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, 2018


Item 1.

Reports to Stockholders




Fidelity Advisor® Diversified Stock Fund
Class A, Class M, Class C, Class I and Class Z



Semi-Annual Report

March 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2018

 % of fund's net assets 
Amazon.com, Inc. 4.4 
Alphabet, Inc. Class C 4.3 
Microsoft Corp. 3.9 
Bank of America Corp. 2.8 
JPMorgan Chase & Co. 2.2 
Apple, Inc. 2.2 
Raytheon Co. 2.1 
UnitedHealth Group, Inc. 2.0 
TD Ameritrade Holding Corp. 2.0 
Becton, Dickinson & Co. 1.9 
 27.8 

Top Five Market Sectors as of March 31, 2018

 % of fund's net assets 
Information Technology 29.3 
Financials 18.5 
Industrials 13.4 
Consumer Discretionary 12.3 
Health Care 11.2 

Asset Allocation (% of fund's net assets)

As of March 31, 2018 * 
   Stocks 98.4% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 10.9%


Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.3%   
Auto Components - 0.1%   
Aptiv PLC 36,500 $3,101,405 
Hotels, Restaurants & Leisure - 2.5%   
Chipotle Mexican Grill, Inc. (a) 13,600 4,394,296 
Churchill Downs, Inc. 13,000 3,172,650 
Las Vegas Sands Corp. 140,500 10,101,950 
McDonald's Corp. 113,200 17,702,216 
Royal Caribbean Cruises Ltd. 151,100 17,790,514 
  53,161,626 
Internet & Direct Marketing Retail - 6.0%   
Amazon.com, Inc. (a) 64,800 93,787,631 
JD.com, Inc. sponsored ADR (a) 165,900 6,717,291 
Netflix, Inc. (a) 44,900 13,261,215 
The Booking Holdings, Inc. (a) 6,800 14,146,652 
  127,912,789 
Media - 1.1%   
Charter Communications, Inc. Class A (a) 46,600 14,502,852 
The Walt Disney Co. 16,400 1,647,216 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 2,559,569 6,398,925 
  22,548,993 
Multiline Retail - 0.7%   
Dollar Tree, Inc. (a) 134,900 12,802,010 
Macy's, Inc. 65,400 1,944,996 
  14,747,006 
Specialty Retail - 1.1%   
Lowe's Companies, Inc. 258,100 22,648,275 
Textiles, Apparel & Luxury Goods - 0.8%   
LVMH Moet Hennessy - Louis Vuitton SA 36,360 11,205,178 
PVH Corp. 24,000 3,634,320 
Tory Burch LLC (b)(c)(d) 28,846 1,730,455 
  16,569,953 
TOTAL CONSUMER DISCRETIONARY  260,690,047 
CONSUMER STAPLES - 3.9%   
Beverages - 0.8%   
Constellation Brands, Inc. Class A (sub. vtg.) 49,800 11,350,416 
Monster Beverage Corp. (a) 99,300 5,680,953 
  17,031,369 
Food & Staples Retailing - 1.3%   
CVS Health Corp. 35,100 2,183,571 
Walmart, Inc. 287,800 25,605,566 
  27,789,137 
Food Products - 0.4%   
Mondelez International, Inc. 190,300 7,941,219 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 92,200 13,804,184 
Unilever NV (NY Reg.) 113,400 6,394,626 
  20,198,810 
Tobacco - 0.4%   
Altria Group, Inc. 44,800 2,791,936 
Philip Morris International, Inc. 58,800 5,844,720 
  8,636,656 
TOTAL CONSUMER STAPLES  81,597,191 
ENERGY - 5.0%   
Energy Equipment & Services - 1.1%   
Baker Hughes, a GE Co. Class A 168,200 4,670,914 
Schlumberger Ltd. 271,400 17,581,292 
  22,252,206 
Oil, Gas & Consumable Fuels - 3.9%   
BP PLC 1,846,500 12,454,834 
Cabot Oil & Gas Corp. 407,100 9,762,258 
ConocoPhillips Co. 321,100 19,038,019 
Devon Energy Corp. 142,200 4,520,538 
EOG Resources, Inc. 184,900 19,464,423 
Phillips 66 Co. 82,700 7,932,584 
Reliance Industries Ltd. 722,256 9,874,501 
  83,047,157 
TOTAL ENERGY  105,299,363 
FINANCIALS - 18.5%   
Banks - 6.6%   
Bank of America Corp. 2,003,500 60,084,965 
Citigroup, Inc. 488,200 32,953,500 
JPMorgan Chase & Co. 429,500 47,232,115 
  140,270,580 
Capital Markets - 9.5%   
Cboe Global Markets, Inc. 123,000 14,034,300 
Charles Schwab Corp. 467,200 24,397,184 
CME Group, Inc. 43,600 7,051,864 
Goldman Sachs Group, Inc. 74,000 18,637,640 
KKR & Co. LP 210,800 4,279,240 
Morgan Stanley 631,400 34,070,344 
MSCI, Inc. 226,300 33,825,061 
S&P Global, Inc. 41,200 7,871,672 
State Street Corp. 72,400 7,220,452 
TD Ameritrade Holding Corp. 705,400 41,780,842 
The Blackstone Group LP 212,700 6,795,765 
  199,964,364 
Consumer Finance - 0.4%   
Capital One Financial Corp. 86,500 8,288,430 
Diversified Financial Services - 0.8%   
KKR Renaissance Co-Invest LP unit (a)(c) 41,380 15,391,452 
New Academy Holding Co. LLC unit (a)(c)(d)(e) 60,000 2,005,200 
  17,396,652 
Insurance - 0.5%   
Chubb Ltd. 18,000 2,461,860 
Enstar Group Ltd. (a) 43,200 9,082,800 
  11,544,660 
Thrifts & Mortgage Finance - 0.7%   
Radian Group, Inc. 725,700 13,817,328 
TOTAL FINANCIALS  391,282,014 
HEALTH CARE - 11.2%   
Biotechnology - 2.1%   
Alexion Pharmaceuticals, Inc. (a) 138,400 15,426,064 
Amgen, Inc. 42,300 7,211,304 
Biogen, Inc. (a) 38,100 10,432,542 
Regeneron Pharmaceuticals, Inc. (a) 3,800 1,308,568 
Vertex Pharmaceuticals, Inc. (a) 62,500 10,186,250 
  44,564,728 
Health Care Equipment & Supplies - 3.7%   
Becton, Dickinson & Co. 186,000 40,306,200 
Danaher Corp. 147,900 14,480,889 
Edwards Lifesciences Corp. (a) 60,700 8,468,864 
Intuitive Surgical, Inc. (a) 31,800 13,127,994 
ResMed, Inc. 28,200 2,776,854 
  79,160,801 
Health Care Providers & Services - 3.3%   
Humana, Inc. 102,500 27,555,075 
UnitedHealth Group, Inc. 199,700 42,735,800 
  70,290,875 
Pharmaceuticals - 2.1%   
AstraZeneca PLC sponsored ADR 381,300 13,334,061 
Bristol-Myers Squibb Co. 216,700 13,706,275 
Mylan NV (a) 105,700 4,351,669 
Nektar Therapeutics (a) 114,000 12,113,640 
  43,505,645 
TOTAL HEALTH CARE  237,522,049 
INDUSTRIALS - 13.4%   
Aerospace & Defense - 5.6%   
Bombardier, Inc. Class B (sub. vtg.) (a) 3,514,100 10,228,490 
General Dynamics Corp. 42,400 9,366,160 
Huntington Ingalls Industries, Inc. 18,400 4,742,784 
Northrop Grumman Corp. 105,700 36,901,984 
Raytheon Co. 201,300 43,444,566 
United Technologies Corp. 102,300 12,871,386 
  117,555,370 
Airlines - 0.2%   
Southwest Airlines Co. 60,600 3,471,168 
Spirit Airlines, Inc. (a) 28,800 1,088,064 
  4,559,232 
Building Products - 0.5%   
A.O. Smith Corp. 134,800 8,571,932 
Allegion PLC 26,900 2,294,301 
  10,866,233 
Construction & Engineering - 1.0%   
Jacobs Engineering Group, Inc. 361,600 21,388,640 
Electrical Equipment - 1.0%   
AMETEK, Inc. 42,300 3,213,531 
Emerson Electric Co. 181,500 12,396,450 
Melrose Industries PLC (f) 1,932,551 6,263,263 
  21,873,244 
Machinery - 2.9%   
Caterpillar, Inc. 94,100 13,868,458 
Deere & Co. 124,400 19,321,808 
Flowserve Corp. 84,600 3,665,718 
WABCO Holdings, Inc. (a) 28,100 3,761,747 
Xylem, Inc. 277,500 21,345,300 
  61,963,031 
Professional Services - 0.6%   
IHS Markit Ltd. (a) 268,000 12,928,320 
Road & Rail - 1.5%   
CSX Corp. 151,400 8,434,494 
J.B. Hunt Transport Services, Inc. 108,600 12,722,490 
Norfolk Southern Corp. 69,700 9,463,866 
  30,620,850 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 14,100 2,435,493 
TOTAL INDUSTRIALS  284,190,413 
INFORMATION TECHNOLOGY - 29.0%   
Internet Software & Services - 9.1%   
2U, Inc. (a) 411,600 34,586,748 
Alibaba Group Holding Ltd. sponsored ADR (a) 146,700 26,925,318 
Alphabet, Inc. Class C(a) 87,100 89,868,909 
Dropbox, Inc. Class A(a)(f) 10,500 328,125 
Facebook, Inc. Class A (a) 191,700 30,631,743 
Tencent Holdings Ltd. sponsored ADR (f) 188,300 10,034,507 
  192,375,350 
IT Services - 4.7%   
MasterCard, Inc. Class A 166,000 29,076,560 
PayPal Holdings, Inc. (a) 313,900 23,815,593 
Visa, Inc. Class A 261,500 31,280,630 
Worldpay, Inc. (a) 190,300 15,650,272 
  99,823,055 
Semiconductors & Semiconductor Equipment - 2.4%   
Applied Materials, Inc. 66,400 3,692,504 
ASML Holding NV 68,000 13,502,080 
Intel Corp. 200,200 10,426,416 
Micron Technology, Inc. (a) 141,900 7,398,666 
NVIDIA Corp. 20,300 4,701,277 
Qualcomm, Inc. 174,700 9,680,127 
  49,401,070 
Software - 10.6%   
Activision Blizzard, Inc. 104,700 7,063,062 
Adobe Systems, Inc. (a) 116,600 25,194,928 
Autodesk, Inc. (a) 19,200 2,411,136 
Black Knight, Inc. (a) 16,300 767,730 
Electronic Arts, Inc. (a) 176,700 21,423,108 
Intuit, Inc. 46,500 8,060,775 
Microsoft Corp. 889,800 81,212,046 
Red Hat, Inc. (a) 73,700 11,018,887 
Salesforce.com, Inc. (a) 336,800 39,169,840 
Workday, Inc. Class A (a) 215,500 27,392,205 
  223,713,717 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 278,100 46,659,618 
TOTAL INFORMATION TECHNOLOGY  611,972,810 
MATERIALS - 4.3%   
Chemicals - 3.7%   
CF Industries Holdings, Inc. 240,600 9,077,838 
DowDuPont, Inc. 521,700 33,237,507 
LyondellBasell Industries NV Class A 233,000 24,623,440 
Nutrien Ltd. 148,700 7,027,562 
The Mosaic Co. 62,500 1,517,500 
Umicore SA 38,446 2,030,841 
  77,514,688 
Construction Materials - 0.4%   
Eagle Materials, Inc. 91,900 9,470,295 
Containers & Packaging - 0.1%   
WestRock Co. 33,600 2,156,112 
Metals & Mining - 0.1%   
Glencore Xstrata PLC 403,797 2,004,373 
TOTAL MATERIALS  91,145,468 
TELECOMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 79,700 4,864,888 
UTILITIES - 0.6%   
Electric Utilities - 0.4%   
Vistra Energy Corp. (a) 339,400 7,069,702 
Independent Power and Renewable Electricity Producers - 0.2%   
The AES Corp. 423,100 4,810,647 
TOTAL UTILITIES  11,880,349 
TOTAL COMMON STOCKS   
(Cost $1,651,866,793)  2,080,444,592 
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 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.72% (g) 34,377,862 34,384,737 
Fidelity Securities Lending Cash Central Fund 1.72% (g)(h) 11,286,813 11,289,071 
TOTAL MONEY MARKET FUNDS   
(Cost $45,672,690)  45,673,808 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $1,704,127,474)  2,132,706,391 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (18,003,978) 
NET ASSETS - 100%  $2,114,702,413 

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 $32,114,023 or 1.5% 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 $5,275,000 
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 - 3/29/17 $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 $34,443 
Fidelity Securities Lending Cash Central Fund 13,642 
Total $48,085 

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

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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 $261,778,052 $241,355,489 $11,205,178 $9,217,385 
Consumer Staples 81,597,191 81,597,191 -- -- 
Energy 105,299,363 82,970,028 22,329,335 -- 
Financials 391,282,014 373,885,362 15,391,452 2,005,200 
Health Care 237,522,049 237,522,049 -- -- 
Industrials 284,190,413 284,190,413 -- -- 
Information Technology 617,472,796 611,972,810 -- 5,499,986 
Materials 91,145,468 91,145,468 -- -- 
Telecommunication Services 4,864,888 4,864,888 -- -- 
Utilities 11,880,349 11,880,349 -- -- 
Money Market Funds 45,673,808 45,673,808 -- -- 
Total Investments in Securities: $2,132,706,391 $2,067,057,855 $48,925,965 $16,722,571 

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 89.1% 
Netherlands 2.3% 
Cayman Islands 2.1% 
United Kingdom 1.5% 
Bermuda 1.0% 
Others (Individually Less Than 1%) 4.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $10,920,784) — See accompanying schedule:
Unaffiliated issuers (cost $1,658,454,784) 
$2,087,032,583  
Fidelity Central Funds (cost $45,672,690) 45,673,808  
Total Investment in Securities (cost $1,704,127,474)  $2,132,706,391 
Cash  519,227 
Restricted cash  146,967 
Foreign currency held at value (cost $199,253)  199,253 
Receivable for investments sold  13,507,852 
Receivable for fund shares sold  224,923 
Dividends receivable  929,018 
Distributions receivable from Fidelity Central Funds  16,120 
Prepaid expenses  1,640 
Other receivables  128,937 
Total assets  2,148,380,328 
Liabilities   
Payable for investments purchased $9,949,956  
Payable for fund shares redeemed 11,276,798  
Accrued management fee 745,945  
Distribution and service plan fees payable 98,954  
Other affiliated payables 125,888  
Other payables and accrued expenses 194,959  
Collateral on securities loaned 11,285,415  
Total liabilities  33,677,915 
Net Assets  $2,114,702,413 
Net Assets consist of:   
Paid in capital  $1,541,304,266 
Distributions in excess of net investment income  (1,125,535) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  146,017,987 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  428,505,695 
Net Assets  $2,114,702,413 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,743,199,519 ÷ 67,118,075 shares)  $25.97 
Class A:   
Net Asset Value and redemption price per share ($258,606,818 ÷ 10,227,558 shares)  $25.29 
Maximum offering price per share (100/94.25 of $25.29)  $26.83 
Class M:   
Net Asset Value and redemption price per share ($38,895,293 ÷ 1,550,926 shares)  $25.08 
Maximum offering price per share (100/96.50 of $25.08)  $25.99 
Class C:   
Net Asset Value and offering price per share ($30,727,540 ÷ 1,254,660 shares)(a)  $24.49 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,119,545 ÷ 1,568,555 shares)  $26.85 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,153,698 ÷ 43,369 shares)  $26.60 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $13,665,788 
Interest  181,955 
Income from Fidelity Central Funds  48,085 
Total income  13,895,828 
Expenses   
Management fee $4,455,827  
Transfer agent fees 404,307  
Distribution and service plan fees 584,643  
Accounting and security lending fees 327,420  
Custodian fees and expenses 40,639  
Independent trustees' fees and expenses 4,354  
Registration fees 42,375  
Audit 147,157  
Legal 6,333  
Interest 1,690  
Miscellaneous 8,093  
Total expenses before reductions 6,022,838  
Expense reductions (171,987) 5,850,851 
Net investment income (loss)  8,044,977 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $132,266) 178,326,934  
Fidelity Central Funds 1,670  
Foreign currency transactions (40,322)  
Total net realized gain (loss)  178,288,282 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $77,558) (9,680,632)  
Fidelity Central Funds 338  
Assets and liabilities in foreign currencies 8,636  
Total change in net unrealized appreciation (depreciation)  (9,671,658) 
Net gain (loss)  168,616,624 
Net increase (decrease) in net assets resulting from operations  $176,661,601 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2018 (Unaudited) Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,044,977 $30,477,279 
Net realized gain (loss) 178,288,282 126,215,272 
Change in net unrealized appreciation (depreciation) (9,671,658) 186,360,375 
Net increase (decrease) in net assets resulting from operations 176,661,601 343,052,926 
Distributions to shareholders from net investment income (25,306,525) (28,192,780) 
Distributions to shareholders from net realized gain (150,378,103) (2,058,655) 
Total distributions (175,684,628) (30,251,435) 
Share transactions - net increase (decrease) (18,372,758) (9,860,092) 
Total increase (decrease) in net assets (17,395,785) 302,941,399 
Net Assets   
Beginning of period 2,132,098,198 1,829,156,799 
End of period $2,114,702,413 $2,132,098,198 
Other Information   
Undistributed net investment income end of period $– $16,136,013 
Distributions in excess of net investment income end of period $(1,125,535) $– 

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


Financial Highlights

Fidelity Advisor Diversified Stock Fund Class O

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $26.07 $22.27 $21.04 $24.63 $21.17 $17.53 
Income from Investment Operations       
Net investment income (loss)A .11 .39 .38 .40 .40 .32 
Net realized and unrealized gain (loss) 2.07 3.80 2.57 (1.71) 3.39 3.64 
Total from investment operations 2.18 4.19 2.95 (1.31) 3.79 3.96 
Distributions from net investment income (.35) (.36)B (.36) (.31) (.27) (.29) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.28) (.39) (1.72) (2.28) (.33) (.32) 
Net asset value, end of period $25.97 $26.07 $22.27 $21.04 $24.63 $21.17 
Total ReturnC,D,E 8.61% 18.99% 15.05% (5.92)% 18.08% 23.05% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .48%H .48% .47% .50% .51% .51% 
Expenses net of fee waivers, if any .48%H .48% .47% .50% .51% .51% 
Expenses net of all reductions .46%H .48% .47% .50% .50% .49% 
Net investment income (loss) .82%H 1.61% 1.84% 1.70% 1.69% 1.68% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,743,200 $1,763,983 $1,509,620 $1,426,230 $1,866,810 $1,622,353 
Portfolio turnover rateI 111%H 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 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.


Fidelity Advisor Diversified Stock Fund Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.40 $21.71 $20.55 $24.12 $20.75 $17.18 
Income from Investment Operations       
Net investment income (loss)A .06 .30 .30 .31 .32 .26 
Net realized and unrealized gain (loss) 2.02 3.70 2.51 (1.67) 3.33 3.58 
Total from investment operations 2.08 4.00 2.81 (1.36) 3.65 3.84 
Distributions from net investment income (.26) (.28)B (.29) (.24) (.21) (.24) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.19) (.31) (1.65) (2.21) (.28)C (.27) 
Net asset value, end of period $25.29 $25.40 $21.71 $20.55 $24.12 $20.75 
Total ReturnD,E,F,G 8.45% 18.58% 14.64% (6.25)% 17.71% 22.73% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .82%J .83% .84% .83% .81% .82% 
Expenses net of fee waivers, if any .82%J .82% .83% .83% .81% .82% 
Expenses net of all reductions .80%J .82% .83% .82% .81% .81% 
Net investment income (loss) .48%J 1.27% 1.48% 1.37% 1.38% 1.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $258,607 $252,202 $225,107 $212,181 $209,737 $153,940 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.17 $21.53 $20.38 $23.95 $20.61 $17.08 
Income from Investment Operations       
Net investment income (loss)A .01 .20 .22 .22 .21 .17 
Net realized and unrealized gain (loss) 2.00 3.68 2.48 (1.66) 3.32 3.56 
Total from investment operations 2.01 3.88 2.70 (1.44) 3.53 3.73 
Distributions from net investment income (.17) (.21)B (.19) (.17) (.13) (.17) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.10) (.24) (1.55) (2.13)C (.19) (.20) 
Net asset value, end of period $25.08 $25.17 $21.53 $20.38 $23.95 $20.61 
Total ReturnD,E,F,G 8.23% 18.10% 14.18% (6.62)% 17.21% 22.11% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.20%J 1.22% 1.24% 1.23% 1.27% 1.28% 
Expenses net of fee waivers, if any 1.20%J 1.22% 1.24% 1.23% 1.27% 1.28% 
Expenses net of all reductions 1.19%J 1.21% 1.24% 1.23% 1.27% 1.27% 
Net investment income (loss) .10%J .87% 1.08% .97% .92% .91% 
Supplemental Data       
Net assets, end of period (000 omitted) $38,895 $36,726 $30,261 $29,482 $23,443 $22,903 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $24.57 $21.03 $19.93 $23.49 $20.28 $16.83 
Income from Investment Operations       
Net investment income (loss)A (.06) .08 .11 .10 .10 .08 
Net realized and unrealized gain (loss) 1.95 3.59 2.43 (1.62) 3.26 3.51 
Total from investment operations 1.89 3.67 2.54 (1.52) 3.36 3.59 
Distributions from net investment income (.04) (.10)B (.08) (.08) (.09) (.11) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (1.97) (.13) (1.44) (2.04)C (.15) (.14) 
Net asset value, end of period $24.49 $24.57 $21.03 $19.93 $23.49 $20.28 
Total ReturnD,E,F,G 7.91% 17.51% 13.56% (7.09)% 16.62% 21.52% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.74%J 1.76% 1.77% 1.75% 1.76% 1.77% 
Expenses net of fee waivers, if any 1.74%J 1.76% 1.77% 1.75% 1.76% 1.77% 
Expenses net of all reductions 1.73%J 1.75% 1.76% 1.75% 1.76% 1.75% 
Net investment income (loss) (.45)%J .33% .55% .45% .43% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $30,728 $29,147 $23,620 $22,879 $22,094 $11,119 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $26.87 $22.94 $21.61 $25.10 $21.56 $17.84 
Income from Investment Operations       
Net investment income (loss)A .09 .36 .36 .38 .35 .29 
Net realized and unrealized gain (loss) 2.13 3.92 2.65 (1.77) 3.49 3.72 
Total from investment operations 2.22 4.28 3.01 (1.39) 3.84 4.01 
Distributions from net investment income (.31) (.32)B (.32) (.14) (.23) (.26) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.24) (.35) (1.68) (2.10)C (.30)D (.29) 
Net asset value, end of period $26.85 $26.87 $22.94 $21.61 $25.10 $21.56 
Total ReturnE,F,G 8.51% 18.81% 14.92% (6.06)% 17.93% 22.82% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .63%J .63% .64% .65% .68% .71% 
Expenses net of fee waivers, if any .63%J .63% .64% .64% .68% .71% 
Expenses net of all reductions .61%J .63% .64% .63% .67% .70% 
Net investment income (loss) .67%J 1.46% 1.67% 1.56% 1.52% 1.48% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,120 $49,107 $40,468 $44,760 $33,013 $266,008 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

 D 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.

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 A 
Selected Per–Share Data       
Net asset value, beginning of period $26.66 $22.76 $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations       
Net investment income (loss)B .11 .40 .38 .41 .40 .04 
Net realized and unrealized gain (loss) 2.11 3.88 2.62 (1.76) 3.47 .08 
Total from investment operations 2.22 4.28 3.00 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.35)C (.35) (.31) (.27) – 
Distributions from net realized gain (1.93) (.03)C (1.36) (1.97) (.06) – 
Total distributions (2.28) (.38) (1.71) (2.27)D (.34)E – 
Net asset value, end of period $26.60 $26.66 $22.76 $21.47 $25.09 $21.56 
Total ReturnF,G,H 8.57% 18.98% 15.00% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .51%K .51% .51% .51% .51% .52%K 
Expenses net of fee waivers, if any .51%K .51% .51% .51% .51% .52%K 
Expenses net of all reductions .49%K .50% .51% .51% .51% .50%K 
Net investment income (loss) .79%K 1.58% 1.81% 1.69% 1.68% 1.36%K 
Supplemental Data       
Net assets, end of period (000 omitted) $1,154 $934 $81 $83 $119 $101 
Portfolio turnover rateL 111%K 77% 46% 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 The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions 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.

 E 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.

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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, 2018

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 M, Class C, Class I, and Class Z, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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.

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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 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 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.

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, 2018 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 includes 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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), certain independent Trustees have elected 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended September 30, 2017.

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, deferred trustees compensation, partnerships, market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation $465,022,522 
Gross unrealized depreciation (39,282,976) 
Net unrealized appreciation (depreciation) $425,739,546 
Tax cost $1,706,966,845 

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.

As of period end, the Fund held an investment of $8,276,347 in these Subsidiaries, representing .39% 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 Subsidiaries 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 $1,198,032,302 and $1,409,459,560, 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 .24% 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 .41% 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% $330,606 $174,520 
Class M .25% .25% 98,506 346 
Class C .75% .25% 155,531 20,978 
   $584,643 $195,844 

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

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

 Retained by FDC 
Class A $22,618 
Class M 5,100 
Class C(a) 5,110 
 $32,828 

 (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 M, 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 $132,201 .01 
Class A 139,851 .11 
Class M 46,654 .24 
Class C 43,175 .28 
Class I 42,182 .16 
Class Z 244 .05 
 $404,307  

 (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. For the period, the fees were equivalent to an annualized rate of .03%.

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 $24,297 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 $7,018,200 1.51% $1,690 

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 $4,418 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 $13,642. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $161,443 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10,544.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2018 
Year ended
September 30, 2017 
From net investment income   
Class O $21,893,239 $24,205,764 
Class A 2,542,893 3,003,537 
Class M 252,109 304,826 
Class C 47,627 120,323 
Class I 558,041 557,063 
Class Z 12,616 1,267 
Total $25,306,525 $28,192,780 
From net realized gain   
Class O $122,729,052 $1,685,401 
Class A 18,903,377 263,817 
Class M 2,868,107 36,954 
Class C 2,302,779 28,919 
Class I 3,504,066 43,473 
Class Z 70,722 91 
Total $150,378,103 $2,058,655 

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, 2018 Year ended September 30, 2017 Six months ended March 31, 2018 Year ended September 30, 2017 
Class O     
Shares sold 981,086 4,809,531 $26,093,582 $116,057,637 
Reinvestment of distributions 5,027,202 949,017 126,836,313 22,339,884 
Shares redeemed (6,544,928) (5,878,942) (174,879,859) (142,067,367) 
Net increase (decrease) (536,640) (120,394) $(21,949,964) $(3,669,846) 
Class A     
Shares sold 611,439 1,568,407 $15,824,809 $36,596,102 
Reinvestment of distributions 864,589 138,649 21,260,254 3,188,933 
Shares redeemed (1,177,157) (2,145,951) (30,454,354) (50,892,429) 
Net increase (decrease) 298,871 (438,895) $6,630,709 $(11,107,394) 
Class M     
Shares sold 171,226 499,900 $4,378,963 $11,503,989 
Reinvestment of distributions 122,868 13,797 2,999,215 315,395 
Shares redeemed (202,210) (460,288) (5,152,518) (10,743,533) 
Net increase (decrease) 91,884 53,409 $2,225,660 $1,075,851 
Class C     
Shares sold 103,582 398,202 $2,613,693 $8,968,465 
Reinvestment of distributions 95,927 6,366 2,290,729 142,668 
Shares redeemed (131,248) (341,080) (3,285,841) (7,729,161) 
Net increase (decrease) 68,261 63,488 $1,618,581 $1,381,972 
Class I     
Shares sold 268,908 607,789 $7,340,026 $15,227,323 
Reinvestment of distributions 146,386 23,754 3,819,212 576,977 
Shares redeemed (674,494) (568,023) (18,276,422) (14,147,637) 
Net increase (decrease) (259,200) 63,520 $(7,117,184) $1,656,663 
Class Z     
Shares sold 12,440 31,637 $338,368 $807,412 
Reinvestment of distributions 3,137 56 81,057 1,357 
Shares redeemed (7,241) (240) (199,985) (6,107) 
Net increase (decrease) 8,336 31,453 $219,440 $802,662 

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, 2017 to March 31, 2018).

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, 2017 
Ending
Account Value
March 31, 2018 
Expenses Paid
During Period-B
October 1, 2017
to March 31, 2018 
Class O .48%    
Actual  $1,000.00 $1,086.10 $2.50 
Hypothetical-C  $1,000.00 $1,022.54 $2.42 
Class A .82%    
Actual  $1,000.00 $1,084.50 $4.26 
Hypothetical-C  $1,000.00 $1,020.84 $4.13 
Class M 1.20%    
Actual  $1,000.00 $1,082.30 $6.23 
Hypothetical-C  $1,000.00 $1,018.95 $6.04 
Class C 1.74%    
Actual  $1,000.00 $1,079.10 $9.02 
Hypothetical-C  $1,000.00 $1,016.26 $8.75 
Class I .63%    
Actual  $1,000.00 $1,085.10 $3.28 
Hypothetical-C  $1,000.00 $1,021.79 $3.18 
Class Z .51%    
Actual  $1,000.00 $1,085.70 $2.65 
Hypothetical-C  $1,000.00 $1,022.39 $2.57 

 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 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESI-SANN-0518
1.814747.112


Fidelity Advisor® Diversified Stock Fund
Class A



Semi-Annual Report

March 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2018

 % of fund's net assets 
Amazon.com, Inc. 4.4 
Alphabet, Inc. Class C 4.3 
Microsoft Corp. 3.9 
Bank of America Corp. 2.8 
JPMorgan Chase & Co. 2.2 
Apple, Inc. 2.2 
Raytheon Co. 2.1 
UnitedHealth Group, Inc. 2.0 
TD Ameritrade Holding Corp. 2.0 
Becton, Dickinson & Co. 1.9 
 27.8 

Top Five Market Sectors as of March 31, 2018

 % of fund's net assets 
Information Technology 29.3 
Financials 18.5 
Industrials 13.4 
Consumer Discretionary 12.3 
Health Care 11.2 

Asset Allocation (% of fund's net assets)

As of March 31, 2018 * 
   Stocks 98.4% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 10.9%


Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.3%   
Auto Components - 0.1%   
Aptiv PLC 36,500 $3,101,405 
Hotels, Restaurants & Leisure - 2.5%   
Chipotle Mexican Grill, Inc. (a) 13,600 4,394,296 
Churchill Downs, Inc. 13,000 3,172,650 
Las Vegas Sands Corp. 140,500 10,101,950 
McDonald's Corp. 113,200 17,702,216 
Royal Caribbean Cruises Ltd. 151,100 17,790,514 
  53,161,626 
Internet & Direct Marketing Retail - 6.0%   
Amazon.com, Inc. (a) 64,800 93,787,631 
JD.com, Inc. sponsored ADR (a) 165,900 6,717,291 
Netflix, Inc. (a) 44,900 13,261,215 
The Booking Holdings, Inc. (a) 6,800 14,146,652 
  127,912,789 
Media - 1.1%   
Charter Communications, Inc. Class A (a) 46,600 14,502,852 
The Walt Disney Co. 16,400 1,647,216 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 2,559,569 6,398,925 
  22,548,993 
Multiline Retail - 0.7%   
Dollar Tree, Inc. (a) 134,900 12,802,010 
Macy's, Inc. 65,400 1,944,996 
  14,747,006 
Specialty Retail - 1.1%   
Lowe's Companies, Inc. 258,100 22,648,275 
Textiles, Apparel & Luxury Goods - 0.8%   
LVMH Moet Hennessy - Louis Vuitton SA 36,360 11,205,178 
PVH Corp. 24,000 3,634,320 
Tory Burch LLC (b)(c)(d) 28,846 1,730,455 
  16,569,953 
TOTAL CONSUMER DISCRETIONARY  260,690,047 
CONSUMER STAPLES - 3.9%   
Beverages - 0.8%   
Constellation Brands, Inc. Class A (sub. vtg.) 49,800 11,350,416 
Monster Beverage Corp. (a) 99,300 5,680,953 
  17,031,369 
Food & Staples Retailing - 1.3%   
CVS Health Corp. 35,100 2,183,571 
Walmart, Inc. 287,800 25,605,566 
  27,789,137 
Food Products - 0.4%   
Mondelez International, Inc. 190,300 7,941,219 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 92,200 13,804,184 
Unilever NV (NY Reg.) 113,400 6,394,626 
  20,198,810 
Tobacco - 0.4%   
Altria Group, Inc. 44,800 2,791,936 
Philip Morris International, Inc. 58,800 5,844,720 
  8,636,656 
TOTAL CONSUMER STAPLES  81,597,191 
ENERGY - 5.0%   
Energy Equipment & Services - 1.1%   
Baker Hughes, a GE Co. Class A 168,200 4,670,914 
Schlumberger Ltd. 271,400 17,581,292 
  22,252,206 
Oil, Gas & Consumable Fuels - 3.9%   
BP PLC 1,846,500 12,454,834 
Cabot Oil & Gas Corp. 407,100 9,762,258 
ConocoPhillips Co. 321,100 19,038,019 
Devon Energy Corp. 142,200 4,520,538 
EOG Resources, Inc. 184,900 19,464,423 
Phillips 66 Co. 82,700 7,932,584 
Reliance Industries Ltd. 722,256 9,874,501 
  83,047,157 
TOTAL ENERGY  105,299,363 
FINANCIALS - 18.5%   
Banks - 6.6%   
Bank of America Corp. 2,003,500 60,084,965 
Citigroup, Inc. 488,200 32,953,500 
JPMorgan Chase & Co. 429,500 47,232,115 
  140,270,580 
Capital Markets - 9.5%   
Cboe Global Markets, Inc. 123,000 14,034,300 
Charles Schwab Corp. 467,200 24,397,184 
CME Group, Inc. 43,600 7,051,864 
Goldman Sachs Group, Inc. 74,000 18,637,640 
KKR & Co. LP 210,800 4,279,240 
Morgan Stanley 631,400 34,070,344 
MSCI, Inc. 226,300 33,825,061 
S&P Global, Inc. 41,200 7,871,672 
State Street Corp. 72,400 7,220,452 
TD Ameritrade Holding Corp. 705,400 41,780,842 
The Blackstone Group LP 212,700 6,795,765 
  199,964,364 
Consumer Finance - 0.4%   
Capital One Financial Corp. 86,500 8,288,430 
Diversified Financial Services - 0.8%   
KKR Renaissance Co-Invest LP unit (a)(c) 41,380 15,391,452 
New Academy Holding Co. LLC unit (a)(c)(d)(e) 60,000 2,005,200 
  17,396,652 
Insurance - 0.5%   
Chubb Ltd. 18,000 2,461,860 
Enstar Group Ltd. (a) 43,200 9,082,800 
  11,544,660 
Thrifts & Mortgage Finance - 0.7%   
Radian Group, Inc. 725,700 13,817,328 
TOTAL FINANCIALS  391,282,014 
HEALTH CARE - 11.2%   
Biotechnology - 2.1%   
Alexion Pharmaceuticals, Inc. (a) 138,400 15,426,064 
Amgen, Inc. 42,300 7,211,304 
Biogen, Inc. (a) 38,100 10,432,542 
Regeneron Pharmaceuticals, Inc. (a) 3,800 1,308,568 
Vertex Pharmaceuticals, Inc. (a) 62,500 10,186,250 
  44,564,728 
Health Care Equipment & Supplies - 3.7%   
Becton, Dickinson & Co. 186,000 40,306,200 
Danaher Corp. 147,900 14,480,889 
Edwards Lifesciences Corp. (a) 60,700 8,468,864 
Intuitive Surgical, Inc. (a) 31,800 13,127,994 
ResMed, Inc. 28,200 2,776,854 
  79,160,801 
Health Care Providers & Services - 3.3%   
Humana, Inc. 102,500 27,555,075 
UnitedHealth Group, Inc. 199,700 42,735,800 
  70,290,875 
Pharmaceuticals - 2.1%   
AstraZeneca PLC sponsored ADR 381,300 13,334,061 
Bristol-Myers Squibb Co. 216,700 13,706,275 
Mylan NV (a) 105,700 4,351,669 
Nektar Therapeutics (a) 114,000 12,113,640 
  43,505,645 
TOTAL HEALTH CARE  237,522,049 
INDUSTRIALS - 13.4%   
Aerospace & Defense - 5.6%   
Bombardier, Inc. Class B (sub. vtg.) (a) 3,514,100 10,228,490 
General Dynamics Corp. 42,400 9,366,160 
Huntington Ingalls Industries, Inc. 18,400 4,742,784 
Northrop Grumman Corp. 105,700 36,901,984 
Raytheon Co. 201,300 43,444,566 
United Technologies Corp. 102,300 12,871,386 
  117,555,370 
Airlines - 0.2%   
Southwest Airlines Co. 60,600 3,471,168 
Spirit Airlines, Inc. (a) 28,800 1,088,064 
  4,559,232 
Building Products - 0.5%   
A.O. Smith Corp. 134,800 8,571,932 
Allegion PLC 26,900 2,294,301 
  10,866,233 
Construction & Engineering - 1.0%   
Jacobs Engineering Group, Inc. 361,600 21,388,640 
Electrical Equipment - 1.0%   
AMETEK, Inc. 42,300 3,213,531 
Emerson Electric Co. 181,500 12,396,450 
Melrose Industries PLC (f) 1,932,551 6,263,263 
  21,873,244 
Machinery - 2.9%   
Caterpillar, Inc. 94,100 13,868,458 
Deere & Co. 124,400 19,321,808 
Flowserve Corp. 84,600 3,665,718 
WABCO Holdings, Inc. (a) 28,100 3,761,747 
Xylem, Inc. 277,500 21,345,300 
  61,963,031 
Professional Services - 0.6%   
IHS Markit Ltd. (a) 268,000 12,928,320 
Road & Rail - 1.5%   
CSX Corp. 151,400 8,434,494 
J.B. Hunt Transport Services, Inc. 108,600 12,722,490 
Norfolk Southern Corp. 69,700 9,463,866 
  30,620,850 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 14,100 2,435,493 
TOTAL INDUSTRIALS  284,190,413 
INFORMATION TECHNOLOGY - 29.0%   
Internet Software & Services - 9.1%   
2U, Inc. (a) 411,600 34,586,748 
Alibaba Group Holding Ltd. sponsored ADR (a) 146,700 26,925,318 
Alphabet, Inc. Class C(a) 87,100 89,868,909 
Dropbox, Inc. Class A(a)(f) 10,500 328,125 
Facebook, Inc. Class A (a) 191,700 30,631,743 
Tencent Holdings Ltd. sponsored ADR (f) 188,300 10,034,507 
  192,375,350 
IT Services - 4.7%   
MasterCard, Inc. Class A 166,000 29,076,560 
PayPal Holdings, Inc. (a) 313,900 23,815,593 
Visa, Inc. Class A 261,500 31,280,630 
Worldpay, Inc. (a) 190,300 15,650,272 
  99,823,055 
Semiconductors & Semiconductor Equipment - 2.4%   
Applied Materials, Inc. 66,400 3,692,504 
ASML Holding NV 68,000 13,502,080 
Intel Corp. 200,200 10,426,416 
Micron Technology, Inc. (a) 141,900 7,398,666 
NVIDIA Corp. 20,300 4,701,277 
Qualcomm, Inc. 174,700 9,680,127 
  49,401,070 
Software - 10.6%   
Activision Blizzard, Inc. 104,700 7,063,062 
Adobe Systems, Inc. (a) 116,600 25,194,928 
Autodesk, Inc. (a) 19,200 2,411,136 
Black Knight, Inc. (a) 16,300 767,730 
Electronic Arts, Inc. (a) 176,700 21,423,108 
Intuit, Inc. 46,500 8,060,775 
Microsoft Corp. 889,800 81,212,046 
Red Hat, Inc. (a) 73,700 11,018,887 
Salesforce.com, Inc. (a) 336,800 39,169,840 
Workday, Inc. Class A (a) 215,500 27,392,205 
  223,713,717 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 278,100 46,659,618 
TOTAL INFORMATION TECHNOLOGY  611,972,810 
MATERIALS - 4.3%   
Chemicals - 3.7%   
CF Industries Holdings, Inc. 240,600 9,077,838 
DowDuPont, Inc. 521,700 33,237,507 
LyondellBasell Industries NV Class A 233,000 24,623,440 
Nutrien Ltd. 148,700 7,027,562 
The Mosaic Co. 62,500 1,517,500 
Umicore SA 38,446 2,030,841 
  77,514,688 
Construction Materials - 0.4%   
Eagle Materials, Inc. 91,900 9,470,295 
Containers & Packaging - 0.1%   
WestRock Co. 33,600 2,156,112 
Metals & Mining - 0.1%   
Glencore Xstrata PLC 403,797 2,004,373 
TOTAL MATERIALS  91,145,468 
TELECOMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 79,700 4,864,888 
UTILITIES - 0.6%   
Electric Utilities - 0.4%   
Vistra Energy Corp. (a) 339,400 7,069,702 
Independent Power and Renewable Electricity Producers - 0.2%   
The AES Corp. 423,100 4,810,647 
TOTAL UTILITIES  11,880,349 
TOTAL COMMON STOCKS   
(Cost $1,651,866,793)  2,080,444,592 
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 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.72% (g) 34,377,862 34,384,737 
Fidelity Securities Lending Cash Central Fund 1.72% (g)(h) 11,286,813 11,289,071 
TOTAL MONEY MARKET FUNDS   
(Cost $45,672,690)  45,673,808 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $1,704,127,474)  2,132,706,391 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (18,003,978) 
NET ASSETS - 100%  $2,114,702,413 

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 $32,114,023 or 1.5% 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 $5,275,000 
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 - 3/29/17 $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 $34,443 
Fidelity Securities Lending Cash Central Fund 13,642 
Total $48,085 

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

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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 $261,778,052 $241,355,489 $11,205,178 $9,217,385 
Consumer Staples 81,597,191 81,597,191 -- -- 
Energy 105,299,363 82,970,028 22,329,335 -- 
Financials 391,282,014 373,885,362 15,391,452 2,005,200 
Health Care 237,522,049 237,522,049 -- -- 
Industrials 284,190,413 284,190,413 -- -- 
Information Technology 617,472,796 611,972,810 -- 5,499,986 
Materials 91,145,468 91,145,468 -- -- 
Telecommunication Services 4,864,888 4,864,888 -- -- 
Utilities 11,880,349 11,880,349 -- -- 
Money Market Funds 45,673,808 45,673,808 -- -- 
Total Investments in Securities: $2,132,706,391 $2,067,057,855 $48,925,965 $16,722,571 

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 89.1% 
Netherlands 2.3% 
Cayman Islands 2.1% 
United Kingdom 1.5% 
Bermuda 1.0% 
Others (Individually Less Than 1%) 4.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $10,920,784) — See accompanying schedule:
Unaffiliated issuers (cost $1,658,454,784) 
$2,087,032,583  
Fidelity Central Funds (cost $45,672,690) 45,673,808  
Total Investment in Securities (cost $1,704,127,474)  $2,132,706,391 
Cash  519,227 
Restricted cash  146,967 
Foreign currency held at value (cost $199,253)  199,253 
Receivable for investments sold  13,507,852 
Receivable for fund shares sold  224,923 
Dividends receivable  929,018 
Distributions receivable from Fidelity Central Funds  16,120 
Prepaid expenses  1,640 
Other receivables  128,937 
Total assets  2,148,380,328 
Liabilities   
Payable for investments purchased $9,949,956  
Payable for fund shares redeemed 11,276,798  
Accrued management fee 745,945  
Distribution and service plan fees payable 98,954  
Other affiliated payables 125,888  
Other payables and accrued expenses 194,959  
Collateral on securities loaned 11,285,415  
Total liabilities  33,677,915 
Net Assets  $2,114,702,413 
Net Assets consist of:   
Paid in capital  $1,541,304,266 
Distributions in excess of net investment income  (1,125,535) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  146,017,987 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  428,505,695 
Net Assets  $2,114,702,413 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,743,199,519 ÷ 67,118,075 shares)  $25.97 
Class A:   
Net Asset Value and redemption price per share ($258,606,818 ÷ 10,227,558 shares)  $25.29 
Maximum offering price per share (100/94.25 of $25.29)  $26.83 
Class M:   
Net Asset Value and redemption price per share ($38,895,293 ÷ 1,550,926 shares)  $25.08 
Maximum offering price per share (100/96.50 of $25.08)  $25.99 
Class C:   
Net Asset Value and offering price per share ($30,727,540 ÷ 1,254,660 shares)(a)  $24.49 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,119,545 ÷ 1,568,555 shares)  $26.85 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,153,698 ÷ 43,369 shares)  $26.60 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $13,665,788 
Interest  181,955 
Income from Fidelity Central Funds  48,085 
Total income  13,895,828 
Expenses   
Management fee $4,455,827  
Transfer agent fees 404,307  
Distribution and service plan fees 584,643  
Accounting and security lending fees 327,420  
Custodian fees and expenses 40,639  
Independent trustees' fees and expenses 4,354  
Registration fees 42,375  
Audit 147,157  
Legal 6,333  
Interest 1,690  
Miscellaneous 8,093  
Total expenses before reductions 6,022,838  
Expense reductions (171,987) 5,850,851 
Net investment income (loss)  8,044,977 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $132,266) 178,326,934  
Fidelity Central Funds 1,670  
Foreign currency transactions (40,322)  
Total net realized gain (loss)  178,288,282 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $77,558) (9,680,632)  
Fidelity Central Funds 338  
Assets and liabilities in foreign currencies 8,636  
Total change in net unrealized appreciation (depreciation)  (9,671,658) 
Net gain (loss)  168,616,624 
Net increase (decrease) in net assets resulting from operations  $176,661,601 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2018 (Unaudited) Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,044,977 $30,477,279 
Net realized gain (loss) 178,288,282 126,215,272 
Change in net unrealized appreciation (depreciation) (9,671,658) 186,360,375 
Net increase (decrease) in net assets resulting from operations 176,661,601 343,052,926 
Distributions to shareholders from net investment income (25,306,525) (28,192,780) 
Distributions to shareholders from net realized gain (150,378,103) (2,058,655) 
Total distributions (175,684,628) (30,251,435) 
Share transactions - net increase (decrease) (18,372,758) (9,860,092) 
Total increase (decrease) in net assets (17,395,785) 302,941,399 
Net Assets   
Beginning of period 2,132,098,198 1,829,156,799 
End of period $2,114,702,413 $2,132,098,198 
Other Information   
Undistributed net investment income end of period $– $16,136,013 
Distributions in excess of net investment income end of period $(1,125,535) $– 

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


Financial Highlights

Fidelity Advisor Diversified Stock Fund Class O

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $26.07 $22.27 $21.04 $24.63 $21.17 $17.53 
Income from Investment Operations       
Net investment income (loss)A .11 .39 .38 .40 .40 .32 
Net realized and unrealized gain (loss) 2.07 3.80 2.57 (1.71) 3.39 3.64 
Total from investment operations 2.18 4.19 2.95 (1.31) 3.79 3.96 
Distributions from net investment income (.35) (.36)B (.36) (.31) (.27) (.29) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.28) (.39) (1.72) (2.28) (.33) (.32) 
Net asset value, end of period $25.97 $26.07 $22.27 $21.04 $24.63 $21.17 
Total ReturnC,D,E 8.61% 18.99% 15.05% (5.92)% 18.08% 23.05% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .48%H .48% .47% .50% .51% .51% 
Expenses net of fee waivers, if any .48%H .48% .47% .50% .51% .51% 
Expenses net of all reductions .46%H .48% .47% .50% .50% .49% 
Net investment income (loss) .82%H 1.61% 1.84% 1.70% 1.69% 1.68% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,743,200 $1,763,983 $1,509,620 $1,426,230 $1,866,810 $1,622,353 
Portfolio turnover rateI 111%H 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 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.


Fidelity Advisor Diversified Stock Fund Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.40 $21.71 $20.55 $24.12 $20.75 $17.18 
Income from Investment Operations       
Net investment income (loss)A .06 .30 .30 .31 .32 .26 
Net realized and unrealized gain (loss) 2.02 3.70 2.51 (1.67) 3.33 3.58 
Total from investment operations 2.08 4.00 2.81 (1.36) 3.65 3.84 
Distributions from net investment income (.26) (.28)B (.29) (.24) (.21) (.24) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.19) (.31) (1.65) (2.21) (.28)C (.27) 
Net asset value, end of period $25.29 $25.40 $21.71 $20.55 $24.12 $20.75 
Total ReturnD,E,F,G 8.45% 18.58% 14.64% (6.25)% 17.71% 22.73% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .82%J .83% .84% .83% .81% .82% 
Expenses net of fee waivers, if any .82%J .82% .83% .83% .81% .82% 
Expenses net of all reductions .80%J .82% .83% .82% .81% .81% 
Net investment income (loss) .48%J 1.27% 1.48% 1.37% 1.38% 1.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $258,607 $252,202 $225,107 $212,181 $209,737 $153,940 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.17 $21.53 $20.38 $23.95 $20.61 $17.08 
Income from Investment Operations       
Net investment income (loss)A .01 .20 .22 .22 .21 .17 
Net realized and unrealized gain (loss) 2.00 3.68 2.48 (1.66) 3.32 3.56 
Total from investment operations 2.01 3.88 2.70 (1.44) 3.53 3.73 
Distributions from net investment income (.17) (.21)B (.19) (.17) (.13) (.17) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.10) (.24) (1.55) (2.13)C (.19) (.20) 
Net asset value, end of period $25.08 $25.17 $21.53 $20.38 $23.95 $20.61 
Total ReturnD,E,F,G 8.23% 18.10% 14.18% (6.62)% 17.21% 22.11% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.20%J 1.22% 1.24% 1.23% 1.27% 1.28% 
Expenses net of fee waivers, if any 1.20%J 1.22% 1.24% 1.23% 1.27% 1.28% 
Expenses net of all reductions 1.19%J 1.21% 1.24% 1.23% 1.27% 1.27% 
Net investment income (loss) .10%J .87% 1.08% .97% .92% .91% 
Supplemental Data       
Net assets, end of period (000 omitted) $38,895 $36,726 $30,261 $29,482 $23,443 $22,903 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $24.57 $21.03 $19.93 $23.49 $20.28 $16.83 
Income from Investment Operations       
Net investment income (loss)A (.06) .08 .11 .10 .10 .08 
Net realized and unrealized gain (loss) 1.95 3.59 2.43 (1.62) 3.26 3.51 
Total from investment operations 1.89 3.67 2.54 (1.52) 3.36 3.59 
Distributions from net investment income (.04) (.10)B (.08) (.08) (.09) (.11) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (1.97) (.13) (1.44) (2.04)C (.15) (.14) 
Net asset value, end of period $24.49 $24.57 $21.03 $19.93 $23.49 $20.28 
Total ReturnD,E,F,G 7.91% 17.51% 13.56% (7.09)% 16.62% 21.52% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.74%J 1.76% 1.77% 1.75% 1.76% 1.77% 
Expenses net of fee waivers, if any 1.74%J 1.76% 1.77% 1.75% 1.76% 1.77% 
Expenses net of all reductions 1.73%J 1.75% 1.76% 1.75% 1.76% 1.75% 
Net investment income (loss) (.45)%J .33% .55% .45% .43% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $30,728 $29,147 $23,620 $22,879 $22,094 $11,119 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $26.87 $22.94 $21.61 $25.10 $21.56 $17.84 
Income from Investment Operations       
Net investment income (loss)A .09 .36 .36 .38 .35 .29 
Net realized and unrealized gain (loss) 2.13 3.92 2.65 (1.77) 3.49 3.72 
Total from investment operations 2.22 4.28 3.01 (1.39) 3.84 4.01 
Distributions from net investment income (.31) (.32)B (.32) (.14) (.23) (.26) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.24) (.35) (1.68) (2.10)C (.30)D (.29) 
Net asset value, end of period $26.85 $26.87 $22.94 $21.61 $25.10 $21.56 
Total ReturnE,F,G 8.51% 18.81% 14.92% (6.06)% 17.93% 22.82% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .63%J .63% .64% .65% .68% .71% 
Expenses net of fee waivers, if any .63%J .63% .64% .64% .68% .71% 
Expenses net of all reductions .61%J .63% .64% .63% .67% .70% 
Net investment income (loss) .67%J 1.46% 1.67% 1.56% 1.52% 1.48% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,120 $49,107 $40,468 $44,760 $33,013 $266,008 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

 D 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.

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 A 
Selected Per–Share Data       
Net asset value, beginning of period $26.66 $22.76 $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations       
Net investment income (loss)B .11 .40 .38 .41 .40 .04 
Net realized and unrealized gain (loss) 2.11 3.88 2.62 (1.76) 3.47 .08 
Total from investment operations 2.22 4.28 3.00 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.35)C (.35) (.31) (.27) – 
Distributions from net realized gain (1.93) (.03)C (1.36) (1.97) (.06) – 
Total distributions (2.28) (.38) (1.71) (2.27)D (.34)E – 
Net asset value, end of period $26.60 $26.66 $22.76 $21.47 $25.09 $21.56 
Total ReturnF,G,H 8.57% 18.98% 15.00% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .51%K .51% .51% .51% .51% .52%K 
Expenses net of fee waivers, if any .51%K .51% .51% .51% .51% .52%K 
Expenses net of all reductions .49%K .50% .51% .51% .51% .50%K 
Net investment income (loss) .79%K 1.58% 1.81% 1.69% 1.68% 1.36%K 
Supplemental Data       
Net assets, end of period (000 omitted) $1,154 $934 $81 $83 $119 $101 
Portfolio turnover rateL 111%K 77% 46% 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 The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions 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.

 E 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.

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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, 2018

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 M, Class C, Class I, and Class Z, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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.

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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 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 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.

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, 2018 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 includes 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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), certain independent Trustees have elected 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended September 30, 2017.

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, deferred trustees compensation, partnerships, market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation $465,022,522 
Gross unrealized depreciation (39,282,976) 
Net unrealized appreciation (depreciation) $425,739,546 
Tax cost $1,706,966,845 

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.

As of period end, the Fund held an investment of $8,276,347 in these Subsidiaries, representing .39% 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 Subsidiaries 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 $1,198,032,302 and $1,409,459,560, 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 .24% 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 .41% 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% $330,606 $174,520 
Class M .25% .25% 98,506 346 
Class C .75% .25% 155,531 20,978 
   $584,643 $195,844 

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

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

 Retained by FDC 
Class A $22,618 
Class M 5,100 
Class C(a) 5,110 
 $32,828 

 (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 M, 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 $132,201 .01 
Class A 139,851 .11 
Class M 46,654 .24 
Class C 43,175 .28 
Class I 42,182 .16 
Class Z 244 .05 
 $404,307  

 (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. For the period, the fees were equivalent to an annualized rate of .03%.

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 $24,297 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 $7,018,200 1.51% $1,690 

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 $4,418 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 $13,642. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $161,443 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10,544.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2018 
Year ended
September 30, 2017 
From net investment income   
Class O $21,893,239 $24,205,764 
Class A 2,542,893 3,003,537 
Class M 252,109 304,826 
Class C 47,627 120,323 
Class I 558,041 557,063 
Class Z 12,616 1,267 
Total $25,306,525 $28,192,780 
From net realized gain   
Class O $122,729,052 $1,685,401 
Class A 18,903,377 263,817 
Class M 2,868,107 36,954 
Class C 2,302,779 28,919 
Class I 3,504,066 43,473 
Class Z 70,722 91 
Total $150,378,103 $2,058,655 

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, 2018 Year ended September 30, 2017 Six months ended March 31, 2018 Year ended September 30, 2017 
Class O     
Shares sold 981,086 4,809,531 $26,093,582 $116,057,637 
Reinvestment of distributions 5,027,202 949,017 126,836,313 22,339,884 
Shares redeemed (6,544,928) (5,878,942) (174,879,859) (142,067,367) 
Net increase (decrease) (536,640) (120,394) $(21,949,964) $(3,669,846) 
Class A     
Shares sold 611,439 1,568,407 $15,824,809 $36,596,102 
Reinvestment of distributions 864,589 138,649 21,260,254 3,188,933 
Shares redeemed (1,177,157) (2,145,951) (30,454,354) (50,892,429) 
Net increase (decrease) 298,871 (438,895) $6,630,709 $(11,107,394) 
Class M     
Shares sold 171,226 499,900 $4,378,963 $11,503,989 
Reinvestment of distributions 122,868 13,797 2,999,215 315,395 
Shares redeemed (202,210) (460,288) (5,152,518) (10,743,533) 
Net increase (decrease) 91,884 53,409 $2,225,660 $1,075,851 
Class C     
Shares sold 103,582 398,202 $2,613,693 $8,968,465 
Reinvestment of distributions 95,927 6,366 2,290,729 142,668 
Shares redeemed (131,248) (341,080) (3,285,841) (7,729,161) 
Net increase (decrease) 68,261 63,488 $1,618,581 $1,381,972 
Class I     
Shares sold 268,908 607,789 $7,340,026 $15,227,323 
Reinvestment of distributions 146,386 23,754 3,819,212 576,977 
Shares redeemed (674,494) (568,023) (18,276,422) (14,147,637) 
Net increase (decrease) (259,200) 63,520 $(7,117,184) $1,656,663 
Class Z     
Shares sold 12,440 31,637 $338,368 $807,412 
Reinvestment of distributions 3,137 56 81,057 1,357 
Shares redeemed (7,241) (240) (199,985) (6,107) 
Net increase (decrease) 8,336 31,453 $219,440 $802,662 

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, 2017 to March 31, 2018).

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, 2017 
Ending
Account Value
March 31, 2018 
Expenses Paid
During Period-B
October 1, 2017
to March 31, 2018 
Class O .48%    
Actual  $1,000.00 $1,086.10 $2.50 
Hypothetical-C  $1,000.00 $1,022.54 $2.42 
Class A .82%    
Actual  $1,000.00 $1,084.50 $4.26 
Hypothetical-C  $1,000.00 $1,020.84 $4.13 
Class M 1.20%    
Actual  $1,000.00 $1,082.30 $6.23 
Hypothetical-C  $1,000.00 $1,018.95 $6.04 
Class C 1.74%    
Actual  $1,000.00 $1,079.10 $9.02 
Hypothetical-C  $1,000.00 $1,016.26 $8.75 
Class I .63%    
Actual  $1,000.00 $1,085.10 $3.28 
Hypothetical-C  $1,000.00 $1,021.79 $3.18 
Class Z .51%    
Actual  $1,000.00 $1,085.70 $2.65 
Hypothetical-C  $1,000.00 $1,022.39 $2.57 

 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 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIN-SANN-0518
1.791873.114


Fidelity Advisor® Diversified Stock Fund
Class O



Semi-Annual Report

March 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2018

 % of fund's net assets 
Amazon.com, Inc. 4.4 
Alphabet, Inc. Class C 4.3 
Microsoft Corp. 3.9 
Bank of America Corp. 2.8 
JPMorgan Chase & Co. 2.2 
Apple, Inc. 2.2 
Raytheon Co. 2.1 
UnitedHealth Group, Inc. 2.0 
TD Ameritrade Holding Corp. 2.0 
Becton, Dickinson & Co. 1.9 
 27.8 

Top Five Market Sectors as of March 31, 2018

 % of fund's net assets 
Information Technology 29.3 
Financials 18.5 
Industrials 13.4 
Consumer Discretionary 12.3 
Health Care 11.2 

Asset Allocation (% of fund's net assets)

As of March 31, 2018 * 
   Stocks 98.4% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 10.9%


Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.3%   
Auto Components - 0.1%   
Aptiv PLC 36,500 $3,101,405 
Hotels, Restaurants & Leisure - 2.5%   
Chipotle Mexican Grill, Inc. (a) 13,600 4,394,296 
Churchill Downs, Inc. 13,000 3,172,650 
Las Vegas Sands Corp. 140,500 10,101,950 
McDonald's Corp. 113,200 17,702,216 
Royal Caribbean Cruises Ltd. 151,100 17,790,514 
  53,161,626 
Internet & Direct Marketing Retail - 6.0%   
Amazon.com, Inc. (a) 64,800 93,787,631 
JD.com, Inc. sponsored ADR (a) 165,900 6,717,291 
Netflix, Inc. (a) 44,900 13,261,215 
The Booking Holdings, Inc. (a) 6,800 14,146,652 
  127,912,789 
Media - 1.1%   
Charter Communications, Inc. Class A (a) 46,600 14,502,852 
The Walt Disney Co. 16,400 1,647,216 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 2,559,569 6,398,925 
  22,548,993 
Multiline Retail - 0.7%   
Dollar Tree, Inc. (a) 134,900 12,802,010 
Macy's, Inc. 65,400 1,944,996 
  14,747,006 
Specialty Retail - 1.1%   
Lowe's Companies, Inc. 258,100 22,648,275 
Textiles, Apparel & Luxury Goods - 0.8%   
LVMH Moet Hennessy - Louis Vuitton SA 36,360 11,205,178 
PVH Corp. 24,000 3,634,320 
Tory Burch LLC (b)(c)(d) 28,846 1,730,455 
  16,569,953 
TOTAL CONSUMER DISCRETIONARY  260,690,047 
CONSUMER STAPLES - 3.9%   
Beverages - 0.8%   
Constellation Brands, Inc. Class A (sub. vtg.) 49,800 11,350,416 
Monster Beverage Corp. (a) 99,300 5,680,953 
  17,031,369 
Food & Staples Retailing - 1.3%   
CVS Health Corp. 35,100 2,183,571 
Walmart, Inc. 287,800 25,605,566 
  27,789,137 
Food Products - 0.4%   
Mondelez International, Inc. 190,300 7,941,219 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 92,200 13,804,184 
Unilever NV (NY Reg.) 113,400 6,394,626 
  20,198,810 
Tobacco - 0.4%   
Altria Group, Inc. 44,800 2,791,936 
Philip Morris International, Inc. 58,800 5,844,720 
  8,636,656 
TOTAL CONSUMER STAPLES  81,597,191 
ENERGY - 5.0%   
Energy Equipment & Services - 1.1%   
Baker Hughes, a GE Co. Class A 168,200 4,670,914 
Schlumberger Ltd. 271,400 17,581,292 
  22,252,206 
Oil, Gas & Consumable Fuels - 3.9%   
BP PLC 1,846,500 12,454,834 
Cabot Oil & Gas Corp. 407,100 9,762,258 
ConocoPhillips Co. 321,100 19,038,019 
Devon Energy Corp. 142,200 4,520,538 
EOG Resources, Inc. 184,900 19,464,423 
Phillips 66 Co. 82,700 7,932,584 
Reliance Industries Ltd. 722,256 9,874,501 
  83,047,157 
TOTAL ENERGY  105,299,363 
FINANCIALS - 18.5%   
Banks - 6.6%   
Bank of America Corp. 2,003,500 60,084,965 
Citigroup, Inc. 488,200 32,953,500 
JPMorgan Chase & Co. 429,500 47,232,115 
  140,270,580 
Capital Markets - 9.5%   
Cboe Global Markets, Inc. 123,000 14,034,300 
Charles Schwab Corp. 467,200 24,397,184 
CME Group, Inc. 43,600 7,051,864 
Goldman Sachs Group, Inc. 74,000 18,637,640 
KKR & Co. LP 210,800 4,279,240 
Morgan Stanley 631,400 34,070,344 
MSCI, Inc. 226,300 33,825,061 
S&P Global, Inc. 41,200 7,871,672 
State Street Corp. 72,400 7,220,452 
TD Ameritrade Holding Corp. 705,400 41,780,842 
The Blackstone Group LP 212,700 6,795,765 
  199,964,364 
Consumer Finance - 0.4%   
Capital One Financial Corp. 86,500 8,288,430 
Diversified Financial Services - 0.8%   
KKR Renaissance Co-Invest LP unit (a)(c) 41,380 15,391,452 
New Academy Holding Co. LLC unit (a)(c)(d)(e) 60,000 2,005,200 
  17,396,652 
Insurance - 0.5%   
Chubb Ltd. 18,000 2,461,860 
Enstar Group Ltd. (a) 43,200 9,082,800 
  11,544,660 
Thrifts & Mortgage Finance - 0.7%   
Radian Group, Inc. 725,700 13,817,328 
TOTAL FINANCIALS  391,282,014 
HEALTH CARE - 11.2%   
Biotechnology - 2.1%   
Alexion Pharmaceuticals, Inc. (a) 138,400 15,426,064 
Amgen, Inc. 42,300 7,211,304 
Biogen, Inc. (a) 38,100 10,432,542 
Regeneron Pharmaceuticals, Inc. (a) 3,800 1,308,568 
Vertex Pharmaceuticals, Inc. (a) 62,500 10,186,250 
  44,564,728 
Health Care Equipment & Supplies - 3.7%   
Becton, Dickinson & Co. 186,000 40,306,200 
Danaher Corp. 147,900 14,480,889 
Edwards Lifesciences Corp. (a) 60,700 8,468,864 
Intuitive Surgical, Inc. (a) 31,800 13,127,994 
ResMed, Inc. 28,200 2,776,854 
  79,160,801 
Health Care Providers & Services - 3.3%   
Humana, Inc. 102,500 27,555,075 
UnitedHealth Group, Inc. 199,700 42,735,800 
  70,290,875 
Pharmaceuticals - 2.1%   
AstraZeneca PLC sponsored ADR 381,300 13,334,061 
Bristol-Myers Squibb Co. 216,700 13,706,275 
Mylan NV (a) 105,700 4,351,669 
Nektar Therapeutics (a) 114,000 12,113,640 
  43,505,645 
TOTAL HEALTH CARE  237,522,049 
INDUSTRIALS - 13.4%   
Aerospace & Defense - 5.6%   
Bombardier, Inc. Class B (sub. vtg.) (a) 3,514,100 10,228,490 
General Dynamics Corp. 42,400 9,366,160 
Huntington Ingalls Industries, Inc. 18,400 4,742,784 
Northrop Grumman Corp. 105,700 36,901,984 
Raytheon Co. 201,300 43,444,566 
United Technologies Corp. 102,300 12,871,386 
  117,555,370 
Airlines - 0.2%   
Southwest Airlines Co. 60,600 3,471,168 
Spirit Airlines, Inc. (a) 28,800 1,088,064 
  4,559,232 
Building Products - 0.5%   
A.O. Smith Corp. 134,800 8,571,932 
Allegion PLC 26,900 2,294,301 
  10,866,233 
Construction & Engineering - 1.0%   
Jacobs Engineering Group, Inc. 361,600 21,388,640 
Electrical Equipment - 1.0%   
AMETEK, Inc. 42,300 3,213,531 
Emerson Electric Co. 181,500 12,396,450 
Melrose Industries PLC (f) 1,932,551 6,263,263 
  21,873,244 
Machinery - 2.9%   
Caterpillar, Inc. 94,100 13,868,458 
Deere & Co. 124,400 19,321,808 
Flowserve Corp. 84,600 3,665,718 
WABCO Holdings, Inc. (a) 28,100 3,761,747 
Xylem, Inc. 277,500 21,345,300 
  61,963,031 
Professional Services - 0.6%   
IHS Markit Ltd. (a) 268,000 12,928,320 
Road & Rail - 1.5%   
CSX Corp. 151,400 8,434,494 
J.B. Hunt Transport Services, Inc. 108,600 12,722,490 
Norfolk Southern Corp. 69,700 9,463,866 
  30,620,850 
Trading Companies & Distributors - 0.1%   
United Rentals, Inc. (a) 14,100 2,435,493 
TOTAL INDUSTRIALS  284,190,413 
INFORMATION TECHNOLOGY - 29.0%   
Internet Software & Services - 9.1%   
2U, Inc. (a) 411,600 34,586,748 
Alibaba Group Holding Ltd. sponsored ADR (a) 146,700 26,925,318 
Alphabet, Inc. Class C(a) 87,100 89,868,909 
Dropbox, Inc. Class A(a)(f) 10,500 328,125 
Facebook, Inc. Class A (a) 191,700 30,631,743 
Tencent Holdings Ltd. sponsored ADR (f) 188,300 10,034,507 
  192,375,350 
IT Services - 4.7%   
MasterCard, Inc. Class A 166,000 29,076,560 
PayPal Holdings, Inc. (a) 313,900 23,815,593 
Visa, Inc. Class A 261,500 31,280,630 
Worldpay, Inc. (a) 190,300 15,650,272 
  99,823,055 
Semiconductors & Semiconductor Equipment - 2.4%   
Applied Materials, Inc. 66,400 3,692,504 
ASML Holding NV 68,000 13,502,080 
Intel Corp. 200,200 10,426,416 
Micron Technology, Inc. (a) 141,900 7,398,666 
NVIDIA Corp. 20,300 4,701,277 
Qualcomm, Inc. 174,700 9,680,127 
  49,401,070 
Software - 10.6%   
Activision Blizzard, Inc. 104,700 7,063,062 
Adobe Systems, Inc. (a) 116,600 25,194,928 
Autodesk, Inc. (a) 19,200 2,411,136 
Black Knight, Inc. (a) 16,300 767,730 
Electronic Arts, Inc. (a) 176,700 21,423,108 
Intuit, Inc. 46,500 8,060,775 
Microsoft Corp. 889,800 81,212,046 
Red Hat, Inc. (a) 73,700 11,018,887 
Salesforce.com, Inc. (a) 336,800 39,169,840 
Workday, Inc. Class A (a) 215,500 27,392,205 
  223,713,717 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 278,100 46,659,618 
TOTAL INFORMATION TECHNOLOGY  611,972,810 
MATERIALS - 4.3%   
Chemicals - 3.7%   
CF Industries Holdings, Inc. 240,600 9,077,838 
DowDuPont, Inc. 521,700 33,237,507 
LyondellBasell Industries NV Class A 233,000 24,623,440 
Nutrien Ltd. 148,700 7,027,562 
The Mosaic Co. 62,500 1,517,500 
Umicore SA 38,446 2,030,841 
  77,514,688 
Construction Materials - 0.4%   
Eagle Materials, Inc. 91,900 9,470,295 
Containers & Packaging - 0.1%   
WestRock Co. 33,600 2,156,112 
Metals & Mining - 0.1%   
Glencore Xstrata PLC 403,797 2,004,373 
TOTAL MATERIALS  91,145,468 
TELECOMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 79,700 4,864,888 
UTILITIES - 0.6%   
Electric Utilities - 0.4%   
Vistra Energy Corp. (a) 339,400 7,069,702 
Independent Power and Renewable Electricity Producers - 0.2%   
The AES Corp. 423,100 4,810,647 
TOTAL UTILITIES  11,880,349 
TOTAL COMMON STOCKS   
(Cost $1,651,866,793)  2,080,444,592 
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 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.72% (g) 34,377,862 34,384,737 
Fidelity Securities Lending Cash Central Fund 1.72% (g)(h) 11,286,813 11,289,071 
TOTAL MONEY MARKET FUNDS   
(Cost $45,672,690)  45,673,808 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $1,704,127,474)  2,132,706,391 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (18,003,978) 
NET ASSETS - 100%  $2,114,702,413 

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 $32,114,023 or 1.5% 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 $5,275,000 
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 - 3/29/17 $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 $34,443 
Fidelity Securities Lending Cash Central Fund 13,642 
Total $48,085 

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

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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 $261,778,052 $241,355,489 $11,205,178 $9,217,385 
Consumer Staples 81,597,191 81,597,191 -- -- 
Energy 105,299,363 82,970,028 22,329,335 -- 
Financials 391,282,014 373,885,362 15,391,452 2,005,200 
Health Care 237,522,049 237,522,049 -- -- 
Industrials 284,190,413 284,190,413 -- -- 
Information Technology 617,472,796 611,972,810 -- 5,499,986 
Materials 91,145,468 91,145,468 -- -- 
Telecommunication Services 4,864,888 4,864,888 -- -- 
Utilities 11,880,349 11,880,349 -- -- 
Money Market Funds 45,673,808 45,673,808 -- -- 
Total Investments in Securities: $2,132,706,391 $2,067,057,855 $48,925,965 $16,722,571 

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 89.1% 
Netherlands 2.3% 
Cayman Islands 2.1% 
United Kingdom 1.5% 
Bermuda 1.0% 
Others (Individually Less Than 1%) 4.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $10,920,784) — See accompanying schedule:
Unaffiliated issuers (cost $1,658,454,784) 
$2,087,032,583  
Fidelity Central Funds (cost $45,672,690) 45,673,808  
Total Investment in Securities (cost $1,704,127,474)  $2,132,706,391 
Cash  519,227 
Restricted cash  146,967 
Foreign currency held at value (cost $199,253)  199,253 
Receivable for investments sold  13,507,852 
Receivable for fund shares sold  224,923 
Dividends receivable  929,018 
Distributions receivable from Fidelity Central Funds  16,120 
Prepaid expenses  1,640 
Other receivables  128,937 
Total assets  2,148,380,328 
Liabilities   
Payable for investments purchased $9,949,956  
Payable for fund shares redeemed 11,276,798  
Accrued management fee 745,945  
Distribution and service plan fees payable 98,954  
Other affiliated payables 125,888  
Other payables and accrued expenses 194,959  
Collateral on securities loaned 11,285,415  
Total liabilities  33,677,915 
Net Assets  $2,114,702,413 
Net Assets consist of:   
Paid in capital  $1,541,304,266 
Distributions in excess of net investment income  (1,125,535) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  146,017,987 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  428,505,695 
Net Assets  $2,114,702,413 
Class O:   
Net Asset Value, offering price and redemption price per share ($1,743,199,519 ÷ 67,118,075 shares)  $25.97 
Class A:   
Net Asset Value and redemption price per share ($258,606,818 ÷ 10,227,558 shares)  $25.29 
Maximum offering price per share (100/94.25 of $25.29)  $26.83 
Class M:   
Net Asset Value and redemption price per share ($38,895,293 ÷ 1,550,926 shares)  $25.08 
Maximum offering price per share (100/96.50 of $25.08)  $25.99 
Class C:   
Net Asset Value and offering price per share ($30,727,540 ÷ 1,254,660 shares)(a)  $24.49 
Class I:   
Net Asset Value, offering price and redemption price per share ($42,119,545 ÷ 1,568,555 shares)  $26.85 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,153,698 ÷ 43,369 shares)  $26.60 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $13,665,788 
Interest  181,955 
Income from Fidelity Central Funds  48,085 
Total income  13,895,828 
Expenses   
Management fee $4,455,827  
Transfer agent fees 404,307  
Distribution and service plan fees 584,643  
Accounting and security lending fees 327,420  
Custodian fees and expenses 40,639  
Independent trustees' fees and expenses 4,354  
Registration fees 42,375  
Audit 147,157  
Legal 6,333  
Interest 1,690  
Miscellaneous 8,093  
Total expenses before reductions 6,022,838  
Expense reductions (171,987) 5,850,851 
Net investment income (loss)  8,044,977 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $132,266) 178,326,934  
Fidelity Central Funds 1,670  
Foreign currency transactions (40,322)  
Total net realized gain (loss)  178,288,282 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $77,558) (9,680,632)  
Fidelity Central Funds 338  
Assets and liabilities in foreign currencies 8,636  
Total change in net unrealized appreciation (depreciation)  (9,671,658) 
Net gain (loss)  168,616,624 
Net increase (decrease) in net assets resulting from operations  $176,661,601 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2018 (Unaudited) Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,044,977 $30,477,279 
Net realized gain (loss) 178,288,282 126,215,272 
Change in net unrealized appreciation (depreciation) (9,671,658) 186,360,375 
Net increase (decrease) in net assets resulting from operations 176,661,601 343,052,926 
Distributions to shareholders from net investment income (25,306,525) (28,192,780) 
Distributions to shareholders from net realized gain (150,378,103) (2,058,655) 
Total distributions (175,684,628) (30,251,435) 
Share transactions - net increase (decrease) (18,372,758) (9,860,092) 
Total increase (decrease) in net assets (17,395,785) 302,941,399 
Net Assets   
Beginning of period 2,132,098,198 1,829,156,799 
End of period $2,114,702,413 $2,132,098,198 
Other Information   
Undistributed net investment income end of period $– $16,136,013 
Distributions in excess of net investment income end of period $(1,125,535) $– 

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


Financial Highlights

Fidelity Advisor Diversified Stock Fund Class O

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $26.07 $22.27 $21.04 $24.63 $21.17 $17.53 
Income from Investment Operations       
Net investment income (loss)A .11 .39 .38 .40 .40 .32 
Net realized and unrealized gain (loss) 2.07 3.80 2.57 (1.71) 3.39 3.64 
Total from investment operations 2.18 4.19 2.95 (1.31) 3.79 3.96 
Distributions from net investment income (.35) (.36)B (.36) (.31) (.27) (.29) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.28) (.39) (1.72) (2.28) (.33) (.32) 
Net asset value, end of period $25.97 $26.07 $22.27 $21.04 $24.63 $21.17 
Total ReturnC,D,E 8.61% 18.99% 15.05% (5.92)% 18.08% 23.05% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .48%H .48% .47% .50% .51% .51% 
Expenses net of fee waivers, if any .48%H .48% .47% .50% .51% .51% 
Expenses net of all reductions .46%H .48% .47% .50% .50% .49% 
Net investment income (loss) .82%H 1.61% 1.84% 1.70% 1.69% 1.68% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,743,200 $1,763,983 $1,509,620 $1,426,230 $1,866,810 $1,622,353 
Portfolio turnover rateI 111%H 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 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.


Fidelity Advisor Diversified Stock Fund Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.40 $21.71 $20.55 $24.12 $20.75 $17.18 
Income from Investment Operations       
Net investment income (loss)A .06 .30 .30 .31 .32 .26 
Net realized and unrealized gain (loss) 2.02 3.70 2.51 (1.67) 3.33 3.58 
Total from investment operations 2.08 4.00 2.81 (1.36) 3.65 3.84 
Distributions from net investment income (.26) (.28)B (.29) (.24) (.21) (.24) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.19) (.31) (1.65) (2.21) (.28)C (.27) 
Net asset value, end of period $25.29 $25.40 $21.71 $20.55 $24.12 $20.75 
Total ReturnD,E,F,G 8.45% 18.58% 14.64% (6.25)% 17.71% 22.73% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .82%J .83% .84% .83% .81% .82% 
Expenses net of fee waivers, if any .82%J .82% .83% .83% .81% .82% 
Expenses net of all reductions .80%J .82% .83% .82% .81% .81% 
Net investment income (loss) .48%J 1.27% 1.48% 1.37% 1.38% 1.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $258,607 $252,202 $225,107 $212,181 $209,737 $153,940 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.17 $21.53 $20.38 $23.95 $20.61 $17.08 
Income from Investment Operations       
Net investment income (loss)A .01 .20 .22 .22 .21 .17 
Net realized and unrealized gain (loss) 2.00 3.68 2.48 (1.66) 3.32 3.56 
Total from investment operations 2.01 3.88 2.70 (1.44) 3.53 3.73 
Distributions from net investment income (.17) (.21)B (.19) (.17) (.13) (.17) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.10) (.24) (1.55) (2.13)C (.19) (.20) 
Net asset value, end of period $25.08 $25.17 $21.53 $20.38 $23.95 $20.61 
Total ReturnD,E,F,G 8.23% 18.10% 14.18% (6.62)% 17.21% 22.11% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.20%J 1.22% 1.24% 1.23% 1.27% 1.28% 
Expenses net of fee waivers, if any 1.20%J 1.22% 1.24% 1.23% 1.27% 1.28% 
Expenses net of all reductions 1.19%J 1.21% 1.24% 1.23% 1.27% 1.27% 
Net investment income (loss) .10%J .87% 1.08% .97% .92% .91% 
Supplemental Data       
Net assets, end of period (000 omitted) $38,895 $36,726 $30,261 $29,482 $23,443 $22,903 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $24.57 $21.03 $19.93 $23.49 $20.28 $16.83 
Income from Investment Operations       
Net investment income (loss)A (.06) .08 .11 .10 .10 .08 
Net realized and unrealized gain (loss) 1.95 3.59 2.43 (1.62) 3.26 3.51 
Total from investment operations 1.89 3.67 2.54 (1.52) 3.36 3.59 
Distributions from net investment income (.04) (.10)B (.08) (.08) (.09) (.11) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (1.97) (.13) (1.44) (2.04)C (.15) (.14) 
Net asset value, end of period $24.49 $24.57 $21.03 $19.93 $23.49 $20.28 
Total ReturnD,E,F,G 7.91% 17.51% 13.56% (7.09)% 16.62% 21.52% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.74%J 1.76% 1.77% 1.75% 1.76% 1.77% 
Expenses net of fee waivers, if any 1.74%J 1.76% 1.77% 1.75% 1.76% 1.77% 
Expenses net of all reductions 1.73%J 1.75% 1.76% 1.75% 1.76% 1.75% 
Net investment income (loss) (.45)%J .33% .55% .45% .43% .42% 
Supplemental Data       
Net assets, end of period (000 omitted) $30,728 $29,147 $23,620 $22,879 $22,094 $11,119 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

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

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $26.87 $22.94 $21.61 $25.10 $21.56 $17.84 
Income from Investment Operations       
Net investment income (loss)A .09 .36 .36 .38 .35 .29 
Net realized and unrealized gain (loss) 2.13 3.92 2.65 (1.77) 3.49 3.72 
Total from investment operations 2.22 4.28 3.01 (1.39) 3.84 4.01 
Distributions from net investment income (.31) (.32)B (.32) (.14) (.23) (.26) 
Distributions from net realized gain (1.93) (.03)B (1.36) (1.97) (.06) (.03) 
Total distributions (2.24) (.35) (1.68) (2.10)C (.30)D (.29) 
Net asset value, end of period $26.85 $26.87 $22.94 $21.61 $25.10 $21.56 
Total ReturnE,F,G 8.51% 18.81% 14.92% (6.06)% 17.93% 22.82% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .63%J .63% .64% .65% .68% .71% 
Expenses net of fee waivers, if any .63%J .63% .64% .64% .68% .71% 
Expenses net of all reductions .61%J .63% .64% .63% .67% .70% 
Net investment income (loss) .67%J 1.46% 1.67% 1.56% 1.52% 1.48% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,120 $49,107 $40,468 $44,760 $33,013 $266,008 
Portfolio turnover rateK 111%J 77% 46% 53% 55% 55% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C 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.

 D 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.

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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.


Fidelity Advisor Diversified Stock Fund Class Z

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 A 
Selected Per–Share Data       
Net asset value, beginning of period $26.66 $22.76 $21.47 $25.09 $21.56 $21.44 
Income from Investment Operations       
Net investment income (loss)B .11 .40 .38 .41 .40 .04 
Net realized and unrealized gain (loss) 2.11 3.88 2.62 (1.76) 3.47 .08 
Total from investment operations 2.22 4.28 3.00 (1.35) 3.87 .12 
Distributions from net investment income (.35) (.35)C (.35) (.31) (.27) – 
Distributions from net realized gain (1.93) (.03)C (1.36) (1.97) (.06) – 
Total distributions (2.28) (.38) (1.71) (2.27)D (.34)E – 
Net asset value, end of period $26.60 $26.66 $22.76 $21.47 $25.09 $21.56 
Total ReturnF,G,H 8.57% 18.98% 15.00% (5.94)% 18.10% .56% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .51%K .51% .51% .51% .51% .52%K 
Expenses net of fee waivers, if any .51%K .51% .51% .51% .51% .52%K 
Expenses net of all reductions .49%K .50% .51% .51% .51% .50%K 
Net investment income (loss) .79%K 1.58% 1.81% 1.69% 1.68% 1.36%K 
Supplemental Data       
Net assets, end of period (000 omitted) $1,154 $934 $81 $83 $119 $101 
Portfolio turnover rateL 111%K 77% 46% 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 The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions 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.

 E 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.

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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, 2018

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 M, Class C, Class I, and Class Z, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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.

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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 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 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.

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, 2018 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 includes 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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), certain independent Trustees have elected 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended September 30, 2017.

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, deferred trustees compensation, partnerships, market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation $465,022,522 
Gross unrealized depreciation (39,282,976) 
Net unrealized appreciation (depreciation) $425,739,546 
Tax cost $1,706,966,845 

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.

As of period end, the Fund held an investment of $8,276,347 in these Subsidiaries, representing .39% 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 Subsidiaries 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 $1,198,032,302 and $1,409,459,560, 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 .24% 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 .41% 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% $330,606 $174,520 
Class M .25% .25% 98,506 346 
Class C .75% .25% 155,531 20,978 
   $584,643 $195,844 

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

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

 Retained by FDC 
Class A $22,618 
Class M 5,100 
Class C(a) 5,110 
 $32,828 

 (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 M, 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 $132,201 .01 
Class A 139,851 .11 
Class M 46,654 .24 
Class C 43,175 .28 
Class I 42,182 .16 
Class Z 244 .05 
 $404,307  

 (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. For the period, the fees were equivalent to an annualized rate of .03%.

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 $24,297 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 $7,018,200 1.51% $1,690 

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 $4,418 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 $13,642. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $161,443 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10,544.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2018 
Year ended
September 30, 2017 
From net investment income   
Class O $21,893,239 $24,205,764 
Class A 2,542,893 3,003,537 
Class M 252,109 304,826 
Class C 47,627 120,323 
Class I 558,041 557,063 
Class Z 12,616 1,267 
Total $25,306,525 $28,192,780 
From net realized gain   
Class O $122,729,052 $1,685,401 
Class A 18,903,377 263,817 
Class M 2,868,107 36,954 
Class C 2,302,779 28,919 
Class I 3,504,066 43,473 
Class Z 70,722 91 
Total $150,378,103 $2,058,655 

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, 2018 Year ended September 30, 2017 Six months ended March 31, 2018 Year ended September 30, 2017 
Class O     
Shares sold 981,086 4,809,531 $26,093,582 $116,057,637 
Reinvestment of distributions 5,027,202 949,017 126,836,313 22,339,884 
Shares redeemed (6,544,928) (5,878,942) (174,879,859) (142,067,367) 
Net increase (decrease) (536,640) (120,394) $(21,949,964) $(3,669,846) 
Class A     
Shares sold 611,439 1,568,407 $15,824,809 $36,596,102 
Reinvestment of distributions 864,589 138,649 21,260,254 3,188,933 
Shares redeemed (1,177,157) (2,145,951) (30,454,354) (50,892,429) 
Net increase (decrease) 298,871 (438,895) $6,630,709 $(11,107,394) 
Class M     
Shares sold 171,226 499,900 $4,378,963 $11,503,989 
Reinvestment of distributions 122,868 13,797 2,999,215 315,395 
Shares redeemed (202,210) (460,288) (5,152,518) (10,743,533) 
Net increase (decrease) 91,884 53,409 $2,225,660 $1,075,851 
Class C     
Shares sold 103,582 398,202 $2,613,693 $8,968,465 
Reinvestment of distributions 95,927 6,366 2,290,729 142,668 
Shares redeemed (131,248) (341,080) (3,285,841) (7,729,161) 
Net increase (decrease) 68,261 63,488 $1,618,581 $1,381,972 
Class I     
Shares sold 268,908 607,789 $7,340,026 $15,227,323 
Reinvestment of distributions 146,386 23,754 3,819,212 576,977 
Shares redeemed (674,494) (568,023) (18,276,422) (14,147,637) 
Net increase (decrease) (259,200) 63,520 $(7,117,184) $1,656,663 
Class Z     
Shares sold 12,440 31,637 $338,368 $807,412 
Reinvestment of distributions 3,137 56 81,057 1,357 
Shares redeemed (7,241) (240) (199,985) (6,107) 
Net increase (decrease) 8,336 31,453 $219,440 $802,662 

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, 2017 to March 31, 2018).

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, 2017 
Ending
Account Value
March 31, 2018 
Expenses Paid
During Period-B
October 1, 2017
to March 31, 2018 
Class O .48%    
Actual  $1,000.00 $1,086.10 $2.50 
Hypothetical-C  $1,000.00 $1,022.54 $2.42 
Class A .82%    
Actual  $1,000.00 $1,084.50 $4.26 
Hypothetical-C  $1,000.00 $1,020.84 $4.13 
Class M 1.20%    
Actual  $1,000.00 $1,082.30 $6.23 
Hypothetical-C  $1,000.00 $1,018.95 $6.04 
Class C 1.74%    
Actual  $1,000.00 $1,079.10 $9.02 
Hypothetical-C  $1,000.00 $1,016.26 $8.75 
Class I .63%    
Actual  $1,000.00 $1,085.10 $3.28 
Hypothetical-C  $1,000.00 $1,021.79 $3.18 
Class Z .51%    
Actual  $1,000.00 $1,085.70 $2.65 
Hypothetical-C  $1,000.00 $1,022.39 $2.57 

 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 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIO-SANN-0518
1.791871.114


Fidelity Advisor® Capital Development Fund
Class A, Class M, Class C and Class I



Semi-Annual Report

March 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2018

 % of fund's net assets 
Microsoft Corp. 4.0 
Bank of America Corp. 3.7 
JPMorgan Chase & Co. 3.1 
Citigroup, Inc. 2.8 
Comcast Corp. Class A 2.3 
Apple, Inc. 2.0 
State Street Corp. 1.9 
Suncor Energy, Inc. 1.9 
Chevron Corp. 1.8 
ConocoPhillips Co. 1.8 
 25.3 

Top Five Market Sectors as of March 31, 2018

 % of fund's net assets 
Financials 22.3 
Information Technology 17.2 
Energy 14.3 
Health Care 13.8 
Industrials 10.0 

Asset Allocation (% of fund's net assets)

As of March 31, 2018 * 
   Stocks 97.6% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 10.6%


Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.4%   
Hotels, Restaurants & Leisure - 0.1%   
Drive Shack, Inc. (a) 68,289 $326,421 
Dunkin' Brands Group, Inc. 62,500 3,730,625 
Starbucks Corp. 11,700 677,313 
  4,734,359 
Media - 4.5%   
Comcast Corp. Class A 2,093,300 71,528,061 
Discovery Communications, Inc. Class A (a) 171,300 3,670,959 
Interpublic Group of Companies, Inc. 501,600 11,551,848 
Omnicom Group, Inc. 46,200 3,357,354 
Sinclair Broadcast Group, Inc. Class A (b) 159,900 5,004,870 
The Walt Disney Co. 298,400 29,971,296 
Time Warner, Inc. 96,400 9,117,512 
Viacom, Inc. Class B (non-vtg.) 155,600 4,832,936 
  139,034,836 
Multiline Retail - 0.3%   
Target Corp. 148,250 10,292,998 
Specialty Retail - 2.5%   
L Brands, Inc. 290,200 11,088,542 
Lowe's Companies, Inc. 398,600 34,977,150 
O'Reilly Automotive, Inc. (a) 19,400 4,799,172 
Ross Stores, Inc. 19,100 1,489,418 
Sally Beauty Holdings, Inc. (a) 543,100 8,933,995 
TJX Companies, Inc. 206,500 16,842,140 
  78,130,417 
TOTAL CONSUMER DISCRETIONARY  232,192,610 
CONSUMER STAPLES - 7.6%   
Beverages - 1.3%   
Molson Coors Brewing Co. Class B 96,800 7,291,944 
The Coca-Cola Co. 756,500 32,854,795 
  40,146,739 
Food & Staples Retailing - 2.1%   
CVS Health Corp. 486,500 30,265,165 
Kroger Co. 124,500 2,980,530 
Walmart, Inc. 360,200 32,046,994 
  65,292,689 
Food Products - 0.0%   
Campbell Soup Co. 52,700 2,282,437 
Household Products - 1.7%   
Kimberly-Clark Corp. 44,900 4,944,837 
Procter & Gamble Co. 454,805 36,056,940 
Reckitt Benckiser Group PLC 135,300 11,420,374 
  52,422,151 
Personal Products - 0.2%   
Unilever NV (NY Reg.) 98,100 5,531,859 
Tobacco - 2.3%   
Altria Group, Inc. 807,100 50,298,472 
British American Tobacco PLC sponsored ADR 390,400 22,522,176 
  72,820,648 
TOTAL CONSUMER STAPLES  238,496,523 
ENERGY - 14.1%   
Energy Equipment & Services - 1.1%   
Baker Hughes, a GE Co. Class A 525,200 14,584,804 
Ensco PLC Class A 225,000 987,750 
National Oilwell Varco, Inc. 329,500 12,128,895 
Oceaneering International, Inc. 315,400 5,847,516 
  33,548,965 
Oil, Gas & Consumable Fuels - 13.0%   
Amyris, Inc. (a)(b) 142,422 952,803 
Anadarko Petroleum Corp. 223,100 13,477,471 
Apache Corp. 494,300 19,020,664 
BP PLC sponsored ADR 411,862 16,696,885 
Cabot Oil & Gas Corp. 749,600 17,975,408 
Cenovus Energy, Inc. 3,184,600 27,116,127 
Chevron Corp. 488,327 55,688,811 
ConocoPhillips Co. 937,900 55,608,091 
Enterprise Products Partners LP 37,900 927,792 
Exxon Mobil Corp. 655,100 48,877,011 
Golar LNG Ltd. 164,000 4,487,040 
Imperial Oil Ltd. 433,590 11,482,975 
Kinder Morgan, Inc. 1,028,400 15,487,704 
Legacy Reserves LP (a) 123,424 581,327 
Noble Energy, Inc. 37,800 1,145,340 
Suncor Energy, Inc. 1,736,900 59,979,572 
Teekay Offshore Partners LP 600,800 1,363,816 
The Williams Companies, Inc. 1,314,592 32,680,757 
Williams Partners LP 637,400 21,945,682 
  405,495,276 
TOTAL ENERGY  439,044,241 
FINANCIALS - 22.3%   
Banks - 14.9%   
Bank of America Corp. 3,819,700 114,552,803 
BNP Paribas SA 16,400 1,214,193 
Citigroup, Inc. 1,272,404 85,887,270 
First Republic Bank 3,300 305,613 
JPMorgan Chase & Co. 884,400 97,257,468 
PNC Financial Services Group, Inc. 163,916 24,790,656 
Regions Financial Corp. 645,000 11,984,100 
Signature Bank (a) 45,700 6,487,115 
Standard Chartered PLC (United Kingdom) 285,279 2,852,556 
SunTrust Banks, Inc. 558,900 38,027,556 
U.S. Bancorp 566,242 28,595,221 
Wells Fargo & Co. 1,028,050 53,880,101 
  465,834,652 
Capital Markets - 5.9%   
Charles Schwab Corp. 415,055 21,674,172 
KKR & Co. LP 750,685 15,238,906 
Morgan Stanley 610,800 32,958,768 
Northern Trust Corp. 375,895 38,766,051 
State Street Corp. 608,790 60,714,627 
The Blackstone Group LP 463,900 14,821,605 
  184,174,129 
Insurance - 0.4%   
MetLife, Inc. 288,200 13,225,498 
Thrifts & Mortgage Finance - 1.1%   
MGIC Investment Corp. (a) 743,761 9,668,893 
Radian Group, Inc. 1,223,591 23,297,173 
  32,966,066 
TOTAL FINANCIALS  696,200,345 
HEALTH CARE - 13.8%   
Biotechnology - 3.3%   
Alexion Pharmaceuticals, Inc. (a) 190,200 21,199,692 
Alnylam Pharmaceuticals, Inc. (a) 37,700 4,490,070 
Amgen, Inc. 234,622 39,998,359 
Atara Biotherapeutics, Inc. (a) 77,000 3,003,000 
Biogen, Inc. (a) 22,700 6,215,714 
BioMarin Pharmaceutical, Inc. (a) 48,600 3,940,002 
Celldex Therapeutics, Inc. (a) 10,900 25,397 
Genocea Biosciences, Inc. (a)(b) 144,100 151,305 
Insmed, Inc. (a) 147,800 3,328,456 
Intercept Pharmaceuticals, Inc. (a)(b) 180,114 11,080,613 
Regeneron Pharmaceuticals, Inc. (a) 8,500 2,927,060 
Spark Therapeutics, Inc. (a) 86,967 5,791,133 
TESARO, Inc. (a) 5,000 285,700 
Trevena, Inc. (a) 269,300 441,652 
  102,878,153 
Health Care Equipment & Supplies - 2.2%   
Boston Scientific Corp. (a) 1,622,251 44,319,897 
Danaher Corp. 127,100 12,444,361 
Medtronic PLC 58,400 4,684,848 
ResMed, Inc. 16,000 1,575,520 
Zimmer Biomet Holdings, Inc. 41,600 4,536,064 
  67,560,690 
Health Care Providers & Services - 3.4%   
AmerisourceBergen Corp. 159,500 13,750,495 
Anthem, Inc. 65,400 14,368,380 
Cardinal Health, Inc. 341,600 21,411,488 
Cigna Corp. 91,100 15,281,114 
Humana, Inc. 28,900 7,769,187 
McKesson Corp. 156,680 22,071,512 
UnitedHealth Group, Inc. 58,000 12,412,000 
  107,064,176 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 522,054 1,905,497 
Pharmaceuticals - 4.9%   
Allergan PLC 49,700 8,364,013 
AstraZeneca PLC sponsored ADR 144,100 5,039,177 
Bayer AG 92,400 10,416,599 
CymaBay Therapeutics, Inc. (a) 529,475 6,877,880 
GlaxoSmithKline PLC sponsored ADR (b) 1,221,100 47,708,377 
Jazz Pharmaceuticals PLC (a) 122,800 18,541,572 
Johnson & Johnson 212,660 27,252,379 
Nektar Therapeutics (a) 27,000 2,869,020 
Novartis AG sponsored ADR 5,600 452,760 
Sanofi SA 31,297 2,511,274 
Teva Pharmaceutical Industries Ltd. sponsored ADR 815,850 13,942,877 
TherapeuticsMD, Inc. (a)(b) 1,622,731 7,902,700 
  151,878,628 
TOTAL HEALTH CARE  431,287,144 
INDUSTRIALS - 10.0%   
Aerospace & Defense - 1.8%   
General Dynamics Corp. 30,600 6,759,540 
The Boeing Co. 4,900 1,606,612 
United Technologies Corp. 383,200 48,214,224 
  56,580,376 
Air Freight & Logistics - 1.5%   
C.H. Robinson Worldwide, Inc. 110,179 10,324,874 
FedEx Corp. 26,300 6,314,893 
United Parcel Service, Inc. Class B 298,700 31,261,942 
  47,901,709 
Commercial Services & Supplies - 0.2%   
ADS Waste Holdings, Inc. (a) 106,400 2,370,592 
Stericycle, Inc. (a) 52,700 3,084,531 
  5,455,123 
Electrical Equipment - 0.8%   
Acuity Brands, Inc. 87,300 12,151,287 
Hubbell, Inc. Class B 53,618 6,529,600 
Melrose Industries PLC 2,294,821 7,437,354 
  26,118,241 
Industrial Conglomerates - 1.5%   
General Electric Co. 3,483,700 46,960,276 
ITT, Inc. 6,100 298,778 
  47,259,054 
Machinery - 0.8%   
Flowserve Corp. 389,000 16,855,370 
Wabtec Corp. (b) 106,100 8,636,540 
  25,491,910 
Marine - 0.1%   
A.P. Moller - Maersk A/S Series B 2,047 3,194,506 
Professional Services - 0.3%   
IHS Markit Ltd. (a) 164,774 7,948,698 
Road & Rail - 2.9%   
CSX Corp. 364,600 20,311,866 
Genesee & Wyoming, Inc. Class A (a) 103,800 7,348,002 
J.B. Hunt Transport Services, Inc. 181,100 21,215,865 
Norfolk Southern Corp. 108,200 14,691,396 
Union Pacific Corp. 198,000 26,617,140 
  90,184,269 
Trading Companies & Distributors - 0.1%   
Fastenal Co. 11,600 633,244 
Univar, Inc. (a) 20,200 560,550 
  1,193,794 
TOTAL INDUSTRIALS  311,327,680 
INFORMATION TECHNOLOGY - 17.2%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,159,900 49,748,111 
F5 Networks, Inc. (a) 23,100 3,340,491 
  53,088,602 
Electronic Equipment & Components - 0.2%   
ADT, Inc. 203,400 1,612,962 
Itron, Inc. (a) 78,600 5,623,830 
  7,236,792 
Internet Software & Services - 1.8%   
Alphabet, Inc.:   
Class A (a) 27,100 28,106,494 
Class C (a) 26,683 27,531,253 
  55,637,747 
IT Services - 4.1%   
Cognizant Technology Solutions Corp. Class A 64,300 5,176,150 
FleetCor Technologies, Inc. (a) 24,200 4,900,500 
Interxion Holding N.V. (a) 76,300 4,738,993 
MasterCard, Inc. Class A 154,500 27,062,220 
Paychex, Inc. 383,300 23,607,447 
PayPal Holdings, Inc. (a) 41,095 3,117,878 
Unisys Corp. (a)(b) 722,347 7,765,230 
Visa, Inc. Class A 415,300 49,678,186 
  126,046,604 
Semiconductors & Semiconductor Equipment - 1.7%   
Analog Devices, Inc. 30,400 2,770,352 
Qualcomm, Inc. 905,790 50,189,824 
  52,960,176 
Software - 5.7%   
Adobe Systems, Inc. (a) 55,300 11,949,224 
Autodesk, Inc. (a) 3,500 439,530 
Microsoft Corp. 1,374,000 125,404,979 
Oracle Corp. 497,900 22,778,925 
SAP SE sponsored ADR 112,500 11,830,500 
Ultimate Software Group, Inc. (a) 20,900 5,093,330 
  177,496,488 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. 373,700 62,699,386 
TOTAL INFORMATION TECHNOLOGY  535,165,795 
MATERIALS - 2.3%   
Chemicals - 1.8%   
CF Industries Holdings, Inc. 299,600 11,303,908 
Intrepid Potash, Inc. (a) 1,495,040 5,441,946 
LyondellBasell Industries NV Class A 162,900 17,215,272 
Nutrien Ltd. 344,820 16,296,883 
The Scotts Miracle-Gro Co. Class A 30,300 2,598,225 
W.R. Grace & Co. 46,000 2,816,580 
  55,672,814 
Metals & Mining - 0.5%   
BHP Billiton Ltd. sponsored ADR (b) 106,900 4,749,567 
Freeport-McMoRan, Inc. 434,900 7,641,193 
Lundin Mining Corp. 681,100 4,467,183 
  16,857,943 
TOTAL MATERIALS  72,530,757 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
American Tower Corp. 24,800 3,604,432 
Equinix, Inc. 17,000 7,108,380 
Public Storage 21,300 4,268,307 
  14,981,119 
TELECOMMUNICATION SERVICES - 1.0%   
Diversified Telecommunication Services - 1.0%   
Verizon Communications, Inc. 651,306 31,145,453 
Zayo Group Holdings, Inc. (a) 26,100 891,576 
  32,037,029 
UTILITIES - 1.4%   
Electric Utilities - 0.9%   
Exelon Corp. 645,700 25,188,757 
PPL Corp. 109,800 3,106,242 
Southern Co. 14,300 638,638 
  28,933,637 
Independent Power and Renewable Electricity Producers - 0.5%   
Dynegy, Inc. (a) 870,094 11,763,671 
The AES Corp. 148,100 1,683,897 
  13,447,568 
TOTAL UTILITIES  42,381,205 
TOTAL COMMON STOCKS   
(Cost $2,469,472,176)  3,045,644,448 
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 7,263,425 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund, 1.72% (f) 53,655,322 53,666,053 
Fidelity Securities Lending Cash Central Fund 1.72% (f)(g) 29,513,675 29,519,578 
TOTAL MONEY MARKET FUNDS   
(Cost $83,182,718)  83,185,631 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $2,560,465,028)  3,136,093,504 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (16,721,349) 
NET ASSETS - 100%  $3,119,372,155 

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 $7,263,425 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 $137,489 
Fidelity Securities Lending Cash Central Fund 109,915 
Total $247,404 

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

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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 $232,192,610 $232,192,610 $-- $-- 
Consumer Staples 238,496,523 227,076,149 11,420,374 -- 
Energy 439,044,241 439,044,241 -- -- 
Financials 696,200,345 696,200,345 -- -- 
Health Care 431,287,144 418,359,271 12,927,873 -- 
Industrials 311,327,680 308,133,174 3,194,506 -- 
Information Technology 535,165,795 535,165,795 -- -- 
Materials 72,530,757 72,530,757 -- -- 
Real Estate 14,981,119 14,981,119 -- -- 
Telecommunication Services 32,037,029 32,037,029 -- -- 
Utilities 42,381,205 42,381,205 -- -- 
Other 7,263,425 -- -- 7,263,425 
Money Market Funds 83,185,631 83,185,631 -- -- 
Total Investments in Securities: $3,136,093,504 $3,101,287,326 $27,542,753 $7,263,425 

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 89.4% 
Canada 3.8% 
United Kingdom 2.9% 
Ireland 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $28,940,478) — See accompanying schedule:
Unaffiliated issuers (cost $2,477,282,309) 
$3,052,907,873  
Fidelity Central Funds (cost $83,182,719) 83,185,631  
Total Investment in Securities (cost $2,560,465,028)  $3,136,093,504 
Cash  790,649 
Restricted cash  179,570 
Foreign currency held at value (cost $102,715)  102,715 
Receivable for investments sold  30,226,971 
Receivable for fund shares sold  127,876 
Dividends receivable  3,896,263 
Distributions receivable from Fidelity Central Funds  71,546 
Prepaid expenses  2,419 
Other receivables  510,003 
Total assets  3,172,001,516 
Liabilities   
Payable for investments purchased $20,676,720  
Payable for fund shares redeemed 607,911  
Accrued management fee 1,442,808  
Distribution and service plan fees payable 94,815  
Other affiliated payables 137,337  
Other payables and accrued expenses 140,295  
Collateral on securities loaned 29,529,475  
Total liabilities  52,629,361 
Net Assets  $3,119,372,155 
Net Assets consist of:   
Paid in capital  $2,360,563,283 
Undistributed net investment income  3,333,992 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  180,026,466 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  575,448,414 
Net Assets  $3,119,372,155 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,683,299,928 ÷ 166,743,333 shares)  $16.09 
Class A:   
Net Asset Value and redemption price per share ($425,078,442 ÷ 27,322,561 shares)  $15.56 
Maximum offering price per share (100/94.25 of $15.56)  $16.51 
Class M:   
Net Asset Value and redemption price per share ($3,408,299 ÷ 224,889 shares)  $15.16 
Maximum offering price per share (100/96.50 of $15.16)  $15.71 
Class C:   
Net Asset Value and offering price per share ($2,850,407 ÷ 194,804 shares)(a)  $14.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,735,079 ÷ 293,007 shares)  $16.16 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $31,153,404 
Income from Fidelity Central Funds  247,404 
Total income  31,400,808 
Expenses   
Management fee $8,762,284  
Transfer agent fees 155,589  
Distribution and service plan fees 574,834  
Accounting and security lending fees 476,792  
Custodian fees and expenses 36,367  
Independent trustees' fees and expenses 5,976  
Registration fees 30,830  
Audit 39,813  
Legal 8,919  
Miscellaneous 12,202  
Total expenses before reductions 10,103,606  
Expense reductions (64,922) 10,038,684 
Net investment income (loss)  21,362,124 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 209,335,045  
Fidelity Central Funds (3,973)  
Foreign currency transactions (6,724)  
Total net realized gain (loss)  209,324,348 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (131,406,855)  
Fidelity Central Funds 1,352  
Assets and liabilities in foreign currencies 619  
Total change in net unrealized appreciation (depreciation)  (131,404,884) 
Net gain (loss)  77,919,464 
Net increase (decrease) in net assets resulting from operations  $99,281,588 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2018 (Unaudited) Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,362,124 $45,340,584 
Net realized gain (loss) 209,324,348 147,761,548 
Change in net unrealized appreciation (depreciation) (131,404,884) 327,865,566 
Net increase (decrease) in net assets resulting from operations 99,281,588 520,967,698 
Distributions to shareholders from net investment income (43,617,855) (40,403,807) 
Distributions to shareholders from net realized gain (165,270,498) (43,674,786) 
Total distributions (208,888,353) (84,078,593) 
Share transactions - net increase (decrease) 87,022,059 (130,547,404) 
Total increase (decrease) in net assets (22,584,706) 306,341,701 
Net Assets   
Beginning of period 3,141,956,861 2,835,615,160 
End of period $3,119,372,155 $3,141,956,861 
Other Information   
Undistributed net investment income end of period $3,333,992 $25,589,723 

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 endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.69 $14.42 $13.30 $16.53 $14.24 $12.04 
Income from Investment Operations       
Net investment income (loss)A .11 .24 .21 .21 .20 .11 
Net realized and unrealized gain (loss) .41 2.47 1.70 (.95) 2.19 2.22 
Total from investment operations .52 2.71 1.91 (.74) 2.39 2.33 
Distributions from net investment income (.24) (.21) (.21) (.21) (.10) (.13) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.12) (.44)B (.79) (2.49) (.10) (.13) 
Net asset value, end of period $16.09 $16.69 $14.42 $13.30 $16.53 $14.24 
Total ReturnC,D,E 3.06% 19.08% 15.01% (5.16)% 16.83% 19.62% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .58%H .59% .59% .59% .60% .60% 
Expenses net of fee waivers, if any .58%H .59% .59% .59% .60% .60% 
Expenses net of all reductions .58%H .59% .59% .59% .59% .59% 
Net investment income (loss) 1.36%H 1.55% 1.57% 1.40% 1.27% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,683,300 $2,705,474 $2,447,565 $2,290,767 $2,634,214 $2,497,596 
Portfolio turnover rateI 36%H 31% 29% 33% 115% 57% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.44 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.224 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.


Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.15 $13.97 $12.90 $16.10 $13.87 $11.74 
Income from Investment Operations       
Net investment income (loss)A .09 .19 .17 .16 .15 .07 
Net realized and unrealized gain (loss) .40 2.39 1.65 (.92) 2.13 2.15 
Total from investment operations .49 2.58 1.82 (.76) 2.28 2.22 
Distributions from net investment income (.19) (.17) (.17) (.17) (.05) (.09) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.08)B (.40)C (.75) (2.44)D (.05) (.09) 
Net asset value, end of period $15.56 $16.15 $13.97 $12.90 $16.10 $13.87 
Total ReturnE,F,G,H 2.93% 18.72% 14.71% (5.42)% 16.50% 19.12% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .87%K .88% .89% .89% .89% .92% 
Expenses net of fee waivers, if any .87%K .88% .89% .89% .89% .92% 
Expenses net of all reductions .87%K .88% .89% .89% .89% .90% 
Net investment income (loss) 1.07%K 1.26% 1.27% 1.10% .97% .58% 
Supplemental Data       
Net assets, end of period (000 omitted) $425,078 $426,665 $379,128 $347,875 $389,001 $357,203 
Portfolio turnover rateL 36%K 31% 29% 33% 115% 57% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.08 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.883 per share.

 C Total distributions of $.40 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.224 per share.

 D Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.278 per share.

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

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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.


Fidelity Advisor Capital Development Fund Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $15.71 $13.62 $12.59 $15.78 $13.62 $11.55 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .09 .08 .06 .01 
Net realized and unrealized gain (loss) .40 2.32 1.61 (.89) 2.10 2.12 
Total from investment operations .44 2.42 1.70 (.81) 2.16 2.13 
Distributions from net investment income (.11) (.11) (.10) (.10) – (.06) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (.99) (.33) (.67)B (2.38) – (.06) 
Net asset value, end of period $15.16 $15.71 $13.62 $12.59 $15.78 $13.62 
Total ReturnC,D,E,F 2.72% 18.02% 14.09% (5.96)% 15.86% 18.50% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.42%I 1.42% 1.44% 1.43% 1.43% 1.45% 
Expenses net of fee waivers, if any 1.42%I 1.42% 1.44% 1.43% 1.43% 1.45% 
Expenses net of all reductions 1.41%I 1.42% 1.44% 1.42% 1.43% 1.43% 
Net investment income (loss) .53%I .71% .72% .56% .43% .05% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,408 $3,421 $2,552 $2,066 $2,140 $1,543 
Portfolio turnover rateJ 36%I 31% 29% 33% 115% 57% 

 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 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.


Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $15.17 $13.18 $12.21 $15.36 $13.32 $11.28 
Income from Investment Operations       
Net investment income (loss)A .01 .04 .03 .01 B (.05) 
Net realized and unrealized gain (loss) .37 2.25 1.57 (.87) 2.04 2.09 
Total from investment operations .38 2.29 1.60 (.86) 2.04 2.04 
Distributions from net investment income (.04) (.08) (.05) (.01) – – 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (.92) (.30) (.63) (2.29) – – 
Net asset value, end of period $14.63 $15.17 $13.18 $12.21 $15.36 $13.32 
Total ReturnC,D,E,F 2.42% 17.57% 13.60% (6.43)% 15.32% 18.09% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.83%I 1.85% 1.89% 1.89% 1.89% 1.90% 
Expenses net of fee waivers, if any 1.83%I 1.85% 1.89% 1.89% 1.89% 1.90% 
Expenses net of all reductions 1.83%I 1.85% 1.89% 1.89% 1.89% 1.88% 
Net investment income (loss) .11%I .28% .27% .10% (.03)% (.39)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,850 $3,016 $2,023 $1,948 $1,879 $1,764 
Portfolio turnover rateJ 36%I 31% 29% 33% 115% 57% 

 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 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 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.


Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.74 $14.48 $13.34 $16.58 $14.28 $12.09 
Income from Investment Operations       
Net investment income (loss)A .10 .22 .19 .19 .18 .09 
Net realized and unrealized gain (loss) .42 2.46 1.71 (.96) 2.20 2.21 
Total from investment operations .52 2.68 1.90 (.77) 2.38 2.30 
Distributions from net investment income (.22) (.20) (.19) (.19) (.08) (.11) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.10) (.42) (.76)B (2.47) (.08) (.11) 
Net asset value, end of period $16.16 $16.74 $14.48 $13.34 $16.58 $14.28 
Total ReturnC,D,E 3.04% 18.82% 14.89% (5.35)% 16.72% 19.24% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .72%H .74% .75% .75% .74% .79% 
Expenses net of fee waivers, if any .72%H .74% .75% .75% .74% .79% 
Expenses net of all reductions .72%H .74% .75% .75% .73% .78% 
Net investment income (loss) 1.22%H 1.39% 1.41% 1.24% 1.13% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,735 $3,381 $4,348 $1,604 $1,726 $1,281 
Portfolio turnover rateI 36%H 31% 29% 33% 115% 57% 

 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 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.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2018

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 M, Class C and Class I, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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.

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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 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 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.

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, 2018 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 includes 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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), certain independent Trustees have elected 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 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.

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

Gross unrealized appreciation $780,829,367 
Gross unrealized depreciation (212,405,824) 
Net unrealized appreciation (depreciation) $568,423,543 
Tax cost $2,567,669,961 

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.

As of period end, the Fund held an investment of $7,442,995 in this Subsidiary, representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the 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 $571,596,902 and $708,117,888, 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 .24% 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 .54% 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% $550,780 $518,827 
Class M .25% .25% 8,814 30 
Class C .75% .25% 15,240 1,566 
   $574,834 $520,423 

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

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

 Retained by FDC 
Class A $5,788 
Class M 283 
Class C(a) 60 
 $6,131 

 (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 M, 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 $49,233 (b) 
Class A 93,470 .04 
Class M 5,952 .34 
Class C 3,869 .25 
Class I 3,065 .14 
 $155,589  

 (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. For the period, the fees were equivalent to an annualized rate of .03%.

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 $10,227 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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 $6,551 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 $1,306,621. 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 $109,915 and includes $16,208 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $48,516 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $197.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,209.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2018 
Year ended
September 30, 2017 
From net investment income   
Class O $38,478,065 $35,644,854 
Class A 5,054,670 4,658,601 
Class M 23,282 20,666 
Class C 7,272 14,029 
Class I 54,566 65,657 
Total $43,617,855 $40,403,807 
From net realized gain   
Class O $141,561,037 $37,484,938 
Class A 23,125,557 6,031,945 
Class M 190,352 42,469 
Class C 173,546 41,899 
Class I 220,006 73,535 
Total $165,270,498 $43,674,786 

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, 2018 Year ended September 30, 2017 Six months ended March 31, 2018 Year ended September 30, 2017 
Class O     
Shares sold 1,223,257 2,844,752 $20,571,149 $43,876,398 
Reinvestment of distributions 10,704,792 4,628,446 174,166,989 70,213,799 
Shares redeemed (7,313,311) (15,057,610) (122,924,519) (233,131,772) 
Net increase (decrease) 4,614,738 (7,584,412) $71,813,619 $(119,041,575) 
Class A     
Shares sold 577,573 1,401,360 $9,443,384 $21,003,815 
Reinvestment of distributions 1,774,099 712,790 27,924,314 10,485,138 
Shares redeemed (1,454,587) (2,827,234) (23,713,312) (42,521,516) 
Net increase (decrease) 897,085 (713,084) $13,654,386 $(11,032,563) 
Class M     
Shares sold 5,628 59,101 $89,016 $854,558 
Reinvestment of distributions 13,908 4,390 213,634 63,135 
Shares redeemed (12,315) (33,198) (195,125) (496,324) 
Net increase (decrease) 7,221 30,293 $107,525 $421,369 
Class C     
Shares sold 8,386 108,524 $128,103 $1,508,523 
Reinvestment of distributions 12,151 3,634 180,446 50,621 
Shares redeemed (24,604) (66,739) (375,349) (960,519) 
Net increase (decrease) (4,067) 45,419 $(66,800) $598,625 
Class I     
Shares sold 109,475 116,594 $1,833,402 $1,818,939 
Reinvestment of distributions 15,562 8,434 254,447 128,529 
Shares redeemed (33,957) (223,368) (574,520) (3,440,728) 
Net increase (decrease) 91,080 (98,340) $1,513,329 $(1,493,260) 

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, 2017 to March 31, 2018).

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, 2017 
Ending
Account Value
March 31, 2018 
Expenses Paid
During Period-B
October 1, 2017
to March 31, 2018 
Class O .58%    
Actual  $1,000.00 $1,030.60 $2.94 
Hypothetical-C  $1,000.00 $1,022.04 $2.92 
Class A .87%    
Actual  $1,000.00 $1,029.30 $4.40 
Hypothetical-C  $1,000.00 $1,020.59 $4.38 
Class M 1.42%    
Actual  $1,000.00 $1,027.20 $7.18 
Hypothetical-C  $1,000.00 $1,017.85 $7.14 
Class C 1.83%    
Actual  $1,000.00 $1,024.20 $9.24 
Hypothetical-C  $1,000.00 $1,015.81 $9.20 
Class I .72%    
Actual  $1,000.00 $1,030.40 $3.64 
Hypothetical-C  $1,000.00 $1,021.34 $3.63 

 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 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ADESII-SANN-0518
1.814759.112


Fidelity Advisor® Capital Development Fund
Class A



Semi-Annual Report

March 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2018

 % of fund's net assets 
Microsoft Corp. 4.0 
Bank of America Corp. 3.7 
JPMorgan Chase & Co. 3.1 
Citigroup, Inc. 2.8 
Comcast Corp. Class A 2.3 
Apple, Inc. 2.0 
State Street Corp. 1.9 
Suncor Energy, Inc. 1.9 
Chevron Corp. 1.8 
ConocoPhillips Co. 1.8 
 25.3 

Top Five Market Sectors as of March 31, 2018

 % of fund's net assets 
Financials 22.3 
Information Technology 17.2 
Energy 14.3 
Health Care 13.8 
Industrials 10.0 

Asset Allocation (% of fund's net assets)

As of March 31, 2018 * 
   Stocks 97.6% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 10.6%


Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.4%   
Hotels, Restaurants & Leisure - 0.1%   
Drive Shack, Inc. (a) 68,289 $326,421 
Dunkin' Brands Group, Inc. 62,500 3,730,625 
Starbucks Corp. 11,700 677,313 
  4,734,359 
Media - 4.5%   
Comcast Corp. Class A 2,093,300 71,528,061 
Discovery Communications, Inc. Class A (a) 171,300 3,670,959 
Interpublic Group of Companies, Inc. 501,600 11,551,848 
Omnicom Group, Inc. 46,200 3,357,354 
Sinclair Broadcast Group, Inc. Class A (b) 159,900 5,004,870 
The Walt Disney Co. 298,400 29,971,296 
Time Warner, Inc. 96,400 9,117,512 
Viacom, Inc. Class B (non-vtg.) 155,600 4,832,936 
  139,034,836 
Multiline Retail - 0.3%   
Target Corp. 148,250 10,292,998 
Specialty Retail - 2.5%   
L Brands, Inc. 290,200 11,088,542 
Lowe's Companies, Inc. 398,600 34,977,150 
O'Reilly Automotive, Inc. (a) 19,400 4,799,172 
Ross Stores, Inc. 19,100 1,489,418 
Sally Beauty Holdings, Inc. (a) 543,100 8,933,995 
TJX Companies, Inc. 206,500 16,842,140 
  78,130,417 
TOTAL CONSUMER DISCRETIONARY  232,192,610 
CONSUMER STAPLES - 7.6%   
Beverages - 1.3%   
Molson Coors Brewing Co. Class B 96,800 7,291,944 
The Coca-Cola Co. 756,500 32,854,795 
  40,146,739 
Food & Staples Retailing - 2.1%   
CVS Health Corp. 486,500 30,265,165 
Kroger Co. 124,500 2,980,530 
Walmart, Inc. 360,200 32,046,994 
  65,292,689 
Food Products - 0.0%   
Campbell Soup Co. 52,700 2,282,437 
Household Products - 1.7%   
Kimberly-Clark Corp. 44,900 4,944,837 
Procter & Gamble Co. 454,805 36,056,940 
Reckitt Benckiser Group PLC 135,300 11,420,374 
  52,422,151 
Personal Products - 0.2%   
Unilever NV (NY Reg.) 98,100 5,531,859 
Tobacco - 2.3%   
Altria Group, Inc. 807,100 50,298,472 
British American Tobacco PLC sponsored ADR 390,400 22,522,176 
  72,820,648 
TOTAL CONSUMER STAPLES  238,496,523 
ENERGY - 14.1%   
Energy Equipment & Services - 1.1%   
Baker Hughes, a GE Co. Class A 525,200 14,584,804 
Ensco PLC Class A 225,000 987,750 
National Oilwell Varco, Inc. 329,500 12,128,895 
Oceaneering International, Inc. 315,400 5,847,516 
  33,548,965 
Oil, Gas & Consumable Fuels - 13.0%   
Amyris, Inc. (a)(b) 142,422 952,803 
Anadarko Petroleum Corp. 223,100 13,477,471 
Apache Corp. 494,300 19,020,664 
BP PLC sponsored ADR 411,862 16,696,885 
Cabot Oil & Gas Corp. 749,600 17,975,408 
Cenovus Energy, Inc. 3,184,600 27,116,127 
Chevron Corp. 488,327 55,688,811 
ConocoPhillips Co. 937,900 55,608,091 
Enterprise Products Partners LP 37,900 927,792 
Exxon Mobil Corp. 655,100 48,877,011 
Golar LNG Ltd. 164,000 4,487,040 
Imperial Oil Ltd. 433,590 11,482,975 
Kinder Morgan, Inc. 1,028,400 15,487,704 
Legacy Reserves LP (a) 123,424 581,327 
Noble Energy, Inc. 37,800 1,145,340 
Suncor Energy, Inc. 1,736,900 59,979,572 
Teekay Offshore Partners LP 600,800 1,363,816 
The Williams Companies, Inc. 1,314,592 32,680,757 
Williams Partners LP 637,400 21,945,682 
  405,495,276 
TOTAL ENERGY  439,044,241 
FINANCIALS - 22.3%   
Banks - 14.9%   
Bank of America Corp. 3,819,700 114,552,803 
BNP Paribas SA 16,400 1,214,193 
Citigroup, Inc. 1,272,404 85,887,270 
First Republic Bank 3,300 305,613 
JPMorgan Chase & Co. 884,400 97,257,468 
PNC Financial Services Group, Inc. 163,916 24,790,656 
Regions Financial Corp. 645,000 11,984,100 
Signature Bank (a) 45,700 6,487,115 
Standard Chartered PLC (United Kingdom) 285,279 2,852,556 
SunTrust Banks, Inc. 558,900 38,027,556 
U.S. Bancorp 566,242 28,595,221 
Wells Fargo & Co. 1,028,050 53,880,101 
  465,834,652 
Capital Markets - 5.9%   
Charles Schwab Corp. 415,055 21,674,172 
KKR & Co. LP 750,685 15,238,906 
Morgan Stanley 610,800 32,958,768 
Northern Trust Corp. 375,895 38,766,051 
State Street Corp. 608,790 60,714,627 
The Blackstone Group LP 463,900 14,821,605 
  184,174,129 
Insurance - 0.4%   
MetLife, Inc. 288,200 13,225,498 
Thrifts & Mortgage Finance - 1.1%   
MGIC Investment Corp. (a) 743,761 9,668,893 
Radian Group, Inc. 1,223,591 23,297,173 
  32,966,066 
TOTAL FINANCIALS  696,200,345 
HEALTH CARE - 13.8%   
Biotechnology - 3.3%   
Alexion Pharmaceuticals, Inc. (a) 190,200 21,199,692 
Alnylam Pharmaceuticals, Inc. (a) 37,700 4,490,070 
Amgen, Inc. 234,622 39,998,359 
Atara Biotherapeutics, Inc. (a) 77,000 3,003,000 
Biogen, Inc. (a) 22,700 6,215,714 
BioMarin Pharmaceutical, Inc. (a) 48,600 3,940,002 
Celldex Therapeutics, Inc. (a) 10,900 25,397 
Genocea Biosciences, Inc. (a)(b) 144,100 151,305 
Insmed, Inc. (a) 147,800 3,328,456 
Intercept Pharmaceuticals, Inc. (a)(b) 180,114 11,080,613 
Regeneron Pharmaceuticals, Inc. (a) 8,500 2,927,060 
Spark Therapeutics, Inc. (a) 86,967 5,791,133 
TESARO, Inc. (a) 5,000 285,700 
Trevena, Inc. (a) 269,300 441,652 
  102,878,153 
Health Care Equipment & Supplies - 2.2%   
Boston Scientific Corp. (a) 1,622,251 44,319,897 
Danaher Corp. 127,100 12,444,361 
Medtronic PLC 58,400 4,684,848 
ResMed, Inc. 16,000 1,575,520 
Zimmer Biomet Holdings, Inc. 41,600 4,536,064 
  67,560,690 
Health Care Providers & Services - 3.4%   
AmerisourceBergen Corp. 159,500 13,750,495 
Anthem, Inc. 65,400 14,368,380 
Cardinal Health, Inc. 341,600 21,411,488 
Cigna Corp. 91,100 15,281,114 
Humana, Inc. 28,900 7,769,187 
McKesson Corp. 156,680 22,071,512 
UnitedHealth Group, Inc. 58,000 12,412,000 
  107,064,176 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 522,054 1,905,497 
Pharmaceuticals - 4.9%   
Allergan PLC 49,700 8,364,013 
AstraZeneca PLC sponsored ADR 144,100 5,039,177 
Bayer AG 92,400 10,416,599 
CymaBay Therapeutics, Inc. (a) 529,475 6,877,880 
GlaxoSmithKline PLC sponsored ADR (b) 1,221,100 47,708,377 
Jazz Pharmaceuticals PLC (a) 122,800 18,541,572 
Johnson & Johnson 212,660 27,252,379 
Nektar Therapeutics (a) 27,000 2,869,020 
Novartis AG sponsored ADR 5,600 452,760 
Sanofi SA 31,297 2,511,274 
Teva Pharmaceutical Industries Ltd. sponsored ADR 815,850 13,942,877 
TherapeuticsMD, Inc. (a)(b) 1,622,731 7,902,700 
  151,878,628 
TOTAL HEALTH CARE  431,287,144 
INDUSTRIALS - 10.0%   
Aerospace & Defense - 1.8%   
General Dynamics Corp. 30,600 6,759,540 
The Boeing Co. 4,900 1,606,612 
United Technologies Corp. 383,200 48,214,224 
  56,580,376 
Air Freight & Logistics - 1.5%   
C.H. Robinson Worldwide, Inc. 110,179 10,324,874 
FedEx Corp. 26,300 6,314,893 
United Parcel Service, Inc. Class B 298,700 31,261,942 
  47,901,709 
Commercial Services & Supplies - 0.2%   
ADS Waste Holdings, Inc. (a) 106,400 2,370,592 
Stericycle, Inc. (a) 52,700 3,084,531 
  5,455,123 
Electrical Equipment - 0.8%   
Acuity Brands, Inc. 87,300 12,151,287 
Hubbell, Inc. Class B 53,618 6,529,600 
Melrose Industries PLC 2,294,821 7,437,354 
  26,118,241 
Industrial Conglomerates - 1.5%   
General Electric Co. 3,483,700 46,960,276 
ITT, Inc. 6,100 298,778 
  47,259,054 
Machinery - 0.8%   
Flowserve Corp. 389,000 16,855,370 
Wabtec Corp. (b) 106,100 8,636,540 
  25,491,910 
Marine - 0.1%   
A.P. Moller - Maersk A/S Series B 2,047 3,194,506 
Professional Services - 0.3%   
IHS Markit Ltd. (a) 164,774 7,948,698 
Road & Rail - 2.9%   
CSX Corp. 364,600 20,311,866 
Genesee & Wyoming, Inc. Class A (a) 103,800 7,348,002 
J.B. Hunt Transport Services, Inc. 181,100 21,215,865 
Norfolk Southern Corp. 108,200 14,691,396 
Union Pacific Corp. 198,000 26,617,140 
  90,184,269 
Trading Companies & Distributors - 0.1%   
Fastenal Co. 11,600 633,244 
Univar, Inc. (a) 20,200 560,550 
  1,193,794 
TOTAL INDUSTRIALS  311,327,680 
INFORMATION TECHNOLOGY - 17.2%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,159,900 49,748,111 
F5 Networks, Inc. (a) 23,100 3,340,491 
  53,088,602 
Electronic Equipment & Components - 0.2%   
ADT, Inc. 203,400 1,612,962 
Itron, Inc. (a) 78,600 5,623,830 
  7,236,792 
Internet Software & Services - 1.8%   
Alphabet, Inc.:   
Class A (a) 27,100 28,106,494 
Class C (a) 26,683 27,531,253 
  55,637,747 
IT Services - 4.1%   
Cognizant Technology Solutions Corp. Class A 64,300 5,176,150 
FleetCor Technologies, Inc. (a) 24,200 4,900,500 
Interxion Holding N.V. (a) 76,300 4,738,993 
MasterCard, Inc. Class A 154,500 27,062,220 
Paychex, Inc. 383,300 23,607,447 
PayPal Holdings, Inc. (a) 41,095 3,117,878 
Unisys Corp. (a)(b) 722,347 7,765,230 
Visa, Inc. Class A 415,300 49,678,186 
  126,046,604 
Semiconductors & Semiconductor Equipment - 1.7%   
Analog Devices, Inc. 30,400 2,770,352 
Qualcomm, Inc. 905,790 50,189,824 
  52,960,176 
Software - 5.7%   
Adobe Systems, Inc. (a) 55,300 11,949,224 
Autodesk, Inc. (a) 3,500 439,530 
Microsoft Corp. 1,374,000 125,404,979 
Oracle Corp. 497,900 22,778,925 
SAP SE sponsored ADR 112,500 11,830,500 
Ultimate Software Group, Inc. (a) 20,900 5,093,330 
  177,496,488 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. 373,700 62,699,386 
TOTAL INFORMATION TECHNOLOGY  535,165,795 
MATERIALS - 2.3%   
Chemicals - 1.8%   
CF Industries Holdings, Inc. 299,600 11,303,908 
Intrepid Potash, Inc. (a) 1,495,040 5,441,946 
LyondellBasell Industries NV Class A 162,900 17,215,272 
Nutrien Ltd. 344,820 16,296,883 
The Scotts Miracle-Gro Co. Class A 30,300 2,598,225 
W.R. Grace & Co. 46,000 2,816,580 
  55,672,814 
Metals & Mining - 0.5%   
BHP Billiton Ltd. sponsored ADR (b) 106,900 4,749,567 
Freeport-McMoRan, Inc. 434,900 7,641,193 
Lundin Mining Corp. 681,100 4,467,183 
  16,857,943 
TOTAL MATERIALS  72,530,757 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
American Tower Corp. 24,800 3,604,432 
Equinix, Inc. 17,000 7,108,380 
Public Storage 21,300 4,268,307 
  14,981,119 
TELECOMMUNICATION SERVICES - 1.0%   
Diversified Telecommunication Services - 1.0%   
Verizon Communications, Inc. 651,306 31,145,453 
Zayo Group Holdings, Inc. (a) 26,100 891,576 
  32,037,029 
UTILITIES - 1.4%   
Electric Utilities - 0.9%   
Exelon Corp. 645,700 25,188,757 
PPL Corp. 109,800 3,106,242 
Southern Co. 14,300 638,638 
  28,933,637 
Independent Power and Renewable Electricity Producers - 0.5%   
Dynegy, Inc. (a) 870,094 11,763,671 
The AES Corp. 148,100 1,683,897 
  13,447,568 
TOTAL UTILITIES  42,381,205 
TOTAL COMMON STOCKS   
(Cost $2,469,472,176)  3,045,644,448 
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 7,263,425 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund, 1.72% (f) 53,655,322 53,666,053 
Fidelity Securities Lending Cash Central Fund 1.72% (f)(g) 29,513,675 29,519,578 
TOTAL MONEY MARKET FUNDS   
(Cost $83,182,718)  83,185,631 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $2,560,465,028)  3,136,093,504 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (16,721,349) 
NET ASSETS - 100%  $3,119,372,155 

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 $7,263,425 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 $137,489 
Fidelity Securities Lending Cash Central Fund 109,915 
Total $247,404 

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

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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 $232,192,610 $232,192,610 $-- $-- 
Consumer Staples 238,496,523 227,076,149 11,420,374 -- 
Energy 439,044,241 439,044,241 -- -- 
Financials 696,200,345 696,200,345 -- -- 
Health Care 431,287,144 418,359,271 12,927,873 -- 
Industrials 311,327,680 308,133,174 3,194,506 -- 
Information Technology 535,165,795 535,165,795 -- -- 
Materials 72,530,757 72,530,757 -- -- 
Real Estate 14,981,119 14,981,119 -- -- 
Telecommunication Services 32,037,029 32,037,029 -- -- 
Utilities 42,381,205 42,381,205 -- -- 
Other 7,263,425 -- -- 7,263,425 
Money Market Funds 83,185,631 83,185,631 -- -- 
Total Investments in Securities: $3,136,093,504 $3,101,287,326 $27,542,753 $7,263,425 

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 89.4% 
Canada 3.8% 
United Kingdom 2.9% 
Ireland 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $28,940,478) — See accompanying schedule:
Unaffiliated issuers (cost $2,477,282,309) 
$3,052,907,873  
Fidelity Central Funds (cost $83,182,719) 83,185,631  
Total Investment in Securities (cost $2,560,465,028)  $3,136,093,504 
Cash  790,649 
Restricted cash  179,570 
Foreign currency held at value (cost $102,715)  102,715 
Receivable for investments sold  30,226,971 
Receivable for fund shares sold  127,876 
Dividends receivable  3,896,263 
Distributions receivable from Fidelity Central Funds  71,546 
Prepaid expenses  2,419 
Other receivables  510,003 
Total assets  3,172,001,516 
Liabilities   
Payable for investments purchased $20,676,720  
Payable for fund shares redeemed 607,911  
Accrued management fee 1,442,808  
Distribution and service plan fees payable 94,815  
Other affiliated payables 137,337  
Other payables and accrued expenses 140,295  
Collateral on securities loaned 29,529,475  
Total liabilities  52,629,361 
Net Assets  $3,119,372,155 
Net Assets consist of:   
Paid in capital  $2,360,563,283 
Undistributed net investment income  3,333,992 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  180,026,466 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  575,448,414 
Net Assets  $3,119,372,155 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,683,299,928 ÷ 166,743,333 shares)  $16.09 
Class A:   
Net Asset Value and redemption price per share ($425,078,442 ÷ 27,322,561 shares)  $15.56 
Maximum offering price per share (100/94.25 of $15.56)  $16.51 
Class M:   
Net Asset Value and redemption price per share ($3,408,299 ÷ 224,889 shares)  $15.16 
Maximum offering price per share (100/96.50 of $15.16)  $15.71 
Class C:   
Net Asset Value and offering price per share ($2,850,407 ÷ 194,804 shares)(a)  $14.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,735,079 ÷ 293,007 shares)  $16.16 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $31,153,404 
Income from Fidelity Central Funds  247,404 
Total income  31,400,808 
Expenses   
Management fee $8,762,284  
Transfer agent fees 155,589  
Distribution and service plan fees 574,834  
Accounting and security lending fees 476,792  
Custodian fees and expenses 36,367  
Independent trustees' fees and expenses 5,976  
Registration fees 30,830  
Audit 39,813  
Legal 8,919  
Miscellaneous 12,202  
Total expenses before reductions 10,103,606  
Expense reductions (64,922) 10,038,684 
Net investment income (loss)  21,362,124 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 209,335,045  
Fidelity Central Funds (3,973)  
Foreign currency transactions (6,724)  
Total net realized gain (loss)  209,324,348 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (131,406,855)  
Fidelity Central Funds 1,352  
Assets and liabilities in foreign currencies 619  
Total change in net unrealized appreciation (depreciation)  (131,404,884) 
Net gain (loss)  77,919,464 
Net increase (decrease) in net assets resulting from operations  $99,281,588 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2018 (Unaudited) Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,362,124 $45,340,584 
Net realized gain (loss) 209,324,348 147,761,548 
Change in net unrealized appreciation (depreciation) (131,404,884) 327,865,566 
Net increase (decrease) in net assets resulting from operations 99,281,588 520,967,698 
Distributions to shareholders from net investment income (43,617,855) (40,403,807) 
Distributions to shareholders from net realized gain (165,270,498) (43,674,786) 
Total distributions (208,888,353) (84,078,593) 
Share transactions - net increase (decrease) 87,022,059 (130,547,404) 
Total increase (decrease) in net assets (22,584,706) 306,341,701 
Net Assets   
Beginning of period 3,141,956,861 2,835,615,160 
End of period $3,119,372,155 $3,141,956,861 
Other Information   
Undistributed net investment income end of period $3,333,992 $25,589,723 

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 endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.69 $14.42 $13.30 $16.53 $14.24 $12.04 
Income from Investment Operations       
Net investment income (loss)A .11 .24 .21 .21 .20 .11 
Net realized and unrealized gain (loss) .41 2.47 1.70 (.95) 2.19 2.22 
Total from investment operations .52 2.71 1.91 (.74) 2.39 2.33 
Distributions from net investment income (.24) (.21) (.21) (.21) (.10) (.13) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.12) (.44)B (.79) (2.49) (.10) (.13) 
Net asset value, end of period $16.09 $16.69 $14.42 $13.30 $16.53 $14.24 
Total ReturnC,D,E 3.06% 19.08% 15.01% (5.16)% 16.83% 19.62% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .58%H .59% .59% .59% .60% .60% 
Expenses net of fee waivers, if any .58%H .59% .59% .59% .60% .60% 
Expenses net of all reductions .58%H .59% .59% .59% .59% .59% 
Net investment income (loss) 1.36%H 1.55% 1.57% 1.40% 1.27% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,683,300 $2,705,474 $2,447,565 $2,290,767 $2,634,214 $2,497,596 
Portfolio turnover rateI 36%H 31% 29% 33% 115% 57% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.44 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.224 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.


Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.15 $13.97 $12.90 $16.10 $13.87 $11.74 
Income from Investment Operations       
Net investment income (loss)A .09 .19 .17 .16 .15 .07 
Net realized and unrealized gain (loss) .40 2.39 1.65 (.92) 2.13 2.15 
Total from investment operations .49 2.58 1.82 (.76) 2.28 2.22 
Distributions from net investment income (.19) (.17) (.17) (.17) (.05) (.09) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.08)B (.40)C (.75) (2.44)D (.05) (.09) 
Net asset value, end of period $15.56 $16.15 $13.97 $12.90 $16.10 $13.87 
Total ReturnE,F,G,H 2.93% 18.72% 14.71% (5.42)% 16.50% 19.12% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .87%K .88% .89% .89% .89% .92% 
Expenses net of fee waivers, if any .87%K .88% .89% .89% .89% .92% 
Expenses net of all reductions .87%K .88% .89% .89% .89% .90% 
Net investment income (loss) 1.07%K 1.26% 1.27% 1.10% .97% .58% 
Supplemental Data       
Net assets, end of period (000 omitted) $425,078 $426,665 $379,128 $347,875 $389,001 $357,203 
Portfolio turnover rateL 36%K 31% 29% 33% 115% 57% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.08 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.883 per share.

 C Total distributions of $.40 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.224 per share.

 D Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.278 per share.

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

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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.


Fidelity Advisor Capital Development Fund Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $15.71 $13.62 $12.59 $15.78 $13.62 $11.55 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .09 .08 .06 .01 
Net realized and unrealized gain (loss) .40 2.32 1.61 (.89) 2.10 2.12 
Total from investment operations .44 2.42 1.70 (.81) 2.16 2.13 
Distributions from net investment income (.11) (.11) (.10) (.10) – (.06) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (.99) (.33) (.67)B (2.38) – (.06) 
Net asset value, end of period $15.16 $15.71 $13.62 $12.59 $15.78 $13.62 
Total ReturnC,D,E,F 2.72% 18.02% 14.09% (5.96)% 15.86% 18.50% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.42%I 1.42% 1.44% 1.43% 1.43% 1.45% 
Expenses net of fee waivers, if any 1.42%I 1.42% 1.44% 1.43% 1.43% 1.45% 
Expenses net of all reductions 1.41%I 1.42% 1.44% 1.42% 1.43% 1.43% 
Net investment income (loss) .53%I .71% .72% .56% .43% .05% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,408 $3,421 $2,552 $2,066 $2,140 $1,543 
Portfolio turnover rateJ 36%I 31% 29% 33% 115% 57% 

 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 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.


Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $15.17 $13.18 $12.21 $15.36 $13.32 $11.28 
Income from Investment Operations       
Net investment income (loss)A .01 .04 .03 .01 B (.05) 
Net realized and unrealized gain (loss) .37 2.25 1.57 (.87) 2.04 2.09 
Total from investment operations .38 2.29 1.60 (.86) 2.04 2.04 
Distributions from net investment income (.04) (.08) (.05) (.01) – – 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (.92) (.30) (.63) (2.29) – – 
Net asset value, end of period $14.63 $15.17 $13.18 $12.21 $15.36 $13.32 
Total ReturnC,D,E,F 2.42% 17.57% 13.60% (6.43)% 15.32% 18.09% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.83%I 1.85% 1.89% 1.89% 1.89% 1.90% 
Expenses net of fee waivers, if any 1.83%I 1.85% 1.89% 1.89% 1.89% 1.90% 
Expenses net of all reductions 1.83%I 1.85% 1.89% 1.89% 1.89% 1.88% 
Net investment income (loss) .11%I .28% .27% .10% (.03)% (.39)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,850 $3,016 $2,023 $1,948 $1,879 $1,764 
Portfolio turnover rateJ 36%I 31% 29% 33% 115% 57% 

 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 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 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.


Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.74 $14.48 $13.34 $16.58 $14.28 $12.09 
Income from Investment Operations       
Net investment income (loss)A .10 .22 .19 .19 .18 .09 
Net realized and unrealized gain (loss) .42 2.46 1.71 (.96) 2.20 2.21 
Total from investment operations .52 2.68 1.90 (.77) 2.38 2.30 
Distributions from net investment income (.22) (.20) (.19) (.19) (.08) (.11) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.10) (.42) (.76)B (2.47) (.08) (.11) 
Net asset value, end of period $16.16 $16.74 $14.48 $13.34 $16.58 $14.28 
Total ReturnC,D,E 3.04% 18.82% 14.89% (5.35)% 16.72% 19.24% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .72%H .74% .75% .75% .74% .79% 
Expenses net of fee waivers, if any .72%H .74% .75% .75% .74% .79% 
Expenses net of all reductions .72%H .74% .75% .75% .73% .78% 
Net investment income (loss) 1.22%H 1.39% 1.41% 1.24% 1.13% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,735 $3,381 $4,348 $1,604 $1,726 $1,281 
Portfolio turnover rateI 36%H 31% 29% 33% 115% 57% 

 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 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.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2018

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 M, Class C and Class I, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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.

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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 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 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.

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, 2018 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 includes 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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), certain independent Trustees have elected 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 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.

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

Gross unrealized appreciation $780,829,367 
Gross unrealized depreciation (212,405,824) 
Net unrealized appreciation (depreciation) $568,423,543 
Tax cost $2,567,669,961 

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.

As of period end, the Fund held an investment of $7,442,995 in this Subsidiary, representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the 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 $571,596,902 and $708,117,888, 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 .24% 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 .54% 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% $550,780 $518,827 
Class M .25% .25% 8,814 30 
Class C .75% .25% 15,240 1,566 
   $574,834 $520,423 

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

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

 Retained by FDC 
Class A $5,788 
Class M 283 
Class C(a) 60 
 $6,131 

 (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 M, 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 $49,233 (b) 
Class A 93,470 .04 
Class M 5,952 .34 
Class C 3,869 .25 
Class I 3,065 .14 
 $155,589  

 (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. For the period, the fees were equivalent to an annualized rate of .03%.

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 $10,227 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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 $6,551 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 $1,306,621. 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 $109,915 and includes $16,208 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $48,516 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $197.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,209.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2018 
Year ended
September 30, 2017 
From net investment income   
Class O $38,478,065 $35,644,854 
Class A 5,054,670 4,658,601 
Class M 23,282 20,666 
Class C 7,272 14,029 
Class I 54,566 65,657 
Total $43,617,855 $40,403,807 
From net realized gain   
Class O $141,561,037 $37,484,938 
Class A 23,125,557 6,031,945 
Class M 190,352 42,469 
Class C 173,546 41,899 
Class I 220,006 73,535 
Total $165,270,498 $43,674,786 

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, 2018 Year ended September 30, 2017 Six months ended March 31, 2018 Year ended September 30, 2017 
Class O     
Shares sold 1,223,257 2,844,752 $20,571,149 $43,876,398 
Reinvestment of distributions 10,704,792 4,628,446 174,166,989 70,213,799 
Shares redeemed (7,313,311) (15,057,610) (122,924,519) (233,131,772) 
Net increase (decrease) 4,614,738 (7,584,412) $71,813,619 $(119,041,575) 
Class A     
Shares sold 577,573 1,401,360 $9,443,384 $21,003,815 
Reinvestment of distributions 1,774,099 712,790 27,924,314 10,485,138 
Shares redeemed (1,454,587) (2,827,234) (23,713,312) (42,521,516) 
Net increase (decrease) 897,085 (713,084) $13,654,386 $(11,032,563) 
Class M     
Shares sold 5,628 59,101 $89,016 $854,558 
Reinvestment of distributions 13,908 4,390 213,634 63,135 
Shares redeemed (12,315) (33,198) (195,125) (496,324) 
Net increase (decrease) 7,221 30,293 $107,525 $421,369 
Class C     
Shares sold 8,386 108,524 $128,103 $1,508,523 
Reinvestment of distributions 12,151 3,634 180,446 50,621 
Shares redeemed (24,604) (66,739) (375,349) (960,519) 
Net increase (decrease) (4,067) 45,419 $(66,800) $598,625 
Class I     
Shares sold 109,475 116,594 $1,833,402 $1,818,939 
Reinvestment of distributions 15,562 8,434 254,447 128,529 
Shares redeemed (33,957) (223,368) (574,520) (3,440,728) 
Net increase (decrease) 91,080 (98,340) $1,513,329 $(1,493,260) 

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, 2017 to March 31, 2018).

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, 2017 
Ending
Account Value
March 31, 2018 
Expenses Paid
During Period-B
October 1, 2017
to March 31, 2018 
Class O .58%    
Actual  $1,000.00 $1,030.60 $2.94 
Hypothetical-C  $1,000.00 $1,022.04 $2.92 
Class A .87%    
Actual  $1,000.00 $1,029.30 $4.40 
Hypothetical-C  $1,000.00 $1,020.59 $4.38 
Class M 1.42%    
Actual  $1,000.00 $1,027.20 $7.18 
Hypothetical-C  $1,000.00 $1,017.85 $7.14 
Class C 1.83%    
Actual  $1,000.00 $1,024.20 $9.24 
Hypothetical-C  $1,000.00 $1,015.81 $9.20 
Class I .72%    
Actual  $1,000.00 $1,030.40 $3.64 
Hypothetical-C  $1,000.00 $1,021.34 $3.63 

 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 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIIN-SANN-0518
1.791874.114


Fidelity Advisor® Capital Development Fund
Class O



Semi-Annual Report

March 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of 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. © 2018 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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2018

 % of fund's net assets 
Microsoft Corp. 4.0 
Bank of America Corp. 3.7 
JPMorgan Chase & Co. 3.1 
Citigroup, Inc. 2.8 
Comcast Corp. Class A 2.3 
Apple, Inc. 2.0 
State Street Corp. 1.9 
Suncor Energy, Inc. 1.9 
Chevron Corp. 1.8 
ConocoPhillips Co. 1.8 
 25.3 

Top Five Market Sectors as of March 31, 2018

 % of fund's net assets 
Financials 22.3 
Information Technology 17.2 
Energy 14.3 
Health Care 13.8 
Industrials 10.0 

Asset Allocation (% of fund's net assets)

As of March 31, 2018 * 
   Stocks 97.6% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 10.6%


Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.4%   
Hotels, Restaurants & Leisure - 0.1%   
Drive Shack, Inc. (a) 68,289 $326,421 
Dunkin' Brands Group, Inc. 62,500 3,730,625 
Starbucks Corp. 11,700 677,313 
  4,734,359 
Media - 4.5%   
Comcast Corp. Class A 2,093,300 71,528,061 
Discovery Communications, Inc. Class A (a) 171,300 3,670,959 
Interpublic Group of Companies, Inc. 501,600 11,551,848 
Omnicom Group, Inc. 46,200 3,357,354 
Sinclair Broadcast Group, Inc. Class A (b) 159,900 5,004,870 
The Walt Disney Co. 298,400 29,971,296 
Time Warner, Inc. 96,400 9,117,512 
Viacom, Inc. Class B (non-vtg.) 155,600 4,832,936 
  139,034,836 
Multiline Retail - 0.3%   
Target Corp. 148,250 10,292,998 
Specialty Retail - 2.5%   
L Brands, Inc. 290,200 11,088,542 
Lowe's Companies, Inc. 398,600 34,977,150 
O'Reilly Automotive, Inc. (a) 19,400 4,799,172 
Ross Stores, Inc. 19,100 1,489,418 
Sally Beauty Holdings, Inc. (a) 543,100 8,933,995 
TJX Companies, Inc. 206,500 16,842,140 
  78,130,417 
TOTAL CONSUMER DISCRETIONARY  232,192,610 
CONSUMER STAPLES - 7.6%   
Beverages - 1.3%   
Molson Coors Brewing Co. Class B 96,800 7,291,944 
The Coca-Cola Co. 756,500 32,854,795 
  40,146,739 
Food & Staples Retailing - 2.1%   
CVS Health Corp. 486,500 30,265,165 
Kroger Co. 124,500 2,980,530 
Walmart, Inc. 360,200 32,046,994 
  65,292,689 
Food Products - 0.0%   
Campbell Soup Co. 52,700 2,282,437 
Household Products - 1.7%   
Kimberly-Clark Corp. 44,900 4,944,837 
Procter & Gamble Co. 454,805 36,056,940 
Reckitt Benckiser Group PLC 135,300 11,420,374 
  52,422,151 
Personal Products - 0.2%   
Unilever NV (NY Reg.) 98,100 5,531,859 
Tobacco - 2.3%   
Altria Group, Inc. 807,100 50,298,472 
British American Tobacco PLC sponsored ADR 390,400 22,522,176 
  72,820,648 
TOTAL CONSUMER STAPLES  238,496,523 
ENERGY - 14.1%   
Energy Equipment & Services - 1.1%   
Baker Hughes, a GE Co. Class A 525,200 14,584,804 
Ensco PLC Class A 225,000 987,750 
National Oilwell Varco, Inc. 329,500 12,128,895 
Oceaneering International, Inc. 315,400 5,847,516 
  33,548,965 
Oil, Gas & Consumable Fuels - 13.0%   
Amyris, Inc. (a)(b) 142,422 952,803 
Anadarko Petroleum Corp. 223,100 13,477,471 
Apache Corp. 494,300 19,020,664 
BP PLC sponsored ADR 411,862 16,696,885 
Cabot Oil & Gas Corp. 749,600 17,975,408 
Cenovus Energy, Inc. 3,184,600 27,116,127 
Chevron Corp. 488,327 55,688,811 
ConocoPhillips Co. 937,900 55,608,091 
Enterprise Products Partners LP 37,900 927,792 
Exxon Mobil Corp. 655,100 48,877,011 
Golar LNG Ltd. 164,000 4,487,040 
Imperial Oil Ltd. 433,590 11,482,975 
Kinder Morgan, Inc. 1,028,400 15,487,704 
Legacy Reserves LP (a) 123,424 581,327 
Noble Energy, Inc. 37,800 1,145,340 
Suncor Energy, Inc. 1,736,900 59,979,572 
Teekay Offshore Partners LP 600,800 1,363,816 
The Williams Companies, Inc. 1,314,592 32,680,757 
Williams Partners LP 637,400 21,945,682 
  405,495,276 
TOTAL ENERGY  439,044,241 
FINANCIALS - 22.3%   
Banks - 14.9%   
Bank of America Corp. 3,819,700 114,552,803 
BNP Paribas SA 16,400 1,214,193 
Citigroup, Inc. 1,272,404 85,887,270 
First Republic Bank 3,300 305,613 
JPMorgan Chase & Co. 884,400 97,257,468 
PNC Financial Services Group, Inc. 163,916 24,790,656 
Regions Financial Corp. 645,000 11,984,100 
Signature Bank (a) 45,700 6,487,115 
Standard Chartered PLC (United Kingdom) 285,279 2,852,556 
SunTrust Banks, Inc. 558,900 38,027,556 
U.S. Bancorp 566,242 28,595,221 
Wells Fargo & Co. 1,028,050 53,880,101 
  465,834,652 
Capital Markets - 5.9%   
Charles Schwab Corp. 415,055 21,674,172 
KKR & Co. LP 750,685 15,238,906 
Morgan Stanley 610,800 32,958,768 
Northern Trust Corp. 375,895 38,766,051 
State Street Corp. 608,790 60,714,627 
The Blackstone Group LP 463,900 14,821,605 
  184,174,129 
Insurance - 0.4%   
MetLife, Inc. 288,200 13,225,498 
Thrifts & Mortgage Finance - 1.1%   
MGIC Investment Corp. (a) 743,761 9,668,893 
Radian Group, Inc. 1,223,591 23,297,173 
  32,966,066 
TOTAL FINANCIALS  696,200,345 
HEALTH CARE - 13.8%   
Biotechnology - 3.3%   
Alexion Pharmaceuticals, Inc. (a) 190,200 21,199,692 
Alnylam Pharmaceuticals, Inc. (a) 37,700 4,490,070 
Amgen, Inc. 234,622 39,998,359 
Atara Biotherapeutics, Inc. (a) 77,000 3,003,000 
Biogen, Inc. (a) 22,700 6,215,714 
BioMarin Pharmaceutical, Inc. (a) 48,600 3,940,002 
Celldex Therapeutics, Inc. (a) 10,900 25,397 
Genocea Biosciences, Inc. (a)(b) 144,100 151,305 
Insmed, Inc. (a) 147,800 3,328,456 
Intercept Pharmaceuticals, Inc. (a)(b) 180,114 11,080,613 
Regeneron Pharmaceuticals, Inc. (a) 8,500 2,927,060 
Spark Therapeutics, Inc. (a) 86,967 5,791,133 
TESARO, Inc. (a) 5,000 285,700 
Trevena, Inc. (a) 269,300 441,652 
  102,878,153 
Health Care Equipment & Supplies - 2.2%   
Boston Scientific Corp. (a) 1,622,251 44,319,897 
Danaher Corp. 127,100 12,444,361 
Medtronic PLC 58,400 4,684,848 
ResMed, Inc. 16,000 1,575,520 
Zimmer Biomet Holdings, Inc. 41,600 4,536,064 
  67,560,690 
Health Care Providers & Services - 3.4%   
AmerisourceBergen Corp. 159,500 13,750,495 
Anthem, Inc. 65,400 14,368,380 
Cardinal Health, Inc. 341,600 21,411,488 
Cigna Corp. 91,100 15,281,114 
Humana, Inc. 28,900 7,769,187 
McKesson Corp. 156,680 22,071,512 
UnitedHealth Group, Inc. 58,000 12,412,000 
  107,064,176 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 522,054 1,905,497 
Pharmaceuticals - 4.9%   
Allergan PLC 49,700 8,364,013 
AstraZeneca PLC sponsored ADR 144,100 5,039,177 
Bayer AG 92,400 10,416,599 
CymaBay Therapeutics, Inc. (a) 529,475 6,877,880 
GlaxoSmithKline PLC sponsored ADR (b) 1,221,100 47,708,377 
Jazz Pharmaceuticals PLC (a) 122,800 18,541,572 
Johnson & Johnson 212,660 27,252,379 
Nektar Therapeutics (a) 27,000 2,869,020 
Novartis AG sponsored ADR 5,600 452,760 
Sanofi SA 31,297 2,511,274 
Teva Pharmaceutical Industries Ltd. sponsored ADR 815,850 13,942,877 
TherapeuticsMD, Inc. (a)(b) 1,622,731 7,902,700 
  151,878,628 
TOTAL HEALTH CARE  431,287,144 
INDUSTRIALS - 10.0%   
Aerospace & Defense - 1.8%   
General Dynamics Corp. 30,600 6,759,540 
The Boeing Co. 4,900 1,606,612 
United Technologies Corp. 383,200 48,214,224 
  56,580,376 
Air Freight & Logistics - 1.5%   
C.H. Robinson Worldwide, Inc. 110,179 10,324,874 
FedEx Corp. 26,300 6,314,893 
United Parcel Service, Inc. Class B 298,700 31,261,942 
  47,901,709 
Commercial Services & Supplies - 0.2%   
ADS Waste Holdings, Inc. (a) 106,400 2,370,592 
Stericycle, Inc. (a) 52,700 3,084,531 
  5,455,123 
Electrical Equipment - 0.8%   
Acuity Brands, Inc. 87,300 12,151,287 
Hubbell, Inc. Class B 53,618 6,529,600 
Melrose Industries PLC 2,294,821 7,437,354 
  26,118,241 
Industrial Conglomerates - 1.5%   
General Electric Co. 3,483,700 46,960,276 
ITT, Inc. 6,100 298,778 
  47,259,054 
Machinery - 0.8%   
Flowserve Corp. 389,000 16,855,370 
Wabtec Corp. (b) 106,100 8,636,540 
  25,491,910 
Marine - 0.1%   
A.P. Moller - Maersk A/S Series B 2,047 3,194,506 
Professional Services - 0.3%   
IHS Markit Ltd. (a) 164,774 7,948,698 
Road & Rail - 2.9%   
CSX Corp. 364,600 20,311,866 
Genesee & Wyoming, Inc. Class A (a) 103,800 7,348,002 
J.B. Hunt Transport Services, Inc. 181,100 21,215,865 
Norfolk Southern Corp. 108,200 14,691,396 
Union Pacific Corp. 198,000 26,617,140 
  90,184,269 
Trading Companies & Distributors - 0.1%   
Fastenal Co. 11,600 633,244 
Univar, Inc. (a) 20,200 560,550 
  1,193,794 
TOTAL INDUSTRIALS  311,327,680 
INFORMATION TECHNOLOGY - 17.2%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. 1,159,900 49,748,111 
F5 Networks, Inc. (a) 23,100 3,340,491 
  53,088,602 
Electronic Equipment & Components - 0.2%   
ADT, Inc. 203,400 1,612,962 
Itron, Inc. (a) 78,600 5,623,830 
  7,236,792 
Internet Software & Services - 1.8%   
Alphabet, Inc.:   
Class A (a) 27,100 28,106,494 
Class C (a) 26,683 27,531,253 
  55,637,747 
IT Services - 4.1%   
Cognizant Technology Solutions Corp. Class A 64,300 5,176,150 
FleetCor Technologies, Inc. (a) 24,200 4,900,500 
Interxion Holding N.V. (a) 76,300 4,738,993 
MasterCard, Inc. Class A 154,500 27,062,220 
Paychex, Inc. 383,300 23,607,447 
PayPal Holdings, Inc. (a) 41,095 3,117,878 
Unisys Corp. (a)(b) 722,347 7,765,230 
Visa, Inc. Class A 415,300 49,678,186 
  126,046,604 
Semiconductors & Semiconductor Equipment - 1.7%   
Analog Devices, Inc. 30,400 2,770,352 
Qualcomm, Inc. 905,790 50,189,824 
  52,960,176 
Software - 5.7%   
Adobe Systems, Inc. (a) 55,300 11,949,224 
Autodesk, Inc. (a) 3,500 439,530 
Microsoft Corp. 1,374,000 125,404,979 
Oracle Corp. 497,900 22,778,925 
SAP SE sponsored ADR 112,500 11,830,500 
Ultimate Software Group, Inc. (a) 20,900 5,093,330 
  177,496,488 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. 373,700 62,699,386 
TOTAL INFORMATION TECHNOLOGY  535,165,795 
MATERIALS - 2.3%   
Chemicals - 1.8%   
CF Industries Holdings, Inc. 299,600 11,303,908 
Intrepid Potash, Inc. (a) 1,495,040 5,441,946 
LyondellBasell Industries NV Class A 162,900 17,215,272 
Nutrien Ltd. 344,820 16,296,883 
The Scotts Miracle-Gro Co. Class A 30,300 2,598,225 
W.R. Grace & Co. 46,000 2,816,580 
  55,672,814 
Metals & Mining - 0.5%   
BHP Billiton Ltd. sponsored ADR (b) 106,900 4,749,567 
Freeport-McMoRan, Inc. 434,900 7,641,193 
Lundin Mining Corp. 681,100 4,467,183 
  16,857,943 
TOTAL MATERIALS  72,530,757 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
American Tower Corp. 24,800 3,604,432 
Equinix, Inc. 17,000 7,108,380 
Public Storage 21,300 4,268,307 
  14,981,119 
TELECOMMUNICATION SERVICES - 1.0%   
Diversified Telecommunication Services - 1.0%   
Verizon Communications, Inc. 651,306 31,145,453 
Zayo Group Holdings, Inc. (a) 26,100 891,576 
  32,037,029 
UTILITIES - 1.4%   
Electric Utilities - 0.9%   
Exelon Corp. 645,700 25,188,757 
PPL Corp. 109,800 3,106,242 
Southern Co. 14,300 638,638 
  28,933,637 
Independent Power and Renewable Electricity Producers - 0.5%   
Dynegy, Inc. (a) 870,094 11,763,671 
The AES Corp. 148,100 1,683,897 
  13,447,568 
TOTAL UTILITIES  42,381,205 
TOTAL COMMON STOCKS   
(Cost $2,469,472,176)  3,045,644,448 
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 7,263,425 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund, 1.72% (f) 53,655,322 53,666,053 
Fidelity Securities Lending Cash Central Fund 1.72% (f)(g) 29,513,675 29,519,578 
TOTAL MONEY MARKET FUNDS   
(Cost $83,182,718)  83,185,631 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $2,560,465,028)  3,136,093,504 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (16,721,349) 
NET ASSETS - 100%  $3,119,372,155 

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 $7,263,425 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 $137,489 
Fidelity Securities Lending Cash Central Fund 109,915 
Total $247,404 

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

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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 $232,192,610 $232,192,610 $-- $-- 
Consumer Staples 238,496,523 227,076,149 11,420,374 -- 
Energy 439,044,241 439,044,241 -- -- 
Financials 696,200,345 696,200,345 -- -- 
Health Care 431,287,144 418,359,271 12,927,873 -- 
Industrials 311,327,680 308,133,174 3,194,506 -- 
Information Technology 535,165,795 535,165,795 -- -- 
Materials 72,530,757 72,530,757 -- -- 
Real Estate 14,981,119 14,981,119 -- -- 
Telecommunication Services 32,037,029 32,037,029 -- -- 
Utilities 42,381,205 42,381,205 -- -- 
Other 7,263,425 -- -- 7,263,425 
Money Market Funds 83,185,631 83,185,631 -- -- 
Total Investments in Securities: $3,136,093,504 $3,101,287,326 $27,542,753 $7,263,425 

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 89.4% 
Canada 3.8% 
United Kingdom 2.9% 
Ireland 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $28,940,478) — See accompanying schedule:
Unaffiliated issuers (cost $2,477,282,309) 
$3,052,907,873  
Fidelity Central Funds (cost $83,182,719) 83,185,631  
Total Investment in Securities (cost $2,560,465,028)  $3,136,093,504 
Cash  790,649 
Restricted cash  179,570 
Foreign currency held at value (cost $102,715)  102,715 
Receivable for investments sold  30,226,971 
Receivable for fund shares sold  127,876 
Dividends receivable  3,896,263 
Distributions receivable from Fidelity Central Funds  71,546 
Prepaid expenses  2,419 
Other receivables  510,003 
Total assets  3,172,001,516 
Liabilities   
Payable for investments purchased $20,676,720  
Payable for fund shares redeemed 607,911  
Accrued management fee 1,442,808  
Distribution and service plan fees payable 94,815  
Other affiliated payables 137,337  
Other payables and accrued expenses 140,295  
Collateral on securities loaned 29,529,475  
Total liabilities  52,629,361 
Net Assets  $3,119,372,155 
Net Assets consist of:   
Paid in capital  $2,360,563,283 
Undistributed net investment income  3,333,992 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  180,026,466 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  575,448,414 
Net Assets  $3,119,372,155 
Class O:   
Net Asset Value, offering price and redemption price per share ($2,683,299,928 ÷ 166,743,333 shares)  $16.09 
Class A:   
Net Asset Value and redemption price per share ($425,078,442 ÷ 27,322,561 shares)  $15.56 
Maximum offering price per share (100/94.25 of $15.56)  $16.51 
Class M:   
Net Asset Value and redemption price per share ($3,408,299 ÷ 224,889 shares)  $15.16 
Maximum offering price per share (100/96.50 of $15.16)  $15.71 
Class C:   
Net Asset Value and offering price per share ($2,850,407 ÷ 194,804 shares)(a)  $14.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,735,079 ÷ 293,007 shares)  $16.16 

 (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, 2018 (Unaudited) 
Investment Income   
Dividends  $31,153,404 
Income from Fidelity Central Funds  247,404 
Total income  31,400,808 
Expenses   
Management fee $8,762,284  
Transfer agent fees 155,589  
Distribution and service plan fees 574,834  
Accounting and security lending fees 476,792  
Custodian fees and expenses 36,367  
Independent trustees' fees and expenses 5,976  
Registration fees 30,830  
Audit 39,813  
Legal 8,919  
Miscellaneous 12,202  
Total expenses before reductions 10,103,606  
Expense reductions (64,922) 10,038,684 
Net investment income (loss)  21,362,124 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 209,335,045  
Fidelity Central Funds (3,973)  
Foreign currency transactions (6,724)  
Total net realized gain (loss)  209,324,348 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (131,406,855)  
Fidelity Central Funds 1,352  
Assets and liabilities in foreign currencies 619  
Total change in net unrealized appreciation (depreciation)  (131,404,884) 
Net gain (loss)  77,919,464 
Net increase (decrease) in net assets resulting from operations  $99,281,588 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2018 (Unaudited) Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,362,124 $45,340,584 
Net realized gain (loss) 209,324,348 147,761,548 
Change in net unrealized appreciation (depreciation) (131,404,884) 327,865,566 
Net increase (decrease) in net assets resulting from operations 99,281,588 520,967,698 
Distributions to shareholders from net investment income (43,617,855) (40,403,807) 
Distributions to shareholders from net realized gain (165,270,498) (43,674,786) 
Total distributions (208,888,353) (84,078,593) 
Share transactions - net increase (decrease) 87,022,059 (130,547,404) 
Total increase (decrease) in net assets (22,584,706) 306,341,701 
Net Assets   
Beginning of period 3,141,956,861 2,835,615,160 
End of period $3,119,372,155 $3,141,956,861 
Other Information   
Undistributed net investment income end of period $3,333,992 $25,589,723 

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 endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.69 $14.42 $13.30 $16.53 $14.24 $12.04 
Income from Investment Operations       
Net investment income (loss)A .11 .24 .21 .21 .20 .11 
Net realized and unrealized gain (loss) .41 2.47 1.70 (.95) 2.19 2.22 
Total from investment operations .52 2.71 1.91 (.74) 2.39 2.33 
Distributions from net investment income (.24) (.21) (.21) (.21) (.10) (.13) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.12) (.44)B (.79) (2.49) (.10) (.13) 
Net asset value, end of period $16.09 $16.69 $14.42 $13.30 $16.53 $14.24 
Total ReturnC,D,E 3.06% 19.08% 15.01% (5.16)% 16.83% 19.62% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .58%H .59% .59% .59% .60% .60% 
Expenses net of fee waivers, if any .58%H .59% .59% .59% .60% .60% 
Expenses net of all reductions .58%H .59% .59% .59% .59% .59% 
Net investment income (loss) 1.36%H 1.55% 1.57% 1.40% 1.27% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,683,300 $2,705,474 $2,447,565 $2,290,767 $2,634,214 $2,497,596 
Portfolio turnover rateI 36%H 31% 29% 33% 115% 57% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.44 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.224 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.


Fidelity Advisor Capital Development Fund Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.15 $13.97 $12.90 $16.10 $13.87 $11.74 
Income from Investment Operations       
Net investment income (loss)A .09 .19 .17 .16 .15 .07 
Net realized and unrealized gain (loss) .40 2.39 1.65 (.92) 2.13 2.15 
Total from investment operations .49 2.58 1.82 (.76) 2.28 2.22 
Distributions from net investment income (.19) (.17) (.17) (.17) (.05) (.09) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.08)B (.40)C (.75) (2.44)D (.05) (.09) 
Net asset value, end of period $15.56 $16.15 $13.97 $12.90 $16.10 $13.87 
Total ReturnE,F,G,H 2.93% 18.72% 14.71% (5.42)% 16.50% 19.12% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .87%K .88% .89% .89% .89% .92% 
Expenses net of fee waivers, if any .87%K .88% .89% .89% .89% .92% 
Expenses net of all reductions .87%K .88% .89% .89% .89% .90% 
Net investment income (loss) 1.07%K 1.26% 1.27% 1.10% .97% .58% 
Supplemental Data       
Net assets, end of period (000 omitted) $425,078 $426,665 $379,128 $347,875 $389,001 $357,203 
Portfolio turnover rateL 36%K 31% 29% 33% 115% 57% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.08 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.883 per share.

 C Total distributions of $.40 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.224 per share.

 D Total distributions of $2.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.278 per share.

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

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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.


Fidelity Advisor Capital Development Fund Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $15.71 $13.62 $12.59 $15.78 $13.62 $11.55 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .09 .08 .06 .01 
Net realized and unrealized gain (loss) .40 2.32 1.61 (.89) 2.10 2.12 
Total from investment operations .44 2.42 1.70 (.81) 2.16 2.13 
Distributions from net investment income (.11) (.11) (.10) (.10) – (.06) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (.99) (.33) (.67)B (2.38) – (.06) 
Net asset value, end of period $15.16 $15.71 $13.62 $12.59 $15.78 $13.62 
Total ReturnC,D,E,F 2.72% 18.02% 14.09% (5.96)% 15.86% 18.50% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.42%I 1.42% 1.44% 1.43% 1.43% 1.45% 
Expenses net of fee waivers, if any 1.42%I 1.42% 1.44% 1.43% 1.43% 1.45% 
Expenses net of all reductions 1.41%I 1.42% 1.44% 1.42% 1.43% 1.43% 
Net investment income (loss) .53%I .71% .72% .56% .43% .05% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,408 $3,421 $2,552 $2,066 $2,140 $1,543 
Portfolio turnover rateJ 36%I 31% 29% 33% 115% 57% 

 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 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.


Fidelity Advisor Capital Development Fund Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $15.17 $13.18 $12.21 $15.36 $13.32 $11.28 
Income from Investment Operations       
Net investment income (loss)A .01 .04 .03 .01 B (.05) 
Net realized and unrealized gain (loss) .37 2.25 1.57 (.87) 2.04 2.09 
Total from investment operations .38 2.29 1.60 (.86) 2.04 2.04 
Distributions from net investment income (.04) (.08) (.05) (.01) – – 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (.92) (.30) (.63) (2.29) – – 
Net asset value, end of period $14.63 $15.17 $13.18 $12.21 $15.36 $13.32 
Total ReturnC,D,E,F 2.42% 17.57% 13.60% (6.43)% 15.32% 18.09% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.83%I 1.85% 1.89% 1.89% 1.89% 1.90% 
Expenses net of fee waivers, if any 1.83%I 1.85% 1.89% 1.89% 1.89% 1.90% 
Expenses net of all reductions 1.83%I 1.85% 1.89% 1.89% 1.89% 1.88% 
Net investment income (loss) .11%I .28% .27% .10% (.03)% (.39)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,850 $3,016 $2,023 $1,948 $1,879 $1,764 
Portfolio turnover rateJ 36%I 31% 29% 33% 115% 57% 

 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 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 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.


Fidelity Advisor Capital Development Fund Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $16.74 $14.48 $13.34 $16.58 $14.28 $12.09 
Income from Investment Operations       
Net investment income (loss)A .10 .22 .19 .19 .18 .09 
Net realized and unrealized gain (loss) .42 2.46 1.71 (.96) 2.20 2.21 
Total from investment operations .52 2.68 1.90 (.77) 2.38 2.30 
Distributions from net investment income (.22) (.20) (.19) (.19) (.08) (.11) 
Distributions from net realized gain (.88) (.22) (.58) (2.28) – – 
Total distributions (1.10) (.42) (.76)B (2.47) (.08) (.11) 
Net asset value, end of period $16.16 $16.74 $14.48 $13.34 $16.58 $14.28 
Total ReturnC,D,E 3.04% 18.82% 14.89% (5.35)% 16.72% 19.24% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .72%H .74% .75% .75% .74% .79% 
Expenses net of fee waivers, if any .72%H .74% .75% .75% .74% .79% 
Expenses net of all reductions .72%H .74% .75% .75% .73% .78% 
Net investment income (loss) 1.22%H 1.39% 1.41% 1.24% 1.13% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,735 $3,381 $4,348 $1,604 $1,726 $1,281 
Portfolio turnover rateI 36%H 31% 29% 33% 115% 57% 

 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 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.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2018

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 M, Class C and Class I, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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.

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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 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 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.

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, 2018 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 includes 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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), certain independent Trustees have elected 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 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.

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

Gross unrealized appreciation $780,829,367 
Gross unrealized depreciation (212,405,824) 
Net unrealized appreciation (depreciation) $568,423,543 
Tax cost $2,567,669,961 

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.

As of period end, the Fund held an investment of $7,442,995 in this Subsidiary, representing .24% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the 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 $571,596,902 and $708,117,888, 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 .24% 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 .54% 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% $550,780 $518,827 
Class M .25% .25% 8,814 30 
Class C .75% .25% 15,240 1,566 
   $574,834 $520,423 

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

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

 Retained by FDC 
Class A $5,788 
Class M 283 
Class C(a) 60 
 $6,131 

 (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 M, 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 $49,233 (b) 
Class A 93,470 .04 
Class M 5,952 .34 
Class C 3,869 .25 
Class I 3,065 .14 
 $155,589  

 (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. For the period, the fees were equivalent to an annualized rate of .03%.

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 $10,227 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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 $6,551 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 $1,306,621. 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 $109,915 and includes $16,208 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $48,516 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $197.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,209.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2018 
Year ended
September 30, 2017 
From net investment income   
Class O $38,478,065 $35,644,854 
Class A 5,054,670 4,658,601 
Class M 23,282 20,666 
Class C 7,272 14,029 
Class I 54,566 65,657 
Total $43,617,855 $40,403,807 
From net realized gain   
Class O $141,561,037 $37,484,938 
Class A 23,125,557 6,031,945 
Class M 190,352 42,469 
Class C 173,546 41,899 
Class I 220,006 73,535 
Total $165,270,498 $43,674,786 

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, 2018 Year ended September 30, 2017 Six months ended March 31, 2018 Year ended September 30, 2017 
Class O     
Shares sold 1,223,257 2,844,752 $20,571,149 $43,876,398 
Reinvestment of distributions 10,704,792 4,628,446 174,166,989 70,213,799 
Shares redeemed (7,313,311) (15,057,610) (122,924,519) (233,131,772) 
Net increase (decrease) 4,614,738 (7,584,412) $71,813,619 $(119,041,575) 
Class A     
Shares sold 577,573 1,401,360 $9,443,384 $21,003,815 
Reinvestment of distributions 1,774,099 712,790 27,924,314 10,485,138 
Shares redeemed (1,454,587) (2,827,234) (23,713,312) (42,521,516) 
Net increase (decrease) 897,085 (713,084) $13,654,386 $(11,032,563) 
Class M     
Shares sold 5,628 59,101 $89,016 $854,558 
Reinvestment of distributions 13,908 4,390 213,634 63,135 
Shares redeemed (12,315) (33,198) (195,125) (496,324) 
Net increase (decrease) 7,221 30,293 $107,525 $421,369 
Class C     
Shares sold 8,386 108,524 $128,103 $1,508,523 
Reinvestment of distributions 12,151 3,634 180,446 50,621 
Shares redeemed (24,604) (66,739) (375,349) (960,519) 
Net increase (decrease) (4,067) 45,419 $(66,800) $598,625 
Class I     
Shares sold 109,475 116,594 $1,833,402 $1,818,939 
Reinvestment of distributions 15,562 8,434 254,447 128,529 
Shares redeemed (33,957) (223,368) (574,520) (3,440,728) 
Net increase (decrease) 91,080 (98,340) $1,513,329 $(1,493,260) 

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, 2017 to March 31, 2018).

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, 2017 
Ending
Account Value
March 31, 2018 
Expenses Paid
During Period-B
October 1, 2017
to March 31, 2018 
Class O .58%    
Actual  $1,000.00 $1,030.60 $2.94 
Hypothetical-C  $1,000.00 $1,022.04 $2.92 
Class A .87%    
Actual  $1,000.00 $1,029.30 $4.40 
Hypothetical-C  $1,000.00 $1,020.59 $4.38 
Class M 1.42%    
Actual  $1,000.00 $1,027.20 $7.18 
Hypothetical-C  $1,000.00 $1,017.85 $7.14 
Class C 1.83%    
Actual  $1,000.00 $1,024.20 $9.24 
Hypothetical-C  $1,000.00 $1,015.81 $9.20 
Class I .72%    
Actual  $1,000.00 $1,030.40 $3.64 
Hypothetical-C  $1,000.00 $1,021.34 $3.63 

 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 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

DESIIO-SANN-0518
1.791872.114



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 Portfolioss 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 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

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 24, 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:

May 24, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

May 24, 2018