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:

December 31, 2017


Item 1.

Schedule of Investments





Quarterly Holdings Report
for

Fidelity Advisor® Diversified Stock Fund

December 31, 2017







ADESI-QTLY-0218
1.827901.112





Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 11.5%   
Automobiles - 0.3%   
Tesla, Inc. (a) 18,800 $5,853,380 
Hotels, Restaurants & Leisure - 1.9%   
Churchill Downs, Inc. 16,800 3,909,360 
Las Vegas Sands Corp. 148,200 10,298,418 
McDonald's Corp. 45,300 7,797,036 
Royal Caribbean Cruises Ltd. 113,700 13,562,136 
U.S. Foods Holding Corp. (a) 166,000 5,300,380 
  40,867,330 
Internet & Direct Marketing Retail - 5.1%   
Amazon.com, Inc. (a) 70,000 81,862,900 
JD.com, Inc. sponsored ADR (a) 165,900 6,871,578 
Netflix, Inc. (a) 44,900 8,619,004 
Priceline Group, Inc. (a) 5,700 9,905,118 
  107,258,600 
Media - 1.4%   
Charter Communications, Inc. Class A (a) 57,400 19,284,104 
Comcast Corp. Class A 95,300 3,816,765 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 2,472,342 6,180,855 
  29,281,724 
Multiline Retail - 1.2%   
B&M European Value Retail S.A. 1,008,713 5,769,067 
Dollar Tree, Inc. (a) 176,400 18,929,484 
  24,698,551 
Specialty Retail - 1.1%   
Lowe's Companies, Inc. 243,600 22,640,184 
Textiles, Apparel & Luxury Goods - 0.5%   
LVMH Moet Hennessy - Louis Vuitton SA 33,476 9,825,386 
Tory Burch LLC (b)(c)(d) 28,846 1,437,671 
  11,263,057 
TOTAL CONSUMER DISCRETIONARY  241,862,826 
CONSUMER STAPLES - 5.4%   
Beverages - 0.8%   
Constellation Brands, Inc. Class A (sub. vtg.) 49,800 11,382,786 
Monster Beverage Corp. (a) 99,300 6,284,697 
  17,667,483 
Food & Staples Retailing - 2.4%   
Wal-Mart Stores, Inc. 508,900 50,253,875 
Household Products - 0.4%   
Colgate-Palmolive Co. 112,300 8,473,035 
Personal Products - 0.7%   
Estee Lauder Companies, Inc. Class A 114,100 14,518,084 
Tobacco - 1.1%   
Altria Group, Inc. 216,800 15,481,688 
Philip Morris International, Inc. 74,400 7,860,360 
  23,342,048 
TOTAL CONSUMER STAPLES  114,254,525 
ENERGY - 5.4%   
Energy Equipment & Services - 1.3%   
Schlumberger Ltd. 395,100 26,625,789 
Oil, Gas & Consumable Fuels - 4.1%   
BP PLC 1,740,400 12,209,403 
Cabot Oil & Gas Corp. 407,100 11,643,060 
ConocoPhillips Co. 513,400 28,180,526 
EOG Resources, Inc. 50,100 5,406,291 
Phillips 66 Co. 146,100 14,778,015 
Reliance Industries Ltd. 1,009,608 14,566,094 
  86,783,389 
TOTAL ENERGY  113,409,178 
FINANCIALS - 20.8%   
Banks - 8.3%   
Bank of America Corp. 3,066,700 90,528,984 
Citigroup, Inc. 525,600 39,109,896 
JPMorgan Chase & Co. 429,500 45,930,730 
  175,569,610 
Capital Markets - 9.2%   
CBOE Holdings, Inc. 377,400 47,020,266 
Charles Schwab Corp. 384,300 19,741,491 
CME Group, Inc. 43,600 6,367,780 
KKR & Co. LP 446,300 9,399,078 
Morgan Stanley 631,400 33,129,558 
MSCI, Inc. 226,300 28,636,002 
S&P Global, Inc. 41,200 6,979,280 
State Street Corp. 142,100 13,870,381 
TD Ameritrade Holding Corp. 455,200 23,274,376 
The Blackstone Group LP 212,700 6,810,654 
  195,228,866 
Consumer Finance - 0.4%   
Capital One Financial Corp. 86,500 8,613,670 
Diversified Financial Services - 0.9%   
KKR Renaissance Co-Invest LP unit (a)(c) 41,380 17,021,902 
New Academy Holding Co. LLC unit (a)(c)(d)(e) 60,000 2,048,400 
  19,070,302 
Insurance - 1.0%   
Chubb Ltd. 81,300 11,880,369 
Enstar Group Ltd. (a) 48,000 9,636,000 
  21,516,369 
Thrifts & Mortgage Finance - 1.0%   
Radian Group, Inc. 975,300 20,100,933 
TOTAL FINANCIALS  440,099,750 
HEALTH CARE - 9.2%   
Biotechnology - 1.4%   
Alexion Pharmaceuticals, Inc. (a) 76,100 9,100,799 
Amgen, Inc. 19,200 3,338,880 
Biogen, Inc. (a) 52,500 16,724,925 
  29,164,604 
Health Care Equipment & Supplies - 3.3%   
Becton, Dickinson & Co. 157,200 33,650,232 
Boston Scientific Corp. (a) 370,100 9,174,779 
Danaher Corp. 125,100 11,611,782 
Intuitive Surgical, Inc. (a) 24,600 8,977,524 
ResMed, Inc. 62,700 5,310,063 
  68,724,380 
Health Care Providers & Services - 3.3%   
Humana, Inc. 89,100 22,103,037 
National Vision Holdings, Inc. 7,600 308,636 
UnitedHealth Group, Inc. 216,300 47,685,498 
  70,097,171 
Pharmaceuticals - 1.2%   
AstraZeneca PLC sponsored ADR 413,200 14,338,040 
Bristol-Myers Squibb Co. 135,300 8,291,184 
Mylan NV (a) 67,300 2,847,463 
  25,476,687 
TOTAL HEALTH CARE  193,462,842 
INDUSTRIALS - 14.6%   
Aerospace & Defense - 3.8%   
Bombardier, Inc. Class B (sub. vtg.) (a) 1,344,600 3,241,160 
General Dynamics Corp. 46,700 9,501,115 
Huntington Ingalls Industries, Inc. 20,900 4,926,130 
Northrop Grumman Corp. 87,500 26,854,625 
Raytheon Co. 191,700 36,010,845 
  80,533,875 
Air Freight & Logistics - 0.5%   
United Parcel Service, Inc. Class B 82,300 9,806,045 
Airlines - 0.4%   
Copa Holdings SA Class A 26,600 3,565,996 
Southwest Airlines Co. 81,800 5,353,810 
  8,919,806 
Building Products - 0.5%   
A.O. Smith Corp. 157,800 9,669,984 
Construction & Engineering - 1.4%   
Jacobs Engineering Group, Inc. 207,000 13,653,720 
KBR, Inc. 750,800 14,888,364 
  28,542,084 
Electrical Equipment - 0.2%   
Melrose Industries PLC 1,548,047 4,435,183 
Industrial Conglomerates - 1.2%   
General Electric Co. 671,500 11,717,675 
Honeywell International, Inc. 91,500 14,032,440 
  25,750,115 
Machinery - 3.5%   
Caterpillar, Inc. 224,700 35,408,226 
Rational AG 8,758 5,645,051 
WABCO Holdings, Inc. (a) 98,700 14,163,450 
Xylem, Inc. 277,500 18,925,500 
  74,142,227 
Professional Services - 0.6%   
IHS Markit Ltd. (a) 268,000 12,100,200 
Road & Rail - 1.9%   
CSX Corp. 237,600 13,070,376 
J.B. Hunt Transport Services, Inc. 142,200 16,350,156 
Norfolk Southern Corp. 79,400 11,505,060 
  40,925,592 
Trading Companies & Distributors - 0.6%   
Bunzl PLC 187,300 5,239,738 
United Rentals, Inc. (a) 43,200 7,426,512 
  12,666,250 
TOTAL INDUSTRIALS  307,491,361 
INFORMATION TECHNOLOGY - 25.8%   
Internet Software & Services - 10.0%   
2U, Inc. (a) 448,200 28,913,382 
Alibaba Group Holding Ltd. sponsored ADR (a) 122,700 21,157,161 
Alphabet, Inc. Class C (a) 114,000 119,289,601 
Facebook, Inc. Class A (a) 197,400 34,833,204 
Tencent Holdings Ltd. sponsored ADR (f) 127,200 6,604,224 
  210,797,572 
IT Services - 4.0%   
MasterCard, Inc. Class A 166,000 25,125,760 
PayPal Holdings, Inc. (a) 353,300 26,009,946 
Visa, Inc. Class A 296,300 33,784,126 
  84,919,832 
Semiconductors & Semiconductor Equipment - 1.4%   
Advanced Micro Devices, Inc. (a)(f) 217,300 2,233,844 
Applied Materials, Inc. 34,700 1,773,864 
ASML Holding NV 58,400 10,151,088 
Broadcom Ltd. 18,200 4,675,580 
Micron Technology, Inc. (a) 141,900 5,834,928 
Qualcomm, Inc. 87,200 5,582,544 
  30,251,848 
Software - 6.1%   
Adobe Systems, Inc. (a) 116,600 20,432,984 
Altair Engineering, Inc. Class A (a) 9,000 215,280 
Intuit, Inc. 32,100 5,064,738 
Microsoft Corp. 758,100 64,847,874 
Salesforce.com, Inc. (a) 273,400 27,949,682 
Workday, Inc. Class A (a) 112,600 11,455,924 
  129,966,482 
Technology Hardware, Storage & Peripherals - 4.3%   
Apple, Inc. 530,900 89,844,207 
TOTAL INFORMATION TECHNOLOGY  545,779,941 
MATERIALS - 5.4%   
Chemicals - 4.3%   
CF Industries Holdings, Inc. 386,900 16,458,726 
DowDuPont, Inc. 588,900 41,941,458 
LyondellBasell Industries NV Class A 287,200 31,683,904 
  90,084,088 
Construction Materials - 0.7%   
Eagle Materials, Inc. 133,900 15,170,870 
Metals & Mining - 0.4%   
First Quantum Minerals Ltd. 638,500 8,945,095 
TOTAL MATERIALS  114,200,053 
REAL ESTATE - 0.4%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
American Tower Corp. 64,400 9,187,948 
TELECOMMUNICATION SERVICES - 0.3%   
Wireless Telecommunication Services - 0.3%   
T-Mobile U.S., Inc. (a) 94,100 5,976,291 
UTILITIES - 0.7%   
Electric Utilities - 0.0%   
Vistra Energy Corp. 62,600 1,146,832 
Independent Power and Renewable Electricity Producers - 0.7%   
NRG Energy, Inc. 400,600 11,409,088 
The AES Corp. 284,800 3,084,384 
  14,493,472 
TOTAL UTILITIES  15,640,304 
TOTAL COMMON STOCKS   
(Cost $1,641,426,883)  2,101,365,019 
Convertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.0%   
Hotels, Restaurants & Leisure - 0.0%   
Topgolf International, Inc. Series F (c)(d) 78,650 1,088,005 
INFORMATION TECHNOLOGY - 0.3%   
Internet Software & Services - 0.3%   
Lyft, Inc. Series H (c)(d) 138,378 5,499,986 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $6,587,991)  6,587,991 
 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 $1,876,547) 
2,500,000 1,750,000 
 Shares Value 
Money Market Funds - 0.3%   
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h)   
(Cost $6,244,090) 6,243,466 6,244,714 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $1,656,135,511)  2,115,947,724 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (3,541,927) 
NET ASSETS - 100%  $2,112,405,797 

Legend

 (a) Non-income producing

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

 (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 $33,276,819 or 1.6% of net assets.

 (d) Level 3 security

 (e) 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.

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

 (g) 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.

 (h) 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 $4,365,590 
Lyft, Inc. Series H 11/22/17 $5,499,986 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
Topgolf International, Inc. Series F 11/10/17 $1,088,005 
Tory Burch LLC 5/14/15 $2,039,212 
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 $15,854 
Fidelity Securities Lending Cash Central Fund 8,598 
Total $24,452 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 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 $242,950,831 $224,418,914 $9,825,386 $8,706,531 
Consumer Staples 114,254,525 114,254,525 -- -- 
Energy 113,409,178 101,199,775 12,209,403 -- 
Financials 440,099,750 421,029,448 17,021,902 2,048,400 
Health Care 193,462,842 193,462,842 -- -- 
Industrials 307,491,361 307,491,361 -- -- 
Information Technology 551,279,927 545,779,941 -- 5,499,986 
Materials 114,200,053 114,200,053 -- -- 
Real Estate 9,187,948 9,187,948 -- -- 
Telecommunication Services 5,976,291 5,976,291 -- -- 
Utilities 15,640,304 15,640,304 -- -- 
Corporate Bonds 1,750,000 -- 1,750,000 -- 
Money Market Funds 6,244,714 6,244,714 -- -- 
Total Investments in Securities: $2,115,947,724 $2,058,886,116 $40,806,691 $16,254,917 

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.

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® Capital Development Fund

December 31, 2017







ADESII-QTLY-0218
1.827902.112





Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.0%   
Distributors - 0.2%   
LKQ Corp. (a) 161,900 $6,584,473 
Household Durables - 0.3%   
KB Home 114,900 3,671,055 
Taylor Morrison Home Corp. (a) 201,000 4,918,470 
  8,589,525 
Media - 3.7%   
Comcast Corp. Class A 1,852,000 74,172,600 
Interpublic Group of Companies, Inc. 460,600 9,285,696 
Omnicom Group, Inc. 46,200 3,364,746 
Sinclair Broadcast Group, Inc. Class A 140,800 5,329,280 
The Walt Disney Co. 168,000 18,061,680 
Time Warner, Inc. 78,800 7,207,836 
Viacom, Inc. Class B (non-vtg.) 144,900 4,464,369 
  121,886,207 
Multiline Retail - 0.3%   
Target Corp. 156,950 10,240,988 
Specialty Retail - 2.5%   
AutoZone, Inc. (a) 9,500 6,758,015 
L Brands, Inc. 273,300 16,458,126 
Lowe's Companies, Inc. 385,600 35,837,664 
O'Reilly Automotive, Inc. (a) 23,200 5,580,528 
Ross Stores, Inc. 13,100 1,051,275 
Sally Beauty Holdings, Inc. (a) 251,000 4,708,760 
TJX Companies, Inc. 167,400 12,799,404 
  83,193,772 
TOTAL CONSUMER DISCRETIONARY  230,494,965 
CONSUMER STAPLES - 8.0%   
Beverages - 1.6%   
Dr. Pepper Snapple Group, Inc. 42,200 4,095,932 
Molson Coors Brewing Co. Class B 169,500 13,910,865 
The Coca-Cola Co. 780,600 35,813,928 
  53,820,725 
Food & Staples Retailing - 2.0%   
Costco Wholesale Corp. 1,700 316,404 
CVS Health Corp. 362,500 26,281,250 
Kroger Co. 346,700 9,516,915 
Wal-Mart Stores, Inc. 302,600 29,881,750 
  65,996,319 
Food Products - 0.6%   
Campbell Soup Co. 131,900 6,345,709 
Kellogg Co. 92,000 6,254,160 
The J.M. Smucker Co. 40,300 5,006,872 
The Simply Good Foods Co. 101,900 1,453,094 
  19,059,835 
Household Products - 1.6%   
Kimberly-Clark Corp. 40,000 4,826,400 
Procter & Gamble Co. 461,405 42,393,891 
Reckitt Benckiser Group PLC 59,400 5,541,632 
  52,761,923 
Personal Products - 0.3%   
Coty, Inc. Class A 134,800 2,681,172 
Unilever NV (NY Reg.) 107,400 6,048,768 
  8,729,940 
Tobacco - 1.9%   
Altria Group, Inc. 634,600 45,316,786 
British American Tobacco PLC sponsored ADR 247,300 16,566,627 
  61,883,413 
TOTAL CONSUMER STAPLES  262,252,155 
ENERGY - 13.0%   
Energy Equipment & Services - 1.0%   
Baker Hughes, a GE Co. Class A 348,100 11,013,884 
Ensco PLC Class A (b) 225,000 1,329,750 
National Oilwell Varco, Inc. 329,500 11,868,590 
Oceaneering International, Inc. 315,400 6,667,556 
  30,879,780 
Oil, Gas & Consumable Fuels - 12.0%   
Amyris, Inc. (a)(b) 142,422 534,083 
Anadarko Petroleum Corp. 210,000 11,264,400 
Apache Corp. 560,300 23,655,866 
Cabot Oil & Gas Corp. 686,600 19,636,760 
Cenovus Energy, Inc. 2,524,900 23,059,548 
Cheniere Energy, Inc. (a) 85,100 4,581,784 
Chevron Corp. 385,827 48,301,682 
ConocoPhillips Co. 1,271,300 69,781,657 
Golar LNG Ltd. 160,700 4,790,467 
Imperial Oil Ltd. 458,790 14,318,482 
Kinder Morgan, Inc. 1,203,300 21,743,631 
Legacy Reserves LP (a) 123,424 198,713 
Noble Energy, Inc. 37,800 1,101,492 
PDC Energy, Inc. (a) 74,500 3,839,730 
Phillips 66 Co. 36,100 3,651,515 
Suncor Energy, Inc. 1,596,700 58,621,881 
Teekay Offshore Partners LP 600,800 1,417,888 
The Williams Companies, Inc. 1,674,392 51,052,212 
Valero Energy Corp. 71,200 6,543,992 
Williams Partners LP 653,600 25,346,608 
  393,442,391 
TOTAL ENERGY  424,322,171 
FINANCIALS - 23.3%   
Banks - 15.7%   
Bank of America Corp. 4,043,400 119,361,168 
Citigroup, Inc. 1,354,104 100,758,879 
First Republic Bank 23,900 2,070,696 
JPMorgan Chase & Co. 944,610 101,016,593 
PNC Financial Services Group, Inc. 173,316 25,007,766 
Regions Financial Corp. 1,025,700 17,724,096 
Signature Bank (a) 69,500 9,539,570 
Standard Chartered PLC (United Kingdom) (a) 285,279 3,004,707 
SunTrust Banks, Inc. 714,300 46,136,637 
U.S. Bancorp 566,242 30,339,246 
Wells Fargo & Co. 972,850 59,022,810 
  513,982,168 
Capital Markets - 6.3%   
Charles Schwab Corp. 483,155 24,819,672 
KKR & Co. LP 805,085 16,955,090 
Morgan Stanley 746,700 39,179,349 
Northern Trust Corp. 360,695 36,029,824 
State Street Corp. 660,590 64,480,190 
TD Ameritrade Holding Corp. 52,700 2,694,551 
The Blackstone Group LP 633,300 20,278,266 
  204,436,942 
Insurance - 0.3%   
MetLife, Inc. 207,400 10,486,144 
Thrifts & Mortgage Finance - 1.0%   
MGIC Investment Corp. (a) 811,561 11,451,126 
Radian Group, Inc. 966,691 19,923,502 
  31,374,628 
TOTAL FINANCIALS  760,279,882 
HEALTH CARE - 13.8%   
Biotechnology - 3.7%   
Alexion Pharmaceuticals, Inc. (a) 167,100 19,983,489 
Alnylam Pharmaceuticals, Inc. (a) 38,800 4,929,540 
Amgen, Inc. 265,015 46,086,109 
Biogen, Inc. (a) 36,000 11,468,520 
BioMarin Pharmaceutical, Inc. (a) 68,300 6,090,311 
Bioverativ, Inc. 6,400 345,088 
Celldex Therapeutics, Inc. (a) 10,900 30,956 
Genocea Biosciences, Inc. (a)(b) 144,100 167,156 
Gilead Sciences, Inc. 16,000 1,146,240 
Insmed, Inc. (a) 147,800 4,608,404 
Intercept Pharmaceuticals, Inc. (a)(b) 177,414 10,364,526 
Regeneron Pharmaceuticals, Inc. (a) 8,500 3,195,660 
Spark Therapeutics, Inc. (a) 87,567 4,502,695 
TESARO, Inc. (a) 5,000 414,350 
Trevena, Inc. (a) 269,300 430,880 
Vertex Pharmaceuticals, Inc. (a) 43,100 6,458,966 
  120,222,890 
Health Care Equipment & Supplies - 2.1%   
Boston Scientific Corp. (a) 1,665,151 41,279,093 
Danaher Corp. 154,600 14,349,972 
Medtronic PLC 69,500 5,612,125 
ResMed, Inc. 16,000 1,355,040 
Zimmer Biomet Holdings, Inc. 63,700 7,686,679 
  70,282,909 
Health Care Providers & Services - 3.4%   
Aetna, Inc. 24,200 4,365,438 
AmerisourceBergen Corp. 109,300 10,035,926 
Anthem, Inc. 65,400 14,715,654 
Cardinal Health, Inc. 331,200 20,292,624 
Cigna Corp. 88,700 18,014,083 
Express Scripts Holding Co. (a) 54,300 4,052,952 
Humana, Inc. 28,900 7,169,223 
McKesson Corp. 142,180 22,172,971 
UnitedHealth Group, Inc. 55,600 12,257,576 
  113,076,447 
Health Care Technology - 0.1%   
Castlight Health, Inc. Class B (a)(b) 522,054 1,957,703 
Pharmaceuticals - 4.5%   
Allergan PLC 49,700 8,129,926 
AstraZeneca PLC sponsored ADR 107,700 3,737,190 
Bayer AG 38,200 4,746,856 
Bristol-Myers Squibb Co. 93,000 5,699,040 
CymaBay Therapeutics, Inc. (a) 649,100 5,971,720 
GlaxoSmithKline PLC sponsored ADR 1,223,900 43,411,733 
Jazz Pharmaceuticals PLC (a) 121,000 16,292,650 
Johnson & Johnson 218,560 30,537,203 
Novartis AG sponsored ADR 5,600 470,176 
Sanofi SA 31,297 2,694,421 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 803,550 15,227,273 
TherapeuticsMD, Inc. (a)(b) 1,622,731 9,801,295 
  146,719,483 
TOTAL HEALTH CARE  452,259,432 
INDUSTRIALS - 10.4%   
Aerospace & Defense - 1.9%   
General Dynamics Corp. 17,300 3,519,685 
The Boeing Co. 35,080 10,345,443 
United Technologies Corp. 373,300 47,621,881 
  61,487,009 
Air Freight & Logistics - 1.7%   
C.H. Robinson Worldwide, Inc. 154,979 13,807,079 
FedEx Corp. 39,500 9,856,830 
United Parcel Service, Inc. Class B 254,100 30,276,015 
  53,939,924 
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. (a) 52,700 3,583,073 
Electrical Equipment - 1.0%   
Acuity Brands, Inc. 62,300 10,964,800 
AMETEK, Inc. 131,200 9,508,064 
Hubbell, Inc. Class B 53,618 7,256,660 
Melrose Industries PLC 2,294,821 6,574,704 
  34,304,228 
Industrial Conglomerates - 1.7%   
General Electric Co. 3,136,700 54,735,415 
ITT, Inc. 6,100 325,557 
  55,060,972 
Machinery - 0.8%   
Flowserve Corp. 375,900 15,836,667 
Snap-On, Inc. 5,300 923,790 
Wabtec Corp. (b) 106,100 8,639,723 
  25,400,180 
Professional Services - 0.2%   
IHS Markit Ltd. (a) 164,774 7,439,546 
Road & Rail - 3.0%   
CSX Corp. 467,900 25,739,179 
Genesee & Wyoming, Inc. Class A (a) 121,800 9,589,314 
J.B. Hunt Transport Services, Inc. 203,700 23,421,426 
Norfolk Southern Corp. 108,200 15,678,180 
Old Dominion Freight Lines, Inc. 2,500 328,875 
Union Pacific Corp. 177,700 23,829,570 
  98,586,544 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 11,600 634,404 
Univar, Inc. (a) 20,200 625,392 
  1,259,796 
TOTAL INDUSTRIALS  341,061,272 
INFORMATION TECHNOLOGY - 18.1%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,361,600 52,149,280 
F5 Networks, Inc. (a) 23,100 3,031,182 
  55,180,462 
Electronic Equipment & Components - 0.2%   
Itron, Inc. (a) 70,900 4,835,380 
Internet Software & Services - 3.3%   
Akamai Technologies, Inc. (a) 95,000 6,178,800 
Alphabet, Inc.:   
Class A (a) 47,300 49,825,820 
Class C (a) 45,083 47,174,851 
Facebook, Inc. Class A (a) 33,200 5,858,472 
  109,037,943 
IT Services - 3.9%   
Cognizant Technology Solutions Corp. Class A 88,200 6,263,964 
FleetCor Technologies, Inc. (a) 30,700 5,907,601 
MasterCard, Inc. Class A 192,900 29,197,344 
Paychex, Inc. 378,900 25,795,512 
PayPal Holdings, Inc. (a) 90,595 6,669,604 
Unisys Corp. (a)(b) 722,347 5,887,128 
Visa, Inc. Class A 420,000 47,888,400 
  127,609,553 
Semiconductors & Semiconductor Equipment - 1.8%   
Qualcomm, Inc. 940,090 60,184,562 
Software - 5.0%   
Adobe Systems, Inc. (a) 75,800 13,283,192 
Autodesk, Inc. (a) 3,500 366,905 
Microsoft Corp. 1,395,800 119,396,729 
Oracle Corp. 301,500 14,254,920 
SAP SE sponsored ADR 86,600 9,730,376 
Ultimate Software Group, Inc. (a) 20,900 4,561,007 
  161,593,129 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 425,900 72,075,057 
TOTAL INFORMATION TECHNOLOGY  590,516,086 
MATERIALS - 3.2%   
Chemicals - 2.5%   
CF Industries Holdings, Inc. 289,000 12,294,060 
Intrepid Potash, Inc. (a)(b) 1,495,040 7,116,390 
LyondellBasell Industries NV Class A 165,900 18,302,088 
Monsanto Co. 175,700 20,518,246 
Potash Corp. of Saskatchewan, Inc. 805,300 16,516,018 
The Scotts Miracle-Gro Co. Class A 22,600 2,417,974 
W.R. Grace & Co. 63,200 4,432,216 
  81,596,992 
Containers & Packaging - 0.4%   
WestRock Co. 196,834 12,441,877 
Metals & Mining - 0.3%   
BHP Billiton Ltd. sponsored ADR (b) 15,400 708,246 
Freeport-McMoRan, Inc. (a) 434,900 8,245,704 
Lundin Mining Corp. 329,200 2,189,429 
  11,143,379 
TOTAL MATERIALS  105,182,248 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
American Tower Corp. 4,700 670,549 
Equinix, Inc. 8,100 3,671,082 
Public Storage 21,300 4,451,700 
  8,793,331 
TELECOMMUNICATION SERVICES - 1.1%   
Diversified Telecommunication Services - 1.1%   
Verizon Communications, Inc. 658,506 34,854,723 
Zayo Group Holdings, Inc. (a) 26,100 960,480 
  35,815,203 
UTILITIES - 1.2%   
Electric Utilities - 0.9%   
Exelon Corp. 668,700 26,353,467 
PPL Corp. 64,900 2,008,655 
  28,362,122 
Independent Power and Renewable Electricity Producers - 0.3%   
Dynegy, Inc. (a) 870,094 10,310,614 
TOTAL UTILITIES  38,672,736 
TOTAL COMMON STOCKS   
(Cost $2,448,025,873)  3,249,649,481 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $7,810,134) 7,810,134 6,013,803 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund, 1.36% (f) 7,804,095 7,805,656 
Fidelity Securities Lending Cash Central Fund 1.36% (f)(g) 31,089,065 31,095,283 
TOTAL MONEY MARKET FUNDS   
(Cost $38,897,777)  38,900,939 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $2,494,733,784)  3,294,564,223 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (26,317,885) 
NET ASSETS - 100%  $3,268,246,338 

Legend

 (a) Non-income producing

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

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

 (d) Restricted securities - 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 $6,013,803 or 0.2% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $7,810,134 

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 $41,016 
Fidelity Securities Lending Cash Central Fund 61,712 
Total $102,728 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 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 $230,494,965 $230,494,965 $-- $-- 
Consumer Staples 262,252,155 256,710,523 5,541,632 -- 
Energy 424,322,171 424,322,171 -- -- 
Financials 760,279,882 760,279,882 -- -- 
Health Care 452,259,432 444,818,155 7,441,277 -- 
Industrials 341,061,272 341,061,272 -- -- 
Information Technology 590,516,086 590,516,086 -- -- 
Materials 105,182,248 105,182,248 -- -- 
Real Estate 8,793,331 8,793,331 -- -- 
Telecommunication Services 35,815,203 35,815,203 -- -- 
Utilities 38,672,736 38,672,736 -- -- 
Other 6,013,803 -- -- 6,013,803 
Money Market Funds 38,900,939 38,900,939 -- -- 
Total Investments in Securities: $3,294,564,223 $3,275,567,511 $12,982,909 $6,013,803 

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.

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:

February 28, 2018


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:

February 28, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

February 28, 2018