UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1796

Fidelity Destiny Portfolios
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

September 30

 

 

Date of reporting period:

December 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor ® Diversified Stock Fund

Class A
Class T
Class B
Class C
Institutional Class

December 31, 2012

1.827901.107
ADESI-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Auto Components - 0.2%

Gentex Corp.

175,000

$ 3,293,500

Distributors - 0.2%

Li & Fung Ltd.

2,374,000

4,283,851

Diversified Consumer Services - 0.6%

Strayer Education, Inc.

100,000

5,617,000

Weight Watchers International, Inc. (d)

100,000

5,236,000

 

10,853,000

Hotels, Restaurants & Leisure - 0.8%

CEC Entertainment, Inc.

50,000

1,659,500

McDonald's Corp.

100,000

8,821,000

Yum! Brands, Inc.

50,000

3,320,000

 

13,800,500

Leisure Equipment & Products - 0.3%

New Academy Holding Co. LLC unit (a)(e)(f)

60,000

6,212,400

Media - 2.7%

Comcast Corp. Class A

975,000

36,445,500

DreamWorks Animation SKG, Inc. Class A (a)(d)

200,000

3,314,000

Time Warner, Inc.

200,000

9,566,000

 

49,325,500

Multiline Retail - 0.7%

Kohl's Corp.

75,000

3,223,500

Target Corp.

175,000

10,354,750

 

13,578,250

Specialty Retail - 1.7%

Abercrombie & Fitch Co. Class A

75,000

3,597,750

Citi Trends, Inc. (a)

350,000

4,816,000

Lowe's Companies, Inc.

550,000

19,536,000

Staples, Inc.

350,000

3,990,000

 

31,939,750

Textiles, Apparel & Luxury Goods - 0.3%

Burberry Group PLC

125,000

2,512,685

Coach, Inc.

50,000

2,775,500

 

5,288,185

TOTAL CONSUMER DISCRETIONARY

138,574,936

CONSUMER STAPLES - 10.0%

Beverages - 2.7%

Molson Coors Brewing Co. Class B

185,000

7,916,150

PepsiCo, Inc.

375,000

25,661,250

The Coca-Cola Co.

475,000

17,218,750

 

50,796,150

Food & Staples Retailing - 2.3%

CVS Caremark Corp.

225,000

10,878,750

Kroger Co.

250,000

6,505,000

 

Shares

Value

Safeway, Inc.

300,000

$ 5,427,000

Walgreen Co.

525,000

19,430,250

 

42,241,000

Food Products - 0.6%

Kellogg Co.

200,000

11,170,000

Household Products - 2.3%

Colgate-Palmolive Co.

127,500

13,328,850

Procter & Gamble Co.

425,000

28,853,250

 

42,182,100

Personal Products - 0.3%

Nu Skin Enterprises, Inc. Class A (d)

125,000

4,631,250

Tobacco - 1.8%

British American Tobacco PLC sponsored ADR

112,500

11,390,625

Lorillard, Inc.

85,000

9,916,950

Philip Morris International, Inc.

150,000

12,546,000

 

33,853,575

TOTAL CONSUMER STAPLES

184,874,075

ENERGY - 13.6%

Energy Equipment & Services - 3.1%

Cameron International Corp. (a)

135,000

7,622,100

Halliburton Co.

425,000

14,743,250

Helmerich & Payne, Inc.

100,000

5,601,000

McDermott International, Inc. (a)

600,000

6,612,000

National Oilwell Varco, Inc.

175,000

11,961,250

Noble Corp.

240,000

8,356,800

Trinidad Drilling Ltd. (d)

400,000

2,766,663

 

57,663,063

Oil, Gas & Consumable Fuels - 10.5%

Amyris, Inc. (a)(d)

1,000,000

3,120,000

Anadarko Petroleum Corp.

100,000

7,431,000

Apache Corp.

222,500

17,466,250

BP PLC sponsored ADR

400,000

16,656,000

Canadian Natural Resources Ltd.

325,000

9,357,595

Chevron Corp.

475,000

51,366,500

Clean Energy Fuels Corp. (a)(d)

175,000

2,178,750

Exxon Mobil Corp.

225,000

19,473,750

Hess Corp.

125,000

6,620,000

HollyFrontier Corp.

125,000

5,818,750

Occidental Petroleum Corp.

100,000

7,661,000

Peabody Energy Corp.

300,000

7,983,000

Royal Dutch Shell PLC Class A sponsored ADR

325,000

22,408,750

Suncor Energy, Inc.

500,000

16,442,143

 

193,983,488

TOTAL ENERGY

251,646,551

FINANCIALS - 16.6%

Capital Markets - 3.1%

Ashmore Group PLC

950,000

5,609,637

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Charles Schwab Corp.

550,000

$ 7,898,000

Goldman Sachs Group, Inc.

55,000

7,015,800

KKR & Co. LP

475,000

7,234,250

Manning & Napier, Inc.

150,000

1,890,000

Morgan Stanley

975,000

18,642,000

The Blackstone Group LP

600,000

9,354,000

 

57,643,687

Commercial Banks - 3.8%

CIT Group, Inc. (a)

175,000

6,762,000

Erste Bank AG (a)

100,000

3,179,457

First Niagara Financial Group, Inc.

350,000

2,775,500

Standard Chartered PLC (United Kingdom)

100,000

2,587,975

U.S. Bancorp

100,000

3,194,000

Wells Fargo & Co.

1,500,000

51,270,000

 

69,768,932

Diversified Financial Services - 5.4%

Citigroup, Inc.

250,000

9,890,000

JPMorgan Chase & Co.

1,525,000

67,054,250

KKR Financial Holdings LLC

2,200,000

23,232,000

 

100,176,250

Insurance - 3.4%

ACE Ltd.

87,500

6,982,500

AFLAC, Inc.

100,000

5,312,000

Brasil Insurance Participacoes e Administracao SA

425,000

4,201,221

Genworth Financial, Inc. Class A (a)

400,000

3,004,000

Hanover Insurance Group, Inc.

125,000

4,842,500

Hartford Financial Services Group, Inc.

125,000

2,805,000

MetLife, Inc.

800,000

26,352,000

Prudential Financial, Inc.

200,000

10,666,000

 

64,165,221

Thrifts & Mortgage Finance - 0.9%

MGIC Investment Corp. (a)(d)

900,044

2,394,117

Radian Group, Inc. (d)

2,290,015

13,991,992

 

16,386,109

TOTAL FINANCIALS

308,140,199

HEALTH CARE - 13.1%

Biotechnology - 1.7%

Alnylam Pharmaceuticals, Inc. (a)

225,000

4,106,250

Amgen, Inc.

150,000

12,948,000

Elan Corp. PLC sponsored ADR (a)

250,000

2,552,500

Gentium SpA sponsored ADR (a)

200,000

2,288,000

Gilead Sciences, Inc. (a)

75,000

5,508,750

Prothena Corp. PLC (a)

6,097

44,691

 

Shares

Value

Synageva BioPharma Corp. (a)

35,000

$ 1,620,150

Vertex Pharmaceuticals, Inc. (a)

65,000

2,726,100

 

31,794,441

Health Care Equipment & Supplies - 1.0%

Align Technology, Inc. (a)

275,000

7,631,250

EnteroMedics, Inc. (a)

463,542

1,297,918

Haemonetics Corp. (a)

30,000

1,225,200

HeartWare International, Inc. (a)(d)

20,000

1,679,000

St. Jude Medical, Inc.

75,000

2,710,500

Zimmer Holdings, Inc.

50,000

3,333,000

 

17,876,868

Health Care Providers & Services - 5.1%

Aetna, Inc.

250,000

11,575,000

Brookdale Senior Living, Inc. (a)

75,000

1,899,000

Cardinal Health, Inc.

125,000

5,147,500

HCA Holdings, Inc.

180,000

5,430,600

HMS Holdings Corp. (a)

125,000

3,240,000

Laboratory Corp. of America Holdings (a)

25,000

2,165,500

McKesson Corp.

325,000

31,512,000

MEDNAX, Inc. (a)

75,000

5,964,000

Quest Diagnostics, Inc.

35,000

2,039,450

UnitedHealth Group, Inc.

175,000

9,492,000

WellPoint, Inc.

275,000

16,753,000

 

95,218,050

Health Care Technology - 0.3%

MedAssets, Inc. (a)

325,000

5,450,250

Life Sciences Tools & Services - 0.6%

Charles River Laboratories International, Inc. (a)

50,000

1,873,500

Life Technologies Corp. (a)

87,500

4,294,500

QIAGEN NV (a)

300,000

5,445,000

 

11,613,000

Pharmaceuticals - 4.4%

Auxilium Pharmaceuticals, Inc. (a)

90,000

1,667,700

Endo Pharmaceuticals Holdings, Inc. (a)

100,000

2,627,000

Johnson & Johnson

150,000

10,515,000

Merck & Co., Inc.

500,000

20,470,000

Pfizer, Inc.

1,250,000

31,350,000

Teva Pharmaceutical Industries Ltd. sponsored ADR

87,500

3,267,250

ViroPharma, Inc. (a)

175,000

3,983,000

Warner Chilcott PLC

325,000

3,913,000

XenoPort, Inc. (a)

458,800

3,564,876

 

81,357,826

TOTAL HEALTH CARE

243,310,435

INDUSTRIALS - 8.3%

Aerospace & Defense - 2.0%

Honeywell International, Inc.

175,000

11,107,250

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Rockwell Collins, Inc.

125,000

$ 7,271,250

United Technologies Corp.

225,000

18,452,250

 

36,830,750

Air Freight & Logistics - 1.5%

C.H. Robinson Worldwide, Inc.

250,000

15,805,000

Expeditors International of Washington, Inc.

25,000

988,750

United Parcel Service, Inc. Class B

162,500

11,981,125

 

28,774,875

Commercial Services & Supplies - 0.5%

Covanta Holding Corp.

32,212

593,345

Interface, Inc.

250,000

4,020,000

Standard Parking Corp. (a)

174,300

3,832,857

 

8,446,202

Electrical Equipment - 0.2%

GrafTech International Ltd. (a)

350,000

3,286,500

Industrial Conglomerates - 2.0%

General Electric Co.

1,750,000

36,732,500

Machinery - 0.5%

ATS Automation Tooling System, Inc. (a)

100,000

883,684

Joy Global, Inc.

37,500

2,391,750

Stanley Black & Decker, Inc.

75,000

5,547,750

 

8,823,184

Professional Services - 1.2%

Acacia Research Corp. (a)

570,000

14,620,500

Michael Page International PLC

781,500

5,108,276

Towers Watson & Co.

50,000

2,810,500

 

22,539,276

Road & Rail - 0.4%

Con-way, Inc.

25,000

695,500

CSX Corp.

350,000

6,905,500

 

7,601,000

TOTAL INDUSTRIALS

153,034,287

INFORMATION TECHNOLOGY - 24.8%

Communications Equipment - 3.1%

Acme Packet, Inc. (a)

200,000

4,424,000

Brocade Communications Systems, Inc. (a)

950,000

5,063,500

Cisco Systems, Inc.

2,000,000

39,300,000

Juniper Networks, Inc. (a)

400,000

7,868,000

 

56,655,500

Computers & Peripherals - 4.9%

Apple, Inc.

150,000

79,954,500

 

Shares

Value

Dell, Inc.

900,000

$ 9,117,000

Fusion-io, Inc. (a)

75,000

1,719,750

 

90,791,250

Electronic Equipment & Components - 0.1%

Fabrinet (a)

175,000

2,299,500

Internet Software & Services - 2.8%

Google, Inc. Class A (a)

65,000

46,109,050

VeriSign, Inc. (a)

150,000

5,823,000

 

51,932,050

IT Services - 8.9%

Cognizant Technology Solutions Corp. Class A (a)

350,000

25,917,500

Fidelity National Information Services, Inc.

175,000

6,091,750

IBM Corp.

275,000

52,676,250

MasterCard, Inc. Class A

55,000

27,020,400

Paychex, Inc.

750,000

23,355,000

The Western Union Co.

250,000

3,402,500

Visa, Inc. Class A

175,000

26,526,500

 

164,989,900

Semiconductors & Semiconductor Equipment - 2.4%

Axcelis Technologies, Inc. (a)

3,600,000

5,004,000

Broadcom Corp. Class A

350,000

11,623,500

GT Advanced Technologies, Inc. (a)(d)

1,050,000

3,171,000

KLA-Tencor Corp.

75,000

3,582,000

Lam Research Corp. (a)

275,000

9,935,750

NXP Semiconductors NV (a)

150,000

3,955,500

Samsung Electronics Co. Ltd.

5,000

7,230,841

 

44,502,591

Software - 2.6%

Concur Technologies, Inc. (a)

50,000

3,376,000

Electronic Arts, Inc. (a)

300,000

4,359,000

Nuance Communications, Inc. (a)

375,000

8,370,000

Oracle Corp.

350,000

11,662,000

salesforce.com, Inc. (a)

49,800

8,371,380

ServiceNow, Inc.

25,000

750,750

Splunk, Inc.

50,000

1,451,000

VMware, Inc. Class A (a)

100,000

9,414,000

Workday, Inc.

25,300

1,378,850

 

49,132,980

TOTAL INFORMATION TECHNOLOGY

460,303,771

MATERIALS - 0.8%

Chemicals - 0.2%

Cabot Corp.

110,000

4,376,900

Metals & Mining - 0.5%

Nucor Corp.

225,000

9,715,500

Paper & Forest Products - 0.1%

West Fraser Timber Co. Ltd.

25,000

1,760,581

TOTAL MATERIALS

15,852,981

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.5%

Verizon Communications, Inc.

650,000

$ 28,125,500

Wireless Telecommunication Services - 0.4%

Vodafone Group PLC sponsored ADR

250,000

6,297,500

TOTAL TELECOMMUNICATION SERVICES

34,423,000

UTILITIES - 1.1%

Electric Utilities - 1.1%

Duke Energy Corp.

75,000

4,785,000

Edison International

50,000

2,259,500

NextEra Energy, Inc.

100,000

6,919,000

PPL Corp.

200,000

5,726,000

 

19,689,500

TOTAL COMMON STOCKS

(Cost $1,661,982,341)

1,809,849,735

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Automobiles - 0.6%

Porsche Automobil Holding SE (Germany)

47,500

3,909,955

Volkswagen AG

35,000

8,030,713

 

11,940,668

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $9,021,862)

11,940,668

Convertible Bonds - 0.1%

 

Principal
Amount

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17 (f)

(Cost $2,000,000)

$ 2,000,000

1,396,820

Money Market Funds - 1.9%

Shares

Value

Fidelity Cash Central Fund, 0.18% (b)

19,032,802

$ 19,032,802

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,921,199

15,921,199

TOTAL MONEY MARKET FUNDS

(Cost $34,954,001)

34,954,001

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,707,958,204)

1,858,141,224

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(4,787,917 )

NET ASSETS - 100%

$ 1,853,353,307

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

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

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,609,220 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Amyris, Inc. 3% 2/27/17

2/27/12

$ 2,000,000

New Academy Holding Co. LLC unit

8/1/11

$ 6,324,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 27,947

Fidelity Securities Lending Cash Central Fund

172,398

Total

$ 200,345

Other Information

The following is a summary of the inputs used, as of December 31, 2012, 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 150,515,604

$ 125,566,000

$ 18,737,204

$ 6,212,400

Consumer Staples

184,874,075

184,874,075

-

-

Energy

251,646,551

251,646,551

-

-

Financials

308,140,199

292,561,909

15,578,290

-

Health Care

243,310,435

243,310,435

-

-

Industrials

153,034,287

147,926,011

5,108,276

-

Information Technology

460,303,771

453,072,930

7,230,841

-

Materials

15,852,981

15,852,981

-

-

Telecommunication Services

34,423,000

34,423,000

-

-

Utilities

19,689,500

19,689,500

-

-

Corporate Bonds

1,396,820

-

1,396,820

-

Money Market Funds

34,954,001

34,954,001

-

-

Total Investments in Securities:

$ 1,858,141,224

$ 1,803,877,393

$ 48,051,431

$ 6,212,400

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 39,273,650

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $1,717,468,398. Net unrealized appreciation aggregated $140,672,826, of which $250,738,773 related to appreciated investment securities and $110,065,947 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor ® Diversified Stock Fund
Class A

December 31, 2012

1.811318.108
DESIN-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Auto Components - 0.2%

Gentex Corp.

175,000

$ 3,293,500

Distributors - 0.2%

Li & Fung Ltd.

2,374,000

4,283,851

Diversified Consumer Services - 0.6%

Strayer Education, Inc.

100,000

5,617,000

Weight Watchers International, Inc. (d)

100,000

5,236,000

 

10,853,000

Hotels, Restaurants & Leisure - 0.8%

CEC Entertainment, Inc.

50,000

1,659,500

McDonald's Corp.

100,000

8,821,000

Yum! Brands, Inc.

50,000

3,320,000

 

13,800,500

Leisure Equipment & Products - 0.3%

New Academy Holding Co. LLC unit (a)(e)(f)

60,000

6,212,400

Media - 2.7%

Comcast Corp. Class A

975,000

36,445,500

DreamWorks Animation SKG, Inc. Class A (a)(d)

200,000

3,314,000

Time Warner, Inc.

200,000

9,566,000

 

49,325,500

Multiline Retail - 0.7%

Kohl's Corp.

75,000

3,223,500

Target Corp.

175,000

10,354,750

 

13,578,250

Specialty Retail - 1.7%

Abercrombie & Fitch Co. Class A

75,000

3,597,750

Citi Trends, Inc. (a)

350,000

4,816,000

Lowe's Companies, Inc.

550,000

19,536,000

Staples, Inc.

350,000

3,990,000

 

31,939,750

Textiles, Apparel & Luxury Goods - 0.3%

Burberry Group PLC

125,000

2,512,685

Coach, Inc.

50,000

2,775,500

 

5,288,185

TOTAL CONSUMER DISCRETIONARY

138,574,936

CONSUMER STAPLES - 10.0%

Beverages - 2.7%

Molson Coors Brewing Co. Class B

185,000

7,916,150

PepsiCo, Inc.

375,000

25,661,250

The Coca-Cola Co.

475,000

17,218,750

 

50,796,150

Food & Staples Retailing - 2.3%

CVS Caremark Corp.

225,000

10,878,750

Kroger Co.

250,000

6,505,000

 

Shares

Value

Safeway, Inc.

300,000

$ 5,427,000

Walgreen Co.

525,000

19,430,250

 

42,241,000

Food Products - 0.6%

Kellogg Co.

200,000

11,170,000

Household Products - 2.3%

Colgate-Palmolive Co.

127,500

13,328,850

Procter & Gamble Co.

425,000

28,853,250

 

42,182,100

Personal Products - 0.3%

Nu Skin Enterprises, Inc. Class A (d)

125,000

4,631,250

Tobacco - 1.8%

British American Tobacco PLC sponsored ADR

112,500

11,390,625

Lorillard, Inc.

85,000

9,916,950

Philip Morris International, Inc.

150,000

12,546,000

 

33,853,575

TOTAL CONSUMER STAPLES

184,874,075

ENERGY - 13.6%

Energy Equipment & Services - 3.1%

Cameron International Corp. (a)

135,000

7,622,100

Halliburton Co.

425,000

14,743,250

Helmerich & Payne, Inc.

100,000

5,601,000

McDermott International, Inc. (a)

600,000

6,612,000

National Oilwell Varco, Inc.

175,000

11,961,250

Noble Corp.

240,000

8,356,800

Trinidad Drilling Ltd. (d)

400,000

2,766,663

 

57,663,063

Oil, Gas & Consumable Fuels - 10.5%

Amyris, Inc. (a)(d)

1,000,000

3,120,000

Anadarko Petroleum Corp.

100,000

7,431,000

Apache Corp.

222,500

17,466,250

BP PLC sponsored ADR

400,000

16,656,000

Canadian Natural Resources Ltd.

325,000

9,357,595

Chevron Corp.

475,000

51,366,500

Clean Energy Fuels Corp. (a)(d)

175,000

2,178,750

Exxon Mobil Corp.

225,000

19,473,750

Hess Corp.

125,000

6,620,000

HollyFrontier Corp.

125,000

5,818,750

Occidental Petroleum Corp.

100,000

7,661,000

Peabody Energy Corp.

300,000

7,983,000

Royal Dutch Shell PLC Class A sponsored ADR

325,000

22,408,750

Suncor Energy, Inc.

500,000

16,442,143

 

193,983,488

TOTAL ENERGY

251,646,551

FINANCIALS - 16.6%

Capital Markets - 3.1%

Ashmore Group PLC

950,000

5,609,637

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Charles Schwab Corp.

550,000

$ 7,898,000

Goldman Sachs Group, Inc.

55,000

7,015,800

KKR & Co. LP

475,000

7,234,250

Manning & Napier, Inc.

150,000

1,890,000

Morgan Stanley

975,000

18,642,000

The Blackstone Group LP

600,000

9,354,000

 

57,643,687

Commercial Banks - 3.8%

CIT Group, Inc. (a)

175,000

6,762,000

Erste Bank AG (a)

100,000

3,179,457

First Niagara Financial Group, Inc.

350,000

2,775,500

Standard Chartered PLC (United Kingdom)

100,000

2,587,975

U.S. Bancorp

100,000

3,194,000

Wells Fargo & Co.

1,500,000

51,270,000

 

69,768,932

Diversified Financial Services - 5.4%

Citigroup, Inc.

250,000

9,890,000

JPMorgan Chase & Co.

1,525,000

67,054,250

KKR Financial Holdings LLC

2,200,000

23,232,000

 

100,176,250

Insurance - 3.4%

ACE Ltd.

87,500

6,982,500

AFLAC, Inc.

100,000

5,312,000

Brasil Insurance Participacoes e Administracao SA

425,000

4,201,221

Genworth Financial, Inc. Class A (a)

400,000

3,004,000

Hanover Insurance Group, Inc.

125,000

4,842,500

Hartford Financial Services Group, Inc.

125,000

2,805,000

MetLife, Inc.

800,000

26,352,000

Prudential Financial, Inc.

200,000

10,666,000

 

64,165,221

Thrifts & Mortgage Finance - 0.9%

MGIC Investment Corp. (a)(d)

900,044

2,394,117

Radian Group, Inc. (d)

2,290,015

13,991,992

 

16,386,109

TOTAL FINANCIALS

308,140,199

HEALTH CARE - 13.1%

Biotechnology - 1.7%

Alnylam Pharmaceuticals, Inc. (a)

225,000

4,106,250

Amgen, Inc.

150,000

12,948,000

Elan Corp. PLC sponsored ADR (a)

250,000

2,552,500

Gentium SpA sponsored ADR (a)

200,000

2,288,000

Gilead Sciences, Inc. (a)

75,000

5,508,750

Prothena Corp. PLC (a)

6,097

44,691

 

Shares

Value

Synageva BioPharma Corp. (a)

35,000

$ 1,620,150

Vertex Pharmaceuticals, Inc. (a)

65,000

2,726,100

 

31,794,441

Health Care Equipment & Supplies - 1.0%

Align Technology, Inc. (a)

275,000

7,631,250

EnteroMedics, Inc. (a)

463,542

1,297,918

Haemonetics Corp. (a)

30,000

1,225,200

HeartWare International, Inc. (a)(d)

20,000

1,679,000

St. Jude Medical, Inc.

75,000

2,710,500

Zimmer Holdings, Inc.

50,000

3,333,000

 

17,876,868

Health Care Providers & Services - 5.1%

Aetna, Inc.

250,000

11,575,000

Brookdale Senior Living, Inc. (a)

75,000

1,899,000

Cardinal Health, Inc.

125,000

5,147,500

HCA Holdings, Inc.

180,000

5,430,600

HMS Holdings Corp. (a)

125,000

3,240,000

Laboratory Corp. of America Holdings (a)

25,000

2,165,500

McKesson Corp.

325,000

31,512,000

MEDNAX, Inc. (a)

75,000

5,964,000

Quest Diagnostics, Inc.

35,000

2,039,450

UnitedHealth Group, Inc.

175,000

9,492,000

WellPoint, Inc.

275,000

16,753,000

 

95,218,050

Health Care Technology - 0.3%

MedAssets, Inc. (a)

325,000

5,450,250

Life Sciences Tools & Services - 0.6%

Charles River Laboratories International, Inc. (a)

50,000

1,873,500

Life Technologies Corp. (a)

87,500

4,294,500

QIAGEN NV (a)

300,000

5,445,000

 

11,613,000

Pharmaceuticals - 4.4%

Auxilium Pharmaceuticals, Inc. (a)

90,000

1,667,700

Endo Pharmaceuticals Holdings, Inc. (a)

100,000

2,627,000

Johnson & Johnson

150,000

10,515,000

Merck & Co., Inc.

500,000

20,470,000

Pfizer, Inc.

1,250,000

31,350,000

Teva Pharmaceutical Industries Ltd. sponsored ADR

87,500

3,267,250

ViroPharma, Inc. (a)

175,000

3,983,000

Warner Chilcott PLC

325,000

3,913,000

XenoPort, Inc. (a)

458,800

3,564,876

 

81,357,826

TOTAL HEALTH CARE

243,310,435

INDUSTRIALS - 8.3%

Aerospace & Defense - 2.0%

Honeywell International, Inc.

175,000

11,107,250

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Rockwell Collins, Inc.

125,000

$ 7,271,250

United Technologies Corp.

225,000

18,452,250

 

36,830,750

Air Freight & Logistics - 1.5%

C.H. Robinson Worldwide, Inc.

250,000

15,805,000

Expeditors International of Washington, Inc.

25,000

988,750

United Parcel Service, Inc. Class B

162,500

11,981,125

 

28,774,875

Commercial Services & Supplies - 0.5%

Covanta Holding Corp.

32,212

593,345

Interface, Inc.

250,000

4,020,000

Standard Parking Corp. (a)

174,300

3,832,857

 

8,446,202

Electrical Equipment - 0.2%

GrafTech International Ltd. (a)

350,000

3,286,500

Industrial Conglomerates - 2.0%

General Electric Co.

1,750,000

36,732,500

Machinery - 0.5%

ATS Automation Tooling System, Inc. (a)

100,000

883,684

Joy Global, Inc.

37,500

2,391,750

Stanley Black & Decker, Inc.

75,000

5,547,750

 

8,823,184

Professional Services - 1.2%

Acacia Research Corp. (a)

570,000

14,620,500

Michael Page International PLC

781,500

5,108,276

Towers Watson & Co.

50,000

2,810,500

 

22,539,276

Road & Rail - 0.4%

Con-way, Inc.

25,000

695,500

CSX Corp.

350,000

6,905,500

 

7,601,000

TOTAL INDUSTRIALS

153,034,287

INFORMATION TECHNOLOGY - 24.8%

Communications Equipment - 3.1%

Acme Packet, Inc. (a)

200,000

4,424,000

Brocade Communications Systems, Inc. (a)

950,000

5,063,500

Cisco Systems, Inc.

2,000,000

39,300,000

Juniper Networks, Inc. (a)

400,000

7,868,000

 

56,655,500

Computers & Peripherals - 4.9%

Apple, Inc.

150,000

79,954,500

 

Shares

Value

Dell, Inc.

900,000

$ 9,117,000

Fusion-io, Inc. (a)

75,000

1,719,750

 

90,791,250

Electronic Equipment & Components - 0.1%

Fabrinet (a)

175,000

2,299,500

Internet Software & Services - 2.8%

Google, Inc. Class A (a)

65,000

46,109,050

VeriSign, Inc. (a)

150,000

5,823,000

 

51,932,050

IT Services - 8.9%

Cognizant Technology Solutions Corp. Class A (a)

350,000

25,917,500

Fidelity National Information Services, Inc.

175,000

6,091,750

IBM Corp.

275,000

52,676,250

MasterCard, Inc. Class A

55,000

27,020,400

Paychex, Inc.

750,000

23,355,000

The Western Union Co.

250,000

3,402,500

Visa, Inc. Class A

175,000

26,526,500

 

164,989,900

Semiconductors & Semiconductor Equipment - 2.4%

Axcelis Technologies, Inc. (a)

3,600,000

5,004,000

Broadcom Corp. Class A

350,000

11,623,500

GT Advanced Technologies, Inc. (a)(d)

1,050,000

3,171,000

KLA-Tencor Corp.

75,000

3,582,000

Lam Research Corp. (a)

275,000

9,935,750

NXP Semiconductors NV (a)

150,000

3,955,500

Samsung Electronics Co. Ltd.

5,000

7,230,841

 

44,502,591

Software - 2.6%

Concur Technologies, Inc. (a)

50,000

3,376,000

Electronic Arts, Inc. (a)

300,000

4,359,000

Nuance Communications, Inc. (a)

375,000

8,370,000

Oracle Corp.

350,000

11,662,000

salesforce.com, Inc. (a)

49,800

8,371,380

ServiceNow, Inc.

25,000

750,750

Splunk, Inc.

50,000

1,451,000

VMware, Inc. Class A (a)

100,000

9,414,000

Workday, Inc.

25,300

1,378,850

 

49,132,980

TOTAL INFORMATION TECHNOLOGY

460,303,771

MATERIALS - 0.8%

Chemicals - 0.2%

Cabot Corp.

110,000

4,376,900

Metals & Mining - 0.5%

Nucor Corp.

225,000

9,715,500

Paper & Forest Products - 0.1%

West Fraser Timber Co. Ltd.

25,000

1,760,581

TOTAL MATERIALS

15,852,981

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.5%

Verizon Communications, Inc.

650,000

$ 28,125,500

Wireless Telecommunication Services - 0.4%

Vodafone Group PLC sponsored ADR

250,000

6,297,500

TOTAL TELECOMMUNICATION SERVICES

34,423,000

UTILITIES - 1.1%

Electric Utilities - 1.1%

Duke Energy Corp.

75,000

4,785,000

Edison International

50,000

2,259,500

NextEra Energy, Inc.

100,000

6,919,000

PPL Corp.

200,000

5,726,000

 

19,689,500

TOTAL COMMON STOCKS

(Cost $1,661,982,341)

1,809,849,735

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Automobiles - 0.6%

Porsche Automobil Holding SE (Germany)

47,500

3,909,955

Volkswagen AG

35,000

8,030,713

 

11,940,668

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $9,021,862)

11,940,668

Convertible Bonds - 0.1%

 

Principal
Amount

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17 (f)

(Cost $2,000,000)

$ 2,000,000

1,396,820

Money Market Funds - 1.9%

Shares

Value

Fidelity Cash Central Fund, 0.18% (b)

19,032,802

$ 19,032,802

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,921,199

15,921,199

TOTAL MONEY MARKET FUNDS

(Cost $34,954,001)

34,954,001

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,707,958,204)

1,858,141,224

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(4,787,917 )

NET ASSETS - 100%

$ 1,853,353,307

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

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

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,609,220 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Amyris, Inc. 3% 2/27/17

2/27/12

$ 2,000,000

New Academy Holding Co. LLC unit

8/1/11

$ 6,324,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 27,947

Fidelity Securities Lending Cash Central Fund

172,398

Total

$ 200,345

Other Information

The following is a summary of the inputs used, as of December 31, 2012, 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 150,515,604

$ 125,566,000

$ 18,737,204

$ 6,212,400

Consumer Staples

184,874,075

184,874,075

-

-

Energy

251,646,551

251,646,551

-

-

Financials

308,140,199

292,561,909

15,578,290

-

Health Care

243,310,435

243,310,435

-

-

Industrials

153,034,287

147,926,011

5,108,276

-

Information Technology

460,303,771

453,072,930

7,230,841

-

Materials

15,852,981

15,852,981

-

-

Telecommunication Services

34,423,000

34,423,000

-

-

Utilities

19,689,500

19,689,500

-

-

Corporate Bonds

1,396,820

-

1,396,820

-

Money Market Funds

34,954,001

34,954,001

-

-

Total Investments in Securities:

$ 1,858,141,224

$ 1,803,877,393

$ 48,051,431

$ 6,212,400

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 39,273,650

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $1,717,468,398. Net unrealized appreciation aggregated $140,672,826, of which $250,738,773 related to appreciated investment securities and $110,065,947 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor ® Diversified Stock Fund
Class O

December 31, 2012

1.811319.108
DESIO-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 7.5%

Auto Components - 0.2%

Gentex Corp.

175,000

$ 3,293,500

Distributors - 0.2%

Li & Fung Ltd.

2,374,000

4,283,851

Diversified Consumer Services - 0.6%

Strayer Education, Inc.

100,000

5,617,000

Weight Watchers International, Inc. (d)

100,000

5,236,000

 

10,853,000

Hotels, Restaurants & Leisure - 0.8%

CEC Entertainment, Inc.

50,000

1,659,500

McDonald's Corp.

100,000

8,821,000

Yum! Brands, Inc.

50,000

3,320,000

 

13,800,500

Leisure Equipment & Products - 0.3%

New Academy Holding Co. LLC unit (a)(e)(f)

60,000

6,212,400

Media - 2.7%

Comcast Corp. Class A

975,000

36,445,500

DreamWorks Animation SKG, Inc. Class A (a)(d)

200,000

3,314,000

Time Warner, Inc.

200,000

9,566,000

 

49,325,500

Multiline Retail - 0.7%

Kohl's Corp.

75,000

3,223,500

Target Corp.

175,000

10,354,750

 

13,578,250

Specialty Retail - 1.7%

Abercrombie & Fitch Co. Class A

75,000

3,597,750

Citi Trends, Inc. (a)

350,000

4,816,000

Lowe's Companies, Inc.

550,000

19,536,000

Staples, Inc.

350,000

3,990,000

 

31,939,750

Textiles, Apparel & Luxury Goods - 0.3%

Burberry Group PLC

125,000

2,512,685

Coach, Inc.

50,000

2,775,500

 

5,288,185

TOTAL CONSUMER DISCRETIONARY

138,574,936

CONSUMER STAPLES - 10.0%

Beverages - 2.7%

Molson Coors Brewing Co. Class B

185,000

7,916,150

PepsiCo, Inc.

375,000

25,661,250

The Coca-Cola Co.

475,000

17,218,750

 

50,796,150

Food & Staples Retailing - 2.3%

CVS Caremark Corp.

225,000

10,878,750

Kroger Co.

250,000

6,505,000

 

Shares

Value

Safeway, Inc.

300,000

$ 5,427,000

Walgreen Co.

525,000

19,430,250

 

42,241,000

Food Products - 0.6%

Kellogg Co.

200,000

11,170,000

Household Products - 2.3%

Colgate-Palmolive Co.

127,500

13,328,850

Procter & Gamble Co.

425,000

28,853,250

 

42,182,100

Personal Products - 0.3%

Nu Skin Enterprises, Inc. Class A (d)

125,000

4,631,250

Tobacco - 1.8%

British American Tobacco PLC sponsored ADR

112,500

11,390,625

Lorillard, Inc.

85,000

9,916,950

Philip Morris International, Inc.

150,000

12,546,000

 

33,853,575

TOTAL CONSUMER STAPLES

184,874,075

ENERGY - 13.6%

Energy Equipment & Services - 3.1%

Cameron International Corp. (a)

135,000

7,622,100

Halliburton Co.

425,000

14,743,250

Helmerich & Payne, Inc.

100,000

5,601,000

McDermott International, Inc. (a)

600,000

6,612,000

National Oilwell Varco, Inc.

175,000

11,961,250

Noble Corp.

240,000

8,356,800

Trinidad Drilling Ltd. (d)

400,000

2,766,663

 

57,663,063

Oil, Gas & Consumable Fuels - 10.5%

Amyris, Inc. (a)(d)

1,000,000

3,120,000

Anadarko Petroleum Corp.

100,000

7,431,000

Apache Corp.

222,500

17,466,250

BP PLC sponsored ADR

400,000

16,656,000

Canadian Natural Resources Ltd.

325,000

9,357,595

Chevron Corp.

475,000

51,366,500

Clean Energy Fuels Corp. (a)(d)

175,000

2,178,750

Exxon Mobil Corp.

225,000

19,473,750

Hess Corp.

125,000

6,620,000

HollyFrontier Corp.

125,000

5,818,750

Occidental Petroleum Corp.

100,000

7,661,000

Peabody Energy Corp.

300,000

7,983,000

Royal Dutch Shell PLC Class A sponsored ADR

325,000

22,408,750

Suncor Energy, Inc.

500,000

16,442,143

 

193,983,488

TOTAL ENERGY

251,646,551

FINANCIALS - 16.6%

Capital Markets - 3.1%

Ashmore Group PLC

950,000

5,609,637

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Charles Schwab Corp.

550,000

$ 7,898,000

Goldman Sachs Group, Inc.

55,000

7,015,800

KKR & Co. LP

475,000

7,234,250

Manning & Napier, Inc.

150,000

1,890,000

Morgan Stanley

975,000

18,642,000

The Blackstone Group LP

600,000

9,354,000

 

57,643,687

Commercial Banks - 3.8%

CIT Group, Inc. (a)

175,000

6,762,000

Erste Bank AG (a)

100,000

3,179,457

First Niagara Financial Group, Inc.

350,000

2,775,500

Standard Chartered PLC (United Kingdom)

100,000

2,587,975

U.S. Bancorp

100,000

3,194,000

Wells Fargo & Co.

1,500,000

51,270,000

 

69,768,932

Diversified Financial Services - 5.4%

Citigroup, Inc.

250,000

9,890,000

JPMorgan Chase & Co.

1,525,000

67,054,250

KKR Financial Holdings LLC

2,200,000

23,232,000

 

100,176,250

Insurance - 3.4%

ACE Ltd.

87,500

6,982,500

AFLAC, Inc.

100,000

5,312,000

Brasil Insurance Participacoes e Administracao SA

425,000

4,201,221

Genworth Financial, Inc. Class A (a)

400,000

3,004,000

Hanover Insurance Group, Inc.

125,000

4,842,500

Hartford Financial Services Group, Inc.

125,000

2,805,000

MetLife, Inc.

800,000

26,352,000

Prudential Financial, Inc.

200,000

10,666,000

 

64,165,221

Thrifts & Mortgage Finance - 0.9%

MGIC Investment Corp. (a)(d)

900,044

2,394,117

Radian Group, Inc. (d)

2,290,015

13,991,992

 

16,386,109

TOTAL FINANCIALS

308,140,199

HEALTH CARE - 13.1%

Biotechnology - 1.7%

Alnylam Pharmaceuticals, Inc. (a)

225,000

4,106,250

Amgen, Inc.

150,000

12,948,000

Elan Corp. PLC sponsored ADR (a)

250,000

2,552,500

Gentium SpA sponsored ADR (a)

200,000

2,288,000

Gilead Sciences, Inc. (a)

75,000

5,508,750

Prothena Corp. PLC (a)

6,097

44,691

 

Shares

Value

Synageva BioPharma Corp. (a)

35,000

$ 1,620,150

Vertex Pharmaceuticals, Inc. (a)

65,000

2,726,100

 

31,794,441

Health Care Equipment & Supplies - 1.0%

Align Technology, Inc. (a)

275,000

7,631,250

EnteroMedics, Inc. (a)

463,542

1,297,918

Haemonetics Corp. (a)

30,000

1,225,200

HeartWare International, Inc. (a)(d)

20,000

1,679,000

St. Jude Medical, Inc.

75,000

2,710,500

Zimmer Holdings, Inc.

50,000

3,333,000

 

17,876,868

Health Care Providers & Services - 5.1%

Aetna, Inc.

250,000

11,575,000

Brookdale Senior Living, Inc. (a)

75,000

1,899,000

Cardinal Health, Inc.

125,000

5,147,500

HCA Holdings, Inc.

180,000

5,430,600

HMS Holdings Corp. (a)

125,000

3,240,000

Laboratory Corp. of America Holdings (a)

25,000

2,165,500

McKesson Corp.

325,000

31,512,000

MEDNAX, Inc. (a)

75,000

5,964,000

Quest Diagnostics, Inc.

35,000

2,039,450

UnitedHealth Group, Inc.

175,000

9,492,000

WellPoint, Inc.

275,000

16,753,000

 

95,218,050

Health Care Technology - 0.3%

MedAssets, Inc. (a)

325,000

5,450,250

Life Sciences Tools & Services - 0.6%

Charles River Laboratories International, Inc. (a)

50,000

1,873,500

Life Technologies Corp. (a)

87,500

4,294,500

QIAGEN NV (a)

300,000

5,445,000

 

11,613,000

Pharmaceuticals - 4.4%

Auxilium Pharmaceuticals, Inc. (a)

90,000

1,667,700

Endo Pharmaceuticals Holdings, Inc. (a)

100,000

2,627,000

Johnson & Johnson

150,000

10,515,000

Merck & Co., Inc.

500,000

20,470,000

Pfizer, Inc.

1,250,000

31,350,000

Teva Pharmaceutical Industries Ltd. sponsored ADR

87,500

3,267,250

ViroPharma, Inc. (a)

175,000

3,983,000

Warner Chilcott PLC

325,000

3,913,000

XenoPort, Inc. (a)

458,800

3,564,876

 

81,357,826

TOTAL HEALTH CARE

243,310,435

INDUSTRIALS - 8.3%

Aerospace & Defense - 2.0%

Honeywell International, Inc.

175,000

11,107,250

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Rockwell Collins, Inc.

125,000

$ 7,271,250

United Technologies Corp.

225,000

18,452,250

 

36,830,750

Air Freight & Logistics - 1.5%

C.H. Robinson Worldwide, Inc.

250,000

15,805,000

Expeditors International of Washington, Inc.

25,000

988,750

United Parcel Service, Inc. Class B

162,500

11,981,125

 

28,774,875

Commercial Services & Supplies - 0.5%

Covanta Holding Corp.

32,212

593,345

Interface, Inc.

250,000

4,020,000

Standard Parking Corp. (a)

174,300

3,832,857

 

8,446,202

Electrical Equipment - 0.2%

GrafTech International Ltd. (a)

350,000

3,286,500

Industrial Conglomerates - 2.0%

General Electric Co.

1,750,000

36,732,500

Machinery - 0.5%

ATS Automation Tooling System, Inc. (a)

100,000

883,684

Joy Global, Inc.

37,500

2,391,750

Stanley Black & Decker, Inc.

75,000

5,547,750

 

8,823,184

Professional Services - 1.2%

Acacia Research Corp. (a)

570,000

14,620,500

Michael Page International PLC

781,500

5,108,276

Towers Watson & Co.

50,000

2,810,500

 

22,539,276

Road & Rail - 0.4%

Con-way, Inc.

25,000

695,500

CSX Corp.

350,000

6,905,500

 

7,601,000

TOTAL INDUSTRIALS

153,034,287

INFORMATION TECHNOLOGY - 24.8%

Communications Equipment - 3.1%

Acme Packet, Inc. (a)

200,000

4,424,000

Brocade Communications Systems, Inc. (a)

950,000

5,063,500

Cisco Systems, Inc.

2,000,000

39,300,000

Juniper Networks, Inc. (a)

400,000

7,868,000

 

56,655,500

Computers & Peripherals - 4.9%

Apple, Inc.

150,000

79,954,500

 

Shares

Value

Dell, Inc.

900,000

$ 9,117,000

Fusion-io, Inc. (a)

75,000

1,719,750

 

90,791,250

Electronic Equipment & Components - 0.1%

Fabrinet (a)

175,000

2,299,500

Internet Software & Services - 2.8%

Google, Inc. Class A (a)

65,000

46,109,050

VeriSign, Inc. (a)

150,000

5,823,000

 

51,932,050

IT Services - 8.9%

Cognizant Technology Solutions Corp. Class A (a)

350,000

25,917,500

Fidelity National Information Services, Inc.

175,000

6,091,750

IBM Corp.

275,000

52,676,250

MasterCard, Inc. Class A

55,000

27,020,400

Paychex, Inc.

750,000

23,355,000

The Western Union Co.

250,000

3,402,500

Visa, Inc. Class A

175,000

26,526,500

 

164,989,900

Semiconductors & Semiconductor Equipment - 2.4%

Axcelis Technologies, Inc. (a)

3,600,000

5,004,000

Broadcom Corp. Class A

350,000

11,623,500

GT Advanced Technologies, Inc. (a)(d)

1,050,000

3,171,000

KLA-Tencor Corp.

75,000

3,582,000

Lam Research Corp. (a)

275,000

9,935,750

NXP Semiconductors NV (a)

150,000

3,955,500

Samsung Electronics Co. Ltd.

5,000

7,230,841

 

44,502,591

Software - 2.6%

Concur Technologies, Inc. (a)

50,000

3,376,000

Electronic Arts, Inc. (a)

300,000

4,359,000

Nuance Communications, Inc. (a)

375,000

8,370,000

Oracle Corp.

350,000

11,662,000

salesforce.com, Inc. (a)

49,800

8,371,380

ServiceNow, Inc.

25,000

750,750

Splunk, Inc.

50,000

1,451,000

VMware, Inc. Class A (a)

100,000

9,414,000

Workday, Inc.

25,300

1,378,850

 

49,132,980

TOTAL INFORMATION TECHNOLOGY

460,303,771

MATERIALS - 0.8%

Chemicals - 0.2%

Cabot Corp.

110,000

4,376,900

Metals & Mining - 0.5%

Nucor Corp.

225,000

9,715,500

Paper & Forest Products - 0.1%

West Fraser Timber Co. Ltd.

25,000

1,760,581

TOTAL MATERIALS

15,852,981

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.5%

Verizon Communications, Inc.

650,000

$ 28,125,500

Wireless Telecommunication Services - 0.4%

Vodafone Group PLC sponsored ADR

250,000

6,297,500

TOTAL TELECOMMUNICATION SERVICES

34,423,000

UTILITIES - 1.1%

Electric Utilities - 1.1%

Duke Energy Corp.

75,000

4,785,000

Edison International

50,000

2,259,500

NextEra Energy, Inc.

100,000

6,919,000

PPL Corp.

200,000

5,726,000

 

19,689,500

TOTAL COMMON STOCKS

(Cost $1,661,982,341)

1,809,849,735

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Automobiles - 0.6%

Porsche Automobil Holding SE (Germany)

47,500

3,909,955

Volkswagen AG

35,000

8,030,713

 

11,940,668

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $9,021,862)

11,940,668

Convertible Bonds - 0.1%

 

Principal
Amount

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17 (f)

(Cost $2,000,000)

$ 2,000,000

1,396,820

Money Market Funds - 1.9%

Shares

Value

Fidelity Cash Central Fund, 0.18% (b)

19,032,802

$ 19,032,802

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,921,199

15,921,199

TOTAL MONEY MARKET FUNDS

(Cost $34,954,001)

34,954,001

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,707,958,204)

1,858,141,224

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(4,787,917 )

NET ASSETS - 100%

$ 1,853,353,307

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

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

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,609,220 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Amyris, Inc. 3% 2/27/17

2/27/12

$ 2,000,000

New Academy Holding Co. LLC unit

8/1/11

$ 6,324,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 27,947

Fidelity Securities Lending Cash Central Fund

172,398

Total

$ 200,345

Other Information

The following is a summary of the inputs used, as of December 31, 2012, 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 150,515,604

$ 125,566,000

$ 18,737,204

$ 6,212,400

Consumer Staples

184,874,075

184,874,075

-

-

Energy

251,646,551

251,646,551

-

-

Financials

308,140,199

292,561,909

15,578,290

-

Health Care

243,310,435

243,310,435

-

-

Industrials

153,034,287

147,926,011

5,108,276

-

Information Technology

460,303,771

453,072,930

7,230,841

-

Materials

15,852,981

15,852,981

-

-

Telecommunication Services

34,423,000

34,423,000

-

-

Utilities

19,689,500

19,689,500

-

-

Corporate Bonds

1,396,820

-

1,396,820

-

Money Market Funds

34,954,001

34,954,001

-

-

Total Investments in Securities:

$ 1,858,141,224

$ 1,803,877,393

$ 48,051,431

$ 6,212,400

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 39,273,650

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $1,717,468,398. Net unrealized appreciation aggregated $140,672,826, of which $250,738,773 related to appreciated investment securities and $110,065,947 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor ® Capital Development Fund
Class A

December 31, 2012

1.811326.108
DESIIN-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 20.1%

Auto Components - 0.2%

TRW Automotive Holdings Corp. (a)

120,200

$ 6,443,922

Automobiles - 0.8%

Bajaj Auto Ltd.

250,000

9,766,635

Kia Motors Corp.

135,000

7,225,241

Tesla Motors, Inc. (a)

119,400

4,044,078

 

21,035,954

Diversified Consumer Services - 0.4%

Anhanguera Educacional Participacoes SA

530,000

9,055,905

Collectors Universe, Inc. (d)

7,196

72,176

 

9,128,081

Hotels, Restaurants & Leisure - 1.9%

Bravo Brio Restaurant Group, Inc. (a)

41,500

557,345

Dunkin' Brands Group, Inc.

100,800

3,344,544

Interval Leisure Group, Inc.

200,000

3,878,000

Jubilant Foodworks Ltd. (a)

220,000

5,214,710

McDonald's Corp.

90,000

7,938,900

Sands China Ltd.

2,200,000

9,835,462

Starbucks Corp.

100,000

5,362,000

The Cheesecake Factory, Inc.

145,000

4,744,400

Tim Hortons, Inc. (Canada)

154,000

7,559,887

 

48,435,248

Internet & Catalog Retail - 1.6%

Amazon.com, Inc. (a)

146,100

36,691,554

priceline.com, Inc. (a)

9,600

5,963,520

 

42,655,074

Leisure Equipment & Products - 0.3%

Bauer Performance Sports Ltd. (a)(e)

817,600

8,704,518

Media - 2.4%

Comcast Corp. Class A

270,000

10,092,600

Pandora Media, Inc. (a)(d)

328,000

3,011,040

The Walt Disney Co.

890,200

44,323,058

Time Warner, Inc.

100,000

4,783,000

 

62,209,698

Multiline Retail - 2.2%

Dollar General Corp. (a)

216,400

9,541,076

Dollar Tree, Inc. (a)

120,000

4,867,200

Dollarama, Inc.

456,000

27,033,598

Target Corp.

256,000

15,147,520

 

56,589,394

Specialty Retail - 6.0%

Ascena Retail Group, Inc. (a)

400,000

7,396,000

AutoZone, Inc. (a)

44,700

15,843,021

Destination Maternity Corp.

313,736

6,764,148

Dick's Sporting Goods, Inc.

150,000

6,823,500

Gap, Inc.

150,000

4,656,000

Guess?, Inc.

221,000

5,423,340

Jos. A. Bank Clothiers, Inc. (a)

28,200

1,200,756

Limited Brands, Inc.

218,600

10,287,316

 

Shares

Value

New York & Co., Inc. (a)

1,449,187

$ 5,521,402

PT ACE Hardware Indonesia Tbk

89,990,000

7,697,217

Ross Stores, Inc.

631,070

34,172,441

Sally Beauty Holdings, Inc. (a)

291,000

6,858,870

Tilly's, Inc. (a)

398,800

5,379,812

TJX Companies, Inc.

888,900

37,733,805

 

155,757,628

Textiles, Apparel & Luxury Goods - 4.3%

Brunello Cucinelli SpA

310,500

5,477,630

Fifth & Pacific Companies, Inc. (a)

612,800

7,629,360

Michael Kors Holdings Ltd.

36,000

1,837,080

NIKE, Inc. Class B

380,000

19,608,000

PVH Corp.

197,400

21,913,374

Ralph Lauren Corp.

82,500

12,368,400

Samsonite International SA

2,307,600

4,842,701

Steven Madden Ltd. (a)

237,903

10,056,160

Vera Bradley, Inc. (a)(d)

115,762

2,905,626

VF Corp.

84,653

12,780,063

Warnaco Group, Inc. (a)

167,692

12,001,716

 

111,420,110

TOTAL CONSUMER DISCRETIONARY

522,379,627

CONSUMER STAPLES - 9.1%

Beverages - 2.8%

Anheuser-Busch InBev SA NV

83,846

7,301,691

Anheuser-Busch InBev SA NV:

ADR

65,000

5,681,650

(strip VVPR)

160,000

213

Beam, Inc.

230,000

14,050,700

Diageo PLC

320,000

9,320,521

Dr. Pepper Snapple Group, Inc.

352,400

15,569,032

Monster Beverage Corp. (a)

180,200

9,528,976

The Coca-Cola Co.

300,000

10,875,000

 

72,327,783

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

332,000

16,052,200

Drogasil SA

483,666

5,515,054

Fresh Market, Inc. (a)

137,800

6,626,802

PriceSmart, Inc.

107,300

8,267,465

Wal-Mart Stores, Inc.

201,300

13,734,699

Whole Foods Market, Inc.

190,000

17,352,700

 

67,548,920

Food Products - 0.7%

Kraft Foods Group, Inc.

90,000

4,092,300

Mondelez International, Inc.

270,000

6,876,900

TreeHouse Foods, Inc. (a)

131,500

6,855,095

 

17,824,295

Household Products - 0.8%

Colgate-Palmolive Co.

197,400

20,636,196

Tobacco - 2.2%

Altria Group, Inc.

50,000

1,571,000

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - continued

British American Tobacco PLC:

(United Kingdom)

200,000

$ 10,166,995

sponsored ADR

60,000

6,075,000

Imperial Tobacco Group PLC

100,000

3,877,157

Lorillard, Inc.

131,100

15,295,437

Philip Morris International, Inc.

257,900

21,570,756

 

58,556,345

TOTAL CONSUMER STAPLES

236,893,539

ENERGY - 11.3%

Energy Equipment & Services - 1.7%

Cameron International Corp. (a)

102,000

5,758,920

Ensco PLC Class A

46,800

2,774,304

Halliburton Co.

622,900

21,608,401

Rowan Companies PLC (a)

142,900

4,468,483

Schlumberger Ltd.

40,000

2,771,600

Transocean Ltd. (United States)

150,000

6,697,500

Tuscany International Drilling, Inc. (a)(e)

5,371,200

1,241,958

 

45,321,166

Oil, Gas & Consumable Fuels - 9.6%

Anadarko Petroleum Corp.

170,500

12,669,855

Apache Corp.

214,100

16,806,850

Chevron Corp.

600,900

64,981,326

ConocoPhillips

175,700

10,188,843

Crestwood Midstream Partners LP

95,330

2,052,455

Crown Point Energy, Inc. (e)

69,300

30,306

Enterprise Products Partners LP

113,200

5,669,056

EPL Oil & Gas, Inc. (a)

801,100

18,064,805

Exxon Mobil Corp.

498,000

43,101,900

Hess Corp.

95,300

5,047,088

HollyFrontier Corp.

336,770

15,676,644

Marathon Petroleum Corp.

86,900

5,474,700

Noble Energy, Inc.

38,100

3,876,294

Occidental Petroleum Corp.

126,800

9,714,148

Phillips 66

137,850

7,319,835

Tesoro Logistics LP

194,200

8,505,960

The Williams Companies, Inc.

415,558

13,605,369

Western Gas Equity Partners LP

197,300

5,909,135

 

248,694,569

TOTAL ENERGY

294,015,735

FINANCIALS - 9.2%

Capital Markets - 0.4%

Virtus Investment Partners, Inc. (a)

75,000

9,070,500

Commercial Banks - 2.9%

BSB Bancorp, Inc. (a)

100,000

1,223,000

CIT Group, Inc. (a)

100,000

3,864,000

HDFC Bank Ltd.

573,925

7,145,297

 

Shares

Value

HDFC Bank Ltd. sponsored ADR

100,000

$ 4,072,000

Wells Fargo & Co.

1,752,650

59,905,577

 

76,209,874

Consumer Finance - 1.3%

Capital One Financial Corp.

212,100

12,286,953

Discover Financial Services

405,400

15,628,170

Element Financial Corp. warrants (a)(e)

1,000,000

6,424,047

 

34,339,170

Diversified Financial Services - 1.7%

Citigroup, Inc.

847,900

33,542,924

JPMorgan Chase & Co.

247,800

10,895,766

 

44,438,690

Insurance - 1.9%

ACE Ltd.

40,000

3,192,000

American International Group, Inc. (a)

190,200

6,714,060

Berkshire Hathaway, Inc. Class A (a)

136

18,232,160

Intact Financial Corp. (a)(e)

120,000

7,813,813

Lincoln National Corp.

303,400

7,858,060

Platinum Underwriters Holdings Ltd.

98,167

4,515,682

 

48,325,775

Real Estate Investment Trusts - 0.6%

American Residential Properties, Inc. (e)

150,000

3,075,000

Dundee (REIT) (a)(e)

500,000

5,494,119

Simon Property Group, Inc.

42,200

6,671,398

 

15,240,517

Real Estate Management & Development - 0.4%

Iguatemi Empresa de Shopping Centers SA

590,000

7,943,570

Realogy Holdings Corp.

77,000

3,230,920

 

11,174,490

TOTAL FINANCIALS

238,799,016

HEALTH CARE - 9.5%

Biotechnology - 2.5%

ADVENTRX Pharmaceuticals, Inc. (a)(d)

842,837

480,417

Alexion Pharmaceuticals, Inc. (a)

145,112

13,612,957

Amgen, Inc.

356,315

30,757,111

AVEO Pharmaceuticals, Inc. (a)

405,900

3,267,495

Dynavax Technologies Corp. (a)

2,844,511

8,135,301

ImmunoGen, Inc. (a)

124,623

1,588,943

Merrimack Pharmaceuticals, Inc.

611,538

3,724,266

Theravance, Inc. (a)

125,000

2,783,750

 

64,350,240

Health Care Equipment & Supplies - 0.7%

Boston Scientific Corp. (a)

819,800

4,697,454

Insulet Corp. (a)

100,000

2,122,000

Sirona Dental Systems, Inc. (a)

180,000

11,602,800

 

18,422,254

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - 1.8%

Accretive Health, Inc. (a)

50,000

$ 578,000

Brookdale Senior Living, Inc. (a)

350,000

8,862,000

CIGNA Corp.

160,000

8,553,600

Express Scripts Holding Co. (a)

70,000

3,780,000

Hanger, Inc. (a)

521,338

14,263,808

MEDNAX, Inc. (a)

40,000

3,180,800

Qualicorp SA (a)

804,000

8,428,559

 

47,646,767

Pharmaceuticals - 4.5%

Allergan, Inc.

272,400

24,987,252

Eli Lilly & Co.

200,000

9,864,000

GlaxoSmithKline PLC sponsored ADR

205,000

8,911,350

Johnson & Johnson

190,000

13,319,000

Meda AB (A Shares)

500,000

5,154,317

Merck & Co., Inc.

845,000

34,594,300

PT Kalbe Farma Tbk

50,000,000

5,510,148

Shire PLC

400,000

12,304,448

ViroPharma, Inc. (a)

100,000

2,276,000

 

116,920,815

TOTAL HEALTH CARE

247,340,076

INDUSTRIALS - 8.8%

Aerospace & Defense - 3.1%

Honeywell International, Inc.

449,367

28,521,323

Precision Castparts Corp.

16,000

3,030,720

Textron, Inc.

365,200

9,053,308

TransDigm Group, Inc.

10,000

1,363,600

United Technologies Corp.

481,500

39,487,815

 

81,456,766

Air Freight & Logistics - 0.5%

United Parcel Service, Inc. Class B

180,800

13,330,384

Building Products - 0.3%

Fortune Brands Home & Security, Inc. (a)

265,000

7,743,300

Commercial Services & Supplies - 0.4%

United Stationers, Inc.

361,400

11,199,786

Construction & Engineering - 0.9%

EMCOR Group, Inc.

308,400

10,673,724

Foster Wheeler AG (a)

330,000

8,025,600

Jacobs Engineering Group, Inc. (a)

98,600

4,197,402

 

22,896,726

Industrial Conglomerates - 0.6%

General Electric Co.

600,000

12,594,000

Max India Ltd.

800,000

3,557,941

 

16,151,941

Machinery - 0.5%

Cummins, Inc.

14,100

1,527,735

 

Shares

Value

Pall Corp.

154,000

$ 9,280,040

Westport Innovations, Inc. (a)(d)

90,000

2,403,900

 

13,211,675

Professional Services - 0.3%

Nielsen Holdings B.V. (a)

276,400

8,455,076

Road & Rail - 2.0%

CSX Corp.

590,000

11,640,700

Norfolk Southern Corp.

205,000

12,677,200

Union Pacific Corp.

213,500

26,841,220

 

51,159,120

Trading Companies & Distributors - 0.2%

Superior Plus Corp. (d)

350,000

3,603,096

TOTAL INDUSTRIALS

229,207,870

INFORMATION TECHNOLOGY - 22.6%

Communications Equipment - 0.9%

Motorola Solutions, Inc.

229,000

12,750,720

Palo Alto Networks, Inc.

15,900

850,968

QUALCOMM, Inc.

165,800

10,282,916

 

23,884,604

Computers & Peripherals - 5.2%

Apple, Inc.

240,200

128,033,811

EMC Corp. (a)

300,000

7,590,000

 

135,623,811

Electronic Equipment & Components - 0.3%

SYNNEX Corp. (a)

212,900

7,319,502

Internet Software & Services - 5.4%

Angie's List, Inc. (a)(d)

483,900

5,801,961

Cornerstone OnDemand, Inc. (a)

215,902

6,375,586

Demandware, Inc.

139,172

3,802,179

Facebook, Inc. Class A

517,300

13,775,699

Google, Inc. Class A (a)

118,400

83,989,408

Mail.ru Group Ltd. GDR (e)

241,200

8,321,400

Open Text Corp. (a)(d)

147,500

8,249,145

Rackspace Hosting, Inc. (a)

113,800

8,451,926

 

138,767,304

IT Services - 3.8%

Accenture PLC Class A

365,000

24,272,500

Cardtronics, Inc. (a)

219,100

5,201,434

IBM Corp.

59,400

11,378,070

MasterCard, Inc. Class A

46,900

23,041,032

Visa, Inc. Class A

222,500

33,726,550

 

97,619,586

Semiconductors & Semiconductor Equipment - 3.4%

ARM Holdings PLC

1,803,500

22,775,938

ARM Holdings PLC sponsored ADR

1,232,900

46,640,607

Cymer, Inc. (a)

60,000

5,425,800

Samsung Electronics Co. Ltd.

10,000

14,461,683

 

89,304,028

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 3.6%

Citrix Systems, Inc. (a)

243,600

$ 16,016,700

MICROS Systems, Inc. (a)

280,400

11,900,176

Oracle Corp.

540,500

18,009,460

QLIK Technologies, Inc. (a)

300,000

6,516,000

salesforce.com, Inc. (a)

90,100

15,145,810

SAP AG

100,000

8,041,262

Solera Holdings, Inc.

271,900

14,538,493

VMware, Inc. Class A (a)

20,000

1,882,800

Workday, Inc.

35,700

1,945,650

 

93,996,351

TOTAL INFORMATION TECHNOLOGY

586,515,186

MATERIALS - 5.7%

Chemicals - 1.6%

Albemarle Corp.

160,000

9,939,200

Ashland, Inc.

65,900

5,299,019

Monsanto Co.

209,000

19,781,850

Rockwood Holdings, Inc.

100,000

4,946,000

Sigma Aldrich Corp.

35,000

2,575,300

 

42,541,369

Metals & Mining - 4.1%

Agnico-Eagle Mines Ltd. (Canada)

486,000

25,470,172

Alamos Gold, Inc.

420,000

7,368,051

Allied Nevada Gold Corp. (a)

120,000

3,615,600

Carpenter Technology Corp.

160,300

8,276,289

Eldorado Gold Corp.

520,000

6,691,465

Franco-Nevada Corp.

201,000

11,473,590

Goldcorp, Inc.

605,700

22,268,472

Newcrest Mining Ltd.

255,091

5,967,265

Newmont Mining Corp.

158,300

7,351,452

Royal Gold, Inc.

36,800

2,992,208

Sabina Gold & Silver Corp. (a)

2,130,000

5,674,575

 

107,149,139

TOTAL MATERIALS

149,690,508

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.2%

AT&T, Inc.

120,900

4,075,539

Wireless Telecommunication Services - 0.3%

SBA Communications Corp. Class A (a)

119,400

8,479,788

TOTAL TELECOMMUNICATION SERVICES

12,555,327

 

Shares

Value

UTILITIES - 0.7%

Electric Utilities - 0.2%

Duke Energy Corp.

53,333

$ 3,402,645

ITC Holdings Corp.

35,000

2,691,850

 

6,094,495

Gas Utilities - 0.2%

ONEOK, Inc.

100,000

4,275,000

Multi-Utilities - 0.3%

Sempra Energy

100,000

7,094,000

TOTAL UTILITIES

17,463,495

TOTAL COMMON STOCKS

(Cost $2,162,477,196)


2,534,860,379

Money Market Funds - 3.1%

 

 

 

 

Fidelity Cash Central Fund, 0.18% (b)

66,158,072

66,158,072

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,683,578

15,683,578

TOTAL MONEY MARKET FUNDS

(Cost $81,841,650)


81,841,650

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $2,244,318,846)

2,616,702,029

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(16,738,766 )

NET ASSETS - 100%

$ 2,599,963,263

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

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

(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 $41,105,161 or 1.6% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 19,034

Fidelity Securities Lending Cash Central Fund

393,350

Total

$ 412,384

Other Information

The following is a summary of the inputs used, as of December 31, 2012, 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 522,379,627

$ 463,264,126

$ 59,115,501

$ -

Consumer Staples

236,893,539

200,711,908

36,181,631

-

Energy

294,015,735

294,015,735

-

-

Financials

238,799,016

214,211,102

21,512,914

3,075,000

Health Care

247,340,076

215,942,604

31,397,472

-

Industrials

229,207,870

225,649,929

3,557,941

-

Information Technology

586,515,186

541,236,303

45,278,883

-

Materials

149,690,508

143,723,243

5,967,265

-

Telecommunication Services

12,555,327

12,555,327

-

-

Utilities

17,463,495

17,463,495

-

-

Money Market Funds

81,841,650

81,841,650

-

-

Total Investments in Securities:

$ 2,616,702,029

$ 2,410,615,422

$ 203,011,607

$ 3,075,000

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 104,747,788

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $2,255,719,983. Net unrealized appreciation aggregated $360,982,046, of which $460,922,967 related to appreciated investment securities and $99,940,921 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor ® Capital Development Fund
Class O

December 31, 2012

1.811327.108
DESIIO-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 20.1%

Auto Components - 0.2%

TRW Automotive Holdings Corp. (a)

120,200

$ 6,443,922

Automobiles - 0.8%

Bajaj Auto Ltd.

250,000

9,766,635

Kia Motors Corp.

135,000

7,225,241

Tesla Motors, Inc. (a)

119,400

4,044,078

 

21,035,954

Diversified Consumer Services - 0.4%

Anhanguera Educacional Participacoes SA

530,000

9,055,905

Collectors Universe, Inc. (d)

7,196

72,176

 

9,128,081

Hotels, Restaurants & Leisure - 1.9%

Bravo Brio Restaurant Group, Inc. (a)

41,500

557,345

Dunkin' Brands Group, Inc.

100,800

3,344,544

Interval Leisure Group, Inc.

200,000

3,878,000

Jubilant Foodworks Ltd. (a)

220,000

5,214,710

McDonald's Corp.

90,000

7,938,900

Sands China Ltd.

2,200,000

9,835,462

Starbucks Corp.

100,000

5,362,000

The Cheesecake Factory, Inc.

145,000

4,744,400

Tim Hortons, Inc. (Canada)

154,000

7,559,887

 

48,435,248

Internet & Catalog Retail - 1.6%

Amazon.com, Inc. (a)

146,100

36,691,554

priceline.com, Inc. (a)

9,600

5,963,520

 

42,655,074

Leisure Equipment & Products - 0.3%

Bauer Performance Sports Ltd. (a)(e)

817,600

8,704,518

Media - 2.4%

Comcast Corp. Class A

270,000

10,092,600

Pandora Media, Inc. (a)(d)

328,000

3,011,040

The Walt Disney Co.

890,200

44,323,058

Time Warner, Inc.

100,000

4,783,000

 

62,209,698

Multiline Retail - 2.2%

Dollar General Corp. (a)

216,400

9,541,076

Dollar Tree, Inc. (a)

120,000

4,867,200

Dollarama, Inc.

456,000

27,033,598

Target Corp.

256,000

15,147,520

 

56,589,394

Specialty Retail - 6.0%

Ascena Retail Group, Inc. (a)

400,000

7,396,000

AutoZone, Inc. (a)

44,700

15,843,021

Destination Maternity Corp.

313,736

6,764,148

Dick's Sporting Goods, Inc.

150,000

6,823,500

Gap, Inc.

150,000

4,656,000

Guess?, Inc.

221,000

5,423,340

Jos. A. Bank Clothiers, Inc. (a)

28,200

1,200,756

Limited Brands, Inc.

218,600

10,287,316

 

Shares

Value

New York & Co., Inc. (a)

1,449,187

$ 5,521,402

PT ACE Hardware Indonesia Tbk

89,990,000

7,697,217

Ross Stores, Inc.

631,070

34,172,441

Sally Beauty Holdings, Inc. (a)

291,000

6,858,870

Tilly's, Inc. (a)

398,800

5,379,812

TJX Companies, Inc.

888,900

37,733,805

 

155,757,628

Textiles, Apparel & Luxury Goods - 4.3%

Brunello Cucinelli SpA

310,500

5,477,630

Fifth & Pacific Companies, Inc. (a)

612,800

7,629,360

Michael Kors Holdings Ltd.

36,000

1,837,080

NIKE, Inc. Class B

380,000

19,608,000

PVH Corp.

197,400

21,913,374

Ralph Lauren Corp.

82,500

12,368,400

Samsonite International SA

2,307,600

4,842,701

Steven Madden Ltd. (a)

237,903

10,056,160

Vera Bradley, Inc. (a)(d)

115,762

2,905,626

VF Corp.

84,653

12,780,063

Warnaco Group, Inc. (a)

167,692

12,001,716

 

111,420,110

TOTAL CONSUMER DISCRETIONARY

522,379,627

CONSUMER STAPLES - 9.1%

Beverages - 2.8%

Anheuser-Busch InBev SA NV

83,846

7,301,691

Anheuser-Busch InBev SA NV:

ADR

65,000

5,681,650

(strip VVPR)

160,000

213

Beam, Inc.

230,000

14,050,700

Diageo PLC

320,000

9,320,521

Dr. Pepper Snapple Group, Inc.

352,400

15,569,032

Monster Beverage Corp. (a)

180,200

9,528,976

The Coca-Cola Co.

300,000

10,875,000

 

72,327,783

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

332,000

16,052,200

Drogasil SA

483,666

5,515,054

Fresh Market, Inc. (a)

137,800

6,626,802

PriceSmart, Inc.

107,300

8,267,465

Wal-Mart Stores, Inc.

201,300

13,734,699

Whole Foods Market, Inc.

190,000

17,352,700

 

67,548,920

Food Products - 0.7%

Kraft Foods Group, Inc.

90,000

4,092,300

Mondelez International, Inc.

270,000

6,876,900

TreeHouse Foods, Inc. (a)

131,500

6,855,095

 

17,824,295

Household Products - 0.8%

Colgate-Palmolive Co.

197,400

20,636,196

Tobacco - 2.2%

Altria Group, Inc.

50,000

1,571,000

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - continued

British American Tobacco PLC:

(United Kingdom)

200,000

$ 10,166,995

sponsored ADR

60,000

6,075,000

Imperial Tobacco Group PLC

100,000

3,877,157

Lorillard, Inc.

131,100

15,295,437

Philip Morris International, Inc.

257,900

21,570,756

 

58,556,345

TOTAL CONSUMER STAPLES

236,893,539

ENERGY - 11.3%

Energy Equipment & Services - 1.7%

Cameron International Corp. (a)

102,000

5,758,920

Ensco PLC Class A

46,800

2,774,304

Halliburton Co.

622,900

21,608,401

Rowan Companies PLC (a)

142,900

4,468,483

Schlumberger Ltd.

40,000

2,771,600

Transocean Ltd. (United States)

150,000

6,697,500

Tuscany International Drilling, Inc. (a)(e)

5,371,200

1,241,958

 

45,321,166

Oil, Gas & Consumable Fuels - 9.6%

Anadarko Petroleum Corp.

170,500

12,669,855

Apache Corp.

214,100

16,806,850

Chevron Corp.

600,900

64,981,326

ConocoPhillips

175,700

10,188,843

Crestwood Midstream Partners LP

95,330

2,052,455

Crown Point Energy, Inc. (e)

69,300

30,306

Enterprise Products Partners LP

113,200

5,669,056

EPL Oil & Gas, Inc. (a)

801,100

18,064,805

Exxon Mobil Corp.

498,000

43,101,900

Hess Corp.

95,300

5,047,088

HollyFrontier Corp.

336,770

15,676,644

Marathon Petroleum Corp.

86,900

5,474,700

Noble Energy, Inc.

38,100

3,876,294

Occidental Petroleum Corp.

126,800

9,714,148

Phillips 66

137,850

7,319,835

Tesoro Logistics LP

194,200

8,505,960

The Williams Companies, Inc.

415,558

13,605,369

Western Gas Equity Partners LP

197,300

5,909,135

 

248,694,569

TOTAL ENERGY

294,015,735

FINANCIALS - 9.2%

Capital Markets - 0.4%

Virtus Investment Partners, Inc. (a)

75,000

9,070,500

Commercial Banks - 2.9%

BSB Bancorp, Inc. (a)

100,000

1,223,000

CIT Group, Inc. (a)

100,000

3,864,000

HDFC Bank Ltd.

573,925

7,145,297

 

Shares

Value

HDFC Bank Ltd. sponsored ADR

100,000

$ 4,072,000

Wells Fargo & Co.

1,752,650

59,905,577

 

76,209,874

Consumer Finance - 1.3%

Capital One Financial Corp.

212,100

12,286,953

Discover Financial Services

405,400

15,628,170

Element Financial Corp. warrants (a)(e)

1,000,000

6,424,047

 

34,339,170

Diversified Financial Services - 1.7%

Citigroup, Inc.

847,900

33,542,924

JPMorgan Chase & Co.

247,800

10,895,766

 

44,438,690

Insurance - 1.9%

ACE Ltd.

40,000

3,192,000

American International Group, Inc. (a)

190,200

6,714,060

Berkshire Hathaway, Inc. Class A (a)

136

18,232,160

Intact Financial Corp. (a)(e)

120,000

7,813,813

Lincoln National Corp.

303,400

7,858,060

Platinum Underwriters Holdings Ltd.

98,167

4,515,682

 

48,325,775

Real Estate Investment Trusts - 0.6%

American Residential Properties, Inc. (e)

150,000

3,075,000

Dundee (REIT) (a)(e)

500,000

5,494,119

Simon Property Group, Inc.

42,200

6,671,398

 

15,240,517

Real Estate Management & Development - 0.4%

Iguatemi Empresa de Shopping Centers SA

590,000

7,943,570

Realogy Holdings Corp.

77,000

3,230,920

 

11,174,490

TOTAL FINANCIALS

238,799,016

HEALTH CARE - 9.5%

Biotechnology - 2.5%

ADVENTRX Pharmaceuticals, Inc. (a)(d)

842,837

480,417

Alexion Pharmaceuticals, Inc. (a)

145,112

13,612,957

Amgen, Inc.

356,315

30,757,111

AVEO Pharmaceuticals, Inc. (a)

405,900

3,267,495

Dynavax Technologies Corp. (a)

2,844,511

8,135,301

ImmunoGen, Inc. (a)

124,623

1,588,943

Merrimack Pharmaceuticals, Inc.

611,538

3,724,266

Theravance, Inc. (a)

125,000

2,783,750

 

64,350,240

Health Care Equipment & Supplies - 0.7%

Boston Scientific Corp. (a)

819,800

4,697,454

Insulet Corp. (a)

100,000

2,122,000

Sirona Dental Systems, Inc. (a)

180,000

11,602,800

 

18,422,254

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - 1.8%

Accretive Health, Inc. (a)

50,000

$ 578,000

Brookdale Senior Living, Inc. (a)

350,000

8,862,000

CIGNA Corp.

160,000

8,553,600

Express Scripts Holding Co. (a)

70,000

3,780,000

Hanger, Inc. (a)

521,338

14,263,808

MEDNAX, Inc. (a)

40,000

3,180,800

Qualicorp SA (a)

804,000

8,428,559

 

47,646,767

Pharmaceuticals - 4.5%

Allergan, Inc.

272,400

24,987,252

Eli Lilly & Co.

200,000

9,864,000

GlaxoSmithKline PLC sponsored ADR

205,000

8,911,350

Johnson & Johnson

190,000

13,319,000

Meda AB (A Shares)

500,000

5,154,317

Merck & Co., Inc.

845,000

34,594,300

PT Kalbe Farma Tbk

50,000,000

5,510,148

Shire PLC

400,000

12,304,448

ViroPharma, Inc. (a)

100,000

2,276,000

 

116,920,815

TOTAL HEALTH CARE

247,340,076

INDUSTRIALS - 8.8%

Aerospace & Defense - 3.1%

Honeywell International, Inc.

449,367

28,521,323

Precision Castparts Corp.

16,000

3,030,720

Textron, Inc.

365,200

9,053,308

TransDigm Group, Inc.

10,000

1,363,600

United Technologies Corp.

481,500

39,487,815

 

81,456,766

Air Freight & Logistics - 0.5%

United Parcel Service, Inc. Class B

180,800

13,330,384

Building Products - 0.3%

Fortune Brands Home & Security, Inc. (a)

265,000

7,743,300

Commercial Services & Supplies - 0.4%

United Stationers, Inc.

361,400

11,199,786

Construction & Engineering - 0.9%

EMCOR Group, Inc.

308,400

10,673,724

Foster Wheeler AG (a)

330,000

8,025,600

Jacobs Engineering Group, Inc. (a)

98,600

4,197,402

 

22,896,726

Industrial Conglomerates - 0.6%

General Electric Co.

600,000

12,594,000

Max India Ltd.

800,000

3,557,941

 

16,151,941

Machinery - 0.5%

Cummins, Inc.

14,100

1,527,735

 

Shares

Value

Pall Corp.

154,000

$ 9,280,040

Westport Innovations, Inc. (a)(d)

90,000

2,403,900

 

13,211,675

Professional Services - 0.3%

Nielsen Holdings B.V. (a)

276,400

8,455,076

Road & Rail - 2.0%

CSX Corp.

590,000

11,640,700

Norfolk Southern Corp.

205,000

12,677,200

Union Pacific Corp.

213,500

26,841,220

 

51,159,120

Trading Companies & Distributors - 0.2%

Superior Plus Corp. (d)

350,000

3,603,096

TOTAL INDUSTRIALS

229,207,870

INFORMATION TECHNOLOGY - 22.6%

Communications Equipment - 0.9%

Motorola Solutions, Inc.

229,000

12,750,720

Palo Alto Networks, Inc.

15,900

850,968

QUALCOMM, Inc.

165,800

10,282,916

 

23,884,604

Computers & Peripherals - 5.2%

Apple, Inc.

240,200

128,033,811

EMC Corp. (a)

300,000

7,590,000

 

135,623,811

Electronic Equipment & Components - 0.3%

SYNNEX Corp. (a)

212,900

7,319,502

Internet Software & Services - 5.4%

Angie's List, Inc. (a)(d)

483,900

5,801,961

Cornerstone OnDemand, Inc. (a)

215,902

6,375,586

Demandware, Inc.

139,172

3,802,179

Facebook, Inc. Class A

517,300

13,775,699

Google, Inc. Class A (a)

118,400

83,989,408

Mail.ru Group Ltd. GDR (e)

241,200

8,321,400

Open Text Corp. (a)(d)

147,500

8,249,145

Rackspace Hosting, Inc. (a)

113,800

8,451,926

 

138,767,304

IT Services - 3.8%

Accenture PLC Class A

365,000

24,272,500

Cardtronics, Inc. (a)

219,100

5,201,434

IBM Corp.

59,400

11,378,070

MasterCard, Inc. Class A

46,900

23,041,032

Visa, Inc. Class A

222,500

33,726,550

 

97,619,586

Semiconductors & Semiconductor Equipment - 3.4%

ARM Holdings PLC

1,803,500

22,775,938

ARM Holdings PLC sponsored ADR

1,232,900

46,640,607

Cymer, Inc. (a)

60,000

5,425,800

Samsung Electronics Co. Ltd.

10,000

14,461,683

 

89,304,028

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 3.6%

Citrix Systems, Inc. (a)

243,600

$ 16,016,700

MICROS Systems, Inc. (a)

280,400

11,900,176

Oracle Corp.

540,500

18,009,460

QLIK Technologies, Inc. (a)

300,000

6,516,000

salesforce.com, Inc. (a)

90,100

15,145,810

SAP AG

100,000

8,041,262

Solera Holdings, Inc.

271,900

14,538,493

VMware, Inc. Class A (a)

20,000

1,882,800

Workday, Inc.

35,700

1,945,650

 

93,996,351

TOTAL INFORMATION TECHNOLOGY

586,515,186

MATERIALS - 5.7%

Chemicals - 1.6%

Albemarle Corp.

160,000

9,939,200

Ashland, Inc.

65,900

5,299,019

Monsanto Co.

209,000

19,781,850

Rockwood Holdings, Inc.

100,000

4,946,000

Sigma Aldrich Corp.

35,000

2,575,300

 

42,541,369

Metals & Mining - 4.1%

Agnico-Eagle Mines Ltd. (Canada)

486,000

25,470,172

Alamos Gold, Inc.

420,000

7,368,051

Allied Nevada Gold Corp. (a)

120,000

3,615,600

Carpenter Technology Corp.

160,300

8,276,289

Eldorado Gold Corp.

520,000

6,691,465

Franco-Nevada Corp.

201,000

11,473,590

Goldcorp, Inc.

605,700

22,268,472

Newcrest Mining Ltd.

255,091

5,967,265

Newmont Mining Corp.

158,300

7,351,452

Royal Gold, Inc.

36,800

2,992,208

Sabina Gold & Silver Corp. (a)

2,130,000

5,674,575

 

107,149,139

TOTAL MATERIALS

149,690,508

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.2%

AT&T, Inc.

120,900

4,075,539

Wireless Telecommunication Services - 0.3%

SBA Communications Corp. Class A (a)

119,400

8,479,788

TOTAL TELECOMMUNICATION SERVICES

12,555,327

 

Shares

Value

UTILITIES - 0.7%

Electric Utilities - 0.2%

Duke Energy Corp.

53,333

$ 3,402,645

ITC Holdings Corp.

35,000

2,691,850

 

6,094,495

Gas Utilities - 0.2%

ONEOK, Inc.

100,000

4,275,000

Multi-Utilities - 0.3%

Sempra Energy

100,000

7,094,000

TOTAL UTILITIES

17,463,495

TOTAL COMMON STOCKS

(Cost $2,162,477,196)


2,534,860,379

Money Market Funds - 3.1%

 

 

 

 

Fidelity Cash Central Fund, 0.18% (b)

66,158,072

66,158,072

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,683,578

15,683,578

TOTAL MONEY MARKET FUNDS

(Cost $81,841,650)


81,841,650

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $2,244,318,846)

2,616,702,029

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(16,738,766 )

NET ASSETS - 100%

$ 2,599,963,263

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

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

(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 $41,105,161 or 1.6% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 19,034

Fidelity Securities Lending Cash Central Fund

393,350

Total

$ 412,384

Other Information

The following is a summary of the inputs used, as of December 31, 2012, 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 522,379,627

$ 463,264,126

$ 59,115,501

$ -

Consumer Staples

236,893,539

200,711,908

36,181,631

-

Energy

294,015,735

294,015,735

-

-

Financials

238,799,016

214,211,102

21,512,914

3,075,000

Health Care

247,340,076

215,942,604

31,397,472

-

Industrials

229,207,870

225,649,929

3,557,941

-

Information Technology

586,515,186

541,236,303

45,278,883

-

Materials

149,690,508

143,723,243

5,967,265

-

Telecommunication Services

12,555,327

12,555,327

-

-

Utilities

17,463,495

17,463,495

-

-

Money Market Funds

81,841,650

81,841,650

-

-

Total Investments in Securities:

$ 2,616,702,029

$ 2,410,615,422

$ 203,011,607

$ 3,075,000

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 104,747,788

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $2,255,719,983. Net unrealized appreciation aggregated $360,982,046, of which $460,922,967 related to appreciated investment securities and $99,940,921 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor ® Capital Development Fund
Class A
Class T
Class B
Class C
Institutional Class

December 31, 2012

1.827902.107
ADESII-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 20.1%

Auto Components - 0.2%

TRW Automotive Holdings Corp. (a)

120,200

$ 6,443,922

Automobiles - 0.8%

Bajaj Auto Ltd.

250,000

9,766,635

Kia Motors Corp.

135,000

7,225,241

Tesla Motors, Inc. (a)

119,400

4,044,078

 

21,035,954

Diversified Consumer Services - 0.4%

Anhanguera Educacional Participacoes SA

530,000

9,055,905

Collectors Universe, Inc. (d)

7,196

72,176

 

9,128,081

Hotels, Restaurants & Leisure - 1.9%

Bravo Brio Restaurant Group, Inc. (a)

41,500

557,345

Dunkin' Brands Group, Inc.

100,800

3,344,544

Interval Leisure Group, Inc.

200,000

3,878,000

Jubilant Foodworks Ltd. (a)

220,000

5,214,710

McDonald's Corp.

90,000

7,938,900

Sands China Ltd.

2,200,000

9,835,462

Starbucks Corp.

100,000

5,362,000

The Cheesecake Factory, Inc.

145,000

4,744,400

Tim Hortons, Inc. (Canada)

154,000

7,559,887

 

48,435,248

Internet & Catalog Retail - 1.6%

Amazon.com, Inc. (a)

146,100

36,691,554

priceline.com, Inc. (a)

9,600

5,963,520

 

42,655,074

Leisure Equipment & Products - 0.3%

Bauer Performance Sports Ltd. (a)(e)

817,600

8,704,518

Media - 2.4%

Comcast Corp. Class A

270,000

10,092,600

Pandora Media, Inc. (a)(d)

328,000

3,011,040

The Walt Disney Co.

890,200

44,323,058

Time Warner, Inc.

100,000

4,783,000

 

62,209,698

Multiline Retail - 2.2%

Dollar General Corp. (a)

216,400

9,541,076

Dollar Tree, Inc. (a)

120,000

4,867,200

Dollarama, Inc.

456,000

27,033,598

Target Corp.

256,000

15,147,520

 

56,589,394

Specialty Retail - 6.0%

Ascena Retail Group, Inc. (a)

400,000

7,396,000

AutoZone, Inc. (a)

44,700

15,843,021

Destination Maternity Corp.

313,736

6,764,148

Dick's Sporting Goods, Inc.

150,000

6,823,500

Gap, Inc.

150,000

4,656,000

Guess?, Inc.

221,000

5,423,340

Jos. A. Bank Clothiers, Inc. (a)

28,200

1,200,756

Limited Brands, Inc.

218,600

10,287,316

 

Shares

Value

New York & Co., Inc. (a)

1,449,187

$ 5,521,402

PT ACE Hardware Indonesia Tbk

89,990,000

7,697,217

Ross Stores, Inc.

631,070

34,172,441

Sally Beauty Holdings, Inc. (a)

291,000

6,858,870

Tilly's, Inc. (a)

398,800

5,379,812

TJX Companies, Inc.

888,900

37,733,805

 

155,757,628

Textiles, Apparel & Luxury Goods - 4.3%

Brunello Cucinelli SpA

310,500

5,477,630

Fifth & Pacific Companies, Inc. (a)

612,800

7,629,360

Michael Kors Holdings Ltd.

36,000

1,837,080

NIKE, Inc. Class B

380,000

19,608,000

PVH Corp.

197,400

21,913,374

Ralph Lauren Corp.

82,500

12,368,400

Samsonite International SA

2,307,600

4,842,701

Steven Madden Ltd. (a)

237,903

10,056,160

Vera Bradley, Inc. (a)(d)

115,762

2,905,626

VF Corp.

84,653

12,780,063

Warnaco Group, Inc. (a)

167,692

12,001,716

 

111,420,110

TOTAL CONSUMER DISCRETIONARY

522,379,627

CONSUMER STAPLES - 9.1%

Beverages - 2.8%

Anheuser-Busch InBev SA NV

83,846

7,301,691

Anheuser-Busch InBev SA NV:

ADR

65,000

5,681,650

(strip VVPR)

160,000

213

Beam, Inc.

230,000

14,050,700

Diageo PLC

320,000

9,320,521

Dr. Pepper Snapple Group, Inc.

352,400

15,569,032

Monster Beverage Corp. (a)

180,200

9,528,976

The Coca-Cola Co.

300,000

10,875,000

 

72,327,783

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

332,000

16,052,200

Drogasil SA

483,666

5,515,054

Fresh Market, Inc. (a)

137,800

6,626,802

PriceSmart, Inc.

107,300

8,267,465

Wal-Mart Stores, Inc.

201,300

13,734,699

Whole Foods Market, Inc.

190,000

17,352,700

 

67,548,920

Food Products - 0.7%

Kraft Foods Group, Inc.

90,000

4,092,300

Mondelez International, Inc.

270,000

6,876,900

TreeHouse Foods, Inc. (a)

131,500

6,855,095

 

17,824,295

Household Products - 0.8%

Colgate-Palmolive Co.

197,400

20,636,196

Tobacco - 2.2%

Altria Group, Inc.

50,000

1,571,000

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - continued

British American Tobacco PLC:

(United Kingdom)

200,000

$ 10,166,995

sponsored ADR

60,000

6,075,000

Imperial Tobacco Group PLC

100,000

3,877,157

Lorillard, Inc.

131,100

15,295,437

Philip Morris International, Inc.

257,900

21,570,756

 

58,556,345

TOTAL CONSUMER STAPLES

236,893,539

ENERGY - 11.3%

Energy Equipment & Services - 1.7%

Cameron International Corp. (a)

102,000

5,758,920

Ensco PLC Class A

46,800

2,774,304

Halliburton Co.

622,900

21,608,401

Rowan Companies PLC (a)

142,900

4,468,483

Schlumberger Ltd.

40,000

2,771,600

Transocean Ltd. (United States)

150,000

6,697,500

Tuscany International Drilling, Inc. (a)(e)

5,371,200

1,241,958

 

45,321,166

Oil, Gas & Consumable Fuels - 9.6%

Anadarko Petroleum Corp.

170,500

12,669,855

Apache Corp.

214,100

16,806,850

Chevron Corp.

600,900

64,981,326

ConocoPhillips

175,700

10,188,843

Crestwood Midstream Partners LP

95,330

2,052,455

Crown Point Energy, Inc. (e)

69,300

30,306

Enterprise Products Partners LP

113,200

5,669,056

EPL Oil & Gas, Inc. (a)

801,100

18,064,805

Exxon Mobil Corp.

498,000

43,101,900

Hess Corp.

95,300

5,047,088

HollyFrontier Corp.

336,770

15,676,644

Marathon Petroleum Corp.

86,900

5,474,700

Noble Energy, Inc.

38,100

3,876,294

Occidental Petroleum Corp.

126,800

9,714,148

Phillips 66

137,850

7,319,835

Tesoro Logistics LP

194,200

8,505,960

The Williams Companies, Inc.

415,558

13,605,369

Western Gas Equity Partners LP

197,300

5,909,135

 

248,694,569

TOTAL ENERGY

294,015,735

FINANCIALS - 9.2%

Capital Markets - 0.4%

Virtus Investment Partners, Inc. (a)

75,000

9,070,500

Commercial Banks - 2.9%

BSB Bancorp, Inc. (a)

100,000

1,223,000

CIT Group, Inc. (a)

100,000

3,864,000

HDFC Bank Ltd.

573,925

7,145,297

 

Shares

Value

HDFC Bank Ltd. sponsored ADR

100,000

$ 4,072,000

Wells Fargo & Co.

1,752,650

59,905,577

 

76,209,874

Consumer Finance - 1.3%

Capital One Financial Corp.

212,100

12,286,953

Discover Financial Services

405,400

15,628,170

Element Financial Corp. warrants (a)(e)

1,000,000

6,424,047

 

34,339,170

Diversified Financial Services - 1.7%

Citigroup, Inc.

847,900

33,542,924

JPMorgan Chase & Co.

247,800

10,895,766

 

44,438,690

Insurance - 1.9%

ACE Ltd.

40,000

3,192,000

American International Group, Inc. (a)

190,200

6,714,060

Berkshire Hathaway, Inc. Class A (a)

136

18,232,160

Intact Financial Corp. (a)(e)

120,000

7,813,813

Lincoln National Corp.

303,400

7,858,060

Platinum Underwriters Holdings Ltd.

98,167

4,515,682

 

48,325,775

Real Estate Investment Trusts - 0.6%

American Residential Properties, Inc. (e)

150,000

3,075,000

Dundee (REIT) (a)(e)

500,000

5,494,119

Simon Property Group, Inc.

42,200

6,671,398

 

15,240,517

Real Estate Management & Development - 0.4%

Iguatemi Empresa de Shopping Centers SA

590,000

7,943,570

Realogy Holdings Corp.

77,000

3,230,920

 

11,174,490

TOTAL FINANCIALS

238,799,016

HEALTH CARE - 9.5%

Biotechnology - 2.5%

ADVENTRX Pharmaceuticals, Inc. (a)(d)

842,837

480,417

Alexion Pharmaceuticals, Inc. (a)

145,112

13,612,957

Amgen, Inc.

356,315

30,757,111

AVEO Pharmaceuticals, Inc. (a)

405,900

3,267,495

Dynavax Technologies Corp. (a)

2,844,511

8,135,301

ImmunoGen, Inc. (a)

124,623

1,588,943

Merrimack Pharmaceuticals, Inc.

611,538

3,724,266

Theravance, Inc. (a)

125,000

2,783,750

 

64,350,240

Health Care Equipment & Supplies - 0.7%

Boston Scientific Corp. (a)

819,800

4,697,454

Insulet Corp. (a)

100,000

2,122,000

Sirona Dental Systems, Inc. (a)

180,000

11,602,800

 

18,422,254

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - 1.8%

Accretive Health, Inc. (a)

50,000

$ 578,000

Brookdale Senior Living, Inc. (a)

350,000

8,862,000

CIGNA Corp.

160,000

8,553,600

Express Scripts Holding Co. (a)

70,000

3,780,000

Hanger, Inc. (a)

521,338

14,263,808

MEDNAX, Inc. (a)

40,000

3,180,800

Qualicorp SA (a)

804,000

8,428,559

 

47,646,767

Pharmaceuticals - 4.5%

Allergan, Inc.

272,400

24,987,252

Eli Lilly & Co.

200,000

9,864,000

GlaxoSmithKline PLC sponsored ADR

205,000

8,911,350

Johnson & Johnson

190,000

13,319,000

Meda AB (A Shares)

500,000

5,154,317

Merck & Co., Inc.

845,000

34,594,300

PT Kalbe Farma Tbk

50,000,000

5,510,148

Shire PLC

400,000

12,304,448

ViroPharma, Inc. (a)

100,000

2,276,000

 

116,920,815

TOTAL HEALTH CARE

247,340,076

INDUSTRIALS - 8.8%

Aerospace & Defense - 3.1%

Honeywell International, Inc.

449,367

28,521,323

Precision Castparts Corp.

16,000

3,030,720

Textron, Inc.

365,200

9,053,308

TransDigm Group, Inc.

10,000

1,363,600

United Technologies Corp.

481,500

39,487,815

 

81,456,766

Air Freight & Logistics - 0.5%

United Parcel Service, Inc. Class B

180,800

13,330,384

Building Products - 0.3%

Fortune Brands Home & Security, Inc. (a)

265,000

7,743,300

Commercial Services & Supplies - 0.4%

United Stationers, Inc.

361,400

11,199,786

Construction & Engineering - 0.9%

EMCOR Group, Inc.

308,400

10,673,724

Foster Wheeler AG (a)

330,000

8,025,600

Jacobs Engineering Group, Inc. (a)

98,600

4,197,402

 

22,896,726

Industrial Conglomerates - 0.6%

General Electric Co.

600,000

12,594,000

Max India Ltd.

800,000

3,557,941

 

16,151,941

Machinery - 0.5%

Cummins, Inc.

14,100

1,527,735

 

Shares

Value

Pall Corp.

154,000

$ 9,280,040

Westport Innovations, Inc. (a)(d)

90,000

2,403,900

 

13,211,675

Professional Services - 0.3%

Nielsen Holdings B.V. (a)

276,400

8,455,076

Road & Rail - 2.0%

CSX Corp.

590,000

11,640,700

Norfolk Southern Corp.

205,000

12,677,200

Union Pacific Corp.

213,500

26,841,220

 

51,159,120

Trading Companies & Distributors - 0.2%

Superior Plus Corp. (d)

350,000

3,603,096

TOTAL INDUSTRIALS

229,207,870

INFORMATION TECHNOLOGY - 22.6%

Communications Equipment - 0.9%

Motorola Solutions, Inc.

229,000

12,750,720

Palo Alto Networks, Inc.

15,900

850,968

QUALCOMM, Inc.

165,800

10,282,916

 

23,884,604

Computers & Peripherals - 5.2%

Apple, Inc.

240,200

128,033,811

EMC Corp. (a)

300,000

7,590,000

 

135,623,811

Electronic Equipment & Components - 0.3%

SYNNEX Corp. (a)

212,900

7,319,502

Internet Software & Services - 5.4%

Angie's List, Inc. (a)(d)

483,900

5,801,961

Cornerstone OnDemand, Inc. (a)

215,902

6,375,586

Demandware, Inc.

139,172

3,802,179

Facebook, Inc. Class A

517,300

13,775,699

Google, Inc. Class A (a)

118,400

83,989,408

Mail.ru Group Ltd. GDR (e)

241,200

8,321,400

Open Text Corp. (a)(d)

147,500

8,249,145

Rackspace Hosting, Inc. (a)

113,800

8,451,926

 

138,767,304

IT Services - 3.8%

Accenture PLC Class A

365,000

24,272,500

Cardtronics, Inc. (a)

219,100

5,201,434

IBM Corp.

59,400

11,378,070

MasterCard, Inc. Class A

46,900

23,041,032

Visa, Inc. Class A

222,500

33,726,550

 

97,619,586

Semiconductors & Semiconductor Equipment - 3.4%

ARM Holdings PLC

1,803,500

22,775,938

ARM Holdings PLC sponsored ADR

1,232,900

46,640,607

Cymer, Inc. (a)

60,000

5,425,800

Samsung Electronics Co. Ltd.

10,000

14,461,683

 

89,304,028

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 3.6%

Citrix Systems, Inc. (a)

243,600

$ 16,016,700

MICROS Systems, Inc. (a)

280,400

11,900,176

Oracle Corp.

540,500

18,009,460

QLIK Technologies, Inc. (a)

300,000

6,516,000

salesforce.com, Inc. (a)

90,100

15,145,810

SAP AG

100,000

8,041,262

Solera Holdings, Inc.

271,900

14,538,493

VMware, Inc. Class A (a)

20,000

1,882,800

Workday, Inc.

35,700

1,945,650

 

93,996,351

TOTAL INFORMATION TECHNOLOGY

586,515,186

MATERIALS - 5.7%

Chemicals - 1.6%

Albemarle Corp.

160,000

9,939,200

Ashland, Inc.

65,900

5,299,019

Monsanto Co.

209,000

19,781,850

Rockwood Holdings, Inc.

100,000

4,946,000

Sigma Aldrich Corp.

35,000

2,575,300

 

42,541,369

Metals & Mining - 4.1%

Agnico-Eagle Mines Ltd. (Canada)

486,000

25,470,172

Alamos Gold, Inc.

420,000

7,368,051

Allied Nevada Gold Corp. (a)

120,000

3,615,600

Carpenter Technology Corp.

160,300

8,276,289

Eldorado Gold Corp.

520,000

6,691,465

Franco-Nevada Corp.

201,000

11,473,590

Goldcorp, Inc.

605,700

22,268,472

Newcrest Mining Ltd.

255,091

5,967,265

Newmont Mining Corp.

158,300

7,351,452

Royal Gold, Inc.

36,800

2,992,208

Sabina Gold & Silver Corp. (a)

2,130,000

5,674,575

 

107,149,139

TOTAL MATERIALS

149,690,508

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.2%

AT&T, Inc.

120,900

4,075,539

Wireless Telecommunication Services - 0.3%

SBA Communications Corp. Class A (a)

119,400

8,479,788

TOTAL TELECOMMUNICATION SERVICES

12,555,327

 

Shares

Value

UTILITIES - 0.7%

Electric Utilities - 0.2%

Duke Energy Corp.

53,333

$ 3,402,645

ITC Holdings Corp.

35,000

2,691,850

 

6,094,495

Gas Utilities - 0.2%

ONEOK, Inc.

100,000

4,275,000

Multi-Utilities - 0.3%

Sempra Energy

100,000

7,094,000

TOTAL UTILITIES

17,463,495

TOTAL COMMON STOCKS

(Cost $2,162,477,196)


2,534,860,379

Money Market Funds - 3.1%

 

 

 

 

Fidelity Cash Central Fund, 0.18% (b)

66,158,072

66,158,072

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

15,683,578

15,683,578

TOTAL MONEY MARKET FUNDS

(Cost $81,841,650)


81,841,650

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $2,244,318,846)

2,616,702,029

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(16,738,766 )

NET ASSETS - 100%

$ 2,599,963,263

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

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

(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 $41,105,161 or 1.6% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 19,034

Fidelity Securities Lending Cash Central Fund

393,350

Total

$ 412,384

Other Information

The following is a summary of the inputs used, as of December 31, 2012, 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 522,379,627

$ 463,264,126

$ 59,115,501

$ -

Consumer Staples

236,893,539

200,711,908

36,181,631

-

Energy

294,015,735

294,015,735

-

-

Financials

238,799,016

214,211,102

21,512,914

3,075,000

Health Care

247,340,076

215,942,604

31,397,472

-

Industrials

229,207,870

225,649,929

3,557,941

-

Information Technology

586,515,186

541,236,303

45,278,883

-

Materials

149,690,508

143,723,243

5,967,265

-

Telecommunication Services

12,555,327

12,555,327

-

-

Utilities

17,463,495

17,463,495

-

-

Money Market Funds

81,841,650

81,841,650

-

-

Total Investments in Securities:

$ 2,616,702,029

$ 2,410,615,422

$ 203,011,607

$ 3,075,000

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 104,747,788

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $2,255,719,983. Net unrealized appreciation aggregated $360,982,046, of which $460,922,967 related to appreciated investment securities and $99,940,921 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Item 2. Controls and Procedures

(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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Destiny Portfolios

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

March 1, 2013

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

March 1, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

March 1, 2013

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