UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3329
Variable Insurance Products Fund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.,
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
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Date of reporting period: | June 30, 2015 |
This report on Form N-CSR relates solely to the Registrant's VIP Floating Rate High Income Portfolio series (the "Fund").
Item 1. Reports to Stockholders
Fidelity® Variable Insurance Products:
Floating Rate High Income Portfolio
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2015 to June 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized | Beginning | Ending | Expenses Paid |
Initial Class | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.80 | $ 3.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
Investor Class | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.80 | $ 4.02 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Holdings as of June 30, 2015 | ||
(by issuer, excluding cash equivalents) | % of fund's | % of fund's net assets |
Community Health Systems, Inc. | 1.5 | 0.7 |
Albertson's LLC | 1.5 | 1.6 |
Altice Financing SA | 1.4 | 1.2 |
HCA Holdings, Inc. | 1.4 | 2.0 |
First Data Corp. | 1.3 | 1.4 |
| 7.1 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Healthcare | 11.8 | 9.3 |
Technology | 9.0 | 8.7 |
Containers | 6.6 | 7.5 |
Super Retail | 5.9 | 3.7 |
Telecommunications | 5.7 | 4.8 |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | BBB 1.1% |
| ![]() | BBB 1.2% |
| ||
![]() | BB 32.5% |
| ![]() | BB 28.6% |
| ||
![]() | B 52.3% |
| ![]() | B 52.5% |
| ||
![]() | CCC,CC,C 5.0% |
| ![]() | CCC,CC,C 3.9% |
| ||
![]() | Not Rated 2.7% |
| ![]() | Not Rated 2.9% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Bank Loan |
| ![]() | Bank Loan |
| ||
![]() | Nonconvertible |
| ![]() | Nonconvertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 10.3% |
| ** Foreign investments | 13.2% |
|
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Bank Loan Obligations (e) - 90.2% | ||||
| Principal Amount | Value | ||
Aerospace - 1.6% | ||||
Gemini HDPE LLC Tranche B, term loan 4.75% 8/7/21 (d) | $ 496,254 | $ 495,013 | ||
TransDigm, Inc.: | ||||
Tranche C, term loan 3.75% 2/28/20 (d) | 881,381 | 875,917 | ||
Tranche D, term loan 3.75% 6/4/21 (d) | 460,350 | 455,747 | ||
| 1,826,677 | |||
Air Transportation - 0.2% | ||||
Landmark Worldwide Tranche 1LN, term loan 4.75% 10/25/19 (d) | 242,463 | 241,251 | ||
Automotive & Auto Parts - 1.0% | ||||
North American Lifting Holdings, Inc.: | ||||
Tranche 1LN, term loan 5.5% 11/27/20 (d) | 742,748 | 716,752 | ||
Tranche 2LN, term loan 10% 11/27/21 (d) | 500,000 | 460,000 | ||
| 1,176,752 | |||
Broadcasting - 1.1% | ||||
Clear Channel Communications, Inc. Tranche D, term loan 6.9366% 1/30/19 (d) | 500,000 | 464,375 | ||
ION Media Networks, Inc. Tranche B, term loan 4.75% 12/18/20 (d) | 497,500 | 498,744 | ||
Sinclair Television Group, Inc. Tranche B 1LN, term loan 3.5% 7/31/21 (d) | 250,000 | 250,000 | ||
| 1,213,119 | |||
Building Materials - 1.3% | ||||
GYP Holdings III Corp. Tranche 1LN, term loan 4.75% 4/1/21 (d) | 249,370 | 241,266 | ||
Interline Brands, Inc. Tranche B, term loan 4% 3/17/21 (d) | 493,750 | 489,430 | ||
Jeld-Wen, Inc. Tranche B, term loan 6/26/22 (f) | 125,000 | 125,000 | ||
Ls Deco LLC Tranche B, term loan 5.5% 5/21/22 (d) | 355,000 | 356,331 | ||
Nortek, Inc. Tranche B, term loan 3.5% 10/30/20 (d) | 250,000 | 248,125 | ||
| 1,460,152 | |||
Cable/Satellite TV - 1.8% | ||||
Charter Communications Operating LLC Tranche E, term loan 3% 7/1/20 (d) | 493,703 | 486,297 | ||
Liberty Cablevision of Puerto Rico: | ||||
Tranche 2LN, term loan 7.75% 7/7/23 (d) | 240,000 | 240,000 | ||
Tranche A 1LN, term loan 4.5% 1/7/22 (d) | 250,000 | 248,750 | ||
| ||||
| Principal Amount | Value | ||
Numericable LLC: | ||||
Tranche B 1LN, term loan 4.5% 5/8/20 (d) | $ 322,752 | $ 323,443 | ||
Tranche B 2LN, term loan 4.5% 5/8/20 (d) | 279,223 | 279,820 | ||
Virgin Media Investment Holdings Ltd. Tranche B, term loan 6/30/23 (f) | 504,991 | 499,941 | ||
| 2,078,251 | |||
Capital Goods - 0.7% | ||||
Mueller Water Products, Inc. Tranche B, term loan 4% 11/25/21 (d) | 218,900 | 218,900 | ||
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 4.25% 3/13/22 (d) | 319,200 | 318,402 | ||
SRAM LLC. Tranche B, term loan 4.0307% 4/10/20 (d) | 227,535 | 226,397 | ||
| 763,699 | |||
Chemicals - 3.0% | ||||
A. Schulman, Inc. Tranche B, term loan 4% 6/1/22 (d) | 195,000 | 195,000 | ||
Arizona Chem U.S., Inc.: | ||||
Tranche 2LN, term loan 7.5% 6/12/22 (d) | 20,000 | 19,875 | ||
Tranche B 1LN, term loan 4.5% 6/12/21 (d) | 63,192 | 63,271 | ||
Chromaflo Technologies Corp. Tranche B 1LN, term loan 4.5% 12/2/19 (d) | 374,050 | 370,934 | ||
Eco Services Operations LLC Tranche B, term loan 4.75% 12/1/21 (d) | 373,125 | 372,192 | ||
Hilex Poly Co. LLC Tranche B 1LN, term loan 6% 12/5/21 (d) | 498,750 | 501,453 | ||
MacDermid, Inc. Tranche B 2LN, term loan 4.75% 6/7/20 (d) | 248,750 | 249,683 | ||
OCI Beaumont, LLC Tranche B 3LN, term loan 5.5% 8/20/19 (d) | 250,000 | 252,500 | ||
Orion Engineered Carbons GMBH Tranche B, term loan 5% 7/25/21 (d) | 496,250 | 499,352 | ||
Royal Holdings, Inc.: | ||||
Tranche B 1LN, term loan 4.5% 6/19/22 (d) | 235,000 | 235,294 | ||
Tranche B 2LN, term loan 8.5% 6/19/23 (d) | 100,000 | 99,500 | ||
The Chemours Co. LLC Tranche B, term loan 3.75% 5/12/22 (d) | 260,000 | 259,025 | ||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 4.25% 11/5/21 (d) | 170,000 | 169,788 | ||
Univar, Inc. Tranche B, term loan 6/25/22 (f) | 135,000 | 135,000 | ||
| 3,422,867 | |||
Bank Loan Obligations (e) - continued | ||||
| Principal Amount | Value | ||
Consumer Products - 1.4% | ||||
At Home Holding III, Inc. Tranche B 1LN, term loan 5% 6/3/22 (d) | $ 125,000 | $ 124,375 | ||
Hercules Achievement, Inc. Tranche B, term loan 5% 12/11/21 (d) | 746,250 | 749,048 | ||
Kate Spade & Co. Tranche B, term loan 4% 4/10/21 (d) | 248,747 | 246,259 | ||
Prestige Brands, Inc. Tranche B 3LN, term loan 3.5% 9/3/21 (d) | 30,000 | 29,888 | ||
Spectrum Brands Holdings, Inc. Tranche B, term loan 3.75% 6/23/22 (d) | 375,000 | 375,094 | ||
| 1,524,664 | |||
Containers - 5.7% | ||||
Anchor Glass Container Corp. Tranche B, term loan: | ||||
6/24/22 (f) | 460,000 | 460,000 | ||
4.25% 6/30/21 (d) | 457,985 | 457,985 | ||
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (d) | 245,009 | 244,397 | ||
Berlin Packaging, LLC: | ||||
Tranche 2LN, term loan 7.75% 10/1/22 (d) | 250,000 | 253,125 | ||
Tranche B 1LN, term loan 4.5% 10/1/21 (d) | 496,250 | 496,096 | ||
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (d) | 859,167 | 855,945 | ||
BWAY Holding Co. Tranche B, term loan 5.5% 8/14/20 (d) | 816,750 | 818,792 | ||
Charter NEX U.S. Holdings, Inc. Tranche B 1LN, term loan 5.25% 2/5/22 (d) | 250,000 | 250,625 | ||
Consolidated Container Co. Tranche 2LN, term loan 7.75% 1/3/20 (d) | 1,000,000 | 930,000 | ||
Klockner Pentaplast of America Tranche B 1LN, term loan 5% 4/28/20 (d) | 165,000 | 166,238 | ||
Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (d) | 160,892 | 159,283 | ||
Tekni-Plex, Inc.: | ||||
Tranche 1LN, term loan 4.5% 6/1/22 (d) | 450,000 | 450,000 | ||
Tranche 2LN, term loan 8.75% 6/1/23 (d) | 125,000 | 125,625 | ||
U.S. Devices Prescription Co.: | ||||
Tranche 2LN, term loan 8% 5/2/22 (d) | 250,000 | 250,000 | ||
Tranche B 1LN, term loan 4.25% 5/2/21 (d) | 495,000 | 496,238 | ||
| 6,414,349 | |||
Diversified Financial Services - 1.8% | ||||
Aruba Investments, Inc. Tranche B, term loan 4.5% 2/2/22 (d) | 164,552 | 164,552 | ||
| ||||
| Principal Amount | Value | ||
Fly Funding II Sarl Tranche B, term loan 3.5% 8/9/19 (d) | $ 243,421 | $ 243,117 | ||
Flying Fortress Holdings LLC Tranche B, term loan 3.5% 4/30/20 (d) | 500,000 | 501,250 | ||
IBC Capital U.S. LLC Tranche B 1LN, term loan 4.75% 11/15/21 (d) | 279,300 | 270,921 | ||
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (d) | 394,542 | 394,049 | ||
TransUnion LLC Tranche B 2LN, term loan 3.75% 4/9/21 (d) | 498,737 | 493,984 | ||
| 2,067,873 | |||
Energy - 4.9% | ||||
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (d) | 742,386 | 741,458 | ||
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (d) | 228,354 | 229,210 | ||
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (d) | 179,266 | 179,625 | ||
Crestwood Holdings Partners LLC Tranche B, term loan 7% 6/19/19 (d) | 498,652 | 491,172 | ||
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (d) | 297,750 | 252,715 | ||
Empire Generating Co. LLC: | ||||
Tranche B, term loan 5.25% 3/14/21 (d) | 443,564 | 423,604 | ||
Tranche C, term loan 5.25% 3/14/21 (d) | 32,532 | 31,068 | ||
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (d) | 190,529 | 189,577 | ||
Expro Finservices S.a.r.l. Tranche B, term loan 5.75% 9/2/21 (d) | 316,702 | 281,469 | ||
Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (d) | 250,000 | 191,250 | ||
Floatel International Ltd. Tranche B, term loan 6% 6/27/20 (d) | 158,000 | 124,820 | ||
MRC Global, Inc. Tranche B, term loan 5% 11/9/19 (d) | 338,373 | 335,429 | ||
Overseas Shipholding Group, Inc. Tranche B, term loan 5.25% 8/5/19 (d) | 123,750 | 123,673 | ||
Panda Sherman Power, LLC term loan 9% 9/14/18 (d) | 496,406 | 490,201 | ||
Penn Products Terminals LLC Tranche B, term loan 4.75% 4/13/22 (d) | 134,663 | 134,663 | ||
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (d) | 153,058 | 115,272 | ||
Targa Resources Corp. term loan 5.75% 2/27/22 (d) | 93,023 | 93,721 | ||
Terra-Gen Finance Co. LLC Tranche B, term loan 5.25% 12/9/21 (d) | 408,975 | 406,419 | ||
Bank Loan Obligations (e) - continued | ||||
| Principal Amount | Value | ||
Energy - continued | ||||
TPF II Power, LLC Tranche B, term loan 5.5082% 10/2/21 (d) | $ 477,600 | $ 481,182 | ||
Vantage Drilling Co. Tranche B, term loan 5.75% 3/28/19 (d) | 241,308 | 145,992 | ||
| 5,462,520 | |||
Entertainment/Film - 0.3% | ||||
CDS U.S. Intermediate Holdings, Inc.: | ||||
Tranche B 1LN, term loan 6/25/22 (f) | 135,000 | 134,831 | ||
Tranche B 2LN, term loan 6/25/23 (f) | 50,000 | 49,500 | ||
Regal Cinemas Corp. Tranche B, term loan 3.75% 4/1/22 (d) | 110,000 | 110,138 | ||
| 294,469 | |||
Environmental - 0.6% | ||||
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (d) | 485,233 | 478,803 | ||
Metal Services LLC Tranche B, term loan 6% 6/30/17 (d) | 248,737 | 248,116 | ||
| 726,919 | |||
Food & Drug Retail - 3.9% | ||||
Albertson's LLC: | ||||
Tranche B 3LN, term loan 5% 8/25/19 (d) | 246,875 | 247,184 | ||
Tranche B 4LN, term loan 5.5% 8/25/21 (d) | 1,491,263 | 1,500,195 | ||
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (d) | 493,644 | 489,942 | ||
GOBP Holdings, Inc. Tranche B 1LN, term loan 4.75% 10/21/21 (d) | 462,899 | 462,895 | ||
Performance Food Group, Inc. Tranche 2LN, term loan 6.25% 11/14/19 (d) | 736,153 | 736,153 | ||
PRA Holdings, Inc. Tranche B, term loan 4.5% 9/23/20 (d) | 394,670 | 395,163 | ||
RPI Finance Trust Tranche B 4LN, term loan 3.5% 11/9/20 (d) | 498,747 | 498,747 | ||
| 4,330,279 | |||
Food/Beverage/Tobacco - 2.1% | ||||
Blue Ribbon LLC Tranche B 1LN, term loan 5.75% 11/13/21 (d) | 243,671 | 244,889 | ||
H.J. Heinz Co. Tranche B 2LN, term loan 3.25% 6/7/20 (d) | 991,782 | 993,021 | ||
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (d) | 324,123 | 322,502 | ||
Shearer's Foods, Inc.: | ||||
Tranche 2LN, term loan 7.75% 6/30/22 (d) | 255,000 | 251,813 | ||
Tranche B 1LN, term loan 4.5% 6/30/21 (d) | 506,175 | 503,644 | ||
| 2,315,869 | |||
| ||||
| Principal Amount | Value | ||
Gaming - 5.3% | ||||
American Casino & Entertainment Properties LLC Tranche B, term loan 6/18/22 (f) | $ 375,000 | $ 376,406 | ||
Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (d) | 488,462 | 490,904 | ||
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (d) | 288,813 | 265,708 | ||
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (d) | 1,561,114 | 1,354,266 | ||
CCM Merger, Inc. Tranche B, term loan 4.5% 8/8/21 (d) | 233,546 | 234,434 | ||
Golden Nugget, Inc. Tranche B, term loan: | ||||
5.5% 11/21/19 (d) | 339,447 | 341,993 | ||
5.5% 11/21/19 (d) | 145,477 | 146,568 | ||
MGM Mirage, Inc. Tranche B, term loan 3.5% 12/20/19 (d) | 125,000 | 123,913 | ||
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 11/19/19 (d) | 493,734 | 490,881 | ||
Scientific Games Corp.: | ||||
Tranche B 2LN, term loan 6% 10/1/21 (d) | 248,750 | 248,750 | ||
Tranche B, term loan 6% 10/18/20 (d) | 988,709 | 988,037 | ||
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (d) | 934,107 | 932,986 | ||
| 5,994,846 | |||
Healthcare - 10.6% | ||||
Admi Corp. Tranche B 1LN, term loan 5.5% 4/30/22 (d) | 250,000 | 251,563 | ||
Alere, Inc. Tranche B, term loan 6/11/22 (f) | 165,000 | 165,206 | ||
Alvogen Pharma U.S., Inc. Tranche B 1LN, term loan 6% 4/2/22 (d) | 153,063 | 153,254 | ||
AmSurg Corp. Tranche B, term loan 3.75% 7/16/21 (d) | 594,000 | 594,743 | ||
Community Health Systems, Inc.: | ||||
Tranche G, term loan 3.75% 12/31/19 (d) | 385,150 | 385,631 | ||
Tranche H, term loan 4% 1/27/21 (d) | 1,364,850 | 1,366,556 | ||
Concentra, Inc. Tranche B 1LN, term loan 4% 6/1/22 (d) | 250,000 | 248,750 | ||
Concordia Healthcare Corp. Tranche B, term loan 4.75% 4/21/22 (d) | 75,000 | 75,188 | ||
ConvaTec, Inc. Tranche B, term loan 4.25% 6/15/20 (d) | 130,000 | 129,513 | ||
CT Technologies Intermediate, Inc. Tranche B 1LN, term loan 5.25% 12/1/21 (d) | 250,000 | 250,000 | ||
Bank Loan Obligations (e) - continued | ||||
| Principal Amount | Value | ||
Healthcare - continued | ||||
DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (d) | $ 491,269 | $ 489,427 | ||
Dialysis Newco, Inc.: | ||||
Tranche 2LN, term loan 7.75% 10/22/21 (d) | 250,000 | 251,875 | ||
Tranche B 1LN, term loan 4.5% 4/23/21 (d) | 89,100 | 88,989 | ||
DJO Finance LLC Tranche B 1LN, term loan 4.25% 6/7/20 (d) | 125,000 | 124,923 | ||
Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (d) | 1,169,581 | 1,181,276 | ||
Endo Pharmaceuticals, Inc. Tranche B, term loan 6/24/22 (f) | 250,000 | 250,470 | ||
Genoa, a QoL Healthcare Co. LLC Tranche 1LN, term loan 5.75% 4/30/22 (d) | 160,000 | 159,600 | ||
HCA Holdings, Inc. Tranche B 4LN, term loan 3.0254% 5/1/18 (d) | 548,947 | 548,288 | ||
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (d) | 497,726 | 474,084 | ||
Horizon Pharmaceuticals, Inc. Tranche B, term loan 4.5% 5/7/21 (d) | 195,000 | 195,488 | ||
Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (d) | 477,588 | 476,991 | ||
MPH Acquisition Holdings LLC Tranche B, term loan 3.75% 3/31/21 (d) | 420,455 | 417,301 | ||
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (d) | 619,372 | 616,275 | ||
Pharmedium Healthcare Corp. Tranche B 1LN, term loan 4.25% 1/28/21 (d) | 471,528 | 465,634 | ||
Polymer Group, Inc. Tranche B, term loan 5.25% 12/19/19 (d) | 733,573 | 736,324 | ||
Quintiles Transnational Corp. Tranche B, term loan 3.25% 5/12/22 (d) | 65,000 | 65,000 | ||
U.S. Renal Care, Inc. Tranche B 2LN, term loan 4.25% 7/3/19 (d) | 973,210 | 970,777 | ||
Valeant Pharmaceuticals International Tranche BD 2LN, term loan 3.5% 2/13/19 (d) | 750,000 | 747,188 | ||
| 11,880,314 | |||
Homebuilders/Real Estate - 1.4% | ||||
DTZ U.S. Borrower LLC: | ||||
Tranche 2LN, term loan 9.25% 11/4/22 (d) | 125,000 | 125,000 | ||
Tranche B 1LN, term loan 5.5% 11/4/21 (d) | 497,500 | 502,475 | ||
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (d) | 987,469 | 985,000 | ||
| 1,612,475 | |||
| ||||
| Principal Amount | Value | ||
Hotels - 1.0% | ||||
Belmond Interfin Ltd. Tranche B, term loan 4% 3/21/21 (d) | $ 248,741 | $ 248,119 | ||
ESH Hospitality, Inc. Tranche B, term loan 5% 6/24/19 (d) | 225,000 | 229,219 | ||
Four Seasons Holdings, Inc. Tranche B 1LN, term loan 3.5% 6/27/20 (d) | 249,780 | 249,468 | ||
La Quinta Intermediate Holdings LLC Tranche B LN, Tranche B, term loan 4% 4/14/21 (d) | 417,005 | 416,484 | ||
| 1,143,290 | |||
Insurance - 0.4% | ||||
HUB International Ltd. Tranche B 1LN, term loan 4% 10/2/20 (d) | 493,750 | 488,812 | ||
Leisure - 1.3% | ||||
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (d) | 505,522 | 477,718 | ||
ClubCorp Club Operations, Inc. Tranche B, term loan 4.25% 7/24/20 (d) | 500,000 | 500,000 | ||
LTF Merger Sub, Inc. Tranche B, term loan 4.25% 6/10/22 (d) | 335,000 | 332,320 | ||
Planet Fitness Holdings, LLC. Tranche B, term loan 4.75% 3/31/21 (d) | 119,698 | 119,698 | ||
| 1,429,736 | |||
Metals/Mining - 2.3% | ||||
American Rock Salt Co. LLC Tranche B 1LN, term loan 4.75% 5/20/21 (d) | 697,950 | 695,333 | ||
Arch Coal, Inc. Tranche B, term loan 6.25% 5/16/18 (d) | 496,172 | 342,359 | ||
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (d) | 57,723 | 57,579 | ||
Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (d) | 739,947 | 664,102 | ||
Murray Energy Corp.: | ||||
Tranche B 1LN, term loan 7% 4/16/17 (d) | 85,000 | 84,292 | ||
Tranche B 2LN, term loan 7.5% 4/16/20 (d) | 625,000 | 578,025 | ||
Walter Energy, Inc. Tranche B, term loan 7.25% 4/1/18 (d) | 250,000 | 135,000 | ||
| 2,556,690 | |||
Paper - 0.2% | ||||
Caraustar Industries, Inc. Tranche B, term loan 8% 5/1/19 (d) | 248,750 | 251,238 | ||
Publishing/Printing - 2.7% | ||||
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 8.25% 3/31/20 (d) | 249,370 | 249,682 | ||
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (d) | 740,506 | 547,975 | ||
Bank Loan Obligations (e) - continued | ||||
| Principal Amount | Value | ||
Publishing/Printing - continued | ||||
Harland Clarke Holdings Corp. Tranche B 4LN, term loan 6% 8/4/19 (d) | $ 493,590 | $ 494,824 | ||
Houghton Mifflin Harcourt Publishing Co. Tranche B, term loan 4% 5/29/21 (d) | 500,000 | 497,500 | ||
Merrill Communications LLC Tranche B, term loan 6.25% 6/1/22 (d) | 235,000 | 233,825 | ||
Proquest LLC Tranche B, term loan 5.2531% 10/24/21 (d) | 497,497 | 499,363 | ||
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (d) | 498,123 | 498,746 | ||
| 3,021,915 | |||
Restaurants - 1.5% | ||||
Burger King Worldwide, Inc. Tranche B, term loan 3.75% 12/12/21 (d) | 758,978 | 759,927 | ||
CEC Entertainment, Inc. Tranche B, term loan 4% 2/14/21 (d) | 246,256 | 239,176 | ||
Landry's Restaurants, Inc. Tranche B, term loan 4% 4/24/18 (d) | 217,166 | 217,529 | ||
Red Lobster Hospitality LLC Tranche B, term loan 6.25% 7/28/21 (d) | 258,361 | 258,684 | ||
TGI Friday's, Inc. Tranche B 1LN, term loan 5.25% 7/15/20 (d) | 187,733 | 187,958 | ||
| 1,663,274 | |||
Services - 5.7% | ||||
Acosta, Inc. Tranche B, term loan 4.25% 9/26/21 (d) | 250,000 | 250,625 | ||
ARAMARK Corp. Tranche F, term loan 3.25% 2/24/21 (d) | 493,750 | 491,281 | ||
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (d) | 249,367 | 242,198 | ||
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (d) | 246,881 | 204,911 | ||
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (d) | 618,752 | 615,850 | ||
Creative Artists Agency LLC Tranche B, term loan 5.5% 12/17/21 (d) | 552,362 | 557,223 | ||
Karman Buyer Corp. Tranche 1LN, term loan 4.25% 7/25/21 (d) | 323,558 | 321,941 | ||
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (d) | 1,480,835 | 1,384,581 | ||
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (d) | 494,987 | 485,706 | ||
Nord Anglia Education Tranche B, term loan 4.5% 3/31/21 (d) | 621,259 | 622,036 | ||
On Assignment, Inc. Tranche B, term loan 3.75% 6/5/22 (d) | 135,758 | 135,927 | ||
Research Now Group, Inc. Tranche B 1LN, term loan 5.5% 3/18/21 (d) | 89,775 | 89,551 | ||
| ||||
| Principal Amount | Value | ||
Science Applications International Corp. Tranche B, term loan 3.75% 5/4/22 (d) | $ 250,000 | $ 250,000 | ||
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (d) | 496,250 | 497,491 | ||
Wash Multifamily Acquisition, Inc.: | ||||
Tranche B 1LN, term loan 4.25% 5/14/22 (d) | 175,000 | 173,688 | ||
Tranche B 2LN, term loan 8% 5/14/23 (d) | 40,000 | 40,400 | ||
| 6,363,409 | |||
Steel - 0.7% | ||||
Essar Steel Algoma, Inc. Tranche B, term loan 7.5% 8/16/19 (d) | 496,250 | 449,106 | ||
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (d) | 374,025 | 370,752 | ||
| 819,858 | |||
Super Retail - 5.9% | ||||
Academy Ltd. Tranche B, term loan 6/16/22 (f) | 250,000 | 249,793 | ||
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (d) | 494,160 | 493,201 | ||
Davids Bridal, Inc. Tranche B, term loan 5% 10/11/19 (d) | 250,000 | 238,750 | ||
Dollar Tree, Inc. Tranche B 1LN, term loan 3.5% 3/9/22 (d) | 750,000 | 746,250 | ||
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (d) | 249,577 | 245,210 | ||
J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (d) | 990,000 | 851,400 | ||
JC Penney Corp., Inc. Tranche B, term loan: | ||||
5% 6/20/19 (d) | 555,800 | 554,411 | ||
6% 5/22/18 (d) | 865,236 | 864,155 | ||
Party City Holdings, Inc. Tranche B LN, term loan 4% 7/27/19 (d) | 248,737 | 248,155 | ||
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (d) | 500,000 | 498,625 | ||
Sears Holdings Corp. Tranche ABL, term loan 5.5% 6/30/18 (d) | 992,443 | 977,557 | ||
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (d) | 328,771 | 282,743 | ||
Staples, Inc. Tranche B, term loan 4/24/21 (f) | 250,000 | 249,375 | ||
Vogue International LLC Tranche B, term loan 5.75% 2/14/20 (d) | 124,370 | 124,837 | ||
| 6,624,462 | |||
Technology - 9.0% | ||||
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (d) | 210,000 | 209,410 | ||
BMC Software Finance, Inc. Tranche B, term loan 5% 9/10/20 (d) | 493,734 | 469,048 | ||
Bank Loan Obligations (e) - continued | ||||
| Principal Amount | Value | ||
Technology - continued | ||||
Ceridian HCM Holding, Inc. Tranche B 2LN, term loan 4.5% 9/15/20 (d) | $ 373,437 | $ 369,471 | ||
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (d) | 988,627 | 981,212 | ||
Datapipe, Inc. Tranche B 1LN, term loan 5.25% 3/15/19 (d) | 495,005 | 492,530 | ||
Dell International LLC Tranche B 2LN, term loan 4% 4/29/20 (d) | 875,000 | 875,000 | ||
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (d) | 375,000 | 373,661 | ||
Fibertech Networks, LLC Tranche B 1LN, term loan 5.25% 12/18/19 (d) | 247,929 | 247,465 | ||
First Data Corp. Tranche B, term loan 3.687% 3/24/18 (d) | 1,500,000 | 1,492,500 | ||
G.I. Peak Merger Sub Corp.: | ||||
Tranche 2LN, term loan 8.25% 6/17/22 (d) | 50,000 | 47,500 | ||
Tranche B 1LN, term loan 5% 6/17/21 (d) | 118,800 | 118,206 | ||
Hyland Software, Inc. Tranche B 1LN, term loan 6/12/22 (f) | 20,000 | 19,950 | ||
Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (d) | 973,647 | 960,308 | ||
Informatica Corp. Tranche B, term loan 6/3/22 (f) | 110,000 | 109,725 | ||
Kronos, Inc.: | ||||
Tranche 2LN, term loan 9.75% 4/30/20 (d) | 499,590 | 515,202 | ||
Tranche B 1LN, term loan 4.5% 10/30/19 (d) | 827,125 | 827,125 | ||
Presidio, Inc. Tranche B, term loan 5.25% 2/2/22 (d) | 238,984 | 238,984 | ||
Renaissance Learning, Inc. Tranche 1LN, term loan 4.5% 4/9/21 (d) | 740,625 | 731,367 | ||
Shaw Data Centre LP Tranche B, term loan 4.5% 3/30/22 (d) | 195,000 | 195,488 | ||
SS&C Technologies, Inc.: | ||||
Tranche B 1LN, term loan 6/29/22 (f) | 299,342 | 299,157 | ||
Tranche B 2LN, term loan 6/29/22 (f) | 75,658 | 75,611 | ||
TransFirst, Inc. Tranche B 1LN, term loan 4.75% 11/12/21 (d) | 24,937 | 24,875 | ||
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (d) | 375,000 | 369,375 | ||
WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (d) | 74,250 | 74,157 | ||
| 10,117,327 | |||
| ||||
| Principal Amount | Value | ||
Telecommunications - 5.2% | ||||
Altice Financing SA: | ||||
Tranche B 2LN, term loan 5.25% 1/30/22 (d) | $ 375,000 | $ 377,344 | ||
Tranche B, term loan 5.5% 6/24/19 (d) | 1,236,820 | 1,253,826 | ||
Digicel International Finance Ltd. Tranche D-2, term loan 3.7754% 3/31/19 (d) | 100,000 | 94,000 | ||
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (d) | 248,096 | 249,957 | ||
FPL FiberNet, LLC. Tranche A, term loan 3.5359% 7/22/19 (d) | 242,227 | 242,227 | ||
Integra Telecom Holdings, Inc. Tranche B 1LN, term loan 5.25% 8/14/20 (d) | 374,063 | 369,387 | ||
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (d) | 500,000 | 495,000 | ||
Level 3 Financing, Inc.: | ||||
Tranche B 2LN, term loan 3.5% 5/31/22 (d) | 250,000 | 248,125 | ||
Tranche B 4LN, term loan 4% 1/15/20 (d) | 500,000 | 500,000 | ||
LTS Buyer LLC Tranche B 1LN, term loan 4% 4/11/20 (d) | 493,703 | 490,000 | ||
Mitel U.S. Holdings, Inc. Tranche B, term loan 5% 4/29/22 (d) | 190,000 | 190,950 | ||
Riverbed Technology, Inc. Tranche B, term loan 6% 4/24/22 (d) | 124,688 | 125,623 | ||
SBA Senior Finance II, LLC Tranche B 2LN, term loan 3.25% 6/10/22 (d) | 500,000 | 493,750 | ||
Securus Technologies Holdings, Inc.: | ||||
Tranche 2LN, term loan 9% 4/30/21 (d) | 250,000 | 238,875 | ||
Tranche B 1LN, term loan 4.75% 4/30/20 (d) | 493,720 | 479,318 | ||
| 5,848,382 | |||
Transportation Ex Air/Rail - 0.4% | ||||
Coyote Logistics LLC Tranche B 1LN, term loan 6.25% 3/26/22 (d) | 250,000 | 250,938 | ||
YRC Worldwide, Inc. Tranche B, term loan 8.25% 2/13/19 (d) | 244,380 | 238,270 | ||
| 489,208 | |||
Utilities - 5.2% | ||||
Alinta Energy Finance Pty. Ltd. Tranche B, term loan: | ||||
2.3744% 8/13/18 (d)(g) | 30,637 | 30,790 | ||
6.375% 8/13/19 (d) | 461,001 | 463,306 | ||
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (d) | 115,000 | 114,952 | ||
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (d) | 987,004 | 990,705 | ||
Bank Loan Obligations (e) - continued | ||||
| Principal Amount | Value | ||
Utilities - continued | ||||
Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (d) | $ 192,503 | $ 189,134 | ||
Green Energy Partners/Stonewall LLC Tranche B 1LN, term loan 6.5% 11/13/21 (d) | 265,000 | 269,969 | ||
Houston Fuel Oil Terminal Co. Tranche B, term loan 4.25% 8/19/21 (d) | 431,738 | 410,151 | ||
InterGen NV Tranche B, term loan 5.5% 6/13/20 (d) | 742,424 | 709,943 | ||
Longview Power LLC Tranche B, term loan 7% 4/13/21 (d) | 250,000 | 251,250 | ||
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (d) | 750,000 | 752,813 | ||
Southcross Energy Partners LP Tranche B, term loan 5.25% 8/4/21 (d) | 44,550 | 44,105 | ||
Southcross Holdings Borrower LP Tranche B, term loan 6% 8/4/21 (d) | 203,572 | 197,974 | ||
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (d) | 490,413 | 471,410 | ||
USIC Holdings, Inc. Tranche B, term loan 4% 7/10/20 (d) | 739,301 | 734,681 | ||
Veresen Midstream LP Tranche B, term loan 5.25% 3/31/22 (d) | 179,550 | 181,346 | ||
| 5,812,529 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $102,838,907) |
| |||
Nonconvertible Bonds - 3.4% | ||||
| ||||
Containers - 0.9% | ||||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 3.2859% 12/15/19 (b)(d) | 1,000,000 | 972,500 | ||
Energy - 0.5% | ||||
American Energy-Permian Basin LLC/ AEPB Finance Corp. 6.7798% 8/1/19 (b)(d) | 155,000 | 106,175 | ||
Chesapeake Energy Corp. 3.5253% 4/15/19 (d) | 35,000 | 32,025 | ||
Citgo Petroleum Corp. 6.25% 8/15/22 (b) | 135,000 | 132,638 | ||
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 | 285,000 | 293,550 | ||
| 564,388 | |||
Healthcare - 1.2% | ||||
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 7/15/23 (b)(c) | 200,000 | 204,500 | ||
| ||||
| Principal Amount | Value | ||
HCA Holdings, Inc.: | ||||
3.75% 3/15/19 | $ 500,000 | $ 503,750 | ||
4.25% 10/15/19 | 500,000 | 511,875 | ||
Tenet Healthcare Corp. 3.7861% 6/15/20 (b)(d) | 170,000 | 171,488 | ||
| 1,391,613 | |||
Metals/Mining - 0.2% | ||||
Murray Energy Corp. 11.25% 4/15/21 (b) | 250,000 | 210,000 | ||
Paper - 0.1% | ||||
Mercer International, Inc. 7% 12/1/19 | 80,000 | 83,600 | ||
Publishing/Printing - 0.0% | ||||
Cenveo Corp. 6% 8/1/19 (b) | 40,000 | 37,600 | ||
Telecommunications - 0.5% | ||||
FairPoint Communications, Inc. 8.75% 8/15/19 (b) | 40,000 | 41,600 | ||
Numericable Group SA 4.875% 5/15/19 (b) | 500,000 | 495,000 | ||
| 536,600 | |||
Utilities - 0.0% | ||||
The AES Corp. 3.2828% 6/1/19 (d) | 45,000 | 45,000 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $3,948,984) |
|
Money Market Funds - 9.0% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.15% (a) | 10,045,872 |
| |
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $116,833,763) | 115,324,648 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (2,868,107) | ||
NET ASSETS - 100% | $ 112,456,541 |
Legend |
(a) 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. |
(b) 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 $2,371,501 or 2.1% of net assets. |
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(f) The coupon rate will be determined upon settlement of the loan after period end. |
(g) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $22,803 and $22,917, respectively. |
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 | $ 7,480 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Bank Loan Obligations | $ 101,437,475 | $ - | $ 99,919,373 | $ 1,518,102 |
Corporate Bonds | 3,841,301 | - | 3,841,301 | - |
Money Market Funds | 10,045,872 | 10,045,872 | - | - |
Total Investments in Securities: | $ 115,324,648 | $ 10,045,872 | $ 103,760,674 | $ 1,518,102 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Bank Loan Obligations | |
Beginning Balance | $ 590,438 |
Net Realized Gain (Loss) on Investment Securities | 13 |
Net Unrealized Gain (Loss) on Investment Securities | (23,289) |
Cost of Purchases | - |
Proceeds of Sales | (3,086) |
Amortization/Accretion | 1,526 |
Transfers into Level 3 | 952,500 |
Transfers out of Level 3 | - |
Ending Balance | $ 1,518,102 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ (23,289) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 89.7% |
Luxembourg | 2.6% |
Canada | 2.6% |
Australia | 1.5% |
Others (Individually Less Than 1%) | 3.6% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $106,787,891) | $ 105,278,776 |
|
Fidelity Central Funds (cost $10,045,872) | 10,045,872 |
|
Total Investments (cost $116,833,763) |
| $ 115,324,648 |
Receivable for investments sold | 1,106,130 | |
Receivable for fund shares sold | 24,581 | |
Interest receivable | 869,865 | |
Distributions receivable from Fidelity Central Funds | 1,565 | |
Total assets | 117,326,789 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 4,561,648 |
|
Delayed delivery | 200,000 | |
Payable for fund shares redeemed | 109 | |
Accrued management fee | 53,123 | |
Other affiliated payables | 14,035 | |
Other payables and accrued expenses | 41,333 | |
Total liabilities | 4,870,248 | |
|
|
|
Net Assets | $ 112,456,541 | |
Net Assets consist of: |
| |
Paid in capital | $ 112,806,877 | |
Undistributed net investment income | 2,142,682 | |
Accumulated undistributed net realized gain (loss) on investments | (983,903) | |
Net unrealized appreciation (depreciation) on investments | (1,509,115) | |
Net Assets | $ 112,456,541 |
Statement of Assets and Liabilities - continued
| June 30, 2015 (Unaudited) | |
|
|
|
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($10,534,785 ÷ 1,052,352 shares) | $ 10.01 | |
|
|
|
Investor Class: | ||
Net Asset Value, offering price and redemption price per share ($101,921,756 ÷ 10,179,701 shares) | $ 10.01 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 2,623,355 |
Income from Fidelity Central Funds |
| 7,480 |
Total income |
| 2,630,835 |
|
|
|
Expenses | ||
Management fee | $ 304,012 | |
Transfer agent fees | 54,033 | |
Accounting fees and expenses | 26,696 | |
Custodian fees and expenses | 6,557 | |
Independent trustees' compensation | 224 | |
Audit | 36,985 | |
Legal | 53 | |
Miscellaneous | 372 | |
Total expenses before reductions | 428,932 | |
Expense reductions | (404) | 428,528 |
Net investment income (loss) | 2,202,307 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (426,588) |
Change in net unrealized appreciation (depreciation) on investment securities | 1,181,906 | |
Net gain (loss) | 755,318 | |
Net increase (decrease) in net assets resulting from operations | $ 2,957,625 |
Statement of Changes in Net Assets
| Six months ended | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 2,202,307 | $ 2,010,178 |
Net realized gain (loss) | (426,588) | (555,528) |
Change in net unrealized appreciation (depreciation) | 1,181,906 | (2,691,021) |
Net increase (decrease) in net assets resulting from operations | 2,957,625 | (1,236,371) |
Distributions to shareholders from net investment income | - | (2,069,592) |
Share transactions - net increase (decrease) | 3,286,106 | 109,518,773 |
Total increase (decrease) in net assets | 6,243,731 | 106,212,810 |
|
|
|
Net Assets | ||
Beginning of period | 106,212,810 | - |
End of period (including undistributed net investment income of $2,142,682 and distributions in excess of net investment income of $59,625, respectively) | $ 112,456,541 | $ 106,212,810 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Initial Class
| Six months ended | Year ended |
| (Unaudited) | 2014 H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.73 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .203 | .242 |
Net realized and unrealized gain (loss) | .077 | (.322) |
Total from investment operations | .280 | (.080) |
Distributions from net investment income | - | (.190) |
Net asset value, end of period | $ 10.01 | $ 9.73 |
Total ReturnB, C, D | 2.88% | (.79)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | .77%A | .84%A |
Expenses net of fee waivers, if any | .77%A | .77%A |
Expenses net of all reductions | .77%A | .77%A |
Net investment income (loss) | 4.12% A | 3.31%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 10,535 | $ 10,912 |
Portfolio turnover rateG | 62%A | 41%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period April 9, 2014 (commencement of operations) to December 31, 2014.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Financial Highlights - Investor Class
| Six months ended | Year ended |
| (Unaudited) | 2014 H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.73 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .201 | .238 |
Net realized and unrealized gain (loss) | .079 | (.322) |
Total from investment operations | .280 | (.084) |
Distributions from net investment income | - | (.186) |
Net asset value, end of period | $ 10.01 | $ 9.73 |
Total ReturnB, C, D | 2.88% | (.83)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | .80%A | .82%A |
Expenses net of fee waivers, if any | .80%A | .80%A |
Expenses net of all reductions | .80%A | .80%A |
Net investment income (loss) | 4.09%A | 3.28%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 101,922 | $ 95,300 |
Portfolio turnover rateG | 62%A | 41%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period April 9, 2014 (commencement of operations) to December 31, 2014.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2015 (Unaudited)
1. Organization.
VIP Floating Rate High Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). 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 as shown below:
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)
Valuation techniques used to value the Fund's investments by major category are as follows:
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 and bank loan obligations 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. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2015, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 486,457 |
Gross unrealized depreciation | (1,923,178) |
Net unrealized appreciation (depreciation) on securities | $ (1,436,721) |
|
|
Tax cost | $ 116,761,369 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration |
|
Short-term | $ (557,315) |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities (including principal repayments of bank loan obligations), other than short-term securities, aggregated $40,205,489 and $30,427,597, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged.11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class) pays a fee for transfer agent services, typesetting, printing and mailing of shareholder reports, excluding mailing of proxy statements and out of pocket expenses, equal to an annual rate of .07% (.10% for Investor Class) of class-level average net assets. For the period, transfer agent fees for each class, including out of pocket expenses, were as follows:
Initial Class | $ 4,023 |
Investor Class | 50,010 |
| $ 54,033 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $404.
Semiannual Report
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Initial Class | $ - | $ 214,685 |
Investor Class | - | 1,854,907 |
Total | $ - | $ 2,069,592 |
A For the period April 9, 2014 (commencement of operations) to December 31, 2014.
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Initial Class |
|
|
|
|
Shares sold | 75,761 | 1,329,755 | $ 756,597 | $ 13,309,635 |
Reinvestment of distributions | - | 22,155 | - | 214,685 |
Shares redeemed | (144,656) | (230,663) | (1,445,710) | (2,298,327) |
Net increase (decrease) | (68,895) | 1,121,247 | $ (689,113) | $ 11,225,993 |
Investor Class |
|
|
|
|
Shares sold | 2,698,352 | 11,605,606 | $ 26,902,533 | $ 116,302,705 |
Reinvestment of distributions | - | 191,425 | - | 1,854,907 |
Shares redeemed | (2,308,807) | (2,006,875) | (22,927,314) | (19,864,832) |
Net increase (decrease) | 389,545 | 9,790,156 | $ 3,975,219 | $ 98,292,780 |
A For the period April 9, 2014 (commencement of operations) to December 31, 2014.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
VIPFHI-SANN-0815 1.9859332.101
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Variable Insurance Products Fund's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund'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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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.
Variable Insurance Products Fund
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | August 28, 2015 |
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: | August 28, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | August 28, 2015 |