NPORT-EX 2 QTLY_127_20210430.htm

Quarterly Holdings Report
for

Fidelity® Growth & Income Portfolio

April 30, 2021







GAI-QTLY-0621
1.800339.117





Schedule of Investments April 30, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 7.6%   
Diversified Telecommunication Services - 0.8%   
Verizon Communications, Inc. 1,062,874 $61,423 
Entertainment - 2.7%   
Activision Blizzard, Inc. 405,700 36,996 
Nintendo Co. Ltd. ADR 285,500 20,525 
The Walt Disney Co. (a) 544,100 101,213 
Vivendi SA 1,912,700 66,687 
  225,421 
Media - 4.1%   
Comcast Corp. New Class A 4,994,700 280,452 
Interpublic Group of Companies, Inc. 1,924,600 61,106 
  341,558 
TOTAL COMMUNICATION SERVICES  628,402 
CONSUMER DISCRETIONARY - 3.3%   
Auto Components - 0.7%   
BorgWarner, Inc. (b)(c) 1,277,097 62,041 
Automobiles - 0.2%   
Harley-Davidson, Inc. 323,700 15,657 
Hotels, Restaurants & Leisure - 0.2%   
Marriott International, Inc. Class A 46,600 6,921 
Starbucks Corp. 120,100 13,750 
  20,671 
Household Durables - 0.8%   
Sony Group Corp. sponsored ADR 137,100 13,732 
Whirlpool Corp. (c) 233,500 55,211 
  68,943 
Specialty Retail - 1.3%   
Lowe's Companies, Inc. 532,179 104,440 
Textiles, Apparel & Luxury Goods - 0.1%   
Puma AG 57,254 6,038 
Tapestry, Inc. 3,700 177 
  6,215 
TOTAL CONSUMER DISCRETIONARY  277,967 
CONSUMER STAPLES - 6.9%   
Beverages - 2.1%   
Anheuser-Busch InBev SA NV ADR (b) 164,100 11,645 
Diageo PLC sponsored ADR 210,100 37,681 
Keurig Dr. Pepper, Inc. 498,600 17,875 
Pernod Ricard SA 70,100 14,386 
Remy Cointreau SA 41,114 8,215 
The Coca-Cola Co. 1,530,603 82,622 
  172,424 
Food & Staples Retailing - 0.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 49,800 1,687 
Costco Wholesale Corp. New 6,000 2,233 
Sysco Corp. (c) 680,746 57,680 
Walmart, Inc. 18,100 2,532 
  64,132 
Food Products - 0.2%   
Lamb Weston Holdings, Inc. 181,600 14,619 
Household Products - 0.5%   
Colgate-Palmolive Co. 80,500 6,496 
Energizer Holdings, Inc. 183,800 9,061 
Procter & Gamble Co. 27,900 3,722 
Spectrum Brands Holdings, Inc. 261,900 23,084 
  42,363 
Tobacco - 3.4%   
Altria Group, Inc. 4,938,500 235,813 
British American Tobacco PLC sponsored ADR (b) 1,030,600 38,658 
Swedish Match Co. AB 87,300 7,161 
  281,632 
TOTAL CONSUMER STAPLES  575,170 
ENERGY - 7.6%   
Oil, Gas & Consumable Fuels - 7.6%   
Canadian Natural Resources Ltd. 464,700 14,106 
Cenovus Energy, Inc. 37,200 289 
Cenovus Energy, Inc. (Canada) 8,060,600 62,759 
Exxon Mobil Corp. 6,245,000 357,464 
Hess Corp. 1,448,400 107,920 
Imperial Oil Ltd. 339,100 9,794 
Kosmos Energy Ltd. (a) 5,025,975 14,374 
Magellan Midstream Partners LP 474,000 22,169 
Phillips 66 Co. 497,500 40,253 
  629,128 
FINANCIALS - 18.5%   
Banks - 13.0%   
Bank of America Corp. 7,430,156 301,144 
JPMorgan Chase & Co. (c) 641,192 98,622 
M&T Bank Corp. 129,300 20,389 
PNC Financial Services Group, Inc. 613,554 114,704 
Truist Financial Corp. 1,569,530 93,089 
U.S. Bancorp 1,176,373 69,818 
Wells Fargo & Co. 8,509,241 383,341 
  1,081,107 
Capital Markets - 3.7%   
Brookfield Asset Management, Inc. Class A 351,535 16,023 
KKR & Co. LP 609,143 34,465 
Morgan Stanley 402,797 33,251 
Northern Trust Corp. 901,264 102,564 
Raymond James Financial, Inc. 299,900 39,221 
S&P Global, Inc. 1,100 429 
State Street Corp. 922,427 77,438 
  303,391 
Consumer Finance - 0.5%   
Discover Financial Svs 342,500 39,045 
Insurance - 0.9%   
American Financial Group, Inc. 46,000 5,652 
Chubb Ltd. 151,800 26,047 
Marsh & McLennan Companies, Inc. 189,507 25,716 
Old Republic International Corp. 207,900 5,118 
The Travelers Companies, Inc. 101,700 15,729 
  78,262 
Thrifts & Mortgage Finance - 0.4%   
Essent Group Ltd. 288,400 15,164 
Radian Group, Inc. 889,068 21,907 
  37,071 
TOTAL FINANCIALS  1,538,876 
HEALTH CARE - 13.9%   
Biotechnology - 0.3%   
AbbVie, Inc. 158,200 17,639 
Intercept Pharmaceuticals, Inc. (a) 230,704 4,563 
  22,202 
Health Care Equipment & Supplies - 1.5%   
Becton, Dickinson & Co. 115,216 28,667 
Boston Scientific Corp. (a) 1,372,200 59,828 
Danaher Corp. 37,500 9,523 
GN Store Nord A/S 54,000 4,875 
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) 208,200 11,792 
Sonova Holding AG Class B 26,112 7,723 
  122,408 
Health Care Providers & Services - 6.0%   
AmerisourceBergen Corp. (c) 172,000 20,778 
Cardinal Health, Inc. 890,800 53,751 
Cigna Corp. 414,100 103,115 
CVS Health Corp. 1,332,904 101,834 
McKesson Corp. 471,587 88,451 
Patterson Companies, Inc. 568,770 18,280 
UDG Healthcare PLC (United Kingdom) 202,900 2,401 
UnitedHealth Group, Inc. 281,900 112,422 
  501,032 
Pharmaceuticals - 6.1%   
Bayer AG 1,343,935 86,959 
Bristol-Myers Squibb Co. 2,476,610 154,590 
Eli Lilly & Co. 80,200 14,658 
GlaxoSmithKline PLC sponsored ADR (b) 2,292,112 85,587 
Johnson & Johnson 834,759 135,840 
Sanofi SA sponsored ADR 399,400 20,917 
UCB SA 110,700 10,256 
Viatris, Inc. (a) 97,600 1,298 
  510,105 
TOTAL HEALTH CARE  1,155,747 
INDUSTRIALS - 17.3%   
Aerospace & Defense - 2.3%   
Airbus Group NV 154,600 18,592 
General Dynamics Corp. 156,900 29,847 
Huntington Ingalls Industries, Inc. 121,000 25,691 
MTU Aero Engines AG 47,800 12,062 
Raytheon Technologies Corp. 216,482 18,020 
Safran SA 97,900 14,617 
The Boeing Co. (a) 310,000 72,636 
  191,465 
Air Freight & Logistics - 2.6%   
DSV Panalpina A/S 27,100 6,044 
Expeditors International of Washington, Inc. 9,200 1,011 
FedEx Corp. 113,900 33,066 
United Parcel Service, Inc. Class B 848,304 172,935 
  213,056 
Airlines - 0.0%   
Copa Holdings SA Class A (a) 900 78 
Building Products - 0.4%   
A.O. Smith Corp. 73,200 4,959 
Johnson Controls International PLC 437,900 27,299 
  32,258 
Commercial Services & Supplies - 0.4%   
Healthcare Services Group, Inc. (b) 815,289 24,418 
HNI Corp. 127,100 5,381 
Interface, Inc. 541,000 6,946 
Ritchie Bros. Auctioneers, Inc. 17,500 1,113 
  37,858 
Electrical Equipment - 1.2%   
Acuity Brands, Inc. 118,500 21,984 
Hubbell, Inc. Class B 149,839 28,771 
Rockwell Automation, Inc. 22,400 5,919 
Vertiv Holdings LLC (a)(d) 1,926,000 41,534 
  98,208 
Industrial Conglomerates - 6.3%   
3M Co. 160,500 31,641 
General Electric Co. (c) 37,644,627 493,898 
  525,539 
Machinery - 2.1%   
Allison Transmission Holdings, Inc. 199,600 8,277 
Caterpillar, Inc. 68,200 15,557 
Cummins, Inc. 60,700 15,299 
Donaldson, Inc. 651,900 40,991 
Epiroc AB (A Shares) 238,400 5,168 
Flowserve Corp. 343,100 13,600 
Fortive Corp. 259,100 18,349 
Kardex AG 7,390 1,525 
Nordson Corp. 80,000 16,913 
Otis Worldwide Corp. 99,241 7,728 
Stanley Black & Decker, Inc. 68,300 14,122 
Westinghouse Air Brake Co. 203,990 16,741 
  174,270 
Professional Services - 0.5%   
Equifax, Inc. 70,800 16,229 
RELX PLC:   
rights (a)(e) 784,700 362 
(London Stock Exchange) 784,700 20,368 
Robert Half International, Inc. 11,300 990 
  37,949 
Road & Rail - 0.6%   
J.B. Hunt Transport Services, Inc. 4,840 826 
Knight-Swift Transportation Holdings, Inc. Class A 962,800 45,367 
  46,193 
Trading Companies & Distributors - 0.9%   
Brenntag AG 39,400 3,537 
Fastenal Co. 160,600 8,396 
MSC Industrial Direct Co., Inc. Class A 8,600 775 
Watsco, Inc. 221,292 64,808 
  77,516 
TOTAL INDUSTRIALS  1,434,390 
INFORMATION TECHNOLOGY - 19.4%   
Electronic Equipment & Components - 0.3%   
CDW Corp. 115,500 20,597 
Vontier Corp. (a) 215,740 6,761 
  27,358 
IT Services - 4.5%   
Amadeus IT Holding SA Class A (a) 602,600 41,036 
DXC Technology Co. 137,700 4,532 
Edenred SA 396,300 22,465 
Fidelity National Information Services, Inc. 490,900 75,059 
Genpact Ltd. 618,800 29,412 
IBM Corp. 221,000 31,355 
MasterCard, Inc. Class A 29,200 11,156 
Unisys Corp. (a) 912,118 21,891 
Visa, Inc. Class A 592,879 138,473 
  375,379 
Semiconductors & Semiconductor Equipment - 4.0%   
Analog Devices, Inc. 167,100 25,593 
Applied Materials, Inc. 138,800 18,420 
Intel Corp. 777,700 44,741 
Lam Research Corp. 25,400 15,759 
Marvell Technology, Inc. 374,100 16,913 
NXP Semiconductors NV 236,600 45,548 
Qualcomm, Inc. 1,164,646 161,653 
  328,627 
Software - 7.3%   
Microsoft Corp. 1,962,799 494,987 
Open Text Corp. 183,100 8,622 
SAP SE sponsored ADR (b) 622,900 87,169 
Temenos Group AG 131,190 19,264 
  610,042 
Technology Hardware, Storage & Peripherals - 3.3%   
Apple, Inc. 1,970,176 258,999 
Samsung Electronics Co. Ltd. 185,220 13,499 
  272,498 
TOTAL INFORMATION TECHNOLOGY  1,613,904 
MATERIALS - 2.1%   
Chemicals - 1.0%   
DuPont de Nemours, Inc. 832,000 64,156 
PPG Industries, Inc. 98,800 16,919 
  81,075 
Metals & Mining - 1.1%   
BHP Billiton Ltd. sponsored ADR (b) 677,300 49,280 
First Quantum Minerals Ltd. 661,300 15,242 
Freeport-McMoRan, Inc. 867,700 32,721 
  97,243 
TOTAL MATERIALS  178,318 
REAL ESTATE - 1.2%   
Equity Real Estate Investment Trusts (REITs) - 1.2%   
American Tower Corp. 143,000 36,432 
CoreSite Realty Corp. 97,200 11,809 
Equinix, Inc. 1,100 793 
Public Storage 3,000 843 
Simon Property Group, Inc. 374,500 45,592 
  95,469 
UTILITIES - 1.0%   
Electric Utilities - 0.8%   
Duke Energy Corp. 123,800 12,465 
Entergy Corp. New 153,000 16,721 
Exelon Corp. 162,200 7,289 
Southern Co. 399,700 26,448 
  62,923 
Multi-Utilities - 0.2%   
CenterPoint Energy, Inc. 296,200 7,254 
Sempra Energy 78,500 10,799 
  18,053 
TOTAL UTILITIES  80,976 
TOTAL COMMON STOCKS   
(Cost $5,543,061)  8,208,347 
Convertible Preferred Stocks - 0.2%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Becton, Dickinson & Co. 6.50% 175,300 9,741 
Boston Scientific Corp. Series A, 5.50% 104,800 12,309 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $19,254)  22,050 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
Intercept Pharmaceuticals, Inc. 2% 5/15/26
(Cost $10,937) 		14,007 9,099 
 Shares Value (000s) 
Other - 0.1%   
Other - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (d)(f)(g)   
(Cost $18,059) 13,918,119 7,863 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund 0.04% (h) 40,850,100 40,858 
Fidelity Securities Lending Cash Central Fund 0.04% (h)(i) 165,799,221 165,816 
TOTAL MONEY MARKET FUNDS   
(Cost $206,674)  206,674 
TOTAL INVESTMENT IN SECURITIES - 101.7%   
(Cost $5,797,985)  8,454,033 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (143,614) 
NET ASSETS - 100%  $8,310,419 

Written Options       
 Counterparty Number of Contracts Notional Amount (000s) Exercise Price Expiration Date Value (000s) 
Call Options       
AmerisourceBergen Corp. Chicago Board Options Exchange 772 $9,326 $125.00 8/20/21 $(390) 
AmerisourceBergen Corp. Chicago Board Options Exchange 772 9,326 130.00 8/20/21 (214) 
BorgWarner, Inc. Chicago Board Options Exchange 2,538 12,330 55.00 7/16/21 (209) 
General Electric Co. Chicago Board Options Exchange 19,175 25,158 15.00 6/18/21 (240) 
JPMorgan Chase & Co. Chicago Board Options Exchange 308 4,737 160.00 5/21/21 (33) 
Sysco Corp. Chicago Board Options Exchange 616 5,219 90.00 5/21/21 (48) 
Whirlpool Corp. Chicago Board Options Exchange 309 7,306 250.00 9/17/21 (349) 
Whirlpool Corp. Chicago Board Options Exchange 309 7,306 260.00 9/17/21 (255) 
TOTAL WRITTEN OPTIONS      $(1,738) 

Legend

 (a) Non-income producing

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

 (c) 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 $80,708,000.

 (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 $49,398,000 or 0.6% of net assets.

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

 (g) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 12/16/20 $18,059 
Vertiv Holdings LLC 2/6/20 $19,260 

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 $23 
Fidelity Securities Lending Cash Central Fund 416 
Total $439 

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 Fund’s 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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