Fidelity Destiny Portfolios NCSR Certified annual shareholder report (management investment company)

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 811-01796

Fidelity Destiny Portfolios

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, 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:	September 30, 2021

Item 1.

Reports to Stockholders

Fidelity Advisor® Diversified Stock Fund

Annual Report

September 30, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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.

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

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2021	Past 1 year	Past 5 years	Past 10 years
Class O	28.60%	17.93%	16.96%
Class A (incl. 5.75% sales charge)	20.80%	16.13%	15.88%
Class M (incl. 3.50% sales charge)	23.27%	16.26%	15.69%
Class C (incl. contingent deferred sales charge)	26.03%	16.45%	15.71%
Class I	28.43%	17.75%	16.77%
Class Z	28.55%	17.89%	16.88%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Diversified Stock Fund - Class A on September 30, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$43,644	Fidelity Advisor® Diversified Stock Fund - Class A
	$46,586	S&P 500® Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 30.00% for the 12 months ending September 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth and corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies poised to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings, and momentum shifted back to growth stocks. However, in early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. By sector, energy led by a big margin, followed by financials, while the defensive utilities and consumer staples groups notably lagged.

Comments from Portfolio Manager Daniel Kelley: For the fiscal year ending September 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 27% to 29%, trailing the 30% result of the benchmark S&P 500^® index. Security selection and an overweighting in consumer discretionary notably detracted from performance versus the benchmark. Stock picks in health care, primarily within the health care equipment & services industry, and in industrials also hurt. Further hampering relative performance was an overweighting and stock selection in energy. Our non-benchmark stake in Alibaba Group Holding was the fund's biggest individual relative detractor, due to its roughly -30% result. Alibaba was not in the portfolio at period end. The fund's non-benchmark position in Uber Technologies (+24%) lagged the index and also hampered relative performance. An underweighting in Exxon Mobil, which gained roughly 84%, was another detractor. This was a position we established the past 12 months. Conversely, stock picks in communication services, information technology and materials aided performance versus the benchmark. An underweighting in consumer staples gave an added boost. The fund's biggest individual relative contributor was an overweighting in Alphabet, which gained about 81% the past year. It was the fund's largest holding on September 30. Also bolstering performance was our outsized stake in Freeport-McMoRan, which gained roughly 109%. We reduced our weighting the past 12 months. The fund's non-benchmark position in Marvell Technology, one of our largest holdings at period end, gained about 27%. Notable changes in positioning include higher allocations to the financials, communication services and energy sectors.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2021

	% of fund's net assets
Alphabet, Inc. Class C	8.6
Microsoft Corp.	5.6
Amazon.com, Inc.	4.5
Facebook, Inc. Class A	3.2
NVIDIA Corp.	2.7
Apple, Inc.	2.5
Marvell Technology, Inc.	2.5
Wells Fargo & Co.	2.1
Eli Lilly & Co.	1.9
MasterCard, Inc. Class A	1.9
	35.5

Top Five Market Sectors as of September 30, 2021

	% of fund's net assets
Information Technology	24.9
Communication Services	14.4
Consumer Discretionary	14.3
Financials	12.6
Health Care	11.0

Asset Allocation (% of fund's net assets)

As of September 30, 2021^*
	Stocks	97.9%
	Convertible Securities	0.6%
	Short-Term Investments and Net Other Assets (Liabilities)	1.5%

* Foreign investments - 7.9%

Schedule of Investments September 30, 2021

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value
COMMUNICATION SERVICES - 14.4%
Entertainment - 1.8%
Electronic Arts, Inc.	30,767	$4,376,606
Endeavor Group Holdings, Inc. (a)(b)	113,100	3,242,577
Endeavor Group Holdings, Inc. (a)	268,422	7,310,876
Live Nation Entertainment, Inc. (a)	14,200	1,294,046
Netflix, Inc. (a)	19,800	12,084,732
Roblox Corp. (a)	36,700	2,772,685
Sea Ltd. ADR (a)	13,900	4,430,347
The Walt Disney Co. (a)	100,300	16,967,751
		52,479,620
Interactive Media & Services - 12.2%
Alphabet, Inc. Class C (a)	93,071	248,063,066
Facebook, Inc. Class A (a)	276,340	93,787,033
Snap, Inc. Class A (a)	157,000	11,597,590
		353,447,689
Wireless Telecommunication Services - 0.4%
T-Mobile U.S., Inc. (a)	94,774	12,108,326

TOTAL COMMUNICATION SERVICES		418,035,635

CONSUMER DISCRETIONARY - 14.3%
Automobiles - 0.4%
General Motors Co. (a)	211,900	11,169,249
Hotels, Restaurants & Leisure - 2.7%
Airbnb, Inc. Class A	187,900	31,520,225
Booking Holdings, Inc. (a)	4,184	9,932,272
Compass Group PLC (a)	163,300	3,339,676
Dutch Bros, Inc.	5,800	251,256
Flutter Entertainment PLC (a)	7,855	1,545,051
Hilton Worldwide Holdings, Inc. (a)	24,300	3,210,273
Marriott International, Inc. Class A (a)	125,300	18,555,677
Penn National Gaming, Inc. (a)	38,674	2,802,318
Starbucks Corp.	58,742	6,479,830
		77,636,578
Household Durables - 1.2%
D.R. Horton, Inc.	180,413	15,149,280
Lennar Corp. Class A	92,991	8,711,397
NVR, Inc. (a)	750	3,595,560
Toll Brothers, Inc.	120,094	6,639,997
		34,096,234
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (a)	40,003	131,411,455
eBay, Inc.	42,100	2,933,107
Etsy, Inc. (a)	19,100	3,972,036
Revolve Group, Inc. (a)	25,900	1,599,843
thredUP, Inc. (a)	8,900	193,041
Wayfair LLC Class A (a)	5,263	1,344,749
		141,454,231
Multiline Retail - 0.2%
Dollar General Corp.	31,200	6,618,768
Specialty Retail - 3.8%
Aritzia, Inc. (a)	83,700	2,664,443
Burlington Stores, Inc. (a)	1,000	283,570
Gap, Inc.	564,400	12,811,880
Industria de Diseno Textil SA	851,600	31,335,257
Lowe's Companies, Inc.	90,682	18,395,751
RH (a)	1,458	972,355
The Home Depot, Inc.	91,240	29,950,442
TJX Companies, Inc.	225,325	14,866,944
		111,280,642
Textiles, Apparel & Luxury Goods - 1.2%
Capri Holdings Ltd. (a)	90,500	4,381,105
LVMH Moet Hennessy Louis Vuitton SE	11,548	8,271,419
Moncler SpA	62,067	3,785,504
NIKE, Inc. Class B	51,981	7,549,201
On Holding AG	6,700	201,871
Ralph Lauren Corp.	47,500	5,274,400
Tapestry, Inc.	84,200	3,117,084
Tory Burch LLC (a)(c)(d)(e)	28,846	2,048,335
		34,628,919

TOTAL CONSUMER DISCRETIONARY		416,884,621

CONSUMER STAPLES - 3.4%
Beverages - 3.0%
Diageo PLC	610,300	29,547,679
Monster Beverage Corp. (a)	328,604	29,189,893
The Coca-Cola Co.	543,900	28,538,433
		87,276,005
Food & Staples Retailing - 0.1%
U.S. Foods Holding Corp. (a)	47,692	1,653,005
Food Products - 0.0%
Mondelez International, Inc.	19,149	1,114,089
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	29,804	8,939,114

TOTAL CONSUMER STAPLES		98,982,213

ENERGY - 5.1%
Energy Equipment & Services - 0.2%
Halliburton Co.	215,800	4,665,596
Oil, Gas & Consumable Fuels - 4.9%
Antero Resources Corp. (a)	480,500	9,038,205
Denbury, Inc. (a)	4,200	295,050
Devon Energy Corp.	271,400	9,637,414
EOG Resources, Inc.	315,500	25,325,185
Exxon Mobil Corp.	443,300	26,074,906
Hess Corp.	316,000	24,682,760
Pioneer Natural Resources Co.	82,900	13,803,679
Range Resources Corp. (a)(b)	781,400	17,683,082
Reliance Industries Ltd.	196,181	6,644,856
Suncor Energy, Inc.	503,100	10,430,606
		143,615,743

TOTAL ENERGY		148,281,339

FINANCIALS - 12.6%
Banks - 5.1%
Bank of America Corp.	1,219,580	51,771,171
JPMorgan Chase & Co.	177,287	29,020,109
M&T Bank Corp.	14,200	2,120,628
PNC Financial Services Group, Inc.	12,936	2,530,799
Starling Bank Ltd. Series D (a)(e)	785,100	1,369,220
SVB Financial Group (a)	1,500	970,320
Truist Financial Corp.	14,056	824,384
Wells Fargo & Co.	1,303,600	60,500,076
		149,106,707
Capital Markets - 3.3%
Bank of New York Mellon Corp.	12,700	658,368
BlackRock, Inc. Class A	20,900	17,527,994
Charles Schwab Corp.	101,800	7,415,112
Coinbase Global, Inc. (a)(b)	4,800	1,091,904
Goldman Sachs Group, Inc.	36,600	13,835,898
Morgan Stanley	434,900	42,320,119
Morningstar, Inc.	12,361	3,201,870
MSCI, Inc.	14,334	8,719,946
State Street Corp.	10,400	881,088
		95,652,299
Consumer Finance - 2.2%
American Express Co.	143,700	24,074,061
Capital One Financial Corp.	215,200	34,855,944
Discover Financial Services	36,600	4,496,310
		63,426,315
Diversified Financial Services - 0.5%
Antin Infrastructure Partners SA	21,000	704,328
Berkshire Hathaway, Inc. Class B (a)	48,933	13,355,773
		14,060,101
Insurance - 1.5%
American Financial Group, Inc.	54,000	6,794,820
Arthur J. Gallagher & Co.	122,200	18,165,030
Hartford Financial Services Group, Inc.	59,000	4,144,750
Progressive Corp.	103,200	9,328,248
The Travelers Companies, Inc.	43,500	6,612,435
		45,045,283

TOTAL FINANCIALS		367,290,705

HEALTH CARE - 11.0%
Biotechnology - 1.7%
AbbVie, Inc.	189,070	20,394,981
Generation Bio Co. (a)	9,700	243,179
Nuvalent, Inc. Class A	11,100	250,305
Regeneron Pharmaceuticals, Inc. (a)	47,647	28,835,011
Revolution Medicines, Inc.	20,553	565,413
		50,288,889
Health Care Equipment & Supplies - 2.3%
Boston Scientific Corp. (a)	372,100	16,145,419
Danaher Corp.	34,950	10,640,178
DexCom, Inc. (a)	2,198	1,201,998
Hologic, Inc. (a)	21,328	1,574,220
Stryker Corp.	141,400	37,290,008
		66,851,823
Health Care Providers & Services - 2.1%
Cigna Corp.	29,371	5,878,899
Guardant Health, Inc. (a)	3,900	487,539
Humana, Inc.	31,175	12,131,751
UnitedHealth Group, Inc.	112,608	44,000,450
		62,498,639
Life Sciences Tools & Services - 2.1%
Bio-Techne Corp.	1,400	678,398
Bruker Corp.	160,292	12,518,805
IQVIA Holdings, Inc. (a)	6,600	1,580,964
Maravai LifeSciences Holdings, Inc.	56,700	2,782,836
Sartorius Stedim Biotech	7,266	4,060,277
Stevanato Group SpA	37,300	944,063
Thermo Fisher Scientific, Inc.	68,326	39,036,694
		61,602,037
Pharmaceuticals - 2.8%
Eli Lilly & Co.	240,051	55,463,784
Royalty Pharma PLC	38,100	1,376,934
Zoetis, Inc. Class A	119,550	23,209,437
		80,050,155

TOTAL HEALTH CARE		321,291,543

INDUSTRIALS - 8.0%
Aerospace & Defense - 1.5%
Airbus Group NV (a)	50,300	6,668,569
Howmet Aerospace, Inc.	99,500	3,104,400
Northrop Grumman Corp.	25,200	9,075,780
The Boeing Co. (a)	110,800	24,369,352
		43,218,101
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. Class B	61,327	11,167,647
Building Products - 1.2%
Carrier Global Corp.	89,038	4,608,607
Fortune Brands Home & Security, Inc.	25,779	2,305,158
Trane Technologies PLC	158,102	27,296,310
		34,210,075
Construction & Engineering - 1.3%
Quanta Services, Inc.	321,014	36,537,813
Electrical Equipment - 0.8%
Acuity Brands, Inc.	74,200	12,864,054
AMETEK, Inc.	68,000	8,432,680
Rockwell Automation, Inc.	11,829	3,478,199
		24,774,933
Industrial Conglomerates - 0.6%
General Electric Co.	147,375	15,184,046
Honeywell International, Inc.	5,000	1,061,400
		16,245,446
Machinery - 0.8%
Caterpillar, Inc.	41,474	7,961,764
Deere & Co.	15,347	5,142,319
Otis Worldwide Corp.	134,474	11,064,521
		24,168,604
Professional Services - 0.2%
Experian PLC	164,333	6,883,932
Road & Rail - 1.0%
Canadian Pacific Railway Ltd. (b)	172,600	11,231,082
Lyft, Inc. (a)	5,000	267,950
Old Dominion Freight Lines, Inc.	14,773	4,224,783
Uber Technologies, Inc. (a)	332,472	14,894,746
		30,618,561
Trading Companies & Distributors - 0.2%
AerCap Holdings NV (a)	88,300	5,104,623

TOTAL INDUSTRIALS		232,929,735

INFORMATION TECHNOLOGY - 24.3%
IT Services - 3.7%
Accenture PLC Class A	69,123	22,113,830
FleetCor Technologies, Inc. (a)	3,300	862,191
Flywire Corp. (a)	5,800	254,272
MasterCard, Inc. Class A	155,819	54,175,150
MongoDB, Inc. Class A (a)	6,000	2,829,060
PayPal Holdings, Inc. (a)	56,500	14,701,865
Snowflake Computing, Inc.	3,400	1,028,262
Square, Inc.	38,700	9,281,808
Toast, Inc. (b)	7,100	354,645
VeriSign, Inc. (a)	9,209	1,887,937
		107,489,020
Semiconductors & Semiconductor Equipment - 7.7%
Advanced Micro Devices, Inc. (a)	169,151	17,405,638
Applied Materials, Inc.	19,400	2,497,362
ASML Holding NV	17,495	13,035,699
KLA Corp.	19,906	6,658,756
Lam Research Corp.	44,801	25,498,489
Marvell Technology, Inc.	1,214,448	73,243,359
NVIDIA Corp.	383,032	79,348,909
NXP Semiconductors NV	37,663	7,377,052
		225,065,264
Software - 10.1%
Adobe, Inc. (a)	53,919	31,042,247
Crowdstrike Holdings, Inc. (a)	4,600	1,130,588
Dynatrace, Inc. (a)	49,236	3,494,279
EngageSmart, Inc.	9,900	337,194
FireEye, Inc. (a)	65,600	1,167,680
HubSpot, Inc. (a)	19,200	12,980,928
Intuit, Inc.	47,154	25,440,055
Microsoft Corp.	575,913	162,361,393
Salesforce.com, Inc. (a)	167,634	45,465,693
Tenable Holdings, Inc. (a)	22,309	1,029,337
Workday, Inc. Class A (a)	12,451	3,111,380
Zoom Video Communications, Inc. Class A (a)	18,200	4,759,300
		292,320,074
Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc.	518,955	73,432,133
Samsung Electronics Co. Ltd.	150,450	9,323,033
		82,755,166

TOTAL INFORMATION TECHNOLOGY		707,629,524

MATERIALS - 3.2%
Chemicals - 2.0%
Albemarle Corp. U.S.	10,593	2,319,549
Azelis Group NV	25,000	783,740
Celanese Corp. Class A	17,993	2,710,466
CF Industries Holdings, Inc.	183,700	10,254,134
Corbion NV	11,500	555,632
DuPont de Nemours, Inc.	281,583	19,144,828
International Flavors & Fragrances, Inc.	51,434	6,877,754
Linde PLC	6,300	1,848,294
Olin Corp.	103,200	4,979,400
Sherwin-Williams Co.	16,566	4,634,007
The Chemours Co. LLC	81,701	2,374,231
		56,482,035
Containers & Packaging - 0.2%
Avery Dennison Corp.	31,710	6,570,629
Metals & Mining - 1.0%
Cleveland-Cliffs, Inc. (a)	99,300	1,967,133
First Quantum Minerals Ltd.	159,700	2,956,707
Franco-Nevada Corp.	3,899	506,538
Freeport-McMoRan, Inc.	358,953	11,676,741
Newmont Corp.	44,600	2,421,780
Nucor Corp.	108,400	10,676,316
		30,205,215

TOTAL MATERIALS		93,257,879

REAL ESTATE - 1.4%
Equity Real Estate Investment Trusts (REITs) - 1.2%
American Tower Corp.	66,100	17,543,601
Equity Residential (SBI)	121,300	9,815,596
Lamar Advertising Co. Class A	62,346	7,073,154
		34,432,351
Real Estate Management & Development - 0.2%
Jones Lang LaSalle, Inc. (a)	18,700	4,639,283
Realogy Holdings Corp. (a)(b)	46,000	806,840
		5,446,123

TOTAL REAL ESTATE		39,878,474

UTILITIES - 0.2%
Electric Utilities - 0.1%
NextEra Energy, Inc.	11,200	879,424
Independent Power and Renewable Electricity Producers - 0.1%
Brookfield Renewable Corp.	96,200	3,736,807

TOTAL UTILITIES		4,616,231

TOTAL COMMON STOCKS
(Cost $1,808,082,983)		2,849,077,899

Convertible Preferred Stocks - 0.6%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
Reddit, Inc. Series E (a)(d)(e)	3,500	216,280
INFORMATION TECHNOLOGY - 0.6%
IT Services - 0.6%
ByteDance Ltd. Series E1 (a)(d)(e)	17,226	2,038,869
Yanka Industries, Inc.:
Series E (a)(d)(e)	165,574	5,277,969
Series F (d)(e)	265,105	8,450,699
		15,767,537
Software - 0.0%
Evozyne LLC Series A (a)(d)(e)	20,000	449,400

TOTAL INFORMATION TECHNOLOGY		16,216,937

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $12,936,285)		16,433,217

Money Market Funds - 2.2%
Fidelity Cash Central Fund 0.06% (f)	42,637,251	42,645,779
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g)	22,607,778	22,610,039
TOTAL MONEY MARKET FUNDS
(Cost $65,255,818)		65,255,818
TOTAL INVESTMENT IN SECURITIES - 100.7%
(Cost $1,886,275,086)		2,930,766,934
NET OTHER ASSETS (LIABILITIES) - (0.7)%		(20,747,755)
NET ASSETS - 100%		$2,910,019,179

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 (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,481,552 or 0.6% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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
ByteDance Ltd. Series E1	11/18/20	$1,887,525
Evozyne LLC Series A	4/9/21	$449,400
Reddit, Inc. Series E	5/18/21	$148,660
Tory Burch LLC	5/14/15	$2,039,212
Yanka Industries, Inc. Series E	5/15/20	$2,000,001
Yanka Industries, Inc. Series F	4/8/21	$8,450,699

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$8,104,804	$336,662,236	$302,121,507	$10,503	$246	$--	$42,645,779	0.1%
Fidelity Securities Lending Cash Central Fund 0.06%	11,836,114	299,953,202	289,179,277	81,526	--	--	22,610,039	0.1%
Total	$19,940,918	$636,615,438	$591,300,784	$92,029	$246	$--	$65,255,818

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2021, 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:
Communication Services	$418,035,635	$410,724,759	$7,310,876	$--
Consumer Discretionary	417,100,901	366,559,379	48,276,907	2,264,615
Consumer Staples	98,982,213	69,434,534	29,547,679	--
Energy	148,281,339	141,636,483	6,644,856	--
Financials	367,290,705	365,217,157	704,328	1,369,220
Health Care	321,291,543	317,231,266	4,060,277	--
Industrials	232,929,735	219,377,234	13,552,501	--
Information Technology	723,846,461	698,306,491	9,323,033	16,216,937
Materials	93,257,879	91,918,507	1,339,372	--
Real Estate	39,878,474	39,878,474	--	--
Utilities	4,616,231	4,616,231	--	--
Money Market Funds	65,255,818	65,255,818	--	--
Total Investments in Securities:	$2,930,766,934	$2,790,156,333	$120,759,829	$19,850,772

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

Financial Statements

Statement of Assets and Liabilities

		September 30, 2021
Assets
Investment in securities, at value (including securities loaned of $22,012,712) — See accompanying schedule: Unaffiliated issuers (cost $1,821,019,268)	$2,865,511,116
Fidelity Central Funds (cost $65,255,818)	65,255,818
Total Investment in Securities (cost $1,886,275,086)		$2,930,766,934
Cash		5,192,653
Restricted cash		50,000
Foreign currency held at value (cost $136,444)		136,532
Receivable for investments sold		11,532,565
Receivable for fund shares sold		265,847
Dividends receivable		1,566,413
Distributions receivable from Fidelity Central Funds		7,703
Prepaid expenses		4,297
Other receivables		69,868
Total assets		2,949,592,812
Liabilities
Payable for investments purchased	$14,431,724
Payable for fund shares redeemed	778,198
Accrued management fee	987,398
Distribution and service plan fees payable	136,584
Other affiliated payables	156,776
Other payables and accrued expenses	476,403
Collateral on securities loaned	22,606,550
Total liabilities		39,573,633
Net Assets		$2,910,019,179
Net Assets consist of:
Paid in capital		$1,450,656,781
Total accumulated earnings (loss)		1,459,362,398
Net Assets		$2,910,019,179
Net Asset Value and Maximum Offering Price
Class O:
Net Asset Value, offering price and redemption price per share ($2,334,999,560 ÷ 62,563,290 shares)		$37.32
Class A:
Net Asset Value and redemption price per share ($399,876,386 ÷ 11,095,031 shares)^(a)		$36.04
Maximum offering price per share (100/94.25 of $36.04)		$38.24
Class M:
Net Asset Value and redemption price per share ($53,062,245 ÷ 1,490,671 shares)^(a)		$35.60
Maximum offering price per share (100/96.50 of $35.60)		$36.89
Class C:
Net Asset Value and offering price per share ($32,096,463 ÷ 939,432 shares)^(a)		$34.17
Class I:
Net Asset Value, offering price and redemption price per share ($73,345,183 ÷ 1,888,449 shares)		$38.84
Class Z:
Net Asset Value, offering price and redemption price per share ($16,639,342 ÷ 433,170 shares)		$38.41

(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

		Year ended September 30, 2021
Investment Income
Dividends		$25,010,146
Income from Fidelity Central Funds (including $81,526 from security lending)		92,029
Total income		25,102,175
Expenses
Management fee	$10,946,978
Transfer agent fees	3,492,032
Distribution and service plan fees	1,522,059
Accounting fees	816,724
Custodian fees and expenses	91,950
Independent trustees' fees and expenses	10,745
Registration fees	100,073
Audit	85,815
Legal	8,468
Interest	504
Miscellaneous	12,642
Total expenses before reductions	17,087,990
Expense reductions	(2,748,632)
Total expenses after reductions		14,339,358
Net investment income (loss)		10,762,817
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $65,781)	460,977,948
Fidelity Central Funds	246
Foreign currency transactions	(37,471)
Written options	1,668,385
Total net realized gain (loss)		462,609,108
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $155,940)	193,179,978
Assets and liabilities in foreign currencies	(8,310)
Total change in net unrealized appreciation (depreciation)		193,171,668
Net gain (loss)		655,780,776
Net increase (decrease) in net assets resulting from operations		$666,543,593

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

Statement of Changes in Net Assets

	Year ended September 30, 2021	Year ended September 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$10,762,817	$14,145,553
Net realized gain (loss)	462,609,108	102,576,808
Change in net unrealized appreciation (depreciation)	193,171,668	397,937,111
Net increase (decrease) in net assets resulting from operations	666,543,593	514,659,472
Distributions to shareholders	(129,966,523)	(67,891,900)
Share transactions - net increase (decrease)	(21,296,837)	(97,281,301)
Total increase (decrease) in net assets	515,280,233	349,486,271
Net Assets
Beginning of period	2,394,738,946	2,045,252,675
End of period	$2,910,019,179	$2,394,738,946

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

Financial Highlights

Fidelity Advisor Diversified Stock Fund Class O

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$30.57	$24.95	$28.95	$26.07	$22.27
Income from Investment Operations
Net investment income (loss)^A	.16	.20	.22	.21	.39
Net realized and unrealized gain (loss)	8.28	6.28	(1.33)	4.95	3.80
Total from investment operations	8.44	6.48	(1.11)	5.16	4.19
Distributions from net investment income	(.17)	(.22)	(.17)	(.35)	(.36)^B
Distributions from net realized gain	(1.53)	(.64)	(2.71)	(1.93)	(.03)^B
Total distributions	(1.69)^C	(.86)	(2.89)^C	(2.28)	(.39)
Net asset value, end of period	$37.32	$30.57	$24.95	$28.95	$26.07
Total Return^D	28.60%	26.50%	(2.68)%^E	21.08%^E	18.99%^E
Ratios to Average Net Assets^F,^G
Expenses before reductions	.55%	.57%	.57%	.47%	.48%
Expenses net of fee waivers, if any	.45%	.46%	.46%	.47%	.48%
Expenses net of all reductions	.44%	.45%	.46%	.46%	.48%
Net investment income (loss)	.47%	.74%	.88%	.78%	1.61%
Supplemental Data
Net assets, end of period (000 omitted)	$2,335,000	$1,935,829	$1,640,484	$1,855,761	$1,763,983
Portfolio turnover rate^H	75%	78%	95%	103%	77%

^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 per share do not sum due to rounding.

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

^E Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans. These sales charges and other fees were discontinued effective November 16, 2018 in conjunction with the termination of the Destiny Plans.

^F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Diversified Stock Fund Class A

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$29.58	$24.17	$28.14	$25.40	$21.71
Income from Investment Operations
Net investment income (loss)^A	.04	.10	.12	.11	.30
Net realized and unrealized gain (loss)	8.01	6.08	(1.30)	4.82	3.70
Total from investment operations	8.05	6.18	(1.18)	4.93	4.00
Distributions from net investment income	(.07)	(.13)	(.08)	(.26)	(.28)^B
Distributions from net realized gain	(1.53)	(.64)	(2.71)	(1.93)	(.03)^B
Total distributions	(1.59)^C	(.77)	(2.79)	(2.19)	(.31)
Net asset value, end of period	$36.04	$29.58	$24.17	$28.14	$25.40
Total Return^D,^E	28.17%	26.05%	(3.05)%^F	20.67%^F	18.58%^F
Ratios to Average Net Assets^G,^H
Expenses before reductions	.85%	.87%	.88%	.82%	.83%
Expenses net of fee waivers, if any	.80%	.81%	.82%	.81%	.82%
Expenses net of all reductions	.79%	.80%	.81%	.80%	.82%
Net investment income (loss)	.12%	.38%	.52%	.43%	1.27%
Supplemental Data
Net assets, end of period (000 omitted)	$399,876	$314,622	$270,441	$284,276	$252,202
Portfolio turnover rate^I	75%	78%	95%	103%	77%

^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 per share do not sum due to rounding.

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

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

^F Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans. These sales charges and other fees were discontinued effective November 16, 2018 in conjunction with the termination of the Destiny Plans.

^G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Diversified Stock Fund Class M

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$29.27	$23.91	$27.86	$25.17	$21.53
Income from Investment Operations
Net investment income (loss)^A	(.07)	.01	.04	.01	.20
Net realized and unrealized gain (loss)	7.93	6.02	(1.29)	4.78	3.68
Total from investment operations	7.86	6.03	(1.25)	4.79	3.88
Distributions from net investment income	–	(.03)	–	(.17)	(.21)^B
Distributions from net realized gain	(1.53)	(.64)	(2.70)	(1.93)	(.03)^B
Total distributions	(1.53)	(.67)	(2.70)	(2.10)	(.24)
Net asset value, end of period	$35.60	$29.27	$23.91	$27.86	$25.17
Total Return^C,^D	27.74%	25.64%	(3.42)%	20.23%	18.10%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.13%	1.17%	1.18%	1.19%	1.22%
Expenses net of fee waivers, if any	1.13%	1.16%	1.18%	1.19%	1.22%
Expenses net of all reductions	1.12%	1.16%	1.18%	1.18%	1.21%
Net investment income (loss)	(.21)%	.03%	.16%	.06%	.87%
Supplemental Data
Net assets, end of period (000 omitted)	$53,062	$42,562	$38,382	$41,540	$36,726
Portfolio turnover rate^G	75%	78%	95%	103%	77%

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

^D Total returns do not include the effect of the sales charges.

^E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Diversified Stock Fund Class C

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$28.30	$23.21	$27.13	$24.57	$21.03
Income from Investment Operations
Net investment income (loss)^A	(.25)	(.13)	(.09)	(.12)	.08
Net realized and unrealized gain (loss)	7.65	5.82	(1.25)	4.65	3.59
Total from investment operations	7.40	5.69	(1.34)	4.53	3.67
Distributions from net investment income	–	–^B	–	(.04)	(.10)^C
Distributions from net realized gain	(1.53)	(.60)	(2.58)	(1.93)	(.03)^C
Total distributions	(1.53)	(.60)	(2.58)	(1.97)	(.13)
Net asset value, end of period	$34.17	$28.30	$23.21	$27.13	$24.57
Total Return^D,^E	27.03%	24.87%	(3.92)%	19.55%	17.51%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.70%	1.73%	1.74%	1.74%	1.76%
Expenses net of fee waivers, if any	1.70%	1.73%	1.74%	1.74%	1.76%
Expenses net of all reductions	1.69%	1.72%	1.74%	1.73%	1.75%
Net investment income (loss)	(.78)%	(.54)%	(.40)%	(.49)%	.33%
Supplemental Data
Net assets, end of period (000 omitted)	$32,096	$30,556	$29,785	$34,772	$29,147
Portfolio turnover rate^H	75%	78%	95%	103%	77%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

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

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Diversified Stock Fund Class I

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$31.75	$25.88	$29.91	$26.87	$22.94
Income from Investment Operations
Net investment income (loss)^A	.12	.16	.18	.17	.36
Net realized and unrealized gain (loss)	8.62	6.52	(1.36)	5.11	3.92
Total from investment operations	8.74	6.68	(1.18)	5.28	4.28
Distributions from net investment income	(.12)	(.18)	(.13)	(.31)	(.32)^B
Distributions from net realized gain	(1.53)	(.64)	(2.71)	(1.93)	(.03)^B
Total distributions	(1.65)	(.81)^C	(2.85)^C	(2.24)	(.35)
Net asset value, end of period	$38.84	$31.75	$25.88	$29.91	$26.87
Total Return^D	28.43%	26.32%	(2.85)%	20.88%	18.81%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.59%	.61%	.62%	.62%	.63%
Expenses net of fee waivers, if any	.59%	.61%	.62%	.62%	.63%
Expenses net of all reductions	.58%	.60%	.62%	.61%	.63%
Net investment income (loss)	.33%	.59%	.72%	.62%	1.46%
Supplemental Data
Net assets, end of period (000 omitted)	$73,345	$58,886	$56,150	$49,619	$49,107
Portfolio turnover rate^G	75%	78%	95%	103%	77%

^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 per share do not sum due to rounding.

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

^G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Diversified Stock Fund Class Z

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$31.42	$25.62	$29.65	$26.66	$22.76
Income from Investment Operations
Net investment income (loss)^A	.16	.19	.21	.21	.40
Net realized and unrealized gain (loss)	8.51	6.46	(1.36)	5.06	3.88
Total from investment operations	8.67	6.65	(1.15)	5.27	4.28
Distributions from net investment income	(.16)	(.21)	(.17)	(.35)	(.35)^B
Distributions from net realized gain	(1.53)	(.64)	(2.71)	(1.93)	(.03)^B
Total distributions	(1.68)^C	(.85)	(2.88)	(2.28)	(.38)
Net asset value, end of period	$38.41	$31.42	$25.62	$29.65	$26.66
Total Return^D,^E	28.55%	26.47%	(2.74)%	21.02%	18.98%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.48%	.49%	.50%	.51%	.51%
Expenses net of fee waivers, if any	.48%	.49%	.50%	.50%	.51%
Expenses net of all reductions	.47%	.49%	.49%	.49%	.50%
Net investment income (loss)	.44%	.70%	.84%	.74%	1.58%
Supplemental Data
Net assets, end of period (000 omitted)	$16,639	$12,284	$10,010	$6,288	$934
Portfolio turnover rate^H	75%	78%	95%	103%	77%

^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 per share do not sum due to rounding.

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

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

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Notes to Financial Statements

For the period ended September 30, 2021

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 Class O, Class A, Class M, Class C, Class I and Class Z shares, 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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. Class O is closed to new accounts.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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. 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 September 30, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor Diversified Stock Fund

$23,955

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. As of September 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, certain foreign taxes, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

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	$1,072,328,347
Gross unrealized depreciation	(32,394,156)
Net unrealized appreciation (depreciation)	$1,039,934,191
Tax Cost	$1,890,832,743

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$84,284,030
Undistributed long-term capital gain	$335,497,947
Net unrealized appreciation (depreciation) on securities and other investments	$1,039,937,655

The tax character of distributions paid was as follows:

	September 30, 2021	September 30, 2020
Ordinary Income	$11,291,963	$ 19,477,848
Long-term Capital Gains	118,674,560	48,414,052
Total	$129,966,523	$ 67,891,900

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Advisor Diversified Stock Fund	2,098,335	.07

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options".

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Advisor Diversified Stock Fund	2,024,618,665	2,196,805,575

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .40% 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 Company LLC (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%	$932,392	$12,432
Class M	.25%	.25%	249,226	1,378
Class C	.75%	.25%	340,441	37,924
			$1,522,059	$51,734

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	$57,374
Class M	4,362
Class C^(a)	2,577
	$64,313

(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 LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. 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 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
Class O	$2,597,717	.12
Class A	600,663	.16
Class M	95,604	.19
Class C	89,146	.26
Class I	102,257	.15
Class Z	6,645	.04
	$3,492,032

During the period, the investment adviser or its affiliates waived a portion of these fees.

Accounting 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. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Advisor Diversified Stock Fund	.03

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

	Amount
Fidelity Advisor Diversified Stock Fund	$37,210

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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
Fidelity Advisor Diversified Stock Fund	Borrower	$3,424,571	.33%	$220

Interfund Trades. 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Advisor Diversified Stock Fund	100,117,083	135,021,146

7. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Advisor Diversified Stock Fund	$5,017

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Diversified Stock Fund	$2,685	$493	$–

9. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Diversified Stock Fund	$1,926,000	.59%	$284

10. Expense Reductions.

Effective November 1, 2018, FIIOC agreed to waive Class O and Class A transfer agent fees to the extent that they exceeded certain levels of class-level average net assets as noted in the table below. This waiver may not be terminated without the approval of the Board.

	Transfer Agent Fees Limitations	Reimbursement
Class O	.01%	$2,371,251
Class A	.11%	186,856
		$2,558,107

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $25,246.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended September 30, 2021	Year ended September 30, 2020
Fidelity Advisor Diversified Stock Fund
Distributions to shareholders
Class O	$105,523,412	$55,525,594
Class A	16,854,693	8,432,149
Class M	2,208,844	1,026,393
Class C	1,640,537	756,921
Class I	3,033,937	1,771,374
Class Z	705,100	379,469
Total	$129,966,523	$67,891,900

12. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended September 30, 2021	Year ended September 30, 2020	Year ended September 30, 2021	Year ended September 30, 2020
Fidelity Advisor Diversified Stock Fund
Class O
Shares sold	373,788	399,214	$12,954,053	$10,557,066
Reinvestment of distributions	2,912,153	1,833,831	92,257,018	48,358,134
Shares redeemed	(4,046,204)	(4,660,259)	(139,725,195)	(125,021,161)
Net increase (decrease)	(760,263)	(2,427,214)	$(34,514,124)	$(66,105,961)
Class A
Shares sold	1,393,229	1,310,475	$47,334,439	$33,487,237
Reinvestment of distributions	542,144	325,418	16,627,568	8,327,442
Shares redeemed	(1,475,210)	(2,188,962)	(49,929,626)	(56,392,497)
Net increase (decrease)	460,163	(553,069)	$14,032,381	$(14,577,818)
Class M
Shares sold	266,618	327,099	$8,894,164	$8,407,089
Reinvestment of distributions	72,071	40,105	2,188,795	1,018,261
Shares redeemed	(302,185)	(517,978)	(10,032,169)	(13,271,838)
Net increase (decrease)	36,504	(150,774)	$1,050,790	$(3,846,488)
Class C
Shares sold	126,334	173,995	$4,002,340	$4,280,498
Reinvestment of distributions	55,108	29,769	1,613,562	734,105
Shares redeemed	(321,597)	(407,598)	(10,528,692)	(10,108,147)
Net increase (decrease)	(140,155)	(203,834)	$(4,912,790)	$(5,093,544)
Class I
Shares sold	594,307	733,249	$21,936,286	$20,357,357
Reinvestment of distributions	73,124	56,488	2,413,101	1,549,456
Shares redeemed	(633,517)	(1,104,459)	(22,676,183)	(30,375,723)
Net increase (decrease)	33,914	(314,722)	$1,673,204	$(8,468,910)
Class Z
Shares sold	139,654	205,485	$4,995,565	$5,647,141
Reinvestment of distributions	19,967	12,645	651,128	342,800
Shares redeemed	(117,408)	(217,835)	(4,272,991)	(5,178,521)
Net increase (decrease)	42,213	295	$1,373,702	$811,420

13. Other.

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.

14. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Destiny Portfolios and Shareholders of Fidelity Advisor Diversified Stock Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Diversified Stock Fund (the "Fund"), a fund of Fidelity Destiny Portfolios, including the schedule of investments, as of September 30, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 12, 2021

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 313 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity^® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity^® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity^® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity^® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity^® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity^® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity^® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity^® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity^® funds (2016-2020) and Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (April 1, 2021 to September 30, 2021).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 April 1, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period-^B April 1, 2021 to September 30, 2021
Fidelity Advisor Diversified Stock Fund
Class O	.44%
Actual		$1,000.00	$1,086.10	$2.30
Hypothetical-^C		$1,000.00	$1,022.86	$2.23
Class A	.79%
Actual		$1,000.00	$1,084.20	$4.13
Hypothetical-^C		$1,000.00	$1,021.11	$4.00
Class M	1.12%
Actual		$1,000.00	$1,082.70	$5.85
Hypothetical-^C		$1,000.00	$1,019.45	$5.67
Class C	1.69%
Actual		$1,000.00	$1,079.60	$8.81
Hypothetical-^C		$1,000.00	$1,016.60	$8.54
Class I	.58%
Actual		$1,000.00	$1,085.50	$3.03
Hypothetical-^C		$1,000.00	$1,022.16	$2.94
Class Z	.48%
Actual		$1,000.00	$1,085.90	$2.51
Hypothetical- ^C		$1,000.00	$1,022.66	$2.43

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

^B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2021, $359,094,935, or, if subsequently determined to be different, the net capital gain of such year.

Class O, Class A, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class O, Class A, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Diversified Stock Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in January 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Diversified Stock Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Advisor Diversified Stock Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of Class I ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

ADESI-ANN-1121
1.814744.116

Fidelity Advisor® Capital Development Fund

Annual Report

September 30, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended September 30, 2021	Past 1 year	Past 5 years	Past 10 years
Class O	39.61%	14.10%	13.97%
Class A (incl. 5.75% sales charge)	31.21%	12.44%	12.96%
Class M (incl. 3.50% sales charge)	33.76%	12.38%	12.63%
Class C (incl. contingent deferred sales charge)	36.89%	12.68%	12.74%
Class I	39.40%	13.93%	13.78%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Capital Development Fund - Class A on September 30, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$33,833	Fidelity Advisor® Capital Development Fund - Class A
	$46,586	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matt Fruhan: For the fiscal year ending September 30, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 38% to 40%, outperforming the 30.00% result of the benchmark S&P 500^® index. The primary contributor to performance versus the benchmark was our stock selection in the industrials sector, especially within the capital goods industry. Security selection and an overweight in financials and an overweight in energy also boosted the fund's relative result. The biggest individual relative contributor was an overweight position in General Electric (+108%), the fund's largest holding. Also bolstering performance was our outsized stake in Wells Fargo, which gained 100%. Wells Fargo was among our biggest holdings. Another notable relative contributor was an overweight in Exxon Mobil (+84%), which was one of the fund's largest holdings. Conversely, the biggest detractor from performance versus the benchmark was our stock selection in information technology. Also hindering the fund's relative result was security selection and an underweight in the communication services sector, especially within the media & entertainment industry. Stock picking and an overweight in health care also hampered the fund's relative performance. The biggest individual relative detractor was an underweight position in Alphabet (+82%). The fund's non-benchmark stake in SAP returned about -12% and also hurt. Another key detractor was our out-of-benchmark position in Bayer (-10%). Notable changes in positioning include a higher allocation to the energy and financials sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2021

	% of fund's net assets
General Electric Co.	6.9
Microsoft Corp.	6.6
Wells Fargo & Co.	4.9
Exxon Mobil Corp.	4.4
Bank of America Corp.	3.8
Comcast Corp. Class A	3.3
Apple, Inc.	3.2
Altria Group, Inc.	2.6
United Parcel Service, Inc. Class B	1.8
Bristol-Myers Squibb Co.	1.8
	39.3

Top Five Market Sectors as of September 30, 2021

	% of fund's net assets
Information Technology	19.1
Financials	19.0
Industrials	16.1
Health Care	13.6
Communication Services	8.9

Asset Allocation (% of fund's net assets)

As of September 30, 2021^*
	Stocks	99.8%
	Other Investments	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	0.1%

* Foreign investments - 10.4%

Schedule of Investments September 30, 2021

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value
COMMUNICATION SERVICES - 8.9%
Diversified Telecommunication Services - 0.3%
Verizon Communications, Inc.	271,806	$14,680,242
Entertainment - 2.2%
Activision Blizzard, Inc.	127,400	9,859,486
Nintendo Co. Ltd. ADR (a)	193,600	11,470,800
The Walt Disney Co. (b)	285,400	48,281,118
Universal Music Group NV (a)	830,400	22,123,005
		91,734,409
Interactive Media & Services - 2.3%
Alphabet, Inc.:
Class A (b)	14,200	37,963,984
Class C (b)	12,883	34,337,189
Facebook, Inc. Class A (b)	34,200	11,607,138
Match Group, Inc. (b)	74,047	11,624,639
		95,532,950
Media - 4.1%
Comcast Corp. Class A	2,428,800	135,842,784
Interpublic Group of Companies, Inc.	635,600	23,307,452
Vivendi SA (a)	830,400	10,454,696
		169,604,932

TOTAL COMMUNICATION SERVICES		371,552,533

CONSUMER DISCRETIONARY - 5.3%
Auto Components - 0.5%
BorgWarner, Inc.	525,160	22,692,164
Automobiles - 0.6%
General Motors Co. (b)	452,800	23,867,088
Distributors - 0.0%
LKQ Corp. (b)	8,900	447,848
Hotels, Restaurants & Leisure - 1.5%
Booking Holdings, Inc. (b)	14,400	34,183,728
Elior SA (b)(c)	437,100	3,471,655
Expedia, Inc. (b)	76,200	12,489,180
Marriott International, Inc. Class A (b)	62,600	9,270,434
Starbucks Corp.	44,100	4,864,671
		64,279,668
Household Durables - 1.4%
Mohawk Industries, Inc. (b)	153,400	27,213,160
Sony Group Corp. sponsored ADR	58,700	6,491,046
Whirlpool Corp.	113,400	23,117,724
		56,821,930
Internet & Direct Marketing Retail - 0.0%
Chewy, Inc. (b)	23,100	1,573,341
Specialty Retail - 1.3%
Lowe's Companies, Inc.	258,800	52,500,168

TOTAL CONSUMER DISCRETIONARY		222,182,207

CONSUMER STAPLES - 5.7%
Beverages - 1.6%
Anheuser-Busch InBev SA NV ADR (a)	18,100	1,020,478
Diageo PLC sponsored ADR	107,600	20,766,800
Keurig Dr. Pepper, Inc.	361,200	12,338,592
The Coca-Cola Co.	640,800	33,622,776
		67,748,646
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	14,000	6,290,900
Ocado Group PLC (b)	24,800	554,226
Performance Food Group Co. (b)	153,300	7,122,318
Sysco Corp.	377,800	29,657,300
		43,624,744
Food Products - 0.1%
Lamb Weston Holdings, Inc.	74,100	4,547,517
Household Products - 0.3%
Colgate-Palmolive Co.	9,600	725,568
Procter & Gamble Co.	3,500	489,300
Spectrum Brands Holdings, Inc.	112,000	10,715,040
		11,929,908
Tobacco - 2.7%
Altria Group, Inc.	2,340,200	106,525,904
Swedish Match Co. AB	506,000	4,428,812
		110,954,716

TOTAL CONSUMER STAPLES		238,805,531

ENERGY - 8.5%
Energy Equipment & Services - 0.1%
Subsea 7 SA	666,800	5,777,916
Oil, Gas & Consumable Fuels - 8.4%
Canadian Natural Resources Ltd.	144,400	5,279,618
Cenovus Energy, Inc. (Canada)	4,036,858	40,700,045
Exxon Mobil Corp.	3,136,400	184,483,048
Harbour Energy PLC (b)	653,500	3,189,656
Hess Corp.	885,820	69,191,400
Imperial Oil Ltd.	162,500	5,135,698
Kosmos Energy Ltd. (b)	4,028,590	11,924,626
MEG Energy Corp. (b)	319,200	2,492,411
Phillips 66 Co.	144,000	10,084,320
Tourmaline Oil Corp.	454,400	15,874,941
		348,355,763

TOTAL ENERGY		354,133,679

FINANCIALS - 19.0%
Banks - 13.4%
Bank of America Corp.	3,733,915	158,504,692
JPMorgan Chase & Co.	343,100	56,162,039
M&T Bank Corp.	51,600	7,705,944
PNC Financial Services Group, Inc.	301,916	59,066,846
Truist Financial Corp.	660,626	38,745,715
U.S. Bancorp	574,442	34,144,832
Wells Fargo & Co.	4,427,250	205,468,673
		559,798,741
Capital Markets - 3.6%
KKR & Co. LP	428,485	26,086,167
Morgan Stanley	279,300	27,178,683
Northern Trust Corp.	448,395	48,341,465
Raymond James Financial, Inc.	114,150	10,533,762
State Street Corp.	447,490	37,911,353
		150,051,430
Consumer Finance - 0.7%
Discover Financial Services	241,900	29,717,415
Insurance - 0.3%
Chubb Ltd.	60,700	10,530,236
Thrifts & Mortgage Finance - 1.0%
MGIC Investment Corp.	646,661	9,674,049
Radian Group, Inc.	1,409,652	32,027,293
		41,701,342

TOTAL FINANCIALS		791,799,164

HEALTH CARE - 13.6%
Biotechnology - 0.6%
ADC Therapeutics SA (b)	58,788	1,596,682
Alnylam Pharmaceuticals, Inc. (b)	44,200	8,345,402
Crinetics Pharmaceuticals, Inc. (b)	86,500	1,820,825
Gritstone Bio, Inc. (b)	76,987	831,460
Heron Therapeutics, Inc. (a)(b)	36,700	392,323
Insmed, Inc. (b)	175,279	4,827,184
Intercept Pharmaceuticals, Inc. (a)(b)	273,405	4,060,064
Vaxcyte, Inc.	46,100	1,169,557
Verve Therapeutics, Inc.	39,200	1,842,400
		24,885,897
Health Care Equipment & Supplies - 1.8%
Abbott Laboratories	20,500	2,421,665
Becton, Dickinson & Co.	44,800	11,012,736
Boston Scientific Corp. (b)	1,158,251	50,256,511
Danaher Corp.	16,600	5,053,704
iRhythm Technologies, Inc. (b)	412	24,127
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	103,700	4,608,428
		73,377,171
Health Care Providers & Services - 5.5%
Cardinal Health, Inc.	399,400	19,754,324
Centene Corp. (b)	52,700	3,283,737
Cigna Corp.	219,800	43,995,168
Covetrus, Inc. (b)	132,320	2,400,285
CVS Health Corp.	635,800	53,953,988
Guardant Health, Inc. (b)	28,200	3,525,282
Humana, Inc.	6,700	2,607,305
McKesson Corp.	235,380	46,930,064
UnitedHealth Group, Inc.	134,600	52,593,604
		229,043,757
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (b)	325,854	511,591
Pharmaceuticals - 5.7%
Bayer AG	696,278	37,790,840
Bristol-Myers Squibb Co.	1,254,300	74,216,931
Eli Lilly & Co.	53,600	12,384,280
GlaxoSmithKline PLC sponsored ADR	1,181,000	45,126,010
Intra-Cellular Therapies, Inc. (b)	39,900	1,487,472
Johnson & Johnson	352,160	56,873,840
Pliant Therapeutics, Inc. (b)	58,000	979,040
Sanofi SA sponsored ADR	157,200	7,578,612
TherapeuticsMD, Inc. (b)	1,966,431	1,457,912
Viatris, Inc.	50,600	685,630
		238,580,567

TOTAL HEALTH CARE		566,398,983

INDUSTRIALS - 15.9%
Aerospace & Defense - 2.6%
Airbus Group NV (b)	136,500	18,096,614
General Dynamics Corp.	54,400	10,664,032
Huntington Ingalls Industries, Inc.	39,800	7,683,788
Maxar Technologies, Inc.	22,100	625,872
MTU Aero Engines AG	18,100	4,069,276
Raytheon Technologies Corp.	66,400	5,707,744
Rolls-Royce Holdings PLC (b)	4,391,400	8,201,891
Safran SA	24,200	3,060,831
The Boeing Co. (b)	227,800	50,102,332
		108,212,380
Air Freight& Logistics - 2.3%
FedEx Corp.	89,000	19,516,810
United Parcel Service, Inc. Class B	413,900	75,371,190
		94,888,000
Airlines - 0.1%
Copa Holdings SA Class A (b)	5,900	480,142
Ryanair Holdings PLC sponsored ADR (b)	38,000	4,182,280
		4,662,422
Building Products - 0.3%
Janus International Group, Inc. (b)	430,600	5,270,544
Johnson Controls International PLC	105,000	7,148,400
		12,418,944
Electrical Equipment - 1.3%
Acuity Brands, Inc.	79,000	13,696,230
Hubbell, Inc. Class B	51,518	9,307,757
Vertiv Holdings Co.	1,180,400	28,435,836
		51,439,823
Industrial Conglomerates - 7.1%
3M Co.	60,000	10,525,200
General Electric Co.	2,772,887	285,690,546
		296,215,746
Machinery - 1.2%
Caterpillar, Inc.	16,500	3,167,505
Cummins, Inc.	24,600	5,524,176
Epiroc AB (A Shares)	123,700	2,564,538
Flowserve Corp.	221,600	7,682,872
Fortive Corp.	109,100	7,699,187
Otis Worldwide Corp.	79,150	6,512,462
PACCAR, Inc.	10,500	828,660
Stanley Black & Decker, Inc.	37,200	6,521,532
Westinghouse Air Brake Tech Co.	121,002	10,431,582
		50,932,514
Professional Services - 0.1%
Equifax, Inc.	14,900	3,775,958
Road & Rail - 0.9%
Knight-Swift Transportation Holdings, Inc. Class A	484,900	24,802,635
Lyft, Inc. (b)	116,033	6,218,208
Ryder System, Inc.	77,500	6,410,025
		37,430,868
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	61,800	1,229,068

TOTAL INDUSTRIALS		661,205,723

INFORMATION TECHNOLOGY - 19.1%
Electronic Equipment & Components - 0.3%
CDW Corp.	15,500	2,821,310
Vontier Corp.	271,540	9,123,744
		11,945,054
IT Services - 3.8%
Amadeus IT Holding SA Class A (b)	116,100	7,636,110
Edenred SA	165,000	8,882,355
Fidelity National Information Services, Inc.	177,400	21,586,032
Genpact Ltd.	168,200	7,991,182
IBM Corp.	46,400	6,446,352
MasterCard, Inc. Class A	32,300	11,230,064
Sabre Corp. (b)	814,700	9,646,048
Snowflake Computing, Inc.	3,300	998,019
Twilio, Inc. Class A (b)	5,300	1,690,965
Unisys Corp. (b)	515,247	12,953,310
Visa, Inc. Class A	313,800	69,898,950
		158,959,387
Semiconductors & Semiconductor Equipment - 3.1%
Analog Devices, Inc.	44,500	7,452,860
Applied Materials, Inc.	93,400	12,023,382
Intel Corp.	401,200	21,375,936
Lam Research Corp.	13,000	7,398,950
Marvell Technology, Inc.	158,400	9,553,104
Qualcomm, Inc.	545,690	70,383,096
		128,187,328
Software - 8.6%
Autodesk, Inc. (b)	37,300	10,636,841
Dynatrace, Inc. (b)	109,800	7,792,506
Elastic NV (b)	95,800	14,273,242
Microsoft Corp.	972,800	274,251,776
PTC, Inc. (b)	48,000	5,749,920
Salesforce.com, Inc. (b)	13,300	3,607,226
SAP SE sponsored ADR	289,900	39,148,096
Workday, Inc. Class A (b)	14,600	3,648,394
		359,108,001
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc.	946,000	133,859,000
Samsung Electronics Co. Ltd.	90,700	5,620,466
		139,479,466

TOTAL INFORMATION TECHNOLOGY		797,679,236

MATERIALS - 2.3%
Chemicals - 0.8%
DuPont de Nemours, Inc.	419,500	28,521,805
Livent Corp. (b)	14,200	328,162
PPG Industries, Inc.	46,200	6,607,062
		35,457,029
Metals & Mining - 1.5%
Anglo American PLC (United Kingdom)	220,146	7,715,821
First Quantum Minerals Ltd.	490,400	9,079,330
Freeport-McMoRan, Inc.	1,008,179	32,796,063
Glencore Xstrata PLC	1,215,600	5,718,312
Lundin Mining Corp.	734,200	5,280,722
		60,590,248

TOTAL MATERIALS		96,047,277

REAL ESTATE - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.9%
American Tower Corp.	43,000	11,412,630
Equinix, Inc.	1,700	1,343,221
Simon Property Group, Inc.	175,600	22,822,732
		35,578,583
UTILITIES - 0.4%
Electric Utilities - 0.3%
Entergy Corp.	35,900	3,565,229
Southern Co.	118,000	7,312,460
		10,877,689
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.	125,200	3,079,920
Sempra Energy	9,300	1,176,450
		4,256,370

TOTAL UTILITIES		15,134,059

TOTAL COMMON STOCKS
(Cost $2,747,056,335)		4,150,516,975

Preferred Stocks - 0.2%
Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
Reddit, Inc. Series E (b)(d)(e)	5,200	321,331
Nonconvertible Preferred Stocks - 0.2%
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
Embraer SA sponsored ADR (b)	360,900	6,135,300
TOTAL PREFERRED STOCKS
(Cost $4,197,273)		6,456,631

Other - 0.1%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels – 0.1%
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)
(Cost $7,810,134)	7,810,134	2,605,461

Money Market Funds - 1.3%
Fidelity Cash Central Fund 0.06% (g)	8,776,875	8,778,631
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h)	45,798,864	45,803,444
TOTAL MONEY MARKET FUNDS
(Cost $54,582,075)		54,582,075
TOTAL INVESTMENT IN SECURITIES - 101.2%
(Cost $2,813,645,817)		4,214,161,142
NET OTHER ASSETS (LIABILITIES) - (1.2)%		(48,472,586)
NET ASSETS - 100%		$4,165,688,556

Legend

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

(b) Non-income producing

(c) 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 $3,471,655 or 0.1% of net assets.

(e) Level 3 security

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

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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
Reddit, Inc. Series E	5/18/21	$220,866
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$7,810,134

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$57,343,306	$316,422,011	$364,975,551	$31,894	$(9,746)	$(1,389)	$8,778,631	0.0%
Fidelity Securities Lending Cash Central Fund 0.06%	38,414,876	620,632,658	613,244,090	2,788,251	--	--	45,803,444	0.1%
Total	$95,758,182	$937,054,669	$978,219,641	$2,820,145	$(9,746)	$(1,389)	$54,582,075

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$371,552,533	$338,974,832	$32,577,701	$--
Consumer Discretionary	222,503,538	218,710,552	3,471,655	321,331
Consumer Staples	238,805,531	233,822,493	4,983,038	--
Energy	354,133,679	345,166,107	8,967,572	--
Financials	791,799,164	791,799,164	--	--
Health Care	566,398,983	528,608,143	37,790,840	--
Industrials	667,341,023	630,118,805	37,222,218	--
Information Technology	797,679,236	775,540,305	22,138,931	--
Materials	96,047,277	82,613,144	13,434,133	--
Real Estate	35,578,583	35,578,583	--	--
Utilities	15,134,059	15,134,059	--	--
Other	2,605,461	--	--	2,605,461
Money Market Funds	54,582,075	54,582,075	--	--
Total Investments in Securities:	$4,214,161,142	$4,050,648,262	$160,586,088	$2,926,792
Net unrealized depreciation on unfunded commitments	$(787,362)	$--	$(787,362)	$--

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	89.6%
United Kingdom	2.1%
Canada	2.0%
Germany	1.9%
Netherlands	1.3%
Others (Individually Less Than 1%)	3.1%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		September 30, 2021
Assets
Investment in securities, at value (including securities loaned of $42,379,856) — See accompanying schedule: Unaffiliated issuers (cost $2,759,063,742)	$4,159,579,067
Fidelity Central Funds (cost $54,582,075)	54,582,075
Total Investment in Securities (cost $2,813,645,817)		$4,214,161,142
Restricted cash		102,005
Receivable for investments sold		5,732,669
Receivable for fund shares sold		206,961
Dividends receivable		7,410,944
Distributions receivable from Fidelity Central Funds		10,463
Prepaid expenses		6,398
Other receivables		397,340
Total assets		4,228,027,922
Liabilities
Payable to custodian bank	$8,164,084
Payable for investments purchased	3,836,917
Unrealized depreciation on unfunded commitments	787,362
Payable for fund shares redeemed	1,534,837
Accrued management fee	1,854,022
Distribution and service plan fees payable	120,840
Other affiliated payables	112,842
Other payables and accrued expenses	116,149
Collateral on securities loaned	45,812,313
Total liabilities		62,339,366
Net Assets		$4,165,688,556
Net Assets consist of:
Paid in capital		$2,606,008,728
Total accumulated earnings (loss)		1,559,679,828
Net Assets		$4,165,688,556
Net Asset Value and Maximum Offering Price
Class O:
Net Asset Value, offering price and redemption price per share ($3,567,328,923 ÷ 181,536,418 shares)		$19.65
Class A:
Net Asset Value and redemption price per share ($552,637,632 ÷ 29,430,476 shares)^(a)		$18.78
Maximum offering price per share (100/94.25 of $18.78)		$19.93
Class M:
Net Asset Value and redemption price per share ($3,476,292 ÷ 191,872 shares)^(a)		$18.12
Maximum offering price per share (100/96.50 of $18.12)		$18.78
Class C:
Net Asset Value and offering price per share ($2,606,571 ÷ 150,830 shares)^(a)		$17.28
Class I:
Net Asset Value, offering price and redemption price per share ($39,639,138 ÷ 2,009,473 shares)		$19.73

(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

		Year ended September 30, 2021
Investment Income
Dividends		$75,037,792
Non-Cash dividends		24,638,480
Income from Fidelity Central Funds (including $2,788,251 from security lending)		2,820,145
Total income		102,496,417
Expenses
Management fee	$20,856,834
Transfer agent fees	5,590,528
Distribution and service plan fees	1,376,436
Accounting fees	1,029,334
Custodian fees and expenses	55,534
Independent trustees' fees and expenses	15,200
Registration fees	87,460
Audit	73,317
Legal	11,844
Miscellaneous	17,365
Total expenses before reductions	29,113,852
Expense reductions	(5,391,364)
Total expenses after reductions		23,722,488
Net investment income (loss)		78,773,929
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	123,068,109
Fidelity Central Funds	(9,746)
Foreign currency transactions	(11,782)
Total net realized gain (loss)		123,046,581
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,023,714,077
Fidelity Central Funds	(1,389)
Unfunded commitments	(787,362)
Assets and liabilities in foreign currencies	20,828
Total change in net unrealized appreciation (depreciation)		1,022,946,154
Net gain (loss)		1,145,992,735
Net increase (decrease) in net assets resulting from operations		$1,224,766,664

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

Statement of Changes in Net Assets

	Year ended September 30, 2021	Year ended September 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$78,773,929	$58,617,978
Net realized gain (loss)	123,046,581	106,754,848
Change in net unrealized appreciation (depreciation)	1,022,946,154	(77,175,600)
Net increase (decrease) in net assets resulting from operations	1,224,766,664	88,197,226
Distributions to shareholders	(155,641,747)	(234,121,202)
Share transactions - net increase (decrease)	(9,040,569)	187,896,956
Total increase (decrease) in net assets	1,060,084,348	41,972,980
Net Assets
Beginning of period	3,105,604,208	3,063,631,228
End of period	$4,165,688,556	$3,105,604,208

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

Financial Highlights

Fidelity Advisor Capital Development Fund Class O

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$14.71	$15.41	$17.96	$16.69	$14.42
Income from Investment Operations
Net investment income (loss)^A	.37^B	.29	.31	.26	.24
Net realized and unrealized gain (loss)	5.32	.21	(.79)^C	2.13	2.47
Total from investment operations	5.69	.50	(.48)	2.39	2.71
Distributions from net investment income	(.28)	(.31)	(.28)	(.24)	(.21)
Distributions from net realized gain	(.47)	(.88)	(1.80)	(.88)	(.22)
Total distributions	(.75)	(1.20)^D	(2.07)^D	(1.12)	(.44)^D
Net asset value, end of period	$19.65	$14.71	$15.41	$17.96	$16.69
Total Return^E	39.61%	2.62%	(1.43)%^C,^F	15.04%^F	19.08%^F
Ratios to Average Net Assets^G,^H
Expenses before reductions	.70%	.72%	.70%	.58%	.59%
Expenses net of fee waivers, if any	.56%	.57%	.58%	.58%	.59%
Expenses net of all reductions	.56%	.57%	.57%	.58%	.59%
Net investment income (loss)	2.03%^B	1.95%	2.07%	1.52%	1.55%
Supplemental Data
Net assets, end of period (000 omitted)	$3,567,329	$2,663,852	$2,611,342	$2,896,451	$2,705,474
Portfolio turnover rate^I	16%	26%	38%	36%	31%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.41%.

^C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.53)%.

^D Total distributions per share do not sum due to rounding.

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

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Capital Development Fund Class A

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$14.09	$14.80	$17.34	$16.15	$13.97
Income from Investment Operations
Net investment income (loss)^A	.31^B	.24	.26	.20	.19
Net realized and unrealized gain (loss)	5.09	.20	(.77)^C	2.07	2.39
Total from investment operations	5.40	.44	(.51)	2.27	2.58
Distributions from net investment income	(.24)	(.27)	(.23)	(.19)	(.17)
Distributions from net realized gain	(.47)	(.88)	(1.80)	(.88)	(.22)
Total distributions	(.71)	(1.15)	(2.03)	(1.08)^D	(.40)^D
Net asset value, end of period	$18.78	$14.09	$14.80	$17.34	$16.15
Total Return^E,^F	39.21%	2.37%	(1.76)%^C,^G	14.71%^G	18.72%^G
Ratios to Average Net Assets^H,^I
Expenses before reductions	.97%	1.00%	1.00%	.87%	.88%
Expenses net of fee waivers, if any	.85%	.86%	.87%	.87%	.88%
Expenses net of all reductions	.85%	.86%	.86%	.87%	.88%
Net investment income (loss)	1.74%^B	1.66%	1.78%	1.23%	1.26%
Supplemental Data
Net assets, end of period (000 omitted)	$552,638	$425,890	$433,610	$460,953	$426,665
Portfolio turnover rate^J	16%	26%	38%	36%	31%

^A Calculated based on average shares outstanding during the period.

^C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (1.86)%

^D Total distributions per share do not sum due to rounding.

^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 Total returns do not include the effects of the separate sales charge and other fees assessed through Fidelity Systematic Investment Plans. These sales charges and other fees were discontinued effective November 16, 2018 in conjunction with the termination of the Destiny Plans.

^H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Capital Development Fund Class M

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$13.61	$14.34	$16.85	$15.71	$13.62
Income from Investment Operations
Net investment income (loss)^A	.21^B	.16	.18	.11	.10
Net realized and unrealized gain (loss)	4.93	.18	(.75)^C	2.02	2.32
Total from investment operations	5.14	.34	(.57)	2.13	2.42
Distributions from net investment income	(.17)	(.19)	(.14)	(.11)	(.11)
Distributions from net realized gain	(.47)	(.88)	(1.80)	(.88)	(.22)
Total distributions	(.63)^D	(1.07)	(1.94)	(.99)	(.33)
Net asset value, end of period	$18.12	$13.61	$14.34	$16.85	$15.71
Total Return^E,^F	38.61%	1.76%	(2.27)%^C	14.18%	18.02%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.33%	1.37%	1.40%	1.41%	1.42%
Expenses net of fee waivers, if any	1.33%	1.37%	1.40%	1.41%	1.42%
Expenses net of all reductions	1.33%	1.36%	1.40%	1.41%	1.42%
Net investment income (loss)	1.25%^B	1.16%	1.24%	.69%	.71%
Supplemental Data
Net assets, end of period (000 omitted)	$3,476	$2,468	$3,294	$3,469	$3,421
Portfolio turnover rate^I	16%	26%	38%	36%	31%

^A Calculated based on average shares outstanding during the period.

^D Total distributions per share do not sum due to rounding.

^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.

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Capital Development Fund Class C

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$12.99	$13.73	$16.23	$15.17	$13.18
Income from Investment Operations
Net investment income (loss)^A	.13^B	.09	.11	.04	.04
Net realized and unrealized gain (loss)	4.70	.19	(.73)^C	1.94	2.25
Total from investment operations	4.83	.28	(.62)	1.98	2.29
Distributions from net investment income	(.07)	(.14)	(.09)	(.04)	(.08)
Distributions from net realized gain	(.47)	(.88)	(1.80)	(.88)	(.22)
Total distributions	(.54)	(1.02)	(1.88)^D	(.92)	(.30)
Net asset value, end of period	$17.28	$12.99	$13.73	$16.23	$15.17
Total Return^E,^F	37.89%	1.39%	(2.72)%^C	13.62%	17.57%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.80%	1.83%	1.83%	1.84%	1.85%
Expenses net of fee waivers, if any	1.80%	1.83%	1.83%	1.84%	1.85%
Expenses net of all reductions	1.80%	1.82%	1.82%	1.83%	1.85%
Net investment income (loss)	.79%^B	.70%	.82%	.26%	.28%
Supplemental Data
Net assets, end of period (000 omitted)	$2,607	$1,956	$3,247	$3,082	$3,016
Portfolio turnover rate^I	16%	26%	38%	36%	31%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.

^D Total distributions per share do not sum due to rounding.

^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.

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity Advisor Capital Development Fund Class I

Years ended September 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$14.77	$15.46	$18.03	$16.74	$14.48
Income from Investment Operations
Net investment income (loss)^A	.35^B	.27	.29	.23	.22
Net realized and unrealized gain (loss)	5.34	.22	(.81)^C	2.16	2.46
Total from investment operations	5.69	.49	(.52)	2.39	2.68
Distributions from net investment income	(.26)	(.29)	(.26)	(.22)	(.20)
Distributions from net realized gain	(.47)	(.88)	(1.80)	(.88)	(.22)
Total distributions	(.73)	(1.18)^D	(2.05)^D	(1.10)	(.42)
Net asset value, end of period	$19.73	$14.77	$15.46	$18.03	$16.74
Total Return^E	39.40%	2.54%	(1.68)%^C	14.97%	18.82%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.71%	.72%	.73%	.72%	.74%
Expenses net of fee waivers, if any	.71%	.72%	.73%	.72%	.74%
Expenses net of all reductions	.71%	.71%	.73%	.72%	.74%
Net investment income (loss)	1.87%^B	1.81%	1.91%	1.38%	1.39%
Supplemental Data
Net assets, end of period (000 omitted)	$39,639	$11,438	$12,138	$5,315	$3,381
Portfolio turnover rate^H	16%	26%	38%	36%	31%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.

^D Total distributions per share do not sum due to rounding.

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

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Notes to Financial Statements

For the period ended September 30, 2021

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 Class O, Class A, Class M, Class C and Class I shares, 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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. Class O is closed to new accounts.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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:

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.

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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Fidelity Advisor Capital Development Fund

$40,413

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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	$1,574,626,382
Gross unrealized depreciation	(201,741,125)
Net unrealized appreciation (depreciation)	$1,372,885,257
Tax Cost	$2,840,488,523

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$86,601,417
Undistributed long-term capital gain	$100,367,498
Net unrealized appreciation (depreciation) on securities and other investments	$1,372,710,910

The tax character of distributions paid was as follows:

	September 30, 2021	September 30, 2020
Ordinary Income	$58,060,093	$ 60,656,821
Long-term Capital Gains	97,581,654	173,464,381
Total	$155,641,747	$ 234,121,202

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Advisor Capital Development Fund	2,707,466	.06

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Advisor Capital Development Fund	607,453,637	639,708,326

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% of the Fund's average net assets.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	1,335,988	28,099
Class M	.25%	.25%	15,936	24
Class C	.75%	.25%	24,512	3,267
			$1,376,436	$31,390

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

	Retained by FDC
Class A	18,248
Class M	605
Class C^(a)	117
	$18,970

(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 LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. 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. 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
Class O	$4,697,638	.14
Class A	844,164	.16
Class M	8,807	.28
Class C	5,907	.24
Class I	34,012	.15
	$5,590,528

During the period, the investment adviser or its affiliates waived a portion of these fees.

	% of Average Net Assets
Fidelity Advisor Capital Development Fund	.03

	Amount
Fidelity Advisor Capital Development Fund	$10,265

	Purchases ($)	Sales ($)
Fidelity Advisor Capital Development Fund	43,402,798	46,632,477

6. Committed Line of Credit.

	Amount
Fidelity Advisor Capital Development Fund	$7,062

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Capital Development Fund	$221,000	$46,491	$–

8. Expense Reductions.

	Transfer Agent Fees Limitation	Waiver
Class O	.00%	$4,679,752
Class A	.04%	622,883

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 expenses. This amount totaled $51,947 for the period. In addition, 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, custodian credits reduced the Fund's expenses by $48.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $36,734.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended September 30, 2021	Year ended September 30, 2020
Fidelity Advisor Capital Development Fund
Distributions to shareholders
Class O	$133,701,379	$199,124,337
Class A	21,172,380	33,509,941
Class M	114,340	232,853
Class C	77,238	235,074
Class I	576,410	1,018,997
Total	$155,641,747	$234,121,202

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended September 30, 2021	Year ended September 30, 2020	Year ended September 30, 2021	Year ended September 30, 2020
Fidelity Advisor Capital Development Fund
Class O
Shares sold	12,232,081	15,061,455	$216,823,303	$210,822,800
Reinvestment of distributions	7,825,312	12,092,814	129,743,638	192,880,337
Shares redeemed	(19,623,890)	(15,563,760)	(362,405,743)	(230,041,446)
Net increase (decrease)	433,503	11,590,509	$(15,838,802)	$173,661,691
Class A
Shares sold	1,188,669	1,250,528	$20,715,119	$17,426,131
Reinvestment of distributions	1,325,985	2,181,570	21,056,644	33,399,830
Shares redeemed	(3,315,570)	(2,497,606)	(59,203,805)	(35,069,109)
Net increase (decrease)	(800,916)	934,492	$(17,432,042)	$15,756,852
Class M
Shares sold	30,785	11,165	$537,022	$157,299
Reinvestment of distributions	7,434	15,670	114,340	232,853
Shares redeemed	(27,652)	(75,341)	(467,994)	(1,017,447)
Net increase (decrease)	10,567	(48,506)	$183,368	$(627,295)
Class C
Shares sold	57,417	17,679	$969,562	$232,837
Reinvestment of distributions	5,021	16,087	73,914	228,912
Shares redeemed	(62,195)	(119,613)	(1,028,141)	(1,528,986)
Net increase (decrease)	243	(85,847)	$15,335	$(1,067,237)
Class I
Shares sold	1,643,647	231,068	$31,855,937	$3,509,788
Reinvestment of distributions	27,856	54,834	464,074	879,539
Shares redeemed	(436,626)	(296,242)	(8,288,439)	(4,216,382)
Net increase (decrease)	1,234,877	(10,340)	$24,031,572	$172,945

11. Other.

12. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Destiny Portfolios and Shareholders of Fidelity Advisor Capital Development Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Capital Development Fund (the "Fund"), a fund of Fidelity Destiny Portfolios, including the schedule of investments, as of September 30, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 12, 2021

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2021 to September 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period-^B April 1, 2021 to September 30, 2021
Fidelity Advisor Capital Development Fund
Class O	.55%
Actual		$1,000.00	$1,049.10	$2.83
Hypothetical-^C		$1,000.00	$1,022.31	$2.79
Class A	.85%
Actual		$1,000.00	$1,048.00	$4.36
Hypothetical-^C		$1,000.00	$1,020.81	$4.31
Class M	1.33%
Actual		$1,000.00	$1,045.60	$6.82
Hypothetical-^C		$1,000.00	$1,018.40	$6.73
Class C	1.77%
Actual		$1,000.00	$1,042.80	$9.06
Hypothetical-^C		$1,000.00	$1,016.19	$8.95
Class I	.72%
Actual		$1,000.00	$1,048.90	$3.70
Hypothetical-^C		$1,000.00	$1,021.46	$3.65

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

^C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2021, $100,677,745, or, if subsequently determined to be different, the net capital gain of such year.

Class O designates 100%, Class A designates 100%, Class C designates 100%, Class M designates 100%, and Class I designates 100% of the dividends distributed, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class O designates 100%, Class A designates 100%, Class C designates 100%, Class M designates 100%, and Class I designates 100% of the dividends distributed, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Capital Development Fund

The Board considered the fund's underperformance for different time periods ended September 30, 2020 and for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity Advisor Capital Development Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of Class I ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

ADESII-ANN-1121
1.814756.116

Item 2.

Code of Ethics

As of the end of the period, September 30, 2021, Fidelity Destiny Portfolios (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Capital Development Fund and Fidelity Advisor Diversified Stock Fund (the “Fund(s)”):

Services Billed by Deloitte Entities

September 30, 2021 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Capital Development Fund	$51,200	$-	$9,500	$1,300
Fidelity Advisor Diversified Stock Fund	$60,300	$-	$9,800	$1,500

September 30, 2020 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Capital Development Fund	$52,400	$-	$9,700	$1,200
Fidelity Advisor Diversified Stock Fund	$61,700	$-	$9,900	$1,400

^AAmounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):

Services Billed by Deloitte Entities


	September 30, 2021^A	September 30, 2020^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$3,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	September 30, 2021^A	September 30, 2020^A
Deloitte Entities	$543,700	$526,800

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

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 trust’s Board of Trustees.

Item 11.

Controls and Procedures

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

(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(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:	November 18, 2021

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:	November 18, 2021


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	November 18, 2021

Fidelity Destiny Portfolios N-CSRCertified annual shareholder report (management investment company)