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, 2022 |
Item 1.
Reports to Stockholders
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Average Annual Total Returns | |||
Periods ended September 30, 2022 | Past 1 year | Past 5 years | Past 10 years |
Class O | -17.44% | 9.61% | 11.47% |
Class A (incl.5.75% sales charge) | -22.49% | 7.94% | 10.43% |
Class M (incl.3.50% sales charge) | -20.89% | 8.07% | 10.27% |
Class C (incl. contingent deferred sales charge) | -19.19% | 8.23% | 10.26% |
Class I | -17.57% | 9.45% | 11.30% |
Class Z | -17.47% | 9.57% | 11.42% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Diversified Stock Fund - Class A, on September 30, 2012, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 5.5 | |
Microsoft Corp. | 5.5 | |
Alphabet, Inc. Class C | 4.8 | |
UnitedHealth Group, Inc. | 4.7 | |
Amazon.com, Inc. | 3.8 | |
MasterCard, Inc. Class A | 2.6 | |
Exxon Mobil Corp. | 2.2 | |
Marvell Technology, Inc. | 2.1 | |
Lockheed Martin Corp. | 1.9 | |
Eli Lilly & Co. | 1.9 | |
35.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 23.3 | |
Health Care | 19.8 | |
Consumer Discretionary | 12.6 | |
Financials | 9.4 | |
Communication Services | 7.7 | |
Industrials | 7.0 | |
Energy | 6.5 | |
Consumer Staples | 5.5 | |
Utilities | 3.2 | |
Materials | 1.6 | |
Real Estate | 1.1 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 8.2% |
Common Stocks - 97.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.7% | |||
Entertainment - 1.0% | |||
Electronic Arts, Inc. | 10,367 | 1,199,566 | |
Netflix, Inc. (a) | 91,200 | 21,472,128 | |
Universal Music Group NV | 15,000 | 280,951 | |
22,952,645 | |||
Interactive Media & Services - 6.4% | |||
Alphabet, Inc. Class C (a) | 1,129,160 | 108,568,734 | |
Meta Platforms, Inc. Class A (a) | 218,631 | 29,663,854 | |
Snap, Inc. Class A (a) | 43,900 | 431,098 | |
Twitter, Inc. (a) | 54,500 | 2,389,280 | |
Zoominfo Technologies, Inc. (a) | 117,100 | 4,878,386 | |
145,931,352 | |||
Media - 0.3% | |||
Charter Communications, Inc. Class A (a) | 21,300 | 6,461,355 | |
Liberty Media Corp. Liberty Formula One Group Series C (a) | 8,400 | 491,400 | |
6,952,755 | |||
TOTAL COMMUNICATION SERVICES | 175,836,752 | ||
CONSUMER DISCRETIONARY - 12.6% | |||
Automobiles - 1.0% | |||
Rivian Automotive, Inc. | 33,900 | 1,115,649 | |
Tesla, Inc. (a) | 77,400 | 20,530,350 | |
21,645,999 | |||
Hotels, Restaurants & Leisure - 2.9% | |||
Airbnb, Inc. Class A (a) | 8,402 | 882,546 | |
Booking Holdings, Inc. (a) | 1,047 | 1,720,441 | |
Caesars Entertainment, Inc. (a) | 29,500 | 951,670 | |
Chipotle Mexican Grill, Inc. (a) | 1,300 | 1,953,588 | |
Compass Group PLC | 737,205 | 14,679,538 | |
Hilton Worldwide Holdings, Inc. | 173,084 | 20,877,392 | |
Marriott International, Inc. Class A | 140,321 | 19,664,585 | |
Penn Entertainment, Inc. (a) | 160,095 | 4,404,213 | |
65,133,973 | |||
Household Durables - 0.1% | |||
NVR, Inc. (a) | 550 | 2,192,894 | |
Internet & Direct Marketing Retail - 5.6% | |||
Amazon.com, Inc. (a) | 750,800 | 84,840,400 | |
JD.com, Inc. sponsored ADR | 17,400 | 875,220 | |
Lyft, Inc. (a) | 548,400 | 7,222,428 | |
Revolve Group, Inc. (a) | 25,900 | 561,771 | |
Uber Technologies, Inc. (a) | 1,293,172 | 34,269,058 | |
127,768,877 | |||
Multiline Retail - 1.3% | |||
Dollar General Corp. | 115,700 | 27,751,802 | |
Dollar Tree, Inc. (a) | 5,000 | 680,500 | |
Target Corp. | 10,000 | 1,483,900 | |
29,916,202 | |||
Specialty Retail - 1.1% | |||
Aritzia, Inc. (a) | 16,400 | 538,890 | |
Lowe's Companies, Inc. | 54,182 | 10,175,921 | |
TJX Companies, Inc. | 228,340 | 14,184,481 | |
24,899,292 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
LVMH Moet Hennessy Louis Vuitton SE | 15,167 | 8,942,081 | |
Moncler SpA | 13,867 | 566,114 | |
NIKE, Inc. Class B | 28,681 | 2,383,965 | |
On Holding AG | 6,700 | 107,535 | |
Tapestry, Inc. | 22,000 | 625,460 | |
Tory Burch LLC (a)(b)(c)(d) | 28,846 | 948,159 | |
13,573,314 | |||
TOTAL CONSUMER DISCRETIONARY | 285,130,551 | ||
CONSUMER STAPLES - 5.5% | |||
Beverages - 4.2% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 41,500 | 9,531,720 | |
Diageo PLC | 644,165 | 27,115,178 | |
Monster Beverage Corp. (a) | 291,940 | 25,387,102 | |
The Coca-Cola Co. | 583,996 | 32,715,456 | |
94,749,456 | |||
Household Products - 0.2% | |||
Kimberly-Clark Corp. | 44,600 | 5,019,284 | |
Tobacco - 1.1% | |||
Philip Morris International, Inc. | 304,600 | 25,284,846 | |
TOTAL CONSUMER STAPLES | 125,053,586 | ||
ENERGY - 6.5% | |||
Energy Equipment & Services - 1.9% | |||
Baker Hughes Co. Class A | 606,300 | 12,708,048 | |
Halliburton Co. | 467,500 | 11,509,850 | |
NOV, Inc. | 303,800 | 4,915,484 | |
Schlumberger Ltd. | 374,900 | 13,458,910 | |
TechnipFMC PLC (a) | 171,200 | 1,448,352 | |
44,040,644 | |||
Oil, Gas & Consumable Fuels - 4.6% | |||
Canadian Natural Resources Ltd. | 8,800 | 409,628 | |
Cheniere Energy, Inc. | 14,400 | 2,389,104 | |
Denbury, Inc. (a) | 22,100 | 1,906,346 | |
Exxon Mobil Corp. | 580,834 | 50,712,617 | |
Hess Corp. | 222,695 | 24,271,528 | |
Neste OYJ | 28,000 | 1,220,506 | |
Peabody Energy Corp. (a)(e) | 23,000 | 570,860 | |
Phillips 66 Co. | 18,700 | 1,509,464 | |
Pioneer Natural Resources Co. | 45,603 | 9,874,418 | |
Valero Energy Corp. | 107,900 | 11,529,115 | |
104,393,586 | |||
TOTAL ENERGY | 148,434,230 | ||
FINANCIALS - 9.4% | |||
Banks - 3.6% | |||
Bank of America Corp. | 1,211,726 | 36,594,125 | |
First Republic Bank | 11,600 | 1,514,380 | |
Huntington Bancshares, Inc. | 346,200 | 4,562,916 | |
M&T Bank Corp. | 86,200 | 15,198,784 | |
Starling Bank Ltd. Series D (a)(c)(d) | 879,300 | 2,258,100 | |
Truist Financial Corp. | 14,056 | 611,998 | |
Wells Fargo & Co. | 530,668 | 21,343,467 | |
82,083,770 | |||
Capital Markets - 1.7% | |||
Ares Management Corp. | 44,200 | 2,738,190 | |
Charles Schwab Corp. | 59,052 | 4,244,067 | |
Deutsche Borse AG | 3,000 | 491,780 | |
Intercontinental Exchange, Inc. | 265,100 | 23,951,785 | |
Morningstar, Inc. | 12,361 | 2,624,488 | |
Raymond James Financial, Inc. | 48,700 | 4,812,534 | |
38,862,844 | |||
Consumer Finance - 0.4% | |||
American Express Co. | 54,644 | 7,372,022 | |
Diversified Financial Services - 0.5% | |||
Berkshire Hathaway, Inc. Class B (a) | 43,745 | 11,680,790 | |
Insurance - 3.2% | |||
American Financial Group, Inc. | 46,823 | 5,755,951 | |
Arthur J. Gallagher & Co. | 115,554 | 19,785,156 | |
Chubb Ltd. | 21,200 | 3,855,856 | |
Globe Life, Inc. | 17,000 | 1,694,900 | |
Hartford Financial Services Group, Inc. | 33,300 | 2,062,602 | |
Marsh & McLennan Companies, Inc. | 75,900 | 11,331,111 | |
Progressive Corp. | 11,300 | 1,313,173 | |
The Travelers Companies, Inc. | 172,942 | 26,494,714 | |
72,293,463 | |||
TOTAL FINANCIALS | 212,292,889 | ||
HEALTH CARE - 19.8% | |||
Biotechnology - 4.3% | |||
Argenx SE ADR (a) | 21,033 | 7,425,701 | |
Intellia Therapeutics, Inc. (a) | 25,900 | 1,449,364 | |
Legend Biotech Corp. ADR (a) | 170,700 | 6,964,560 | |
Nuvalent, Inc. Class A (a) | 11,100 | 215,784 | |
Prothena Corp. PLC (a) | 22,200 | 1,345,986 | |
Regeneron Pharmaceuticals, Inc. (a) | 58,155 | 40,061,235 | |
Seagen, Inc. (a) | 6,900 | 944,127 | |
Vertex Pharmaceuticals, Inc. (a) | 129,400 | 37,466,476 | |
95,873,233 | |||
Health Care Equipment & Supplies - 0.7% | |||
Boston Scientific Corp. (a) | 260,937 | 10,106,090 | |
Inspire Medical Systems, Inc. (a) | 4,000 | 709,480 | |
Stryker Corp. | 23,149 | 4,688,598 | |
15,504,168 | |||
Health Care Providers & Services - 8.5% | |||
agilon health, Inc. (a) | 196,660 | 4,605,777 | |
Cardinal Health, Inc. | 120,700 | 8,048,276 | |
Centene Corp. (a) | 323,100 | 25,140,411 | |
Cigna Corp. | 98,900 | 27,441,783 | |
Guardant Health, Inc. (a) | 17,700 | 952,791 | |
Humana, Inc. | 39,675 | 19,249,913 | |
Oak Street Health, Inc. (a) | 68,600 | 1,682,072 | |
UnitedHealth Group, Inc. | 210,308 | 106,213,952 | |
193,334,975 | |||
Life Sciences Tools & Services - 1.9% | |||
Agilent Technologies, Inc. | 39,300 | 4,776,915 | |
Danaher Corp. | 63,550 | 16,414,330 | |
Thermo Fisher Scientific, Inc. | 44,333 | 22,485,254 | |
43,676,499 | |||
Pharmaceuticals - 4.4% | |||
AstraZeneca PLC sponsored ADR | 389,900 | 21,382,116 | |
Eli Lilly & Co. | 130,938 | 42,338,802 | |
Merck & Co., Inc. | 315,200 | 27,145,024 | |
Zoetis, Inc. Class A | 60,150 | 8,919,644 | |
99,785,586 | |||
TOTAL HEALTH CARE | 448,174,461 | ||
INDUSTRIALS - 7.0% | |||
Aerospace & Defense - 4.0% | |||
Howmet Aerospace, Inc. | 113,800 | 3,519,834 | |
Lockheed Martin Corp. | 110,800 | 42,800,932 | |
Northrop Grumman Corp. | 59,890 | 28,167,465 | |
The Boeing Co. (a) | 125,803 | 15,232,227 | |
89,720,458 | |||
Air Freight & Logistics - 0.0% | |||
United Parcel Service, Inc. Class B | 7,361 | 1,189,096 | |
Building Products - 0.4% | |||
Trane Technologies PLC | 62,549 | 9,057,721 | |
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 23,800 | 9,238,922 | |
Construction & Engineering - 0.8% | |||
Fluor Corp. (a) | 335,500 | 8,350,595 | |
Quanta Services, Inc. | 70,822 | 9,022,015 | |
17,372,610 | |||
Electrical Equipment - 0.1% | |||
Array Technologies, Inc. (a) | 87,600 | 1,452,408 | |
Fluence Energy, Inc. (e) | 23,800 | 347,242 | |
Hubbell, Inc. Class B | 2,200 | 490,600 | |
2,290,250 | |||
Machinery - 0.5% | |||
Caterpillar, Inc. | 56,600 | 9,286,928 | |
Otis Worldwide Corp. | 22,504 | 1,435,755 | |
10,722,683 | |||
Road & Rail - 0.8% | |||
Canadian Pacific Railway Ltd. (a) | 284,900 | 19,008,528 | |
Trading Companies & Distributors - 0.0% | |||
Bunzl PLC | 8,000 | 244,424 | |
TOTAL INDUSTRIALS | 158,844,692 | ||
INFORMATION TECHNOLOGY - 22.8% | |||
Electronic Equipment & Components - 0.2% | |||
Amphenol Corp. Class A | 53,500 | 3,582,360 | |
IT Services - 5.7% | |||
Accenture PLC Class A | 131,623 | 33,866,598 | |
Cloudflare, Inc. (a) | 67,800 | 3,750,018 | |
EPAM Systems, Inc. (a) | 4,700 | 1,702,293 | |
MasterCard, Inc. Class A | 204,659 | 58,192,740 | |
Okta, Inc. (a) | 25,200 | 1,433,124 | |
PayPal Holdings, Inc. (a) | 76,900 | 6,618,783 | |
Toast, Inc. | 106,500 | 1,780,680 | |
Visa, Inc. Class A | 117,600 | 20,891,640 | |
128,235,876 | |||
Semiconductors & Semiconductor Equipment - 4.5% | |||
Analog Devices, Inc. | 32,200 | 4,486,748 | |
Enphase Energy, Inc. (a) | 27,800 | 7,713,666 | |
GlobalFoundries, Inc. | 96,000 | 4,641,600 | |
Lam Research Corp. | 21,701 | 7,942,566 | |
Marvell Technology, Inc. | 1,082,848 | 46,465,008 | |
onsemi (a) | 339,500 | 21,161,035 | |
SolarEdge Technologies, Inc. (a) | 29,500 | 6,828,070 | |
Teradyne, Inc. | 27,900 | 2,096,685 | |
101,335,378 | |||
Software - 6.9% | |||
Adobe, Inc. (a) | 29,919 | 8,233,709 | |
Coupa Software, Inc. (a) | 11,000 | 646,800 | |
Dynatrace, Inc. (a) | 49,236 | 1,713,905 | |
Intuit, Inc. | 26,754 | 10,362,359 | |
Microsoft Corp. | 533,713 | 124,301,758 | |
Salesforce.com, Inc. (a) | 8,095 | 1,164,385 | |
Synopsys, Inc. (a) | 13,600 | 4,154,936 | |
Tenable Holdings, Inc. (a) | 41,209 | 1,434,073 | |
Workday, Inc. Class A (a) | 35,700 | 5,434,254 | |
157,446,179 | |||
Technology Hardware, Storage & Peripherals - 5.5% | |||
Apple, Inc. | 907,155 | 125,368,819 | |
TOTAL INFORMATION TECHNOLOGY | 515,968,612 | ||
MATERIALS - 1.6% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 25,321 | 2,437,146 | |
Corteva, Inc. | 16,400 | 937,260 | |
Nutrien Ltd. (a) | 55,300 | 4,610,914 | |
Sherwin-Williams Co. | 63,566 | 13,015,139 | |
21,000,459 | |||
Metals & Mining - 0.7% | |||
First Quantum Minerals Ltd. | 253,700 | 4,306,848 | |
Franco-Nevada Corp. | 4,111 | 491,052 | |
Glencore PLC | 237,600 | 1,248,592 | |
Newmont Corp. | 132,900 | 5,585,787 | |
Nucor Corp. | 29,100 | 3,113,409 | |
14,745,688 | |||
TOTAL MATERIALS | 35,746,147 | ||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
American Tower Corp. | 71,200 | 15,286,640 | |
Lamar Advertising Co. Class A | 23,798 | 1,963,097 | |
Prologis (REIT), Inc. | 57,600 | 5,852,160 | |
SL Green Realty Corp. (e) | 38,737 | 1,555,678 | |
24,657,575 | |||
UTILITIES - 3.2% | |||
Electric Utilities - 3.0% | |||
Entergy Corp. | 120,700 | 12,146,041 | |
NextEra Energy, Inc. | 410,200 | 32,163,782 | |
PG&E Corp. (a) | 40,000 | 500,000 | |
Southern Co. | 362,800 | 24,670,400 | |
69,480,223 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
The AES Corp. | 10,000 | 226,000 | |
Vistra Corp. | 186,900 | 3,924,900 | |
4,150,900 | |||
TOTAL UTILITIES | 73,631,123 | ||
TOTAL COMMON STOCKS (Cost $1,873,141,743) | 2,203,770,618 | ||
Convertible Preferred Stocks - 0.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc. Series E (a)(c)(d) | 3,500 | 138,635 | |
INFORMATION TECHNOLOGY - 0.5% | |||
IT Services - 0.5% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 17,226 | 2,873,297 | |
Yanka Industries, Inc.: | |||
Series E (a)(c)(d) | 165,574 | 3,005,168 | |
Series F (a)(c)(d) | 265,105 | 4,811,656 | |
10,690,121 | |||
Software - 0.0% | |||
Evozyne LLC Series A (a)(c)(d) | 20,000 | 311,800 | |
TOTAL INFORMATION TECHNOLOGY | 11,001,921 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,936,285) | 11,140,556 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (f) | 73,094,341 | 73,108,960 | |
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g) | 2,192,794 | 2,193,014 | |
TOTAL MONEY MARKET FUNDS (Cost $75,301,974) | 75,301,974 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $1,961,380,002) | 2,290,213,148 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (22,814,754) |
NET ASSETS - 100.0% | 2,267,398,394 |
(a) | Non-income producing |
(b) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(c) | Restricted securities (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 $14,346,815 or 0.6% of net assets. |
(d) | Level 3 security |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 1,887,525 |
Evozyne LLC Series A | 4/09/21 | 449,400 |
Reddit, Inc. Series E | 5/18/21 | 148,660 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 1,694,172 |
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 | 4/08/21 | 8,450,699 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 3.10% | 42,645,779 | 507,699,067 | 477,235,886 | 708,563 | - | - | 73,108,960 | 0.1% |
Fidelity Securities Lending Cash Central Fund 3.10% | 22,610,039 | 340,499,573 | 360,916,598 | 36,293 | - | - | 2,193,014 | 0.0% |
Total | 65,255,818 | 848,198,640 | 838,152,484 | 744,856 | - | - | 75,301,974 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 175,975,387 | 175,555,801 | 280,951 | 138,635 |
Consumer Discretionary | 285,130,551 | 259,994,659 | 24,187,733 | 948,159 |
Consumer Staples | 125,053,586 | 97,938,408 | 27,115,178 | - |
Energy | 148,434,230 | 147,213,724 | 1,220,506 | - |
Financials | 212,292,889 | 209,543,009 | 491,780 | 2,258,100 |
Health Care | 448,174,461 | 448,174,461 | - | - |
Industrials | 158,844,692 | 158,600,268 | 244,424 | - |
Information Technology | 526,970,533 | 515,968,612 | - | 11,001,921 |
Materials | 35,746,147 | 34,497,555 | 1,248,592 | - |
Real Estate | 24,657,575 | 24,657,575 | - | - |
Utilities | 73,631,123 | 73,631,123 | - | - |
Money Market Funds | 75,301,974 | 75,301,974 | - | - |
Total Investments in Securities: | 2,290,213,148 | 2,221,077,169 | 54,789,164 | 14,346,815 |
Statement of Assets and Liabilities | ||||
September 30, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,186,479) - See accompanying schedule: | $ | |||
Unaffiliated issuers (cost $1,886,078,028) | $2,214,911,174 | |||
Fidelity Central Funds (cost $75,301,974) | 75,301,974 | |||
Total Investment in Securities (cost $1,961,380,002) | $ | 2,290,213,148 | ||
Cash | 60,451 | |||
Foreign currency held at value (cost $1,078) | 1,069 | |||
Receivable for investments sold | 13,947,402 | |||
Receivable for fund shares sold | 326,490 | |||
Dividends receivable | 1,940,783 | |||
Distributions receivable from Fidelity Central Funds | 146,641 | |||
Prepaid expenses | 4,342 | |||
Other receivables | 14,421 | |||
Total assets | 2,306,654,747 | |||
Liabilities | ||||
Payable for investments purchased | $35,281,041 | |||
Payable for fund shares redeemed | 692,883 | |||
Accrued management fee | 802,087 | |||
Distribution and service plan fees payable | 109,957 | |||
Other affiliated payables | 126,076 | |||
Other payables and accrued expenses | 54,784 | |||
Collateral on securities loaned | 2,189,525 | |||
Total Liabilities | 39,256,353 | |||
Net Assets | $ | 2,267,398,394 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,759,254,653 | ||
Total accumulated earnings (loss) | 508,143,741 | |||
Net Assets | $ | 2,267,398,394 | ||
Net Asset Value and Maximum Offering Price | ||||
Class O : | ||||
Net Asset Value , offering price and redemption price per share ($1,791,078,892 ÷ 68,268,490 shares) | $ | 26.24 | ||
Class A : | ||||
Net Asset Value and redemption price per share ($318,997,362 ÷ 12,667,452 shares) (a) | $ | 25.18 | ||
Maximum offering price per share (100/94.25 of $25.18) | $ | 26.72 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($41,956,509 ÷ 1,690,661 shares) (a) | $ | 24.82 | ||
Maximum offering price per share (100/96.50 of $24.82) | $ | 25.72 | ||
Class C : | ||||
Net Asset Value and offering price per share ($22,436,779 ÷ 947,898 shares) (a) | $ | 23.67 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($75,626,471 ÷ 2,751,364 shares) | $ | 27.49 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($17,302,381 ÷ 637,583 shares) | $ | 27.14 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended September 30, 2022 | ||||
Investment Income | ||||
Dividends | $ | 33,967,483 | ||
Income from Fidelity Central Funds (including $36,293 from security lending) | 744,856 | |||
Total Income | 34,712,339 | |||
Expenses | ||||
Management fee | $ | 11,032,137 | ||
Transfer agent fees | 3,455,420 | |||
Distribution and service plan fees | 1,542,162 | |||
Accounting fees | 795,196 | |||
Custodian fees and expenses | 75,198 | |||
Independent trustees' fees and expenses | 9,646 | |||
Registration fees | 104,895 | |||
Audit | 188,666 | |||
Legal | 10,319 | |||
Interest | 535 | |||
Miscellaneous | 12,476 | |||
Total expenses before reductions | 17,226,650 | |||
Expense reductions | (2,578,246) | |||
Total expenses after reductions | 14,648,404 | |||
Net Investment income (loss) | 20,063,935 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of foreign taxes of $298,721) | 213,638,024 | |||
Foreign currency transactions | (22,082) | |||
Written options | 193,205 | |||
Total net realized gain (loss) | 213,809,147 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $357,233) | (715,301,469) | |||
Assets and liabilities in foreign currencies | (24,549) | |||
Total change in net unrealized appreciation (depreciation) | (715,326,018) | |||
Net gain (loss) | (501,516,871) | |||
Net increase (decrease) in net assets resulting from operations | $ | (481,452,936) |
Statement of Changes in Net Assets | ||||
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 20,063,935 | $ | 10,762,817 |
Net realized gain (loss) | 213,809,147 | 462,609,108 | ||
Change in net unrealized appreciation (depreciation) | (715,326,018) | 193,171,668 | ||
Net increase (decrease) in net assets resulting from operations | (481,452,936) | 666,543,593 | ||
Distributions to shareholders | (458,516,913) | (129,966,523) | ||
Share transactions - net increase (decrease) | 297,349,064 | (21,296,837) | ||
Total increase (decrease) in net assets | (642,620,785) | 515,280,233 | ||
Net Assets | ||||
Beginning of period | 2,910,019,179 | 2,394,738,946 | ||
End of period | $ | 2,267,398,394 | $ | 2,910,019,179 |
Fidelity Advisor® Diversified Stock Fund Class O |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 37.32 | $ | 30.57 | $ | 24.95 | $ | 28.95 | $ | 26.07 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .26 | .16 | .20 | .22 | .21 | |||||
Net realized and unrealized gain (loss) | (5.43) | 8.28 | 6.28 | (1.33) | 4.95 | |||||
Total from investment operations | (5.17) | 8.44 | 6.48 | (1.11) | 5.16 | |||||
Distributions from net investment income | (.25) C | (.17) | (.22) | (.17) | (.35) | |||||
Distributions from net realized gain | (5.66) C | (1.53) | (.64) | (2.71) | (1.93) | |||||
Total distributions | (5.91) | (1.69) D | (.86) | (2.89) D | (2.28) | |||||
Net asset value, end of period | $ | 26.24 | $ | 37.32 | $ | 30.57 | $ | 24.95 | $ | 28.95 |
Total Return E | (17.44)% | 28.60% | 26.50% | (2.68)% F | 21.08% F | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .55% | .55% | .57% | .57% | .47% | |||||
Expenses net of fee waivers, if any | .45% | .45% | .46% | .46% | .47% | |||||
Expenses net of all reductions | .45% | .44% | .45% | .46% | .46% | |||||
Net investment income (loss) | .80% | .47% | .74% | .88% | .78% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,791,079 | $ | 2,335,000 | $ | 1,935,829 | $ | 1,640,484 | $ | 1,855,761 |
Portfolio turnover rate I | 90% | 75% | 78% | 95% | 103% |
Fidelity Advisor® Diversified Stock Fund Class A |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 36.04 | $ | 29.58 | $ | 24.17 | $ | 28.14 | $ | 25.40 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .04 | .10 | .12 | .11 | |||||
Net realized and unrealized gain (loss) | (5.22) | 8.01 | 6.08 | (1.30) | 4.82 | |||||
Total from investment operations | (5.08) | 8.05 | 6.18 | (1.18) | 4.93 | |||||
Distributions from net investment income | (.12) C | (.07) | (.13) | (.08) | (.26) | |||||
Distributions from net realized gain | (5.66) C | (1.53) | (.64) | (2.71) | (1.93) | |||||
Total distributions | (5.78) | (1.59) D | (.77) | (2.79) | (2.19) | |||||
Net asset value, end of period | $ | 25.18 | $ | 36.04 | $ | 29.58 | $ | 24.17 | $ | 28.14 |
Total Return E,F | (17.76)% | 28.17% | 26.05% | (3.05)% G | 20.67% G | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .85% | .85% | .87% | .88% | .82% | |||||
Expenses net of fee waivers, if any | .80% | .80% | .81% | .82% | .81% | |||||
Expenses net of all reductions | .80% | .79% | .80% | .81% | .80% | |||||
Net investment income (loss) | .45% | .12% | .38% | .52% | .43% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 318,997 | $ | 399,876 | $ | 314,622 | $ | 270,441 | $ | 284,276 |
Portfolio turnover rate J | 90% | 75% | 78% | 95% | 103% |
Fidelity Advisor® Diversified Stock Fund Class M |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 35.60 | $ | 29.27 | $ | 23.91 | $ | 27.86 | $ | 25.17 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .04 | (.07) | .01 | .04 | .01 | |||||
Net realized and unrealized gain (loss) | (5.14) | 7.93 | 6.02 | (1.29) | 4.78 | |||||
Total from investment operations | (5.10) | 7.86 | 6.03 | (1.25) | 4.79 | |||||
Distributions from net investment income | (.04) C | - | (.03) | - | (.17) | |||||
Distributions from net realized gain | (5.64) C | (1.53) | (.64) | (2.70) | (1.93) | |||||
Total distributions | (5.68) | (1.53) | (.67) | (2.70) | (2.10) | |||||
Net asset value, end of period | $ | 24.82 | $ | 35.60 | $ | 29.27 | $ | 23.91 | $ | 27.86 |
Total Return D,E | (18.02)% | 27.74% | 25.64% | (3.42)% | 20.23% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.12% | 1.13% | 1.17% | 1.18% | 1.19% | |||||
Expenses net of fee waivers, if any | 1.12% | 1.13% | 1.16% | 1.18% | 1.19% | |||||
Expenses net of all reductions | 1.12% | 1.12% | 1.16% | 1.18% | 1.18% | |||||
Net investment income (loss) | .12% | (.21)% | .03% | .16% | .06% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 41,957 | $ | 53,062 | $ | 42,562 | $ | 38,382 | $ | 41,540 |
Portfolio turnover rate H | 90% | 75% | 78% | 95% | 103% |
Fidelity Advisor® Diversified Stock Fund Class C |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 34.17 | $ | 28.30 | $ | 23.21 | $ | 27.13 | $ | 24.57 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.13) | (.25) | (.13) | (.09) | (.12) | |||||
Net realized and unrealized gain (loss) | (4.91) | 7.65 | 5.82 | (1.25) | 4.65 | |||||
Total from investment operations | (5.04) | 7.40 | 5.69 | (1.34) | 4.53 | |||||
Distributions from net investment income | (.04) C | - | - D | - | (.04) | |||||
Distributions from net realized gain | (5.42) C | (1.53) | (.60) | (2.58) | (1.93) | |||||
Total distributions | (5.46) | (1.53) | (.60) | (2.58) | (1.97) | |||||
Net asset value, end of period | $ | 23.67 | $ | 34.17 | $ | 28.30 | $ | 23.21 | $ | 27.13 |
Total Return E,F | (18.49)% | 27.03% | 24.87% | (3.92)% | 19.55% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.69% | 1.70% | 1.73% | 1.74% | 1.74% | |||||
Expenses net of fee waivers, if any | 1.69% | 1.70% | 1.73% | 1.74% | 1.74% | |||||
Expenses net of all reductions | 1.69% | 1.69% | 1.72% | 1.74% | 1.73% | |||||
Net investment income (loss) | (.45)% | (.78)% | (.54)% | (.40)% | (.49)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 22,437 | $ | 32,096 | $ | 30,556 | $ | 29,785 | $ | 34,772 |
Portfolio turnover rate I | 90% | 75% | 78% | 95% | 103% |
Fidelity Advisor® Diversified Stock Fund Class I |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 38.84 | $ | 31.75 | $ | 25.88 | $ | 29.91 | $ | 26.87 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .22 | .12 | .16 | .18 | .17 | |||||
Net realized and unrealized gain (loss) | (5.71) | 8.62 | 6.52 | (1.36) | 5.11 | |||||
Total from investment operations | (5.49) | 8.74 | 6.68 | (1.18) | 5.28 | |||||
Distributions from net investment income | (.20) C | (.12) | (.18) | (.13) | (.31) | |||||
Distributions from net realized gain | (5.66) C | (1.53) | (.64) | (2.71) | (1.93) | |||||
Total distributions | (5.86) | (1.65) | (.81) D | (2.85) D | (2.24) | |||||
Net asset value, end of period | $ | 27.49 | $ | 38.84 | $ | 31.75 | $ | 25.88 | $ | 29.91 |
Total Return E | (17.57)% | 28.43% | 26.32% | (2.85)% | 20.88% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .59% | .59% | .61% | .62% | .62% | |||||
Expenses net of fee waivers, if any | .59% | .59% | .61% | .62% | .62% | |||||
Expenses net of all reductions | .59% | .58% | .60% | .62% | .61% | |||||
Net investment income (loss) | .65% | .33% | .59% | .72% | .62% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 75,626 | $ | 73,345 | $ | 58,886 | $ | 56,150 | $ | 49,619 |
Portfolio turnover rate H | 90% | 75% | 78% | 95% | 103% |
Fidelity Advisor® Diversified Stock Fund Class Z |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 38.41 | $ | 31.42 | $ | 25.62 | $ | 29.65 | $ | 26.66 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .25 | .16 | .19 | .21 | .21 | |||||
Net realized and unrealized gain (loss) | (5.63) | 8.51 | 6.46 | (1.36) | 5.06 | |||||
Total from investment operations | (5.38) | 8.67 | 6.65 | (1.15) | 5.27 | |||||
Distributions from net investment income | (.23) C | (.16) | (.21) | (.17) | (.35) | |||||
Distributions from net realized gain | (5.66) C | (1.53) | (.64) | (2.71) | (1.93) | |||||
Total distributions | (5.89) | (1.68) D | (.85) | (2.88) | (2.28) | |||||
Net asset value, end of period | $ | 27.14 | $ | 38.41 | $ | 31.42 | $ | 25.62 | $ | 29.65 |
Total Return E | (17.47)% | 28.55% | 26.47% | (2.74)% | 21.02% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .48% | .48% | .49% | .50% | .51% | |||||
Expenses net of fee waivers, if any | .48% | .48% | .49% | .50% | .50% | |||||
Expenses net of all reductions | .48% | .47% | .49% | .49% | .49% | |||||
Net investment income (loss) | .77% | .44% | .70% | .84% | .74% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 17,302 | $ | 16,639 | $ | 12,284 | $ | 10,010 | $ | 6,288 |
Portfolio turnover rate H | 90% | 75% | 78% | 95% | 103% |
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% |
Fidelity Advisor Diversified Stock Fund | $10,504 |
Gross unrealized appreciation | $492,751,006 |
Gross unrealized depreciation | (176,763,357) |
Net unrealized appreciation (depreciation) | $315,987,649 |
Tax Cost | $1,974,225,499 |
Undistributed ordinary income | $12,755,431 |
Undistributed long-term capital gain | $179,428,522 |
Net unrealized appreciation (depreciation) on securities and other investments | $315,959,790 |
September 30, 2022 | September 30, 2021 | |
Ordinary Income | $91,306,614 | $11,291,963 |
Long-term Capital Gains | 367,210,299 | 118,674,560 |
Total | $458,516,913 | $129,966,523 |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Fidelity Advisor Diversified Stock Fund | Twitter, Inc. | $2,287,023 | $- |
$ Amount | % of Net Assets | |
Fidelity Advisor Diversified Stock Fund | 948,159 | .04 |
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. |
Purchases ($) | Sales ($) | |
Fidelity Advisor Diversified Stock Fund | 2,424,697,791 | 2,573,237,992 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $979,691 | $10,414 |
Class M | .25% | .25% | 262,762 | - |
Class C | .75% | .25% | 299,709 | 38,883 |
$1,542,162 | $49,297 |
Retained by FDC | |
Class A | $53,349 |
Class M | 4,236 |
Class C A | 1,585 |
$59,170 |
Amount | % of Class-Level Average Net Assets | |
Class O | $2,529,510 | .11 |
Class A | 618,120 | .16 |
Class M | 97,743 | .19 |
Class C | 76,033 | .25 |
Class I | 126,531 | .15 |
Class Z | 7,483 | .04 |
$3,455,420 |
% of Average Net Assets | |
Fidelity Advisor Diversified Stock Fund | .03 |
Amount | |
Fidelity Advisor Diversified Stock Fund | $50,012 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Diversified Stock Fund | Borrower | $30,579,000 | .32% | $535 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Diversified Stock Fund | 143,230,482 | 157,466,970 | 16,199,486 |
Amount ($) | |
Fidelity Advisor Diversified Stock Fund | 7,601 |
Amount | |
Fidelity Advisor Diversified Stock Fund | $4,830 |
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 | $3,843 | $664 | $- |
Transfer Agent Fees Limitation | Waiver | |
Class O | .01% | $2,304,241 |
Class A | .11% | 183,470 |
Year ended September 30, 2022 | Year ended September 30, 2021 | |
Fidelity Advisor Diversified Stock Fund | ||
Distributions to shareholders | ||
Class O | $365,744,514 | $105,523,412 |
Class A | 64,804,937 | 16,854,693 |
Class M | 8,769,739 | 2,208,844 |
Class C | 5,288,572 | 1,640,537 |
Class I | 11,364,980 | 3,033,937 |
Class Z | 2,544,171 | 705,100 |
Total | $458,516,913 | $129,966,523 |
Shares | Shares | Dollars | Dollars | |
Year ended September 30, 2022 | Year ended September 30, 2021 | Year ended September 30, 2022 | Year ended September 30, 2021 | |
Fidelity Advisor Diversified Stock Fund | ||||
Class O | ||||
Shares sold | 551,781 | 373,788 | $17,867,516 | $12,954,053 |
Reinvestment of distributions | 9,414,946 | 2,912,153 | 319,354,977 | 92,257,018 |
Shares redeemed | (4,261,527) | (4,046,204) | (138,547,377) | (139,725,195) |
Net increase (decrease) | 5,705,200 | (760,263) | $198,675,116 | $(34,514,124) |
Class A | ||||
Shares sold | 1,399,424 | 1,393,229 | $44,810,563 | $47,334,439 |
Reinvestment of distributions | 1,959,102 | 542,144 | 63,964,694 | 16,627,568 |
Shares redeemed | (1,786,105) | (1,475,210) | (54,737,292) | (49,929,626) |
Net increase (decrease) | 1,572,421 | 460,163 | $54,037,965 | $14,032,381 |
Class M | ||||
Shares sold | 297,075 | 266,618 | $9,639,615 | $8,894,164 |
Reinvestment of distributions | 270,089 | 72,071 | 8,713,064 | 2,188,795 |
Shares redeemed | (367,174) | (302,185) | (11,150,374) | (10,032,169) |
Net increase (decrease) | 199,990 | 36,504 | $7,202,305 | $1,050,790 |
Class C | ||||
Shares sold | 209,837 | 126,334 | $6,571,126 | $4,002,340 |
Reinvestment of distributions | 167,701 | 55,108 | 5,183,644 | 1,613,562 |
Shares redeemed | (369,072) | (321,597) | (10,825,059) | (10,528,692) |
Net increase (decrease) | 8,466 | (140,155) | $929,711 | $(4,912,790) |
Class I | ||||
Shares sold | 1,292,193 | 594,307 | $42,965,177 | $21,936,286 |
Reinvestment of distributions | 252,131 | 73,124 | 8,970,834 | 2,413,101 |
Shares redeemed | (681,409) | (633,517) | (22,296,490) | (22,676,183) |
Net increase (decrease) | 862,915 | 33,914 | $29,639,521 | $1,673,204 |
Class Z | ||||
Shares sold | 268,029 | 139,654 | $8,751,413 | $4,995,565 |
Reinvestment of distributions | 66,191 | 19,967 | 2,323,303 | 651,128 |
Shares redeemed | (129,807) | (117,408) | (4,210,270) | (4,272,991) |
Net increase (decrease) | 204,413 | 42,213 | $6,864,446 | $1,373,702 |
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, 2022 to September 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Expenses Paid During Period- C April 1, 2022 to September 30, 2022 | |||||||
Fidelity Advisor® Diversified Stock Fund | ||||||||||
Class O | .45% | |||||||||
Actual | $ 1,000 | $ 790.60 | $ 2.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.81 | $ 2.28 | |||||||
Class A | .80% | |||||||||
Actual | $ 1,000 | $ 788.80 | $ 3.59 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.06 | $ 4.05 | |||||||
Class M | 1.13% | |||||||||
Actual | $ 1,000 | $ 787.70 | $ 5.06 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.40 | $ 5.72 | |||||||
Class C | 1.70% | |||||||||
Actual | $ 1,000 | $ 785.30 | $ 7.61 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.55 | $ 8.59 | |||||||
Class I | .60% | |||||||||
Actual | $ 1,000 | $ 789.90 | $ 2.69 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.06 | $ 3.04 | |||||||
Class Z | .48% | |||||||||
Actual | $ 1,000 | $ 790.30 | $ 2.15 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.66 | $ 2.43 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Average Annual Total Returns | |||
Periods ended September 30, 2022 | Past 1 year | Past 5 years | Past 10 years |
Class O | -12.87% | 7.19% | 9.89% |
Class A (incl.5.75% sales charge) | -18.14% | 5.62% | 8.92% |
Class M (incl.3.50% sales charge) | -16.57% | 5.60% | 8.60% |
Class C (incl. contingent deferred sales charge) | -14.77% | 5.86% | 8.71% |
Class I | -13.03% | 7.04% | 9.72% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Capital Development Fund - Class A, on September 30, 2012, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 7.6 | |
Microsoft Corp. | 6.3 | |
Wells Fargo & Co. | 5.7 | |
General Electric Co. | 5.3 | |
Apple, Inc. | 3.4 | |
Bank of America Corp. | 2.9 | |
Bristol-Myers Squibb Co. | 2.4 | |
Hess Corp. | 2.3 | |
Comcast Corp. Class A | 1.9 | |
UnitedHealth Group, Inc. | 1.9 | |
39.7 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 18.1 | |
Financials | 16.9 | |
Health Care | 15.1 | |
Energy | 13.6 | |
Industrials | 13.2 | |
Communication Services | 7.8 | |
Consumer Staples | 5.3 | |
Consumer Discretionary | 3.8 | |
Materials | 2.5 | |
Real Estate | 0.8 | |
Utilities | 0.5 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 9.8% |
Common Stocks - 97.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.8% | |||
Diversified Telecommunication Services - 0.3% | |||
Cellnex Telecom SA (a) | 91,400 | 2,819,378 | |
Verizon Communications, Inc. | 197,006 | 7,480,318 | |
10,299,696 | |||
Entertainment - 1.5% | |||
Activision Blizzard, Inc. | 74,800 | 5,560,632 | |
Nintendo Co. Ltd. ADR | 124,000 | 6,320,280 | |
The Walt Disney Co. (b) | 227,600 | 21,469,508 | |
Universal Music Group NV | 774,200 | 14,500,805 | |
47,851,225 | |||
Interactive Media & Services - 3.7% | |||
Alphabet, Inc.: | |||
Class A (b) | 484,000 | 46,294,600 | |
Class C (b) | 430,660 | 41,407,959 | |
Match Group, Inc. (b) | 16,300 | 778,325 | |
Meta Platforms, Inc. Class A (b) | 178,539 | 24,224,172 | |
Snap, Inc. Class A (b) | 300,700 | 2,952,874 | |
115,657,930 | |||
Media - 2.3% | |||
Comcast Corp. Class A | 2,011,200 | 58,988,496 | |
Interpublic Group of Companies, Inc. | 535,600 | 13,711,360 | |
72,699,856 | |||
TOTAL COMMUNICATION SERVICES | 246,508,707 | ||
CONSUMER DISCRETIONARY - 3.8% | |||
Auto Components - 0.3% | |||
BorgWarner, Inc. | 310,060 | 9,735,884 | |
Automobiles - 0.1% | |||
General Motors Co. | 82,600 | 2,650,634 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Booking Holdings, Inc. (b) | 14,800 | 24,319,508 | |
Expedia, Inc. (b) | 64,300 | 6,024,267 | |
Marriott International, Inc. Class A | 71,700 | 10,048,038 | |
Starbucks Corp. | 48,500 | 4,086,610 | |
44,478,423 | |||
Household Durables - 0.4% | |||
Mohawk Industries, Inc. (b) | 85,100 | 7,760,269 | |
Sony Group Corp. sponsored ADR | 55,100 | 3,529,155 | |
Whirlpool Corp. | 13,100 | 1,766,011 | |
13,055,435 | |||
Internet & Direct Marketing Retail - 0.2% | |||
Amazon.com, Inc. (b) | 62,900 | 7,107,700 | |
Multiline Retail - 0.0% | |||
Target Corp. | 2,400 | 356,136 | |
Specialty Retail - 1.3% | |||
Lowe's Companies, Inc. | 216,500 | 40,660,865 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
NIKE, Inc. Class B | 10,800 | 897,696 | |
TOTAL CONSUMER DISCRETIONARY | 118,942,773 | ||
CONSUMER STAPLES - 5.3% | |||
Beverages - 1.9% | |||
Diageo PLC sponsored ADR | 96,500 | 16,386,665 | |
Keurig Dr. Pepper, Inc. | 319,400 | 11,440,908 | |
The Coca-Cola Co. | 567,600 | 31,796,952 | |
59,624,525 | |||
Food & Staples Retailing - 1.4% | |||
Costco Wholesale Corp. | 4,400 | 2,077,988 | |
Performance Food Group Co. (b) | 131,900 | 5,665,105 | |
Sysco Corp. | 312,900 | 22,125,159 | |
U.S. Foods Holding Corp. (b) | 174,700 | 4,619,068 | |
Walmart, Inc. | 71,700 | 9,299,490 | |
43,786,810 | |||
Food Products - 0.1% | |||
Lamb Weston Holdings, Inc. | 42,400 | 3,280,912 | |
Household Products - 0.1% | |||
Colgate-Palmolive Co. | 4,500 | 316,125 | |
Spectrum Brands Holdings, Inc. | 73,600 | 2,872,608 | |
3,188,733 | |||
Personal Products - 0.3% | |||
Haleon PLC ADR (b) | 1,357,900 | 8,269,611 | |
Tobacco - 1.5% | |||
Altria Group, Inc. | 959,100 | 38,728,458 | |
Swedish Match Co. AB | 1,051,100 | 10,397,200 | |
49,125,658 | |||
TOTAL CONSUMER STAPLES | 167,276,249 | ||
ENERGY - 13.5% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. Class A | 28,200 | 591,072 | |
Oil, Gas & Consumable Fuels - 13.5% | |||
Canadian Natural Resources Ltd. | 120,400 | 5,604,459 | |
Cenovus Energy, Inc. (Canada) | 2,739,358 | 42,081,425 | |
EQT Corp. | 90,200 | 3,675,650 | |
Exxon Mobil Corp. | 2,753,800 | 240,434,278 | |
Hess Corp. | 652,420 | 71,107,256 | |
Imperial Oil Ltd. | 311,200 | 13,474,407 | |
Kosmos Energy Ltd. (b) | 3,484,490 | 18,014,813 | |
MEG Energy Corp. (b) | 316,300 | 3,540,014 | |
Phillips 66 Co. | 56,700 | 4,576,824 | |
Tourmaline Oil Corp. | 461,500 | 23,984,569 | |
426,493,695 | |||
TOTAL ENERGY | 427,084,767 | ||
FINANCIALS - 16.9% | |||
Banks - 12.4% | |||
Bank of America Corp. | 3,033,915 | 91,624,233 | |
JPMorgan Chase & Co. | 294,500 | 30,775,250 | |
M&T Bank Corp. | 47,300 | 8,339,936 | |
PNC Financial Services Group, Inc. | 233,416 | 34,877,019 | |
Truist Financial Corp. | 589,726 | 25,676,670 | |
U.S. Bancorp | 499,142 | 20,125,405 | |
Wells Fargo & Co. | 4,511,850 | 181,466,607 | |
392,885,120 | |||
Capital Markets - 3.0% | |||
KKR & Co. LP | 359,785 | 15,470,755 | |
Morgan Stanley | 239,600 | 18,930,796 | |
Northern Trust Corp. | 377,095 | 32,264,248 | |
Raymond James Financial, Inc. | 101,650 | 10,045,053 | |
State Street Corp. | 291,290 | 17,713,345 | |
94,424,197 | |||
Consumer Finance - 0.3% | |||
Discover Financial Services | 85,100 | 7,737,292 | |
Insurance - 0.2% | |||
Chubb Ltd. | 40,400 | 7,347,952 | |
Thrifts & Mortgage Finance - 1.0% | |||
MGIC Investment Corp. | 583,761 | 7,483,816 | |
Radian Group, Inc. | 1,289,452 | 24,873,529 | |
32,357,345 | |||
TOTAL FINANCIALS | 534,751,906 | ||
HEALTH CARE - 15.1% | |||
Biotechnology - 0.6% | |||
ADC Therapeutics SA (b) | 71,188 | 343,126 | |
Alnylam Pharmaceuticals, Inc. (b) | 43,000 | 8,606,880 | |
Argenx SE ADR (b) | 4,200 | 1,482,810 | |
Crinetics Pharmaceuticals, Inc. (b) | 113,300 | 2,225,212 | |
Insmed, Inc. (b) | 157,479 | 3,392,098 | |
Intercept Pharmaceuticals, Inc. (b) | 88,105 | 1,229,065 | |
Vaxcyte, Inc. (b) | 46,100 | 1,106,400 | |
Verve Therapeutics, Inc. (b) | 48,900 | 1,679,715 | |
20,065,306 | |||
Health Care Equipment & Supplies - 1.7% | |||
Abbott Laboratories | 14,100 | 1,364,316 | |
Becton, Dickinson & Co. | 40,600 | 9,046,898 | |
Boston Scientific Corp. (b) | 1,045,951 | 40,509,682 | |
iRhythm Technologies, Inc. (b) | 412 | 51,615 | |
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) | 175,704 | 2,704,085 | |
53,676,596 | |||
Health Care Providers & Services - 7.2% | |||
Cardinal Health, Inc. | 333,300 | 22,224,444 | |
Centene Corp. (b) | 34,000 | 2,645,540 | |
Cigna Corp. | 183,400 | 50,887,998 | |
CVS Health Corp. | 374,700 | 35,735,139 | |
Guardant Health, Inc. (b) | 72,900 | 3,924,207 | |
Humana, Inc. | 13,200 | 6,404,508 | |
McKesson Corp. | 134,180 | 45,603,757 | |
Oak Street Health, Inc. (b) | 54,300 | 1,331,436 | |
UnitedHealth Group, Inc. | 116,400 | 58,786,656 | |
227,543,685 | |||
Life Sciences Tools & Services - 0.2% | |||
Danaher Corp. | 27,700 | 7,154,633 | |
Pharmaceuticals - 5.4% | |||
Bayer AG | 282,678 | 13,024,260 | |
Bristol-Myers Squibb Co. | 1,056,000 | 75,071,040 | |
Eli Lilly & Co. | 39,200 | 12,675,320 | |
GSK PLC sponsored ADR (c) | 774,400 | 22,790,592 | |
Johnson & Johnson | 253,460 | 41,405,226 | |
Pliant Therapeutics, Inc. (b) | 58,000 | 1,211,620 | |
Sanofi SA sponsored ADR | 63,000 | 2,395,260 | |
Viatris, Inc. | 50,600 | 431,112 | |
169,004,430 | |||
TOTAL HEALTH CARE | 477,444,650 | ||
INDUSTRIALS - 13.1% | |||
Aerospace & Defense - 2.8% | |||
Airbus Group NV | 174,000 | 14,998,866 | |
General Dynamics Corp. | 49,300 | 10,459,981 | |
Huntington Ingalls Industries, Inc. | 33,400 | 7,398,100 | |
MTU Aero Engines AG | 15,500 | 2,316,546 | |
Raytheon Technologies Corp. | 62,000 | 5,075,320 | |
Safran SA | 26,400 | 2,402,130 | |
The Boeing Co. (b) | 372,700 | 45,126,516 | |
87,777,459 | |||
Air Freight & Logistics - 2.0% | |||
FedEx Corp. | 84,900 | 12,605,103 | |
United Parcel Service, Inc. Class B | 311,100 | 50,255,094 | |
62,860,197 | |||
Airlines - 0.1% | |||
Copa Holdings SA Class A (b) | 13,500 | 904,635 | |
Ryanair Holdings PLC sponsored ADR (b) | 34,400 | 2,009,648 | |
2,914,283 | |||
Building Products - 0.1% | |||
Johnson Controls International PLC | 98,900 | 4,867,858 | |
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (b) | 350,200 | 2,517,938 | |
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 68,200 | 10,739,454 | |
Hubbell, Inc. Class B | 43,218 | 9,637,614 | |
Regal Rexnord Corp. | 5,600 | 786,016 | |
Vertiv Holdings Co. | 1,126,600 | 10,950,552 | |
32,113,636 | |||
Industrial Conglomerates - 5.4% | |||
3M Co. | 33,900 | 3,745,950 | |
General Electric Co. | 2,712,387 | 167,923,879 | |
171,669,829 | |||
Machinery - 0.9% | |||
Cummins, Inc. | 22,800 | 4,640,028 | |
Epiroc AB (A Shares) | 17,200 | 246,055 | |
Flowserve Corp. | 208,700 | 5,071,410 | |
Fortive Corp. | 112,100 | 6,535,430 | |
Otis Worldwide Corp. | 71,750 | 4,577,650 | |
Stanley Black & Decker, Inc. | 30,800 | 2,316,468 | |
Westinghouse Air Brake Tech Co. | 75,502 | 6,142,088 | |
29,529,129 | |||
Professional Services - 0.1% | |||
Equifax, Inc. | 14,100 | 2,417,163 | |
Road & Rail - 0.6% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 359,700 | 17,600,121 | |
Trading Companies & Distributors - 0.0% | |||
Beijer Ref AB (B Shares) | 61,800 | 759,906 | |
TOTAL INDUSTRIALS | 415,027,519 | ||
INFORMATION TECHNOLOGY - 18.1% | |||
Electronic Equipment & Components - 0.2% | |||
Mirion Technologies, Inc. (b)(d) | 981,748 | 7,333,658 | |
IT Services - 3.9% | |||
Amadeus IT Holding SA Class A (b) | 113,600 | 5,266,796 | |
Edenred SA | 242,100 | 11,153,729 | |
Fidelity National Information Services, Inc. | 158,400 | 11,970,288 | |
Genpact Ltd. | 130,700 | 5,720,739 | |
Global Payments, Inc. | 21,500 | 2,323,075 | |
IBM Corp. | 40,500 | 4,811,805 | |
MasterCard, Inc. Class A | 32,200 | 9,155,748 | |
PayPal Holdings, Inc. (b) | 102,100 | 8,787,747 | |
Sabre Corp. (b) | 564,300 | 2,906,145 | |
Snowflake, Inc. (b) | 3,300 | 560,868 | |
Twilio, Inc. Class A (b) | 70,700 | 4,888,198 | |
Unisys Corp. (b) | 515,247 | 3,890,115 | |
Visa, Inc. Class A | 295,000 | 52,406,750 | |
123,842,003 | |||
Semiconductors & Semiconductor Equipment - 2.3% | |||
Analog Devices, Inc. | 41,900 | 5,838,346 | |
Applied Materials, Inc. | 88,000 | 7,209,840 | |
Intel Corp. | 356,000 | 9,174,120 | |
Lam Research Corp. | 14,200 | 5,197,200 | |
Marvell Technology, Inc. | 166,100 | 7,127,351 | |
NVIDIA Corp. | 5,800 | 704,062 | |
Qualcomm, Inc. | 343,590 | 38,818,798 | |
74,069,717 | |||
Software - 8.2% | |||
Adobe, Inc. (b) | 26,000 | 7,155,200 | |
Autodesk, Inc. (b) | 36,800 | 6,874,240 | |
Coupa Software, Inc. (b) | 4,400 | 258,720 | |
DoubleVerify Holdings, Inc. (b) | 64,200 | 1,755,870 | |
Dynatrace, Inc. (b) | 137,200 | 4,775,932 | |
Elastic NV (b) | 114,900 | 8,242,926 | |
Microsoft Corp. | 857,300 | 199,665,170 | |
PTC, Inc. (b) | 37,900 | 3,964,340 | |
Salesforce.com, Inc. (b) | 16,600 | 2,387,744 | |
SAP SE sponsored ADR | 258,800 | 21,027,500 | |
Workday, Inc. Class A (b) | 12,900 | 1,963,638 | |
258,071,280 | |||
Technology Hardware, Storage & Peripherals - 3.5% | |||
Apple, Inc. | 773,200 | 106,856,240 | |
Samsung Electronics Co. Ltd. | 84,220 | 3,068,219 | |
109,924,459 | |||
TOTAL INFORMATION TECHNOLOGY | 573,241,117 | ||
MATERIALS - 2.5% | |||
Chemicals - 0.6% | |||
Axalta Coating Systems Ltd. (b) | 60,700 | 1,278,342 | |
DuPont de Nemours, Inc. | 348,200 | 17,549,280 | |
18,827,622 | |||
Metals & Mining - 1.9% | |||
First Quantum Minerals Ltd. | 844,300 | 14,332,961 | |
Freeport-McMoRan, Inc. | 1,234,179 | 33,730,112 | |
Glencore PLC | 2,404,800 | 12,637,265 | |
60,700,338 | |||
TOTAL MATERIALS | 79,527,960 | ||
REAL ESTATE - 0.8% | |||
Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
American Tower Corp. | 39,800 | 8,545,060 | |
Equinix, Inc. | 1,400 | 796,376 | |
Simon Property Group, Inc. | 162,300 | 14,566,425 | |
23,907,861 | |||
UTILITIES - 0.5% | |||
Electric Utilities - 0.5% | |||
Entergy Corp. | 32,200 | 3,240,286 | |
PG&E Corp. (b) | 275,000 | 3,437,500 | |
Southern Co. | 128,900 | 8,765,200 | |
15,442,986 | |||
Multi-Utilities - 0.0% | |||
Sempra Energy | 9,300 | 1,394,442 | |
TOTAL UTILITIES | 16,837,428 | ||
TOTAL COMMON STOCKS (Cost $2,355,575,036) | 3,080,550,937 | ||
Preferred Stocks - 0.1% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.0% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc. Series E (b)(d)(e) | 5,200 | 205,972 | |
Nonconvertible Preferred Stocks - 0.1% | |||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
Embraer SA sponsored ADR (b) | 451,800 | 3,885,480 | |
TOTAL PREFERRED STOCKS (Cost $5,449,043) | 4,091,452 | ||
Other - 0.1% | |||
Shares | Value ($) | ||
Energy - Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (b)(d)(e)(f) (Cost $7,810,134) | 7,810,134 | 2,323,515 | |
Money Market Funds - 3.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (g) | 72,024,404 | 72,038,809 | |
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h) | 22,857,845 | 22,860,131 | |
TOTAL MONEY MARKET FUNDS (Cost $94,898,940) | 94,898,940 | ||
TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $2,463,733,153) | 3,181,864,844 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (18,730,800) |
NET ASSETS - 100.0% | 3,163,134,044 |
(a) | 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 $2,819,378 or 0.1% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(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 $9,863,145 or 0.3% of net assets. |
(e) | Level 3 security |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Mirion Technologies, Inc. | 6/16/21 | 9,817,480 |
Reddit, Inc. Series E | 5/18/21 | 220,866 |
Utica Shale Drilling Program (non-operating revenue interest) | 10/05/16 - 9/01/17 | 7,810,134 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 3.10% | 8,778,631 | 196,892,784 | 133,632,606 | 485,616 | - | - | 72,038,809 | 0.1% |
Fidelity Securities Lending Cash Central Fund 3.10% | 45,803,444 | 287,075,350 | 310,018,663 | 48,824 | - | - | 22,860,131 | 0.1% |
Total | 54,582,075 | 483,968,134 | 443,651,269 | 534,440 | - | - | 94,898,940 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 246,714,679 | 229,188,524 | 17,320,183 | 205,972 |
Consumer Discretionary | 118,942,773 | 118,942,773 | - | - |
Consumer Staples | 167,276,249 | 156,879,049 | 10,397,200 | - |
Energy | 427,084,767 | 427,084,767 | - | - |
Financials | 534,751,906 | 534,751,906 | - | - |
Health Care | 477,444,650 | 464,420,390 | 13,024,260 | - |
Industrials | 418,912,999 | 398,189,496 | 20,723,503 | - |
Information Technology | 573,241,117 | 553,752,373 | 19,488,744 | - |
Materials | 79,527,960 | 66,890,695 | 12,637,265 | - |
Real Estate | 23,907,861 | 23,907,861 | - | - |
Utilities | 16,837,428 | 16,837,428 | - | - |
Other | 2,323,515 | - | - | 2,323,515 |
Money Market Funds | 94,898,940 | 94,898,940 | - | - |
Total Investments in Securities: | 3,181,864,844 | 3,085,744,202 | 93,591,155 | 2,529,487 |
Statement of Assets and Liabilities | ||||
�� | September 30, 2022 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $22,434,489) - See accompanying schedule: | $ | |||
Unaffiliated issuers (cost $2,368,834,213) | $3,086,965,904 | |||
Fidelity Central Funds (cost $94,898,940) | 94,898,940 | |||
Total Investment in Securities (cost $2,463,733,153) | $ | 3,181,864,844 | ||
Cash | 181 | |||
Restricted cash | 324,704 | |||
Foreign currency held at value (cost $243,236) | 241,153 | |||
Receivable for investments sold | 3,889,246 | |||
Receivable for fund shares sold | 205,859 | |||
Dividends receivable | 4,126,236 | |||
Distributions receivable from Fidelity Central Funds | 159,423 | |||
Prepaid expenses | 6,025 | |||
Other receivables | 330,110 | |||
Total assets | 3,191,147,781 | |||
Liabilities | ||||
Payable for investments purchased | $2,801,119 | |||
Payable for fund shares redeemed | 609,191 | |||
Accrued management fee | 1,494,563 | |||
Distribution and service plan fees payable | 109,010 | |||
Other affiliated payables | 95,743 | |||
Other payables and accrued expenses | 35,111 | |||
Collateral on securities loaned | 22,869,000 | |||
Total Liabilities | 28,013,737 | |||
Net Assets | $ | 3,163,134,044 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,294,034,199 | ||
Total accumulated earnings (loss) | 869,099,845 | |||
Net Assets | $ | 3,163,134,044 | ||
Net Asset Value and Maximum Offering Price | ||||
Class O : | ||||
Net Asset Value , offering price and redemption price per share ($2,660,011,248 ÷ 164,428,535 shares) | $ | 16.18 | ||
Class A : | ||||
Net Asset Value and redemption price per share ($467,809,891 ÷ 30,341,913 shares) (a) | $ | 15.42 | ||
Maximum offering price per share (100/94.25 of $15.42) | $ | 16.36 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($3,152,258 ÷ 212,334 shares) (a) | $ | 14.85 | ||
Maximum offering price per share (100/96.50 of $14.85) | $ | 15.39 | ||
Class C : | ||||
Net Asset Value and offering price per share ($2,807,460 ÷ 199,101 shares) (a) | $ | 14.10 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($29,353,187 ÷ 1,807,968 shares) | $ | 16.24 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended September 30, 2022 | ||||
Investment Income | ||||
Dividends | $ | 71,182,538 | ||
Income from Fidelity Central Funds (including $48,824 from security lending) | 534,440 | |||
Total Income | 71,716,978 | |||
Expenses | ||||
Management fee | $ | 20,246,112 | ||
Transfer agent fees | 4,950,540 | |||
Distribution and service plan fees | 1,437,207 | |||
Accounting fees | 990,736 | |||
Custodian fees and expenses | 64,054 | |||
Independent trustees' fees and expenses | 13,406 | |||
Registration fees | 94,023 | |||
Audit | 72,015 | |||
Legal | 10,432 | |||
Interest | 4,851 | |||
Miscellaneous | 17,756 | |||
Total expenses before reductions | 27,901,132 | |||
Expense reductions | (4,751,632) | |||
Total expenses after reductions | 23,149,500 | |||
Net Investment income (loss) | 48,567,478 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 177,362,791 | |||
Foreign currency transactions | 38,752 | |||
Total net realized gain (loss) | 177,401,543 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (682,383,634) | |||
Unfunded commitments | 787,362 | |||
Assets and liabilities in foreign currencies | (186,706) | |||
Total change in net unrealized appreciation (depreciation) | (681,782,978) | |||
Net gain (loss) | (504,381,435) | |||
Net increase (decrease) in net assets resulting from operations | $ | (455,813,957) |
Statement of Changes in Net Assets | ||||
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 48,567,478 | $ | 78,773,929 |
Net realized gain (loss) | 177,401,543 | 123,046,581 | ||
Change in net unrealized appreciation (depreciation) | (681,782,978) | 1,022,946,154 | ||
Net increase (decrease) in net assets resulting from operations | (455,813,957) | 1,224,766,664 | ||
Distributions to shareholders | (224,714,403) | (155,641,747) | ||
Share transactions - net increase (decrease) | (322,026,152) | (9,040,569) | ||
Total increase (decrease) in net assets | (1,002,554,512) | 1,060,084,348 | ||
Net Assets | ||||
Beginning of period | 4,165,688,556 | 3,105,604,208 | ||
End of period | $ | 3,163,134,044 | $ | 4,165,688,556 |
Fidelity Advisor® Capital Development Fund Class O |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.65 | $ | 14.71 | $ | 15.41 | $ | 17.96 | $ | 16.69 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .25 | .37 C | .29 | .31 | .26 | |||||
Net realized and unrealized gain (loss) | (2.60) | 5.32 | .21 | (.79) D | 2.13 | |||||
Total from investment operations | (2.35) | 5.69 | .50 | (.48) | 2.39 | |||||
Distributions from net investment income | (.38) | (.28) | (.31) | (.28) | (.24) | |||||
Distributions from net realized gain | (.73) | (.47) | (.88) | (1.80) | (.88) | |||||
Total distributions | (1.12) E | (.75) | (1.20) E | (2.07) E | (1.12) | |||||
Net asset value, end of period | $ | 16.18 | $ | 19.65 | $ | 14.71 | $ | 15.41 | $ | 17.96 |
Total Return F | (12.87)% | 39.61% | 2.62% | (1.43)% D,G | 15.04% G | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .68% | .70% | .72% | .70% | .58% | |||||
Expenses net of fee waivers, if any | .56% | .56% | .57% | .58% | .58% | |||||
Expenses net of all reductions | .56% | .56% | .57% | .57% | .58% | |||||
Net investment income (loss) | 1.31% | 2.03% C | 1.95% | 2.07% | 1.52% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,660,011 | $ | 3,567,329 | $ | 2,663,852 | $ | 2,611,342 | $ | 2,896,451 |
Portfolio turnover rate J | 11% | 16% | 26% | 38% | 36% |
Fidelity Advisor® Capital Development Fund Class A |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.78 | $ | 14.09 | $ | 14.80 | $ | 17.34 | $ | 16.15 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .19 | .31 C | .24 | .26 | .20 | |||||
Net realized and unrealized gain (loss) | (2.49) | 5.09 | .20 | (.77) D | 2.07 | |||||
Total from investment operations | (2.30) | 5.40 | .44 | (.51) | 2.27 | |||||
Distributions from net investment income | (.33) | (.24) | (.27) | (.23) | (.19) | |||||
Distributions from net realized gain | (.73) | (.47) | (.88) | (1.80) | (.88) | |||||
Total distributions | (1.06) | (.71) | (1.15) | (2.03) | (1.08) E | |||||
Net asset value, end of period | $ | 15.42 | $ | 18.78 | $ | 14.09 | $ | 14.80 | $ | 17.34 |
Total Return F,G | (13.15)% | 39.21% | 2.37% | (1.76)% D,H | 14.71% H | |||||
Ratios to Average Net Assets B,I,J | ||||||||||
Expenses before reductions | .96% | .97% | 1.00% | 1.00% | .87% | |||||
Expenses net of fee waivers, if any | .85% | .85% | .86% | .87% | .87% | |||||
Expenses net of all reductions | .85% | .85% | .86% | .86% | .87% | |||||
Net investment income (loss) | 1.01% | 1.74% C | 1.66% | 1.78% | 1.23% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 467,810 | $ | 552,638 | $ | 425,890 | $ | 433,610 | $ | 460,953 |
Portfolio turnover rate K | 11% | 16% | 26% | 38% | 36% |
Fidelity Advisor® Capital Development Fund Class M |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.12 | $ | 13.61 | $ | 14.34 | $ | 16.85 | $ | 15.71 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .10 | .21 C | .16 | .18 | .11 | |||||
Net realized and unrealized gain (loss) | (2.39) | 4.93 | .18 | (.75) D | 2.02 | |||||
Total from investment operations | (2.29) | 5.14 | .34 | (.57) | 2.13 | |||||
Distributions from net investment income | (.24) | (.17) | (.19) | (.14) | (.11) | |||||
Distributions from net realized gain | (.73) | (.47) | (.88) | (1.80) | (.88) | |||||
Total distributions | (.98) E | (.63) E | (1.07) | (1.94) | (.99) | |||||
Net asset value, end of period | $ | 14.85 | $ | 18.12 | $ | 13.61 | $ | 14.34 | $ | 16.85 |
Total Return F,G | (13.54)% | 38.61% | 1.76% | (2.27)% D | 14.18% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.32% | 1.33% | 1.37% | 1.40% | 1.41% | |||||
Expenses net of fee waivers, if any | 1.32% | 1.33% | 1.37% | 1.40% | 1.41% | |||||
Expenses net of all reductions | 1.32% | 1.33% | 1.36% | 1.40% | 1.41% | |||||
Net investment income (loss) | .54% | 1.25% C | 1.16% | 1.24% | .69% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 3,152 | $ | 3,476 | $ | 2,468 | $ | 3,294 | $ | 3,469 |
Portfolio turnover rate J | 11% | 16% | 26% | 38% | 36% |
Fidelity Advisor® Capital Development Fund Class C |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 17.28 | $ | 12.99 | $ | 13.73 | $ | 16.23 | $ | 15.17 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .01 | .13 C | .09 | .11 | .04 | |||||
Net realized and unrealized gain (loss) | (2.27) | 4.70 | .19 | (.73) D | 1.94 | |||||
Total from investment operations | (2.26) | 4.83 | .28 | (.62) | 1.98 | |||||
Distributions from net investment income | (.19) | (.07) | (.14) | (.09) | (.04) | |||||
Distributions from net realized gain | (.73) | (.47) | (.88) | (1.80) | (.88) | |||||
Total distributions | (.92) | (.54) | (1.02) | (1.88) E | (.92) | |||||
Net asset value, end of period | $ | 14.10 | $ | 17.28 | $ | 12.99 | $ | 13.73 | $ | 16.23 |
Total Return F,G | (13.95)% | 37.89% | 1.39% | (2.72)% D | 13.62% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.78% | 1.80% | 1.83% | 1.83% | 1.84% | |||||
Expenses net of fee waivers, if any | 1.78% | 1.80% | 1.83% | 1.83% | 1.84% | |||||
Expenses net of all reductions | 1.78% | 1.80% | 1.82% | 1.82% | 1.83% | |||||
Net investment income (loss) | .08% | .79% C | .70% | .82% | .26% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,807 | $ | 2,607 | $ | 1,956 | $ | 3,247 | $ | 3,082 |
Portfolio turnover rate J | 11% | 16% | 26% | 38% | 36% |
Fidelity Advisor® Capital Development Fund Class I |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.73 | $ | 14.77 | $ | 15.46 | $ | 18.03 | $ | 16.74 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .22 | .35 C | .27 | .29 | .23 | |||||
Net realized and unrealized gain (loss) | (2.62) | 5.34 | .22 | (.81) D | 2.16 | |||||
Total from investment operations | (2.40) | 5.69 | .49 | (.52) | 2.39 | |||||
Distributions from net investment income | (.36) | (.26) | (.29) | (.26) | (.22) | |||||
Distributions from net realized gain | (.73) | (.47) | (.88) | (1.80) | (.88) | |||||
Total distributions | (1.09) | (.73) | (1.18) E | (2.05) E | (1.10) | |||||
Net asset value, end of period | $ | 16.24 | $ | 19.73 | $ | 14.77 | $ | 15.46 | $ | 18.03 |
Total Return F | (13.03)% | 39.40% | 2.54% | (1.68)% D | 14.97% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .72% | .71% | .72% | .73% | .72% | |||||
Expenses net of fee waivers, if any | .72% | .71% | .72% | .73% | .72% | |||||
Expenses net of all reductions | .72% | .71% | .71% | .73% | .72% | |||||
Net investment income (loss) | 1.15% | 1.87% C | 1.81% | 1.91% | 1.38% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 29,353 | $ | 39,639 | $ | 11,438 | $ | 12,138 | $ | 5,315 |
Portfolio turnover rate I | 11% | 16% | 26% | 38% | 36% |
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% |
Fidelity Advisor Capital Development Fund | $17,732 |
Gross unrealized appreciation | $1,019,591,973 |
Gross unrealized depreciation | (316,864,475) |
Net unrealized appreciation (depreciation) | $702,727,498 |
Tax Cost | $2,479,137,346 |
Undistributed ordinary income | $37,472,347 |
Undistributed long-term capital gain | $137,518,509 |
Net unrealized appreciation (depreciation) on securities and other investments | $702,366,445 |
September 30, 2022 | September 30, 2021 | |
Ordinary Income | $ 98,611,674 | $ 58,060,093 |
Long-term Capital Gains | 126,102,729 | 67,581,654 |
Total | $224,714,403 | $155,641,747 |
$ Amount | % of Net Assets | |
Fidelity Advisor Capital Development Fund | 2,648,219 | .08 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Capital Development Fund | 413,775,141 | 980,141,120 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $1,387,192 | $5,567 |
Class M | .25% | .25% | 18,030 | 9 |
Class C | .75% | .25% | 31,985 | 9,144 |
$1,437,207 | $14,720 |
Retained by FDC | |
Class A | $25,861 |
Class M | 829 |
Class C A | 56 |
$26,746 |
Amount | % of Class-Level Average Net Assets | |
Class O | $4,038,805 | .12 |
Class A | 835,635 | .15 |
Class M | 9,510 | .26 |
Class C | 7,118 | .22 |
Class I | 59,472 | .16 |
$4,950,540 |
% of Average Net Assets | |
Fidelity Advisor Capital Development Fund | .03 |
Amount | |
Fidelity Advisor Capital Development Fund | $11,000 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Capital Development Fund | Borrower | $ 16,880,759 | .32% | $4,284 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Capital Development Fund | 53,899,970 | 97,652,854 | 28,898,850 |
Amount | |
Fidelity Advisor Capital Development Fund | $6,727 |
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 | $5,159 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Capital Development Fund | $ 1,679,429 | .58% | $567 |
Transfer Agent Fees Limitation | Waiver | |
Class O | .00% | $4,021,248 |
Class A | .04% | 606,032 |
Year ended September 30, 2022 | Year ended September 30, 2021 | |
Fidelity Advisor Capital Development Fund | ||
Distributions to shareholders | ||
Class O | $ 191,175,178 | $133,701,379 |
Class A | 31,061,621 | 21,172,380 |
Class M | 181,972 | 114,340 |
Class C | 154,286 | 77,238 |
Class I | 2,141,346 | 576,410 |
Total | $224,714,403 | $155,641,747 |
Shares | Shares | Dollars | Dollars | |
Year ended September 30, 2022 | Year ended September 30, 2021 | Year ended September 30, 2022 | Year ended September 30, 2021 | |
Fidelity Advisor Capital Development Fund | ||||
Class O | ||||
Shares sold | 2,274,309 | 12,232,081 | $ 44,524,973 | $ 216,823,303 |
Reinvestment of distributions | 9,628,440 | 7,825,312 | 185,058,616 | 129,743,638 |
Shares redeemed | (29,010,632) | (19,623,890) | (566,420,710) | (362,405,743) |
Net increase (decrease) | (17,107,883) | 433,503 | $(336,837,121) | $(15,838,802) |
Class A | ||||
Shares sold | 1,347,054 | 1,188,669 | $ 24,709,340 | $ 20,715,119 |
Reinvestment of distributions | 1,681,559 | 1,325,985 | 30,873,426 | 21,056,644 |
Shares redeemed | (2,117,176) | (3,315,570) | (38,725,031) | (59,203,805) |
Net increase (decrease) | 911,437 | (800,916) | $16,857,735 | $(17,432,042) |
Class M | ||||
Shares sold | 36,811 | 30,785 | $658,898 | $537,022 |
Reinvestment of distributions | 10,252 | 7,434 | 181,972 | 114,340 |
Shares redeemed | (26,601) | (27,652) | (468,862) | (467,994) |
Net increase (decrease) | 20,462 | 10,567 | $372,008 | $183,368 |
Class C | ||||
Shares sold | 158,585 | 57,417 | $ 2,739,763 | $969,562 |
Reinvestment of distributions | 8,891 | 5,021 | 150,435 | 73,914 |
Shares redeemed | (119,205) | (62,195) | (1,940,174) | (1,028,141) |
Net increase (decrease) | 48,271 | 243 | $950,024 | $15,335 |
Class I | ||||
Shares sold | 649,695 | 1,643,647 | $ 13,036,781 | $ 31,855,937 |
Reinvestment of distributions | 96,947 | 27,856 | 1,873,010 | 464,074 |
Shares redeemed | (948,147) | (436,626) | (18,278,589) | (8,288,439) |
Net increase (decrease) | (201,505) | 1,234,877 | $(3,368,798) | $24,031,572 |
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, 2022 to September 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Expenses Paid During Period- C April 1, 2022 to September 30, 2022 | |||||||
Fidelity Advisor® Capital Development Fund | ||||||||||
Class O | .56% | |||||||||
Actual | $ 1,000 | $ 815.10 | $ 2.55 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.26 | $ 2.84 | |||||||
Class A | .85% | |||||||||
Actual | $ 1,000 | $ 813.70 | $ 3.86 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.81 | $ 4.31 | |||||||
Class M | 1.32% | |||||||||
Actual | $ 1,000 | $ 811.90 | $ 6.00 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.45 | $ 6.68 | |||||||
Class C | 1.81% | |||||||||
Actual | $ 1,000 | $ 809.90 | $ 8.21 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.99 | $ 9.15 | |||||||
Class I | .72% | |||||||||
Actual | $ 1,000 | $ 814.40 | $ 3.27 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.46 | $ 3.65 | |||||||
Item 2.
Code of Ethics
As of the end of the period, September 30, 2022, 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 Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue 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, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Capital Development Fund | $52,500 | $- | $10,000 | $1,300 |
Fidelity Advisor Diversified Stock Fund | $62,000 | $- | $10,300 | $1,400 |
September 30, 2021 FeesA
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 |
A Amounts 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, 2022A | September 30, 2021A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
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, 2022A | September 30, 2021A |
Deloitte Entities | $480,600 | $543,700 |
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) | |
(a) | (3) | Not applicable. |
(b) |
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 21, 2022 |
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 21, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | November 21, 2022 |