N-Q 1 filing812.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-1796


Fidelity Destiny Portfolios

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

September 30



Date of reporting period:

December 31, 2018


Item 1.

Schedule of Investments






Quarterly Holdings Report
for

Fidelity Advisor® Diversified Stock Fund

December 31, 2018







ADESI-QTLY-0219
1.827901.113





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%   
 Shares Value 
COMMUNICATION SERVICES - 9.6%   
Diversified Telecommunication Services - 1.4%   
Verizon Communications, Inc. 454,300 $25,540,746 
Entertainment - 2.2%   
Activision Blizzard, Inc. 183,100 8,526,967 
Netflix, Inc. (a) 42,800 11,455,848 
The Walt Disney Co. 124,100 13,607,565 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 2,559,570 6,859,648 
  40,450,028 
Interactive Media & Services - 5.3%   
Alphabet, Inc. Class C (a) 73,500 76,117,335 
Facebook, Inc. Class A (a) 170,400 22,337,736 
  98,455,071 
Media - 0.7%   
Charter Communications, Inc. Class A(a) 32,800 9,347,016 
Comcast Corp. Class A 118,400 4,031,520 
  13,378,536 
TOTAL COMMUNICATION SERVICES  177,824,381 
CONSUMER DISCRETIONARY - 9.8%   
Automobiles - 0.2%   
Tesla, Inc. (a) 9,600 3,194,880 
Diversified Consumer Services - 0.0%   
Arco Platform Ltd. Class A 17,900 395,948 
Hotels, Restaurants & Leisure - 1.8%   
Churchill Downs, Inc. 7,200 1,756,368 
McDonald's Corp. 162,200 28,801,854 
U.S. Foods Holding Corp. (a) 48,100 1,521,884 
YETI Holdings, Inc. 48,100 713,804 
  32,793,910 
Internet & Direct Marketing Retail - 3.4%   
Amazon.com, Inc. (a) 42,100 63,232,937 
Leisure Products - 0.0%   
New Academy Holding Co. LLC unit (a)(c)(d)(e) 60,000 896,400 
Multiline Retail - 0.6%   
Dollar Tree, Inc. (a) 117,600 10,621,632 
Specialty Retail - 2.8%   
Lowe's Companies, Inc. 219,900 20,309,964 
TJX Companies, Inc. 318,400 14,245,216 
Ulta Beauty, Inc. (a) 31,700 7,761,428 
Williams-Sonoma, Inc. (f) 180,500 9,106,225 
  51,422,833 
Textiles, Apparel & Luxury Goods - 1.0%   
Capri Holdings Ltd. (a) 51,000 1,933,920 
LVMH Moet Hennessy - Louis Vuitton SA 5,460 1,598,557 
NIKE, Inc. Class B 96,300 7,139,682 
PVH Corp. 56,700 5,270,265 
Tory Burch LLC (b)(c)(d) 28,846 1,606,418 
Under Armour, Inc. Class A (sub. vtg.) (a)(f) 77,900 1,376,493 
  18,925,335 
TOTAL CONSUMER DISCRETIONARY  181,483,875 
CONSUMER STAPLES - 5.4%   
Beverages - 2.2%   
Keurig Dr. Pepper, Inc. 201,400 5,163,896 
Monster Beverage Corp. (a) 99,300 4,887,546 
The Coca-Cola Co. 632,500 29,948,875 
  40,000,317 
Food & Staples Retailing - 1.9%   
BJ's Wholesale Club Holdings, Inc. 663,300 14,698,728 
Walmart, Inc. 226,900 21,135,735 
  35,834,463 
Food Products - 0.4%   
Mondelez International, Inc. 190,300 7,617,709 
Household Products - 0.6%   
Clorox Co. 23,100 3,560,634 
Kimberly-Clark Corp. 13,500 1,538,190 
Procter & Gamble Co. 69,600 6,397,632 
  11,496,456 
Tobacco - 0.3%   
Altria Group, Inc. 93,000 4,593,270 
TOTAL CONSUMER STAPLES  99,542,215 
ENERGY - 3.6%   
Oil, Gas & Consumable Fuels - 3.6%   
Anadarko Petroleum Corp. 214,900 9,421,216 
BP PLC 2,712,500 17,147,580 
ConocoPhillips Co. 144,100 8,984,635 
EOG Resources, Inc. 79,000 6,889,590 
Hess Corp. 42,300 1,713,150 
Marathon Petroleum Corp. 137,400 8,107,974 
Pioneer Natural Resources Co. 17,300 2,275,296 
Reliance Industries Ltd. 710,956 11,458,379 
  65,997,820 
FINANCIALS - 9.4%   
Banks - 5.0%   
Bank of America Corp. 1,921,300 47,340,832 
Citigroup, Inc. 93,200 4,851,992 
Huntington Bancshares, Inc. 347,600 4,143,392 
JPMorgan Chase & Co. 368,400 35,963,208 
  92,299,424 
Capital Markets - 2.9%   
Charles Schwab Corp. 218,600 9,078,458 
CME Group, Inc. 49,600 9,330,752 
E*TRADE Financial Corp. 92,300 4,050,124 
Goldman Sachs Group, Inc. 24,100 4,025,905 
HDFC Asset Management Co. Ltd. (a)(g) 978 21,156 
MSCI, Inc. 98,300 14,492,369 
S&P Global, Inc. 50,200 8,530,988 
The Blackstone Group LP 107,700 3,210,537 
  52,740,289 
Diversified Financial Services - 1.5%   
Berkshire Hathaway, Inc. Class B (a) 110,800 22,623,144 
KKR Renaissance Co-Invest LP unit (a)(c) 24,163 5,985,701 
  28,608,845 
TOTAL FINANCIALS  173,648,558 
HEALTH CARE - 21.5%   
Biotechnology - 4.1%   
Alexion Pharmaceuticals, Inc. (a) 208,100 20,260,616 
Amgen, Inc. 37,200 7,241,724 
Biogen, Inc. (a) 26,600 8,004,472 
Gilead Sciences, Inc. 32,700 2,045,385 
Neurocrine Biosciences, Inc. (a) 54,200 3,870,422 
Regeneron Pharmaceuticals, Inc. (a) 30,500 11,391,750 
Sarepta Therapeutics, Inc. (a) 24,100 2,630,033 
Vertex Pharmaceuticals, Inc. (a) 121,000 20,050,910 
  75,495,312 
Health Care Equipment & Supplies - 5.9%   
Baxter International, Inc. 120,300 7,918,146 
Becton, Dickinson & Co. 123,600 27,849,552 
Boston Scientific Corp. (a) 1,112,604 39,319,425 
Danaher Corp. 111,300 11,477,256 
Edwards Lifesciences Corp. (a) 28,900 4,426,613 
Intuitive Surgical, Inc. (a) 22,000 10,536,240 
Stryker Corp. 37,500 5,878,125 
Wright Medical Group NV (a) 70,928 1,930,660 
  109,336,017 
Health Care Providers & Services - 7.7%   
Centene Corp. (a) 22,200 2,559,660 
CVS Health Corp. 165,900 10,869,768 
Elanco Animal Health, Inc. (f) 90,262 2,845,961 
HCA Holdings, Inc. 99,100 12,332,995 
Humana, Inc. 170,000 48,701,600 
UnitedHealth Group, Inc. 235,300 58,617,936 
Wellcare Health Plans, Inc. (a) 29,200 6,893,828 
  142,821,748 
Health Care Technology - 0.1%   
Teladoc Health, Inc. (a)(f) 49,800 2,468,586 
Life Sciences Tools & Services - 0.7%   
Thermo Fisher Scientific, Inc. 55,800 12,487,482 
Pharmaceuticals - 3.0%   
Allergan PLC 38,400 5,132,544 
AstraZeneca PLC sponsored ADR 721,600 27,406,368 
Eli Lilly & Co. 77,900 9,014,588 
Jazz Pharmaceuticals PLC (a) 24,700 3,061,812 
Perrigo Co. PLC 39,000 1,511,250 
Zoetis, Inc. Class A 103,800 8,879,052 
  55,005,614 
TOTAL HEALTH CARE  397,614,759 
INDUSTRIALS - 7.7%   
Aerospace & Defense - 1.3%   
Huntington Ingalls Industries, Inc. 18,400 3,501,704 
Northrop Grumman Corp. 44,900 10,996,010 
The Boeing Co. 12,500 4,031,250 
United Technologies Corp. 49,000 5,217,520 
  23,746,484 
Air Freight & Logistics - 0.1%   
C.H. Robinson Worldwide, Inc. 24,000 2,018,160 
Airlines - 0.2%   
Southwest Airlines Co. 60,600 2,816,688 
Commercial Services & Supplies - 0.2%   
Tomra Systems ASA 182,800 4,118,365 
Construction & Engineering - 0.6%   
Jacobs Engineering Group, Inc. 199,300 11,651,078 
Electrical Equipment - 1.1%   
AMETEK, Inc. 42,300 2,863,710 
Emerson Electric Co. 158,500 9,470,375 
Fortive Corp. 120,400 8,146,264 
  20,480,349 
Industrial Conglomerates - 0.2%   
General Electric Co. 471,900 3,572,283 
Machinery - 1.2%   
Deere & Co. 79,600 11,873,932 
Flowserve Corp. 210,800 8,014,616 
Xylem, Inc. 31,900 2,128,368 
  22,016,916 
Professional Services - 0.7%   
IHS Markit Ltd. (a) 254,400 12,203,568 
Road & Rail - 2.1%   
CSX Corp. 134,200 8,337,846 
J.B. Hunt Transport Services, Inc. 23,200 2,158,528 
Norfolk Southern Corp. 148,600 22,221,644 
Union Pacific Corp. 50,300 6,952,969 
  39,670,987 
TOTAL INDUSTRIALS  142,294,878 
INFORMATION TECHNOLOGY - 21.9%   
IT Services - 4.7%   
Accenture PLC Class A 44,300 6,246,743 
Adyen BV (g) 6,643 3,615,709 
MasterCard, Inc. Class A 134,600 25,392,290 
PayPal Holdings, Inc. (a) 105,100 8,837,859 
Visa, Inc. Class A 299,800 39,555,612 
Worldpay, Inc. (a) 50,200 3,836,786 
  87,484,999 
Semiconductors & Semiconductor Equipment - 2.2%   
ASML Holding NV 39,000 6,069,180 
Broadcom, Inc. 45,100 11,468,028 
Lam Research Corp. 7,200 980,424 
Micron Technology, Inc. (a) 78,900 2,503,497 
NVIDIA Corp. 45,300 6,047,550 
Qualcomm, Inc. 226,000 12,861,660 
  39,930,339 
Software - 12.4%   
2U, Inc. (a) 157,000 7,806,040 
Adobe, Inc. (a) 128,700 29,117,088 
Autodesk, Inc. (a) 40,900 5,260,149 
Black Knight, Inc. (a) 83,600 3,767,016 
Citrix Systems, Inc. 103,300 10,584,118 
Intuit, Inc. 65,900 12,972,415 
Microsoft Corp. 953,300 96,826,680 
Salesforce.com, Inc. (a) 317,000 43,419,490 
The Trade Desk, Inc. (a) 32,800 3,806,768 
Workday, Inc. Class A (a) 97,500 15,568,800 
  229,128,564 
Technology Hardware, Storage & Peripherals - 2.6%   
Apple, Inc. 309,400 48,804,756 
TOTAL INFORMATION TECHNOLOGY  405,348,658 
MATERIALS - 3.3%   
Chemicals - 3.1%   
CF Industries Holdings, Inc. 135,300 5,886,903 
DowDuPont, Inc. 432,400 23,124,752 
Nutrien Ltd. 258,700 12,158,900 
The Mosaic Co. 570,900 16,675,989 
  57,846,544 
Metals & Mining - 0.2%   
Randgold Resources Ltd. sponsored ADR 29,800 2,545,430 
TOTAL MATERIALS  60,391,974 
REAL ESTATE - 2.3%   
Equity Real Estate Investment Trusts (REITs) - 2.3%   
American Tower Corp. 160,400 25,373,676 
Crown Castle International Corp. 82,300 8,940,249 
Simon Property Group, Inc. 50,000 8,399,500 
  42,713,425 
UTILITIES - 2.2%   
Electric Utilities - 1.7%   
FirstEnergy Corp. 228,000 8,561,400 
NextEra Energy, Inc. 40,900 7,109,238 
Vistra Energy Corp. (a) 639,900 14,647,311 
  30,317,949 
Independent Power and Renewable Electricity Producers - 0.5%   
NRG Energy, Inc. 247,500 9,801,000 
TOTAL UTILITIES  40,118,949 
TOTAL COMMON STOCKS   
(Cost $1,573,081,930)  1,786,979,492 
Convertible Preferred Stocks - 0.6%   
CONSUMER DISCRETIONARY - 0.0%   
Hotels, Restaurants & Leisure - 0.0%   
Topgolf International, Inc. Series F (a)(c)(d) 78,650 873,015 
INFORMATION TECHNOLOGY - 0.6%   
Software - 0.6%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 37,746 415,206 
Lyft, Inc.:   
Series H (a)(c)(d) 138,378 6,552,738 
Series I (c)(d) 85,252 4,037,015 
  11,004,959 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $11,040,212)  11,877,974 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.35% 3/7/19 (h)   
(Cost $1,882,015) 1,890,000 1,881,853 
 Shares Value 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 2.42% (i) 48,274,380 $48,284,035 
Fidelity Securities Lending Cash Central Fund 2.41% (i)(j) 15,598,254 15,599,814 
TOTAL MONEY MARKET FUNDS   
(Cost $63,883,726)  63,883,849 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $1,649,887,883)  1,864,623,168 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (17,112,613) 
NET ASSETS - 100%  $1,847,510,555 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 92 March 2019 $11,523,920 $(662,877) $(662,877) 

The notional amount of futures purchased as a percentage of Net Assets is 0.6%

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 $27,226,141 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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,636,865 or 0.2% of net assets.

 (h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $591,440.

 (i) 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.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Cloudflare, Inc. Series D, 8.00% 9/10/18 $415,206 
KKR Renaissance Co-Invest LP unit 7/25/13 $2,549,197 
Lyft, Inc. Series H 11/22/17 $5,499,986 
Lyft, Inc. Series I 6/27/18 $4,037,015 
New Academy Holding Co. LLC unit 8/1/11 $6,324,000 
Topgolf International, Inc. Series F 11/10/17 $1,088,005 
Tory Burch LLC 5/14/15 $2,039,212 
WME Entertainment Parent, LLC Class A 8/16/16 $4,999,999 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $306,957 
Fidelity Securities Lending Cash Central Fund 21,935 
Total $328,892 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $177,824,381 $170,964,733 $-- $6,859,648 
Consumer Discretionary 182,356,890 177,382,500 1,598,557 3,375,833 
Consumer Staples 99,542,215 99,542,215 -- -- 
Energy 65,997,820 48,850,240 17,147,580 -- 
Financials 173,648,558 167,662,857 5,985,701 -- 
Health Care 397,614,759 397,614,759 -- -- 
Industrials 142,294,878 142,294,878 -- -- 
Information Technology 416,353,617 405,348,658 -- 11,004,959 
Materials 60,391,974 60,391,974 -- -- 
Real Estate 42,713,425 42,713,425 -- -- 
Utilities 40,118,949 40,118,949 -- -- 
U.S. Government and Government Agency Obligations 1,881,853 -- 1,881,853 -- 
Money Market Funds 63,883,849 63,883,849 -- -- 
Total Investments in Securities: $1,864,623,168 $1,816,769,037 $26,613,691 $21,240,440 
Derivative Instruments:     
Liabilities     
Futures Contracts $(662,877) $(662,877) $-- $-- 
Total Liabilities $(662,877) $(662,877) $-- $-- 
Total Derivative Instruments: $(662,877) $(662,877) $-- $-- 

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

Investments in Securities:  
Other Investments in Securities  
Beginning Balance $ 23,019,358  
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (1,780,182) 
Cost of Purchases  1,264  
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $21,240,440 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2018 $(1,780,182) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $21,240,440 Market comparable Enterprise value/Sales multiple (EV/S)  1.7 - 2.2 / 2.2  Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA)  5.8  Increase  
   Discount rate  9.0% - 38.0% / 12.3%  Decrease  
   Discount for lack of marketability  10.0%  Decrease  
   Premium rate  10.0%  Increase  
  Market approach Transaction price  $11.00 - $55.69 / $47.22  Increase  

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

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





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

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


Quarterly Holdings Report
for

Fidelity Advisor® Capital Development Fund

December 31, 2018







ADESII-QTLY-0219
1.827902.113





Schedule of Investments December 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%   
 Shares Value 
COMMUNICATION SERVICES - 7.9%   
Diversified Telecommunication Services - 1.5%   
AT&T, Inc. 106,722 $3,045,846 
Verizon Communications, Inc. 667,306 37,515,943 
  40,561,789 
Entertainment - 1.1%   
Activision Blizzard, Inc. 14,700 684,579 
Electronic Arts, Inc. (a) 104,100 8,214,531 
The Walt Disney Co. 86,200 9,451,830 
Vivendi SA 556,600 13,490,492 
  31,841,432 
Interactive Media & Services - 0.9%   
Alphabet, Inc.:   
Class A (a) 11,800 12,330,528 
Class C (a) 10,883 11,270,544 
Snap, Inc. Class A (a)(b) 216,700 1,194,017 
  24,795,089 
Media - 4.4%   
Charter Communications, Inc. Class A (a) 12,400 3,533,628 
Comcast Corp. Class A 2,791,900 95,064,195 
Discovery Communications, Inc. Class A (a)(b) 221,200 5,472,488 
Interpublic Group of Companies, Inc. 606,900 12,520,347 
Omnicom Group, Inc. 48,900 3,581,436 
  120,172,094 
TOTAL COMMUNICATION SERVICES  217,370,404 
CONSUMER DISCRETIONARY - 2.7%   
Auto Components - 0.0%   
Gentex Corp. 40,900 826,589 
Distributors - 0.1%   
LKQ Corp. (a) 130,000 3,084,900 
Hotels, Restaurants & Leisure - 0.0%   
Drive Shack, Inc. (a) 197,300 773,416 
Household Durables - 0.5%   
Mohawk Industries, Inc. (a) 98,200 11,485,472 
NVR, Inc. (a) 680 1,657,153 
  13,142,625 
Multiline Retail - 0.4%   
Dollar Tree, Inc. (a) 71,300 6,439,816 
Target Corp. 89,850 5,938,187 
  12,378,003 
Specialty Retail - 1.7%   
L Brands, Inc. 274,200 7,038,714 
Lowe's Companies, Inc. 298,200 27,541,752 
Ross Stores, Inc. 11,800 981,760 
TJX Companies, Inc. 222,900 9,972,546 
  45,534,772 
TOTAL CONSUMER DISCRETIONARY  75,740,305 
CONSUMER STAPLES - 9.0%   
Beverages - 1.3%   
The Coca-Cola Co. 779,700 36,918,795 
Food & Staples Retailing - 1.8%   
Walgreens Boots Alliance, Inc. 113,800 7,775,954 
Walmart, Inc. 466,200 43,426,530 
  51,202,484 
Food Products - 0.3%   
The Hershey Co. 73,600 7,888,448 
Household Products - 1.5%   
Procter & Gamble Co. 440,405 40,482,028 
Spectrum Brands Holdings, Inc. 9,300 392,925 
  40,874,953 
Tobacco - 4.1%   
Altria Group, Inc. 1,584,300 78,248,577 
British American Tobacco PLC sponsored ADR 930,700 29,652,102 
Philip Morris International, Inc. 65,700 4,386,132 
  112,286,811 
TOTAL CONSUMER STAPLES  249,171,491 
ENERGY - 11.9%   
Energy Equipment & Services - 1.3%   
Baker Hughes, a GE Co. Class A 598,400 12,865,600 
Ensco PLC Class A (b) 260,900 928,804 
National Oilwell Varco, Inc. 329,000 8,455,300 
Oceaneering International, Inc. (a) 315,400 3,816,340 
Schlumberger Ltd. 266,200 9,604,496 
Transocean Ltd. (United States) (a) 60,100 417,094 
  36,087,634 
Oil, Gas & Consumable Fuels - 10.6%   
BP PLC sponsored ADR 1,042,916 39,547,375 
Cenovus Energy, Inc. (Canada) 4,647,027 32,677,600 
Chevron Corp. 550,827 59,924,469 
EQT Corp. 139,000 2,625,710 
Equinor ASA sponsored ADR 1,092,100 23,119,757 
Exxon Mobil Corp. 1,435,800 97,907,202 
Hess Corp. 71,500 2,895,750 
Imperial Oil Ltd. 572,590 14,507,682 
Kosmos Energy Ltd. (a) 1,763,600 7,177,852 
Legacy Reserves, Inc. (a) 370,537 570,627 
Teekay Offshore Partners LP 404,900 489,929 
The Williams Companies, Inc. 484,321 10,679,278 
Valero Energy Corp. 11,800 884,646 
  293,007,877 
TOTAL ENERGY  329,095,511 
FINANCIALS - 19.5%   
Banks - 13.1%   
Bank of America Corp. 3,833,500 94,457,440 
BNP Paribas SA 16,400 741,747 
Citigroup, Inc. 890,104 46,338,814 
First Hawaiian, Inc. 58,953 1,327,032 
JPMorgan Chase & Co. 795,000 77,607,900 
M&T Bank Corp. 26,100 3,735,693 
PNC Financial Services Group, Inc. 246,316 28,796,804 
Standard Chartered PLC (United Kingdom) 1,192 9,257 
SunTrust Banks, Inc. 467,600 23,585,744 
U.S. Bancorp 510,942 23,350,049 
Wells Fargo & Co. 1,294,950 59,671,296 
  359,621,776 
Capital Markets - 4.6%   
Cboe Global Markets, Inc. 40,500 3,962,115 
Charles Schwab Corp. 396,055 16,448,164 
KKR & Co. LP 547,085 10,739,279 
Morgan Stanley 552,800 21,918,520 
Northern Trust Corp. 401,995 33,602,762 
State Street Corp. 655,090 41,316,526 
  127,987,366 
Insurance - 0.6%   
Chubb Ltd. 69,100 8,926,338 
The Travelers Companies, Inc. 60,800 7,280,800 
  16,207,138 
Thrifts & Mortgage Finance - 1.2%   
MGIC Investment Corp. (a) 810,961 8,482,652 
Radian Group, Inc. 1,463,991 23,950,893 
  32,433,545 
TOTAL FINANCIALS  536,249,825 
HEALTH CARE - 16.2%   
Biotechnology - 2.2%   
Alexion Pharmaceuticals, Inc. (a) 218,800 21,302,368 
Alnylam Pharmaceuticals, Inc. (a) 37,700 2,748,707 
AnaptysBio, Inc. (a) 17,900 1,141,841 
Atara Biotherapeutics, Inc. (a) 97,800 3,397,572 
Celgene Corp. (a) 67,300 4,313,257 
Gritstone Oncology, Inc. 19,350 298,958 
Insmed, Inc. (a) 205,600 2,697,472 
Intercept Pharmaceuticals, Inc. (a) 201,905 20,350,005 
Mirati Therapeutics, Inc. (a) 63,000 2,672,460 
  58,922,640 
Health Care Equipment & Supplies - 2.0%   
Boston Scientific Corp. (a) 1,078,651 38,119,526 
Danaher Corp. 113,000 11,652,560 
Zimmer Biomet Holdings, Inc. 37,300 3,868,756 
  53,640,842 
Health Care Providers & Services - 6.3%   
AmerisourceBergen Corp. 230,900 17,178,960 
Anthem, Inc. 51,900 13,630,497 
Cardinal Health, Inc. 433,700 19,343,020 
Cigna Corp. 134,100 25,468,272 
CVS Health Corp. 752,500 49,303,800 
Henry Schein, Inc. (a) 8,300 651,716 
Humana, Inc. 23,400 6,703,632 
McKesson Corp. 254,580 28,123,453 
MEDNAX, Inc. (a) 28,600 943,800 
UnitedHealth Group, Inc. 53,400 13,303,008 
  174,650,158 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 325,854 707,103 
Pharmaceuticals - 5.7%   
Bayer AG 354,678 24,667,426 
Eli Lilly & Co. 43,700 5,056,964 
GlaxoSmithKline PLC sponsored ADR 1,185,300 45,290,313 
Jazz Pharmaceuticals PLC (a) 118,000 14,627,280 
Johnson & Johnson 308,860 39,858,383 
Perrigo Co. PLC 58,100 2,251,375 
Sanofi SA 89,304 7,747,116 
Teva Pharmaceutical Industries Ltd. sponsored ADR 688,650 10,618,983 
The Medicines Company (a) 29,800 570,372 
TherapeuticsMD, Inc. (a)(b) 1,884,131 7,178,539 
  157,866,751 
TOTAL HEALTH CARE  445,787,494 
INDUSTRIALS - 10.8%   
Aerospace & Defense - 1.8%   
General Dynamics Corp. 53,300 8,379,293 
Huntington Ingalls Industries, Inc. 15,800 3,006,898 
United Technologies Corp. 359,400 38,268,912 
  49,655,103 
Air Freight & Logistics - 2.0%   
C.H. Robinson Worldwide, Inc. 88,879 7,473,835 
FedEx Corp. 40,200 6,485,466 
United Parcel Service, Inc. Class B 421,800 41,138,154 
  55,097,455 
Building Products - 0.0%   
A.O. Smith Corp. 33,500 1,430,450 
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. (a) 59,800 2,194,062 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 106,500 12,242,175 
Hubbell, Inc. Class B 53,618 5,326,412 
Melrose Industries PLC 
  17,568,589 
Industrial Conglomerates - 2.5%   
3M Co. 5,000 952,700 
General Electric Co. 9,001,600 68,142,112 
  69,094,812 
Machinery - 0.8%   
Flowserve Corp. 396,500 15,074,930 
Wabtec Corp. (b) 80,600 5,662,150 
  20,737,080 
Professional Services - 0.3%   
IHS Markit Ltd. (a) 155,574 7,462,885 
Road & Rail - 2.6%   
CSX Corp. 43,400 2,696,442 
J.B. Hunt Transport Services, Inc. 171,100 15,919,144 
Knight-Swift Transportation Holdings, Inc. Class A 450,400 11,291,528 
Norfolk Southern Corp. 102,400 15,312,896 
Union Pacific Corp. 194,800 26,927,204 
  72,147,214 
Trading Companies & Distributors - 0.1%   
Fastenal Co. 39,500 2,065,455 
TOTAL INDUSTRIALS  297,453,105 
INFORMATION TECHNOLOGY - 16.0%   
Communications Equipment - 0.6%   
Cisco Systems, Inc. 391,300 16,955,029 
Electronic Equipment& Components - 0.1%   
Itron, Inc. (a) 84,500 3,996,005 
IT Services - 3.4%   
IBM Corp. 29,400 3,341,898 
Interxion Holding N.V. (a) 70,600 3,823,696 
MasterCard, Inc. Class A 86,600 16,337,090 
Paychex, Inc. 290,600 18,932,590 
Unisys Corp. (a) 469,147 5,456,180 
Visa, Inc. Class A 349,000 46,047,060 
  93,938,514 
Semiconductors & Semiconductor Equipment - 2.4%   
Analog Devices, Inc. 30,400 2,609,232 
Applied Materials, Inc. 302,900 9,916,946 
Lam Research Corp. 37,900 5,160,843 
Micron Technology, Inc. (a) 67,100 2,129,083 
Qualcomm, Inc. 801,290 45,601,414 
  65,417,518 
Software - 6.9%   
Microsoft Corp. 1,362,200 138,358,653 
Oracle Corp. 706,200 31,884,930 
SAP SE sponsored ADR (b) 207,600 20,666,580 
  190,910,163 
Technology Hardware, Storage & Peripherals - 2.6%   
Apple, Inc. 422,100 66,582,054 
Western Digital Corp. 108,100 3,996,457 
  70,578,511 
TOTAL INFORMATION TECHNOLOGY  441,795,740 
MATERIALS - 1.9%   
Chemicals - 1.7%   
CF Industries Holdings, Inc. 61,600 2,680,216 
DowDuPont, Inc. 117,300 6,273,204 
International Flavors & Fragrances, Inc. 30,300 4,068,381 
Intrepid Potash, Inc. (a) 1,492,765 3,881,189 
Johnson Matthey PLC 24,900 888,334 
LyondellBasell Industries NV Class A 110,300 9,172,548 
Nutrien Ltd. 306,420 14,391,774 
The Scotts Miracle-Gro Co. Class A 38,000 2,335,480 
W.R. Grace & Co. 58,300 3,784,253 
  47,475,379 
Construction Materials - 0.1%   
Summit Materials, Inc. 109,500 1,357,800 
Metals & Mining - 0.1%   
Lundin Mining Corp. 731,900 3,023,671 
TOTAL MATERIALS  51,856,850 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
American Tower Corp. 38,200 6,042,858 
Equinix, Inc. 29,900 10,541,544 
Public Storage 21,300 4,311,333 
Simon Property Group, Inc. 5,800 974,342 
  21,870,077 
UTILITIES - 1.0%   
Electric Utilities - 0.9%   
Duke Energy Corp. 30,600 2,640,780 
Exelon Corp. 307,600 13,872,760 
PPL Corp. 174,500 4,943,585 
Southern Co. 82,400 3,619,008 
  25,076,133 
Multi-Utilities - 0.1%   
Sempra Energy 14,000 1,514,660 
TOTAL UTILITIES  26,590,793 
TOTAL COMMON STOCKS   
(Cost $2,537,545,943)  2,692,981,595 
Convertible Preferred Stocks - 0.2%   
INFORMATION TECHNOLOGY - 0.2%   
Software - 0.2%   
Lyft, Inc. Series I (c)(d)   
(Cost $6,418,016) 135,533 6,418,016 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $7,810,134) 7,810,134 3,756,674 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund, 2.42% (f) 51,478,644 51,488,940 
Fidelity Securities Lending Cash Central Fund 2.41% (f)(g) 22,103,275 22,105,485 
TOTAL MONEY MARKET FUNDS   
(Cost $73,593,035)  73,594,425 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $2,625,367,128)  2,776,750,710 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (19,786,918) 
NET ASSETS - 100%  $2,756,963,792 

Legend

 (a) Non-income producing

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

 (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 $10,174,690 or 0.4% of net assets.

 (d) Level 3 security

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Lyft, Inc. Series I 6/27/18 $6,418,016 
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 $252,245 
Fidelity Securities Lending Cash Central Fund 77,322 
Total $329,567 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $217,370,404 $203,879,912 $13,490,492 $-- 
Consumer Discretionary 75,740,305 75,740,305 -- -- 
Consumer Staples 249,171,491 249,171,491 -- -- 
Energy 329,095,511 329,095,511 -- -- 
Financials 536,249,825 536,249,825 -- -- 
Health Care 445,787,494 413,372,952 32,414,542 -- 
Industrials 297,453,105 297,453,105 -- -- 
Information Technology 448,213,756 441,795,740 -- 6,418,016 
Materials 51,856,850 51,856,850 -- -- 
Real Estate 21,870,077 21,870,077 -- -- 
Utilities 26,590,793 26,590,793 -- -- 
Other 3,756,674 -- -- 3,756,674 
Money Market Funds 73,594,425 73,594,425 -- -- 
Total Investments in Securities: $2,776,750,710 $2,720,670,986 $45,905,034 $10,174,690 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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





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

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



Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Destiny Portfolioss (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 3.

Exhibits


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




SIGNATURES


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


Fidelity Destiny Portfolios



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

February 28, 2019


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

February 28, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

February 28, 2019