FIDELITY DESTINY PORTFOLIOS (Form: N-30D, Filing Date: 11/25/2002)

SECURITIES AND EXCHANGE COMMISSION

FORM N-30D

Initial annual and semi-annual reports mailed to investment company shareholders pursuant to Rule 30e-1 (other than those required to be submitted as part of Form NCSR)

Filing Date: 2002-11-25 | Period of Report: 2002-09-30

SEC Accession No. 0000035331-02-000009 (HTML Version on )

FIDELITY DESTINY PORTFOLIOS

CIK:35331| State of Incorp.:MA | Fiscal Year End: 0630 Type: N-30D | Act: 40 | File No.: 811-01796 | Film No.: 02839000

FILER

Mailing Address 82 DEVONSHIRE STREET MAILZONE Z1C BOSTON MA 02109

Business Address 82 DEVONSHIRE ST MAILZONE Z1C BOSTON MA 02109 6174391652

Copyright ? 2012 . All Rights Reserved. Please Consider the Environment Before Printing This Document

Fidelity DestinySM Portfolios:

Destiny I - Class O Destiny II - Class O Annual Report September 30, 2002 (destiny_logo_graphic)

Contents

Annual Report

Annual Report

Performance

How

the

funds

have

done

over

time.

Fund Talk

The

managers'

review

of

the

funds'

performance,

strategy

and

outlook.

Investment Changes

A

summary

of

major

shifts

in

the

funds'

investments

over

the

past

six

months.

Destiny I

Investments

A

complete

list

of

the

fund's

investments

with

their

market

values.

Financial Statements

highlights.

Destiny II

Investments

A

complete

list

of

the

fund's

investments

with

their

market

values.

Financial Statements

highlights.

Notes

Notes

to

the

financial

statements.

Copyright ? 2012 . All Rights Reserved. Please Consider the Environment Before Printing This Document

Independent Auditors' Report

The

auditors'

opinion.

Trustees and Officers

Distributions

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

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

Mutual fund shares are not deposits or obligations of, or guaranteed by, any bank or depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank.

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

Annual Report

Fidelity Destiny Portfolios: Destiny I: Class O

Performance: The Bottom Line

$10,000 Over 10 Years

Cumulative Total Returns

Periods ended

Past 1 Past 5 Past 10

September 30, 2002 year years years

Destiny I: CL O -18.69% -33.39% 91.35%

S&P 500

-20.49% -7.88% 136.69%

Copyright ? 2012 . All Rights Reserved. Please Consider the Environment Before Printing This Document

LipperSM Growth Funds Average

-19.63% -13.34% 113.20%

Large Cap Core Funds Average

-20.41% -12.87% 112.55%

Let's say hypothetically that $10,000 was invested in DestinySM I: Class O on September 30, 1992. The chart shows how the value of your investment would have grown, and also shows how the S&P 500? Index did over the same period. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Average Annual Total Returns

Periods ended September 30, 2002

Past 1 Past 5 Past 10 year years years

Destiny I: CL O

-18.69% -7.80% 6.70%

$50/month 15-Year Plan -61.13% -11.13% 5.31%

S&P 500

-20.49% -1.63% 9.00%

Lipper Growth Funds Average

-19.63% -3.26% 7.33%

Large Cap Core Funds Average

-20.41% -2.89% 7.66%

The charts above show Destiny I: Class O total returns, which include changes in share price and reinvestment of dividends and capital gains. The fund's cumulative total returns and average annual total returns do not include the effects of the separate sales charges and custodian fees assessed through Destiny Plans I: O (the Plans); the figures provided for a "$50/month 15-year plan" illustrate the fund's performance adjusted to reflect fees and sales charges assessed by the Plans. The illustrations assume an initial investment at the beginning of each period shown. Because the illustrations assume yearly lump sum investments, they do not reflect what investors would have earned had they made regular monthly investments over the period. As shares of the funds may be acquired only through the Plans, investors should consult the Plans' prospectus for more complete information on the impact of the separate charges and fees applicable to each Plan. The rate (%) of deductions decreases as Plan sizes increase. Figures for the S&P 500, a market capitalization-weighted index of common stocks, include reinvestment of dividends. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

3

Understanding Performance

How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. When you sell your shares, they could be worth more or less than what you paid for them.

Annual Report

Fidelity Destiny Portfolios: Destiny II: Class O

Copyright ? 2012 . All Rights Reserved. Please Consider the Environment Before Printing This Document

Performance: The Bottom Line

$10,000 Over 10 Years

Cumulative Total Returns

Periods ended

Past 1 Past 5 Past 10

September 30, 2002 year years years

Destiny II: CL O -16.39% 0.90% 186.65%

S&P 500

-20.49% -7.88% 136.69%

Lipper Growth Funds Average

-19.63% -13.34% 113.20%

Large Cap Core Funds Average

-20.41% -12.87% 112.55%

Let's say hypothetically that $10,000 was invested in Destiny II: Class O on September 30, 1992. The chart shows how the value of your investment would have grown, and also shows how the S&P 500 Index did over the same period. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Average Annual Total Returns

Periods ended September 30, 2002

Past 1 Past 5 Past 10 year years years

Destiny II: CL O

-16.39% 0.18% 11.11%

$50/month 15-Year Plan -60.03% -3.43% 9.65%

Copyright ? 2012 . All Rights Reserved. Please Consider the Environment Before Printing This Document

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download