Quarterly Holdings Report
for
Fidelity® Growth & Income Portfolio
April 30, 2020
Schedule of Investments April 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 7.3% | |||
Diversified Telecommunication Services - 1.3% | |||
Verizon Communications, Inc. (a) | 1,325,274 | $76,137 | |
Entertainment - 1.7% | |||
Activision Blizzard, Inc. | 545,600 | 34,771 | |
The Walt Disney Co. | 160,900 | 17,401 | |
Vivendi SA (b) | 2,034,000 | 43,961 | |
96,133 | |||
Media - 4.3% | |||
Comcast Corp. Class A (a) | 5,823,200 | 219,127 | |
Interpublic Group of Companies, Inc. | 1,476,600 | 25,073 | |
Omnicom Group, Inc. | 81,700 | 4,659 | |
248,859 | |||
TOTAL COMMUNICATION SERVICES | 421,129 | ||
CONSUMER DISCRETIONARY - 2.7% | |||
Auto Components - 0.3% | |||
BorgWarner, Inc. | 603,897 | 17,253 | |
Automobiles - 0.1% | |||
Harley-Davidson, Inc. (b) | 281,800 | 6,152 | |
Hotels, Restaurants & Leisure - 0.2% | |||
Starbucks Corp. | 186,900 | 14,341 | |
Household Durables - 0.5% | |||
Mohawk Industries, Inc. (c) | 2,600 | 228 | |
Whirlpool Corp. | 235,500 | 26,315 | |
26,543 | |||
Specialty Retail - 1.1% | |||
Lowe's Companies, Inc. | 555,179 | 58,155 | |
TJX Companies, Inc. | 136,900 | 6,715 | |
64,870 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
NIKE, Inc. Class B (a) | 242,500 | 21,141 | |
Puma AG | 9,693 | 609 | |
PVH Corp. | 86,900 | 4,278 | |
Tapestry, Inc. | 130,800 | 1,946 | |
27,974 | |||
TOTAL CONSUMER DISCRETIONARY | 157,133 | ||
CONSUMER STAPLES - 9.6% | |||
Beverages - 1.7% | |||
Anheuser-Busch InBev SA NV ADR (b) | 290,100 | 13,495 | |
Diageo PLC sponsored ADR | 95,700 | 13,269 | |
Pernod Ricard SA | 35,300 | 5,381 | |
Remy Cointreau SA | 42,300 | 4,719 | |
The Coca-Cola Co. | 1,398,903 | 64,196 | |
101,060 | |||
Food & Staples Retailing - 1.7% | |||
Sysco Corp. | 511,446 | 28,779 | |
Walmart, Inc. (a) | 574,100 | 69,782 | |
98,561 | |||
Household Products - 1.1% | |||
Colgate-Palmolive Co. | 75,300 | 5,291 | |
Energizer Holdings, Inc. | 232,200 | 9,047 | |
Procter & Gamble Co. (a) | 256,315 | 30,212 | |
Reynolds Consumer Products, Inc. | 199,800 | 6,480 | |
Spectrum Brands Holdings, Inc. | 292,900 | 12,612 | |
63,642 | |||
Personal Products - 0.2% | |||
Unilever NV | 169,200 | 8,426 | |
Tobacco - 4.9% | |||
Altria Group, Inc. (a) | 5,460,100 | 214,309 | |
British American Tobacco PLC sponsored ADR (b) | 1,478,000 | 56,386 | |
Philip Morris International, Inc. | 215,800 | 16,099 | |
286,794 | |||
TOTAL CONSUMER STAPLES | 558,483 | ||
ENERGY - 7.1% | |||
Oil, Gas & Consumable Fuels - 7.1% | |||
Cenovus Energy, Inc. | 37,200 | 135 | |
Cenovus Energy, Inc. (Canada) (b) | 10,451,100 | 37,917 | |
Equinor ASA sponsored ADR | 4,437,800 | 60,265 | |
Exxon Mobil Corp. | 5,115,100 | 237,699 | |
Hess Corp. | 1,426,600 | 69,390 | |
Kosmos Energy Ltd. | 3,830,585 | 6,320 | |
Total SA sponsored ADR | 99,800 | 3,508 | |
415,234 | |||
FINANCIALS - 15.1% | |||
Banks - 9.9% | |||
Bank of America Corp. | 6,641,356 | 159,725 | |
First Hawaiian, Inc. | 143,600 | 2,526 | |
JPMorgan Chase & Co. | 746,092 | 71,446 | |
M&T Bank Corp. | 96,500 | 10,816 | |
PNC Financial Services Group, Inc. | 584,254 | 62,322 | |
Truist Financial Corp. | 1,749,730 | 65,300 | |
U.S. Bancorp | 1,076,773 | 39,302 | |
Wells Fargo & Co. | 5,639,241 | 163,820 | |
575,257 | |||
Capital Markets - 3.9% | |||
Brookfield Asset Management, Inc. Class A | 371,935 | 12,579 | |
Cboe Global Markets, Inc. | 45,000 | 4,472 | |
FS KKR Capital Corp. | 26,109 | 90 | |
Julius Baer Group Ltd. | 77,122 | 3,029 | |
KKR & Co. LP | 737,843 | 18,601 | |
Morgan Stanley | 412,297 | 16,257 | |
Northern Trust Corp. (a) | 1,029,364 | 81,484 | |
Raymond James Financial, Inc. | 244,000 | 16,084 | |
S&P Global, Inc. | 2,600 | 761 | |
State Street Corp. | 1,117,227 | 70,430 | |
TPG Specialty Lending, Inc. | 76,443 | 1,258 | |
225,045 | |||
Consumer Finance - 0.2% | |||
Discover Financial Services | 184,300 | 7,919 | |
Shriram Transport Finance Co. Ltd. | 170,100 | 1,745 | |
9,664 | |||
Insurance - 0.9% | |||
Chubb Ltd. | 167,200 | 18,059 | |
Marsh & McLennan Companies, Inc. | 198,607 | 19,330 | |
Old Republic International Corp. | 89,200 | 1,423 | |
The Travelers Companies, Inc. | 118,400 | 11,983 | |
50,795 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
AGNC Investment Corp. | 257,300 | 3,196 | |
Thrifts & Mortgage Finance - 0.2% | |||
Radian Group, Inc. | 745,768 | 11,172 | |
TOTAL FINANCIALS | 875,129 | ||
HEALTH CARE - 19.9% | |||
Biotechnology - 1.7% | |||
AbbVie, Inc. | 239,200 | 19,662 | |
Alexion Pharmaceuticals, Inc. (c) | 348,800 | 37,486 | |
Amgen, Inc. | 93,700 | 22,415 | |
Intercept Pharmaceuticals, Inc. (c) | 230,704 | 18,899 | |
98,462 | |||
Health Care Equipment & Supplies - 0.6% | |||
Becton, Dickinson & Co. | 47,900 | 12,096 | |
Boston Scientific Corp. (c) | 356,400 | 13,358 | |
GN Store Nord A/S | 54,000 | 2,469 | |
Sonova Holding AG Class B | 17,010 | 3,072 | |
30,995 | |||
Health Care Providers & Services - 8.2% | |||
AmerisourceBergen Corp. (a) | 378,200 | 33,909 | |
Cardinal Health, Inc. | 901,600 | 44,611 | |
Cigna Corp. | 499,700 | 97,831 | |
CVS Health Corp. | 1,825,704 | 112,372 | |
McKesson Corp. (a) | 498,087 | 70,355 | |
Patterson Companies, Inc. | 703,270 | 12,856 | |
UnitedHealth Group, Inc. | 361,100 | 105,611 | |
477,545 | |||
Pharmaceuticals - 9.4% | |||
Bayer AG | 1,506,635 | 99,294 | |
Bristol-Myers Squibb Co. (a) | 2,761,310 | 167,915 | |
GlaxoSmithKline PLC sponsored ADR | 2,628,712 | 110,590 | |
Johnson & Johnson | 982,369 | 147,395 | |
Novartis AG sponsored ADR | 7,344 | 622 | |
Sanofi SA sponsored ADR | 431,400 | 20,202 | |
546,018 | |||
TOTAL HEALTH CARE | 1,153,020 | ||
INDUSTRIALS - 13.3% | |||
Aerospace & Defense - 1.0% | |||
General Dynamics Corp. | 155,600 | 20,324 | |
Huntington Ingalls Industries, Inc. | 91,200 | 17,457 | |
Raytheon Technologies Corp. | 136,182 | 8,826 | |
Safran SA | 89,100 | 8,284 | |
The Boeing Co. | 35,100 | 4,950 | |
59,841 | |||
Air Freight & Logistics - 2.1% | |||
Expeditors International of Washington, Inc. | 9,700 | 695 | |
FedEx Corp. | 186,100 | 23,592 | |
United Parcel Service, Inc. Class B | 1,035,204 | 97,992 | |
122,279 | |||
Building Products - 0.1% | |||
Johnson Controls International PLC | 110,700 | 3,222 | |
Commercial Services & Supplies - 0.5% | |||
Healthcare Services Group, Inc. (b) | 755,989 | 19,270 | |
Interface, Inc. | 541,000 | 4,999 | |
KAR Auction Services, Inc. | 101,600 | 1,522 | |
Ritchie Bros. Auctioneers, Inc. | 19,100 | 822 | |
26,613 | |||
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 130,400 | 11,291 | |
Hubbell, Inc. Class B | 163,739 | 20,374 | |
Rockwell Automation, Inc. | 22,800 | 4,320 | |
Vertiv Holdings Co. (c) | 56,600 | 599 | |
Vertiv Holdings LLC (d) | 2,000,000 | 21,180 | |
57,764 | |||
Industrial Conglomerates - 4.7% | |||
3M Co. | 121,600 | 18,473 | |
General Electric Co. | 36,865,327 | 250,684 | |
269,157 | |||
Machinery - 1.2% | |||
Caterpillar, Inc. | 26,900 | 3,131 | |
Cummins, Inc. | 60,700 | 9,924 | |
Donaldson Co., Inc. | 352,100 | 15,433 | |
Flowserve Corp. | 296,400 | 8,350 | |
Fortive Corp. | 118,900 | 7,610 | |
Nordson Corp. | 28,100 | 4,522 | |
Otis Worldwide Corp. (c) | 89,041 | 4,533 | |
Stanley Black & Decker, Inc. | 40,100 | 4,419 | |
Westinghouse Air Brake Co. | 217,390 | 12,265 | |
70,187 | |||
Professional Services - 0.7% | |||
RELX PLC (London Stock Exchange) | 1,839,865 | 41,630 | |
Robert Half International, Inc. | 22,100 | 1,045 | |
42,675 | |||
Road & Rail - 1.2% | |||
J.B. Hunt Transport Services, Inc. | 226,740 | 22,928 | |
Knight-Swift Transportation Holdings, Inc. Class A (a) | 1,271,709 | 47,282 | |
70,210 | |||
Trading Companies & Distributors - 0.8% | |||
Fastenal Co. | 183,400 | 6,643 | |
MSC Industrial Direct Co., Inc. Class A | 8,600 | 513 | |
Watsco, Inc. | 257,292 | 41,421 | |
48,577 | |||
TOTAL INDUSTRIALS | 770,525 | ||
INFORMATION TECHNOLOGY - 18.0% | |||
Communications Equipment - 0.6% | |||
Cisco Systems, Inc. | 786,752 | 33,343 | |
IT Services - 3.0% | |||
DXC Technology Co. | 156,700 | 2,841 | |
Fidelity National Information Services, Inc. | 67,100 | 8,850 | |
Genpact Ltd. | 502,300 | 17,294 | |
IBM Corp. | 213,300 | 26,782 | |
MasterCard, Inc. Class A | 29,200 | 8,029 | |
Unisys Corp. (c) | 927,018 | 11,671 | |
Visa, Inc. Class A | 543,879 | 97,202 | |
172,669 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Analog Devices, Inc. | 87,700 | 9,612 | |
Applied Materials, Inc. | 218,600 | 10,860 | |
Marvell Technology Group Ltd. | 238,500 | 6,377 | |
Qualcomm, Inc. | 1,629,346 | 128,181 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 90,900 | 4,830 | |
159,860 | |||
Software - 8.4% | |||
Microsoft Corp. | 2,092,399 | 374,977 | |
Open Text Corp. | 155,200 | 5,865 | |
Oracle Corp. | 526,853 | 27,907 | |
SAP SE sponsored ADR (b) | 633,100 | 75,048 | |
Temenos Group AG | 40,460 | 5,265 | |
489,062 | |||
Technology Hardware, Storage & Peripherals - 3.3% | |||
Apple, Inc. (a) | 602,394 | 176,983 | |
HP, Inc. | 836,800 | 12,979 | |
189,962 | |||
TOTAL INFORMATION TECHNOLOGY | 1,044,896 | ||
MATERIALS - 1.6% | |||
Chemicals - 1.2% | |||
DuPont de Nemours, Inc. | 829,000 | 38,980 | |
LyondellBasell Industries NV Class A | 144,439 | 8,370 | |
Nutrien Ltd. | 447,880 | 15,995 | |
PPG Industries, Inc. | 54,900 | 4,987 | |
68,332 | |||
Metals & Mining - 0.4% | |||
BHP Billiton Ltd. sponsored ADR (b) | 638,200 | 25,962 | |
TOTAL MATERIALS | 94,294 | ||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
American Tower Corp. | 85,200 | 20,278 | |
CoreSite Realty Corp. | 107,500 | 13,028 | |
Equinix, Inc. (a) | 25,500 | 17,218 | |
Public Storage | 41,400 | 7,678 | |
Simon Property Group, Inc. | 104,600 | 6,984 | |
65,186 | |||
UTILITIES - 0.5% | |||
Electric Utilities - 0.3% | |||
Duke Energy Corp. | 127,800 | 10,820 | |
Exelon Corp. | 113,900 | 4,223 | |
PPL Corp. | 50,200 | 1,276 | |
Southern Co. | 46,500 | 2,638 | |
18,957 | |||
Multi-Utilities - 0.2% | |||
Sempra Energy | 79,700 | 9,871 | |
TOTAL UTILITIES | 28,828 | ||
TOTAL COMMON STOCKS | |||
(Cost $5,443,698) | 5,583,857 | ||
Convertible Preferred Stocks - 0.3% | |||
HEALTH CARE - 0.3% | |||
Health Care Equipment & Supplies - 0.3% | |||
Becton, Dickinson & Co. Series A, 6.125% | |||
(Cost $18,040) | 322,800 | 19,123 | |
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.1% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Intercept Pharmaceuticals, Inc. 2% 5/15/26 (Cost $2,769) | 2,701 | 2,708 | |
Shares | Value (000s) | ||
Other - 0.2% | |||
Other - 0.2% | |||
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f) | 13,918,118 | 1,395 | |
Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 (d)(e)(f) | 12,034,953 | 7,823 | |
TOTAL OTHER | |||
(Cost $18,054) | 9,218 | ||
Money Market Funds - 5.6% | |||
Fidelity Cash Central Fund 0.16% (g) | 172,181,989 | 172,234 | |
Fidelity Securities Lending Cash Central Fund 0.11% (g)(h) | 154,235,213 | 154,251 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $326,463) | 326,485 | ||
TOTAL INVESTMENT IN SECURITIES - 102.4% | |||
(Cost $5,809,024) | 5,941,391 | ||
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (139,290) | ||
NET ASSETS - 100% | $5,802,101 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount (000s) | Exercise Price | Expiration Date | Value (000s) | |
Call Options | ||||||
Altria Group, Inc. | Chicago Board Options Exchange | 5,307 | $20,830 | $45.00 | 6/19/20 | $(172) |
AmerisourceBergen Corp. | Chicago Board Options Exchange | 917 | 8,222 | 95.00 | 5/15/20 | (92) |
Apple, Inc. | Chicago Board Options Exchange | 535 | 15,718 | 320.00 | 6/19/20 | (227) |
Bristol-Myers Squibb Co. | Chicago Board Options Exchange | 4,239 | 25,777 | 60.00 | 5/15/20 | (918) |
Bristol-Myers Squibb Co. | Chicago Board Options Exchange | 2,693 | 16,376 | 62.50 | 6/19/20 | (479) |
Comcast Corp. Class A | Chicago Board Options Exchange | 5,936 | 22,337 | 40.00 | 6/19/20 | (540) |
Equinix, Inc. | Chicago Board Options Exchange | 77 | 5,199 | 700.00 | 6/19/20 | (214) |
Knight-Swift Transportation Holdings, Inc. | Chicago Board Options Exchange | 4,234 | 15,742 | 40.00 | 5/15/20 | (148) |
Knight-Swift Transportation Holdings, Inc. | Chicago Board Options Exchange | 2,000 | 7,436 | 35.00 | 6/19/20 | (720) |
McKesson Corp. | Chicago Board Options Exchange | 688 | 9,718 | 160.00 | 5/15/20 | (14) |
NIKE, Inc. | Chicago Board Options Exchange | 1,158 | 10,095 | 95.00 | 5/15/20 | (31) |
Northern Trust Corp. | Chicago Board Options Exchange | 1,001 | 7,924 | 95.00 | 7/17/20 | (53) |
Procter & Gamble Co. | Chicago Board Options Exchange | 694 | 8,180 | 120.00 | 5/15/20 | (91) |
Procter & Gamble Co. | Chicago Board Options Exchange | 308 | 3,630 | 125.00 | 6/19/20 | (49) |
Verizon Communications, Inc. | Chicago Board Options Exchange | 1,312 | 7,537 | 57.50 | 6/19/20 | (253) |
Walmart, Inc. | Chicago Board Options Exchange | 1,680 | 20,420 | 120.00 | 6/19/20 | (983) |
Walmart, Inc. | Chicago Board Options Exchange | 850 | 10,332 | 125.00 | 6/19/20 | (334) |
Walmart, Inc. | Chicago Board Options Exchange | 728 | 8,849 | 130.00 | 6/19/20 | (167) |
TOTAL WRITTEN OPTIONS | $(5,485) |
Legend
(a) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $224,322,000.
(b) Security or a portion of the security is on loan at period end.
(c) Non-income producing
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $30,398,000 or 0.5% of net assets.
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(f) Level 3 security
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $6,019 |
Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 | 10/5/16 - 4/5/18 | $12,035 |
Vertiv Holdings LLC | 2/6/20 | $20,000 |
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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $3,177 |
Fidelity Securities Lending Cash Central Fund | 581 |
Total | $3,758 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 see the fund's most recent prospectus and annual report.
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