# EDGAR Filing Document

**Accession Number:** 0000035331
**File Stem:** 0000035331-26-000005
**Filing Date:** 2026-5
**Character Count:** 269373
**Document Hash:** 1cdcbb6cd5b95f2d0d874fca5a67d1f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035331-26-000005.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000035331-26-000005

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**EFFECTIVENESS DATE**: 20260521

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY DESTINY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000035331

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01796
- **FILM NUMBER:** 261006479

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY DESTINY FUND
- **DATE OF NAME CHANGE:** 19860828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY SYSTEMATIC INVESTMENT FUND INC
- **DATE OF NAME CHANGE:** 19690806

## Series and Classes Contracts Data

### Fidelity Advisor Diversified Stock Fund (Series ID: S000006055)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000016627 | Fidelity Advisor Diversified Stock Fund: Class A | FDTOX           |
| C000016628 | Class O                                          | FDESX           |
| C000016631 | Fidelity Advisor Diversified Stock Fund: Class C | FDTCX           |
| C000016632 | Fidelity Advisor Diversified Stock Fund: Class M | FDTEX           |
| C000016633 | Fidelity Advisor Diversified Stock Fund: Class I | FDTIX           |
| C000130143 | Class Z                                          | FZACX           |

### Fidelity Advisor Capital Development Fund (Series ID: S000006056)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000016635 | Class O                                            | FDETX           |
| C000016636 | Fidelity Advisor Capital Development Fund: Class A | FDTTX           |
| C000016638 | Fidelity Advisor Capital Development Fund: Class C | FDECX           |
| C000016639 | Fidelity Advisor Capital Development Fund: Class M | FDTZX           |
| C000016640 | Fidelity Advisor Capital Development Fund: Class I | FDEIX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-01796</u>

<u>Fidelity Destiny Portfolios</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; September 30 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; March 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Diversified Stock Fund<br> **Fidelity Advisor® Diversified Stock Fund Class Z : FZACX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $22  | 0.44% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3664227280<br>|
| Number of Holdings | 233<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Industrials | 13.7 |
| Health Care | 11.1 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.3 |
| Financials | 8.1 |
| Materials | 7.3 |
| Energy | 6.7 |
| Consumer Staples | 2.6 |
| Utilities | 2.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 3.0 |
| Taiwan | 1.7 |
| Netherlands | 1.2 |
| United Kingdom | 1.1 |
| Belgium | 0.9 |
| Chile | 0.8 |
| Italy | 0.5 |
| Australia | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Apple Inc | 5.2<br>|
| Alphabet Inc Class C | 4.7<br>|
| Amazon.com Inc | 3.4<br>|
| Microsoft Corp | 3.2<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Exxon Mobil Corp | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
| NextEra Energy Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6_20260331_1.jpg)<br>| ![](img129199_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915512.101 2528-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Diversified Stock Fund<br> **Fidelity Advisor® Diversified Stock Fund Class O : FDESX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class O  | $20  | 0.41% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3664227280<br>|
| Number of Holdings | 233<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Industrials | 13.7 |
| Health Care | 11.1 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.3 |
| Financials | 8.1 |
| Materials | 7.3 |
| Energy | 6.7 |
| Consumer Staples | 2.6 |
| Utilities | 2.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 3.0 |
| Taiwan | 1.7 |
| Netherlands | 1.2 |
| United Kingdom | 1.1 |
| Belgium | 0.9 |
| Chile | 0.8 |
| Italy | 0.5 |
| Australia | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Apple Inc | 5.2<br>|
| Alphabet Inc Class C | 4.7<br>|
| Amazon.com Inc | 3.4<br>|
| Microsoft Corp | 3.2<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Exxon Mobil Corp | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
| NextEra Energy Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6_20260331_1.jpg)<br>| ![](img129200_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915514.101 6-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Diversified Stock Fund<br> **Fidelity Advisor® Diversified Stock Fund Class M : FDTEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $54  | 1.08% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3664227280<br>|
| Number of Holdings | 233<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Industrials | 13.7 |
| Health Care | 11.1 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.3 |
| Financials | 8.1 |
| Materials | 7.3 |
| Energy | 6.7 |
| Consumer Staples | 2.6 |
| Utilities | 2.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 3.0 |
| Taiwan | 1.7 |
| Netherlands | 1.2 |
| United Kingdom | 1.1 |
| Belgium | 0.9 |
| Chile | 0.8 |
| Italy | 0.5 |
| Australia | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Apple Inc | 5.2<br>|
| Alphabet Inc Class C | 4.7<br>|
| Amazon.com Inc | 3.4<br>|
| Microsoft Corp | 3.2<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Exxon Mobil Corp | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
| NextEra Energy Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6_20260331_1.jpg)<br>| ![](img129201_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915510.101 1445-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Diversified Stock Fund<br> **Fidelity Advisor® Diversified Stock Fund Class I : FDTIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $28  | 0.56% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3664227280<br>|
| Number of Holdings | 233<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Industrials | 13.7 |
| Health Care | 11.1 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.3 |
| Financials | 8.1 |
| Materials | 7.3 |
| Energy | 6.7 |
| Consumer Staples | 2.6 |
| Utilities | 2.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 3.0 |
| Taiwan | 1.7 |
| Netherlands | 1.2 |
| United Kingdom | 1.1 |
| Belgium | 0.9 |
| Chile | 0.8 |
| Italy | 0.5 |
| Australia | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Apple Inc | 5.2<br>|
| Alphabet Inc Class C | 4.7<br>|
| Amazon.com Inc | 3.4<br>|
| Microsoft Corp | 3.2<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Exxon Mobil Corp | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
| NextEra Energy Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6_20260331_1.jpg)<br>| ![](img129202_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915511.101 1446-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Diversified Stock Fund<br> **Fidelity Advisor® Diversified Stock Fund Class C : FDTCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $80  | 1.60% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3664227280<br>|
| Number of Holdings | 233<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Industrials | 13.7 |
| Health Care | 11.1 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.3 |
| Financials | 8.1 |
| Materials | 7.3 |
| Energy | 6.7 |
| Consumer Staples | 2.6 |
| Utilities | 2.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 3.0 |
| Taiwan | 1.7 |
| Netherlands | 1.2 |
| United Kingdom | 1.1 |
| Belgium | 0.9 |
| Chile | 0.8 |
| Italy | 0.5 |
| Australia | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Apple Inc | 5.2<br>|
| Alphabet Inc Class C | 4.7<br>|
| Amazon.com Inc | 3.4<br>|
| Microsoft Corp | 3.2<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Exxon Mobil Corp | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
| NextEra Energy Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6_20260331_1.jpg)<br>| ![](img129203_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915509.101 1444-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Diversified Stock Fund<br> **Fidelity Advisor® Diversified Stock Fund Class A : FDTOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified Stock Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $38  | 0.76% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3664227280<br>|
| Number of Holdings | 233<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Industrials | 13.7 |
| Health Care | 11.1 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.3 |
| Financials | 8.1 |
| Materials | 7.3 |
| Energy | 6.7 |
| Consumer Staples | 2.6 |
| Utilities | 2.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 3.0 |
| Taiwan | 1.7 |
| Netherlands | 1.2 |
| United Kingdom | 1.1 |
| Belgium | 0.9 |
| Chile | 0.8 |
| Italy | 0.5 |
| Australia | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Apple Inc | 5.2<br>|
| Alphabet Inc Class C | 4.7<br>|
| Amazon.com Inc | 3.4<br>|
| Microsoft Corp | 3.2<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Exxon Mobil Corp | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
| NextEra Energy Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6_20260331_1.jpg)<br>| ![](img129204_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915513.101 395-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Capital Development Fund<br> **Fidelity Advisor® Capital Development Fund Class O : FDETX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class O  | $27  | 0.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5703739173<br>|
| Number of Holdings | 194<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.4 |
| Industrials | 17.3 |
| Financials | 12.7 |
| Energy | 10.3 |
| Health Care | 10.1 |
| Communication Services | 10.0 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 5.1 |
| Materials | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.3 |
| Preferred Stocks | 0.1 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img210_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Canada | 2.7 |
| Belgium | 1.3 |
| United Kingdom | 1.1 |
| Taiwan | 0.9 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Germany | 0.5 |
| France | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img210_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.7<br>|
| Microsoft Corp | 5.0<br>|
| Boeing Co | 4.6<br>|
| Exxon Mobil Corp | 4.4<br>|
| Wells Fargo & Co | 4.3<br>|
| GE Aerospace | 4.0<br>|
| GE Vernova Inc | 3.9<br>|
| Alphabet Inc Class A | 3.3<br>|
| Apple Inc | 3.2<br>|
| Amazon.com Inc | 2.9<br>|
|  | 43.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img210_20260331_1.jpg)<br>| ![](img129205_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915518.101 306-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Capital Development Fund<br> **Fidelity Advisor® Capital Development Fund Class M : FDTZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $59  | 1.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5703739173<br>|
| Number of Holdings | 194<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.4 |
| Industrials | 17.3 |
| Financials | 12.7 |
| Energy | 10.3 |
| Health Care | 10.1 |
| Communication Services | 10.0 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 5.1 |
| Materials | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.3 |
| Preferred Stocks | 0.1 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img210_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Canada | 2.7 |
| Belgium | 1.3 |
| United Kingdom | 1.1 |
| Taiwan | 0.9 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Germany | 0.5 |
| France | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img210_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.7<br>|
| Microsoft Corp | 5.0<br>|
| Boeing Co | 4.6<br>|
| Exxon Mobil Corp | 4.4<br>|
| Wells Fargo & Co | 4.3<br>|
| GE Aerospace | 4.0<br>|
| GE Vernova Inc | 3.9<br>|
| Alphabet Inc Class A | 3.3<br>|
| Apple Inc | 3.2<br>|
| Amazon.com Inc | 2.9<br>|
|  | 43.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img210_20260331_1.jpg)<br>| ![](img129206_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915516.101 1449-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Capital Development Fund<br> **Fidelity Advisor® Capital Development Fund Class I : FDEIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $33  | 0.66% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5703739173<br>|
| Number of Holdings | 194<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.4 |
| Industrials | 17.3 |
| Financials | 12.7 |
| Energy | 10.3 |
| Health Care | 10.1 |
| Communication Services | 10.0 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 5.1 |
| Materials | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.3 |
| Preferred Stocks | 0.1 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img210_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Canada | 2.7 |
| Belgium | 1.3 |
| United Kingdom | 1.1 |
| Taiwan | 0.9 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Germany | 0.5 |
| France | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img210_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.7<br>|
| Microsoft Corp | 5.0<br>|
| Boeing Co | 4.6<br>|
| Exxon Mobil Corp | 4.4<br>|
| Wells Fargo & Co | 4.3<br>|
| GE Aerospace | 4.0<br>|
| GE Vernova Inc | 3.9<br>|
| Alphabet Inc Class A | 3.3<br>|
| Apple Inc | 3.2<br>|
| Amazon.com Inc | 2.9<br>|
|  | 43.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img210_20260331_1.jpg)<br>| ![](img129207_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915517.101 1451-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Capital Development Fund<br> **Fidelity Advisor® Capital Development Fund Class C : FDECX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $84  | 1.66% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5703739173<br>|
| Number of Holdings | 194<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.4 |
| Industrials | 17.3 |
| Financials | 12.7 |
| Energy | 10.3 |
| Health Care | 10.1 |
| Communication Services | 10.0 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 5.1 |
| Materials | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.3 |
| Preferred Stocks | 0.1 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img210_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Canada | 2.7 |
| Belgium | 1.3 |
| United Kingdom | 1.1 |
| Taiwan | 0.9 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Germany | 0.5 |
| France | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img210_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.7<br>|
| Microsoft Corp | 5.0<br>|
| Boeing Co | 4.6<br>|
| Exxon Mobil Corp | 4.4<br>|
| Wells Fargo & Co | 4.3<br>|
| GE Aerospace | 4.0<br>|
| GE Vernova Inc | 3.9<br>|
| Alphabet Inc Class A | 3.3<br>|
| Apple Inc | 3.2<br>|
| Amazon.com Inc | 2.9<br>|
|  | 43.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img210_20260331_1.jpg)<br>| ![](img129208_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915515.101 1448-TSRS-0526 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Fidelity Advisor® Capital Development Fund<br> **Fidelity Advisor® Capital Development Fund Class A : FDTTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Capital Development Fund for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $42  | 0.82% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5703739173<br>|
| Number of Holdings | 194<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.4 |
| Industrials | 17.3 |
| Financials | 12.7 |
| Energy | 10.3 |
| Health Care | 10.1 |
| Communication Services | 10.0 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 5.1 |
| Materials | 1.3 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.3 |
| Preferred Stocks | 0.1 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img210_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Canada | 2.7 |
| Belgium | 1.3 |
| United Kingdom | 1.1 |
| Taiwan | 0.9 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Germany | 0.5 |
| France | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img210_20260331_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.7<br>|
| Microsoft Corp | 5.0<br>|
| Boeing Co | 4.6<br>|
| Exxon Mobil Corp | 4.4<br>|
| Wells Fargo & Co | 4.3<br>|
| GE Aerospace | 4.0<br>|
| GE Vernova Inc | 3.9<br>|
| Alphabet Inc Class A | 3.3<br>|
| Apple Inc | 3.2<br>|
| Amazon.com Inc | 2.9<br>|
|  | 43.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img210_20260331_1.jpg)<br>| ![](img129209_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915519.101 396-TSRS-0526 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity Advisor® Diversified Stock Fund**

**Semi-Annual Report**

**March 31, 2026**

![](img129576_1.jpg)

![](img129576_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_ADESI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Diversified Stock Fund](#Sub_Sec_Fund_6_ADESI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements6_ADESI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ADESI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ADESI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ADESI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ADESI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Diversified Stock Fund**

**Consolidated Schedule of Investments March 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| BHP Group Ltd ADR (a) | 128800 | 9368912 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 114800 | 34588866 |
| CANADA - 3.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Dollarama Inc  | 39900 | 4896936 |
| Specialty Retail - 0.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 40133 | 3275032 |
| TOTAL CONSUMER DISCRETIONARY |  | 8171968 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Imperial Oil Ltd  | 147700 | 19346141 |
| Suncor Energy Inc (United States)  | 89300 | 5903623 |
| TOTAL ENERGY |  | 25249764 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (b) | 89600 | 10628352 |
| Materials - 1.8% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States) (a) | 276200 | 20842052 |
| Metals & Mining - 1.2% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 100700 | 20440086 |
| Franco-Nevada Corp  | 94200 | 23324845 |
| Major Drilling Group International Inc (b) | 19100 | 219957 |
| Orla Mining Ltd  | 80500 | 1294504 |
|  |  | 45279392 |
| TOTAL MATERIALS |  | 66121444 |
| TOTAL CANADA |  | 110171528 |
| CHILE - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Antofagasta PLC  | 243200 | 10906177 |
| Lundin Mining Corp  | 684500 | 17069445 |
| TOTAL CHILE |  | 27975622 |
| CHINA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Sany Heavy Equipment International Holdings Co Ltd  | 1289000 | 1830334 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 93474 | 3077164 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (b) | 144000 | 2563784 |
| ITALY - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Brunello Cucinelli SpA non-voting shares  | 208600 | 18233755 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC  | 57600 | 1621547 |
| TOTAL ITALY |  | 19855302 |
| JAPAN - 0.1%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Japan Steel Works Ltd/The  | 32000 | 1762684 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Shin-Etsu Chemical Co Ltd  | 69500 | 2829957 |
| TOTAL JAPAN |  | 4592641 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ArcelorMittal SA depository receipt (a) | 17800 | 925244 |
| MEXICO - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Southern Copper Corp (a) | 38537 | 6630676 |
| NETHERLANDS - 1.2%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| Argenx SE ADR (b) | 41600 | 30378400 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 8100 | 10698723 |
| NXP Semiconductors NV  | 12900 | 2539494 |
| TOTAL INFORMATION TECHNOLOGY |  | 13238217 |
| TOTAL NETHERLANDS |  | 43616617 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Frontline PLC (a) | 59700 | 2081142 |
| SWEDEN - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Epiroc AB A Shares  | 61400 | 1511474 |
| TAIWAN - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 187800 | 63467010 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Tobacco - 1.0% |  |  |
| British American Tobacco PLC  | 598300 | 34736597 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (c)(d) | 879300 | 2374237 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(c)(d) | 1900 | 2646016 |
| TOTAL FINANCIALS |  | 5020253 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Rolls-Royce Holdings PLC  | 83600 | 1270087 |
| TOTAL UNITED KINGDOM |  | 41026937 |
| UNITED STATES - 87.4%  |  |  |
| Communication Services - 8.2% |  |  |
| Entertainment - 0.4% |  |  |
| Netflix Inc (b) | 148900 | 14316735 |
| Interactive Media & Services - 7.8% |  |  |
| Alphabet Inc Class A  | 118000 | 33932080 |
| Alphabet Inc Class C  | 600560 | 172276642 |
| Meta Platforms Inc Class A  | 140531 | 80402001 |
|  |  | 286610723 |
| TOTAL COMMUNICATION SERVICES |  | 300927458 |
| Consumer Discretionary - 7.4% |  |  |
| Automobiles - 0.6% |  |  |
| Tesla Inc (b) | 61100 | 22713925 |
| Broadline Retail - 3.4% |  |  |
| Amazon.com Inc (b) | 604900 | 125982523 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Carnival Corp  | 128700 | 3330756 |
| Cava Group Inc (a)(b) | 68700 | 5557830 |
| Hilton Worldwide Holdings Inc  | 31784 | 9664879 |
| Marriott International Inc/MD Class A1  | 2300 | 752261 |
| Starbucks Corp  | 113900 | 10204301 |
| Viking Holdings Ltd (b) | 160200 | 11771496 |
| Wingstop Inc  | 38000 | 5888860 |
|  |  | 47170383 |
| Household Durables - 0.6% |  |  |
| SharkNinja Inc (b) | 32700 | 3462930 |
| Somnigroup International Inc  | 85000 | 6283200 |
| Toll Brothers Inc  | 86200 | 11763714 |
|  |  | 21509844 |
| Specialty Retail - 1.4% |  |  |
| Lowe's Cos Inc  | 55166 | 13034622 |
| Revolve Group Inc Class A (b) | 17100 | 386631 |
| Ross Stores Inc  | 12900 | 2794527 |
| TJX Cos Inc/The  | 121240 | 19362028 |
| Victoria's Secret & Co (b) | 22900 | 1061644 |
| Warby Parker Inc Class A (b) | 67700 | 1426439 |
| Williams-Sonoma Inc  | 69600 | 12690168 |
|  |  | 50756059 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Ralph Lauren Corp Class A  | 5600 | 1926344 |
| Tory Burch LLC Class A (b)(c)(d)(e) | 28846 | 1044504 |
|  |  | 2970848 |
| TOTAL CONSUMER DISCRETIONARY |  | 271103582 |
| Consumer Staples - 1.6% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Dollar Tree Inc (b) | 281000 | 30772310 |
| Food Products - 0.2% |  |  |
| Bunge Global SA  | 55900 | 7110480 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 164400 | 11798988 |
| Tobacco - 0.3% |  |  |
| Philip Morris International Inc  | 56600 | 9358244 |
| TOTAL CONSUMER STAPLES |  | 59040022 |
| Energy - 5.9% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 353600 | 21587280 |
| Oil, Gas & Consumable Fuels - 5.3% |  |  |
| APA Corp  | 593200 | 25175408 |
| BP PLC ADR  | 27200 | 1278400 |
| Chevron Corp  | 176300 | 36476470 |
| ConocoPhillips  | 118800 | 15681600 |
| Energy Transfer LP  | 118000 | 2277400 |
| Exxon Mobil Corp  | 418000 | 70917880 |
| Marathon Petroleum Corp  | 44700 | 10914846 |
| Ovintiv Inc  | 181100 | 10750096 |
| Permian Resources Holdings Inc/DE Class A  | 140900 | 3003988 |
| Range Resources Corp  | 15400 | 695772 |
| Shell PLC ADR  | 21400 | 1990200 |
| Valero Energy Corp  | 45200 | 11168016 |
| Williams Cos Inc/The  | 44300 | 3224154 |
|  |  | 193554230 |
| TOTAL ENERGY |  | 215141510 |
| Financials - 8.0% |  |  |
| Banks - 1.3% |  |  |
| Bank of America Corp  | 8600 | 419250 |
| First Horizon Corp  | 625600 | 14238656 |
| JPMorgan Chase & Co  | 73700 | 21679592 |
| US Bancorp  | 183300 | 9533433 |
|  |  | 45870931 |
| Capital Markets - 4.3% |  |  |
| Bank of New York Mellon Corp/The  | 284900 | 33797687 |
| Cboe Global Markets Inc  | 106900 | 30046383 |
| Charles Schwab Corp/The  | 180300 | 16944594 |
| CME Group Inc Class A  | 27400 | 8092590 |
| Goldman Sachs Group Inc/The  | 3000 | 2537970 |
| KKR & Co Inc Class A  | 35200 | 3256000 |
| Morgan Stanley  | 199700 | 32864629 |
| Northern Trust Corp  | 65600 | 9155792 |
| State Street Corp  | 172000 | 21768320 |
|  |  | 158463965 |
| Financial Services - 1.6% |  |  |
| Mastercard Inc Class A  | 83159 | 41551226 |
| Visa Inc Class A  | 61600 | 18617984 |
|  |  | 60169210 |
| Insurance - 0.8% |  |  |
| AFLAC Inc  | 16600 | 1821186 |
| Chubb Ltd  | 82800 | 26987004 |
|  |  | 28808190 |
| TOTAL FINANCIALS |  | 293312296 |
| Health Care - 9.4% |  |  |
| Biotechnology - 3.7% |  |  |
| Biogen Inc (b) | 129000 | 23649570 |
| Blueprint Medicines Corp rights (b)(c) | 3000 | 0 |
| Caris Life Sciences Inc (b) | 213500 | 3817380 |
| Centessa Pharmaceuticals PLC ADR (b) | 27200 | 1080384 |
| Cogent Biosciences Inc (b) | 144900 | 5577201 |
| Cytokinetics Inc (b) | 61000 | 4020510 |
| Gilead Sciences Inc  | 251400 | 35037618 |
| Insmed Inc (b) | 166100 | 27160672 |
| Madrigal Pharmaceuticals Inc (b) | 1700 | 889899 |
| Moderna Inc (a)(b) | 406500 | 20650200 |
| Nuvalent Inc Class A (b) | 35000 | 3585750 |
| Regeneron Pharmaceuticals Inc  | 8800 | 6799232 |
| Scholar Rock Holding Corp (b) | 19200 | 943872 |
|  |  | 133212288 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Boston Scientific Corp (b) | 36600 | 2296650 |
| Edwards Lifesciences Corp (b) | 157700 | 12628616 |
| Medline Inc Class A (a) | 633300 | 28181850 |
|  |  | 43107116 |
| Health Care Providers & Services - 0.6% |  |  |
| McKesson Corp  | 25600 | 22153216 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Danaher Corp  | 52300 | 9916080 |
| Thermo Fisher Scientific Inc  | 24200 | 11895026 |
|  |  | 21811106 |
| Pharmaceuticals - 3.3% |  |  |
| Eli Lilly & Co  | 55338 | 50898232 |
| Johnson & Johnson  | 75800 | 18528552 |
| Merck & Co Inc  | 240500 | 28929745 |
| Roche Holding AG  | 55190 | 22025824 |
| Structure Therapeutics Inc ADR (b) | 41600 | 2005120 |
|  |  | 122387473 |
| TOTAL HEALTH CARE |  | 342671199 |
| Industrials - 13.6% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| Anduril Industries Inc Class B (c)(d) | 3198 | 203841 |
| Anduril Industries Inc Class C (c)(d) | 2 | 127 |
| Beta Technologies Inc Class A (a)(b) | 31500 | 463050 |
| Boeing Co (b) | 183120 | 36446374 |
| BWX Technologies Inc  | 13500 | 2760615 |
| Carpenter Technology Corp  | 27700 | 10917955 |
| Curtiss-Wright Corp  | 1200 | 817344 |
| General Dynamics Corp  | 38700 | 13282614 |
| Howmet Aerospace Inc  | 98300 | 22654218 |
| Huntington Ingalls Industries Inc  | 41400 | 15727860 |
| Karman Holdings Inc (b) | 28400 | 2273420 |
| Leonardo DRS Inc  | 8300 | 369516 |
| Space Exploration Technologies Corp (b)(c)(d) | 9098 | 4790916 |
| Textron Inc  | 90800 | 7950448 |
| Woodward Inc  | 22194 | 7943676 |
|  |  | 126601974 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 84500 | 14032915 |
| GXO Logistics Inc (b) | 12400 | 642940 |
|  |  | 14675855 |
| Building Products - 0.6% |  |  |
| A O Smith Corp  | 57900 | 3817926 |
| Trane Technologies PLC  | 47749 | 19898918 |
|  |  | 23716844 |
| Construction & Engineering - 1.1% |  |  |
| Dycom Industries Inc (b) | 50800 | 17212056 |
| EMCOR Group Inc  | 22800 | 16833468 |
| Granite Construction Inc  | 47100 | 5646348 |
|  |  | 39691872 |
| Electrical Equipment - 1.2% |  |  |
| Acuity Inc  | 2200 | 616484 |
| Emerson Electric Co  | 58700 | 7690874 |
| GE Vernova Inc  | 19900 | 17370710 |
| Nextpower Inc Class A (b) | 86200 | 10391410 |
| Regal Rexnord Corp  | 37000 | 6928620 |
|  |  | 42998098 |
| Ground Transportation - 1.1% |  |  |
| JB Hunt Transport Services Inc  | 12400 | 2627560 |
| Lyft Inc Class A (b) | 291100 | 3871630 |
| Norfolk Southern Corp  | 42300 | 12140100 |
| Old Dominion Freight Line Inc  | 105000 | 20517000 |
| XPO Inc (b) | 8000 | 1556400 |
|  |  | 40712690 |
| Machinery - 5.2% |  |  |
| AGCO Corp  | 15400 | 1784398 |
| Allison Transmission Holdings Inc  | 15000 | 1755900 |
| Caterpillar Inc  | 6300 | 4463298 |
| Cummins Inc  | 59700 | 32119794 |
| Deere & Co  | 61400 | 34586620 |
| Dover Corp  | 90000 | 18760500 |
| Ingersoll Rand Inc  | 103300 | 8276396 |
| ITT Inc  | 39500 | 7525935 |
| Oshkosh Corp  | 76600 | 11276286 |
| PACCAR Inc  | 136900 | 15811950 |
| Parker-Hannifin Corp  | 27700 | 24798148 |
| RBC Bearings Inc (b) | 4500 | 2444040 |
| Symbotic Inc Class A (b) | 7500 | 399000 |
| Terex Corp  | 183137 | 10823397 |
| Westinghouse Air Brake Technologies Corp  | 66300 | 16569033 |
|  |  | 191394695 |
| Passenger Airlines - 0.1% |  |  |
| Delta Air Lines Inc  | 57500 | 3822600 |
| Southwest Airlines Co  | 35700 | 1341249 |
|  |  | 5163849 |
| Trading Companies & Distributors - 0.4% |  |  |
| Applied Industrial Technologies Inc  | 8400 | 2228688 |
| Ferguson Enterprises Inc  | 41000 | 9563660 |
| WW Grainger Inc  | 2800 | 3054268 |
|  |  | 14846616 |
| TOTAL INDUSTRIALS |  | 499802493 |
| Information Technology - 26.6% |  |  |
| Communications Equipment - 0.3% |  |  |
| Arista Networks Inc (b) | 95400 | 11713212 |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Amphenol Corp Class A  | 153000 | 19331550 |
| Coherent Corp (b) | 65800 | 15674218 |
| Corning Inc  | 56200 | 7641514 |
| Flex Ltd (b) | 51000 | 3338460 |
| Jabil Inc  | 69800 | 18540974 |
|  |  | 64526716 |
| IT Services - 0.1% |  |  |
| Snowflake Inc (b) | 24800 | 3740336 |
| Semiconductors & Semiconductor Equipment - 15.0% |  |  |
| Advanced Micro Devices Inc (b) | 9500 | 1932585 |
| Analog Devices Inc  | 71700 | 22810638 |
| Applied Materials Inc  | 66700 | 22797393 |
| Broadcom Inc  | 139100 | 43052841 |
| Intel Corp (b) | 652700 | 28803651 |
| KLA Corp  | 25300 | 37251973 |
| Lam Research Corp  | 44300 | 9465138 |
| MACOM Technology Solutions Holdings Inc (b) | 3200 | 710624 |
| Marvell Technology Inc  | 79905 | 7914590 |
| Micron Technology Inc  | 92100 | 31115064 |
| Monolithic Power Systems Inc  | 15300 | 16728255 |
| NVIDIA Corp  | 1802500 | 314356001 |
| Teradyne Inc  | 36600 | 10850436 |
|  |  | 547789189 |
| Software - 3.6% |  |  |
| Applied Intuition Inc Class A (b)(c)(d) | 6266 | 593641 |
| Canva Inc Class A (b)(c)(d) | 5833 | 7855826 |
| Microsoft Corp  | 315913 | 116941515 |
| Palantir Technologies Inc Class A (b) | 6800 | 994704 |
| Palo Alto Networks Inc (b) | 20800 | 3334656 |
| Rubrik Inc Class A (b) | 18900 | 925533 |
| Synopsys Inc (b) | 5100 | 2022048 |
|  |  | 132667923 |
| Technology Hardware, Storage & Peripherals - 5.8% |  |  |
| Apple Inc  | 743855 | 188782960 |
| Seagate Technology Holdings PLC  | 18400 | 7208384 |
| Western Digital Corp  | 56700 | 15336783 |
|  |  | 211328127 |
| TOTAL INFORMATION TECHNOLOGY |  | 971765503 |
| Materials - 4.1% |  |  |
| Chemicals - 1.6% |  |  |
| Albemarle Corp  | 11200 | 2010736 |
| Celanese Corp  | 38100 | 2505837 |
| Corteva Inc  | 209700 | 17553987 |
| Ecolab Inc  | 22400 | 5958848 |
| Mosaic Co/The  | 469100 | 11962050 |
| Sherwin-Williams Co/The  | 18966 | 6079551 |
| Westlake Corp (a) | 120900 | 14123538 |
|  |  | 60194547 |
| Construction Materials - 0.5% |  |  |
| CRH PLC  | 12100 | 1271952 |
| Martin Marietta Materials Inc  | 31400 | 18484552 |
|  |  | 19756504 |
| Metals & Mining - 2.0% |  |  |
| Alcoa Corp  | 448200 | 29729106 |
| Century Aluminum Co (b) | 66400 | 3897016 |
| Coeur Mining Inc (b) | 175500 | 3294135 |
| Freeport-McMoRan Inc  | 76700 | 4508426 |
| Newmont Corp  | 90000 | 9742500 |
| Steel Dynamics Inc  | 111000 | 19980000 |
|  |  | 71151183 |
| TOTAL MATERIALS |  | 151102234 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.4% |  |  |
| Ventas Inc  | 139400 | 11400132 |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 38700 | 5115366 |
| TOTAL REAL ESTATE |  | 16515498 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 2.1% |  |  |
| Evergy Inc  | 103600 | 8486912 |
| Eversource Energy  | 166000 | 11500480 |
| NextEra Energy Inc  | 586000 | 54427680 |
| NRG Energy Inc  | 20600 | 3010484 |
|  |  | 77425556 |
| Multi-Utilities - 0.0% |  |  |
| Consolidated Edison Inc  | 6800 | 769624 |
| TOTAL UTILITIES |  | 78195180 |
| TOTAL UNITED STATES |  | 3199576975 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,347,473,694) |  | <br> **3572860228** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 17226 | 4662733 |
| UNITED STATES - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series D-2 (c)(d) | 6500 | 1068080 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series G (c)(d) | 30000 | 1912200 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (b)(c)(d) | 165574 | 246705 |
| Yanka Industries Inc Series F (b)(c)(d) | 265105 | 670716 |
|  |  | 917421 |
| Software - 0.5% |  |  |
| Anthropic PBC Series G (c)(d) | 26100 | 6763554 |
| Applied Intuition Inc Series A2 (b)(c)(d) | 8157 | 772794 |
| Applied Intuition Inc Series B2 (b)(c)(d) | 3934 | 372707 |
| Evozyne Inc Series A (b)(c)(d) | 20000 | 328000 |
| MOLOCO Inc Series A (b)(c)(d) | 100208 | 7070677 |
|  |  | 15307732 |
| TOTAL INFORMATION TECHNOLOGY |  | 16225153 |
| TOTAL UNITED STATES |  | 19205433 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $28,579,874) |  | <br> **23868166** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.69 | 124241238 | 124266086 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 85707430 | 85716001 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $209,982,087) |  |  | **209982087** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.9%**<br> (Cost $2,586,035,655)<br>| <br>**3806710481** |
| **NET OTHER ASSETS (LIABILITIES) - (3.9)%**  | **(142483201)** |
| **NET ASSETS - 100.0%** | **3664227280** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(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 $43,377,274 or 1.2% of net assets.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anduril Industries Inc Class B | 6/16/2025 | 130743 |
| Anduril Industries Inc Class C | 6/16/2025 | 82 |
| Anduril Industries Inc Series G | 4/17/2025 | 1226484 |
| Anthropic PBC Series G | 1/27/2026 | 6763460 |
| Applied Intuition Inc Class A | 7/2/2024 | 374048 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 486931 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 234840 |
| Bytedance Ltd Series E1 | 11/18/2020 | 1887525 |
| Canva Inc Class A | 3/18/2024 - 8/19/2025 | 6801313 |
| Evozyne Inc Series A | 4/9/2021 | 449400 |
| MOLOCO Inc Series A | 6/26/2023 | 6012480 |
| Revolut Group Holdings Ltd | 1/28/2026 | 2679181 |
| Space Exploration Technologies Corp | 10/25/2022 | 2287000 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 1694172 |
| Tory Burch LLC Class A | 5/14/2015 | 2255162 |
| Waymo LLC Series D-2 | 2/2/2026 | 1068053 |
| Yanka Industries Inc Series E | 5/15/2020 | 2000001 |
| Yanka Industries Inc Series F | 4/8/2021 | 8450700 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 55113028 | 345269370 | 276119704 | 869216 | 3392 | - | 124266086 | 124241238 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 8254830 | 407252566 | 329791457 | 32898 | 62 | - | 85716001 | 85707430 | 0.2% |
| Total | 63367858 | 752521936 | 605911161 | 902114 | 3454 | - | 209982087 |  |  |

---

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

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of March 31, 2026, 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 Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 300927458 | 300927458 | - | - |
| Consumer Discretionary | 303150253 | 281308210 | 20797539 | 1044504 |
| Consumer Staples | 93776619 | 59040022 | 34736597 | - |
| Energy | 242472416 | 242472416 | - | - |
| Financials | 298332549 | 293312296 | - | 5020253 |
| Health Care | 407638465 | 351023775 | 56614690 | - |
| Industrials | 507798619 | 494807609 | 7996126 | 4994884 |
| Information Technology | 1059099082 | 1050649615 | - | 8449467 |
| Materials | 264954089 | 251217955 | 13736134 | - |
| Real Estate | 16515498 | 16515498 | - | - |
| Utilities | 78195180 | 78195180 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 4662733 | - | - | 4662733 |
| Consumer Discretionary | 1068080 | - | - | 1068080 |
| Industrials | 1912200 | - | - | 1912200 |
| Information Technology | 16225153 | - | - | 16225153 |
|  **Money Market Funds** | 209982087 | 209982087 | - | - |
| **Total Investments in Securities:** | 3806710481 | 3629452121 | 133881086 | 43377274 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2026 ($)** |
| **Common Stocks** | 15226553 | - | (68786) | 4351341 | - | - | - | - | 19509108 | (68786) |
| **Convertible Preferred Stocks** | 16755993 | - | (719340) | 7831513 | - | - | - | - | 23868166 | (719340) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of March 31, 2026 (Unaudited)** | <br> **As of March 31, 2026 (Unaudited)** | <br> **As of March 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $86,841,850) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,376,053,568) | $3596728394 |  |
| Fidelity Central Funds (cost $209,982,087) | 209982087 |  |
| Total Investment in Securities (cost $2,586,035,655) |  | $3806710481 |
| Restricted cash |  | 17500 |
| Foreign currency held at value (cost $1,506) |  | 1506 |
| Receivable for investments sold |  | 15355535 |
| Receivable for fund shares sold |  | 314140 |
| Dividends receivable |  | 2348249 |
| Distributions receivable from Fidelity Central Funds |  | 219794 |
| Prepaid expenses |  | 1484 |
| Other receivables |  | 32176 |
| **Total assets** |  | 3825000865 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $511104 |  |
| Payable for investments purchased  | 71641418 |  |
| Payable for fund shares redeemed | 1311096 |  |
| Accrued management fee | 1332971 |  |
| Distribution and service plan fees payable | 187692 |  |
| Other payables and accrued expenses | 73365 |  |
| Collateral on securities loaned | 85715939 |  |
| **Total liabilities** |  | 160773585 |
| **Net Assets**  |  | $3664227280 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2163357769 |
| Total accumulated earnings (loss) |  | 1500869511 |
| **Net Assets** |  | $3664227280 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class O :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,668,917,811 ÷ 71,322,903 shares) |  | $37.42 |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($591,810,387 ÷ 16,710,351 shares)(a) |  | $35.42 |
| Maximum offering price per share (100/94.25 of $35.42) |  | $37.58 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($65,336,083 ÷ 1,880,721 shares)(a) |  | $34.74 |
| Maximum offering price per share (100/96.50 of $34.74) |  | $36.00 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($40,462,024 ÷ 1,269,455 shares)(a) |  | $31.87 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($175,318,168 ÷ 4,395,128 shares) |  | $39.89 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($122,382,807 ÷ 3,125,459 shares) |  | $39.16 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended March 31, 2026 (Unaudited)** | **Six months ended March 31, 2026 (Unaudited)** | **Six months ended March 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $17102661 |
| Income from Fidelity Central Funds (including $32,898 from security lending)  |  | 902114 |
| Security lending |  | 482 |
| **Total income** |  | 18005257 |
| **Expenses** |  |  |
| Management fee | $8266336 |  |
| Distribution and service plan fees | 1168121 |  |
| Custodian fees and expenses | 61992 |  |
| Independent trustees' fees and expenses | 6189 |  |
| Registration fees | 52890 |  |
| Audit fees | 44075 |  |
| Legal | 6869 |  |
| Miscellaneous | 6351 |  |
| Total expenses before reductions | 9612823 |  |
| Expense reductions | (1312) |  |
| Total expenses after reductions |  | 9611511 |
| **Net Investment income (loss)** |  | 8393746 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $368)  | 329254501 |  |
| Fidelity Central Funds | 3454 |  |
| Foreign currency transactions | 2762 |  |
| Total net realized gain (loss) |  | 329260717 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (331485140) |  |
| Assets and liabilities in foreign currencies | (9939) |  |
| Total change in net unrealized appreciation (depreciation) |  | (331495079) |
| **Net gain (loss)** |  | (2234362) |
| **Net increase (decrease) in net assets resulting from operations** |  | $6159384 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **September 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8393746 | $17415381 |
| &nbsp;&nbsp;Net realized gain (loss) | 329260717<br>| 224466790<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (331495079) | 262280394<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6159384<br>| 504162565<br>|
| Distributions to shareholders | (237459944)<br>| (451247562)<br>|
| Share transactions - net increase (decrease) | 60282452<br>| 225406995<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (171018108)<br>| 278321998<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3835245388 | 3556923390<br>|
| &nbsp;&nbsp;End of period | $3664227280 | $3835245388 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Diversified Stock Fund Class O**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.85 | $39.46 | $29.56 | $26.24 | $37.32 | $30.57 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .21  | .21  | .19  | .26  | .16  |
| Net realized and unrealized gain (loss)  | (.01)  | 5.19  | 10.82  | 5.47  | (5.43)  | 8.28  |
| Total from investment operations  | .09  | 5.40  | 11.03  | 5.66  | (5.17)  | 8.44  |
| Distributions from net investment income  | (.21)  | (.21)  | (.18)  | (.22)  | (.25) C | (.17)  |
| Distributions from net realized gain  | (2.32)  | (4.80)  | (.95)  | (2.11)  | (5.66) C | (1.53)  |
| Total distributions  | (2.52) D | (5.01)  | (1.13)  | (2.34) D | (5.91)  | (1.69) D |
| Net asset value, end of period  | $37.42 | $39.85 | $39.46 | $29.56 | $26.24 | $37.32 |
| **Total Return** E,F | .09% <br>| 14.96%  | 38.29%  | 22.87%  | (17.44)%  | 28.60%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .41% I | .41%  | .44%  | .55%  | .55%  | .55%  |
| Expenses net of fee waivers, if any  | .41% I<br>| .41%  | .41%  | .44%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .41% I | .41%  | .41%  | .44%  | .45%  | .44%  |
| Net investment income (loss)  | .53% I | .57%  | .60%  | .65%  | .80%  | .47%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2668918 | $2803494 | $2645493 | $2028690 | $1791079 | $2335000 |
| Portfolio turnover rate J | 99% I<br>| 85%  | 84%  | 85%  | 90%  | 75%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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 Consolidated 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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Diversified Stock Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.80 | $37.68 | $28.28 | $25.18 | $36.04 | $29.58 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .08  | .08  | .08  | .14  | .04  |
| Net realized and unrealized gain (loss)  | (.01)  | 4.94  | 10.36  | 5.25  | (5.22)  | 8.01  |
| Total from investment operations  | .02  | 5.02  | 10.44  | 5.33  | (5.08)  | 8.05  |
| Distributions from net investment income  | (.09)  | (.09)  | (.09)  | (.12)  | (.12) C | (.07)  |
| Distributions from net realized gain  | (2.32)  | (4.80)  | (.95)  | (2.11)  | (5.66) C | (1.53)  |
| Total distributions  | (2.40) D | (4.90) D | (1.04)  | (2.23)  | (5.78)  | (1.59) D |
| Net asset value, end of period  | $35.42 | $37.80 | $37.68 | $28.28 | $25.18 | $36.04 |
| **Total Return** E,F,G | (.09)% <br>| 14.59%  | 37.81%  | 22.46%  | (17.76)%  | 28.17%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .76% J | .76%  | .78%  | .85%  | .85%  | .85%  |
| Expenses net of fee waivers, if any  | .76% J<br>| .76%  | .77%  | .79%  | .80%  | .80%  |
| Expenses net of all reductions, if any  | .76% J | .76%  | .77%  | .79%  | .80%  | .79%  |
| Net investment income (loss)  | .18% J | .22%  | .25%  | .30%  | .45%  | .12%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $591810 | $616074 | $557724 | $389470 | $318997 | $399876 |
| Portfolio turnover rate K | 99% J<br>| 85%  | 84%  | 85%  | 90%  | 75%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

H*Fees and expenses of any underlying 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 Consolidated 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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Diversified Stock Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.08 | $37.07 | $27.85 | $24.82 | $35.60 | $29.27 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.03)  | (.02)  | (.01)  | .04  | (.07)  |
| Net realized and unrealized gain (loss)  | -  | 4.84  | 10.19  | 5.18  | (5.14)  | 7.93  |
| Total from investment operations  | (.03)  | 4.81  | 10.17  | 5.17  | (5.10)  | 7.86  |
| Distributions from net investment income  | -  | -  | -  | (.02)  | (.04) C | -  |
| Distributions from net realized gain  | (2.31)  | (4.80)  | (.95)  | (2.11)  | (5.64) C | (1.53)  |
| Total distributions  | (2.31)  | (4.80)  | (.95)  | (2.14) D | (5.68)  | (1.53)  |
| Net asset value, end of period  | $34.74 | $37.08 | $37.07 | $27.85 | $24.82 | $35.60 |
| **Total Return** E,F,G | (.24)% <br>| 14.21%  | 37.36%  | 22.03%  | (18.02)%  | 27.74%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.08% J | 1.08%  | 1.09%  | 1.12%  | 1.12%  | 1.13%  |
| Expenses net of fee waivers, if any  | 1.08% J<br>| 1.08%  | 1.09%  | 1.12%  | 1.12%  | 1.13%  |
| Expenses net of all reductions, if any  | 1.08% J | 1.08%  | 1.09%  | 1.12%  | 1.12%  | 1.12%  |
| Net investment income (loss)  | (.14)% J | (.10)%  | (.07)%  | (.02)%  | .12%  | (.21)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $65336 | $72818 | $68321 | $49711 | $41957 | $53062 |
| Portfolio turnover rate K | 99% J<br>| 85%  | 84%  | 85%  | 90%  | 75%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

H*Fees and expenses of any underlying 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 Consolidated 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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Diversified Stock Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.29 | $34.79 | $26.33 | $23.67 | $34.17 | $28.30 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.20)  | (.19)  | (.15)  | (.13)  | (.25)  |
| Net realized and unrealized gain (loss)  | -  | 4.50  | 9.60  | 4.92  | (4.91)  | 7.65  |
| Total from investment operations  | (.11)  | 4.30  | 9.41  | 4.77  | (5.04)  | 7.40  |
| Distributions from net investment income  | -  | -  | -  | -  | (.04) C | -  |
| Distributions from net realized gain  | (2.31)  | (4.80)  | (.95)  | (2.11)  | (5.42) C | (1.53)  |
| Total distributions  | (2.31)  | (4.80)  | (.95)  | (2.11)  | (5.46)  | (1.53)  |
| Net asset value, end of period  | $31.87 | $34.29 | $34.79 | $26.33 | $23.67 | $34.17 |
| **Total Return** D,E,F | (.51)% <br>| 13.62%  | 36.61%  | 21.38%  | (18.49)%  | 27.03%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.60% I | 1.60%  | 1.62%  | 1.69%  | 1.69%  | 1.70%  |
| Expenses net of fee waivers, if any  | 1.60% I<br>| 1.60%  | 1.62%  | 1.68%  | 1.69%  | 1.70%  |
| Expenses net of all reductions, if any  | 1.60% I | 1.60%  | 1.62%  | 1.68%  | 1.69%  | 1.69%  |
| Net investment income (loss)  | (.66)% I | (.62)%  | (.60)%  | (.59)%  | (.45)%  | (.78)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $40462 | $42924 | $38017 | $27192 | $22437 | $32096 |
| Portfolio turnover rate J | 99% I<br>| 85%  | 84%  | 85%  | 90%  | 75%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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.*

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

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 Consolidated 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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Diversified Stock Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.27 | $41.57 | $31.10 | $27.49 | $38.84 | $31.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .17  | .17  | .15  | .22  | .12  |
| Net realized and unrealized gain (loss)  | (.02)  | 5.50  | 11.39  | 5.75  | (5.71)  | 8.62  |
| Total from investment operations  | .06  | 5.67  | 11.56  | 5.90  | (5.49)  | 8.74  |
| Distributions from net investment income  | (.12)  | (.16)  | (.14)  | (.18)  | (.20) C | (.12)  |
| Distributions from net realized gain  | (2.32)  | (4.80)  | (.95)  | (2.11)  | (5.66) C | (1.53)  |
| Total distributions  | (2.44)  | (4.97) D | (1.09)  | (2.29)  | (5.86)  | (1.65)  |
| Net asset value, end of period  | $39.89 | $42.27 | $41.57 | $31.10 | $27.49 | $38.84 |
| **Total Return** E,F | .01% <br>| 14.83%  | 38.05%  | 22.70%  | (17.57)%  | 28.43%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .56% I | .56%  | .58%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .56% I<br>| .56%  | .57%  | .59%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .56% I | .56%  | .57%  | .59%  | .59%  | .58%  |
| Net investment income (loss)  | .38% I | .42%  | .45%  | .51%  | .65%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $175318 | $179757 | $165239 | $111079 | $75626 | $73345 |
| Portfolio turnover rate J | 99% I<br>| 85%  | 84%  | 85%  | 90%  | 75%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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 Consolidated 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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Diversified Stock Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.59 | $40.99 | $30.67 | $27.14 | $38.41 | $31.42 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .21  | .20  | .18  | .25  | .16  |
| Net realized and unrealized gain (loss)  | (.01)  | 5.41  | 11.24  | 5.68  | (5.63)  | 8.51  |
| Total from investment operations  | .09  | 5.62  | 11.44  | 5.86  | (5.38)  | 8.67  |
| Distributions from net investment income  | (.20)  | (.22)  | (.17)  | (.22)  | (.23) C | (.16)  |
| Distributions from net realized gain  | (2.32)  | (4.80)  | (.95)  | (2.11)  | (5.66) C | (1.53)  |
| Total distributions  | (2.52)  | (5.02)  | (1.12)  | (2.33)  | (5.89)  | (1.68) D |
| Net asset value, end of period  | $39.16 | $41.59 | $40.99 | $30.67 | $27.14 | $38.41 |
| **Total Return** E,F | .08% <br>| 14.94%  | 38.24%  | 22.85%  | (17.47)%  | 28.55%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .44% I | .44%  | .47%  | .48%  | .48%  | .48%  |
| Expenses net of fee waivers, if any  | .44% I<br>| .44%  | .47%  | .47%  | .48%  | .48%  |
| Expenses net of all reductions, if any  | .44% I | .44%  | .47%  | .47%  | .48%  | .47%  |
| Net investment income (loss)  | .50% I | .54%  | .55%  | .62%  | .77%  | .44%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $122383 | $120178 | $82129 | $37329 | $17302 | $16639 |
| Portfolio turnover rate J | 99% I<br>| 85%  | 84%  | 85%  | 90%  | 75%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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 Consolidated 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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Consolidated Financial Statements** **(Unaudited)**

For the period ended March 31, 2026

**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. Class O, Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. 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. 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 Consolidated 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 RatioA** |
| 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.* 

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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $19509108  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 12.3 - 12.8 / 12.6 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.3 - 89.5 / 74.8 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 14.5 - 27.9 / 21.6 | Increase |
|  |  | Market approach  | Transaction price  | $8.50  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
| Convertible Preferred Stocks | $23868166  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.9 - 14.4 / 7.7 | Increase |
|  |  | Market approach  | Transaction price  | $15.49 | Increase |
|  |  |  | Premium rate  | 15.0% | Increase |
|  |  | Black scholes  | Discount rate  | 3.8% | Increase |
|  |  |  | Term | 3.0 | Increase |
|  |  |  | Volatility | 70.0% - 90.0% / 84.7% | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. 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, 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 Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated 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 consolidated 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.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the consolidated 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, passive foreign investment companies (PFIC), partnerships 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** | $1293520055 |
| **Gross unrealized depreciation** | <u>(76829396)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1216690659</u> |
| **Tax cost** | <u>$2590019822</u> |

---

**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 Consolidated 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 Total Assets** |
| **Fidelity Advisor Diversified Stock Fund** | 1062004 | .03 |

---

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**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 Diversified Stock Fund** | 1879820558 | 2067268647 |

---

**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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class O** | .40 |
| **Class A** | .50 |
| **Class M** | .57 |
| **Class C** | .59 |
| **Class I** | .55 |
| **Class Z** | .43 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class O** | .40 |
| **Class A** | .50 |
| **Class M** | .57 |
| **Class C** | .59 |
| **Class I** | .55 |
| **Class Z** | .43 |

---

**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% | 775348 | 18582 |
| **Class M** | .25% | .25% | 176832 | 1455 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>215941</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>46398</u> |
|  |  |  | <u>1168121</u> | <u>66435</u> |

---

**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** | 54281 |
| **Class M** | 1752 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>870</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>56903</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Diversified Stock Fund** | $6479 |

---

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Diversified Stock Fund** | 27667 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Diversified Stock Fund** | 92281657 | 171925594 | 17352593 |

---

**6. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Diversified Stock Fund** | 3376 |

---

**7. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations in security lending. 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** | 3755 | - | - |

---

**8. Expense Reductions.** 

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 $1,312.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **March 31, 2026** | **Year ended**<br> **September 30, 2025** |
| **Fidelity Advisor Diversified Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class O | $173936843 | $331294801 |
| Class A | 38471809 | 72630931 |
| Class M | 4303832 | 8872982 |
| Class C | 2867076 | 5215078 |
| Class I | 10382881 | 22457869 |
| Class Z | <u>7497503</u> | <u>10775901</u> |
| Total  | <u>$237459944</u> | <u>$451247562</u> |

---

**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** |
|  | **Six months ended** <br> **March 31, 2026**  | **Year ended**<br> **September 30, 2025** | **Six months ended** <br> **March 31, 2026**  | **Year ended**<br> **September 30, 2025** |
| **Fidelity Advisor Diversified Stock Fund** |  |  |  |  |
| **Class O** |  |  |  |  |
| Shares sold | 125544 | 381581 | $4930609 | $14112116 |
| Reinvestment of distributions  | 3905685 | 7947725 | 149509622 | 287627940 |
| Shares redeemed | <u>(3058162)</u> | <u>(5027202)</u> | <u>(121008700)</u> | <u>(185453884)</u> |
| Net increase (decrease) | <u>973067</u> | <u>3302104</u> | <u>$33431531</u> | <u>$116286172</u> |
| **Class A** |  |  |  |  |
| Shares sold | 714338 | 1935999 | $26720753 | $67930847 |
| Reinvestment of distributions  | 1042297 | 2077021 | 37804095 | 71470298 |
| Shares redeemed | <u>(1346394)</u> | <u>(2514391)</u> | <u>(50461714)</u> | <u>(87490012)</u> |
| Net increase (decrease) | <u>410241</u> | <u>1498629</u> | <u>$14063134</u> | <u>$51911133</u> |
| **Class M** |  |  |  |  |
| Shares sold | 54801 | 199330 | $2010973 | $6950498 |
| Reinvestment of distributions  | 120499 | 261479 | 4289771 | 8851064 |
| Shares redeemed | <u>(258399)</u> | <u>(339911)</u> | <u>(9492152)</u> | <u>(11574840)</u> |
| Net increase (decrease) | <u>(83099)</u> | <u>120898</u> | <u>$(3191408)</u> | <u>$4226722</u> |
| **Class C** |  |  |  |  |
| Shares sold | 108014 | 338492 | $3668682 | $10917464 |
| Reinvestment of distributions  | 86591 | 163410 | 2832397 | 5135980 |
| Shares redeemed | <u>(176870)</u> | <u>(342846)</u> | <u>(5956307)</u> | <u>(10990194)</u> |
| Net increase (decrease) | <u>17735</u> | <u>159056</u> | <u>$544772</u> | <u>$5063250</u> |
| **Class I** |  |  |  |  |
| Shares sold | 405061 | 2160816 | $17122777 | $86292031 |
| Reinvestment of distributions  | 230718 | 525788 | 9417889 | 20200779 |
| Shares redeemed | <u>(493733)</u> | <u>(2408161)</u> | <u>(20738444)</u> | <u>(92434083)</u> |
| Net increase (decrease) | <u>142046</u> | <u>278443</u> | <u>$5802222</u> | <u>$14058727</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 447204 | 1391947 | $18576266 | $53440868 |
| Reinvestment of distributions  | 176320 | 264027 | 7063378 | 9972316 |
| Shares redeemed | <u>(387861)</u> | <u>(769939)</u> | <u>(16007443)</u> | <u>(29552193)</u> |
| Net increase (decrease) | <u>235663</u> | <u>886035</u> | <u>$9632201</u> | <u>$33860991</u> |

---

**11. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img129576_4.jpg)<br>

1.814747.120 ADESI-SANN-0526

**Fidelity Advisor® Capital Development Fund**

**Semi-Annual Report**

**March 31, 2026**

![](img129577_1.jpg)

![](img129577_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ADESII-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Capital Development Fund](#Sub_Sec_Fund_210_ADESII-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements210_ADESII-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ADESII-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ADESII-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ADESII-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ADESII-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Capital Development Fund**

**Schedule of Investments March 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.3%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| UCB SA  | 247700 | 74631203 |
| CANADA - 2.7%  |  |  |
| Energy - 2.4% |  |  |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Athabasca Oil Corp (b) | 1583500 | 12805963 |
| Imperial Oil Ltd (a) | 924900 | 121145877 |
| TOTAL ENERGY |  | 133951840 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc Class B (b) | 105400 | 18640290 |
| TOTAL CANADA |  | 152592130 |
| FRANCE - 0.3%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 82200 | 6112546 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Airbus SE  | 56500 | 10682623 |
| TOTAL FRANCE |  | 16795169 |
| GERMANY - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| SAP SE ADR (a) | 171900 | 29430999 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV (a) | 566400 | 4046741 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 6600 | 4819650 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASML Holding NV depository receipt  | 9800 | 12944134 |
| BE Semiconductor Industries NV  | 77900 | 16685702 |
| TOTAL INFORMATION TECHNOLOGY |  | 29629836 |
| TOTAL NETHERLANDS |  | 34449486 |
| SPAIN - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (d)(e) | 200600 | 6450240 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Atlas Copco AB A Shares  | 385700 | 6806381 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 144300 | 48766185 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR (a) | 116400 | 8665980 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC ADR  | 589700 | 34479759 |
| TOTAL CONSUMER STAPLES |  | 43145739 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 42200 | 1375340 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 1201700 | 18256737 |
| TOTAL UNITED KINGDOM |  | 62777816 |
| UNITED STATES - 89.0%  |  |  |
| Communication Services - 9.9% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Comcast Corp Class A  | 1358800 | 39011148 |
| Entertainment - 0.6% |  |  |
| Netflix Inc (b) | 161200 | 15499380 |
| Walt Disney Co/The  | 193500 | 18649530 |
|  |  | 34148910 |
| Interactive Media & Services - 8.6% |  |  |
| Alphabet Inc Class A  | 641200 | 184383472 |
| Alphabet Inc Class C  | 545760 | 156556714 |
| Meta Platforms Inc Class A  | 255239 | 146029889 |
|  |  | 486970075 |
| Media - 0.0% |  |  |
| Versant Media Group Inc Class A  | 69560 | 2575111 |
| TOTAL COMMUNICATION SERVICES |  | 562705244 |
| Consumer Discretionary - 5.7% |  |  |
| Broadline Retail - 2.9% |  |  |
| Amazon.com Inc (b) | 786600 | 163825182 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Booking Holdings Inc  | 1650 | 6947028 |
| Cava Group Inc (a)(b) | 59300 | 4797370 |
| Chipotle Mexican Grill Inc (b) | 69800 | 2234298 |
| Domino's Pizza Inc  | 21000 | 7534590 |
| Marriott International Inc/MD Class A1  | 38800 | 12690316 |
| Starbucks Corp  | 114100 | 10222219 |
| Wingstop Inc  | 20800 | 3223376 |
|  |  | 47649197 |
| Household Durables - 0.8% |  |  |
| DR Horton Inc  | 49700 | 6819834 |
| Somnigroup International Inc  | 389500 | 28791840 |
| Whirlpool Corp (a) | 138400 | 7462528 |
|  |  | 43074202 |
| Specialty Retail - 1.1% |  |  |
| Home Depot Inc/The  | 56000 | 18417840 |
| Lowe's Cos Inc  | 174100 | 41136348 |
| RH (b) | 25200 | 3523464 |
|  |  | 63077652 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (b) | 4800 | 734880 |
| NIKE Inc Class B  | 133300 | 7040906 |
|  |  | 7775786 |
| TOTAL CONSUMER DISCRETIONARY |  | 325402019 |
| Consumer Staples - 4.1% |  |  |
| Beverages - 1.6% |  |  |
| Brown-Forman Corp Class B (a) | 402600 | 10644744 |
| Coca-Cola Co/The  | 545000 | 41447250 |
| Keurig Dr Pepper Inc  | 1402300 | 36922559 |
|  |  | 89014553 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Kroger Co/The  | 26600 | 1924776 |
| Sprouts Farmers Market Inc (b) | 141500 | 10913895 |
| Sysco Corp  | 97200 | 6933276 |
| Target Corp  | 183300 | 22215960 |
| US Foods Holding Corp (b) | 113100 | 10428951 |
|  |  | 52416858 |
| Food Products - 0.1% |  |  |
| Lamb Weston Holdings Inc  | 108700 | 4593662 |
| Mondelez International Inc  | 31800 | 1832952 |
|  |  | 6426614 |
| Household Products - 0.0% |  |  |
| Procter & Gamble Co/The  | 27400 | 3957656 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 136700 | 9810959 |
| Kenvue Inc  | 2588413 | 44624240 |
|  |  | 54435199 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 165400 | 27347236 |
| TOTAL CONSUMER STAPLES |  | 233598116 |
| Energy - 7.9% |  |  |
| Oil, Gas & Consumable Fuels - 7.9% |  |  |
| Chevron Corp  | 115700 | 23938330 |
| ConocoPhillips  | 200800 | 26505600 |
| Exxon Mobil Corp (c) | 1494419 | 253543128 |
| Shell PLC ADR  | 1580740 | 147008820 |
| TOTAL ENERGY |  | 450995878 |
| Financials - 12.7% |  |  |
| Banks - 8.1% |  |  |
| Bank of America Corp  | 2961615 | 144378731 |
| M&T Bank Corp  | 110800 | 22904576 |
| PNC Financial Services Group Inc/The  | 251016 | 52233919 |
| Wells Fargo & Co  | 3020721 | 240479600 |
|  |  | 459996826 |
| Capital Markets - 1.5% |  |  |
| Blue Owl Capital Inc Class A  | 1073900 | 9804707 |
| Charles Schwab Corp/The  | 104700 | 9839706 |
| Intercontinental Exchange Inc  | 74000 | 11638720 |
| KKR & Co Inc Class A  | 445485 | 41207363 |
| Moody's Corp  | 9800 | 4275250 |
| MSCI Inc  | 800 | 431207 |
| Raymond James Financial Inc  | 23850 | 3453242 |
| Robinhood Markets Inc Class A (b) | 99300 | 6881490 |
|  |  | 87531685 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 113500 | 12646170 |
| Corpay Inc (b) | 17600 | 5121424 |
| Mastercard Inc Class A  | 59700 | 29829702 |
| PayPal Holdings Inc  | 94700 | 4283281 |
| Rocket Cos Inc Class A (b) | 616400 | 8783700 |
| Visa Inc Class A  | 268800 | 81242112 |
|  |  | 141906389 |
| Insurance - 0.6% |  |  |
| Arthur J Gallagher & Co  | 50200 | 10872316 |
| Brown & Brown Inc  | 294500 | 19204345 |
| Chubb Ltd  | 20100 | 6551193 |
|  |  | 36627854 |
| TOTAL FINANCIALS |  | 726062754 |
| Health Care - 8.6% |  |  |
| Biotechnology - 0.5% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 39500 | 13069365 |
| Biogen Inc (b) | 17300 | 3171609 |
| Gilead Sciences Inc  | 35400 | 4933698 |
| Nuvalent Inc Class A (b) | 12500 | 1280625 |
| Vaxcyte Inc (b) | 110900 | 6444399 |
|  |  | 28899696 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Abbott Laboratories  | 109300 | 11221831 |
| Alcon AG (United States)  | 206600 | 15567310 |
| Baxter International Inc  | 1610300 | 27053040 |
| Becton Dickinson & Co  | 36100 | 5676003 |
| Boston Scientific Corp (b) | 705651 | 44279600 |
| Masimo Corp (b) | 33900 | 6029793 |
| Solventum Corp (b) | 47675 | 3113178 |
|  |  | 112940755 |
| Health Care Providers & Services - 2.4% |  |  |
| Cardinal Health Inc  | 31200 | 6592872 |
| Cigna Group/The  | 122100 | 32570175 |
| Humana Inc  | 83500 | 14478065 |
| McKesson Corp  | 19480 | 16857213 |
| Molina Healthcare Inc (b) | 30200 | 4025660 |
| UnitedHealth Group Inc  | 220400 | 59638036 |
|  |  | 134162021 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Bruker Corp  | 506400 | 18291168 |
| Danaher Corp  | 92200 | 17481120 |
| Thermo Fisher Scientific Inc  | 39900 | 19612047 |
| Waters Corp (b) | 4885 | 1454753 |
|  |  | 56839088 |
| Pharmaceuticals - 2.7% |  |  |
| Eli Lilly & Co  | 26020 | 23932415 |
| GSK PLC ADR  | 1076500 | 59412035 |
| Haleon PLC ADR (a) | 3893700 | 38975937 |
| Johnson & Johnson  | 80357 | 19642465 |
| Merck & Co Inc  | 120600 | 14506974 |
|  |  | 156469826 |
| TOTAL HEALTH CARE |  | 489311386 |
| Industrials - 16.4% |  |  |
| Aerospace & Defense - 9.3% |  |  |
| Boeing Co (b) | 1317273 | 262176846 |
| GE Aerospace (c) | 803959 | 228139445 |
| General Dynamics Corp  | 52500 | 18019050 |
| Howmet Aerospace Inc  | 14100 | 3249486 |
| Huntington Ingalls Industries Inc (c) | 46300 | 17589370 |
| RTX Corp  | 3300 | 636570 |
| Textron Inc  | 16200 | 1418472 |
|  |  | 531229239 |
| Air Freight & Logistics - 1.0% |  |  |
| United Parcel Service Inc Class B  | 577700 | 56834126 |
| Building Products - 0.3% |  |  |
| A O Smith Corp  | 172000 | 11341680 |
| AAON Inc (a) | 9600 | 794400 |
| Modine Manufacturing Co (b) | 19665 | 4261602 |
| Trex Co Inc (b) | 60600 | 2207052 |
|  |  | 18604734 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 32233 | 2850042 |
| Electrical Equipment - 4.4% |  |  |
| Emerson Electric Co  | 35800 | 4690516 |
| GE Vernova Inc (c) | 256155 | 223597700 |
| Hubbell Inc  | 13318 | 6535675 |
| Vertiv Holdings Co Class A  | 60461 | 15150317 |
|  |  | 249974208 |
| Machinery - 1.1% |  |  |
| Allison Transmission Holdings Inc  | 42600 | 4986756 |
| Cummins Inc  | 20300 | 10921806 |
| Deere & Co  | 12900 | 7266570 |
| Donaldson Co Inc  | 59000 | 5007330 |
| Nordson Corp  | 9300 | 2474358 |
| Otis Worldwide Corp  | 185750 | 14317610 |
| Stanley Black & Decker Inc  | 28700 | 2039422 |
| Westinghouse Air Brake Technologies Corp  | 69902 | 17469209 |
|  |  | 64483061 |
| Professional Services - 0.2% |  |  |
| Equifax Inc  | 28600 | 5150002 |
| TransUnion  | 88600 | 6130234 |
|  |  | 11280236 |
| Trading Companies & Distributors - 0.1% |  |  |
| Watsco Inc  | 7900 | 2873941 |
| TOTAL INDUSTRIALS |  | 938129587 |
| Information Technology - 21.5% |  |  |
| Communications Equipment - 0.1% |  |  |
| Arista Networks Inc (b) | 91700 | 11258926 |
| IT Services - 0.0% |  |  |
| Gartner Inc (b) | 6000 | 950040 |
| Semiconductors & Semiconductor Equipment - 11.6% |  |  |
| Applied Materials Inc  | 46200 | 15790698 |
| ARM Holdings PLC ADR (b) | 28200 | 4266096 |
| Broadcom Inc  | 407600 | 126156276 |
| Lam Research Corp  | 121100 | 25874226 |
| Marvell Technology Inc  | 41767 | 4137021 |
| Micron Technology Inc  | 113700 | 38412408 |
| NVIDIA Corp  | 2505800 | 437011520 |
| Rambus Inc (b) | 31200 | 2684136 |
| Teradyne Inc  | 18200 | 5395572 |
|  |  | 659727953 |
| Software - 5.7% |  |  |
| Adobe Inc (b) | 43700 | 10622596 |
| Autodesk Inc (b) | 52400 | 12544560 |
| Intuit Inc  | 12700 | 5491226 |
| Microsoft Corp  | 758000 | 280588860 |
| Oracle Corp  | 20600 | 3030466 |
| Salesforce Inc  | 13600 | 2538712 |
| Synopsys Inc (b) | 19300 | 7652064 |
|  |  | 322468484 |
| Technology Hardware, Storage & Peripherals - 4.1% |  |  |
| Apple Inc  | 691900 | 175597301 |
| GPGI Inc Class A  | 1758286 | 30066691 |
| Seagate Technology Holdings PLC  | 16800 | 6581568 |
| Western Digital Corp  | 72000 | 19475280 |
|  |  | 231720840 |
| TOTAL INFORMATION TECHNOLOGY |  | 1226126243 |
| Materials - 0.7% |  |  |
| Chemicals - 0.5% |  |  |
| Air Products and Chemicals Inc  | 22300 | 6477927 |
| Dow Inc  | 96700 | 4027555 |
| LyondellBasell Industries NV Class A1  | 156200 | 12583472 |
| Mosaic Co/The  | 49806 | 1270053 |
| Sherwin-Williams Co/The  | 19600 | 6282780 |
|  |  | 30641787 |
| Construction Materials - 0.2% |  |  |
| James Hardie Industries PLC (b) | 597130 | 11309642 |
| TOTAL MATERIALS |  | 41951429 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.1% |  |  |
| Terreno Realty Corp  | 64700 | 3973873 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (b) | 23200 | 3142672 |
| Compass Inc Class A (b) | 1863400 | 13621454 |
|  |  | 16764126 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 31800 | 4005528 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp (c) | 39700 | 6851426 |
| Equinix Inc  | 1400 | 1372336 |
|  |  | 8223762 |
| TOTAL REAL ESTATE |  | 32967289 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.7% |  |  |
| Entergy Corp  | 64400 | 7235984 |
| Southern Co/The (c) | 364000 | 35133280 |
|  |  | 42369264 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 21800 | 3277194 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 60500 | 5878785 |
| TOTAL UTILITIES |  | 51525243 |
| TOTAL UNITED STATES |  | 5078775188 |
| ZAMBIA - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| First Quantum Minerals Ltd (b) | 1337500 | 31978470 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,945,157,162) |  | <br> **5547500008** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Bruker Corp 6.375% Series A  | 21600 | 6227064 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Anthropic PBC Series G (f)(g) | 18300 | 4742262 |
| TOTAL UNITED STATES |  | 10969326 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $10,187,192) |  | <br> **10969326** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.69 | 148216507 | 148246151 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 146595738 | 146610397 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $294,856,548) |  |  | **294856548** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options - 0.0%** | **Purchased Options - 0.0%** | **Purchased Options - 0.0%** | **Purchased Options - 0.0%** | **Purchased Options - 0.0%** | **Purchased Options - 0.0%** | **Purchased Options - 0.0%** |
|  | Counterparty | Number<br> of Contracts | Notional Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Put Options |  |  |  |  |  |  |
| Exxon Mobil Corp | Chicago Board Options Exchange | 800 | 13572800 | 125 | 6/2026 | 64800 |
| GE Aerospace | Chicago Board Options Exchange | 200 | 5675400 | 290 | 5/2026 | 387000 |
| GE Vernova Inc | Chicago Board Options Exchange | 98 | 8554420 | 730 | 6/2026 | 336140 |
|  |  |  |  |  |  | **787940** |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $779,151) |  |  |  |  |  | **787940** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.6%**<br> (Cost $3,250,980,053)<br>| <br>**5854113822** |
| **NET OTHER ASSETS (LIABILITIES) - (2.6)%**  | **(150374649)** |
| **NET ASSETS - 100.0%** | **5703739173** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| American Tower Corp | Chicago Board Options Exchange | 36 | 621288 | 200.00 | 5/2026 | (2160) |
| Exxon Mobil Corp | Chicago Board Options Exchange | 800 | 13572800 | 180.00 | 4/2026 | (126000) |
| Exxon Mobil Corp | Chicago Board Options Exchange | 761 | 12911126 | 195.00 | 6/2026 | (189870) |
| Exxon Mobil Corp | Chicago Board Options Exchange | 2499 | 42398034 | 180.00 | 6/2026 | (1511895) |
| Exxon Mobil Corp | Chicago Board Options Exchange | 761 | 12911126 | 200.00 | 6/2026 | (141546) |
| GE Aerospace | Chicago Board Options Exchange | 412 | 11691324 | 360.00 | 5/2026 | (31930) |
| GE Vernova Inc | Chicago Board Options Exchange | 98 | 8554420 | 900.00 | 5/2026 | (563500) |
| GE Vernova Inc | Chicago Board Options Exchange | 173 | 15101170 | 800.00 | 4/2026 | (1558730) |
| GE Vernova Inc | Chicago Board Options Exchange | 171 | 14926590 | 860.00 | 4/2026 | (831060) |
| GE Vernova Inc | Chicago Board Options Exchange | 133 | 11609570 | 1000.00 | 6/2026 | (549290) |
| GE Vernova Inc | Chicago Board Options Exchange | 98 | 8554420 | 950.00 | 6/2026 | (565950) |
| Huntington Ingalls Industries Inc | Chicago Board Options Exchange | 227 | 8623730 | 450.00 | 6/2026 | (202030) |
| Southern Co/The | Chicago Board Options Exchange | 382 | 3687064 | 105.00 | 5/2026 | (18145) |
|  |  |  |  |  |  | (6292106) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(6292106)** |

---

**Legend**

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

(b) Non-income producing.

(c) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $165,162,662.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,450,240 or 0.1% of net assets.

(e) 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 $6,450,240 or 0.1% of net assets.

(f) 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 $4,742,262 or 0.1% of net assets.

(g) Level 3 security.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anthropic PBC Series G | 1/27/2026 | 4742196 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 114875633 | 342250276 | 308883617 | 1975546 | 3859 | - | 148246151 | 148216507 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 70978571 | 270960650 | 195328427 | 122634 | (397) | - | 146610397 | 146595738 | 0.4% |
| Total | 185854204 | 613210926 | 504212044 | 2098180 | 3462 | - | 294856548 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of March 31, 2026, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 569155484 | 562705244 | 6450240 | - |
| Consumer Discretionary | 325402019 | 325402019 | - | - |
| Consumer Staples | 286903142 | 276743855 | 10159287 | - |
| Energy | 584947718 | 584947718 | - | - |
| Financials | 727438094 | 726062754 | 1375340 | - |
| Health Care | 568762239 | 494131036 | 74631203 | - |
| Industrials | 992515618 | 956769877 | 35745741 | - |
| Information Technology | 1333953263 | 1317267561 | 16685702 | - |
| Materials | 73929899 | 73929899 | - | - |
| Real Estate | 32967289 | 32967289 | - | - |
| Utilities | 51525243 | 51525243 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 6227064 | - | 6227064 | - |
| Information Technology | 4742262 | - | - | 4742262 |
|  **Money Market Funds** | 294856548 | 294856548 | - | - |
|  **Purchased Options** | 787940 | 787940 | - | - |
| **Total Investments in Securities:** | 5854113822 | 5698096983 | 151274577 | 4742262 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (6292106) | (6292106) | - | - |
| Total Liabilities | (6292106) | (6292106) | - | - |
| **Total Derivative Instruments:** | (6292106) | (6292106) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Purchased Options (a)  | 787940 | - |
| Written Options (b)  | - | (6292106) |
| **Total Equity Risk**  | 787940 | (6292106) |
| **Total Value of Derivatives** | 787940 | (6292106) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the Investments in Securities, at value line-item.

(b)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of March 31, 2026 (Unaudited)** | <br> **As of March 31, 2026 (Unaudited)** | <br> **As of March 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $142,755,756) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,956,123,505) | $5559257274 |  |
| Fidelity Central Funds (cost $294,856,548) | 294856548 |  |
| Total Investment in Securities (cost $3,250,980,053) |  | $5854113822 |
| Foreign currency held at value (cost $1,867) |  | 1824 |
| Receivable for investments sold |  | 6791575 |
| Receivable for fund shares sold |  | 484280 |
| Dividends receivable |  | 5071603 |
| Distributions receivable from Fidelity Central Funds |  | 449972 |
| Prepaid expenses |  | 2217 |
| Other receivables |  | 372293 |
| **Total assets** |  | 5867287586 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6181510 |  |
| Payable for fund shares redeemed | 1546293 |  |
| Accrued management fee | 2571563 |  |
| Distribution and service plan fees payable | 204697 |  |
| Written options, at value (premium received $4,308,157) | 6292106 |  |
| Other payables and accrued expenses | 132581 |  |
| Collateral on securities loaned | 146619663 |  |
| **Total liabilities** |  | 163548413 |
| **Net Assets**  |  | $5703739173 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2687773246 |
| Total accumulated earnings (loss) |  | 3015965927 |
| **Net Assets** |  | $5703739173 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class O :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,619,251,308 ÷ 170,517,306 shares) |  | $27.09 |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($921,931,245 ÷ 36,270,644 shares)(a) |  | $25.42 |
| Maximum offering price per share (100/94.25 of $25.42) |  | $26.97 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($6,633,310 ÷ 274,250 shares)(a) |  | $24.19 |
| Maximum offering price per share (100/96.50 of $24.19) |  | $25.07 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($7,554,073 ÷ 335,036 shares)(a) |  | $22.55 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($148,369,237 ÷ 5,455,896 shares) |  | $27.19 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended March 31, 2026 (Unaudited)** | **Six months ended March 31, 2026 (Unaudited)** | **Six months ended March 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $37461580 |
| Interest  |  | 103793 |
| Income from Fidelity Central Funds (including $122,634 from security lending)  |  | 2098180 |
| **Total income** |  | 39663553 |
| **Expenses** |  |  |
| Management fee | $15613605 |  |
| Distribution and service plan fees | 1230529 |  |
| Custodian fees and expenses | 177994 |  |
| Independent trustees' fees and expenses | 9364 |  |
| Registration fees | 53972 |  |
| Audit fees | 37828 |  |
| Legal | 4882 |  |
| Miscellaneous | 9584 |  |
| Total expenses before reductions | 17137758 |  |
| Expense reductions | (2496) |  |
| Total expenses after reductions |  | 17135262 |
| **Net Investment income (loss)** |  | 22528291 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 469600929 |  |
| Fidelity Central Funds | 3462 |  |
| Foreign currency transactions | (24482) |  |
| Written options | 5122670 |  |
| Total net realized gain (loss) |  | 474702579 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (325547125) |  |
| Assets and liabilities in foreign currencies | (35921) |  |
| Written options | (1438347) |  |
| Total change in net unrealized appreciation (depreciation) |  | (327021393) |
| **Net gain (loss)** |  | 147681186 |
| **Net increase (decrease) in net assets resulting from operations** |  | $170209477 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **September 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $22528291 | $46181440 |
| &nbsp;&nbsp;Net realized gain (loss) | 474702579<br>| 508689473<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (327021393) | 599194570<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 170209477<br>| 1154065483<br>|
| Distributions to shareholders | (559955859)<br>| (408939359)<br>|
| Share transactions - net increase (decrease) | 335295375<br>| 122496361<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (54451007)<br>| 867622485<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5758190180 | 4890567695<br>|
| &nbsp;&nbsp;End of period | $5703739173 | $5758190180 |

---

**Financial Highlights** 

**Fidelity Advisor® Capital Development Fund Class O**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.05 | $25.39 | $19.50 | $16.18 | $19.65 | $14.71 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .24  | .25  | .26  | .25  | .37 C |
| Net realized and unrealized gain (loss)  | .78  | 5.56  | 6.54  | 4.04  | (2.60)  | 5.32  |
| Total from investment operations  | .90  | 5.80  | 6.79  | 4.30  | (2.35)  | 5.69  |
| Distributions from net investment income  | (.26)  | (.26)  | (.26)  | (.26)  | (.38)  | (.28)  |
| Distributions from net realized gain  | (2.60)  | (1.89)  | (.64)  | (.71)  | (.73)  | (.47)  |
| Total distributions  | (2.86)  | (2.14) D | (.90)  | (.98) D | (1.12) D | (.75)  |
| Net asset value, end of period  | $27.09 | $29.05 | $25.39 | $19.50 | $16.18 | $19.65 |
| **Total Return** E,F | 2.97% <br>| 24.60%  | 35.97%  | 27.44%  | (12.87)%  | 39.61%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .53% I | .53%  | .56%  | .68%  | .68%  | .70%  |
| Expenses net of fee waivers, if any  | .53% I<br>| .53%  | .53%  | .55%  | .56%  | .56%  |
| Expenses net of all reductions, if any  | .53% I | .53%  | .53%  | .55%  | .56%  | .56%  |
| Net investment income (loss)  | .82% I | .95%  | 1.12%  | 1.37%  | 1.31%  | 2.03% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4619251 | $4710363 | $4059396 | $3183538 | $2660011 | $3567329 |
| Portfolio turnover rate J | 26% I<br>| 18%  | 16%  | 12%  | 11%  | 16%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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%.*

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

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

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

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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Capital Development Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.41 | $24.08 | $18.54 | $15.42 | $18.78 | $14.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .16  | .18  | .19  | .19  | .31 C |
| Net realized and unrealized gain (loss)  | .73  | 5.25  | 6.21  | 3.86  | (2.49)  | 5.09  |
| Total from investment operations  | .80  | 5.41  | 6.39  | 4.05  | (2.30)  | 5.40  |
| Distributions from net investment income  | (.19)  | (.20)  | (.21)  | (.21)  | (.33)  | (.24)  |
| Distributions from net realized gain  | (2.60)  | (1.89)  | (.64)  | (.71)  | (.73)  | (.47)  |
| Total distributions  | (2.79)  | (2.08) D | (.85)  | (.93) D | (1.06)  | (.71)  |
| Net asset value, end of period  | $25.42 | $27.41 | $24.08 | $18.54 | $15.42 | $18.78 |
| **Total Return** E,F,G | 2.81% <br>| 24.24%  | 35.58%  | 27.10%  | (13.15)%  | 39.21%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .82% J | .82%  | .85%  | .96%  | .96%  | .97%  |
| Expenses net of fee waivers, if any  | .82% J<br>| .82%  | .82%  | .84%  | .85%  | .85%  |
| Expenses net of all reductions, if any  | .82% J | .82%  | .82%  | .84%  | .85%  | .85%  |
| Net investment income (loss)  | .53% J | .66%  | .83%  | 1.08%  | 1.01%  | 1.74% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $921931 | $912737 | $765876 | $584349 | $467810 | $552638 |
| Portfolio turnover rate K | 26% J<br>| 18%  | 16%  | 12%  | 11%  | 16%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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 1.12%.*

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

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

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

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

H*Fees and expenses of any underlying 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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Capital Development Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.19 | $23.11 | $17.82 | $14.85 | $18.12 | $13.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .07  | .09  | .11  | .10  | .21 C |
| Net realized and unrealized gain (loss)  | .71  | 5.03  | 5.97  | 3.71  | (2.39)  | 4.93  |
| Total from investment operations  | .73  | 5.10  | 6.06  | 3.82  | (2.29)  | 5.14  |
| Distributions from net investment income  | (.13)  | (.13)  | (.13)  | (.14)  | (.24)  | (.17)  |
| Distributions from net realized gain  | (2.60)  | (1.89)  | (.64)  | (.71)  | (.73)  | (.47)  |
| Total distributions  | (2.73)  | (2.02)  | (.77)  | (.85)  | (.98) D | (.63) D |
| Net asset value, end of period  | $24.19 | $26.19 | $23.11 | $17.82 | $14.85 | $18.12 |
| **Total Return** E,F,G | 2.64% <br>| 23.80%  | 35.06%  | 26.51%  | (13.54)%  | 38.61%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.16% J | 1.17%  | 1.21%  | 1.31%  | 1.32%  | 1.33%  |
| Expenses net of fee waivers, if any  | 1.16% J<br>| 1.17%  | 1.21%  | 1.30%  | 1.32%  | 1.33%  |
| Expenses net of all reductions, if any  | 1.16% J | 1.17%  | 1.21%  | 1.29%  | 1.32%  | 1.33%  |
| Net investment income (loss)  | .19% J | .31%  | .45%  | .64%  | .54%  | 1.25% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6633 | $5968 | $5038 | $3965 | $3152 | $3476 |
| Portfolio turnover rate K | 26% J<br>| 18%  | 16%  | 12%  | 11%  | 16%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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 .63%.*

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

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

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

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

H*Fees and expenses of any underlying 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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Capital Development Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.60 | $21.83 | $16.87 | $14.10 | $17.28 | $12.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.04)  | (.01)  | .02  | .01  | .13 C |
| Net realized and unrealized gain (loss)  | .67  | 4.73  | 5.66  | 3.53  | (2.27)  | 4.70  |
| Total from investment operations  | .63  | 4.69  | 5.65  | 3.55  | (2.26)  | 4.83  |
| Distributions from net investment income  | (.07)  | (.03)  | (.05)  | (.06)  | (.19)  | (.07)  |
| Distributions from net realized gain  | (2.60)  | (1.89)  | (.64)  | (.71)  | (.73)  | (.47)  |
| Total distributions  | (2.68) D | (1.92)  | (.69)  | (.78) D | (.92)  | (.54)  |
| Net asset value, end of period  | $22.55 | $24.60 | $21.83 | $16.87 | $14.10 | $17.28 |
| **Total Return** E,F,G | 2.38% <br>| 23.19%  | 34.44%  | 25.89%  | (13.95)%  | 37.89%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.66% J | 1.66%  | 1.71%  | 1.78%  | 1.78%  | 1.80%  |
| Expenses net of fee waivers, if any  | 1.66% J<br>| 1.66%  | 1.70%  | 1.77%  | 1.78%  | 1.80%  |
| Expenses net of all reductions, if any  | 1.66% J | 1.66%  | 1.70%  | 1.77%  | 1.78%  | 1.80%  |
| Net investment income (loss)  | (.31)% J | (.19)%  | (.05)%  | .15%  | .08%  | .79% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7554 | $6270 | $4468 | $3662 | $2807 | $2607 |
| Portfolio turnover rate K | 26% J<br>| 18%  | 16%  | 12%  | 11%  | 16%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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 for periods of less than one year are not annualized.*

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

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

H*Fees and expenses of any underlying 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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Capital Development Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **March 31, 2026**<br> **(Unaudited)**  | **Years ended September 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.17 | $25.50 | $19.58 | $16.24 | $19.73 | $14.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .21  | .21  | .23  | .22  | .35 C |
| Net realized and unrealized gain (loss)  | .77  | 5.58  | 6.58  | 4.06  | (2.62)  | 5.34  |
| Total from investment operations  | .87  | 5.79  | 6.79  | 4.29  | (2.40)  | 5.69  |
| Distributions from net investment income  | (.25)  | (.23)  | (.23)  | (.23)  | (.36)  | (.26)  |
| Distributions from net realized gain  | (2.60)  | (1.89)  | (.64)  | (.71)  | (.73)  | (.47)  |
| Total distributions  | (2.85)  | (2.12)  | (.87)  | (.95) D | (1.09)  | (.73)  |
| Net asset value, end of period  | $27.19 | $29.17 | $25.50 | $19.58 | $16.24 | $19.73 |
| **Total Return** E,F | 2.87% <br>| 24.41%  | 35.78%  | 27.23%  | (13.03)%  | 39.40%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .66% I | .67%  | .70%  | .72%  | .72%  | .71%  |
| Expenses net of fee waivers, if any  | .66% I<br>| .67%  | .70%  | .72%  | .72%  | .71%  |
| Expenses net of all reductions, if any  | .66% I | .67%  | .70%  | .72%  | .72%  | .71%  |
| Net investment income (loss)  | .69% I | .81%  | .96%  | 1.21%  | 1.15%  | 1.87% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $148369 | $122852 | $55790 | $39194 | $29353 | $39639 |
| Portfolio turnover rate J | 26% I<br>| 18%  | 16%  | 12%  | 11%  | 16%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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 for periods of less than one year are not annualized.*

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

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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended March 31, 2026

**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. Class O, Class A, Class M, Class C, Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. 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. 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 RatioA** |
| 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.* 

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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2026 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, passive foreign investment companies (PFIC), and losses deferred due to wash sales and options transactions.

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** | $2770445966 |
| **Gross unrealized depreciation** | <u>(173432216)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2597013750</u> |
| **Tax cost** | <u>$3255116123</u> |

---

**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.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded contracts 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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Capital Development Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | - | 8789 |
| Written Options | 5122670 | (1438347) |
| **Total Equity Risk** | <u>5122670</u> | <u>(1429558)</u> |
| Totals | <u>5122670</u> | <u>(1429558)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**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.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a 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, a 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 in total accumulated earnings (loss) in 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, a gain or loss is realized 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", and are representative of volume of activity during the period.

**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 Capital Development Fund** | 759476851 | 985083108 |

---

**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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class O** | .52 |
| **Class A** | .56 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Class I** | .68 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class O** | .52 |
| **Class A** | .56 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Class I** | .65 |

---

**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% | 1179584 | 16044 |
| **Class M** | .25% | .25% | 16133 | 89 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>34812</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>10612</u> |
|  |  |  | <u>1230529</u> | <u>26745</u> |

---

**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** | 77628 |
| **Class M** | 1343 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>84</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>79055</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Capital Development Fund** | $10967 |

---

**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 Capital Development Fund** | 8814 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Capital Development Fund** | 64723045 | 85240773 | 41489522 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Capital Development Fund** | 5139 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations in security lending. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 13369 | - | - |

---

**9. Expense Reductions.**

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 $2,496.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **March 31, 2026** | **Year ended**<br> **September 30, 2025** |
| **Fidelity Advisor Capital Development Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class O | $454294772 | $337703513 |
| Class A | 92181871 | 65501963 |
| Class M | 635516 | 437072 |
| Class C | 714722 | 383789 |
| Class I | <u>12128978</u> | <u>4913022</u> |
| Total  | <u>$559955859</u> | <u>$408939359</u> |

---

**11. 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** |
|  | **Six months ended** <br> **March 31, 2026**  | **Year ended**<br> **September 30, 2025** | **Six months ended** <br> **March 31, 2026**  | **Year ended**<br> **September 30, 2025** |
| **Fidelity Advisor Capital Development Fund** |  |  |  |  |
| **Class O** |  |  |  |  |
| Shares sold | 627072 | 1287013 | $18052241 | $33459449 |
| Reinvestment of distributions  | 15849133 | 13468592 | 434424728 | 324189000 |
| Shares redeemed | <u>(8078907)</u> | <u>(12508556)</u> | <u>(231687274)</u> | <u>(321305047)</u> |
| Net increase (decrease) | <u>8397298</u> | <u>2247049</u> | <u>$220789695</u> | <u>$36343402</u> |
| **Class A** |  |  |  |  |
| Shares sold | 1335809 | 1917284 | $36036220 | $46716434 |
| Reinvestment of distributions  | 3551374 | 2853639 | 91412376 | 64948815 |
| Shares redeemed | <u>(1917928)</u> | <u>(3279659)</u> | <u>(51664658)</u> | <u>(79279834)</u> |
| Net increase (decrease) | <u>2969255</u> | <u>1491264</u> | <u>$75783938</u> | <u>$32385415</u> |
| **Class M** |  |  |  |  |
| Shares sold | 31070 | 43089 | $795910 | $1018419 |
| Reinvestment of distributions  | 25918 | 20040 | 635516 | 437072 |
| Shares redeemed | <u>(10602)</u> | <u>(53278)</u> | <u>(268998)</u> | <u>(1213701)</u> |
| Net increase (decrease) | <u>46386</u> | <u>9851</u> | <u>$1162428</u> | <u>$241790</u> |
| **Class C** |  |  |  |  |
| Shares sold | 80331 | 89057 | $1942114 | $1977091 |
| Reinvestment of distributions  | 30903 | 18015 | 707360 | 370381 |
| Shares redeemed | <u>(31115)</u> | <u>(56827)</u> | <u>(751097)</u> | <u>(1232458)</u> |
| Net increase (decrease) | <u>80119</u> | <u>50245</u> | <u>$1898377</u> | <u>$1115014</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2182576 | 2817879 | $62594417 | $74083732 |
| Reinvestment of distributions  | 423477 | 190613 | 11658309 | 4612828 |
| Shares redeemed | <u>(1361697)</u> | <u>(985164)</u> | <u>(38591789)</u> | <u>(26285820)</u> |
| Net increase (decrease) | <u>1244356</u> | <u>2023328</u> | <u>$35660937</u> | <u>$52410740</u> |

---

**12. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img129577_4.jpg)<br>

1.814759.120 ADESII-SANN-0526

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Destiny Portfolios's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

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

(a)(ii) There was no change in the 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 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(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](ex9906cert.htm) .

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; May 21, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; May 21, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; May 21, 2026 |

---

## Ex-99.Cert

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Destiny Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

May 21, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Destiny Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

May 21, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Destiny Portfolios (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: May 21, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: May 21, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>