
MasterCard, Inc. Class A 331,600 31,336,200 
Paychex, Inc. 257,300 13,896,773 
PayPal Holdings, Inc. (a) 162,100 6,257,060 
Unisys Corp. (a) 619,999 4,773,992 
Visa, Inc. Class A 533,100 40,771,488 
  141,120,099 
Semiconductors & Semiconductor Equipment - 2.1%   
Marvell Technology Group Ltd. 253,000 2,608,430 
Maxim Integrated Products, Inc. 64,000 2,353,920 
Qualcomm, Inc. 1,009,000 51,600,260 
  56,562,610 
Software - 4.6%   
Adobe Systems, Inc. (a) 93,300 8,751,540 
Autodesk, Inc. (a) 136,500 7,959,315 
Microsoft Corp. 1,408,400 77,785,932 
Mobileye NV (a) 94,100 3,508,989 
Oracle Corp. 455,950 18,652,915 
Salesforce.com, Inc. (a) 82,700 6,105,741 
  122,764,432 
Technology Hardware, Storage & Peripherals - 4.5%   
Apple, Inc. 737,600 80,391,024 
EMC Corp. 1,185,600 31,596,240 
Western Digital Corp. 186,700 8,819,708 
  120,806,972 
TOTAL INFORMATION TECHNOLOGY  611,948,254 
MATERIALS - 3.2%   
Chemicals - 2.5%   
CF Industries Holdings, Inc. 145,600 4,563,104 
E.I. du Pont de Nemours & Co. 109,247 6,917,520 
Intrepid Potash, Inc. (a) 620,040 688,244 
LyondellBasell Industries NV Class A 62,400 5,340,192 
Monsanto Co. 311,600 27,339,784 
Potash Corp. of Saskatchewan, Inc. 594,500 10,120,805 
Syngenta AG (Switzerland) 20,332 8,431,616 
W.R. Grace & Co. (a) 72,300 5,146,314 
  68,547,579 
Containers & Packaging - 0.5%   
WestRock Co. 322,634 12,592,405 
Metals & Mining - 0.2%   
Freeport-McMoRan, Inc. (c) 479,700 4,960,098 
TOTAL MATERIALS  86,100,082 
TELECOMMUNICATION SERVICES - 0.6%   
Diversified Telecommunication Services - 0.6%   
Verizon Communications, Inc. 305,506 16,521,764 
UTILITIES - 0.9%   
Electric Utilities - 0.7%   
Exelon Corp. 567,300 20,343,378 
Independent Power and Renewable Electricity Producers - 0.2%   
Dynegy, Inc. (a) 330,900 4,755,033 
TOTAL UTILITIES  25,098,411 
TOTAL COMMON STOCKS   
(Cost $2,492,737,643)  2,641,060,098 
 Principal Amount Value 
Convertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Amyris, Inc. 9.5% 4/15/19(d)   
(Cost $1,375,000) $1,375,000 1,102,578 
 Shares Value 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.39% (e) 17,000,284 17,000,284 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,433,077 31,433,077 
TOTAL MONEY MARKET FUNDS   
(Cost $48,433,361)  48,433,361 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $2,542,546,004)  2,690,596,037 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (24,752,411) 
NET ASSETS - 100%  $2,665,843,626 

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $35,053 or 0.0% of net assets.

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

 (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 $1,102,578 or 0.0% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
NJOY, Inc. 2/14/14 $474,963 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $20,678 
Fidelity Securities Lending Cash Central Fund 317,485 
Total $338,163 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $245,126,771 $245,091,718 $-- $35,053 
Consumer Staples 175,853,614 163,701,774 12,151,840 -- 
Energy 307,759,059 307,759,059 -- -- 
Financials 498,042,054 497,034,939 1,007,115 -- 
Health Care 326,383,500 324,446,765 1,936,735 -- 
Industrials 348,226,589 348,226,589 -- -- 
Information Technology 611,948,254 603,853,252 8,095,002 -- 
Materials 86,100,082 77,668,466 8,431,616 -- 
Telecommunication Services 16,521,764 16,521,764 -- -- 
Utilities 25,098,411 25,098,411 -- -- 
Corporate Bonds 1,102,578 -- 1,102,578 -- 
Money Market Funds 48,433,361 48,433,361 -- -- 
Total Investments in Securities: $2,690,596,037 $2,657,836,098 $32,724,886 $35,053 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $30,536,594) — See accompanying schedule:
Unaffiliated issuers (cost $2,494,112,643) 		$2,642,162,676  
Fidelity Central Funds (cost $48,433,361) 48,433,361  
Total Investments (cost $2,542,546,004)  $2,690,596,037 
Cash  30,112 
Foreign currency held at value (cost $443)  2,167 
Receivable for investments sold  11,409,615 
Receivable for fund shares sold  114,102 
Dividends receivable  4,586,980 
Interest receivable  58,418 
Distributions receivable from Fidelity Central Funds  44,821 
Prepaid expenses  2,915 
Other receivables  465,271 
Total assets  2,707,310,438 
Liabilities   
Payable for investments purchased $7,511,310  
Payable for fund shares redeemed 996,715  
Accrued management fee 1,208,358  
Distribution and service plan fees payable 75,354  
Other affiliated payables 117,298  
Other payables and accrued expenses 124,700  
Collateral on securities loaned, at value 31,433,077  
Total liabilities  41,466,812 
Net Assets  $2,665,843,626 
Net Assets consist of:   
Paid in capital  $2,499,631,931 
Undistributed net investment income  10,238,993 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  8,107,559 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  147,865,143 
Net Assets  $2,665,843,626 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,305,493,508 ÷ 176,506,688 shares)  $13.06 
Class A:   
Net Asset Value and redemption price per share ($354,491,137 ÷ 27,975,909 shares)  $12.67 
Maximum offering price per share (100/94.25 of $12.67)  $13.44 
Class T:   
Net Asset Value and redemption price per share ($2,042,336 ÷ 164,861 shares)  $12.39 
Maximum offering price per share (100/96.50 of $12.39)  $12.84 
Class B:   
Net Asset Value and offering price per share ($54,944 ÷ 4,532 shares)(a)  $12.12 
Class C:   
Net Asset Value and offering price per share ($1,856,266 ÷ 154,486 shares)(a)  $12.02 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,905,435 ÷ 145,180 shares)  $13.12 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $29,557,551 
Interest  58,418 
Income from Fidelity Central Funds  338,163 
Total income  29,954,132 
Expenses   
Management fee $7,330,403  
Transfer agent fees 147,588  
Distribution and service plan fees 456,960  
Accounting and security lending fees 399,140  
Custodian fees and expenses 45,294  
Independent trustees' compensation 5,859  
Depreciation in deferred trustee compensation account (127)  
Registration fees 33,256  
Audit 36,924  
Legal 11,723  
Miscellaneous 21,118  
Total expenses before reductions 8,488,138  
Expense reductions (9,872) 8,478,266 
Net investment income (loss)  21,475,866 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 25,840,060  
Foreign currency transactions 13,537  
Total net realized gain (loss)  25,853,597 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		61,865,554  
Assets and liabilities in foreign currencies 13,061  
Total change in net unrealized appreciation (depreciation)  61,878,615 
Net gain (loss)  87,732,212 
Net increase (decrease) in net assets resulting from operations  $109,208,078 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,475,866 $40,656,071 
Net realized gain (loss) 25,853,597 107,104,052 
Change in net unrealized appreciation (depreciation) 61,878,615 (285,143,207) 
Net increase (decrease) in net assets resulting from operations 109,208,078 (137,383,084) 
Distributions to shareholders from net investment income (41,057,988) (37,611,672) 
Distributions to shareholders from net realized gain (113,554,669) (413,083,355) 
Total distributions (154,612,657) (450,695,027) 
Share transactions - net increase (decrease) 66,895,810 203,326,997 
Total increase (decrease) in net assets 21,491,231 (384,751,114) 
Net Assets   
Beginning of period 2,644,352,395 3,029,103,509 
End of period (including undistributed net investment income of $10,238,993 and undistributed net investment income of $29,821,115, respectively) $2,665,843,626 $2,644,352,395 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class O

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.30 $16.53 $14.24 $12.04 $9.67 $9.50 
Income from Investment Operations       
Net investment income (loss)A .11 .21 .20 .11 .12 .05 
Net realized and unrealized gain (loss) .44 (.95) 2.19 2.22 2.32 .18 
Total from investment operations .55 (.74) 2.39 2.33 2.44 .23 
Distributions from net investment income (.21) (.21) (.10) (.13) (.06) (.05) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.79) (2.49) (.10) (.13) (.07) (.06) 
Net asset value, end of period $13.06 $13.30 $16.53 $14.24 $12.04 $9.67 
Total ReturnB,C,D 4.16% (5.16)% 16.83% 19.62% 25.38% 2.33% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .59%G .59% .60% .60% .61% .61% 
Expenses net of fee waivers, if any .59%G .59% .60% .60% .61% .61% 
Expenses net of all reductions .59%G .59% .59% .59% .60% .59% 
Net investment income (loss) 1.65%G 1.40% 1.27% .90% 1.05% .48% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,305,494 $2,290,767 $2,634,214 $2,497,596 $2,382,741 $2,150,649 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.90 $16.10 $13.87 $11.74 $9.42 $9.26 
Income from Investment Operations       
Net investment income (loss)A .09 .16 .15 .07 .08 .01 
Net realized and unrealized gain (loss) .43 (.92) 2.13 2.15 2.28 .17 
Total from investment operations .52 (.76) 2.28 2.22 2.36 .18 
Distributions from net investment income (.17) (.17) (.05) (.09) (.03) (.01) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.75) (2.44)B (.05) (.09) (.04) (.02) 
Net asset value, end of period $12.67 $12.90 $16.10 $13.87 $11.74 $9.42 
Total ReturnC,D,E,F 4.03% (5.42)% 16.50% 19.12% 25.06% 1.91% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .89%I .89% .89% .92% .94% .95% 
Expenses net of fee waivers, if any .89%I .89% .89% .92% .94% .95% 
Expenses net of all reductions .89%I .89% .89% .90% .94% .94% 
Net investment income (loss) 1.35%I 1.10% .97% .58% .71% .13% 
Supplemental Data       
Net assets, end of period (000 omitted) $354,491 $347,875 $389,001 $357,203 $325,967 $284,072 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.278 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class T

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.59 $15.78 $13.62 $11.55 $9.28 $9.15 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .06 .01 .02 (.04) 
Net realized and unrealized gain (loss) .42 (.89) 2.10 2.12 2.25 .17 
Total from investment operations .47 (.81) 2.16 2.13 2.27 .13 
Distributions from net investment income (.10) (.10) – (.06) – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.67)B (2.38) – (.06) – – 
Net asset value, end of period $12.39 $12.59 $15.78 $13.62 $11.55 $9.28 
Total ReturnC,D,E 3.79% (5.96)% 15.86% 18.50% 24.46% 1.42% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of fee waivers, if any 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of all reductions 1.44%H 1.42% 1.43% 1.43% 1.45% 1.43% 
Net investment income (loss) .80%H .56% .43% .05% .20% (.37)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,042 $2,066 $2,140 $1,543 $1,007 $739 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.67 per share is comprised of distributions from net investment income of $.099 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class B

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.27 $15.40 $13.35 $11.31 $9.13 $9.05 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.03) (.09) 
Net realized and unrealized gain (loss) .41 (.87) 2.05 2.09 2.21 .17 
Total from investment operations .43 (.86) 2.05 2.04 2.18 .08 
Distributions from net investment income (.01) – – – – – 
Distributions from net realized gain (.58) (2.27) – – – – 
Total distributions (.58)C (2.27) – – – – 
Net asset value, end of period $12.12 $12.27 $15.40 $13.35 $11.31 $9.13 
Total ReturnD,E,F 3.55% (6.44)% 15.36% 18.04% 23.88% .88% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of fee waivers, if any 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of all reductions 1.87%I 1.89% 1.89% 1.89% 1.90% 1.89% 
Net investment income (loss) .37%I .09% (.03)% (.40)% (.25)% (.82)% 
Supplemental Data       
Net assets, end of period (000 omitted) $55 $92 $144 $184 $235 $296 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.58 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.575 per share.

 D Total returns for periods of less than one year are not annualized.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.21 $15.36 $13.32 $11.28 $9.11 $9.02 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.02) (.08) 
Net realized and unrealized gain (loss) .42 (.87) 2.04 2.09 2.19 .17 
Total from investment operations .44 (.86) 2.04 2.04 2.17 .09 
Distributions from net investment income (.05) (.01) – – – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.63) (2.29) – – – – 
Net asset value, end of period $12.02 $12.21 $15.36 $13.32 $11.28 $9.11 
Total ReturnC,D,E 3.60% (6.43)% 15.32% 18.09% 23.82% 1.00% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of fee waivers, if any 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of all reductions 1.89%H 1.89% 1.89% 1.88% 1.87% 1.85% 
Net investment income (loss) .35%H .10% (.03)% (.39)% (.22)% (.79)% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,856 $1,948 $1,879 $1,764 $1,380 $1,007 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.34 $16.58 $14.28 $12.09 $9.71 $9.54 
Income from Investment Operations       
Net investment income (loss)A .10 .19 .18 .09 .09 .02 
Net realized and unrealized gain (loss) .44 (.96) 2.20 2.21 2.34 .18 
Total from investment operations .54 (.77) 2.38 2.30 2.43 .20 
Distributions from net investment income (.19) (.19) (.08) (.11) (.04) (.02) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.76)B (2.47) (.08) (.11) (.05) (.03) 
Net asset value, end of period $13.12 $13.34 $16.58 $14.28 $12.09 $9.71 
Total ReturnC,D 4.10% (5.35)% 16.72% 19.24% 25.10% 2.04% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .77%G .75% .74% .79% .87% .88% 
Expenses net of fee waivers, if any .77%G .75% .74% .79% .87% .88% 
Expenses net of all reductions .77%G .75% .73% .78% .86% .86% 
Net investment income (loss) 1.48%G 1.24% 1.13% .71% .79% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,604 $1,726 $1,281 $385 $199 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.76 per share is comprised of distributions from net investment income of $.188 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 five classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans II:O and Destiny Plans II:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 March 31, 2016 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $399,382,707 
Gross unrealized depreciation (258,684,917) 
Net unrealized appreciation (depreciation) on securities $140,697,790 

Tax cost $2,549,898,247 

The Fund elected to defer to its next fiscal year approximately $2,434,838 of capital losses recognized during the period November 1, 2014 to September 30, 2015.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $456,082,907 and $535,420,547, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $441,566 $– 
Class T .25% .25% 5,262 – 
Class B .75% .25% 377 283 
Class C .75% .25% 9,755 1,783 
   $456,960 $2,066 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $4,791 
Class T 447 
Class B(a) 13 
Class C(a) 97 
 $5,348 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C and Class I. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund. FIIOC does not receive a fee for Class O Destiny Plan accounts. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $43,396 .00(b) 
Class A 95,917 .05 
Class T 3,722 .35 
Class B 109 .29 
Class C 2,941 .30 
Class I 1,503 .18 
 $147,588  

 (a) Annualized

 (b) Amount less than 0.005%.


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $10,000 for the period.

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,514.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,976 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $317,485. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,872.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $36,421,738 $33,600,473 
Class A 4,589,002 3,972,265 
Class T 16,359 13,494 
Class B 67 – 
Class C 8,649 1,465 
Class I 22,173 23,975 
Total $41,057,988 $37,611,672 
From net realized gain   
Class O $97,862,898 $357,672,834 
Class A 15,430,855 54,510,836 
Class T 95,017 316,906 
Class B 4,257 20,279 
Class C 93,827 278,048 
Class I 67,815 284,452 
Total $113,554,669 $413,083,355 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 1,874,364 3,465,693 $24,893,011 $51,730,981 
Reinvestment of distributions 10,013,152 27,334,022 129,970,694 381,036,246 
Shares redeemed (7,665,695) (17,887,979) (100,939,985) (267,340,065) 
Net increase (decrease) 4,221,821 12,911,736 $53,923,720 $165,427,162 
Class A     
Shares sold 847,581 1,335,357 $10,837,728 $19,472,587 
Reinvestment of distributions 1,569,503 4,291,544 19,775,745 58,150,425 
Shares redeemed (1,410,551) (2,815,140) (17,865,980) (40,869,718) 
Net increase (decrease) 1,006,533 2,811,761 $12,747,493 $36,753,294 
Class T     
Shares sold 13,403 38,308 $163,784 $544,786 
Reinvestment of distributions 8,994 24,795 110,987 329,525 
Shares redeemed (21,652) (34,604) (261,630) (480,691) 
Net increase (decrease) 745 28,499 $13,141 $393,620 
Class B     
Shares sold 539 – $6,000 $– 
Reinvestment of distributions 358 1,560 4,324 20,279 
Shares redeemed (3,894) (3,365) (46,729) (46,212) 
Net increase (decrease) (2,997) (1,805) $(36,405) $(25,933) 
Class C     
Shares sold 14,894 37,660 $180,674 $510,667 
Reinvestment of distributions 6,942 17,743 83,232 229,419 
Shares redeemed (26,869) (18,198) (313,534) (249,829) 
Net increase (decrease) (5,033) 37,205 $(49,628) $490,257 
Class I     
Shares sold 37,563 75,425 $465,360 $1,179,164 
Reinvestment of distributions 6,543 20,995 85,389 293,929 
Shares redeemed (19,115) (80,371) (253,260) (1,184,496) 
Net increase (decrease) 24,991 16,049 $297,489 $288,597 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .59%    
Actual  $1,000.00 $1,041.60 $3.01 
Hypothetical-C  $1,000.00 $1,022.05 $2.98 
Class A .89%    
Actual  $1,000.00 $1,040.30 $4.54 
Hypothetical-C  $1,000.00 $1,020.55 $4.50 
Class T 1.44%    
Actual  $1,000.00 $1,037.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.80 $7.26 
Class B 1.87%    
Actual  $1,000.00 $1,035.50 $9.52 
Hypothetical-C  $1,000.00 $1,015.65 $9.42 
Class C 1.89%    
Actual  $1,000.00 $1,036.00 $9.62 
Hypothetical-C  $1,000.00 $1,015.55 $9.52 
Class I .77%    
Actual  $1,000.00 $1,041.00 $3.93 
Hypothetical-C  $1,000.00 $1,021.15 $3.89 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIIN-SANN-0516
1.791874.112



Fidelity® Destiny® Portfolios:

Fidelity Advisor® Capital Development Fund
Class O



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
JPMorgan Chase & Co. 3.6 4.4 
General Electric Co. 3.3 3.5 
Apple, Inc. 3.0 3.4 
Microsoft Corp. 2.9 2.5 
Bank of America Corp. 2.7 2.8 
Citigroup, Inc. 2.2 2.6 
Chevron Corp. 2.0 1.6 
Procter & Gamble Co. 2.0 1.8 
Qualcomm, Inc. 1.9 1.7 
Alphabet, Inc. Class A 1.9 2.0 
 25.5  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 23.0 23.1 
Financials 18.7 21.0 
Industrials 13.1 12.3 
Health Care 12.2 12.8 
Energy 11.6 8.6 

Asset Allocation (% of fund's net assets)

As of March 31, 2016* 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 9.6%


As of September 30, 2015* 
   Stocks 99.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 10.1%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.2%   
Automobiles - 0.1%   
General Motors Co. 17,800 $559,454 
Harley-Davidson, Inc. 27,600 1,416,708 
Tesla Motors, Inc. (a) 1,200 275,724 
  2,251,886 
Hotels, Restaurants & Leisure - 0.8%   
Las Vegas Sands Corp. 111,400 5,757,152 
Yum! Brands, Inc. 183,424 15,013,254 
  20,770,406 
Household Durables - 0.5%   
KB Home 675,200 9,641,856 
Taylor Morrison Home Corp. (a) 230,000 3,247,600 
  12,889,456 
Leisure Products - 0.1%   
NJOY, Inc. (a)(b) 273,849 35,053 
Polaris Industries, Inc. 33,200 3,269,536 
  3,304,589 
Media - 4.5%   
Comcast Corp. Class A 740,500 45,229,740 
Scripps Networks Interactive, Inc. Class A 238,800 15,641,400 
Sinclair Broadcast Group, Inc. Class A 199,400 6,131,550 
Time Warner, Inc. 498,010 36,130,626 
Viacom, Inc. Class B (non-vtg.) 409,600 16,908,288 
  120,041,604 
Multiline Retail - 1.8%   
Target Corp. 587,650 48,351,842 
Specialty Retail - 1.3%   
Dick's Sporting Goods, Inc. 63,800 2,982,650 
Lowe's Companies, Inc. 410,400 31,087,800 
Sally Beauty Holdings, Inc. (a) 35,900 1,162,442 
  35,232,892 
Textiles, Apparel & Luxury Goods - 0.1%   
Michael Kors Holdings Ltd. (a) 40,100 2,284,096 
TOTAL CONSUMER DISCRETIONARY  245,126,771 
CONSUMER STAPLES - 6.6%   
Beverages - 2.0%   
Diageo PLC 450,668 12,151,840 
The Coca-Cola Co. 905,700 42,015,423 
  54,167,263 
Food & Staples Retailing - 1.1%   
CVS Health Corp. 138,000 14,314,740 
United Natural Foods, Inc. (a) 65,700 2,647,710 
Walgreens Boots Alliance, Inc. 125,700 10,588,968 
Whole Foods Market, Inc. 48,300 1,502,613 
  29,054,031 
Food Products - 0.3%   
Mead Johnson Nutrition Co. Class A 83,500 7,094,995 
Household Products - 2.0%   
Procter & Gamble Co. 656,005 53,995,772 
Tobacco - 1.2%   
British American Tobacco PLC sponsored ADR 41,664 4,870,938 
Philip Morris International, Inc. 271,844 26,670,615 
  31,541,553 
TOTAL CONSUMER STAPLES  175,853,614 
ENERGY - 11.6%   
Energy Equipment & Services - 1.5%   
Baker Hughes, Inc. 171,700 7,525,611 
Ensco PLC Class A 138,100 1,432,097 
Helmerich & Payne, Inc. (c) 58,800 3,452,736 
National Oilwell Varco, Inc. (c) 267,500 8,319,250 
Oceaneering International, Inc. 286,600 9,526,584 
Schlumberger Ltd. 113,900 8,400,125 
  38,656,403 
Oil, Gas & Consumable Fuels - 10.1%   
Amyris, Inc. (a)(c) 1,616,039 1,793,803 
Anadarko Petroleum Corp. 105,100 4,894,507 
Apache Corp. 581,400 28,378,134 
Cabot Oil & Gas Corp. 445,300 10,112,763 
Cenovus Energy, Inc. 774,600 10,079,492 
Chevron Corp. 569,127 54,294,716 
ConocoPhillips Co. 528,900 21,298,803 
Devon Energy Corp. 114,300 3,136,392 
Energy Transfer Equity LP 562,900 4,013,477 
Golar LNG Ltd. 101,800 1,829,346 
Imperial Oil Ltd. (c) 589,700 19,701,315 
Kinder Morgan, Inc. 836,600 14,941,676 
Legacy Reserves LP 186,124 182,402 
MPLX LP 70,668 2,098,133 
Noble Energy, Inc. 63,400 1,991,394 
SM Energy Co. 253,600 4,752,464 
Suncor Energy, Inc. 1,465,800 40,822,318 
Teekay Offshore Partners LP 197,100 1,117,557 
The Williams Companies, Inc. 1,287,392 20,688,389 
Williams Partners LP 1,123,500 22,975,575 
  269,102,656 
TOTAL ENERGY  307,759,059 
FINANCIALS - 18.7%   
Banks - 12.8%   
Bank of America Corp. 5,251,800 71,004,336 
Citigroup, Inc. 1,415,404 59,093,117 
Comerica, Inc. 334,200 12,656,154 
Cullen/Frost Bankers, Inc. 12,600 694,386 
Fifth Third Bancorp 140,000 2,336,600 
JPMorgan Chase & Co. 1,623,210 96,126,495 
Lloyds Banking Group PLC 1,034,000 1,007,115 
PNC Financial Services Group, Inc. 91,016 7,697,223 
Regions Financial Corp. 1,999,200 15,693,720 
Standard Chartered PLC (United Kingdom) 783,994 5,320,967 
SunTrust Banks, Inc. 738,000 26,627,040 
U.S. Bancorp 708,742 28,767,838 
Wells Fargo & Co. 280,550 13,567,398 
  340,592,389 
Capital Markets - 4.7%   
Charles Schwab Corp. 622,555 17,443,991 
Franklin Resources, Inc. 73,700 2,877,985 
Goldman Sachs Group, Inc. 11,900 1,868,062 
KKR & Co. LP 710,382 10,435,512 
Morgan Stanley 922,100 23,061,721 
Northern Trust Corp. 335,295 21,851,175 
State Street Corp. 661,190 38,692,839 
The Blackstone Group LP 336,400 9,436,020 
  125,667,305 
Diversified Financial Services - 0.0%   
Markit Ltd. (a) 35,000 1,237,250 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 6,900 419,451 
MetLife, Inc. 278,600 12,241,684 
Principal Financial Group, Inc. 151,300 5,968,785 
  18,629,920 
Thrifts & Mortgage Finance - 0.5%   
MGIC Investment Corp. (a) 1,289,300 9,888,931 
Radian Group, Inc. 163,408 2,026,259 
  11,915,190 
TOTAL FINANCIALS  498,042,054 
HEALTH CARE - 12.2%   
Biotechnology - 2.9%   
AbbVie, Inc. 112,900 6,448,848 
Alnylam Pharmaceuticals, Inc. (a) 34,500 2,165,565 
Amgen, Inc. 120,715 18,098,800 
Biogen, Inc. (a) 59,100 15,384,912 
BioMarin Pharmaceutical, Inc. (a) 58,000 4,783,840 
Celgene Corp. (a) 85,800 8,587,722 
Celldex Therapeutics, Inc. (a) 11,700 44,226 
Discovery Laboratories, Inc. (a) 85,885 141,710 
Genocea Biosciences, Inc. (a) 41,600 321,984 
Insmed, Inc. (a) 147,800 1,872,626 
Intercept Pharmaceuticals, Inc. (a)(c) 144,314 18,540,020 
Spark Therapeutics, Inc. (a) 39,800 1,174,498 
  77,564,751 
Health Care Equipment & Supplies - 2.9%   
Abbott Laboratories 330,900 13,841,547 
Boston Scientific Corp. (a) 1,845,451 34,712,933 
Medtronic PLC 226,800 17,010,000 
Neovasc, Inc. (a) 80,100 342,027 
NxStage Medical, Inc. (a) 22,700 340,273 
St. Jude Medical, Inc. 45,800 2,519,000 
Zimmer Biomet Holdings, Inc. 87,100 9,287,473 
  78,053,253 
Health Care Providers & Services - 1.2%   
Express Scripts Holding Co. (a) 149,500 10,269,155 
McKesson Corp. 140,380 22,074,755 
  32,343,910 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 80,700 268,731 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 240,300 9,575,955 
Pharmaceuticals - 4.8%   
Allergan PLC (a) 23,600 6,325,508 
Bristol-Myers Squibb Co. 35,400 2,261,352 
GlaxoSmithKline PLC sponsored ADR 1,001,800 40,622,990 
Jazz Pharmaceuticals PLC (a) 82,300 10,744,265 
Johnson & Johnson 260,560 28,192,592 
Novartis AG sponsored ADR 10,900 789,596 
Sanofi SA 24,090 1,936,735 
Teva Pharmaceutical Industries Ltd. sponsored ADR 612,650 32,782,902 
TherapeuticsMD, Inc. (a) 768,900 4,920,960 
  128,576,900 
TOTAL HEALTH CARE  326,383,500 
INDUSTRIALS - 13.1%   
Aerospace & Defense - 1.5%   
KEYW Holding Corp. (a) 120,517 800,233 
The Boeing Co. 189,000 23,991,660 
United Technologies Corp. 162,600 16,276,260 
  41,068,153 
Air Freight & Logistics - 2.2%   
C.H. Robinson Worldwide, Inc. 50,200 3,726,346 
FedEx Corp. 93,500 15,214,320 
Hub Group, Inc. Class A (a) 176,200 7,187,198 
United Parcel Service, Inc. Class B 309,800 32,674,606 
  58,802,470 
Building Products - 0.3%   
Caesarstone Sdot-Yam Ltd. (a) 25,700 882,795 
Lennox International, Inc. 51,600 6,975,804 
  7,858,599 
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. (a) 32,100 4,050,699 
Electrical Equipment - 1.3%   
AMETEK, Inc. 174,600 8,726,508 
Eaton Corp. PLC 94,700 5,924,432 
Emerson Electric Co. 243,900 13,263,282 
Hubbell, Inc. Class B 56,918 6,029,324 
  33,943,546 
Industrial Conglomerates - 3.3%   
General Electric Co. 2,781,800 88,433,422 
Machinery - 1.0%   
Cummins, Inc. 7,800 857,532 
Deere & Co. (c) 99,600 7,668,204 
Ingersoll-Rand PLC 94,100 5,835,141 
Joy Global, Inc. (c) 197,900 3,180,253 
Rexnord Corp. (a) 343,000 6,935,460 
Wabtec Corp. 17,200 1,363,788 
Xylem, Inc. 38,100 1,558,290 
  27,398,668 
Professional Services - 0.4%   
IHS, Inc. Class A (a) 7,500 931,200 
Verisk Analytics, Inc. (a) 110,600 8,839,152 
  9,770,352 
Road & Rail - 2.8%   
Celadon Group, Inc. 30,300 317,544 
CSX Corp. 855,000 22,016,250 
Genesee & Wyoming, Inc. Class A (a) 212,400 13,317,480 
J.B. Hunt Transport Services, Inc. 142,700 12,021,048 
Kansas City Southern 118,800 10,151,460 
Norfolk Southern Corp. 85,500 7,117,875 
Old Dominion Freight Lines, Inc. (a) 93,200 6,488,584 
Union Pacific Corp. 38,200 3,038,810 
  74,469,051 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 39,100 2,431,629 
TOTAL INDUSTRIALS  348,226,589 
INFORMATION TECHNOLOGY - 23.0%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,597,300 45,475,131 
Electronic Equipment & Components - 0.1%   
Fitbit, Inc. 99,600 1,508,940 
Internet Software & Services - 4.7%   
Alphabet, Inc.:   
Class A 65,900 50,275,110 
Class C 57,883 43,119,941 
Facebook, Inc. Class A (a) 133,900 15,277,990 
LinkedIn Corp. Class A (a) 6,500 743,275 
Twitter, Inc. (a) 247,000 4,087,850 
Yahoo!, Inc. (a) 277,259 10,205,904 
  123,710,070 
IT Services - 5.3%   
Cognizant Technology Solutions Corp. Class A (a) 79,300 4,972,110 
First Data Corp. 658,505 8,095,002 
First Data Corp. Class A (a) 175,600 2,272,264 
IBM Corp. 189,800 28,745,210 
MasterCard, Inc. Class A 331,600 31,336,200 
Paychex, Inc. 257,300 13,896,773 
PayPal Holdings, Inc. (a) 162,100 6,257,060 
Unisys Corp. (a) 619,999 4,773,992 
Visa, Inc. Class A 533,100 40,771,488 
  141,120,099 
Semiconductors & Semiconductor Equipment - 2.1%   
Marvell Technology Group Ltd. 253,000 2,608,430 
Maxim Integrated Products, Inc. 64,000 2,353,920 
Qualcomm, Inc. 1,009,000 51,600,260 
  56,562,610 
Software - 4.6%   
Adobe Systems, Inc. (a) 93,300 8,751,540 
Autodesk, Inc. (a) 136,500 7,959,315 
Microsoft Corp. 1,408,400 77,785,932 
Mobileye NV (a) 94,100 3,508,989 
Oracle Corp. 455,950 18,652,915 
Salesforce.com, Inc. (a) 82,700 6,105,741 
  122,764,432 
Technology Hardware, Storage & Peripherals - 4.5%   
Apple, Inc. 737,600 80,391,024 
EMC Corp. 1,185,600 31,596,240 
Western Digital Corp. 186,700 8,819,708 
  120,806,972 
TOTAL INFORMATION TECHNOLOGY  611,948,254 
MATERIALS - 3.2%   
Chemicals - 2.5%   
CF Industries Holdings, Inc. 145,600 4,563,104 
E.I. du Pont de Nemours & Co. 109,247 6,917,520 
Intrepid Potash, Inc. (a) 620,040 688,244 
LyondellBasell Industries NV Class A 62,400 5,340,192 
Monsanto Co. 311,600 27,339,784 
Potash Corp. of Saskatchewan, Inc. 594,500 10,120,805 
Syngenta AG (Switzerland) 20,332 8,431,616 
W.R. Grace & Co. (a) 72,300 5,146,314 
  68,547,579 
Containers & Packaging - 0.5%   
WestRock Co. 322,634 12,592,405 
Metals & Mining - 0.2%   
Freeport-McMoRan, Inc. (c) 479,700 4,960,098 
TOTAL MATERIALS  86,100,082 
TELECOMMUNICATION SERVICES - 0.6%   
Diversified Telecommunication Services - 0.6%   
Verizon Communications, Inc. 305,506 16,521,764 
UTILITIES - 0.9%   
Electric Utilities - 0.7%   
Exelon Corp. 567,300 20,343,378 
Independent Power and Renewable Electricity Producers - 0.2%   
Dynegy, Inc. (a) 330,900 4,755,033 
TOTAL UTILITIES  25,098,411 
TOTAL COMMON STOCKS   
(Cost $2,492,737,643)  2,641,060,098 
 Principal Amount Value 
Convertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Amyris, Inc. 9.5% 4/15/19(d)   
(Cost $1,375,000) $1,375,000 1,102,578 
 Shares Value 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.39% (e) 17,000,284 17,000,284 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,433,077 31,433,077 
TOTAL MONEY MARKET FUNDS   
(Cost $48,433,361)  48,433,361 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $2,542,546,004)  2,690,596,037 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (24,752,411) 
NET ASSETS - 100%  $2,665,843,626 

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $35,053 or 0.0% of net assets.

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

 (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 $1,102,578 or 0.0% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
NJOY, Inc. 2/14/14 $474,963 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $20,678 
Fidelity Securities Lending Cash Central Fund 317,485 
Total $338,163 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $245,126,771 $245,091,718 $-- $35,053 
Consumer Staples 175,853,614 163,701,774 12,151,840 -- 
Energy 307,759,059 307,759,059 -- -- 
Financials 498,042,054 497,034,939 1,007,115 -- 
Health Care 326,383,500 324,446,765 1,936,735 -- 
Industrials 348,226,589 348,226,589 -- -- 
Information Technology 611,948,254 603,853,252 8,095,002 -- 
Materials 86,100,082 77,668,466 8,431,616 -- 
Telecommunication Services 16,521,764 16,521,764 -- -- 
Utilities 25,098,411 25,098,411 -- -- 
Corporate Bonds 1,102,578 -- 1,102,578 -- 
Money Market Funds 48,433,361 48,433,361 -- -- 
Total Investments in Securities: $2,690,596,037 $2,657,836,098 $32,724,886 $35,053 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $30,536,594) — See accompanying schedule:
Unaffiliated issuers (cost $2,494,112,643) 		$2,642,162,676  
Fidelity Central Funds (cost $48,433,361) 48,433,361  
Total Investments (cost $2,542,546,004)  $2,690,596,037 
Cash  30,112 
Foreign currency held at value (cost $443)  2,167 
Receivable for investments sold  11,409,615 
Receivable for fund shares sold  114,102 
Dividends receivable  4,586,980 
Interest receivable  58,418 
Distributions receivable from Fidelity Central Funds  44,821 
Prepaid expenses  2,915 
Other receivables  465,271 
Total assets  2,707,310,438 
Liabilities   
Payable for investments purchased $7,511,310  
Payable for fund shares redeemed 996,715  
Accrued management fee 1,208,358  
Distribution and service plan fees payable 75,354  
Other affiliated payables 117,298  
Other payables and accrued expenses 124,700  
Collateral on securities loaned, at value 31,433,077  
Total liabilities  41,466,812 
Net Assets  $2,665,843,626 
Net Assets consist of:   
Paid in capital  $2,499,631,931 
Undistributed net investment income  10,238,993 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  8,107,559 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  147,865,143 
Net Assets  $2,665,843,626 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,305,493,508 ÷ 176,506,688 shares)  $13.06 
Class A:   
Net Asset Value and redemption price per share ($354,491,137 ÷ 27,975,909 shares)  $12.67 
Maximum offering price per share (100/94.25 of $12.67)  $13.44 
Class T:   
Net Asset Value and redemption price per share ($2,042,336 ÷ 164,861 shares)  $12.39 
Maximum offering price per share (100/96.50 of $12.39)  $12.84 
Class B:   
Net Asset Value and offering price per share ($54,944 ÷ 4,532 shares)(a)  $12.12 
Class C:   
Net Asset Value and offering price per share ($1,856,266 ÷ 154,486 shares)(a)  $12.02 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,905,435 ÷ 145,180 shares)  $13.12 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $29,557,551 
Interest  58,418 
Income from Fidelity Central Funds  338,163 
Total income  29,954,132 
Expenses   
Management fee $7,330,403  
Transfer agent fees 147,588  
Distribution and service plan fees 456,960  
Accounting and security lending fees 399,140  
Custodian fees and expenses 45,294  
Independent trustees' compensation 5,859  
Depreciation in deferred trustee compensation account (127)  
Registration fees 33,256  
Audit 36,924  
Legal 11,723  
Miscellaneous 21,118  
Total expenses before reductions 8,488,138  
Expense reductions (9,872) 8,478,266 
Net investment income (loss)  21,475,866 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 25,840,060  
Foreign currency transactions 13,537  
Total net realized gain (loss)  25,853,597 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		61,865,554  
Assets and liabilities in foreign currencies 13,061  
Total change in net unrealized appreciation (depreciation)  61,878,615 
Net gain (loss)  87,732,212 
Net increase (decrease) in net assets resulting from operations  $109,208,078 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,475,866 $40,656,071 
Net realized gain (loss) 25,853,597 107,104,052 
Change in net unrealized appreciation (depreciation) 61,878,615 (285,143,207) 
Net increase (decrease) in net assets resulting from operations 109,208,078 (137,383,084) 
Distributions to shareholders from net investment income (41,057,988) (37,611,672) 
Distributions to shareholders from net realized gain (113,554,669) (413,083,355) 
Total distributions (154,612,657) (450,695,027) 
Share transactions - net increase (decrease) 66,895,810 203,326,997 
Total increase (decrease) in net assets 21,491,231 (384,751,114) 
Net Assets   
Beginning of period 2,644,352,395 3,029,103,509 
End of period (including undistributed net investment income of $10,238,993 and undistributed net investment income of $29,821,115, respectively) $2,665,843,626 $2,644,352,395 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class O

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.30 $16.53 $14.24 $12.04 $9.67 $9.50 
Income from Investment Operations       
Net investment income (loss)A .11 .21 .20 .11 .12 .05 
Net realized and unrealized gain (loss) .44 (.95) 2.19 2.22 2.32 .18 
Total from investment operations .55 (.74) 2.39 2.33 2.44 .23 
Distributions from net investment income (.21) (.21) (.10) (.13) (.06) (.05) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.79) (2.49) (.10) (.13) (.07) (.06) 
Net asset value, end of period $13.06 $13.30 $16.53 $14.24 $12.04 $9.67 
Total ReturnB,C,D 4.16% (5.16)% 16.83% 19.62% 25.38% 2.33% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .59%G .59% .60% .60% .61% .61% 
Expenses net of fee waivers, if any .59%G .59% .60% .60% .61% .61% 
Expenses net of all reductions .59%G .59% .59% .59% .60% .59% 
Net investment income (loss) 1.65%G 1.40% 1.27% .90% 1.05% .48% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,305,494 $2,290,767 $2,634,214 $2,497,596 $2,382,741 $2,150,649 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.90 $16.10 $13.87 $11.74 $9.42 $9.26 
Income from Investment Operations       
Net investment income (loss)A .09 .16 .15 .07 .08 .01 
Net realized and unrealized gain (loss) .43 (.92) 2.13 2.15 2.28 .17 
Total from investment operations .52 (.76) 2.28 2.22 2.36 .18 
Distributions from net investment income (.17) (.17) (.05) (.09) (.03) (.01) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.75) (2.44)B (.05) (.09) (.04) (.02) 
Net asset value, end of period $12.67 $12.90 $16.10 $13.87 $11.74 $9.42 
Total ReturnC,D,E,F 4.03% (5.42)% 16.50% 19.12% 25.06% 1.91% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .89%I .89% .89% .92% .94% .95% 
Expenses net of fee waivers, if any .89%I .89% .89% .92% .94% .95% 
Expenses net of all reductions .89%I .89% .89% .90% .94% .94% 
Net investment income (loss) 1.35%I 1.10% .97% .58% .71% .13% 
Supplemental Data       
Net assets, end of period (000 omitted) $354,491 $347,875 $389,001 $357,203 $325,967 $284,072 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.278 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class T

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.59 $15.78 $13.62 $11.55 $9.28 $9.15 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .06 .01 .02 (.04) 
Net realized and unrealized gain (loss) .42 (.89) 2.10 2.12 2.25 .17 
Total from investment operations .47 (.81) 2.16 2.13 2.27 .13 
Distributions from net investment income (.10) (.10) – (.06) – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.67)B (2.38) – (.06) – – 
Net asset value, end of period $12.39 $12.59 $15.78 $13.62 $11.55 $9.28 
Total ReturnC,D,E 3.79% (5.96)% 15.86% 18.50% 24.46% 1.42% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of fee waivers, if any 1.44%H 1.43% 1.43% 1.45% 1.46% 1.45% 
Expenses net of all reductions 1.44%H 1.42% 1.43% 1.43% 1.45% 1.43% 
Net investment income (loss) .80%H .56% .43% .05% .20% (.37)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,042 $2,066 $2,140 $1,543 $1,007 $739 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.67 per share is comprised of distributions from net investment income of $.099 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class B

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.27 $15.40 $13.35 $11.31 $9.13 $9.05 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.03) (.09) 
Net realized and unrealized gain (loss) .41 (.87) 2.05 2.09 2.21 .17 
Total from investment operations .43 (.86) 2.05 2.04 2.18 .08 
Distributions from net investment income (.01) – – – – – 
Distributions from net realized gain (.58) (2.27) – – – – 
Total distributions (.58)C (2.27) – – – – 
Net asset value, end of period $12.12 $12.27 $15.40 $13.35 $11.31 $9.13 
Total ReturnD,E,F 3.55% (6.44)% 15.36% 18.04% 23.88% .88% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of fee waivers, if any 1.87%I 1.89% 1.89% 1.90% 1.90% 1.91% 
Expenses net of all reductions 1.87%I 1.89% 1.89% 1.89% 1.90% 1.89% 
Net investment income (loss) .37%I .09% (.03)% (.40)% (.25)% (.82)% 
Supplemental Data       
Net assets, end of period (000 omitted) $55 $92 $144 $184 $235 $296 
Portfolio turnover rateJ 34%I 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.58 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.575 per share.

 D Total returns for periods of less than one year are not annualized.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $12.21 $15.36 $13.32 $11.28 $9.11 $9.02 
Income from Investment Operations       
Net investment income (loss)A .02 .01 –B (.05) (.02) (.08) 
Net realized and unrealized gain (loss) .42 (.87) 2.04 2.09 2.19 .17 
Total from investment operations .44 (.86) 2.04 2.04 2.17 .09 
Distributions from net investment income (.05) (.01) – – – – 
Distributions from net realized gain (.58) (2.28) – – – – 
Total distributions (.63) (2.29) – – – – 
Net asset value, end of period $12.02 $12.21 $15.36 $13.32 $11.28 $9.11 
Total ReturnC,D,E 3.60% (6.43)% 15.32% 18.09% 23.82% 1.00% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of fee waivers, if any 1.89%H 1.89% 1.89% 1.90% 1.87% 1.87% 
Expenses net of all reductions 1.89%H 1.89% 1.89% 1.88% 1.87% 1.85% 
Net investment income (loss) .35%H .10% (.03)% (.39)% (.22)% (.79)% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,856 $1,948 $1,879 $1,764 $1,380 $1,007 
Portfolio turnover rateI 34%H 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.34 $16.58 $14.28 $12.09 $9.71 $9.54 
Income from Investment Operations       
Net investment income (loss)A .10 .19 .18 .09 .09 .02 
Net realized and unrealized gain (loss) .44 (.96) 2.20 2.21 2.34 .18 
Total from investment operations .54 (.77) 2.38 2.30 2.43 .20 
Distributions from net investment income (.19) (.19) (.08) (.11) (.04) (.02) 
Distributions from net realized gain (.58) (2.28) – – (.01) (.01) 
Total distributions (.76)B (2.47) (.08) (.11) (.05) (.03) 
Net asset value, end of period $13.12 $13.34 $16.58 $14.28 $12.09 $9.71 
Total ReturnC,D 4.10% (5.35)% 16.72% 19.24% 25.10% 2.04% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .77%G .75% .74% .79% .87% .88% 
Expenses net of fee waivers, if any .77%G .75% .74% .79% .87% .88% 
Expenses net of all reductions .77%G .75% .73% .78% .86% .86% 
Net investment income (loss) 1.48%G 1.24% 1.13% .71% .79% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,604 $1,726 $1,281 $385 $199 
Portfolio turnover rateH 34%G 33% 115% 57% 43% 118% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.76 per share is comprised of distributions from net investment income of $.188 and distributions from net realized gain of $.575 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 five classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans II:O and Destiny Plans II:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 March 31, 2016 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $399,382,707 
Gross unrealized depreciation (258,684,917) 
Net unrealized appreciation (depreciation) on securities $140,697,790 

Tax cost $2,549,898,247 

The Fund elected to defer to its next fiscal year approximately $2,434,838 of capital losses recognized during the period November 1, 2014 to September 30, 2015.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $456,082,907 and $535,420,547, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $441,566 $– 
Class T .25% .25% 5,262 – 
Class B .75% .25% 377 283 
Class C .75% .25% 9,755 1,783 
   $456,960 $2,066 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $4,791 
Class T 447 
Class B(a) 13 
Class C(a) 97 
 $5,348 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C and Class I. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund. FIIOC does not receive a fee for Class O Destiny Plan accounts. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $43,396 .00(b) 
Class A 95,917 .05 
Class T 3,722 .35 
Class B 109 .29 
Class C 2,941 .30 
Class I 1,503 .18 
 $147,588  

 (a) Annualized

 (b) Amount less than 0.005%.


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $10,000 for the period.

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,514.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,976 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $317,485. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,872.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $36,421,738 $33,600,473 
Class A 4,589,002 3,972,265 
Class T 16,359 13,494 
Class B 67 – 
Class C 8,649 1,465 
Class I 22,173 23,975 
Total $41,057,988 $37,611,672 
From net realized gain   
Class O $97,862,898 $357,672,834 
Class A 15,430,855 54,510,836 
Class T 95,017 316,906 
Class B 4,257 20,279 
Class C 93,827 278,048 
Class I 67,815 284,452 
Total $113,554,669 $413,083,355 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 1,874,364 3,465,693 $24,893,011 $51,730,981 
Reinvestment of distributions 10,013,152 27,334,022 129,970,694 381,036,246 
Shares redeemed (7,665,695) (17,887,979) (100,939,985) (267,340,065) 
Net increase (decrease) 4,221,821 12,911,736 $53,923,720 $165,427,162 
Class A     
Shares sold 847,581 1,335,357 $10,837,728 $19,472,587 
Reinvestment of distributions 1,569,503 4,291,544 19,775,745 58,150,425 
Shares redeemed (1,410,551) (2,815,140) (17,865,980) (40,869,718) 
Net increase (decrease) 1,006,533 2,811,761 $12,747,493 $36,753,294 
Class T     
Shares sold 13,403 38,308 $163,784 $544,786 
Reinvestment of distributions 8,994 24,795 110,987 329,525 
Shares redeemed (21,652) (34,604) (261,630) (480,691) 
Net increase (decrease) 745 28,499 $13,141 $393,620 
Class B     
Shares sold 539 – $6,000 $– 
Reinvestment of distributions 358 1,560 4,324 20,279 
Shares redeemed (3,894) (3,365) (46,729) (46,212) 
Net increase (decrease) (2,997) (1,805) $(36,405) $(25,933) 
Class C     
Shares sold 14,894 37,660 $180,674 $510,667 
Reinvestment of distributions 6,942 17,743 83,232 229,419 
Shares redeemed (26,869) (18,198) (313,534) (249,829) 
Net increase (decrease) (5,033) 37,205 $(49,628) $490,257 
Class I     
Shares sold 37,563 75,425 $465,360 $1,179,164 
Reinvestment of distributions 6,543 20,995 85,389 293,929 
Shares redeemed (19,115) (80,371) (253,260) (1,184,496) 
Net increase (decrease) 24,991 16,049 $297,489 $288,597 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .59%    
Actual  $1,000.00 $1,041.60 $3.01 
Hypothetical-C  $1,000.00 $1,022.05 $2.98 
Class A .89%    
Actual  $1,000.00 $1,040.30 $4.54 
Hypothetical-C  $1,000.00 $1,020.55 $4.50 
Class T 1.44%    
Actual  $1,000.00 $1,037.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.80 $7.26 
Class B 1.87%    
Actual  $1,000.00 $1,035.50 $9.52 
Hypothetical-C  $1,000.00 $1,015.65 $9.42 
Class C 1.89%    
Actual  $1,000.00 $1,036.00 $9.62 
Hypothetical-C  $1,000.00 $1,015.55 $9.52 
Class I .77%    
Actual  $1,000.00 $1,041.00 $3.93 
Hypothetical-C  $1,000.00 $1,021.15 $3.89 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIIO-SANN-0516
1.791872.112

Fidelity Advisor® Diversified Stock Fund
Class I



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Alphabet, Inc. Class C 2.9 3.1 
Apple, Inc. 2.8 3.0 
Cisco Systems, Inc. 2.6 2.1 
Procter & Gamble Co. 2.2 2.4 
JPMorgan Chase & Co. 2.2 2.4 
Johnson & Johnson 2.1 2.4 
General Electric Co. 2.0 2.9 
Qualcomm, Inc. 1.7 1.7 
Exelon Corp. 1.7 1.2 
Visa, Inc. Class A 1.6 1.6 
 21.8  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.8 22.1 
Information Technology 19.2 22.4 
Health Care 12.3 11.7 
Industrials 11.5 11.0 
Energy 9.5 7.8 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 95.5% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.4% 


 * Foreign investments - 11.0%


As of September 30, 2015* 
   Stocks 99.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 10.7%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.5%   
Automobiles - 0.9%   
Fiat Chrysler Automobiles NV 200,000 $1,615,818 
General Motors Co. 450,000 14,143,500 
  15,759,318 
Hotels, Restaurants & Leisure - 0.1%   
El Pollo Loco Holdings, Inc. (a)(b) 100,000 1,334,000 
Household Durables - 1.3%   
KB Home 875,000 12,495,000 
Taylor Morrison Home Corp. (a) 336,553 4,752,128 
Tupperware Brands Corp. 100,000 5,798,000 
  23,045,128 
Leisure Products - 1.6%   
Brunswick Corp. 212,500 10,195,750 
New Academy Holding Co. LLC unit (a)(c)(d) 60,000 9,517,800 
NJOY, Inc. (a)(d) 787,487 100,798 
Polaris Industries, Inc. 85,000 8,370,800 
  28,185,148 
Media - 2.1%   
Comcast Corp. Class A 312,500 19,087,500 
Time Warner, Inc. 140,000 10,157,000 
Viacom, Inc. Class B (non-vtg.) 187,500 7,740,000 
  36,984,500 
Multiline Retail - 1.6%   
Dollar General Corp. 75,000 6,420,000 
Target Corp. 250,000 20,570,000 
  26,990,000 
Specialty Retail - 0.7%   
GNC Holdings, Inc. 100,600 3,194,050 
Stage Stores, Inc. (b) 350,300 2,823,418 
TJX Companies, Inc. 75,000 5,876,250 
  11,893,718 
Textiles, Apparel & Luxury Goods - 0.2%   
Tory Burch LLC unit (d)(e) 70,274 4,099,785 
TOTAL CONSUMER DISCRETIONARY  148,291,597 
CONSUMER STAPLES - 5.6%   
Beverages - 1.1%   
Diageo PLC sponsored ADR 75,000 8,090,250 
The Coca-Cola Co. 225,000 10,437,750 
  18,528,000 
Food & Staples Retailing - 1.6%   
CVS Health Corp. 225,000 23,339,250 
Whole Foods Market, Inc. 150,000 4,666,500 
  28,005,750 
Food Products - 0.5%   
Amplify Snack Brands, Inc. (b) 426,800 6,111,776 
B&G Foods, Inc. Class A 100,000 3,481,000 
  9,592,776 
Household Products - 2.2%   
Procter & Gamble Co. 475,000 39,097,250 
Personal Products - 0.2%   
Avon Products, Inc. 600,000 2,886,000 
TOTAL CONSUMER STAPLES  98,109,776 
ENERGY - 9.4%   
Energy Equipment & Services - 0.9%   
Baker Hughes, Inc. 237,500 10,409,625 
Ensco PLC Class A 150,000 1,555,500 
Oceaneering International, Inc. 100,000 3,324,000 
  15,289,125 
Oil, Gas & Consumable Fuels - 8.5%   
Anadarko Petroleum Corp. 162,500 7,567,625 
Apache Corp. 137,500 6,711,375 
Cameco Corp. (b) 175,000 2,246,198 
Chevron Corp. 300,000 28,620,000 
CONSOL Energy, Inc. (b) 450,000 5,080,500 
Energy Transfer Equity LP 1,803,400 12,858,242 
Foresight Energy LP 456,938 511,771 
Imperial Oil Ltd. 275,000 9,187,488 
Kinder Morgan, Inc. 450,000 8,037,000 
PDC Energy, Inc. (a) 5,500 326,975 
Suncor Energy, Inc. 850,000 23,672,377 
Teekay Offshore Partners LP 147,002 833,501 
The Williams Companies, Inc. 1,442,700 23,184,189 
Trilogy Energy Corp. (a) 100,000 275,650 
Williams Partners LP 913,700 18,685,165 
  147,798,056 
TOTAL ENERGY  163,087,181 
FINANCIALS - 19.8%   
Banks - 8.3%   
Bank of America Corp. 2,100,000 28,392,000 
Comerica, Inc. 162,500 6,153,875 
First Niagara Financial Group, Inc. 250,000 2,420,000 
Huntington Bancshares, Inc. 650,000 6,201,000 
JPMorgan Chase & Co. 650,000 38,493,000 
KeyCorp 600,000 6,624,000 
M&T Bank Corp. 47,500 5,272,500 
Regions Financial Corp. 1,000,000 7,850,000 
Standard Chartered PLC (United Kingdom) 450,014 3,054,245 
SunTrust Banks, Inc. 350,000 12,628,000 
U.S. Bancorp 300,000 12,177,000 
Wells Fargo & Co. 325,000 15,717,000 
  144,982,620 
Capital Markets - 5.7%   
Ares Capital Corp. 400,000 5,936,000 
Franklin Resources, Inc. 87,500 3,416,875 
KKR & Co. LP 1,300,000 19,097,000 
Morgan Stanley 900,000 22,509,000 
PJT Partners, Inc. (b) 23,750 571,188 
State Street Corp. 350,000 20,482,000 
The Blackstone Group LP 962,500 26,998,125 
  99,010,188 
Diversified Financial Services - 1.1%   
KKR Renaissance Co-Invest LP unit (a)(d) 50,000 4,899,000 
McGraw Hill Financial, Inc. 85,000 8,413,300 
MSCI, Inc. Class A 75,000 5,556,000 
  18,868,300 
Insurance - 3.1%   
American International Group, Inc. 300,000 16,215,000 
Chubb Ltd. 149,812 17,850,100 
MetLife, Inc. 425,000 18,674,500 
Pricoa Global Funding I 12,500 902,750 
  53,642,350 
Thrifts & Mortgage Finance - 1.6%   
MGIC Investment Corp. (a) 650,000 4,985,500 
Radian Group, Inc. 1,784,600 22,129,040 
  27,114,540 
TOTAL FINANCIALS  343,617,998 
HEALTH CARE - 12.3%   
Biotechnology - 4.2%   
AbbVie, Inc. 312,500 17,850,000 
Alnylam Pharmaceuticals, Inc. (a) 17,300 1,085,921 
Amgen, Inc. 110,000 16,492,300 
Biogen, Inc. (a) 35,000 9,111,200 
BioMarin Pharmaceutical, Inc. (a) 40,000 3,299,200 
Celgene Corp. (a) 50,000 5,004,500 
Gilead Sciences, Inc. 150,000 13,779,000 
Intercept Pharmaceuticals, Inc. (a) 17,000 2,183,990 
Spark Therapeutics, Inc. (a) 45,700 1,348,607 
Trevena, Inc. (a) 325,000 2,687,750 
  72,842,468 
Health Care Equipment & Supplies - 1.8%   
Boston Scientific Corp. (a) 500,000 9,405,000 
Medtronic PLC 285,000 21,375,000 
  30,780,000 
Health Care Providers & Services - 1.2%   
Cigna Corp. 35,000 4,803,400 
Express Scripts Holding Co. (a) 112,500 7,727,625 
HealthSouth Corp. warrants 1/17/17 (a) 1,006 2,062 
McKesson Corp. 50,000 7,862,500 
  20,395,587 
Pharmaceuticals - 5.1%   
Astellas Pharma, Inc. 275,000 3,654,615 
GlaxoSmithKline PLC sponsored ADR 400,000 16,220,000 
Jazz Pharmaceuticals PLC (a) 80,000 10,444,000 
Johnson & Johnson 337,500 36,517,500 
Merck & Co., Inc. 200,000 10,582,000 
Teva Pharmaceutical Industries Ltd. sponsored ADR 150,000 8,026,500 
TherapeuticsMD, Inc. (a) 475,000 3,040,000 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 25,000 657,500 
  89,142,115 
TOTAL HEALTH CARE  213,160,170 
INDUSTRIALS - 11.5%   
Aerospace & Defense - 2.2%   
The Boeing Co. 130,000 16,502,200 
United Technologies Corp. 225,000 22,522,500 
  39,024,700 
Air Freight & Logistics - 2.2%   
FedEx Corp. 65,000 10,576,800 
PostNL NV (a) 2,669,100 10,873,065 
United Parcel Service, Inc. Class B 162,500 17,138,875 
  38,588,740 
Airlines - 0.2%   
Copa Holdings SA Class A 62,500 4,234,375 
Construction & Engineering - 0.8%   
Jacobs Engineering Group, Inc. (a) 300,000 13,065,000 
Electrical Equipment - 0.9%   
AMETEK, Inc. 95,000 4,748,100 
Eaton Corp. PLC 170,000 10,635,200 
  15,383,300 
Industrial Conglomerates - 2.0%   
General Electric Co. 1,100,026 34,969,827 
Machinery - 0.9%   
Cummins, Inc. 52,500 5,771,850 
Joy Global, Inc. (b) 87,500 1,406,125 
Rational AG 15,000 8,017,074 
  15,195,049 
Professional Services - 0.5%   
Acacia Research Corp.  2,085,000 7,902,150 
Road & Rail - 1.8%   
Celadon Group, Inc. 500,000 5,240,000 
CSX Corp. 175,000 4,506,250 
Genesee & Wyoming, Inc. Class A (a) 62,500 3,918,750 
J.B. Hunt Transport Services, Inc. 120,000 10,108,800 
Norfolk Southern Corp. 30,000 2,497,500 
Swift Transporation Co. (a) 225,000 4,191,750 
  30,463,050 
TOTAL INDUSTRIALS  198,826,191 
INFORMATION TECHNOLOGY - 19.2%   
Communications Equipment - 2.6%   
Cisco Systems, Inc. 1,600,000 45,552,000 
Electronic Equipment & Components - 0.4%   
TE Connectivity Ltd. 112,500 6,966,000 
Internet Software & Services - 5.5%   
Alphabet, Inc. Class C 68,000 50,656,601 
Facebook, Inc. Class A (a) 230,000 26,243,000 
Rackspace Hosting, Inc. (a) 70,100 1,513,459 
Twitter, Inc. (a) 87,500 1,448,125 
Yahoo!, Inc. (a) 400,000 14,724,000 
  94,585,185 
IT Services - 5.2%   
First Data Corp. 684,816 8,418,443 
IBM Corp. 175,000 26,503,750 
MasterCard, Inc. Class A 150,000 14,175,000 
Paychex, Inc. 150,000 8,101,500 
PayPal Holdings, Inc. (a) 125,000 4,825,000 
Visa, Inc. Class A 375,000 28,680,000 
  90,703,693 
Semiconductors & Semiconductor Equipment - 1.7%   
Qualcomm, Inc. 575,000 29,405,500 
Software - 0.2%   
Mobileye NV (a) 105,000 3,915,450 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 450,000 49,045,500 
EMC Corp. 475,000 12,658,750 
  61,704,250 
TOTAL INFORMATION TECHNOLOGY  332,832,078 
MATERIALS - 3.0%   
Chemicals - 2.0%   
LyondellBasell Industries NV Class A 100,000 8,558,000 
Monsanto Co. 125,000 10,967,500 
Potash Corp. of Saskatchewan, Inc. 300,000 5,107,218 
The Dow Chemical Co. 162,500 8,264,750 
Tronox Ltd. Class A 245,700 1,570,023 
  34,467,491 
Containers & Packaging - 0.6%   
WestRock Co. 250,000 9,757,500 
Metals & Mining - 0.4%   
Freeport-McMoRan, Inc. (b) 350,000 3,619,000 
Randgold Resources Ltd. sponsored ADR 45,000 4,086,450 
  7,705,450 
TOTAL MATERIALS  51,930,441 
TELECOMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 2.6%   
AT&T, Inc. 525,000 20,564,250 
Verizon Communications, Inc. 450,000 24,336,000 
  44,900,250 
UTILITIES - 3.6%   
Electric Utilities - 3.6%   
Entergy Corp. 112,500 8,919,000 
Exelon Corp. 800,000 28,688,000 
PPL Corp. 225,000 8,565,750 
Southern Co. 300,000 15,519,000 
  61,691,750 
TOTAL COMMON STOCKS   
(Cost $1,549,097,080)  1,656,447,432 
 Principal Amount Value 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 3% 2/27/17
(Cost $2,000,000) 		2,000,000 1,866,300 
 Shares Value 
Money Market Funds - 5.2%   
Fidelity Cash Central Fund, 0.39% (f) 76,113,822 76,113,822 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 14,494,625 14,494,625 
TOTAL MONEY MARKET FUNDS   
(Cost $90,608,447)  90,608,447 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $1,641,705,527)  1,748,922,179 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (14,417,855) 
NET ASSETS - 100%  $1,734,504,324 

Legend

 (a) Non-income producing

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

 (c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,617,384 or 1.1% of net assets.

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

 (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 are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
KKR Renaissance Co-Invest LP unit 7/25/13 $5,275,000 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
NJOY, Inc. 6/7/13 - 2/14/14 $878,142 
Tory Burch LLC unit 5/14/15 $5,000,000 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $58,901 
Fidelity Securities Lending Cash Central Fund 205,650 
Total $264,551 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $148,291,597 $134,573,214 $-- $13,718,383 
Consumer Staples 98,109,776 98,109,776 -- -- 
Energy 163,087,181 163,087,181 -- -- 
Financials 343,617,998 338,718,998 -- 4,899,000 
Health Care 213,160,170 209,505,555 3,654,615 -- 
Industrials 198,826,191 198,826,191 -- -- 
Information Technology 332,832,078 324,413,635 8,418,443 -- 
Materials 51,930,441 51,930,441 -- -- 
Telecommunication Services 44,900,250 44,900,250 -- -- 
Utilities 61,691,750 61,691,750 -- -- 
Corporate Bonds 1,866,300 -- 1,866,300 -- 
Money Market Funds 90,608,447 90,608,447 -- -- 
Total Investments in Securities: $1,748,922,179 $1,716,365,438 $13,939,358 $18,617,383 

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

Investments in Securities:  
Beginning Balance $29,469,311 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (2,199,035) 
Cost of Purchases 883,817 
Proceeds of Sales (9,536,710) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $18,617,383 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $(986,835) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.0% 
Ireland 2.4% 
Canada 2.3% 
United Kingdom 1.7% 
Netherlands 1.4% 
Switzerland 1.4% 
Others (Individually Less Than 1%) 1.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,030,982) — See accompanying schedule:
Unaffiliated issuers (cost $1,551,097,080) 		$1,658,313,732  
Fidelity Central Funds (cost $90,608,447) 90,608,447  
Total Investments (cost $1,641,705,527)  $1,748,922,179 
Restricted cash  22,820 
Receivable for investments sold  919,141 
Receivable for fund shares sold  534,295 
Dividends receivable  2,320,725 
Interest receivable  35,667 
Distributions receivable from Fidelity Central Funds  51,538 
Prepaid expenses  1,997 
Other receivables  52,226 
Total assets  1,752,860,588 
Liabilities   
Payable for investments purchased $1,459,875  
Payable for fund shares redeemed 1,529,071  
Accrued management fee 599,160  
Distribution and service plan fees payable 75,219  
Other affiliated payables 108,381  
Other payables and accrued expenses 89,933  
Collateral on securities loaned, at value 14,494,625  
Total liabilities  18,356,264 
Net Assets  $1,734,504,324 
Net Assets consist of:   
Paid in capital  $1,645,454,470 
Undistributed net investment income  8,170,512 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (26,335,767) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  107,215,109 
Net Assets  $1,734,504,324 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,425,080,595 ÷ 70,618,390.9 shares)  $20.18 
Class A:   
Net Asset Value and redemption price per share ($214,124,685 ÷ 10,865,725.5 shares)  $19.71 
Maximum offering price per share (100/94.25 of $19.71)  $20.91 
Class T:   
Net Asset Value and redemption price per share ($29,911,407 ÷ 1,527,669.5 shares)  $19.58 
Maximum offering price per share (100/96.50 of $19.58)  $20.29 
Class B:   
Net Asset Value and offering price per share ($385,393 ÷ 19,706.3 shares)(a)  $19.56 
Class C:   
Net Asset Value and offering price per share ($22,835,179 ÷ 1,190,505.3 shares)(a)  $19.18 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,093,270 ÷ 2,023,784.5 shares)  $20.80 
Class Z:   
Net Asset Value, offering price and redemption price per share ($73,795 ÷ 3,577.6 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $20,728,323 
Interest  52,178 
Income from Fidelity Central Funds  264,551 
Total income  21,045,052 
Expenses   
Management fee $3,631,717  
Transfer agent fees 318,617  
Distribution and service plan fees 456,754  
Accounting and security lending fees 268,397  
Custodian fees and expenses 19,262  
Independent trustees' compensation 3,813  
Depreciation in deferred trustee compensation account (308)  
Registration fees 46,434  
Audit 43,691  
Legal 6,437  
Interest 104  
Miscellaneous 8,524  
Total expenses before reductions 4,803,442  
Expense reductions (6,354) 4,797,088 
Net investment income (loss)  16,247,964 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (19,258,176)  
Foreign currency transactions 2,328  
Total net realized gain (loss)  (19,255,848) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		74,478,946  
Assets and liabilities in foreign currencies (8,010)  
Total change in net unrealized appreciation (depreciation)  74,470,936 
Net gain (loss)  55,215,088 
Net increase (decrease) in net assets resulting from operations  $71,463,052 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,247,964 $34,565,615 
Net realized gain (loss) (19,255,848) 125,335,101 
Change in net unrealized appreciation (depreciation) 74,470,936 (268,820,101) 
Net increase (decrease) in net assets resulting from operations 71,463,052 (108,919,385) 
Distributions to shareholders from net investment income (28,006,100) (25,946,174) 
Distributions to shareholders from net realized gain (111,376,978) (172,571,626) 
Total distributions (139,383,078) (198,517,800) 
Share transactions - net increase (decrease) 66,342,569 (112,378,825) 
Total increase (decrease) in net assets (1,577,457) (419,816,010) 
Net Assets   
Beginning of period 1,736,081,781 2,155,897,791 
End of period (including undistributed net investment income of $8,170,512 and undistributed net investment income of $19,928,648, respectively) $1,734,504,324 $1,736,081,781 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class O

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.04 $24.63 $21.17 $17.53 $13.33 $13.55 
Income from Investment Operations       
Net investment income (loss)A .20 .40 .40 .32 .24 .18 
Net realized and unrealized gain (loss) .66 (1.71) 3.39 3.64 4.19 (.20) 
Total from investment operations .86 (1.31) 3.79 3.96 4.43 (.02) 
Distributions from net investment income (.36) (.31) (.27) (.29) (.20) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.72) (2.28) (.33) (.32) (.23) (.20)B 
Net asset value, end of period $20.18 $21.04 $24.63 $21.17 $17.53 $13.33 
Total ReturnC,D,E 4.25% (5.92)% 18.08% 23.05% 33.55% (.32)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .47%H .50% .51% .51% .51% .51% 
Expenses net of fee waivers, if any .47%H .50% .51% .51% .51% .51% 
Expenses net of all reductions .47%H .50% .50% .49% .51% .50% 
Net investment income (loss) 1.95%H 1.70% 1.69% 1.68% 1.53% 1.20% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,425,081 $1,426,230 $1,866,810 $1,622,353 $1,515,727 $1,268,316 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class A

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.55 $24.12 $20.75 $17.18 $13.07 $13.28 
Income from Investment Operations       
Net investment income (loss)A .16 .31 .32 .26 .19 .13 
Net realized and unrealized gain (loss) .65 (1.67) 3.33 3.58 4.10 (.20) 
Total from investment operations .81 (1.36) 3.65 3.84 4.29 (.07) 
Distributions from net investment income (.29) (.24) (.21) (.24) (.15) (.10) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.65) (2.21) (.28)B (.27) (.18) (.14) 
Net asset value, end of period $19.71 $20.55 $24.12 $20.75 $17.18 $13.07 
Total ReturnC,D,E,F 4.08% (6.25)% 17.71% 22.73% 33.06% (.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .83% .81% .82% .84% .86% 
Expenses net of fee waivers, if any .84%I .83% .81% .82% .84% .86% 
Expenses net of all reductions .84%I .82% .81% .81% .84% .85% 
Net investment income (loss) 1.59%I 1.37% 1.38% 1.37% 1.20% .85% 
Supplemental Data       
Net assets, end of period (000 omitted) $214,125 $212,181 $209,737 $153,940 $127,100 $98,808 
Portfolio turnover rateJ 52%I 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.28 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.064 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class T

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.38 $23.95 $20.61 $17.08 $12.99 $13.21 
Income from Investment Operations       
Net investment income (loss)A .12 .22 .21 .17 .12 .06 
Net realized and unrealized gain (loss) .63 (1.66) 3.32 3.56 4.08 (.19) 
Total from investment operations .75 (1.44) 3.53 3.73 4.20 (.13) 
Distributions from net investment income (.19) (.17) (.13) (.17) (.08) (.05) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.55) (2.13)B (.19) (.20) (.11) (.09) 
Net asset value, end of period $19.58 $20.38 $23.95 $20.61 $17.08 $12.99 
Total ReturnC,D,E 3.84% (6.62)% 17.21% 22.11% 32.46% (1.05)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of fee waivers, if any 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of all reductions 1.24%H 1.23% 1.27% 1.27% 1.28% 1.28% 
Net investment income (loss) 1.19%H .97% .92% .91% .76% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $29,911 $29,482 $23,443 $22,903 $14,874 $11,251 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.13 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class B

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.24 $23.76 $20.41 $16.87 $12.82 $13.04 
Income from Investment Operations       
Net investment income (loss)A .07 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .64 (1.64) 3.29 3.53 4.04 (.19) 
Total from investment operations .71 (1.54) 3.39 3.61 4.08 (.20) 
Distributions from net investment income (.03) (.01) – (.04) –B – 
Distributions from net realized gain (1.36) (1.97) (.04) (.03) (.03) (.02) 
Total distributions (1.39) (1.98) (.04) (.07) (.03) (.02) 
Net asset value, end of period $19.56 $20.24 $23.76 $20.41 $16.87 $12.82 
Total ReturnC,D,E 3.60% (7.10)% 16.60% 21.52% 31.87% (1.57)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of all reductions 1.76%H 1.76% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .44% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $385 $467 $682 $705 $826 $776 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class C

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $19.93 $23.49 $20.28 $16.83 $12.81 $13.04 
Income from Investment Operations       
Net investment income (loss)A .06 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .63 (1.62) 3.26 3.51 4.04 (.19) 
Total from investment operations .69 (1.52) 3.36 3.59 4.08 (.20) 
Distributions from net investment income (.08) (.08) (.09) (.11) (.03) – 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.03) 
Total distributions (1.44) (2.04)B (.15) (.14) (.06) (.03) 
Net asset value, end of period $19.18 $19.93 $23.49 $20.28 $16.83 $12.81 
Total ReturnC,D,E 3.57% (7.09)% 16.62% 21.52% 31.89% (1.58)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of all reductions 1.76%H 1.75% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .45% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,835 $22,879 $22,094 $11,119 $4,775 $3,030 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.04 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class I

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.61 $25.10 $21.56 $17.84 $13.58 $13.82 
Income from Investment Operations       
Net investment income (loss)A .19 .38 .35 .29 .21 .15 
Net realized and unrealized gain (loss) .68 (1.77) 3.49 3.72 4.26 (.20) 
Total from investment operations .87 (1.39) 3.84 4.01 4.47 (.05) 
Distributions from net investment income (.32) (.14) (.23) (.26) (.18) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.68) (2.10)B (.30)C (.29) (.21) (.19) 
Net asset value, end of period $20.80 $21.61 $25.10 $21.56 $17.84 $13.58 
Total ReturnD,E 4.20% (6.06)% 17.93% 22.82% 33.17% (.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .65% .68% .71% .75% .74% 
Expenses net of fee waivers, if any .64%H .64% .68% .71% .75% .74% 
Expenses net of all reductions .64%H .63% .67% .70% .75% .73% 
Net investment income (loss) 1.79%H 1.56% 1.52% 1.48% 1.29% .97% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,093 $44,760 $33,013 $266,008 $223,854 $179,641 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.10 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.965 per share.

 C Total distributions of $.30 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.064 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended March 31, (Unaudited) Years ended September 30,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations     
Net investment income (loss)B .20 .41 .40 .04 
Net realized and unrealized gain (loss) .67 (1.76) 3.47 .08 
Total from investment operations .87 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.31) (.27) – 
Distributions from net realized gain (1.36) (1.97) (.06) – 
Total distributions (1.71) (2.27)C (.34)D – 
Net asset value, end of period $20.63 $21.47 $25.09 $21.56 
Total ReturnE,F 4.24% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .51%I .51% .51% .52%I 
Expenses net of fee waivers, if any .51%I .51% .51% .52%I 
Expenses net of all reductions .51%I .51% .51% .50%I 
Net investment income (loss) 1.92%I 1.69% 1.68% 1.36%I 
Supplemental Data     
Net assets, end of period (000 omitted) $74 $83 $119 $101 
Portfolio turnover rateJ 52%I 53% 55% 55% 

 A For the period August 13, 2013 (commencement of sale of shares) to September 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distribution of $2.27 per share is comprised of distributions from net investment income of $.309 and distributions from net realized gain of $1.965 per share.

 D Total distributions of $.34 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $.064 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 six classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I and Class Z, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans I:O and Destiny Plans I:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 03/31/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $18,617,383 Last transaction price Transaction price $0.13 Increase 
  Market comparable Discount rate 15.0% Decrease 
   EV/EBITDA multiple 8.5 - 11.5 / 9.5 Increase 
   Discount for lack of marketability 15.0% Decrease 
   Probability rate 33.3% Increase 

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


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 March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, passive foreign investment companies (PFIC), deferred trustees compensation, futures contracts, partnerships, market discount and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $267,052,613 
Gross unrealized depreciation (167,407,313) 
Net unrealized appreciation (depreciation) on securities $99,645,300 
Tax cost $1,649,276,879 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

At period end, investments held through this Subsidiary were $4,122,605 representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,670,474 and $481,448,831, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .17% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .42% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $266,906 $2,594 
Class T .25% .25% 74,072 – 
Class B .75% .25% 2,163 1,622 
Class C .75% .25% 113,613 20,303 
   $456,754 $24,519 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $10,930 
Class T 3,398 
Class C(a) 3,496 
 $17,824 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C, Class I and Class Z. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC does not receive a fee for Class O Destiny Plan accounts. FIIOC receives an asset-based fee of Class Z's average net assets. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $67,432 .01 
Class A 137,862 .13 
Class T 40,440 .27 
Class B 640 .30 
Class C 33,942 .30 
Class I 38,283 .18 
Class Z 18 .05 
 $318,617  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $9,768 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $9,075,000 .41% $104 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,953 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,258,000. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $205,650, including $848 from securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,354.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $24,029,700 $23,240,677 
Class A 2,964,199 2,228,099 
Class T 276,577 185,875 
Class B 538 286 
Class C 87,577 80,262 
Class I 646,211 209,650 
Class Z 1,298 1,325 
Total $28,006,100 $25,946,174 
From net realized gain   
Class O $91,032,218 $147,315,868 
Class A 14,095,488 18,017,348 
Class T 1,938,891 2,213,599 
Class B 29,246 56,242 
Class C 1,546,810 1,996,392 
Class I 2,729,338 2,963,753 
Class Z 4,987 8,424 
Total $111,376,978 $172,571,626 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 314,119 2,287,530 $6,329,224 $53,641,943 
Reinvestment of distributions 5,127,850 6,840,387 101,377,738 153,635,091 
Shares redeemed (2,613,435) (17,121,478) (53,302,851) (390,687,724) 
Net increase (decrease) 2,828,534 (7,993,561) $54,404,111 $(183,410,690) 
Class A     
Shares sold 828,715 3,109,762 $16,513,489 $72,097,550 
Reinvestment of distributions 873,334 911,032 16,881,539 20,033,590 
Shares redeemed (1,161,312) (2,391,662) (22,664,105) (54,542,127) 
Net increase (decrease) 540,737 1,629,132 $10,730,923 $37,589,013 
Class T     
Shares sold 191,168 734,570 $3,778,380 $16,881,464 
Reinvestment of distributions 103,040 97,386 1,980,422 2,130,797 
Shares redeemed (213,390) (364,096) (4,183,541) (8,173,269) 
Net increase (decrease) 80,818 467,860 $1,575,261 $10,838,992 
Class B     
Shares sold 44 3,301 $852 $77,862 
Reinvestment of distributions 1,480 2,423 28,467 52,867 
Shares redeemed (4,870) (11,358) (95,400) (258,989) 
Net increase (decrease) (3,346) (5,634) $(66,081) $(128,260) 
Class C     
Shares sold 120,008 407,214 $2,316,090 $9,151,851 
Reinvestment of distributions 81,688 86,086 1,540,645 1,849,987 
Shares redeemed (159,272) (285,644) (3,064,905) (6,367,594) 
Net increase (decrease) 42,424 207,656 $791,830 $4,634,244 
Class I     
Shares sold 261,355 1,334,628 $5,462,021 $32,026,397 
Reinvestment of distributions 157,235 131,239 3,204,452 3,031,625 
Shares redeemed (465,587) (710,295) (9,754,208) (16,937,834) 
Net increase (decrease) (46,997) 755,572 $(1,087,735) $18,120,188 
Class Z     
Shares sold 3 1 $54 $26 
Reinvestment of distributions 311 425 6,285 9,749 
Shares redeemed (588) (1,307) (12,079) (32,087) 
Net increase (decrease) (274) (881) $(5,740) $(22,312) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, one otherwise unaffiliated shareholder was the owner of record of 54% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .47%    
Actual  $1,000.00 $1,042.50 $2.40 
Hypothetical-C  $1,000.00 $1,022.65 $2.38 
Class A .84%    
Actual  $1,000.00 $1,040.80 $4.29 
Hypothetical-C  $1,000.00 $1,020.80 $4.24 
Class T 1.24%    
Actual  $1,000.00 $1,038.40 $6.32 
Hypothetical-C  $1,000.00 $1,018.80 $6.26 
Class B 1.76%    
Actual  $1,000.00 $1,036.00 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class C 1.76%    
Actual  $1,000.00 $1,035.70 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class I .64%    
Actual  $1,000.00 $1,042.00 $3.27 
Hypothetical-C  $1,000.00 $1,021.80 $3.23 
Class Z .51%    
Actual  $1,000.00 $1,042.40 $2.60 
Hypothetical-C  $1,000.00 $1,022.45 $2.58 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESI-I-SANN-0516
1.814753.110

Fidelity Advisor® Diversified Stock Fund
Class A, Class T, Class B and Class C



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Alphabet, Inc. Class C 2.9 3.1 
Apple, Inc. 2.8 3.0 
Cisco Systems, Inc. 2.6 2.1 
Procter & Gamble Co. 2.2 2.4 
JPMorgan Chase & Co. 2.2 2.4 
Johnson & Johnson 2.1 2.4 
General Electric Co. 2.0 2.9 
Qualcomm, Inc. 1.7 1.7 
Exelon Corp. 1.7 1.2 
Visa, Inc. Class A 1.6 1.6 
 21.8  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.8 22.1 
Information Technology 19.2 22.4 
Health Care 12.3 11.7 
Industrials 11.5 11.0 
Energy 9.5 7.8 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 95.5% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.4% 


 * Foreign investments - 11.0%


As of September 30, 2015* 
   Stocks 99.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 10.7%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.5%   
Automobiles - 0.9%   
Fiat Chrysler Automobiles NV 200,000 $1,615,818 
General Motors Co. 450,000 14,143,500 
  15,759,318 
Hotels, Restaurants & Leisure - 0.1%   
El Pollo Loco Holdings, Inc. (a)(b) 100,000 1,334,000 
Household Durables - 1.3%   
KB Home 875,000 12,495,000 
Taylor Morrison Home Corp. (a) 336,553 4,752,128 
Tupperware Brands Corp. 100,000 5,798,000 
  23,045,128 
Leisure Products - 1.6%   
Brunswick Corp. 212,500 10,195,750 
New Academy Holding Co. LLC unit (a)(c)(d) 60,000 9,517,800 
NJOY, Inc. (a)(d) 787,487 100,798 
Polaris Industries, Inc. 85,000 8,370,800 
  28,185,148 
Media - 2.1%   
Comcast Corp. Class A 312,500 19,087,500 
Time Warner, Inc. 140,000 10,157,000 
Viacom, Inc. Class B (non-vtg.) 187,500 7,740,000 
  36,984,500 
Multiline Retail - 1.6%   
Dollar General Corp. 75,000 6,420,000 
Target Corp. 250,000 20,570,000 
  26,990,000 
Specialty Retail - 0.7%   
GNC Holdings, Inc. 100,600 3,194,050 
Stage Stores, Inc. (b) 350,300 2,823,418 
TJX Companies, Inc. 75,000 5,876,250 
  11,893,718 
Textiles, Apparel & Luxury Goods - 0.2%   
Tory Burch LLC unit (d)(e) 70,274 4,099,785 
TOTAL CONSUMER DISCRETIONARY  148,291,597 
CONSUMER STAPLES - 5.6%   
Beverages - 1.1%   
Diageo PLC sponsored ADR 75,000 8,090,250 
The Coca-Cola Co. 225,000 10,437,750 
  18,528,000 
Food & Staples Retailing - 1.6%   
CVS Health Corp. 225,000 23,339,250 
Whole Foods Market, Inc. 150,000 4,666,500 
  28,005,750 
Food Products - 0.5%   
Amplify Snack Brands, Inc. (b) 426,800 6,111,776 
B&G Foods, Inc. Class A 100,000 3,481,000 
  9,592,776 
Household Products - 2.2%   
Procter & Gamble Co. 475,000 39,097,250 
Personal Products - 0.2%   
Avon Products, Inc. 600,000 2,886,000 
TOTAL CONSUMER STAPLES  98,109,776 
ENERGY - 9.4%   
Energy Equipment & Services - 0.9%   
Baker Hughes, Inc. 237,500 10,409,625 
Ensco PLC Class A 150,000 1,555,500 
Oceaneering International, Inc. 100,000 3,324,000 
  15,289,125 
Oil, Gas & Consumable Fuels - 8.5%   
Anadarko Petroleum Corp. 162,500 7,567,625 
Apache Corp. 137,500 6,711,375 
Cameco Corp. (b) 175,000 2,246,198 
Chevron Corp. 300,000 28,620,000 
CONSOL Energy, Inc. (b) 450,000 5,080,500 
Energy Transfer Equity LP 1,803,400 12,858,242 
Foresight Energy LP 456,938 511,771 
Imperial Oil Ltd. 275,000 9,187,488 
Kinder Morgan, Inc. 450,000 8,037,000 
PDC Energy, Inc. (a) 5,500 326,975 
Suncor Energy, Inc. 850,000 23,672,377 
Teekay Offshore Partners LP 147,002 833,501 
The Williams Companies, Inc. 1,442,700 23,184,189 
Trilogy Energy Corp. (a) 100,000 275,650 
Williams Partners LP 913,700 18,685,165 
  147,798,056 
TOTAL ENERGY  163,087,181 
FINANCIALS - 19.8%   
Banks - 8.3%   
Bank of America Corp. 2,100,000 28,392,000 
Comerica, Inc. 162,500 6,153,875 
First Niagara Financial Group, Inc. 250,000 2,420,000 
Huntington Bancshares, Inc. 650,000 6,201,000 
JPMorgan Chase & Co. 650,000 38,493,000 
KeyCorp 600,000 6,624,000 
M&T Bank Corp. 47,500 5,272,500 
Regions Financial Corp. 1,000,000 7,850,000 
Standard Chartered PLC (United Kingdom) 450,014 3,054,245 
SunTrust Banks, Inc. 350,000 12,628,000 
U.S. Bancorp 300,000 12,177,000 
Wells Fargo & Co. 325,000 15,717,000 
  144,982,620 
Capital Markets - 5.7%   
Ares Capital Corp. 400,000 5,936,000 
Franklin Resources, Inc. 87,500 3,416,875 
KKR & Co. LP 1,300,000 19,097,000 
Morgan Stanley 900,000 22,509,000 
PJT Partners, Inc. (b) 23,750 571,188 
State Street Corp. 350,000 20,482,000 
The Blackstone Group LP 962,500 26,998,125 
  99,010,188 
Diversified Financial Services - 1.1%   
KKR Renaissance Co-Invest LP unit (a)(d) 50,000 4,899,000 
McGraw Hill Financial, Inc. 85,000 8,413,300 
MSCI, Inc. Class A 75,000 5,556,000 
  18,868,300 
Insurance - 3.1%   
American International Group, Inc. 300,000 16,215,000 
Chubb Ltd. 149,812 17,850,100 
MetLife, Inc. 425,000 18,674,500 
Pricoa Global Funding I 12,500 902,750 
  53,642,350 
Thrifts & Mortgage Finance - 1.6%   
MGIC Investment Corp. (a) 650,000 4,985,500 
Radian Group, Inc. 1,784,600 22,129,040 
  27,114,540 
TOTAL FINANCIALS  343,617,998 
HEALTH CARE - 12.3%   
Biotechnology - 4.2%   
AbbVie, Inc. 312,500 17,850,000 
Alnylam Pharmaceuticals, Inc. (a) 17,300 1,085,921 
Amgen, Inc. 110,000 16,492,300 
Biogen, Inc. (a) 35,000 9,111,200 
BioMarin Pharmaceutical, Inc. (a) 40,000 3,299,200 
Celgene Corp. (a) 50,000 5,004,500 
Gilead Sciences, Inc. 150,000 13,779,000 
Intercept Pharmaceuticals, Inc. (a) 17,000 2,183,990 
Spark Therapeutics, Inc. (a) 45,700 1,348,607 
Trevena, Inc. (a) 325,000 2,687,750 
  72,842,468 
Health Care Equipment & Supplies - 1.8%   
Boston Scientific Corp. (a) 500,000 9,405,000 
Medtronic PLC 285,000 21,375,000 
  30,780,000 
Health Care Providers & Services - 1.2%   
Cigna Corp. 35,000 4,803,400 
Express Scripts Holding Co. (a) 112,500 7,727,625 
HealthSouth Corp. warrants 1/17/17 (a) 1,006 2,062 
McKesson Corp. 50,000 7,862,500 
  20,395,587 
Pharmaceuticals - 5.1%   
Astellas Pharma, Inc. 275,000 3,654,615 
GlaxoSmithKline PLC sponsored ADR 400,000 16,220,000 
Jazz Pharmaceuticals PLC (a) 80,000 10,444,000 
Johnson & Johnson 337,500 36,517,500 
Merck & Co., Inc. 200,000 10,582,000 
Teva Pharmaceutical Industries Ltd. sponsored ADR 150,000 8,026,500 
TherapeuticsMD, Inc. (a) 475,000 3,040,000 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 25,000 657,500 
  89,142,115 
TOTAL HEALTH CARE  213,160,170 
INDUSTRIALS - 11.5%   
Aerospace & Defense - 2.2%   
The Boeing Co. 130,000 16,502,200 
United Technologies Corp. 225,000 22,522,500 
  39,024,700 
Air Freight & Logistics - 2.2%   
FedEx Corp. 65,000 10,576,800 
PostNL NV (a) 2,669,100 10,873,065 
United Parcel Service, Inc. Class B 162,500 17,138,875 
  38,588,740 
Airlines - 0.2%   
Copa Holdings SA Class A 62,500 4,234,375 
Construction & Engineering - 0.8%   
Jacobs Engineering Group, Inc. (a) 300,000 13,065,000 
Electrical Equipment - 0.9%   
AMETEK, Inc. 95,000 4,748,100 
Eaton Corp. PLC 170,000 10,635,200 
  15,383,300 
Industrial Conglomerates - 2.0%   
General Electric Co. 1,100,026 34,969,827 
Machinery - 0.9%   
Cummins, Inc. 52,500 5,771,850 
Joy Global, Inc. (b) 87,500 1,406,125 
Rational AG 15,000 8,017,074 
  15,195,049 
Professional Services - 0.5%   
Acacia Research Corp.  2,085,000 7,902,150 
Road & Rail - 1.8%   
Celadon Group, Inc. 500,000 5,240,000 
CSX Corp. 175,000 4,506,250 
Genesee & Wyoming, Inc. Class A (a) 62,500 3,918,750 
J.B. Hunt Transport Services, Inc. 120,000 10,108,800 
Norfolk Southern Corp. 30,000 2,497,500 
Swift Transporation Co. (a) 225,000 4,191,750 
  30,463,050 
TOTAL INDUSTRIALS  198,826,191 
INFORMATION TECHNOLOGY - 19.2%   
Communications Equipment - 2.6%   
Cisco Systems, Inc. 1,600,000 45,552,000 
Electronic Equipment & Components - 0.4%   
TE Connectivity Ltd. 112,500 6,966,000 
Internet Software & Services - 5.5%   
Alphabet, Inc. Class C 68,000 50,656,601 
Facebook, Inc. Class A (a) 230,000 26,243,000 
Rackspace Hosting, Inc. (a) 70,100 1,513,459 
Twitter, Inc. (a) 87,500 1,448,125 
Yahoo!, Inc. (a) 400,000 14,724,000 
  94,585,185 
IT Services - 5.2%   
First Data Corp. 684,816 8,418,443 
IBM Corp. 175,000 26,503,750 
MasterCard, Inc. Class A 150,000 14,175,000 
Paychex, Inc. 150,000 8,101,500 
PayPal Holdings, Inc. (a) 125,000 4,825,000 
Visa, Inc. Class A 375,000 28,680,000 
  90,703,693 
Semiconductors & Semiconductor Equipment - 1.7%   
Qualcomm, Inc. 575,000 29,405,500 
Software - 0.2%   
Mobileye NV (a) 105,000 3,915,450 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 450,000 49,045,500 
EMC Corp. 475,000 12,658,750 
  61,704,250 
TOTAL INFORMATION TECHNOLOGY  332,832,078 
MATERIALS - 3.0%   
Chemicals - 2.0%   
LyondellBasell Industries NV Class A 100,000 8,558,000 
Monsanto Co. 125,000 10,967,500 
Potash Corp. of Saskatchewan, Inc. 300,000 5,107,218 
The Dow Chemical Co. 162,500 8,264,750 
Tronox Ltd. Class A 245,700 1,570,023 
  34,467,491 
Containers & Packaging - 0.6%   
WestRock Co. 250,000 9,757,500 
Metals & Mining - 0.4%   
Freeport-McMoRan, Inc. (b) 350,000 3,619,000 
Randgold Resources Ltd. sponsored ADR 45,000 4,086,450 
  7,705,450 
TOTAL MATERIALS  51,930,441 
TELECOMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 2.6%   
AT&T, Inc. 525,000 20,564,250 
Verizon Communications, Inc. 450,000 24,336,000 
  44,900,250 
UTILITIES - 3.6%   
Electric Utilities - 3.6%   
Entergy Corp. 112,500 8,919,000 
Exelon Corp. 800,000 28,688,000 
PPL Corp. 225,000 8,565,750 
Southern Co. 300,000 15,519,000 
  61,691,750 
TOTAL COMMON STOCKS   
(Cost $1,549,097,080)  1,656,447,432 
 Principal Amount Value 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 3% 2/27/17
(Cost $2,000,000) 		2,000,000 1,866,300 
 Shares Value 
Money Market Funds - 5.2%   
Fidelity Cash Central Fund, 0.39% (f) 76,113,822 76,113,822 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 14,494,625 14,494,625 
TOTAL MONEY MARKET FUNDS   
(Cost $90,608,447)  90,608,447 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $1,641,705,527)  1,748,922,179 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (14,417,855) 
NET ASSETS - 100%  $1,734,504,324 

Legend

 (a) Non-income producing

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

 (c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,617,384 or 1.1% of net assets.

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

 (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 are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
KKR Renaissance Co-Invest LP unit 7/25/13 $5,275,000 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
NJOY, Inc. 6/7/13 - 2/14/14 $878,142 
Tory Burch LLC unit 5/14/15 $5,000,000 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $58,901 
Fidelity Securities Lending Cash Central Fund 205,650 
Total $264,551 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $148,291,597 $134,573,214 $-- $13,718,383 
Consumer Staples 98,109,776 98,109,776 -- -- 
Energy 163,087,181 163,087,181 -- -- 
Financials 343,617,998 338,718,998 -- 4,899,000 
Health Care 213,160,170 209,505,555 3,654,615 -- 
Industrials 198,826,191 198,826,191 -- -- 
Information Technology 332,832,078 324,413,635 8,418,443 -- 
Materials 51,930,441 51,930,441 -- -- 
Telecommunication Services 44,900,250 44,900,250 -- -- 
Utilities 61,691,750 61,691,750 -- -- 
Corporate Bonds 1,866,300 -- 1,866,300 -- 
Money Market Funds 90,608,447 90,608,447 -- -- 
Total Investments in Securities: $1,748,922,179 $1,716,365,438 $13,939,358 $18,617,383 

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

Investments in Securities:  
Beginning Balance $29,469,311 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (2,199,035) 
Cost of Purchases 883,817 
Proceeds of Sales (9,536,710) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $18,617,383 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $(986,835) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.0% 
Ireland 2.4% 
Canada 2.3% 
United Kingdom 1.7% 
Netherlands 1.4% 
Switzerland 1.4% 
Others (Individually Less Than 1%) 1.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,030,982) — See accompanying schedule:
Unaffiliated issuers (cost $1,551,097,080) 		$1,658,313,732  
Fidelity Central Funds (cost $90,608,447) 90,608,447  
Total Investments (cost $1,641,705,527)  $1,748,922,179 
Restricted cash  22,820 
Receivable for investments sold  919,141 
Receivable for fund shares sold  534,295 
Dividends receivable  2,320,725 
Interest receivable  35,667 
Distributions receivable from Fidelity Central Funds  51,538 
Prepaid expenses  1,997 
Other receivables  52,226 
Total assets  1,752,860,588 
Liabilities   
Payable for investments purchased $1,459,875  
Payable for fund shares redeemed 1,529,071  
Accrued management fee 599,160  
Distribution and service plan fees payable 75,219  
Other affiliated payables 108,381  
Other payables and accrued expenses 89,933  
Collateral on securities loaned, at value 14,494,625  
Total liabilities  18,356,264 
Net Assets  $1,734,504,324 
Net Assets consist of:   
Paid in capital  $1,645,454,470 
Undistributed net investment income  8,170,512 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (26,335,767) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  107,215,109 
Net Assets  $1,734,504,324 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,425,080,595 ÷ 70,618,390.9 shares)  $20.18 
Class A:   
Net Asset Value and redemption price per share ($214,124,685 ÷ 10,865,725.5 shares)  $19.71 
Maximum offering price per share (100/94.25 of $19.71)  $20.91 
Class T:   
Net Asset Value and redemption price per share ($29,911,407 ÷ 1,527,669.5 shares)  $19.58 
Maximum offering price per share (100/96.50 of $19.58)  $20.29 
Class B:   
Net Asset Value and offering price per share ($385,393 ÷ 19,706.3 shares)(a)  $19.56 
Class C:   
Net Asset Value and offering price per share ($22,835,179 ÷ 1,190,505.3 shares)(a)  $19.18 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,093,270 ÷ 2,023,784.5 shares)  $20.80 
Class Z:   
Net Asset Value, offering price and redemption price per share ($73,795 ÷ 3,577.6 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $20,728,323 
Interest  52,178 
Income from Fidelity Central Funds  264,551 
Total income  21,045,052 
Expenses   
Management fee $3,631,717  
Transfer agent fees 318,617  
Distribution and service plan fees 456,754  
Accounting and security lending fees 268,397  
Custodian fees and expenses 19,262  
Independent trustees' compensation 3,813  
Depreciation in deferred trustee compensation account (308)  
Registration fees 46,434  
Audit 43,691  
Legal 6,437  
Interest 104  
Miscellaneous 8,524  
Total expenses before reductions 4,803,442  
Expense reductions (6,354) 4,797,088 
Net investment income (loss)  16,247,964 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (19,258,176)  
Foreign currency transactions 2,328  
Total net realized gain (loss)  (19,255,848) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		74,478,946  
Assets and liabilities in foreign currencies (8,010)  
Total change in net unrealized appreciation (depreciation)  74,470,936 
Net gain (loss)  55,215,088 
Net increase (decrease) in net assets resulting from operations  $71,463,052 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,247,964 $34,565,615 
Net realized gain (loss) (19,255,848) 125,335,101 
Change in net unrealized appreciation (depreciation) 74,470,936 (268,820,101) 
Net increase (decrease) in net assets resulting from operations 71,463,052 (108,919,385) 
Distributions to shareholders from net investment income (28,006,100) (25,946,174) 
Distributions to shareholders from net realized gain (111,376,978) (172,571,626) 
Total distributions (139,383,078) (198,517,800) 
Share transactions - net increase (decrease) 66,342,569 (112,378,825) 
Total increase (decrease) in net assets (1,577,457) (419,816,010) 
Net Assets   
Beginning of period 1,736,081,781 2,155,897,791 
End of period (including undistributed net investment income of $8,170,512 and undistributed net investment income of $19,928,648, respectively) $1,734,504,324 $1,736,081,781 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class O

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.04 $24.63 $21.17 $17.53 $13.33 $13.55 
Income from Investment Operations       
Net investment income (loss)A .20 .40 .40 .32 .24 .18 
Net realized and unrealized gain (loss) .66 (1.71) 3.39 3.64 4.19 (.20) 
Total from investment operations .86 (1.31) 3.79 3.96 4.43 (.02) 
Distributions from net investment income (.36) (.31) (.27) (.29) (.20) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.72) (2.28) (.33) (.32) (.23) (.20)B 
Net asset value, end of period $20.18 $21.04 $24.63 $21.17 $17.53 $13.33 
Total ReturnC,D,E 4.25% (5.92)% 18.08% 23.05% 33.55% (.32)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .47%H .50% .51% .51% .51% .51% 
Expenses net of fee waivers, if any .47%H .50% .51% .51% .51% .51% 
Expenses net of all reductions .47%H .50% .50% .49% .51% .50% 
Net investment income (loss) 1.95%H 1.70% 1.69% 1.68% 1.53% 1.20% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,425,081 $1,426,230 $1,866,810 $1,622,353 $1,515,727 $1,268,316 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class A

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.55 $24.12 $20.75 $17.18 $13.07 $13.28 
Income from Investment Operations       
Net investment income (loss)A .16 .31 .32 .26 .19 .13 
Net realized and unrealized gain (loss) .65 (1.67) 3.33 3.58 4.10 (.20) 
Total from investment operations .81 (1.36) 3.65 3.84 4.29 (.07) 
Distributions from net investment income (.29) (.24) (.21) (.24) (.15) (.10) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.65) (2.21) (.28)B (.27) (.18) (.14) 
Net asset value, end of period $19.71 $20.55 $24.12 $20.75 $17.18 $13.07 
Total ReturnC,D,E,F 4.08% (6.25)% 17.71% 22.73% 33.06% (.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .83% .81% .82% .84% .86% 
Expenses net of fee waivers, if any .84%I .83% .81% .82% .84% .86% 
Expenses net of all reductions .84%I .82% .81% .81% .84% .85% 
Net investment income (loss) 1.59%I 1.37% 1.38% 1.37% 1.20% .85% 
Supplemental Data       
Net assets, end of period (000 omitted) $214,125 $212,181 $209,737 $153,940 $127,100 $98,808 
Portfolio turnover rateJ 52%I 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.28 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.064 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class T

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.38 $23.95 $20.61 $17.08 $12.99 $13.21 
Income from Investment Operations       
Net investment income (loss)A .12 .22 .21 .17 .12 .06 
Net realized and unrealized gain (loss) .63 (1.66) 3.32 3.56 4.08 (.19) 
Total from investment operations .75 (1.44) 3.53 3.73 4.20 (.13) 
Distributions from net investment income (.19) (.17) (.13) (.17) (.08) (.05) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.55) (2.13)B (.19) (.20) (.11) (.09) 
Net asset value, end of period $19.58 $20.38 $23.95 $20.61 $17.08 $12.99 
Total ReturnC,D,E 3.84% (6.62)% 17.21% 22.11% 32.46% (1.05)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of fee waivers, if any 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of all reductions 1.24%H 1.23% 1.27% 1.27% 1.28% 1.28% 
Net investment income (loss) 1.19%H .97% .92% .91% .76% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $29,911 $29,482 $23,443 $22,903 $14,874 $11,251 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.13 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class B

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.24 $23.76 $20.41 $16.87 $12.82 $13.04 
Income from Investment Operations       
Net investment income (loss)A .07 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .64 (1.64) 3.29 3.53 4.04 (.19) 
Total from investment operations .71 (1.54) 3.39 3.61 4.08 (.20) 
Distributions from net investment income (.03) (.01) – (.04) –B – 
Distributions from net realized gain (1.36) (1.97) (.04) (.03) (.03) (.02) 
Total distributions (1.39) (1.98) (.04) (.07) (.03) (.02) 
Net asset value, end of period $19.56 $20.24 $23.76 $20.41 $16.87 $12.82 
Total ReturnC,D,E 3.60% (7.10)% 16.60% 21.52% 31.87% (1.57)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of all reductions 1.76%H 1.76% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .44% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $385 $467 $682 $705 $826 $776 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class C

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $19.93 $23.49 $20.28 $16.83 $12.81 $13.04 
Income from Investment Operations       
Net investment income (loss)A .06 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .63 (1.62) 3.26 3.51 4.04 (.19) 
Total from investment operations .69 (1.52) 3.36 3.59 4.08 (.20) 
Distributions from net investment income (.08) (.08) (.09) (.11) (.03) – 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.03) 
Total distributions (1.44) (2.04)B (.15) (.14) (.06) (.03) 
Net asset value, end of period $19.18 $19.93 $23.49 $20.28 $16.83 $12.81 
Total ReturnC,D,E 3.57% (7.09)% 16.62% 21.52% 31.89% (1.58)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of all reductions 1.76%H 1.75% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .45% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,835 $22,879 $22,094 $11,119 $4,775 $3,030 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.04 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class I

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.61 $25.10 $21.56 $17.84 $13.58 $13.82 
Income from Investment Operations       
Net investment income (loss)A .19 .38 .35 .29 .21 .15 
Net realized and unrealized gain (loss) .68 (1.77) 3.49 3.72 4.26 (.20) 
Total from investment operations .87 (1.39) 3.84 4.01 4.47 (.05) 
Distributions from net investment income (.32) (.14) (.23) (.26) (.18) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.68) (2.10)B (.30)C (.29) (.21) (.19) 
Net asset value, end of period $20.80 $21.61 $25.10 $21.56 $17.84 $13.58 
Total ReturnD,E 4.20% (6.06)% 17.93% 22.82% 33.17% (.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .65% .68% .71% .75% .74% 
Expenses net of fee waivers, if any .64%H .64% .68% .71% .75% .74% 
Expenses net of all reductions .64%H .63% .67% .70% .75% .73% 
Net investment income (loss) 1.79%H 1.56% 1.52% 1.48% 1.29% .97% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,093 $44,760 $33,013 $266,008 $223,854 $179,641 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.10 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.965 per share.

 C Total distributions of $.30 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.064 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended March 31, (Unaudited) Years ended September 30,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations     
Net investment income (loss)B .20 .41 .40 .04 
Net realized and unrealized gain (loss) .67 (1.76) 3.47 .08 
Total from investment operations .87 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.31) (.27) – 
Distributions from net realized gain (1.36) (1.97) (.06) – 
Total distributions (1.71) (2.27)C (.34)D – 
Net asset value, end of period $20.63 $21.47 $25.09 $21.56 
Total ReturnE,F 4.24% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .51%I .51% .51% .52%I 
Expenses net of fee waivers, if any .51%I .51% .51% .52%I 
Expenses net of all reductions .51%I .51% .51% .50%I 
Net investment income (loss) 1.92%I 1.69% 1.68% 1.36%I 
Supplemental Data     
Net assets, end of period (000 omitted) $74 $83 $119 $101 
Portfolio turnover rateJ 52%I 53% 55% 55% 

 A For the period August 13, 2013 (commencement of sale of shares) to September 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distribution of $2.27 per share is comprised of distributions from net investment income of $.309 and distributions from net realized gain of $1.965 per share.

 D Total distributions of $.34 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $.064 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 six classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I and Class Z, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans I:O and Destiny Plans I:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 03/31/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $18,617,383 Last transaction price Transaction price $0.13 Increase 
  Market comparable Discount rate 15.0% Decrease 
   EV/EBITDA multiple 8.5 - 11.5 / 9.5 Increase 
   Discount for lack of marketability 15.0% Decrease 
   Probability rate 33.3% Increase 

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


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 March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, passive foreign investment companies (PFIC), deferred trustees compensation, futures contracts, partnerships, market discount and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $267,052,613 
Gross unrealized depreciation (167,407,313) 
Net unrealized appreciation (depreciation) on securities $99,645,300 
Tax cost $1,649,276,879 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

At period end, investments held through this Subsidiary were $4,122,605 representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,670,474 and $481,448,831, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .17% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .42% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $266,906 $2,594 
Class T .25% .25% 74,072 – 
Class B .75% .25% 2,163 1,622 
Class C .75% .25% 113,613 20,303 
   $456,754 $24,519 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $10,930 
Class T 3,398 
Class C(a) 3,496 
 $17,824 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C, Class I and Class Z. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC does not receive a fee for Class O Destiny Plan accounts. FIIOC receives an asset-based fee of Class Z's average net assets. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $67,432 .01 
Class A 137,862 .13 
Class T 40,440 .27 
Class B 640 .30 
Class C 33,942 .30 
Class I 38,283 .18 
Class Z 18 .05 
 $318,617  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $9,768 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $9,075,000 .41% $104 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,953 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,258,000. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $205,650, including $848 from securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,354.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $24,029,700 $23,240,677 
Class A 2,964,199 2,228,099 
Class T 276,577 185,875 
Class B 538 286 
Class C 87,577 80,262 
Class I 646,211 209,650 
Class Z 1,298 1,325 
Total $28,006,100 $25,946,174 
From net realized gain   
Class O $91,032,218 $147,315,868 
Class A 14,095,488 18,017,348 
Class T 1,938,891 2,213,599 
Class B 29,246 56,242 
Class C 1,546,810 1,996,392 
Class I 2,729,338 2,963,753 
Class Z 4,987 8,424 
Total $111,376,978 $172,571,626 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 314,119 2,287,530 $6,329,224 $53,641,943 
Reinvestment of distributions 5,127,850 6,840,387 101,377,738 153,635,091 
Shares redeemed (2,613,435) (17,121,478) (53,302,851) (390,687,724) 
Net increase (decrease) 2,828,534 (7,993,561) $54,404,111 $(183,410,690) 
Class A     
Shares sold 828,715 3,109,762 $16,513,489 $72,097,550 
Reinvestment of distributions 873,334 911,032 16,881,539 20,033,590 
Shares redeemed (1,161,312) (2,391,662) (22,664,105) (54,542,127) 
Net increase (decrease) 540,737 1,629,132 $10,730,923 $37,589,013 
Class T     
Shares sold 191,168 734,570 $3,778,380 $16,881,464 
Reinvestment of distributions 103,040 97,386 1,980,422 2,130,797 
Shares redeemed (213,390) (364,096) (4,183,541) (8,173,269) 
Net increase (decrease) 80,818 467,860 $1,575,261 $10,838,992 
Class B     
Shares sold 44 3,301 $852 $77,862 
Reinvestment of distributions 1,480 2,423 28,467 52,867 
Shares redeemed (4,870) (11,358) (95,400) (258,989) 
Net increase (decrease) (3,346) (5,634) $(66,081) $(128,260) 
Class C     
Shares sold 120,008 407,214 $2,316,090 $9,151,851 
Reinvestment of distributions 81,688 86,086 1,540,645 1,849,987 
Shares redeemed (159,272) (285,644) (3,064,905) (6,367,594) 
Net increase (decrease) 42,424 207,656 $791,830 $4,634,244 
Class I     
Shares sold 261,355 1,334,628 $5,462,021 $32,026,397 
Reinvestment of distributions 157,235 131,239 3,204,452 3,031,625 
Shares redeemed (465,587) (710,295) (9,754,208) (16,937,834) 
Net increase (decrease) (46,997) 755,572 $(1,087,735) $18,120,188 
Class Z     
Shares sold 3 1 $54 $26 
Reinvestment of distributions 311 425 6,285 9,749 
Shares redeemed (588) (1,307) (12,079) (32,087) 
Net increase (decrease) (274) (881) $(5,740) $(22,312) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, one otherwise unaffiliated shareholder was the owner of record of 54% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .47%    
Actual  $1,000.00 $1,042.50 $2.40 
Hypothetical-C  $1,000.00 $1,022.65 $2.38 
Class A .84%    
Actual  $1,000.00 $1,040.80 $4.29 
Hypothetical-C  $1,000.00 $1,020.80 $4.24 
Class T 1.24%    
Actual  $1,000.00 $1,038.40 $6.32 
Hypothetical-C  $1,000.00 $1,018.80 $6.26 
Class B 1.76%    
Actual  $1,000.00 $1,036.00 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class C 1.76%    
Actual  $1,000.00 $1,035.70 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class I .64%    
Actual  $1,000.00 $1,042.00 $3.27 
Hypothetical-C  $1,000.00 $1,021.80 $3.23 
Class Z .51%    
Actual  $1,000.00 $1,042.40 $2.60 
Hypothetical-C  $1,000.00 $1,022.45 $2.58 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESI-SANN-0516
1.814747.110

Fidelity Advisor® Diversified Stock Fund
Class Z



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Alphabet, Inc. Class C 2.9 3.1 
Apple, Inc. 2.8 3.0 
Cisco Systems, Inc. 2.6 2.1 
Procter & Gamble Co. 2.2 2.4 
JPMorgan Chase & Co. 2.2 2.4 
Johnson & Johnson 2.1 2.4 
General Electric Co. 2.0 2.9 
Qualcomm, Inc. 1.7 1.7 
Exelon Corp. 1.7 1.2 
Visa, Inc. Class A 1.6 1.6 
 21.8  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.8 22.1 
Information Technology 19.2 22.4 
Health Care 12.3 11.7 
Industrials 11.5 11.0 
Energy 9.5 7.8 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 95.5% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.4% 


 * Foreign investments - 11.0%


As of September 30, 2015* 
   Stocks 99.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 10.7%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.5%   
Automobiles - 0.9%   
Fiat Chrysler Automobiles NV 200,000 $1,615,818 
General Motors Co. 450,000 14,143,500 
  15,759,318 
Hotels, Restaurants & Leisure - 0.1%   
El Pollo Loco Holdings, Inc. (a)(b) 100,000 1,334,000 
Household Durables - 1.3%   
KB Home 875,000 12,495,000 
Taylor Morrison Home Corp. (a) 336,553 4,752,128 
Tupperware Brands Corp. 100,000 5,798,000 
  23,045,128 
Leisure Products - 1.6%   
Brunswick Corp. 212,500 10,195,750 
New Academy Holding Co. LLC unit (a)(c)(d) 60,000 9,517,800 
NJOY, Inc. (a)(d) 787,487 100,798 
Polaris Industries, Inc. 85,000 8,370,800 
  28,185,148 
Media - 2.1%   
Comcast Corp. Class A 312,500 19,087,500 
Time Warner, Inc. 140,000 10,157,000 
Viacom, Inc. Class B (non-vtg.) 187,500 7,740,000 
  36,984,500 
Multiline Retail - 1.6%   
Dollar General Corp. 75,000 6,420,000 
Target Corp. 250,000 20,570,000 
  26,990,000 
Specialty Retail - 0.7%   
GNC Holdings, Inc. 100,600 3,194,050 
Stage Stores, Inc. (b) 350,300 2,823,418 
TJX Companies, Inc. 75,000 5,876,250 
  11,893,718 
Textiles, Apparel & Luxury Goods - 0.2%   
Tory Burch LLC unit (d)(e) 70,274 4,099,785 
TOTAL CONSUMER DISCRETIONARY  148,291,597 
CONSUMER STAPLES - 5.6%   
Beverages - 1.1%   
Diageo PLC sponsored ADR 75,000 8,090,250 
The Coca-Cola Co. 225,000 10,437,750 
  18,528,000 
Food & Staples Retailing - 1.6%   
CVS Health Corp. 225,000 23,339,250 
Whole Foods Market, Inc. 150,000 4,666,500 
  28,005,750 
Food Products - 0.5%   
Amplify Snack Brands, Inc. (b) 426,800 6,111,776 
B&G Foods, Inc. Class A 100,000 3,481,000 
  9,592,776 
Household Products - 2.2%   
Procter & Gamble Co. 475,000 39,097,250 
Personal Products - 0.2%   
Avon Products, Inc. 600,000 2,886,000 
TOTAL CONSUMER STAPLES  98,109,776 
ENERGY - 9.4%   
Energy Equipment & Services - 0.9%   
Baker Hughes, Inc. 237,500 10,409,625 
Ensco PLC Class A 150,000 1,555,500 
Oceaneering International, Inc. 100,000 3,324,000 
  15,289,125 
Oil, Gas & Consumable Fuels - 8.5%   
Anadarko Petroleum Corp. 162,500 7,567,625 
Apache Corp. 137,500 6,711,375 
Cameco Corp. (b) 175,000 2,246,198 
Chevron Corp. 300,000 28,620,000 
CONSOL Energy, Inc. (b) 450,000 5,080,500 
Energy Transfer Equity LP 1,803,400 12,858,242 
Foresight Energy LP 456,938 511,771 
Imperial Oil Ltd. 275,000 9,187,488 
Kinder Morgan, Inc. 450,000 8,037,000 
PDC Energy, Inc. (a) 5,500 326,975 
Suncor Energy, Inc. 850,000 23,672,377 
Teekay Offshore Partners LP 147,002 833,501 
The Williams Companies, Inc. 1,442,700 23,184,189 
Trilogy Energy Corp. (a) 100,000 275,650 
Williams Partners LP 913,700 18,685,165 
  147,798,056 
TOTAL ENERGY  163,087,181 
FINANCIALS - 19.8%   
Banks - 8.3%   
Bank of America Corp. 2,100,000 28,392,000 
Comerica, Inc. 162,500 6,153,875 
First Niagara Financial Group, Inc. 250,000 2,420,000 
Huntington Bancshares, Inc. 650,000 6,201,000 
JPMorgan Chase & Co. 650,000 38,493,000 
KeyCorp 600,000 6,624,000 
M&T Bank Corp. 47,500 5,272,500 
Regions Financial Corp. 1,000,000 7,850,000 
Standard Chartered PLC (United Kingdom) 450,014 3,054,245 
SunTrust Banks, Inc. 350,000 12,628,000 
U.S. Bancorp 300,000 12,177,000 
Wells Fargo & Co. 325,000 15,717,000 
  144,982,620 
Capital Markets - 5.7%   
Ares Capital Corp. 400,000 5,936,000 
Franklin Resources, Inc. 87,500 3,416,875 
KKR & Co. LP 1,300,000 19,097,000 
Morgan Stanley 900,000 22,509,000 
PJT Partners, Inc. (b) 23,750 571,188 
State Street Corp. 350,000 20,482,000 
The Blackstone Group LP 962,500 26,998,125 
  99,010,188 
Diversified Financial Services - 1.1%   
KKR Renaissance Co-Invest LP unit (a)(d) 50,000 4,899,000 
McGraw Hill Financial, Inc. 85,000 8,413,300 
MSCI, Inc. Class A 75,000 5,556,000 
  18,868,300 
Insurance - 3.1%   
American International Group, Inc. 300,000 16,215,000 
Chubb Ltd. 149,812 17,850,100 
MetLife, Inc. 425,000 18,674,500 
Pricoa Global Funding I 12,500 902,750 
  53,642,350 
Thrifts & Mortgage Finance - 1.6%   
MGIC Investment Corp. (a) 650,000 4,985,500 
Radian Group, Inc. 1,784,600 22,129,040 
  27,114,540 
TOTAL FINANCIALS  343,617,998 
HEALTH CARE - 12.3%   
Biotechnology - 4.2%   
AbbVie, Inc. 312,500 17,850,000 
Alnylam Pharmaceuticals, Inc. (a) 17,300 1,085,921 
Amgen, Inc. 110,000 16,492,300 
Biogen, Inc. (a) 35,000 9,111,200 
BioMarin Pharmaceutical, Inc. (a) 40,000 3,299,200 
Celgene Corp. (a) 50,000 5,004,500 
Gilead Sciences, Inc. 150,000 13,779,000 
Intercept Pharmaceuticals, Inc. (a) 17,000 2,183,990 
Spark Therapeutics, Inc. (a) 45,700 1,348,607 
Trevena, Inc. (a) 325,000 2,687,750 
  72,842,468 
Health Care Equipment & Supplies - 1.8%   
Boston Scientific Corp. (a) 500,000 9,405,000 
Medtronic PLC 285,000 21,375,000 
  30,780,000 
Health Care Providers & Services - 1.2%   
Cigna Corp. 35,000 4,803,400 
Express Scripts Holding Co. (a) 112,500 7,727,625 
HealthSouth Corp. warrants 1/17/17 (a) 1,006 2,062 
McKesson Corp. 50,000 7,862,500 
  20,395,587 
Pharmaceuticals - 5.1%   
Astellas Pharma, Inc. 275,000 3,654,615 
GlaxoSmithKline PLC sponsored ADR 400,000 16,220,000 
Jazz Pharmaceuticals PLC (a) 80,000 10,444,000 
Johnson & Johnson 337,500 36,517,500 
Merck & Co., Inc. 200,000 10,582,000 
Teva Pharmaceutical Industries Ltd. sponsored ADR 150,000 8,026,500 
TherapeuticsMD, Inc. (a) 475,000 3,040,000 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 25,000 657,500 
  89,142,115 
TOTAL HEALTH CARE  213,160,170 
INDUSTRIALS - 11.5%   
Aerospace & Defense - 2.2%   
The Boeing Co. 130,000 16,502,200 
United Technologies Corp. 225,000 22,522,500 
  39,024,700 
Air Freight & Logistics - 2.2%   
FedEx Corp. 65,000 10,576,800 
PostNL NV (a) 2,669,100 10,873,065 
United Parcel Service, Inc. Class B 162,500 17,138,875 
  38,588,740 
Airlines - 0.2%   
Copa Holdings SA Class A 62,500 4,234,375 
Construction & Engineering - 0.8%   
Jacobs Engineering Group, Inc. (a) 300,000 13,065,000 
Electrical Equipment - 0.9%   
AMETEK, Inc. 95,000 4,748,100 
Eaton Corp. PLC 170,000 10,635,200 
  15,383,300 
Industrial Conglomerates - 2.0%   
General Electric Co. 1,100,026 34,969,827 
Machinery - 0.9%   
Cummins, Inc. 52,500 5,771,850 
Joy Global, Inc. (b) 87,500 1,406,125 
Rational AG 15,000 8,017,074 
  15,195,049 
Professional Services - 0.5%   
Acacia Research Corp.  2,085,000 7,902,150 
Road & Rail - 1.8%   
Celadon Group, Inc. 500,000 5,240,000 
CSX Corp. 175,000 4,506,250 
Genesee & Wyoming, Inc. Class A (a) 62,500 3,918,750 
J.B. Hunt Transport Services, Inc. 120,000 10,108,800 
Norfolk Southern Corp. 30,000 2,497,500 
Swift Transporation Co. (a) 225,000 4,191,750 
  30,463,050 
TOTAL INDUSTRIALS  198,826,191 
INFORMATION TECHNOLOGY - 19.2%   
Communications Equipment - 2.6%   
Cisco Systems, Inc. 1,600,000 45,552,000 
Electronic Equipment & Components - 0.4%   
TE Connectivity Ltd. 112,500 6,966,000 
Internet Software & Services - 5.5%   
Alphabet, Inc. Class C 68,000 50,656,601 
Facebook, Inc. Class A (a) 230,000 26,243,000 
Rackspace Hosting, Inc. (a) 70,100 1,513,459 
Twitter, Inc. (a) 87,500 1,448,125 
Yahoo!, Inc. (a) 400,000 14,724,000 
  94,585,185 
IT Services - 5.2%   
First Data Corp. 684,816 8,418,443 
IBM Corp. 175,000 26,503,750 
MasterCard, Inc. Class A 150,000 14,175,000 
Paychex, Inc. 150,000 8,101,500 
PayPal Holdings, Inc. (a) 125,000 4,825,000 
Visa, Inc. Class A 375,000 28,680,000 
  90,703,693 
Semiconductors & Semiconductor Equipment - 1.7%   
Qualcomm, Inc. 575,000 29,405,500 
Software - 0.2%   
Mobileye NV (a) 105,000 3,915,450 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 450,000 49,045,500 
EMC Corp. 475,000 12,658,750 
  61,704,250 
TOTAL INFORMATION TECHNOLOGY  332,832,078 
MATERIALS - 3.0%   
Chemicals - 2.0%   
LyondellBasell Industries NV Class A 100,000 8,558,000 
Monsanto Co. 125,000 10,967,500 
Potash Corp. of Saskatchewan, Inc. 300,000 5,107,218 
The Dow Chemical Co. 162,500 8,264,750 
Tronox Ltd. Class A 245,700 1,570,023 
  34,467,491 
Containers & Packaging - 0.6%   
WestRock Co. 250,000 9,757,500 
Metals & Mining - 0.4%   
Freeport-McMoRan, Inc. (b) 350,000 3,619,000 
Randgold Resources Ltd. sponsored ADR 45,000 4,086,450 
  7,705,450 
TOTAL MATERIALS  51,930,441 
TELECOMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 2.6%   
AT&T, Inc. 525,000 20,564,250 
Verizon Communications, Inc. 450,000 24,336,000 
  44,900,250 
UTILITIES - 3.6%   
Electric Utilities - 3.6%   
Entergy Corp. 112,500 8,919,000 
Exelon Corp. 800,000 28,688,000 
PPL Corp. 225,000 8,565,750 
Southern Co. 300,000 15,519,000 
  61,691,750 
TOTAL COMMON STOCKS   
(Cost $1,549,097,080)  1,656,447,432 
 Principal Amount Value 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 3% 2/27/17
(Cost $2,000,000) 		2,000,000 1,866,300 
 Shares Value 
Money Market Funds - 5.2%   
Fidelity Cash Central Fund, 0.39% (f) 76,113,822 76,113,822 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 14,494,625 14,494,625 
TOTAL MONEY MARKET FUNDS   
(Cost $90,608,447)  90,608,447 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $1,641,705,527)  1,748,922,179 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (14,417,855) 
NET ASSETS - 100%  $1,734,504,324 

Legend

 (a) Non-income producing

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

 (c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,617,384 or 1.1% of net assets.

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

 (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 are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
KKR Renaissance Co-Invest LP unit 7/25/13 $5,275,000 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
NJOY, Inc. 6/7/13 - 2/14/14 $878,142 
Tory Burch LLC unit 5/14/15 $5,000,000 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $58,901 
Fidelity Securities Lending Cash Central Fund 205,650 
Total $264,551 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $148,291,597 $134,573,214 $-- $13,718,383 
Consumer Staples 98,109,776 98,109,776 -- -- 
Energy 163,087,181 163,087,181 -- -- 
Financials 343,617,998 338,718,998 -- 4,899,000 
Health Care 213,160,170 209,505,555 3,654,615 -- 
Industrials 198,826,191 198,826,191 -- -- 
Information Technology 332,832,078 324,413,635 8,418,443 -- 
Materials 51,930,441 51,930,441 -- -- 
Telecommunication Services 44,900,250 44,900,250 -- -- 
Utilities 61,691,750 61,691,750 -- -- 
Corporate Bonds 1,866,300 -- 1,866,300 -- 
Money Market Funds 90,608,447 90,608,447 -- -- 
Total Investments in Securities: $1,748,922,179 $1,716,365,438 $13,939,358 $18,617,383 

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

Investments in Securities:  
Beginning Balance $29,469,311 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (2,199,035) 
Cost of Purchases 883,817 
Proceeds of Sales (9,536,710) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $18,617,383 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $(986,835) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.0% 
Ireland 2.4% 
Canada 2.3% 
United Kingdom 1.7% 
Netherlands 1.4% 
Switzerland 1.4% 
Others (Individually Less Than 1%) 1.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,030,982) — See accompanying schedule:
Unaffiliated issuers (cost $1,551,097,080) 		$1,658,313,732  
Fidelity Central Funds (cost $90,608,447) 90,608,447  
Total Investments (cost $1,641,705,527)  $1,748,922,179 
Restricted cash  22,820 
Receivable for investments sold  919,141 
Receivable for fund shares sold  534,295 
Dividends receivable  2,320,725 
Interest receivable  35,667 
Distributions receivable from Fidelity Central Funds  51,538 
Prepaid expenses  1,997 
Other receivables  52,226 
Total assets  1,752,860,588 
Liabilities   
Payable for investments purchased $1,459,875  
Payable for fund shares redeemed 1,529,071  
Accrued management fee 599,160  
Distribution and service plan fees payable 75,219  
Other affiliated payables 108,381  
Other payables and accrued expenses 89,933  
Collateral on securities loaned, at value 14,494,625  
Total liabilities  18,356,264 
Net Assets  $1,734,504,324 
Net Assets consist of:   
Paid in capital  $1,645,454,470 
Undistributed net investment income  8,170,512 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (26,335,767) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  107,215,109 
Net Assets  $1,734,504,324 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,425,080,595 ÷ 70,618,390.9 shares)  $20.18 
Class A:   
Net Asset Value and redemption price per share ($214,124,685 ÷ 10,865,725.5 shares)  $19.71 
Maximum offering price per share (100/94.25 of $19.71)  $20.91 
Class T:   
Net Asset Value and redemption price per share ($29,911,407 ÷ 1,527,669.5 shares)  $19.58 
Maximum offering price per share (100/96.50 of $19.58)  $20.29 
Class B:   
Net Asset Value and offering price per share ($385,393 ÷ 19,706.3 shares)(a)  $19.56 
Class C:   
Net Asset Value and offering price per share ($22,835,179 ÷ 1,190,505.3 shares)(a)  $19.18 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,093,270 ÷ 2,023,784.5 shares)  $20.80 
Class Z:   
Net Asset Value, offering price and redemption price per share ($73,795 ÷ 3,577.6 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $20,728,323 
Interest  52,178 
Income from Fidelity Central Funds  264,551 
Total income  21,045,052 
Expenses   
Management fee $3,631,717  
Transfer agent fees 318,617  
Distribution and service plan fees 456,754  
Accounting and security lending fees 268,397  
Custodian fees and expenses 19,262  
Independent trustees' compensation 3,813  
Depreciation in deferred trustee compensation account (308)  
Registration fees 46,434  
Audit 43,691  
Legal 6,437  
Interest 104  
Miscellaneous 8,524  
Total expenses before reductions 4,803,442  
Expense reductions (6,354) 4,797,088 
Net investment income (loss)  16,247,964 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (19,258,176)  
Foreign currency transactions 2,328  
Total net realized gain (loss)  (19,255,848) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		74,478,946  
Assets and liabilities in foreign currencies (8,010)  
Total change in net unrealized appreciation (depreciation)  74,470,936 
Net gain (loss)  55,215,088 
Net increase (decrease) in net assets resulting from operations  $71,463,052 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,247,964 $34,565,615 
Net realized gain (loss) (19,255,848) 125,335,101 
Change in net unrealized appreciation (depreciation) 74,470,936 (268,820,101) 
Net increase (decrease) in net assets resulting from operations 71,463,052 (108,919,385) 
Distributions to shareholders from net investment income (28,006,100) (25,946,174) 
Distributions to shareholders from net realized gain (111,376,978) (172,571,626) 
Total distributions (139,383,078) (198,517,800) 
Share transactions - net increase (decrease) 66,342,569 (112,378,825) 
Total increase (decrease) in net assets (1,577,457) (419,816,010) 
Net Assets   
Beginning of period 1,736,081,781 2,155,897,791 
End of period (including undistributed net investment income of $8,170,512 and undistributed net investment income of $19,928,648, respectively) $1,734,504,324 $1,736,081,781 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class O

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.04 $24.63 $21.17 $17.53 $13.33 $13.55 
Income from Investment Operations       
Net investment income (loss)A .20 .40 .40 .32 .24 .18 
Net realized and unrealized gain (loss) .66 (1.71) 3.39 3.64 4.19 (.20) 
Total from investment operations .86 (1.31) 3.79 3.96 4.43 (.02) 
Distributions from net investment income (.36) (.31) (.27) (.29) (.20) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.72) (2.28) (.33) (.32) (.23) (.20)B 
Net asset value, end of period $20.18 $21.04 $24.63 $21.17 $17.53 $13.33 
Total ReturnC,D,E 4.25% (5.92)% 18.08% 23.05% 33.55% (.32)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .47%H .50% .51% .51% .51% .51% 
Expenses net of fee waivers, if any .47%H .50% .51% .51% .51% .51% 
Expenses net of all reductions .47%H .50% .50% .49% .51% .50% 
Net investment income (loss) 1.95%H 1.70% 1.69% 1.68% 1.53% 1.20% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,425,081 $1,426,230 $1,866,810 $1,622,353 $1,515,727 $1,268,316 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class A

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.55 $24.12 $20.75 $17.18 $13.07 $13.28 
Income from Investment Operations       
Net investment income (loss)A .16 .31 .32 .26 .19 .13 
Net realized and unrealized gain (loss) .65 (1.67) 3.33 3.58 4.10 (.20) 
Total from investment operations .81 (1.36) 3.65 3.84 4.29 (.07) 
Distributions from net investment income (.29) (.24) (.21) (.24) (.15) (.10) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.65) (2.21) (.28)B (.27) (.18) (.14) 
Net asset value, end of period $19.71 $20.55 $24.12 $20.75 $17.18 $13.07 
Total ReturnC,D,E,F 4.08% (6.25)% 17.71% 22.73% 33.06% (.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .83% .81% .82% .84% .86% 
Expenses net of fee waivers, if any .84%I .83% .81% .82% .84% .86% 
Expenses net of all reductions .84%I .82% .81% .81% .84% .85% 
Net investment income (loss) 1.59%I 1.37% 1.38% 1.37% 1.20% .85% 
Supplemental Data       
Net assets, end of period (000 omitted) $214,125 $212,181 $209,737 $153,940 $127,100 $98,808 
Portfolio turnover rateJ 52%I 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.28 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.064 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class T

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.38 $23.95 $20.61 $17.08 $12.99 $13.21 
Income from Investment Operations       
Net investment income (loss)A .12 .22 .21 .17 .12 .06 
Net realized and unrealized gain (loss) .63 (1.66) 3.32 3.56 4.08 (.19) 
Total from investment operations .75 (1.44) 3.53 3.73 4.20 (.13) 
Distributions from net investment income (.19) (.17) (.13) (.17) (.08) (.05) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.55) (2.13)B (.19) (.20) (.11) (.09) 
Net asset value, end of period $19.58 $20.38 $23.95 $20.61 $17.08 $12.99 
Total ReturnC,D,E 3.84% (6.62)% 17.21% 22.11% 32.46% (1.05)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of fee waivers, if any 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of all reductions 1.24%H 1.23% 1.27% 1.27% 1.28% 1.28% 
Net investment income (loss) 1.19%H .97% .92% .91% .76% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $29,911 $29,482 $23,443 $22,903 $14,874 $11,251 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.13 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class B

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.24 $23.76 $20.41 $16.87 $12.82 $13.04 
Income from Investment Operations       
Net investment income (loss)A .07 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .64 (1.64) 3.29 3.53 4.04 (.19) 
Total from investment operations .71 (1.54) 3.39 3.61 4.08 (.20) 
Distributions from net investment income (.03) (.01) – (.04) –B – 
Distributions from net realized gain (1.36) (1.97) (.04) (.03) (.03) (.02) 
Total distributions (1.39) (1.98) (.04) (.07) (.03) (.02) 
Net asset value, end of period $19.56 $20.24 $23.76 $20.41 $16.87 $12.82 
Total ReturnC,D,E 3.60% (7.10)% 16.60% 21.52% 31.87% (1.57)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of all reductions 1.76%H 1.76% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .44% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $385 $467 $682 $705 $826 $776 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class C

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $19.93 $23.49 $20.28 $16.83 $12.81 $13.04 
Income from Investment Operations       
Net investment income (loss)A .06 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .63 (1.62) 3.26 3.51 4.04 (.19) 
Total from investment operations .69 (1.52) 3.36 3.59 4.08 (.20) 
Distributions from net investment income (.08) (.08) (.09) (.11) (.03) – 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.03) 
Total distributions (1.44) (2.04)B (.15) (.14) (.06) (.03) 
Net asset value, end of period $19.18 $19.93 $23.49 $20.28 $16.83 $12.81 
Total ReturnC,D,E 3.57% (7.09)% 16.62% 21.52% 31.89% (1.58)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of all reductions 1.76%H 1.75% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .45% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,835 $22,879 $22,094 $11,119 $4,775 $3,030 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.04 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class I

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.61 $25.10 $21.56 $17.84 $13.58 $13.82 
Income from Investment Operations       
Net investment income (loss)A .19 .38 .35 .29 .21 .15 
Net realized and unrealized gain (loss) .68 (1.77) 3.49 3.72 4.26 (.20) 
Total from investment operations .87 (1.39) 3.84 4.01 4.47 (.05) 
Distributions from net investment income (.32) (.14) (.23) (.26) (.18) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.68) (2.10)B (.30)C (.29) (.21) (.19) 
Net asset value, end of period $20.80 $21.61 $25.10 $21.56 $17.84 $13.58 
Total ReturnD,E 4.20% (6.06)% 17.93% 22.82% 33.17% (.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .65% .68% .71% .75% .74% 
Expenses net of fee waivers, if any .64%H .64% .68% .71% .75% .74% 
Expenses net of all reductions .64%H .63% .67% .70% .75% .73% 
Net investment income (loss) 1.79%H 1.56% 1.52% 1.48% 1.29% .97% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,093 $44,760 $33,013 $266,008 $223,854 $179,641 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.10 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.965 per share.

 C Total distributions of $.30 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.064 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended March 31, (Unaudited) Years ended September 30,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations     
Net investment income (loss)B .20 .41 .40 .04 
Net realized and unrealized gain (loss) .67 (1.76) 3.47 .08 
Total from investment operations .87 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.31) (.27) – 
Distributions from net realized gain (1.36) (1.97) (.06) – 
Total distributions (1.71) (2.27)C (.34)D – 
Net asset value, end of period $20.63 $21.47 $25.09 $21.56 
Total ReturnE,F 4.24% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .51%I .51% .51% .52%I 
Expenses net of fee waivers, if any .51%I .51% .51% .52%I 
Expenses net of all reductions .51%I .51% .51% .50%I 
Net investment income (loss) 1.92%I 1.69% 1.68% 1.36%I 
Supplemental Data     
Net assets, end of period (000 omitted) $74 $83 $119 $101 
Portfolio turnover rateJ 52%I 53% 55% 55% 

 A For the period August 13, 2013 (commencement of sale of shares) to September 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distribution of $2.27 per share is comprised of distributions from net investment income of $.309 and distributions from net realized gain of $1.965 per share.

 D Total distributions of $.34 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $.064 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 six classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I and Class Z, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans I:O and Destiny Plans I:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 03/31/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $18,617,383 Last transaction price Transaction price $0.13 Increase 
  Market comparable Discount rate 15.0% Decrease 
   EV/EBITDA multiple 8.5 - 11.5 / 9.5 Increase 
   Discount for lack of marketability 15.0% Decrease 
   Probability rate 33.3% Increase 

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


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 March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, passive foreign investment companies (PFIC), deferred trustees compensation, futures contracts, partnerships, market discount and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $267,052,613 
Gross unrealized depreciation (167,407,313) 
Net unrealized appreciation (depreciation) on securities $99,645,300 
Tax cost $1,649,276,879 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

At period end, investments held through this Subsidiary were $4,122,605 representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,670,474 and $481,448,831, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .17% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .42% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $266,906 $2,594 
Class T .25% .25% 74,072 – 
Class B .75% .25% 2,163 1,622 
Class C .75% .25% 113,613 20,303 
   $456,754 $24,519 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $10,930 
Class T 3,398 
Class C(a) 3,496 
 $17,824 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C, Class I and Class Z. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC does not receive a fee for Class O Destiny Plan accounts. FIIOC receives an asset-based fee of Class Z's average net assets. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $67,432 .01 
Class A 137,862 .13 
Class T 40,440 .27 
Class B 640 .30 
Class C 33,942 .30 
Class I 38,283 .18 
Class Z 18 .05 
 $318,617  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $9,768 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $9,075,000 .41% $104 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,953 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,258,000. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $205,650, including $848 from securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,354.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $24,029,700 $23,240,677 
Class A 2,964,199 2,228,099 
Class T 276,577 185,875 
Class B 538 286 
Class C 87,577 80,262 
Class I 646,211 209,650 
Class Z 1,298 1,325 
Total $28,006,100 $25,946,174 
From net realized gain   
Class O $91,032,218 $147,315,868 
Class A 14,095,488 18,017,348 
Class T 1,938,891 2,213,599 
Class B 29,246 56,242 
Class C 1,546,810 1,996,392 
Class I 2,729,338 2,963,753 
Class Z 4,987 8,424 
Total $111,376,978 $172,571,626 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 314,119 2,287,530 $6,329,224 $53,641,943 
Reinvestment of distributions 5,127,850 6,840,387 101,377,738 153,635,091 
Shares redeemed (2,613,435) (17,121,478) (53,302,851) (390,687,724) 
Net increase (decrease) 2,828,534 (7,993,561) $54,404,111 $(183,410,690) 
Class A     
Shares sold 828,715 3,109,762 $16,513,489 $72,097,550 
Reinvestment of distributions 873,334 911,032 16,881,539 20,033,590 
Shares redeemed (1,161,312) (2,391,662) (22,664,105) (54,542,127) 
Net increase (decrease) 540,737 1,629,132 $10,730,923 $37,589,013 
Class T     
Shares sold 191,168 734,570 $3,778,380 $16,881,464 
Reinvestment of distributions 103,040 97,386 1,980,422 2,130,797 
Shares redeemed (213,390) (364,096) (4,183,541) (8,173,269) 
Net increase (decrease) 80,818 467,860 $1,575,261 $10,838,992 
Class B     
Shares sold 44 3,301 $852 $77,862 
Reinvestment of distributions 1,480 2,423 28,467 52,867 
Shares redeemed (4,870) (11,358) (95,400) (258,989) 
Net increase (decrease) (3,346) (5,634) $(66,081) $(128,260) 
Class C     
Shares sold 120,008 407,214 $2,316,090 $9,151,851 
Reinvestment of distributions 81,688 86,086 1,540,645 1,849,987 
Shares redeemed (159,272) (285,644) (3,064,905) (6,367,594) 
Net increase (decrease) 42,424 207,656 $791,830 $4,634,244 
Class I     
Shares sold 261,355 1,334,628 $5,462,021 $32,026,397 
Reinvestment of distributions 157,235 131,239 3,204,452 3,031,625 
Shares redeemed (465,587) (710,295) (9,754,208) (16,937,834) 
Net increase (decrease) (46,997) 755,572 $(1,087,735) $18,120,188 
Class Z     
Shares sold 3 1 $54 $26 
Reinvestment of distributions 311 425 6,285 9,749 
Shares redeemed (588) (1,307) (12,079) (32,087) 
Net increase (decrease) (274) (881) $(5,740) $(22,312) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, one otherwise unaffiliated shareholder was the owner of record of 54% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .47%    
Actual  $1,000.00 $1,042.50 $2.40 
Hypothetical-C  $1,000.00 $1,022.65 $2.38 
Class A .84%    
Actual  $1,000.00 $1,040.80 $4.29 
Hypothetical-C  $1,000.00 $1,020.80 $4.24 
Class T 1.24%    
Actual  $1,000.00 $1,038.40 $6.32 
Hypothetical-C  $1,000.00 $1,018.80 $6.26 
Class B 1.76%    
Actual  $1,000.00 $1,036.00 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class C 1.76%    
Actual  $1,000.00 $1,035.70 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class I .64%    
Actual  $1,000.00 $1,042.00 $3.27 
Hypothetical-C  $1,000.00 $1,021.80 $3.23 
Class Z .51%    
Actual  $1,000.00 $1,042.40 $2.60 
Hypothetical-C  $1,000.00 $1,022.45 $2.58 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESZ-SANN-0516
1.9584712.102



Fidelity® Destiny® Portfolios:

Fidelity Advisor® Diversified Stock Fund
Class A



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Alphabet, Inc. Class C 2.9 3.1 
Apple, Inc. 2.8 3.0 
Cisco Systems, Inc. 2.6 2.1 
Procter & Gamble Co. 2.2 2.4 
JPMorgan Chase & Co. 2.2 2.4 
Johnson & Johnson 2.1 2.4 
General Electric Co. 2.0 2.9 
Qualcomm, Inc. 1.7 1.7 
Exelon Corp. 1.7 1.2 
Visa, Inc. Class A 1.6 1.6 
 21.8  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.8 22.1 
Information Technology 19.2 22.4 
Health Care 12.3 11.7 
Industrials 11.5 11.0 
Energy 9.5 7.8 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 95.5% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.4% 


 * Foreign investments - 11.0%


As of September 30, 2015* 
   Stocks 99.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 10.7%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.5%   
Automobiles - 0.9%   
Fiat Chrysler Automobiles NV 200,000 $1,615,818 
General Motors Co. 450,000 14,143,500 
  15,759,318 
Hotels, Restaurants & Leisure - 0.1%   
El Pollo Loco Holdings, Inc. (a)(b) 100,000 1,334,000 
Household Durables - 1.3%   
KB Home 875,000 12,495,000 
Taylor Morrison Home Corp. (a) 336,553 4,752,128 
Tupperware Brands Corp. 100,000 5,798,000 
  23,045,128 
Leisure Products - 1.6%   
Brunswick Corp. 212,500 10,195,750 
New Academy Holding Co. LLC unit (a)(c)(d) 60,000 9,517,800 
NJOY, Inc. (a)(d) 787,487 100,798 
Polaris Industries, Inc. 85,000 8,370,800 
  28,185,148 
Media - 2.1%   
Comcast Corp. Class A 312,500 19,087,500 
Time Warner, Inc. 140,000 10,157,000 
Viacom, Inc. Class B (non-vtg.) 187,500 7,740,000 
  36,984,500 
Multiline Retail - 1.6%   
Dollar General Corp. 75,000 6,420,000 
Target Corp. 250,000 20,570,000 
  26,990,000 
Specialty Retail - 0.7%   
GNC Holdings, Inc. 100,600 3,194,050 
Stage Stores, Inc. (b) 350,300 2,823,418 
TJX Companies, Inc. 75,000 5,876,250 
  11,893,718 
Textiles, Apparel & Luxury Goods - 0.2%   
Tory Burch LLC unit (d)(e) 70,274 4,099,785 
TOTAL CONSUMER DISCRETIONARY  148,291,597 
CONSUMER STAPLES - 5.6%   
Beverages - 1.1%   
Diageo PLC sponsored ADR 75,000 8,090,250 
The Coca-Cola Co. 225,000 10,437,750 
  18,528,000 
Food & Staples Retailing - 1.6%   
CVS Health Corp. 225,000 23,339,250 
Whole Foods Market, Inc. 150,000 4,666,500 
  28,005,750 
Food Products - 0.5%   
Amplify Snack Brands, Inc. (b) 426,800 6,111,776 
B&G Foods, Inc. Class A 100,000 3,481,000 
  9,592,776 
Household Products - 2.2%   
Procter & Gamble Co. 475,000 39,097,250 
Personal Products - 0.2%   
Avon Products, Inc. 600,000 2,886,000 
TOTAL CONSUMER STAPLES  98,109,776 
ENERGY - 9.4%   
Energy Equipment & Services - 0.9%   
Baker Hughes, Inc. 237,500 10,409,625 
Ensco PLC Class A 150,000 1,555,500 
Oceaneering International, Inc. 100,000 3,324,000 
  15,289,125 
Oil, Gas & Consumable Fuels - 8.5%   
Anadarko Petroleum Corp. 162,500 7,567,625 
Apache Corp. 137,500 6,711,375 
Cameco Corp. (b) 175,000 2,246,198 
Chevron Corp. 300,000 28,620,000 
CONSOL Energy, Inc. (b) 450,000 5,080,500 
Energy Transfer Equity LP 1,803,400 12,858,242 
Foresight Energy LP 456,938 511,771 
Imperial Oil Ltd. 275,000 9,187,488 
Kinder Morgan, Inc. 450,000 8,037,000 
PDC Energy, Inc. (a) 5,500 326,975 
Suncor Energy, Inc. 850,000 23,672,377 
Teekay Offshore Partners LP 147,002 833,501 
The Williams Companies, Inc. 1,442,700 23,184,189 
Trilogy Energy Corp. (a) 100,000 275,650 
Williams Partners LP 913,700 18,685,165 
  147,798,056 
TOTAL ENERGY  163,087,181 
FINANCIALS - 19.8%   
Banks - 8.3%   
Bank of America Corp. 2,100,000 28,392,000 
Comerica, Inc. 162,500 6,153,875 
First Niagara Financial Group, Inc. 250,000 2,420,000 
Huntington Bancshares, Inc. 650,000 6,201,000 
JPMorgan Chase & Co. 650,000 38,493,000 
KeyCorp 600,000 6,624,000 
M&T Bank Corp. 47,500 5,272,500 
Regions Financial Corp. 1,000,000 7,850,000 
Standard Chartered PLC (United Kingdom) 450,014 3,054,245 
SunTrust Banks, Inc. 350,000 12,628,000 
U.S. Bancorp 300,000 12,177,000 
Wells Fargo & Co. 325,000 15,717,000 
  144,982,620 
Capital Markets - 5.7%   
Ares Capital Corp. 400,000 5,936,000 
Franklin Resources, Inc. 87,500 3,416,875 
KKR & Co. LP 1,300,000 19,097,000 
Morgan Stanley 900,000 22,509,000 
PJT Partners, Inc. (b) 23,750 571,188 
State Street Corp. 350,000 20,482,000 
The Blackstone Group LP 962,500 26,998,125 
  99,010,188 
Diversified Financial Services - 1.1%   
KKR Renaissance Co-Invest LP unit (a)(d) 50,000 4,899,000 
McGraw Hill Financial, Inc. 85,000 8,413,300 
MSCI, Inc. Class A 75,000 5,556,000 
  18,868,300 
Insurance - 3.1%   
American International Group, Inc. 300,000 16,215,000 
Chubb Ltd. 149,812 17,850,100 
MetLife, Inc. 425,000 18,674,500 
Pricoa Global Funding I 12,500 902,750 
  53,642,350 
Thrifts & Mortgage Finance - 1.6%   
MGIC Investment Corp. (a) 650,000 4,985,500 
Radian Group, Inc. 1,784,600 22,129,040 
  27,114,540 
TOTAL FINANCIALS  343,617,998 
HEALTH CARE - 12.3%   
Biotechnology - 4.2%   
AbbVie, Inc. 312,500 17,850,000 
Alnylam Pharmaceuticals, Inc. (a) 17,300 1,085,921 
Amgen, Inc. 110,000 16,492,300 
Biogen, Inc. (a) 35,000 9,111,200 
BioMarin Pharmaceutical, Inc. (a) 40,000 3,299,200 
Celgene Corp. (a) 50,000 5,004,500 
Gilead Sciences, Inc. 150,000 13,779,000 
Intercept Pharmaceuticals, Inc. (a) 17,000 2,183,990 
Spark Therapeutics, Inc. (a) 45,700 1,348,607 
Trevena, Inc. (a) 325,000 2,687,750 
  72,842,468 
Health Care Equipment & Supplies - 1.8%   
Boston Scientific Corp. (a) 500,000 9,405,000 
Medtronic PLC 285,000 21,375,000 
  30,780,000 
Health Care Providers & Services - 1.2%   
Cigna Corp. 35,000 4,803,400 
Express Scripts Holding Co. (a) 112,500 7,727,625 
HealthSouth Corp. warrants 1/17/17 (a) 1,006 2,062 
McKesson Corp. 50,000 7,862,500 
  20,395,587 
Pharmaceuticals - 5.1%   
Astellas Pharma, Inc. 275,000 3,654,615 
GlaxoSmithKline PLC sponsored ADR 400,000 16,220,000 
Jazz Pharmaceuticals PLC (a) 80,000 10,444,000 
Johnson & Johnson 337,500 36,517,500 
Merck & Co., Inc. 200,000 10,582,000 
Teva Pharmaceutical Industries Ltd. sponsored ADR 150,000 8,026,500 
TherapeuticsMD, Inc. (a) 475,000 3,040,000 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 25,000 657,500 
  89,142,115 
TOTAL HEALTH CARE  213,160,170 
INDUSTRIALS - 11.5%   
Aerospace & Defense - 2.2%   
The Boeing Co. 130,000 16,502,200 
United Technologies Corp. 225,000 22,522,500 
  39,024,700 
Air Freight & Logistics - 2.2%   
FedEx Corp. 65,000 10,576,800 
PostNL NV (a) 2,669,100 10,873,065 
United Parcel Service, Inc. Class B 162,500 17,138,875 
  38,588,740 
Airlines - 0.2%   
Copa Holdings SA Class A 62,500 4,234,375 
Construction & Engineering - 0.8%   
Jacobs Engineering Group, Inc. (a) 300,000 13,065,000 
Electrical Equipment - 0.9%   
AMETEK, Inc. 95,000 4,748,100 
Eaton Corp. PLC 170,000 10,635,200 
  15,383,300 
Industrial Conglomerates - 2.0%   
General Electric Co. 1,100,026 34,969,827 
Machinery - 0.9%   
Cummins, Inc. 52,500 5,771,850 
Joy Global, Inc. (b) 87,500 1,406,125 
Rational AG 15,000 8,017,074 
  15,195,049 
Professional Services - 0.5%   
Acacia Research Corp.  2,085,000 7,902,150 
Road & Rail - 1.8%   
Celadon Group, Inc. 500,000 5,240,000 
CSX Corp. 175,000 4,506,250 
Genesee & Wyoming, Inc. Class A (a) 62,500 3,918,750 
J.B. Hunt Transport Services, Inc. 120,000 10,108,800 
Norfolk Southern Corp. 30,000 2,497,500 
Swift Transporation Co. (a) 225,000 4,191,750 
  30,463,050 
TOTAL INDUSTRIALS  198,826,191 
INFORMATION TECHNOLOGY - 19.2%   
Communications Equipment - 2.6%   
Cisco Systems, Inc. 1,600,000 45,552,000 
Electronic Equipment & Components - 0.4%   
TE Connectivity Ltd. 112,500 6,966,000 
Internet Software & Services - 5.5%   
Alphabet, Inc. Class C 68,000 50,656,601 
Facebook, Inc. Class A (a) 230,000 26,243,000 
Rackspace Hosting, Inc. (a) 70,100 1,513,459 
Twitter, Inc. (a) 87,500 1,448,125 
Yahoo!, Inc. (a) 400,000 14,724,000 
  94,585,185 
IT Services - 5.2%   
First Data Corp. 684,816 8,418,443 
IBM Corp. 175,000 26,503,750 
MasterCard, Inc. Class A 150,000 14,175,000 
Paychex, Inc. 150,000 8,101,500 
PayPal Holdings, Inc. (a) 125,000 4,825,000 
Visa, Inc. Class A 375,000 28,680,000 
  90,703,693 
Semiconductors & Semiconductor Equipment - 1.7%   
Qualcomm, Inc. 575,000 29,405,500 
Software - 0.2%   
Mobileye NV (a) 105,000 3,915,450 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 450,000 49,045,500 
EMC Corp. 475,000 12,658,750 
  61,704,250 
TOTAL INFORMATION TECHNOLOGY  332,832,078 
MATERIALS - 3.0%   
Chemicals - 2.0%   
LyondellBasell Industries NV Class A 100,000 8,558,000 
Monsanto Co. 125,000 10,967,500 
Potash Corp. of Saskatchewan, Inc. 300,000 5,107,218 
The Dow Chemical Co. 162,500 8,264,750 
Tronox Ltd. Class A 245,700 1,570,023 
  34,467,491 
Containers & Packaging - 0.6%   
WestRock Co. 250,000 9,757,500 
Metals & Mining - 0.4%   
Freeport-McMoRan, Inc. (b) 350,000 3,619,000 
Randgold Resources Ltd. sponsored ADR 45,000 4,086,450 
  7,705,450 
TOTAL MATERIALS  51,930,441 
TELECOMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 2.6%   
AT&T, Inc. 525,000 20,564,250 
Verizon Communications, Inc. 450,000 24,336,000 
  44,900,250 
UTILITIES - 3.6%   
Electric Utilities - 3.6%   
Entergy Corp. 112,500 8,919,000 
Exelon Corp. 800,000 28,688,000 
PPL Corp. 225,000 8,565,750 
Southern Co. 300,000 15,519,000 
  61,691,750 
TOTAL COMMON STOCKS   
(Cost $1,549,097,080)  1,656,447,432 
 Principal Amount Value 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 3% 2/27/17
(Cost $2,000,000) 		2,000,000 1,866,300 
 Shares Value 
Money Market Funds - 5.2%   
Fidelity Cash Central Fund, 0.39% (f) 76,113,822 76,113,822 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 14,494,625 14,494,625 
TOTAL MONEY MARKET FUNDS   
(Cost $90,608,447)  90,608,447 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $1,641,705,527)  1,748,922,179 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (14,417,855) 
NET ASSETS - 100%  $1,734,504,324 

Legend

 (a) Non-income producing

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

 (c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,617,384 or 1.1% of net assets.

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

 (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 are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
KKR Renaissance Co-Invest LP unit 7/25/13 $5,275,000 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
NJOY, Inc. 6/7/13 - 2/14/14 $878,142 
Tory Burch LLC unit 5/14/15 $5,000,000 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $58,901 
Fidelity Securities Lending Cash Central Fund 205,650 
Total $264,551 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $148,291,597 $134,573,214 $-- $13,718,383 
Consumer Staples 98,109,776 98,109,776 -- -- 
Energy 163,087,181 163,087,181 -- -- 
Financials 343,617,998 338,718,998 -- 4,899,000 
Health Care 213,160,170 209,505,555 3,654,615 -- 
Industrials 198,826,191 198,826,191 -- -- 
Information Technology 332,832,078 324,413,635 8,418,443 -- 
Materials 51,930,441 51,930,441 -- -- 
Telecommunication Services 44,900,250 44,900,250 -- -- 
Utilities 61,691,750 61,691,750 -- -- 
Corporate Bonds 1,866,300 -- 1,866,300 -- 
Money Market Funds 90,608,447 90,608,447 -- -- 
Total Investments in Securities: $1,748,922,179 $1,716,365,438 $13,939,358 $18,617,383 

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

Investments in Securities:  
Beginning Balance $29,469,311 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (2,199,035) 
Cost of Purchases 883,817 
Proceeds of Sales (9,536,710) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $18,617,383 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $(986,835) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.0% 
Ireland 2.4% 
Canada 2.3% 
United Kingdom 1.7% 
Netherlands 1.4% 
Switzerland 1.4% 
Others (Individually Less Than 1%) 1.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,030,982) — See accompanying schedule:
Unaffiliated issuers (cost $1,551,097,080) 		$1,658,313,732  
Fidelity Central Funds (cost $90,608,447) 90,608,447  
Total Investments (cost $1,641,705,527)  $1,748,922,179 
Restricted cash  22,820 
Receivable for investments sold  919,141 
Receivable for fund shares sold  534,295 
Dividends receivable  2,320,725 
Interest receivable  35,667 
Distributions receivable from Fidelity Central Funds  51,538 
Prepaid expenses  1,997 
Other receivables  52,226 
Total assets  1,752,860,588 
Liabilities   
Payable for investments purchased $1,459,875  
Payable for fund shares redeemed 1,529,071  
Accrued management fee 599,160  
Distribution and service plan fees payable 75,219  
Other affiliated payables 108,381  
Other payables and accrued expenses 89,933  
Collateral on securities loaned, at value 14,494,625  
Total liabilities  18,356,264 
Net Assets  $1,734,504,324 
Net Assets consist of:   
Paid in capital  $1,645,454,470 
Undistributed net investment income  8,170,512 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (26,335,767) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  107,215,109 
Net Assets  $1,734,504,324 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,425,080,595 ÷ 70,618,390.9 shares)  $20.18 
Class A:   
Net Asset Value and redemption price per share ($214,124,685 ÷ 10,865,725.5 shares)  $19.71 
Maximum offering price per share (100/94.25 of $19.71)  $20.91 
Class T:   
Net Asset Value and redemption price per share ($29,911,407 ÷ 1,527,669.5 shares)  $19.58 
Maximum offering price per share (100/96.50 of $19.58)  $20.29 
Class B:   
Net Asset Value and offering price per share ($385,393 ÷ 19,706.3 shares)(a)  $19.56 
Class C:   
Net Asset Value and offering price per share ($22,835,179 ÷ 1,190,505.3 shares)(a)  $19.18 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,093,270 ÷ 2,023,784.5 shares)  $20.80 
Class Z:   
Net Asset Value, offering price and redemption price per share ($73,795 ÷ 3,577.6 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $20,728,323 
Interest  52,178 
Income from Fidelity Central Funds  264,551 
Total income  21,045,052 
Expenses   
Management fee $3,631,717  
Transfer agent fees 318,617  
Distribution and service plan fees 456,754  
Accounting and security lending fees 268,397  
Custodian fees and expenses 19,262  
Independent trustees' compensation 3,813  
Depreciation in deferred trustee compensation account (308)  
Registration fees 46,434  
Audit 43,691  
Legal 6,437  
Interest 104  
Miscellaneous 8,524  
Total expenses before reductions 4,803,442  
Expense reductions (6,354) 4,797,088 
Net investment income (loss)  16,247,964 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (19,258,176)  
Foreign currency transactions 2,328  
Total net realized gain (loss)  (19,255,848) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		74,478,946  
Assets and liabilities in foreign currencies (8,010)  
Total change in net unrealized appreciation (depreciation)  74,470,936 
Net gain (loss)  55,215,088 
Net increase (decrease) in net assets resulting from operations  $71,463,052 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,247,964 $34,565,615 
Net realized gain (loss) (19,255,848) 125,335,101 
Change in net unrealized appreciation (depreciation) 74,470,936 (268,820,101) 
Net increase (decrease) in net assets resulting from operations 71,463,052 (108,919,385) 
Distributions to shareholders from net investment income (28,006,100) (25,946,174) 
Distributions to shareholders from net realized gain (111,376,978) (172,571,626) 
Total distributions (139,383,078) (198,517,800) 
Share transactions - net increase (decrease) 66,342,569 (112,378,825) 
Total increase (decrease) in net assets (1,577,457) (419,816,010) 
Net Assets   
Beginning of period 1,736,081,781 2,155,897,791 
End of period (including undistributed net investment income of $8,170,512 and undistributed net investment income of $19,928,648, respectively) $1,734,504,324 $1,736,081,781 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class O

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.04 $24.63 $21.17 $17.53 $13.33 $13.55 
Income from Investment Operations       
Net investment income (loss)A .20 .40 .40 .32 .24 .18 
Net realized and unrealized gain (loss) .66 (1.71) 3.39 3.64 4.19 (.20) 
Total from investment operations .86 (1.31) 3.79 3.96 4.43 (.02) 
Distributions from net investment income (.36) (.31) (.27) (.29) (.20) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.72) (2.28) (.33) (.32) (.23) (.20)B 
Net asset value, end of period $20.18 $21.04 $24.63 $21.17 $17.53 $13.33 
Total ReturnC,D,E 4.25% (5.92)% 18.08% 23.05% 33.55% (.32)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .47%H .50% .51% .51% .51% .51% 
Expenses net of fee waivers, if any .47%H .50% .51% .51% .51% .51% 
Expenses net of all reductions .47%H .50% .50% .49% .51% .50% 
Net investment income (loss) 1.95%H 1.70% 1.69% 1.68% 1.53% 1.20% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,425,081 $1,426,230 $1,866,810 $1,622,353 $1,515,727 $1,268,316 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class A

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.55 $24.12 $20.75 $17.18 $13.07 $13.28 
Income from Investment Operations       
Net investment income (loss)A .16 .31 .32 .26 .19 .13 
Net realized and unrealized gain (loss) .65 (1.67) 3.33 3.58 4.10 (.20) 
Total from investment operations .81 (1.36) 3.65 3.84 4.29 (.07) 
Distributions from net investment income (.29) (.24) (.21) (.24) (.15) (.10) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.65) (2.21) (.28)B (.27) (.18) (.14) 
Net asset value, end of period $19.71 $20.55 $24.12 $20.75 $17.18 $13.07 
Total ReturnC,D,E,F 4.08% (6.25)% 17.71% 22.73% 33.06% (.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .83% .81% .82% .84% .86% 
Expenses net of fee waivers, if any .84%I .83% .81% .82% .84% .86% 
Expenses net of all reductions .84%I .82% .81% .81% .84% .85% 
Net investment income (loss) 1.59%I 1.37% 1.38% 1.37% 1.20% .85% 
Supplemental Data       
Net assets, end of period (000 omitted) $214,125 $212,181 $209,737 $153,940 $127,100 $98,808 
Portfolio turnover rateJ 52%I 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.28 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.064 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class T

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.38 $23.95 $20.61 $17.08 $12.99 $13.21 
Income from Investment Operations       
Net investment income (loss)A .12 .22 .21 .17 .12 .06 
Net realized and unrealized gain (loss) .63 (1.66) 3.32 3.56 4.08 (.19) 
Total from investment operations .75 (1.44) 3.53 3.73 4.20 (.13) 
Distributions from net investment income (.19) (.17) (.13) (.17) (.08) (.05) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.55) (2.13)B (.19) (.20) (.11) (.09) 
Net asset value, end of period $19.58 $20.38 $23.95 $20.61 $17.08 $12.99 
Total ReturnC,D,E 3.84% (6.62)% 17.21% 22.11% 32.46% (1.05)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of fee waivers, if any 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of all reductions 1.24%H 1.23% 1.27% 1.27% 1.28% 1.28% 
Net investment income (loss) 1.19%H .97% .92% .91% .76% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $29,911 $29,482 $23,443 $22,903 $14,874 $11,251 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.13 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class B

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.24 $23.76 $20.41 $16.87 $12.82 $13.04 
Income from Investment Operations       
Net investment income (loss)A .07 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .64 (1.64) 3.29 3.53 4.04 (.19) 
Total from investment operations .71 (1.54) 3.39 3.61 4.08 (.20) 
Distributions from net investment income (.03) (.01) – (.04) –B – 
Distributions from net realized gain (1.36) (1.97) (.04) (.03) (.03) (.02) 
Total distributions (1.39) (1.98) (.04) (.07) (.03) (.02) 
Net asset value, end of period $19.56 $20.24 $23.76 $20.41 $16.87 $12.82 
Total ReturnC,D,E 3.60% (7.10)% 16.60% 21.52% 31.87% (1.57)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of all reductions 1.76%H 1.76% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .44% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $385 $467 $682 $705 $826 $776 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class C

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $19.93 $23.49 $20.28 $16.83 $12.81 $13.04 
Income from Investment Operations       
Net investment income (loss)A .06 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .63 (1.62) 3.26 3.51 4.04 (.19) 
Total from investment operations .69 (1.52) 3.36 3.59 4.08 (.20) 
Distributions from net investment income (.08) (.08) (.09) (.11) (.03) – 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.03) 
Total distributions (1.44) (2.04)B (.15) (.14) (.06) (.03) 
Net asset value, end of period $19.18 $19.93 $23.49 $20.28 $16.83 $12.81 
Total ReturnC,D,E 3.57% (7.09)% 16.62% 21.52% 31.89% (1.58)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of all reductions 1.76%H 1.75% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .45% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,835 $22,879 $22,094 $11,119 $4,775 $3,030 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.04 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class I

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.61 $25.10 $21.56 $17.84 $13.58 $13.82 
Income from Investment Operations       
Net investment income (loss)A .19 .38 .35 .29 .21 .15 
Net realized and unrealized gain (loss) .68 (1.77) 3.49 3.72 4.26 (.20) 
Total from investment operations .87 (1.39) 3.84 4.01 4.47 (.05) 
Distributions from net investment income (.32) (.14) (.23) (.26) (.18) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.68) (2.10)B (.30)C (.29) (.21) (.19) 
Net asset value, end of period $20.80 $21.61 $25.10 $21.56 $17.84 $13.58 
Total ReturnD,E 4.20% (6.06)% 17.93% 22.82% 33.17% (.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .65% .68% .71% .75% .74% 
Expenses net of fee waivers, if any .64%H .64% .68% .71% .75% .74% 
Expenses net of all reductions .64%H .63% .67% .70% .75% .73% 
Net investment income (loss) 1.79%H 1.56% 1.52% 1.48% 1.29% .97% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,093 $44,760 $33,013 $266,008 $223,854 $179,641 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.10 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.965 per share.

 C Total distributions of $.30 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.064 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended March 31, (Unaudited) Years ended September 30,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations     
Net investment income (loss)B .20 .41 .40 .04 
Net realized and unrealized gain (loss) .67 (1.76) 3.47 .08 
Total from investment operations .87 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.31) (.27) – 
Distributions from net realized gain (1.36) (1.97) (.06) – 
Total distributions (1.71) (2.27)C (.34)D – 
Net asset value, end of period $20.63 $21.47 $25.09 $21.56 
Total ReturnE,F 4.24% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .51%I .51% .51% .52%I 
Expenses net of fee waivers, if any .51%I .51% .51% .52%I 
Expenses net of all reductions .51%I .51% .51% .50%I 
Net investment income (loss) 1.92%I 1.69% 1.68% 1.36%I 
Supplemental Data     
Net assets, end of period (000 omitted) $74 $83 $119 $101 
Portfolio turnover rateJ 52%I 53% 55% 55% 

 A For the period August 13, 2013 (commencement of sale of shares) to September 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distribution of $2.27 per share is comprised of distributions from net investment income of $.309 and distributions from net realized gain of $1.965 per share.

 D Total distributions of $.34 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $.064 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 six classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I and Class Z, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans I:O and Destiny Plans I:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 03/31/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $18,617,383 Last transaction price Transaction price $0.13 Increase 
  Market comparable Discount rate 15.0% Decrease 
   EV/EBITDA multiple 8.5 - 11.5 / 9.5 Increase 
   Discount for lack of marketability 15.0% Decrease 
   Probability rate 33.3% Increase 

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


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 March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, passive foreign investment companies (PFIC), deferred trustees compensation, futures contracts, partnerships, market discount and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $267,052,613 
Gross unrealized depreciation (167,407,313) 
Net unrealized appreciation (depreciation) on securities $99,645,300 
Tax cost $1,649,276,879 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

At period end, investments held through this Subsidiary were $4,122,605 representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,670,474 and $481,448,831, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .17% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .42% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $266,906 $2,594 
Class T .25% .25% 74,072 – 
Class B .75% .25% 2,163 1,622 
Class C .75% .25% 113,613 20,303 
   $456,754 $24,519 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $10,930 
Class T 3,398 
Class C(a) 3,496 
 $17,824 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C, Class I and Class Z. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC does not receive a fee for Class O Destiny Plan accounts. FIIOC receives an asset-based fee of Class Z's average net assets. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $67,432 .01 
Class A 137,862 .13 
Class T 40,440 .27 
Class B 640 .30 
Class C 33,942 .30 
Class I 38,283 .18 
Class Z 18 .05 
 $318,617  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $9,768 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $9,075,000 .41% $104 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,953 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,258,000. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $205,650, including $848 from securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,354.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $24,029,700 $23,240,677 
Class A 2,964,199 2,228,099 
Class T 276,577 185,875 
Class B 538 286 
Class C 87,577 80,262 
Class I 646,211 209,650 
Class Z 1,298 1,325 
Total $28,006,100 $25,946,174 
From net realized gain   
Class O $91,032,218 $147,315,868 
Class A 14,095,488 18,017,348 
Class T 1,938,891 2,213,599 
Class B 29,246 56,242 
Class C 1,546,810 1,996,392 
Class I 2,729,338 2,963,753 
Class Z 4,987 8,424 
Total $111,376,978 $172,571,626 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 314,119 2,287,530 $6,329,224 $53,641,943 
Reinvestment of distributions 5,127,850 6,840,387 101,377,738 153,635,091 
Shares redeemed (2,613,435) (17,121,478) (53,302,851) (390,687,724) 
Net increase (decrease) 2,828,534 (7,993,561) $54,404,111 $(183,410,690) 
Class A     
Shares sold 828,715 3,109,762 $16,513,489 $72,097,550 
Reinvestment of distributions 873,334 911,032 16,881,539 20,033,590 
Shares redeemed (1,161,312) (2,391,662) (22,664,105) (54,542,127) 
Net increase (decrease) 540,737 1,629,132 $10,730,923 $37,589,013 
Class T     
Shares sold 191,168 734,570 $3,778,380 $16,881,464 
Reinvestment of distributions 103,040 97,386 1,980,422 2,130,797 
Shares redeemed (213,390) (364,096) (4,183,541) (8,173,269) 
Net increase (decrease) 80,818 467,860 $1,575,261 $10,838,992 
Class B     
Shares sold 44 3,301 $852 $77,862 
Reinvestment of distributions 1,480 2,423 28,467 52,867 
Shares redeemed (4,870) (11,358) (95,400) (258,989) 
Net increase (decrease) (3,346) (5,634) $(66,081) $(128,260) 
Class C     
Shares sold 120,008 407,214 $2,316,090 $9,151,851 
Reinvestment of distributions 81,688 86,086 1,540,645 1,849,987 
Shares redeemed (159,272) (285,644) (3,064,905) (6,367,594) 
Net increase (decrease) 42,424 207,656 $791,830 $4,634,244 
Class I     
Shares sold 261,355 1,334,628 $5,462,021 $32,026,397 
Reinvestment of distributions 157,235 131,239 3,204,452 3,031,625 
Shares redeemed (465,587) (710,295) (9,754,208) (16,937,834) 
Net increase (decrease) (46,997) 755,572 $(1,087,735) $18,120,188 
Class Z     
Shares sold 3 1 $54 $26 
Reinvestment of distributions 311 425 6,285 9,749 
Shares redeemed (588) (1,307) (12,079) (32,087) 
Net increase (decrease) (274) (881) $(5,740) $(22,312) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, one otherwise unaffiliated shareholder was the owner of record of 54% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .47%    
Actual  $1,000.00 $1,042.50 $2.40 
Hypothetical-C  $1,000.00 $1,022.65 $2.38 
Class A .84%    
Actual  $1,000.00 $1,040.80 $4.29 
Hypothetical-C  $1,000.00 $1,020.80 $4.24 
Class T 1.24%    
Actual  $1,000.00 $1,038.40 $6.32 
Hypothetical-C  $1,000.00 $1,018.80 $6.26 
Class B 1.76%    
Actual  $1,000.00 $1,036.00 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class C 1.76%    
Actual  $1,000.00 $1,035.70 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class I .64%    
Actual  $1,000.00 $1,042.00 $3.27 
Hypothetical-C  $1,000.00 $1,021.80 $3.23 
Class Z .51%    
Actual  $1,000.00 $1,042.40 $2.60 
Hypothetical-C  $1,000.00 $1,022.45 $2.58 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIN-SANN-0516
1.791873.112



Fidelity® Destiny® Portfolios:

Fidelity Advisor® Diversified Stock Fund
Class O



Semi-Annual Report

March 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Alphabet, Inc. Class C 2.9 3.1 
Apple, Inc. 2.8 3.0 
Cisco Systems, Inc. 2.6 2.1 
Procter & Gamble Co. 2.2 2.4 
JPMorgan Chase & Co. 2.2 2.4 
Johnson & Johnson 2.1 2.4 
General Electric Co. 2.0 2.9 
Qualcomm, Inc. 1.7 1.7 
Exelon Corp. 1.7 1.2 
Visa, Inc. Class A 1.6 1.6 
 21.8  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.8 22.1 
Information Technology 19.2 22.4 
Health Care 12.3 11.7 
Industrials 11.5 11.0 
Energy 9.5 7.8 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 95.5% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.4% 


 * Foreign investments - 11.0%


As of September 30, 2015* 
   Stocks 99.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 10.7%


Investments March 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.5%   
Automobiles - 0.9%   
Fiat Chrysler Automobiles NV 200,000 $1,615,818 
General Motors Co. 450,000 14,143,500 
  15,759,318 
Hotels, Restaurants & Leisure - 0.1%   
El Pollo Loco Holdings, Inc. (a)(b) 100,000 1,334,000 
Household Durables - 1.3%   
KB Home 875,000 12,495,000 
Taylor Morrison Home Corp. (a) 336,553 4,752,128 
Tupperware Brands Corp. 100,000 5,798,000 
  23,045,128 
Leisure Products - 1.6%   
Brunswick Corp. 212,500 10,195,750 
New Academy Holding Co. LLC unit (a)(c)(d) 60,000 9,517,800 
NJOY, Inc. (a)(d) 787,487 100,798 
Polaris Industries, Inc. 85,000 8,370,800 
  28,185,148 
Media - 2.1%   
Comcast Corp. Class A 312,500 19,087,500 
Time Warner, Inc. 140,000 10,157,000 
Viacom, Inc. Class B (non-vtg.) 187,500 7,740,000 
  36,984,500 
Multiline Retail - 1.6%   
Dollar General Corp. 75,000 6,420,000 
Target Corp. 250,000 20,570,000 
  26,990,000 
Specialty Retail - 0.7%   
GNC Holdings, Inc. 100,600 3,194,050 
Stage Stores, Inc. (b) 350,300 2,823,418 
TJX Companies, Inc. 75,000 5,876,250 
  11,893,718 
Textiles, Apparel & Luxury Goods - 0.2%   
Tory Burch LLC unit (d)(e) 70,274 4,099,785 
TOTAL CONSUMER DISCRETIONARY  148,291,597 
CONSUMER STAPLES - 5.6%   
Beverages - 1.1%   
Diageo PLC sponsored ADR 75,000 8,090,250 
The Coca-Cola Co. 225,000 10,437,750 
  18,528,000 
Food & Staples Retailing - 1.6%   
CVS Health Corp. 225,000 23,339,250 
Whole Foods Market, Inc. 150,000 4,666,500 
  28,005,750 
Food Products - 0.5%   
Amplify Snack Brands, Inc. (b) 426,800 6,111,776 
B&G Foods, Inc. Class A 100,000 3,481,000 
  9,592,776 
Household Products - 2.2%   
Procter & Gamble Co. 475,000 39,097,250 
Personal Products - 0.2%   
Avon Products, Inc. 600,000 2,886,000 
TOTAL CONSUMER STAPLES  98,109,776 
ENERGY - 9.4%   
Energy Equipment & Services - 0.9%   
Baker Hughes, Inc. 237,500 10,409,625 
Ensco PLC Class A 150,000 1,555,500 
Oceaneering International, Inc. 100,000 3,324,000 
  15,289,125 
Oil, Gas & Consumable Fuels - 8.5%   
Anadarko Petroleum Corp. 162,500 7,567,625 
Apache Corp. 137,500 6,711,375 
Cameco Corp. (b) 175,000 2,246,198 
Chevron Corp. 300,000 28,620,000 
CONSOL Energy, Inc. (b) 450,000 5,080,500 
Energy Transfer Equity LP 1,803,400 12,858,242 
Foresight Energy LP 456,938 511,771 
Imperial Oil Ltd. 275,000 9,187,488 
Kinder Morgan, Inc. 450,000 8,037,000 
PDC Energy, Inc. (a) 5,500 326,975 
Suncor Energy, Inc. 850,000 23,672,377 
Teekay Offshore Partners LP 147,002 833,501 
The Williams Companies, Inc. 1,442,700 23,184,189 
Trilogy Energy Corp. (a) 100,000 275,650 
Williams Partners LP 913,700 18,685,165 
  147,798,056 
TOTAL ENERGY  163,087,181 
FINANCIALS - 19.8%   
Banks - 8.3%   
Bank of America Corp. 2,100,000 28,392,000 
Comerica, Inc. 162,500 6,153,875 
First Niagara Financial Group, Inc. 250,000 2,420,000 
Huntington Bancshares, Inc. 650,000 6,201,000 
JPMorgan Chase & Co. 650,000 38,493,000 
KeyCorp 600,000 6,624,000 
M&T Bank Corp. 47,500 5,272,500 
Regions Financial Corp. 1,000,000 7,850,000 
Standard Chartered PLC (United Kingdom) 450,014 3,054,245 
SunTrust Banks, Inc. 350,000 12,628,000 
U.S. Bancorp 300,000 12,177,000 
Wells Fargo & Co. 325,000 15,717,000 
  144,982,620 
Capital Markets - 5.7%   
Ares Capital Corp. 400,000 5,936,000 
Franklin Resources, Inc. 87,500 3,416,875 
KKR & Co. LP 1,300,000 19,097,000 
Morgan Stanley 900,000 22,509,000 
PJT Partners, Inc. (b) 23,750 571,188 
State Street Corp. 350,000 20,482,000 
The Blackstone Group LP 962,500 26,998,125 
  99,010,188 
Diversified Financial Services - 1.1%   
KKR Renaissance Co-Invest LP unit (a)(d) 50,000 4,899,000 
McGraw Hill Financial, Inc. 85,000 8,413,300 
MSCI, Inc. Class A 75,000 5,556,000 
  18,868,300 
Insurance - 3.1%   
American International Group, Inc. 300,000 16,215,000 
Chubb Ltd. 149,812 17,850,100 
MetLife, Inc. 425,000 18,674,500 
Pricoa Global Funding I 12,500 902,750 
  53,642,350 
Thrifts & Mortgage Finance - 1.6%   
MGIC Investment Corp. (a) 650,000 4,985,500 
Radian Group, Inc. 1,784,600 22,129,040 
  27,114,540 
TOTAL FINANCIALS  343,617,998 
HEALTH CARE - 12.3%   
Biotechnology - 4.2%   
AbbVie, Inc. 312,500 17,850,000 
Alnylam Pharmaceuticals, Inc. (a) 17,300 1,085,921 
Amgen, Inc. 110,000 16,492,300 
Biogen, Inc. (a) 35,000 9,111,200 
BioMarin Pharmaceutical, Inc. (a) 40,000 3,299,200 
Celgene Corp. (a) 50,000 5,004,500 
Gilead Sciences, Inc. 150,000 13,779,000 
Intercept Pharmaceuticals, Inc. (a) 17,000 2,183,990 
Spark Therapeutics, Inc. (a) 45,700 1,348,607 
Trevena, Inc. (a) 325,000 2,687,750 
  72,842,468 
Health Care Equipment & Supplies - 1.8%   
Boston Scientific Corp. (a) 500,000 9,405,000 
Medtronic PLC 285,000 21,375,000 
  30,780,000 
Health Care Providers & Services - 1.2%   
Cigna Corp. 35,000 4,803,400 
Express Scripts Holding Co. (a) 112,500 7,727,625 
HealthSouth Corp. warrants 1/17/17 (a) 1,006 2,062 
McKesson Corp. 50,000 7,862,500 
  20,395,587 
Pharmaceuticals - 5.1%   
Astellas Pharma, Inc. 275,000 3,654,615 
GlaxoSmithKline PLC sponsored ADR 400,000 16,220,000 
Jazz Pharmaceuticals PLC (a) 80,000 10,444,000 
Johnson & Johnson 337,500 36,517,500 
Merck & Co., Inc. 200,000 10,582,000 
Teva Pharmaceutical Industries Ltd. sponsored ADR 150,000 8,026,500 
TherapeuticsMD, Inc. (a) 475,000 3,040,000 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 25,000 657,500 
  89,142,115 
TOTAL HEALTH CARE  213,160,170 
INDUSTRIALS - 11.5%   
Aerospace & Defense - 2.2%   
The Boeing Co. 130,000 16,502,200 
United Technologies Corp. 225,000 22,522,500 
  39,024,700 
Air Freight & Logistics - 2.2%   
FedEx Corp. 65,000 10,576,800 
PostNL NV (a) 2,669,100 10,873,065 
United Parcel Service, Inc. Class B 162,500 17,138,875 
  38,588,740 
Airlines - 0.2%   
Copa Holdings SA Class A 62,500 4,234,375 
Construction & Engineering - 0.8%   
Jacobs Engineering Group, Inc. (a) 300,000 13,065,000 
Electrical Equipment - 0.9%   
AMETEK, Inc. 95,000 4,748,100 
Eaton Corp. PLC 170,000 10,635,200 
  15,383,300 
Industrial Conglomerates - 2.0%   
General Electric Co. 1,100,026 34,969,827 
Machinery - 0.9%   
Cummins, Inc. 52,500 5,771,850 
Joy Global, Inc. (b) 87,500 1,406,125 
Rational AG 15,000 8,017,074 
  15,195,049 
Professional Services - 0.5%   
Acacia Research Corp.  2,085,000 7,902,150 
Road & Rail - 1.8%   
Celadon Group, Inc. 500,000 5,240,000 
CSX Corp. 175,000 4,506,250 
Genesee & Wyoming, Inc. Class A (a) 62,500 3,918,750 
J.B. Hunt Transport Services, Inc. 120,000 10,108,800 
Norfolk Southern Corp. 30,000 2,497,500 
Swift Transporation Co. (a) 225,000 4,191,750 
  30,463,050 
TOTAL INDUSTRIALS  198,826,191 
INFORMATION TECHNOLOGY - 19.2%   
Communications Equipment - 2.6%   
Cisco Systems, Inc. 1,600,000 45,552,000 
Electronic Equipment & Components - 0.4%   
TE Connectivity Ltd. 112,500 6,966,000 
Internet Software & Services - 5.5%   
Alphabet, Inc. Class C 68,000 50,656,601 
Facebook, Inc. Class A (a) 230,000 26,243,000 
Rackspace Hosting, Inc. (a) 70,100 1,513,459 
Twitter, Inc. (a) 87,500 1,448,125 
Yahoo!, Inc. (a) 400,000 14,724,000 
  94,585,185 
IT Services - 5.2%   
First Data Corp. 684,816 8,418,443 
IBM Corp. 175,000 26,503,750 
MasterCard, Inc. Class A 150,000 14,175,000 
Paychex, Inc. 150,000 8,101,500 
PayPal Holdings, Inc. (a) 125,000 4,825,000 
Visa, Inc. Class A 375,000 28,680,000 
  90,703,693 
Semiconductors & Semiconductor Equipment - 1.7%   
Qualcomm, Inc. 575,000 29,405,500 
Software - 0.2%   
Mobileye NV (a) 105,000 3,915,450 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 450,000 49,045,500 
EMC Corp. 475,000 12,658,750 
  61,704,250 
TOTAL INFORMATION TECHNOLOGY  332,832,078 
MATERIALS - 3.0%   
Chemicals - 2.0%   
LyondellBasell Industries NV Class A 100,000 8,558,000 
Monsanto Co. 125,000 10,967,500 
Potash Corp. of Saskatchewan, Inc. 300,000 5,107,218 
The Dow Chemical Co. 162,500 8,264,750 
Tronox Ltd. Class A 245,700 1,570,023 
  34,467,491 
Containers & Packaging - 0.6%   
WestRock Co. 250,000 9,757,500 
Metals & Mining - 0.4%   
Freeport-McMoRan, Inc. (b) 350,000 3,619,000 
Randgold Resources Ltd. sponsored ADR 45,000 4,086,450 
  7,705,450 
TOTAL MATERIALS  51,930,441 
TELECOMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 2.6%   
AT&T, Inc. 525,000 20,564,250 
Verizon Communications, Inc. 450,000 24,336,000 
  44,900,250 
UTILITIES - 3.6%   
Electric Utilities - 3.6%   
Entergy Corp. 112,500 8,919,000 
Exelon Corp. 800,000 28,688,000 
PPL Corp. 225,000 8,565,750 
Southern Co. 300,000 15,519,000 
  61,691,750 
TOTAL COMMON STOCKS   
(Cost $1,549,097,080)  1,656,447,432 
 Principal Amount Value 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 3% 2/27/17
(Cost $2,000,000) 		2,000,000 1,866,300 
 Shares Value 
Money Market Funds - 5.2%   
Fidelity Cash Central Fund, 0.39% (f) 76,113,822 76,113,822 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 14,494,625 14,494,625 
TOTAL MONEY MARKET FUNDS   
(Cost $90,608,447)  90,608,447 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $1,641,705,527)  1,748,922,179 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (14,417,855) 
NET ASSETS - 100%  $1,734,504,324 

Legend

 (a) Non-income producing

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

 (c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,617,384 or 1.1% of net assets.

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

 (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 are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
KKR Renaissance Co-Invest LP unit 7/25/13 $5,275,000 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
NJOY, Inc. 6/7/13 - 2/14/14 $878,142 
Tory Burch LLC unit 5/14/15 $5,000,000 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $58,901 
Fidelity Securities Lending Cash Central Fund 205,650 
Total $264,551 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, 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:     
Equities:     
Consumer Discretionary $148,291,597 $134,573,214 $-- $13,718,383 
Consumer Staples 98,109,776 98,109,776 -- -- 
Energy 163,087,181 163,087,181 -- -- 
Financials 343,617,998 338,718,998 -- 4,899,000 
Health Care 213,160,170 209,505,555 3,654,615 -- 
Industrials 198,826,191 198,826,191 -- -- 
Information Technology 332,832,078 324,413,635 8,418,443 -- 
Materials 51,930,441 51,930,441 -- -- 
Telecommunication Services 44,900,250 44,900,250 -- -- 
Utilities 61,691,750 61,691,750 -- -- 
Corporate Bonds 1,866,300 -- 1,866,300 -- 
Money Market Funds 90,608,447 90,608,447 -- -- 
Total Investments in Securities: $1,748,922,179 $1,716,365,438 $13,939,358 $18,617,383 

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

Investments in Securities:  
Beginning Balance $29,469,311 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (2,199,035) 
Cost of Purchases 883,817 
Proceeds of Sales (9,536,710) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $18,617,383 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $(986,835) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.0% 
Ireland 2.4% 
Canada 2.3% 
United Kingdom 1.7% 
Netherlands 1.4% 
Switzerland 1.4% 
Others (Individually Less Than 1%) 1.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  March 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,030,982) — See accompanying schedule:
Unaffiliated issuers (cost $1,551,097,080) 		$1,658,313,732  
Fidelity Central Funds (cost $90,608,447) 90,608,447  
Total Investments (cost $1,641,705,527)  $1,748,922,179 
Restricted cash  22,820 
Receivable for investments sold  919,141 
Receivable for fund shares sold  534,295 
Dividends receivable  2,320,725 
Interest receivable  35,667 
Distributions receivable from Fidelity Central Funds  51,538 
Prepaid expenses  1,997 
Other receivables  52,226 
Total assets  1,752,860,588 
Liabilities   
Payable for investments purchased $1,459,875  
Payable for fund shares redeemed 1,529,071  
Accrued management fee 599,160  
Distribution and service plan fees payable 75,219  
Other affiliated payables 108,381  
Other payables and accrued expenses 89,933  
Collateral on securities loaned, at value 14,494,625  
Total liabilities  18,356,264 
Net Assets  $1,734,504,324 
Net Assets consist of:   
Paid in capital  $1,645,454,470 
Undistributed net investment income  8,170,512 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (26,335,767) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  107,215,109 
Net Assets  $1,734,504,324 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,425,080,595 ÷ 70,618,390.9 shares)  $20.18 
Class A:   
Net Asset Value and redemption price per share ($214,124,685 ÷ 10,865,725.5 shares)  $19.71 
Maximum offering price per share (100/94.25 of $19.71)  $20.91 
Class T:   
Net Asset Value and redemption price per share ($29,911,407 ÷ 1,527,669.5 shares)  $19.58 
Maximum offering price per share (100/96.50 of $19.58)  $20.29 
Class B:   
Net Asset Value and offering price per share ($385,393 ÷ 19,706.3 shares)(a)  $19.56 
Class C:   
Net Asset Value and offering price per share ($22,835,179 ÷ 1,190,505.3 shares)(a)  $19.18 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,093,270 ÷ 2,023,784.5 shares)  $20.80 
Class Z:   
Net Asset Value, offering price and redemption price per share ($73,795 ÷ 3,577.6 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2016 (Unaudited) 
Investment Income   
Dividends  $20,728,323 
Interest  52,178 
Income from Fidelity Central Funds  264,551 
Total income  21,045,052 
Expenses   
Management fee $3,631,717  
Transfer agent fees 318,617  
Distribution and service plan fees 456,754  
Accounting and security lending fees 268,397  
Custodian fees and expenses 19,262  
Independent trustees' compensation 3,813  
Depreciation in deferred trustee compensation account (308)  
Registration fees 46,434  
Audit 43,691  
Legal 6,437  
Interest 104  
Miscellaneous 8,524  
Total expenses before reductions 4,803,442  
Expense reductions (6,354) 4,797,088 
Net investment income (loss)  16,247,964 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (19,258,176)  
Foreign currency transactions 2,328  
Total net realized gain (loss)  (19,255,848) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		74,478,946  
Assets and liabilities in foreign currencies (8,010)  
Total change in net unrealized appreciation (depreciation)  74,470,936 
Net gain (loss)  55,215,088 
Net increase (decrease) in net assets resulting from operations  $71,463,052 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2016 (Unaudited) Year ended September 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,247,964 $34,565,615 
Net realized gain (loss) (19,255,848) 125,335,101 
Change in net unrealized appreciation (depreciation) 74,470,936 (268,820,101) 
Net increase (decrease) in net assets resulting from operations 71,463,052 (108,919,385) 
Distributions to shareholders from net investment income (28,006,100) (25,946,174) 
Distributions to shareholders from net realized gain (111,376,978) (172,571,626) 
Total distributions (139,383,078) (198,517,800) 
Share transactions - net increase (decrease) 66,342,569 (112,378,825) 
Total increase (decrease) in net assets (1,577,457) (419,816,010) 
Net Assets   
Beginning of period 1,736,081,781 2,155,897,791 
End of period (including undistributed net investment income of $8,170,512 and undistributed net investment income of $19,928,648, respectively) $1,734,504,324 $1,736,081,781 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class O

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.04 $24.63 $21.17 $17.53 $13.33 $13.55 
Income from Investment Operations       
Net investment income (loss)A .20 .40 .40 .32 .24 .18 
Net realized and unrealized gain (loss) .66 (1.71) 3.39 3.64 4.19 (.20) 
Total from investment operations .86 (1.31) 3.79 3.96 4.43 (.02) 
Distributions from net investment income (.36) (.31) (.27) (.29) (.20) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.72) (2.28) (.33) (.32) (.23) (.20)B 
Net asset value, end of period $20.18 $21.04 $24.63 $21.17 $17.53 $13.33 
Total ReturnC,D,E 4.25% (5.92)% 18.08% 23.05% 33.55% (.32)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .47%H .50% .51% .51% .51% .51% 
Expenses net of fee waivers, if any .47%H .50% .51% .51% .51% .51% 
Expenses net of all reductions .47%H .50% .50% .49% .51% .50% 
Net investment income (loss) 1.95%H 1.70% 1.69% 1.68% 1.53% 1.20% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,425,081 $1,426,230 $1,866,810 $1,622,353 $1,515,727 $1,268,316 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class A

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.55 $24.12 $20.75 $17.18 $13.07 $13.28 
Income from Investment Operations       
Net investment income (loss)A .16 .31 .32 .26 .19 .13 
Net realized and unrealized gain (loss) .65 (1.67) 3.33 3.58 4.10 (.20) 
Total from investment operations .81 (1.36) 3.65 3.84 4.29 (.07) 
Distributions from net investment income (.29) (.24) (.21) (.24) (.15) (.10) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.65) (2.21) (.28)B (.27) (.18) (.14) 
Net asset value, end of period $19.71 $20.55 $24.12 $20.75 $17.18 $13.07 
Total ReturnC,D,E,F 4.08% (6.25)% 17.71% 22.73% 33.06% (.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .83% .81% .82% .84% .86% 
Expenses net of fee waivers, if any .84%I .83% .81% .82% .84% .86% 
Expenses net of all reductions .84%I .82% .81% .81% .84% .85% 
Net investment income (loss) 1.59%I 1.37% 1.38% 1.37% 1.20% .85% 
Supplemental Data       
Net assets, end of period (000 omitted) $214,125 $212,181 $209,737 $153,940 $127,100 $98,808 
Portfolio turnover rateJ 52%I 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.28 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.064 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans.

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class T

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.38 $23.95 $20.61 $17.08 $12.99 $13.21 
Income from Investment Operations       
Net investment income (loss)A .12 .22 .21 .17 .12 .06 
Net realized and unrealized gain (loss) .63 (1.66) 3.32 3.56 4.08 (.19) 
Total from investment operations .75 (1.44) 3.53 3.73 4.20 (.13) 
Distributions from net investment income (.19) (.17) (.13) (.17) (.08) (.05) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.55) (2.13)B (.19) (.20) (.11) (.09) 
Net asset value, end of period $19.58 $20.38 $23.95 $20.61 $17.08 $12.99 
Total ReturnC,D,E 3.84% (6.62)% 17.21% 22.11% 32.46% (1.05)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of fee waivers, if any 1.24%H 1.23% 1.27% 1.28% 1.29% 1.29% 
Expenses net of all reductions 1.24%H 1.23% 1.27% 1.27% 1.28% 1.28% 
Net investment income (loss) 1.19%H .97% .92% .91% .76% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $29,911 $29,482 $23,443 $22,903 $14,874 $11,251 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.13 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class B

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.24 $23.76 $20.41 $16.87 $12.82 $13.04 
Income from Investment Operations       
Net investment income (loss)A .07 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .64 (1.64) 3.29 3.53 4.04 (.19) 
Total from investment operations .71 (1.54) 3.39 3.61 4.08 (.20) 
Distributions from net investment income (.03) (.01) – (.04) –B – 
Distributions from net realized gain (1.36) (1.97) (.04) (.03) (.03) (.02) 
Total distributions (1.39) (1.98) (.04) (.07) (.03) (.02) 
Net asset value, end of period $19.56 $20.24 $23.76 $20.41 $16.87 $12.82 
Total ReturnC,D,E 3.60% (7.10)% 16.60% 21.52% 31.87% (1.57)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.77% 1.77% 1.77% 1.78% 1.78% 
Expenses net of all reductions 1.76%H 1.76% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .44% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $385 $467 $682 $705 $826 $776 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class C

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $19.93 $23.49 $20.28 $16.83 $12.81 $13.04 
Income from Investment Operations       
Net investment income (loss)A .06 .10 .10 .08 .04 (.01) 
Net realized and unrealized gain (loss) .63 (1.62) 3.26 3.51 4.04 (.19) 
Total from investment operations .69 (1.52) 3.36 3.59 4.08 (.20) 
Distributions from net investment income (.08) (.08) (.09) (.11) (.03) – 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.03) 
Total distributions (1.44) (2.04)B (.15) (.14) (.06) (.03) 
Net asset value, end of period $19.18 $19.93 $23.49 $20.28 $16.83 $12.81 
Total ReturnC,D,E 3.57% (7.09)% 16.62% 21.52% 31.89% (1.58)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of fee waivers, if any 1.76%H 1.75% 1.76% 1.77% 1.77% 1.78% 
Expenses net of all reductions 1.76%H 1.75% 1.76% 1.75% 1.77% 1.77% 
Net investment income (loss) .67%H .45% .43% .42% .27% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,835 $22,879 $22,094 $11,119 $4,775 $3,030 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.04 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $1.965 per share.

 C Total returns for periods of less than one year are not annualized.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class I

 Six months ended March 31, (Unaudited) Years ended September 30,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.61 $25.10 $21.56 $17.84 $13.58 $13.82 
Income from Investment Operations       
Net investment income (loss)A .19 .38 .35 .29 .21 .15 
Net realized and unrealized gain (loss) .68 (1.77) 3.49 3.72 4.26 (.20) 
Total from investment operations .87 (1.39) 3.84 4.01 4.47 (.05) 
Distributions from net investment income (.32) (.14) (.23) (.26) (.18) (.15) 
Distributions from net realized gain (1.36) (1.97) (.06) (.03) (.03) (.04) 
Total distributions (1.68) (2.10)B (.30)C (.29) (.21) (.19) 
Net asset value, end of period $20.80 $21.61 $25.10 $21.56 $17.84 $13.58 
Total ReturnD,E 4.20% (6.06)% 17.93% 22.82% 33.17% (.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .65% .68% .71% .75% .74% 
Expenses net of fee waivers, if any .64%H .64% .68% .71% .75% .74% 
Expenses net of all reductions .64%H .63% .67% .70% .75% .73% 
Net investment income (loss) 1.79%H 1.56% 1.52% 1.48% 1.29% .97% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,093 $44,760 $33,013 $266,008 $223,854 $179,641 
Portfolio turnover rateI 52%H 53% 55% 55% 40% 76% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.10 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.965 per share.

 C Total distributions of $.30 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.064 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended March 31, (Unaudited) Years ended September 30,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations     
Net investment income (loss)B .20 .41 .40 .04 
Net realized and unrealized gain (loss) .67 (1.76) 3.47 .08 
Total from investment operations .87 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.31) (.27) – 
Distributions from net realized gain (1.36) (1.97) (.06) – 
Total distributions (1.71) (2.27)C (.34)D – 
Net asset value, end of period $20.63 $21.47 $25.09 $21.56 
Total ReturnE,F 4.24% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .51%I .51% .51% .52%I 
Expenses net of fee waivers, if any .51%I .51% .51% .52%I 
Expenses net of all reductions .51%I .51% .51% .50%I 
Net investment income (loss) 1.92%I 1.69% 1.68% 1.36%I 
Supplemental Data     
Net assets, end of period (000 omitted) $74 $83 $119 $101 
Portfolio turnover rateJ 52%I 53% 55% 55% 

 A For the period August 13, 2013 (commencement of sale of shares) to September 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distribution of $2.27 per share is comprised of distributions from net investment income of $.309 and distributions from net realized gain of $1.965 per share.

 D Total distributions of $.34 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $.064 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2016

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 six classes of shares, Class O, Class A (formerly Class N), Class T, Class C, Class I and Class Z, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.

On September 29, 2006, the President signed into law the Military Personnel Financial Services Protection Act (the "Act") which prohibits the issuance or sale of new periodic payment plans, such as Destiny Plans. Effective October 27, 2006, shares of Class A and Class O are no longer offered to the general public through Fidelity Systematic Investment Plans. The Act does not alter the rights or obligations, including rights of redemption, of existing Destiny Planholders. Planholders can continue to contribute to existing Destiny Plans I:O and Destiny Plans I:N.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 03/31/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $18,617,383 Last transaction price Transaction price $0.13 Increase 
  Market comparable Discount rate 15.0% Decrease 
   EV/EBITDA multiple 8.5 - 11.5 / 9.5 Increase 
   Discount for lack of marketability 15.0% Decrease 
   Probability rate 33.3% Increase 

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


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 March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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. 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 dividends 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.

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, passive foreign investment companies (PFIC), deferred trustees compensation, futures contracts, partnerships, market discount and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $267,052,613 
Gross unrealized depreciation (167,407,313) 
Net unrealized appreciation (depreciation) on securities $99,645,300 
Tax cost $1,649,276,879 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

At period end, investments held through this Subsidiary were $4,122,605 representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $441,670,474 and $481,448,831, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .17% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .42% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $266,906 $2,594 
Class T .25% .25% 74,072 – 
Class B .75% .25% 2,163 1,622 
Class C .75% .25% 113,613 20,303 
   $456,754 $24,519 

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

 Retained
by FDC 
Class A $10,930 
Class T 3,398 
Class C(a) 3,496 
 $17,824 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for Class O, Class A, Class T, Class B, Class C, Class I and Class Z. FIIOC receives account fees and asset-based fees that vary according to account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC does not receive a fee for Class O Destiny Plan accounts. FIIOC receives an asset-based fee of Class Z's average net assets. In addition, FIIOC pays for typesetting, printing, and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level
Average
Net Assets(a) 
Class O $67,432 .01 
Class A 137,862 .13 
Class T 40,440 .27 
Class B 640 .30 
Class C 33,942 .30 
Class I 38,283 .18 
Class Z 18 .05 
 $318,617  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $9,768 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $9,075,000 .41% $104 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,953 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,258,000. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $205,650, including $848 from securities loaned to FCM.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,354.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2016 		Year ended September 30, 2015 
From net investment income   
Class O $24,029,700 $23,240,677 
Class A 2,964,199 2,228,099 
Class T 276,577 185,875 
Class B 538 286 
Class C 87,577 80,262 
Class I 646,211 209,650 
Class Z 1,298 1,325 
Total $28,006,100 $25,946,174 
From net realized gain   
Class O $91,032,218 $147,315,868 
Class A 14,095,488 18,017,348 
Class T 1,938,891 2,213,599 
Class B 29,246 56,242 
Class C 1,546,810 1,996,392 
Class I 2,729,338 2,963,753 
Class Z 4,987 8,424 
Total $111,376,978 $172,571,626 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
March 31, 2016 		Year ended September 30, 2015 Six months ended
March 31, 2016 		Year ended September 30, 2015 
Class O     
Shares sold 314,119 2,287,530 $6,329,224 $53,641,943 
Reinvestment of distributions 5,127,850 6,840,387 101,377,738 153,635,091 
Shares redeemed (2,613,435) (17,121,478) (53,302,851) (390,687,724) 
Net increase (decrease) 2,828,534 (7,993,561) $54,404,111 $(183,410,690) 
Class A     
Shares sold 828,715 3,109,762 $16,513,489 $72,097,550 
Reinvestment of distributions 873,334 911,032 16,881,539 20,033,590 
Shares redeemed (1,161,312) (2,391,662) (22,664,105) (54,542,127) 
Net increase (decrease) 540,737 1,629,132 $10,730,923 $37,589,013 
Class T     
Shares sold 191,168 734,570 $3,778,380 $16,881,464 
Reinvestment of distributions 103,040 97,386 1,980,422 2,130,797 
Shares redeemed (213,390) (364,096) (4,183,541) (8,173,269) 
Net increase (decrease) 80,818 467,860 $1,575,261 $10,838,992 
Class B     
Shares sold 44 3,301 $852 $77,862 
Reinvestment of distributions 1,480 2,423 28,467 52,867 
Shares redeemed (4,870) (11,358) (95,400) (258,989) 
Net increase (decrease) (3,346) (5,634) $(66,081) $(128,260) 
Class C     
Shares sold 120,008 407,214 $2,316,090 $9,151,851 
Reinvestment of distributions 81,688 86,086 1,540,645 1,849,987 
Shares redeemed (159,272) (285,644) (3,064,905) (6,367,594) 
Net increase (decrease) 42,424 207,656 $791,830 $4,634,244 
Class I     
Shares sold 261,355 1,334,628 $5,462,021 $32,026,397 
Reinvestment of distributions 157,235 131,239 3,204,452 3,031,625 
Shares redeemed (465,587) (710,295) (9,754,208) (16,937,834) 
Net increase (decrease) (46,997) 755,572 $(1,087,735) $18,120,188 
Class Z     
Shares sold 3 1 $54 $26 
Reinvestment of distributions 311 425 6,285 9,749 
Shares redeemed (588) (1,307) (12,079) (32,087) 
Net increase (decrease) (274) (881) $(5,740) $(22,312) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, one otherwise unaffiliated shareholder was the owner of record of 54% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including Destiny Plan Creation and Sales Charges on purchases of Class O and certain purchases of Class A, sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Class O .47%    
Actual  $1,000.00 $1,042.50 $2.40 
Hypothetical-C  $1,000.00 $1,022.65 $2.38 
Class A .84%    
Actual  $1,000.00 $1,040.80 $4.29 
Hypothetical-C  $1,000.00 $1,020.80 $4.24 
Class T 1.24%    
Actual  $1,000.00 $1,038.40 $6.32 
Hypothetical-C  $1,000.00 $1,018.80 $6.26 
Class B 1.76%    
Actual  $1,000.00 $1,036.00 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class C 1.76%    
Actual  $1,000.00 $1,035.70 $8.96 
Hypothetical-C  $1,000.00 $1,016.20 $8.87 
Class I .64%    
Actual  $1,000.00 $1,042.00 $3.27 
Hypothetical-C  $1,000.00 $1,021.80 $3.23 
Class Z .51%    
Actual  $1,000.00 $1,042.40 $2.60 
Hypothetical-C  $1,000.00 $1,022.45 $2.58 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIO-SANN-0516
1.791871.112

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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




Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Destiny Portfolios’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.




(a)(ii)  There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Destiny Portfolios






By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer

 

 

Date:

May 25, 2016


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer

 

 

Date:

May 25, 2016



 

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

May 25, 2016