N-Q 1 filing812.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-1796


Fidelity Destiny Portfolios

(Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

(Address of principal executive offices)       (Zip code)


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:

June 30, 2017


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity Advisor® Capital Development Fund

June 30, 2017







DESIIO-QTLY-0817
1.804793.113





Investments June 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.3%   
Automobiles - 0.0%   
General Motors Co. 32,800 $1,145,704 
Distributors - 0.4%   
LKQ Corp. (a) 339,700 11,193,115 
Household Durables - 0.6%   
KB Home 434,800 10,422,156 
Taylor Morrison Home Corp. (a) 308,300 7,402,283 
  17,824,439 
Leisure Products - 0.0%   
NJOY, Inc. (a)(b) 273,849 
Media - 4.5%   
AMC Networks, Inc. Class A (a) 70,900 3,786,769 
Comcast Corp. Class A 1,572,500 61,201,700 
Scripps Networks Interactive, Inc. Class A 175,800 12,008,898 
Sinclair Broadcast Group, Inc. Class A 81,500 2,681,350 
The Walt Disney Co. 174,800 18,572,500 
Time Warner, Inc. 286,400 28,757,424 
Viacom, Inc. Class B (non-vtg.) 311,300 10,450,341 
  137,458,982 
Multiline Retail - 0.5%   
Target Corp. 298,150 15,590,264 
Specialty Retail - 1.3%   
AutoZone, Inc. (a) 2,600 1,483,196 
L Brands, Inc. 138,600 7,469,154 
Lowe's Companies, Inc. 339,900 26,352,447 
TJX Companies, Inc. 73,500 5,304,495 
  40,609,292 
TOTAL CONSUMER DISCRETIONARY  223,821,799 
CONSUMER STAPLES - 5.7%   
Beverages - 2.0%   
Dr. Pepper Snapple Group, Inc. 65,200 5,940,372 
Molson Coors Brewing Co. Class B 186,200 16,076,508 
The Coca-Cola Co. 871,300 39,077,805 
  61,094,685 
Food & Staples Retailing - 1.3%   
Costco Wholesale Corp. 13,300 2,127,069 
CVS Health Corp. 226,000 18,183,960 
Kroger Co. 376,100 8,770,652 
Wal-Mart Stores, Inc. 124,200 9,399,456 
  38,481,137 
Food Products - 0.1%   
Amplify Snack Brands, Inc. (a) 319,888 3,083,720 
Household Products - 1.6%   
Procter & Gamble Co. 567,005 49,414,486 
Personal Products - 0.4%   
Coty, Inc. Class A 383,800 7,200,088 
Unilever NV (NY Reg.) 84,900 4,692,423 
  11,892,511 
Tobacco - 0.3%   
Altria Group, Inc. 143,400 10,678,998 
TOTAL CONSUMER STAPLES  174,645,537 
ENERGY - 12.2%   
Energy Equipment & Services - 1.1%   
Baker Hughes, Inc. 209,100 11,398,041 
Ensco PLC Class A 225,000 1,161,000 
National Oilwell Varco, Inc. 331,900 10,932,786 
Oceaneering International, Inc. 315,400 7,203,736 
Schlumberger Ltd. 49,100 3,232,744 
  33,928,307 
Oil, Gas & Consumable Fuels - 11.1%   
Amyris, Inc. (c) 142,422 452,902 
Anadarko Petroleum Corp. 205,500 9,317,370 
Apache Corp. 569,700 27,305,721 
Cabot Oil & Gas Corp. 664,300 16,660,644 
Cenovus Energy, Inc. 1,877,100 13,837,967 
Cheniere Energy, Inc. (a) 21,700 1,057,007 
Chevron Corp. 391,527 40,848,012 
ConocoPhillips Co. 1,212,700 53,310,292 
Golar LNG Ltd. 147,700 3,286,325 
Imperial Oil Ltd. 478,800 13,956,385 
Kinder Morgan, Inc. 1,287,400 24,666,584 
Legacy Reserves LP (a) 211,124 306,130 
Noble Energy, Inc. 37,800 1,069,740 
PDC Energy, Inc. (a) 41,300 1,780,443 
Phillips 66 Co. 27,800 2,298,782 
SM Energy Co. 171,700 2,838,201 
Suncor Energy, Inc. 1,657,400 48,426,038 
Teekay Offshore Partners LP 197,100 565,677 
The Williams Companies, Inc. 1,701,992 51,536,318 
Williams Partners LP 593,000 23,785,230 
  337,305,768 
TOTAL ENERGY  371,234,075 
FINANCIALS - 23.4%   
Banks - 15.6%   
Bank of America Corp. 4,404,000 106,841,038 
Citigroup, Inc. 1,472,204 98,461,004 
Comerica, Inc. 34,200 2,504,808 
JPMorgan Chase & Co. 1,114,710 101,884,494 
PNC Financial Services Group, Inc. 192,716 24,064,447 
Regions Financial Corp. 1,141,700 16,714,488 
Standard Chartered PLC (United Kingdom) (a) 256,270 2,594,129 
SunTrust Banks, Inc. 723,500 41,036,920 
U.S. Bancorp 589,842 30,624,597 
Wells Fargo & Co. 900,950 49,921,640 
  474,647,565 
Capital Markets - 7.0%   
CBOE Holdings, Inc. 74,500 6,809,300 
Charles Schwab Corp. 534,755 22,973,075 
Goldman Sachs Group, Inc. 67,900 15,067,010 
KKR & Co. LP 803,485 14,944,821 
Morgan Stanley 818,300 36,463,448 
Northern Trust Corp. 319,895 31,096,993 
State Street Corp. 698,290 62,657,562 
TD Ameritrade Holding Corp. 52,700 2,265,573 
The Blackstone Group LP 666,700 22,234,445 
  214,512,227 
Thrifts & Mortgage Finance - 0.8%   
MGIC Investment Corp. (a) 1,415,461 15,853,163 
Radian Group, Inc. 581,731 9,511,302 
  25,364,465 
TOTAL FINANCIALS  714,524,257 
HEALTH CARE - 15.6%   
Biotechnology - 4.5%   
Alexion Pharmaceuticals, Inc. (a) 168,900 20,550,063 
Alnylam Pharmaceuticals, Inc. (a) 38,800 3,094,688 
Amgen, Inc. 263,215 45,333,519 
Biogen, Inc. (a) 39,400 10,691,584 
BioMarin Pharmaceutical, Inc. (a) 69,300 6,293,826 
Celldex Therapeutics, Inc. (a)(c) 10,900 26,923 
Genocea Biosciences, Inc. (a) 136,300 711,486 
Gilead Sciences, Inc. 153,800 10,885,964 
Insmed, Inc. (a) 147,800 2,536,248 
Intercept Pharmaceuticals, Inc. (a)(c) 155,914 18,876,508 
Regeneron Pharmaceuticals, Inc. (a) 8,700 4,272,918 
Spark Therapeutics, Inc. (a) 48,750 2,912,325 
TESARO, Inc. (a) 6,800 951,048 
Trevena, Inc. (a) 269,300 619,390 
Vertex Pharmaceuticals, Inc. (a) 84,700 10,915,289 
  138,671,779 
Health Care Equipment & Supplies - 2.8%   
Boston Scientific Corp. (a) 1,697,651 47,058,886 
DexCom, Inc. (a) 26,000 1,901,900 
Medtronic PLC 223,400 19,826,750 
NxStage Medical, Inc. (a) 264,800 6,638,536 
Zimmer Biomet Holdings, Inc. 74,800 9,604,320 
  85,030,392 
Health Care Providers & Services - 2.7%   
Aetna, Inc. 38,700 5,875,821 
Anthem, Inc. 69,400 13,056,222 
Cardinal Health, Inc. 21,000 1,636,320 
Cigna Corp. 92,800 15,533,792 
Express Scripts Holding Co. (a) 113,500 7,245,840 
Humana, Inc. 46,200 11,116,644 
McKesson Corp. 117,980 19,412,429 
UnitedHealth Group, Inc. 56,900 10,550,398 
  84,427,466 
Health Care Technology - 0.1%   
Castlight Health, Inc. Class B (a)(c) 477,198 1,980,372 
Life Sciences Tools & Services - 0.3%   
Agilent Technologies, Inc. 156,300 9,270,153 
Pharmaceuticals - 5.2%   
Allergan PLC 30,100 7,317,009 
Bayer AG 7,400 959,115 
Bristol-Myers Squibb Co. 307,900 17,156,188 
GlaxoSmithKline PLC sponsored ADR 1,167,300 50,333,976 
Jazz Pharmaceuticals PLC (a) 116,600 18,131,300 
Johnson & Johnson 241,960 32,008,888 
Novartis AG sponsored ADR 2,000 166,940 
Sanofi SA 32,047 3,070,743 
Teva Pharmaceutical Industries Ltd. sponsored ADR 687,350 22,833,767 
TherapeuticsMD, Inc. (a) 1,189,800 6,270,246 
  158,248,172 
TOTAL HEALTH CARE  477,628,334 
INDUSTRIALS - 11.0%   
Aerospace & Defense - 2.1%   
General Dynamics Corp. 17,700 3,506,370 
Textron, Inc. 140,300 6,608,130 
The Boeing Co. 80,900 15,997,975 
United Technologies Corp. 308,800 37,707,568 
  63,820,043 
Air Freight & Logistics - 1.5%   
C.H. Robinson Worldwide, Inc. 126,479 8,686,578 
FedEx Corp. 41,200 8,953,996 
United Parcel Service, Inc. Class B 254,900 28,189,391 
  45,829,965 
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. (a) 53,600 4,090,752 
Electrical Equipment - 1.1%   
Acuity Brands, Inc. 23,500 4,777,080 
AMETEK, Inc. 276,600 16,753,662 
Hubbell, Inc. Class B 48,818 5,524,733 
Melrose Industries PLC 2,092,923 6,610,374 
  33,665,849 
Industrial Conglomerates - 2.3%   
General Electric Co. 2,604,700 70,352,947 
Machinery - 0.8%   
Colfax Corp. (a) 40,200 1,582,674 
Deere & Co. 19,800 2,447,082 
Flowserve Corp. 265,100 12,308,593 
Wabtec Corp. (c) 90,000 8,235,000 
  24,573,349 
Professional Services - 0.2%   
IHS Markit Ltd. (a) 150,974 6,648,895 
Road & Rail - 2.8%   
CSX Corp. 561,800 30,651,808 
Genesee & Wyoming, Inc. Class A (a) 130,700 8,938,573 
J.B. Hunt Transport Services, Inc. 204,300 18,668,934 
Norfolk Southern Corp. 107,100 13,034,070 
Old Dominion Freight Lines, Inc. 67,800 6,457,272 
Union Pacific Corp. 67,400 7,340,534 
  85,091,191 
Trading Companies & Distributors - 0.0%   
Univar, Inc. (a) 20,200 589,840 
TOTAL INDUSTRIALS  334,662,831 
INFORMATION TECHNOLOGY - 18.2%   
Communications Equipment - 1.5%   
Cisco Systems, Inc. 1,460,500 45,713,650 
Internet Software & Services - 4.0%   
Akamai Technologies, Inc. (a) 47,600 2,370,956 
Alphabet, Inc.:   
Class A (a) 62,700 58,290,936 
Class C (a) 52,883 48,056,369 
Facebook, Inc. Class A (a) 93,600 14,131,728 
  122,849,989 
IT Services - 4.1%   
Accenture PLC Class A 5,000 618,400 
Cognizant Technology Solutions Corp. Class A 92,300 6,128,720 
FleetCor Technologies, Inc. (a) 41,800 6,027,978 
MasterCard, Inc. Class A 270,700 32,876,515 
Paychex, Inc. 368,000 20,953,920 
PayPal Holdings, Inc. (a) 115,695 6,209,351 
Unisys Corp. (a)(c) 722,347 9,246,042 
Visa, Inc. Class A 448,700 42,079,086 
  124,140,012 
Semiconductors & Semiconductor Equipment - 1.6%   
Qualcomm, Inc. 912,790 50,404,264 
Software - 3.9%   
Adobe Systems, Inc. (a) 79,900 11,301,056 
Autodesk, Inc. (a) 121,800 12,279,876 
Microsoft Corp. 1,394,000 96,088,420 
  119,669,352 
Technology Hardware, Storage & Peripherals - 3.1%   
Apple, Inc. 641,000 92,316,820 
Western Digital Corp. 11,900 1,054,340 
  93,371,160 
TOTAL INFORMATION TECHNOLOGY  556,148,427 
MATERIALS - 3.4%   
Chemicals - 2.7%   
CF Industries Holdings, Inc. 297,800 8,326,488 
E.I. du Pont de Nemours & Co. 73,547 5,935,978 
Intrepid Potash, Inc. (a)(c) 1,551,040 3,505,350 
LyondellBasell Industries NV Class A 154,500 13,038,255 
Monsanto Co. 228,500 27,045,260 
Potash Corp. of Saskatchewan, Inc. (c) 774,300 12,628,351 
W.R. Grace & Co. 188,500 13,573,885 
  84,053,567 
Containers & Packaging - 0.5%   
WestRock Co. 264,634 14,994,162 
Metals & Mining - 0.2%   
Freeport-McMoRan, Inc. (a) 433,900 5,211,139 
TOTAL MATERIALS  104,258,868 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
American Tower Corp. 4,700 621,904 
Crown Castle International Corp. 29,000 2,905,220 
Public Storage 21,600 4,504,248 
  8,031,372 
TELECOMMUNICATION SERVICES - 0.7%   
Diversified Telecommunication Services - 0.7%   
Verizon Communications, Inc. 499,506 22,307,938 
UTILITIES - 1.1%   
Electric Utilities - 0.9%   
Exelon Corp. 681,600 24,585,312 
PPL Corp. 23,600 912,376 
  25,497,688 
Independent Power and Renewable Electricity Producers - 0.2%   
Dynegy, Inc. (a) 843,008 6,971,676 
TOTAL UTILITIES  32,469,364 
TOTAL COMMON STOCKS   
(Cost $2,376,516,160)  3,019,732,802 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest)(b)(d)   
(Cost $5,206,756) 5,206,756 5,206,756 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 1.10% (e) 29,305,786 29,311,647 
Fidelity Securities Lending Cash Central Fund 1.09% (e)(f) 27,148,151 27,150,866 
TOTAL MONEY MARKET FUNDS   
(Cost $56,462,236)  56,462,513 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $2,438,185,152)  3,081,402,071 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (27,240,594) 
NET ASSETS - 100%  $3,054,161,477 

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 $5,206,759 or 0.2% of net assets.

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

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

 (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 
Utica Shale Drilling Program (non-operating revenue interest) unit 10/5/16 - 11/4/16 $5,206,756 

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 $124,253 
Fidelity Securities Lending Cash Central Fund 153,242 
Total $277,495 

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $223,821,799 $223,821,796 $-- $3 
Consumer Staples 174,645,537 174,645,537 -- -- 
Energy 371,234,075 371,234,075 -- -- 
Financials 714,524,257 714,524,257 -- -- 
Health Care 477,628,334 473,598,476 4,029,858 -- 
Industrials 334,662,831 334,662,831 -- -- 
Information Technology 556,148,427 556,148,427 -- -- 
Materials 104,258,868 104,258,868 -- -- 
Real Estate 8,031,372 8,031,372 -- -- 
Telecommunication Services 22,307,938 22,307,938 -- -- 
Utilities 32,469,364 32,469,364 -- -- 
Other 5,206,756 -- -- 5,206,756 
Money Market Funds 56,462,513 56,462,513 -- -- 
Total Investments in Securities: $3,081,402,071 $3,072,165,454 $4,029,858 $5,206,759 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At June 30, 2017, the cost of investment securities for income tax purposes was $2,445,219,438. Net unrealized appreciation aggregated $636,182,633, of which $786,539,429 related to appreciated investment securities and $150,356,796 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Advisor® Diversified Stock Fund

June 30, 2017







DESIO-QTLY-0817
1.804792.113





Investments June 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.1%   
Auto Components - 0.4%   
Delphi Automotive PLC 107,800 $9,448,670 
Automobiles - 1.8%   
Fiat Chrysler Automobiles NV (a) 1,185,300 12,495,485 
General Motors Co. 700,400 24,464,972 
  36,960,457 
Hotels, Restaurants & Leisure - 1.8%   
Brinker International, Inc. 80,800 3,078,480 
Churchill Downs, Inc. 25,000 4,582,500 
Dunkin' Brands Group, Inc. 107,800 5,941,936 
Shake Shack, Inc. Class A (a) 58,100 2,026,528 
U.S. Foods Holding Corp. (a) 556,500 15,147,930 
Whitbread PLC 107,752 5,567,351 
  36,344,725 
Household Durables - 0.5%   
KB Home 146,500 3,511,605 
Taylor Morrison Home Corp. (a) 261,200 6,271,412 
  9,783,017 
Internet & Direct Marketing Retail - 1.3%   
Amazon.com, Inc. (a) 14,200 13,745,600 
JD.com, Inc. sponsored ADR (a) 76,200 2,988,564 
Priceline Group, Inc. (a) 5,000 9,352,600 
  26,086,764 
Leisure Products - 0.3%   
New Academy Holding Co. LLC unit (a)(b)(c) 60,000 1,871,400 
NJOY, Inc. (a)(c) 787,486 
Polaris Industries, Inc. (d) 53,900 4,971,197 
  6,842,605 
Media - 4.5%   
Charter Communications, Inc. Class A (a) 12,300 4,143,255 
Comcast Corp. Class A 1,384,600 53,888,632 
The Walt Disney Co. 269,400 28,623,750 
WME Entertainment Parent, LLC Class A (c)(e) 2,472,342 5,587,493 
  92,243,130 
Multiline Retail - 0.8%   
Dollar General Corp. 32,300 2,328,507 
Kohl's Corp. 107,800 4,168,626 
Macy's, Inc. 175,100 4,069,324 
Target Corp. 121,200 6,337,548 
  16,904,005 
Specialty Retail - 0.7%   
AutoZone, Inc. (a) 8,100 4,620,726 
Bed Bath & Beyond, Inc. 130,100 3,955,040 
TJX Companies, Inc. 80,800 5,831,336 
  14,407,102 
Textiles, Apparel & Luxury Goods - 0.0%   
Tory Burch LLC (a)(c)(e) 28,846 1,277,000 
TOTAL CONSUMER DISCRETIONARY  250,297,475 
CONSUMER STAPLES - 7.1%   
Beverages - 1.8%   
Molson Coors Brewing Co. Class B 134,700 11,629,998 
The Coca-Cola Co. 591,300 26,519,805 
  38,149,803 
Food & Staples Retailing - 2.9%   
CVS Health Corp. 276,600 22,255,236 
Kroger Co. 215,500 5,025,460 
Wal-Mart Stores, Inc. 209,600 15,862,528 
Walgreens Boots Alliance, Inc. 202,000 15,818,620 
  58,961,844 
Food Products - 0.9%   
Amplify Snack Brands, Inc. (a)(d) 399,900 3,855,036 
B&G Foods, Inc. Class A (d) 247,800 8,821,680 
The Hershey Co. 48,100 5,164,497 
  17,841,213 
Household Products - 1.4%   
Church & Dwight Co., Inc. 20,000 1,037,600 
Colgate-Palmolive Co. 125,000 9,266,250 
Procter & Gamble Co. 226,600 19,748,190 
  30,052,040 
Tobacco - 0.1%   
Philip Morris International, Inc. 17,600 2,067,120 
TOTAL CONSUMER STAPLES  147,072,020 
ENERGY - 9.2%   
Energy Equipment & Services - 0.8%   
Baker Hughes, Inc. 67,184 3,662,200 
Schlumberger Ltd. 210,500 13,859,320 
  17,521,520 
Oil, Gas & Consumable Fuels - 8.4%   
Anadarko Petroleum Corp. 200,400 9,086,136 
Antero Resources Corp. (a)(d) 97,900 2,115,619 
Cabot Oil & Gas Corp. 423,900 10,631,412 
ConocoPhillips Co. 1,047,000 46,026,120 
EQT Corp. 80,800 4,734,072 
Imperial Oil Ltd. 350,200 10,207,866 
Kinder Morgan, Inc. 484,900 9,290,684 
Southwestern Energy Co. (a) 592,600 3,603,008 
Suncor Energy, Inc. 754,300 22,039,194 
The Williams Companies, Inc. 1,000,000 30,280,000 
Trilogy Energy Corp. (a) 889,000 3,338,549 
Williams Partners LP 539,000 21,619,290 
  172,971,950 
TOTAL ENERGY  190,493,470 
FINANCIALS - 24.5%   
Banks - 9.1%   
Bank of America Corp. 2,448,200 59,393,332 
Citigroup, Inc. 161,800 10,821,184 
JPMorgan Chase & Co. 525,300 48,012,420 
Regions Financial Corp. 517,500 7,576,200 
Standard Chartered PLC (United Kingdom) (a) 269,381 2,726,847 
SunTrust Banks, Inc. 169,700 9,625,384 
U.S. Bancorp 377,100 19,579,032 
Wells Fargo & Co. 538,800 29,854,908 
  187,589,307 
Capital Markets - 9.2%   
Ares Capital Corp. (d) 161,600 2,647,008 
CBOE Holdings, Inc. 383,809 35,080,143 
Charles Schwab Corp. 145,300 6,242,088 
KKR & Co. LP 1,269,400 23,610,840 
Morgan Stanley 646,500 28,808,040 
MSCI, Inc. 201,400 20,742,186 
S&P Global, Inc. 25,800 3,766,542 
State Street Corp. 357,000 32,033,610 
The Blackstone Group LP 1,077,500 35,934,625 
  188,865,082 
Diversified Financial Services - 2.3%   
Berkshire Hathaway, Inc. Class B (a) 215,500 36,499,235 
KKR Renaissance Co-Invest LP unit (a)(c) 50,000 11,908,809 
  48,408,044 
Insurance - 2.5%   
American International Group, Inc. 323,300 20,212,716 
Chubb Ltd. 215,500 31,329,390 
  51,542,106 
Thrifts & Mortgage Finance - 1.4%   
MGIC Investment Corp. (a) 312,400 3,498,880 
Radian Group, Inc. 1,552,000 25,375,200 
  28,874,080 
TOTAL FINANCIALS  505,278,619 
HEALTH CARE - 13.9%   
Biotechnology - 5.2%   
Amgen, Inc. 284,600 49,016,658 
Biogen, Inc. (a) 35,000 9,497,600 
BioMarin Pharmaceutical, Inc. (a) 43,100 3,914,342 
Celgene Corp. (a) 134,700 17,493,489 
Gilead Sciences, Inc. 242,400 17,157,072 
Intercept Pharmaceuticals, Inc. (a) 17,000 2,058,190 
Regeneron Pharmaceuticals, Inc. (a) 6,000 2,946,840 
Spark Therapeutics, Inc. (a) 50,000 2,987,000 
Trevena, Inc. (a) 350,000 805,000 
Vertex Pharmaceuticals, Inc. (a) 21,600 2,783,592 
  108,659,783 
Health Care Equipment & Supplies - 1.8%   
Becton, Dickinson & Co. 48,000 9,365,280 
Boston Scientific Corp. (a) 46,200 1,280,664 
Medtronic PLC 284,700 25,267,125 
NxStage Medical, Inc. (a) 22,100 554,047 
ResMed, Inc. 1,100 85,657 
  36,552,773 
Health Care Providers & Services - 3.1%   
Anthem, Inc. 80,800 15,200,904 
Express Scripts Holding Co. (a) 94,300 6,020,112 
Humana, Inc. 4,400 1,058,728 
UnitedHealth Group, Inc. 222,300 41,218,866 
  63,498,610 
Life Sciences Tools & Services - 0.3%   
ICON PLC (a) 59,400 5,808,726 
Pharmaceuticals - 3.5%   
Bristol-Myers Squibb Co. 80,800 4,502,176 
GlaxoSmithKline PLC sponsored ADR 377,100 16,260,552 
Jazz Pharmaceuticals PLC (a) 60,000 9,330,000 
Johnson & Johnson 267,700 35,414,033 
Teva Pharmaceutical Industries Ltd. sponsored ADR 188,600 6,265,292 
  71,772,053 
TOTAL HEALTH CARE  286,291,945 
INDUSTRIALS - 4.8%   
Aerospace & Defense - 0.0%   
Raytheon Co. 6,400 1,033,472 
Air Freight & Logistics - 0.9%   
United Parcel Service, Inc. Class B 161,600 17,871,344 
Airlines - 0.4%   
Copa Holdings SA Class A 62,500 7,312,500 
Construction & Engineering - 0.2%   
Jacobs Engineering Group, Inc. 88,500 4,813,515 
Electrical Equipment - 0.5%   
Melrose Industries PLC 2,693,810 8,508,241 
Rockwell Automation, Inc. 6,400 1,036,544 
  9,544,785 
Industrial Conglomerates - 0.9%   
General Electric Co. 676,400 18,269,564 
Machinery - 1.1%   
Caterpillar, Inc. 19,800 2,127,708 
Flowserve Corp. 278,700 12,940,041 
Rational AG 13,500 7,185,266 
Xylem, Inc. 19,000 1,053,170 
  23,306,185 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 68,900 3,034,356 
Road & Rail - 0.5%   
J.B. Hunt Transport Services, Inc. 123,900 11,321,982 
Trading Companies & Distributors - 0.2%   
Univar, Inc. (a) 106,200 3,101,040 
TOTAL INDUSTRIALS  99,608,743 
INFORMATION TECHNOLOGY - 17.5%   
Communications Equipment - 2.0%   
Cisco Systems, Inc. 1,282,800 40,151,640 
Electronic Equipment & Components - 0.4%   
TE Connectivity Ltd. 95,900 7,545,412 
Internet Software & Services - 5.9%   
2U, Inc. (a) 65,900 3,092,028 
Alibaba Group Holding Ltd. sponsored ADR (a) 14,500 2,043,050 
Alphabet, Inc. Class C (a) 75,000 68,154,750 
Facebook, Inc. Class A (a) 325,000 49,068,500 
  122,358,328 
IT Services - 3.7%   
First Data Corp. Class A (a) 1,372,500 24,979,500 
MasterCard, Inc. Class A 134,700 16,359,315 
Paychex, Inc. 81,200 4,623,528 
PayPal Holdings, Inc. (a) 57,600 3,091,392 
Visa, Inc. Class A 296,300 27,787,014 
  76,840,749 
Semiconductors & Semiconductor Equipment - 0.9%   
Qualcomm, Inc. 323,300 17,852,626 
Software - 0.2%   
Salesforce.com, Inc. (a) 23,500 2,035,100 
SAP AG sponsored ADR 19,600 2,051,532 
  4,086,632 
Technology Hardware, Storage & Peripherals - 4.4%   
Apple, Inc. 631,400 90,934,228 
TOTAL INFORMATION TECHNOLOGY  359,769,615 
MATERIALS - 3.5%   
Chemicals - 2.4%   
CF Industries Holdings, Inc. 161,600 4,518,336 
LyondellBasell Industries NV Class A 213,900 18,051,021 
PPG Industries, Inc. 53,900 5,926,844 
The Dow Chemical Co. 307,900 19,419,253 
W.R. Grace & Co. 29,200 2,102,692 
  50,018,146 
Containers & Packaging - 0.9%   
Ball Corp. 49,100 2,072,511 
WestRock Co. 282,800 16,023,448 
  18,095,959 
Metals & Mining - 0.2%   
Freeport-McMoRan, Inc. (a) 242,400 2,911,224 
TOTAL MATERIALS  71,025,329 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
Public Storage 59,300 12,365,829 
TELECOMMUNICATION SERVICES - 1.9%   
Diversified Telecommunication Services - 1.7%   
AT&T, Inc. 417,500 15,752,275 
Verizon Communications, Inc. 377,100 16,841,286 
Zayo Group Holdings, Inc. (a) 53,900 1,665,510 
  34,259,071 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 83,300 5,049,646 
TOTAL TELECOMMUNICATION SERVICES  39,308,717 
UTILITIES - 2.4%   
Electric Utilities - 2.2%   
Duke Energy Corp. 100,000 8,359,000 
Edison International 53,900 4,214,441 
Entergy Corp. 70,000 5,373,900 
Exelon Corp. 500,000 18,035,000 
PPL Corp. 171,900 6,645,654 
Southern Co. 80,800 3,868,704 
  46,496,699 
Multi-Utilities - 0.2%   
Public Service Enterprise Group, Inc. 80,800 3,475,208 
TOTAL UTILITIES  49,971,907 
TOTAL COMMON STOCKS   
(Cost $1,636,177,980)  2,011,483,669 
Nonconvertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.3%   
Automobiles - 0.3%   
Porsche Automobil Holding SE (Germany)   
(Cost $5,699,844) 107,800 6,056,458 
 Principal Amount Value 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 9.5% 4/15/19 pay-in-kind
(Cost $1,694,940) 
2,500,000 1,748,438 
 Shares Value 
Money Market Funds - 3.6%   
Fidelity Cash Central Fund, 1.10% (f) 61,755,376 61,767,727 
Fidelity Securities Lending Cash Central Fund 1.09% (f)(g) 12,603,299 12,604,559 
TOTAL MONEY MARKET FUNDS   
(Cost $74,370,648)  74,372,286 
TOTAL INVESTMENT PORTFOLIO - 101.5%   
(Cost $1,717,943,412)  2,093,660,851 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (31,202,658) 
NET ASSETS - 100%  $2,062,458,193 

Legend

 (a) Non-income producing

 (b) 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.

 (c) 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 $20,644,710 or 1.0% of net assets.

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

 (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 5/14/15 $5,014,345 
WME Entertainment Parent, LLC Class A 8/16/16 $4,999,999 

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 $257,864 
Fidelity Securities Lending Cash Central Fund 226,969 
Total $484,833 

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $256,353,933 $247,618,032 $-- $8,735,901 
Consumer Staples 147,072,020 147,072,020 -- -- 
Energy 190,493,470 190,493,470 -- -- 
Financials 505,278,619 493,369,810 11,908,809 -- 
Health Care 286,291,945 286,291,945 -- -- 
Industrials 99,608,743 99,608,743 -- -- 
Information Technology 359,769,615 359,769,615 -- -- 
Materials 71,025,329 71,025,329 -- -- 
Real Estate 12,365,829 12,365,829 -- -- 
Telecommunication Services 39,308,717 39,308,717 -- -- 
Utilities 49,971,907 49,971,907 -- -- 
Corporate Bonds 1,748,438 -- 1,748,438 -- 
Money Market Funds 74,372,286 74,372,286 -- -- 
Total Investments in Securities: $2,093,660,851 $2,071,267,703 $13,657,247 $8,735,901 

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

Investments in Securities:  
Beginning Balance $25,172,473 
Net Realized Gain (Loss) on Investment Securities (1,586,239) 
Net Unrealized Gain (Loss) on Investment Securities (4,695,575) 
Cost of Purchases 5,330 
Proceeds of Sales (3,374,088) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (6,786,000) 
Ending Balance $8,735,901 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2017 $(4,973,135) 

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.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Other Information

Income Tax Information

At June 30, 2017, the cost of investment securities for income tax purposes was $1,720,247,400. Net unrealized appreciation aggregated $373,413,451, of which $438,546,793 related to appreciated investment securities and $65,133,342 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Destiny Portfolioss (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 3.

Exhibits


Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Destiny Portfolios



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

August 28, 2017


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:

August 28, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

August 28, 2017