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 811-07205
Variable Insurance Products Fund III
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, 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 |
Date of reporting period: | June 30, 2022 |
Item 1.
Reports to Stockholders
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Canadian Natural Resources Ltd. | 2.9 | |
Cigna Corp. | 1.9 | |
CubeSmart | 1.8 | |
Cushman & Wakefield PLC | 1.8 | |
Hess Corp. | 1.8 | |
The Travelers Companies, Inc. | 1.7 | |
LPL Financial | 1.7 | |
Jazz Pharmaceuticals PLC | 1.5 | |
Entergy Corp. | 1.4 | |
The AES Corp. | 1.4 | |
17.9 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 16.4 | |
Industrials | 16.3 | |
Consumer Discretionary | 12.0 | |
Real Estate | 9.5 | |
Materials | 9.4 | |
Energy | 8.8 | |
Health Care | 8.1 | |
Utilities | 7.3 | |
Information Technology | 5.7 | |
Consumer Staples | 3.3 | |
Communication Services | 2.7 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 15.5% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.7% | |||
Interactive Media & Services - 0.6% | |||
Ziff Davis, Inc. (a) | 56,400 | 4,203,492 | |
Media - 2.1% | |||
Interpublic Group of Companies, Inc. | 180,500 | 4,969,165 | |
Liberty Broadband Corp. Class C (a) | 35,000 | 4,047,400 | |
Nexstar Broadcasting Group, Inc. Class A | 27,700 | 4,511,776 | |
13,528,341 | |||
TOTAL COMMUNICATION SERVICES | 17,731,833 | ||
CONSUMER DISCRETIONARY - 12.0% | |||
Auto Components - 1.4% | |||
Adient PLC (a) | 174,000 | 5,155,620 | |
Autoliv, Inc. | 54,000 | 3,864,780 | |
9,020,400 | |||
Diversified Consumer Services - 1.1% | |||
Adtalem Global Education, Inc. (a) | 206,511 | 7,428,201 | |
Hotels, Restaurants & Leisure - 0.8% | |||
Caesars Entertainment, Inc. (a) | 141,000 | 5,400,300 | |
Household Durables - 2.1% | |||
Mohawk Industries, Inc. (a) | 47,202 | 5,857,296 | |
Taylor Morrison Home Corp. (a) | 140,500 | 3,282,080 | |
Tempur Sealy International, Inc. | 218,000 | 4,658,660 | |
13,798,036 | |||
Internet & Direct Marketing Retail - 0.9% | |||
eBay, Inc. | 137,300 | 5,721,291 | |
Leisure Products - 0.6% | |||
Mattel, Inc. (a) | 189,300 | 4,227,069 | |
Multiline Retail - 1.7% | |||
Dollar Tree, Inc. (a) | 51,100 | 7,963,935 | |
Nordstrom, Inc. (b) | 136,200 | 2,877,906 | |
10,841,841 | |||
Specialty Retail - 3.4% | |||
American Eagle Outfitters, Inc. | 303,200 | 3,389,776 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 17,700 | 4,864,137 | |
Rent-A-Center, Inc. | 146,600 | 2,851,370 | |
Sally Beauty Holdings, Inc. (a)(b) | 207,900 | 2,478,168 | |
Victoria's Secret & Co. (a) | 165,400 | 4,626,238 | |
Williams-Sonoma, Inc. | 40,500 | 4,493,475 | |
22,703,164 | |||
TOTAL CONSUMER DISCRETIONARY | 79,140,302 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 0.8% | |||
Primo Water Corp. (b) | 396,000 | 5,298,480 | |
Food & Staples Retailing - 1.3% | |||
U.S. Foods Holding Corp. (a) | 276,200 | 8,473,816 | |
Food Products - 1.2% | |||
Darling Ingredients, Inc. (a) | 133,463 | 7,981,087 | |
TOTAL CONSUMER STAPLES | 21,753,383 | ||
ENERGY - 8.8% | |||
Energy Equipment & Services - 2.1% | |||
Halliburton Co. | 261,800 | 8,210,048 | |
Liberty Oilfield Services, Inc. Class A (a) | 457,804 | 5,841,579 | |
14,051,627 | |||
Oil, Gas & Consumable Fuels - 6.7% | |||
Canadian Natural Resources Ltd. (b) | 350,500 | 18,834,746 | |
Hess Corp. | 108,800 | 11,526,272 | |
HF Sinclair Corp. | 115,200 | 5,202,432 | |
Tourmaline Oil Corp. | 157,800 | 8,205,061 | |
43,768,511 | |||
TOTAL ENERGY | 57,820,138 | ||
FINANCIALS - 16.4% | |||
Banks - 3.3% | |||
East West Bancorp, Inc. | 125,500 | 8,132,400 | |
First Citizens Bancshares, Inc. (b) | 9,000 | 5,884,020 | |
Signature Bank | 43,000 | 7,706,030 | |
21,722,450 | |||
Capital Markets - 3.9% | |||
Ameriprise Financial, Inc. | 36,800 | 8,746,624 | |
Lazard Ltd. Class A | 180,214 | 5,840,736 | |
LPL Financial | 60,200 | 11,105,696 | |
25,693,056 | |||
Consumer Finance - 1.8% | |||
OneMain Holdings, Inc. | 149,000 | 5,569,620 | |
SLM Corp. (b) | 418,300 | 6,667,702 | |
12,237,322 | |||
Diversified Financial Services - 1.2% | |||
Apollo Global Management, Inc. | 157,500 | 7,635,600 | |
Insurance - 5.3% | |||
American Financial Group, Inc. | 36,200 | 5,024,922 | |
Arch Capital Group Ltd. (a) | 146,000 | 6,641,540 | |
Assurant, Inc. | 51,500 | 8,901,775 | |
Reinsurance Group of America, Inc. | 29,205 | 3,425,454 | |
The Travelers Companies, Inc. | 65,800 | 11,128,754 | |
35,122,445 | |||
Thrifts & Mortgage Finance - 0.9% | |||
Walker & Dunlop, Inc. | 62,500 | 6,021,250 | |
TOTAL FINANCIALS | 108,432,123 | ||
HEALTH CARE - 8.1% | |||
Biotechnology - 1.0% | |||
United Therapeutics Corp. (a) | 26,400 | 6,220,896 | |
Health Care Providers & Services - 5.6% | |||
AdaptHealth Corp. (a)(b) | 259,800 | 4,686,792 | |
Centene Corp. (a) | 91,300 | 7,724,893 | |
Cigna Corp. | 47,800 | 12,596,256 | |
Laboratory Corp. of America Holdings | 24,800 | 5,812,128 | |
Tenet Healthcare Corp. (a) | 116,200 | 6,107,472 | |
36,927,541 | |||
Pharmaceuticals - 1.5% | |||
Jazz Pharmaceuticals PLC (a) | 63,900 | 9,969,039 | |
TOTAL HEALTH CARE | 53,117,476 | ||
INDUSTRIALS - 16.3% | |||
Air Freight & Logistics - 1.1% | |||
FedEx Corp. | 31,600 | 7,164,036 | |
Building Products - 2.1% | |||
Builders FirstSource, Inc. (a) | 155,600 | 8,355,720 | |
Jeld-Wen Holding, Inc. (a) | 390,400 | 5,695,936 | |
14,051,656 | |||
Commercial Services & Supplies - 1.1% | |||
The Brink's Co. | 114,200 | 6,933,082 | |
Construction & Engineering - 3.4% | |||
Fluor Corp. (a) | 347,700 | 8,463,018 | |
Granite Construction, Inc. | 155,800 | 4,540,012 | |
MDU Resources Group, Inc. | 115,700 | 3,122,743 | |
Willscot Mobile Mini Holdings (a) | 194,200 | 6,295,964 | |
22,421,737 | |||
Electrical Equipment - 1.0% | |||
Regal Rexnord Corp. | 60,200 | 6,833,904 | |
Machinery - 3.6% | |||
Allison Transmission Holdings, Inc. | 134,700 | 5,179,215 | |
Crane Holdings Co. | 56,200 | 4,920,872 | |
Flowserve Corp. | 89,032 | 2,548,986 | |
Kennametal, Inc. | 281,200 | 6,532,276 | |
Stanley Black & Decker, Inc. | 46,200 | 4,844,532 | |
24,025,881 | |||
Professional Services - 1.1% | |||
Manpower, Inc. | 91,000 | 6,953,310 | |
Road & Rail - 1.8% | |||
TFI International, Inc. (Canada) | 59,800 | 4,800,446 | |
XPO Logistics, Inc. (a) | 140,200 | 6,752,032 | |
11,552,478 | |||
Trading Companies & Distributors - 1.1% | |||
Beacon Roofing Supply, Inc. (a) | 143,600 | 7,375,296 | |
TOTAL INDUSTRIALS | 107,311,380 | ||
INFORMATION TECHNOLOGY - 5.7% | |||
Electronic Equipment & Components - 1.7% | |||
Flex Ltd. (a) | 561,900 | 8,130,693 | |
Vontier Corp. | 146,400 | 3,365,736 | |
11,496,429 | |||
IT Services - 3.0% | |||
Fidelity National Information Services, Inc. | 84,600 | 7,755,282 | |
SS&C Technologies Holdings, Inc. | 141,700 | 8,228,519 | |
Unisys Corp. (a) | 330,077 | 3,970,826 | |
19,954,627 | |||
Software - 1.0% | |||
NCR Corp. (a)(b) | 208,300 | 6,480,213 | |
TOTAL INFORMATION TECHNOLOGY | 37,931,269 | ||
MATERIALS - 9.4% | |||
Chemicals - 3.2% | |||
Axalta Coating Systems Ltd. (a) | 205,800 | 4,550,238 | |
Eastman Chemical Co. | 55,500 | 4,982,235 | |
Olin Corp. | 144,701 | 6,696,762 | |
Tronox Holdings PLC | 264,500 | 4,443,600 | |
20,672,835 | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 31,000 | 3,408,140 | |
Containers & Packaging - 2.7% | |||
Berry Global Group, Inc. (a) | 115,600 | 6,316,384 | |
Crown Holdings, Inc. | 73,100 | 6,737,627 | |
O-I Glass, Inc. (a) | 355,358 | 4,975,012 | |
18,029,023 | |||
Metals & Mining - 3.0% | |||
ArcelorMittal SA Class A unit GDR | 168,700 | 3,812,620 | |
Arconic Corp. (a) | 282,400 | 7,921,320 | |
Constellium NV (a) | 326,200 | 4,309,102 | |
Freeport-McMoRan, Inc. | 133,000 | 3,891,580 | |
19,934,622 | |||
TOTAL MATERIALS | 62,044,620 | ||
REAL ESTATE - 9.5% | |||
Equity Real Estate Investment Trusts (REITs) - 6.0% | |||
Crown Castle International Corp. | 38,200 | 6,432,116 | |
CubeSmart | 281,000 | 12,004,320 | |
Equinix, Inc. | 6,400 | 4,204,928 | |
Equity Lifestyle Properties, Inc. | 114,000 | 8,033,580 | |
Ventas, Inc. | 170,600 | 8,773,958 | |
39,448,902 | |||
Real Estate Management & Development - 3.5% | |||
Cushman & Wakefield PLC (a) | 771,500 | 11,757,660 | |
Jones Lang LaSalle, Inc. (a) | 49,700 | 8,690,542 | |
WeWork, Inc. (a) | 603,000 | 3,027,060 | |
23,475,262 | |||
TOTAL REAL ESTATE | 62,924,164 | ||
UTILITIES - 7.3% | |||
Electric Utilities - 5.1% | |||
Constellation Energy Corp. | 89,433 | 5,120,934 | |
Edison International | 99,600 | 6,298,704 | |
Entergy Corp. | 84,800 | 9,551,872 | |
FirstEnergy Corp. | 120,500 | 4,625,995 | |
PG&E Corp. (a) | 847,600 | 8,459,048 | |
34,056,553 | |||
Independent Power and Renewable Electricity Producers - 2.2% | |||
The AES Corp. | 443,300 | 9,313,733 | |
Vistra Corp. | 224,000 | 5,118,400 | |
14,432,133 | |||
TOTAL UTILITIES | 48,488,686 | ||
TOTAL COMMON STOCKS (Cost $602,087,726) | 656,695,374 | ||
Money Market Funds - 5.5% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 1.58% (c)(d) (Cost $36,150,893) | 36,147,278 | 36,150,893 | |
TOTAL INVESTMENT IN SECURITIES - 105.0% (Cost $638,238,619) | 692,846,267 |
NET OTHER ASSETS (LIABILITIES) - (5.0)% | (32,839,097) |
NET ASSETS - 100.0% | 660,007,170 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 13,966,133 | 151,143,296 | 165,109,429 | 17,129 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 1.58% | 17,801,767 | 231,675,394 | 213,326,268 | 17,047 | - | - | 36,150,893 | 0.1% |
Total | 31,767,900 | 382,818,690 | 378,435,697 | 34,176 | - | - | 36,150,893 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 17,731,833 | 17,731,833 | - | - |
Consumer Discretionary | 79,140,302 | 79,140,302 | - | - |
Consumer Staples | 21,753,383 | 21,753,383 | - | - |
Energy | 57,820,138 | 57,820,138 | - | - |
Financials | 108,432,123 | 108,432,123 | - | - |
Health Care | 53,117,476 | 53,117,476 | - | - |
Industrials | 107,311,380 | 107,311,380 | - | - |
Information Technology | 37,931,269 | 37,931,269 | - | - |
Materials | 62,044,620 | 62,044,620 | - | - |
Real Estate | 62,924,164 | 62,924,164 | - | - |
Utilities | 48,488,686 | 48,488,686 | - | - |
Money Market Funds | 36,150,893 | 36,150,893 | - | - |
Total Investments in Securities: | 692,846,267 | 692,846,267 | - | - |
Statement of Assets and Liabilities | ||||
June 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $34,236,141) - See accompanying schedule: | $656,695,374 | |||
Unaffiliated issuers (cost $602,087,726) | ||||
Fidelity Central Funds (cost $36,150,893) | 36,150,893 | |||
Total Investment in Securities (cost $638,238,619) | $ | 692,846,267 | ||
Foreign currency held at value (cost $24,798) | 24,798 | |||
Receivable for investments sold | 11,784,252 | |||
Receivable for fund shares sold | 700,722 | |||
Dividends receivable | 776,153 | |||
Distributions receivable from Fidelity Central Funds | 7,247 | |||
Total assets | 706,139,439 | |||
Liabilities | ||||
Payable to custodian bank | $4,319,609 | |||
Payable for investments purchased | 4,305,782 | |||
Payable for fund shares redeemed | 872,778 | |||
Accrued management fee | 312,210 | |||
Distribution and service plan fees payable | 66,371 | |||
Other affiliated payables | 73,490 | |||
Other payables and accrued expenses | 31,178 | |||
Collateral on securities loaned | 36,150,851 | |||
Total Liabilities | 46,132,269 | |||
Net Assets | $ | 660,007,170 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 570,253,804 | ||
Total accumulated earnings (loss) | 89,753,366 | |||
Net Assets | $ | 660,007,170 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($100,674,037 ÷ 7,056,648 shares) | $ | 14.27 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($22,034,737 ÷ 1,550,753 shares) | $ | 14.21 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($288,851,440 ÷ 20,046,229 shares) | $ | 14.41 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($248,446,956 ÷ 17,584,096 shares) | $ | 14.13 |
Statement of Operations | ||||
Six months ended June 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 3,265,187 | ||
Income from Fidelity Central Funds (including $17,047 from security lending) | 34,176 | |||
Total Income | 3,299,363 | |||
Expenses | ||||
Management fee | $ | 1,958,859 | ||
Transfer agent fees | 337,674 | |||
Distribution and service plan fees | 408,525 | |||
Accounting fees | 128,933 | |||
Custodian fees and expenses | 6,780 | |||
Independent trustees' fees and expenses | 1,256 | |||
Audit | 26,434 | |||
Legal | 1,522 | |||
Interest | 1,441 | |||
Miscellaneous | 1,379 | |||
Total expenses before reductions | 2,872,803 | |||
Expense reductions | (10,878) | |||
Total expenses after reductions | 2,861,925 | |||
Net Investment income (loss) | 437,438 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 36,103,678 | |||
Foreign currency transactions | 8,203 | |||
Total net realized gain (loss) | 36,111,881 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (134,241,392) | |||
Assets and liabilities in foreign currencies | 114 | |||
Total change in net unrealized appreciation (depreciation) | (134,241,278) | |||
Net gain (loss) | (98,129,397) | |||
Net increase (decrease) in net assets resulting from operations | $ | (97,691,959) |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 437,438 | $ | 9,218,173 |
Net realized gain (loss) | 36,111,881 | 80,396,366 | ||
Change in net unrealized appreciation (depreciation) | (134,241,278) | 86,974,405 | ||
Net increase (decrease) in net assets resulting from operations | (97,691,959) | 176,588,944 | ||
Distributions to shareholders | (6,396,294) | (69,398,801) | ||
Share transactions - net increase (decrease) | 13,970,333 | 150,373,547 | ||
Total increase (decrease) in net assets | (90,117,920) | 257,563,690 | ||
Net Assets | ||||
Beginning of period | 750,125,090 | 492,561,400 | ||
End of period | $ | 660,007,170 | $ | 750,125,090 |
Value Strategies Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.40 | $ | 13.55 | $ | 13.31 | $ | 11.11 | $ | 14.27 | $ | 15.77 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | .24 C | .14 | .20 D | .17 | .25 E | ||||||
Net realized and unrealized gain (loss) | (2.01) | 4.26 | .88 | 3.39 | (2.58) | 2.35 | ||||||
Total from investment operations | (1.99) | 4.50 | 1.02 | 3.59 | (2.41) | 2.60 | ||||||
Distributions from net investment income | - | (.26) | (.15) | (.21) | (.13) | (.22) | ||||||
Distributions from net realized gain | (.14) | (1.39) | (.63) | (1.18) | (.62) | (3.88) | ||||||
Total distributions | (.14) | (1.65) | (.78) | (1.39) | (.75) | (4.10) | ||||||
Net asset value, end of period | $ | 14.27 | $ | 16.40 | $ | 13.55 | $ | 13.31 | $ | 11.11 | $ | 14.27 |
Total Return F,G,H | (12.24)% | 33.60% | 8.26% | 34.53% | (17.32)% | 19.36% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .63% K | .64% | .66% | .66% | .67% | .68% | ||||||
Expenses net of fee waivers, if any | .63% K | .63% | .66% | .66% | .67% | .68% | ||||||
Expenses net of all reductions | .63% K | .63% | .65% | .66% | .66% | .67% | ||||||
Net investment income (loss) | .26% K | 1.47% C | 1.32% | 1.64% D | 1.29% | 1.74% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 100,674 | $ | 125,050 | $ | 95,708 | $ | 83,357 | $ | 77,279 | $ | 99,324 |
Portfolio turnover rate L | 79% K | 62% | 85% | 68% | 68% | 53% |
Value Strategies Portfolio Service Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.35 | $ | 13.51 | $ | 13.27 | $ | 11.09 | $ | 14.23 | $ | 15.74 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .01 | .22 C | .13 | .19 D | .16 | .23 E | ||||||
Net realized and unrealized gain (loss) | (2.01) | 4.25 | .88 | 3.37 | (2.56) | 2.34 | ||||||
Total from investment operations | (2.00) | 4.47 | 1.01 | 3.56 | (2.40) | 2.57 | ||||||
Distributions from net investment income | - | (.24) | (.14) | (.20) | (.12) | (.20) | ||||||
Distributions from net realized gain | (.14) | (1.39) | (.63) | (1.18) | (.62) | (3.88) | ||||||
Total distributions | (.14) | (1.63) | (.77) | (1.38) | (.74) | (4.08) | ||||||
Net asset value, end of period | $ | 14.21 | $ | 16.35 | $ | 13.51 | $ | 13.27 | $ | 11.09 | $ | 14.23 |
Total Return F,G,H | (12.34)% | 33.48% | 8.18% | 34.29% | (17.33)% | 19.21% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .73% K | .73% | .76% | .76% | .77% | .78% | ||||||
Expenses net of fee waivers, if any | .73% K | .73% | .76% | .76% | .77% | .78% | ||||||
Expenses net of all reductions | .73% K | .73% | .75% | .76% | .76% | .77% | ||||||
Net investment income (loss) | .16% K | 1.37% C | 1.22% | 1.54% D | 1.19% | 1.64% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 22,035 | $ | 27,216 | $ | 19,115 | $ | 20,992 | $ | 16,586 | $ | 22,859 |
Portfolio turnover rate L | 79% K | 62% | 85% | 68% | 68% | 53% |
Value Strategies Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.59 | $ | 13.68 | $ | 13.43 | $ | 11.21 | $ | 14.38 | $ | 15.86 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | - | .20 C | .12 | .17 D | .14 | .21 E | ||||||
Net realized and unrealized gain (loss) | (2.04) | 4.31 | .88 | 3.41 | (2.59) | 2.37 | ||||||
Total from investment operations | (2.04) | 4.51 | 1.00 | 3.58 | (2.45) | 2.58 | ||||||
Distributions from net investment income | - | (.21) | (.12) | (.18) | (.10) | (.18) | ||||||
Distributions from net realized gain | (.14) | (1.39) | (.63) | (1.18) | (.62) | (3.88) | ||||||
Total distributions | (.14) | (1.60) | (.75) | (1.36) | (.72) | (4.06) | ||||||
Net asset value, end of period | $ | 14.41 | $ | 16.59 | $ | 13.68 | $ | 13.43 | $ | 11.21 | $ | 14.38 |
Total Return F,G,H | (12.40)% | 33.34% | 8.02% | 34.10% | (17.50)% | 19.08% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .88% K | .88% | .91% | .91% | .92% | .93% | ||||||
Expenses net of fee waivers, if any | .88% K | .88% | .91% | .91% | .92% | .92% | ||||||
Expenses net of all reductions | .88% K | .88% | .90% | .91% | .91% | .92% | ||||||
Net investment income (loss) | .01% K | 1.22% C | 1.07% | 1.39% D | 1.04% | 1.49% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 288,851 | $ | 315,104 | $ | 228,031 | $ | 220,982 | $ | 160,274 | $ | 210,354 |
Portfolio turnover rate L | 79% K | 62% | 85% | 68% | 68% | 53% |
Value Strategies Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.25 | $ | 13.44 | $ | 13.20 | $ | 11.04 | $ | 14.18 | $ | 15.69 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .01 | .23 C | .14 | .19 D | .16 | .23 E | ||||||
Net realized and unrealized gain (loss) | (1.99) | 4.22 | .87 | 3.35 | (2.56) | 2.34 | ||||||
Total from investment operations | (1.98) | 4.45 | 1.01 | 3.54 | (2.40) | 2.57 | ||||||
Distributions from net investment income | - | (.24) | (.14) | (.20) | (.12) | (.21) | ||||||
Distributions from net realized gain | (.14) | (1.39) | (.63) | (1.18) | (.62) | (3.88) | ||||||
Total distributions | (.14) | (1.64) F | (.77) | (1.38) | (.74) | (4.08) F | ||||||
Net asset value, end of period | $ | 14.13 | $ | 16.25 | $ | 13.44 | $ | 13.20 | $ | 11.04 | $ | 14.18 |
Total Return G,H,I | (12.29)% | 33.48% | 8.26% | 34.27% | (17.37)% | 19.30% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .71% L | .71% | .74% | .74% | .75% | .76% | ||||||
Expenses net of fee waivers, if any | .70% L | .71% | .74% | .74% | .75% | .76% | ||||||
Expenses net of all reductions | .70% L | .71% | .73% | .74% | .74% | .75% | ||||||
Net investment income (loss) | .18% L | 1.39% C | 1.24% | 1.56% D | 1.21% | 1.66% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 248,447 | $ | 282,755 | $ | 149,707 | $ | 104,581 | $ | 85,385 | $ | 121,110 |
Portfolio turnover rate M | 79% L | 62% | 85% | 68% | 68% | 53% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Dividend Income | Net Unrealized Appreciation (Depreciation) | |
VIP Value Strategies Portfolio | $(2,777,376) | $2,777,376 |
Gross unrealized appreciation | $111,905,990 |
Gross unrealized depreciation | (59,063,248) |
Net unrealized appreciation (depreciation) | $52,842,742 |
Tax cost | $640,003,525 |
Purchases ($) | Sales ($) | |
VIP Value Strategies Portfolio | 306,472,708 | 290,048,914 |
Service Class | $12,562 |
Service Class 2 | 395,963 |
$408,525 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $36,520 | .06 |
Service Class | 7,777 | .06 |
Service Class 2 | 98,211 | .06 |
Investor Class | 195,166 | .14 |
$337,674 |
% of Average Net Assets | |
VIP Value Strategies Portfolio | .03 |
Amount | |
VIP Value Strategies Portfolio | $6,866 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Value Strategies Portfolio | Borrower | $9,740,600 | 1.07% | $1,441 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Value Strategies Portfolio | 39,730,943 | 45,264,663 | 5,428,180 |
Amount | |
VIP Value Strategies Portfolio | $617 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Value Strategies Portfolio | $1,751 | $- | $- |
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Value Strategies Portfolio | ||
Distributions to shareholders | ||
Initial Class | $1,037,974 | $11,919,050 |
Service Class | 221,405 | 2,530,343 |
Service Class 2 | 2,645,947 | 28,337,558 |
Investor Class | 2,490,968 | 26,611,850 |
Total | $6,396,294 | $69,398,801 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Value Strategies Portfolio | ||||
Initial Class | ||||
Shares sold | 1,586,989 | 2,695,923 | $25,130,427 | $43,770,907 |
Reinvestment of distributions | 65,949 | 733,770 | 1,037,973 | 11,919,050 |
Shares redeemed | (2,219,539) | (2,869,932) | (34,812,244) | (46,470,663) |
Net increase (decrease) | (566,601) | 559,761 | $(8,643,844) | $9,219,294 |
Service Class | ||||
Shares sold | 1,052,710 | 454,526 | $16,956,839 | $7,507,997 |
Reinvestment of distributions | 14,111 | 156,212 | 221,405 | 2,530,343 |
Shares redeemed | (1,180,982) | (361,204) | (18,370,215) | (5,953,886) |
Net increase (decrease) | (114,161) | 249,534 | $(1,191,971) | $4,084,454 |
Service Class 2 | ||||
Shares sold | 3,369,330 | 3,862,756 | $54,340,836 | $63,259,710 |
Reinvestment of distributions | 166,203 | 1,724,021 | 2,645,947 | 28,337,558 |
Shares redeemed | (2,485,563) | (3,256,520) | (38,805,022) | (54,330,633) |
Net increase (decrease) | 1,049,970 | 2,330,257 | $18,181,761 | $37,266,635 |
Investor Class | ||||
Shares sold | 2,922,201 | 9,653,520 | $46,910,521 | $156,305,016 |
Reinvestment of distributions | 159,681 | 1,652,423 | 2,490,968 | 26,611,849 |
Shares redeemed | (2,894,445) | (5,050,324) | (43,777,102) | (83,113,701) |
Net increase (decrease) | 187,437 | 6,255,619 | $5,624,387 | $99,803,164 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Value Strategies Portfolio | 43% | 1 | 34% |
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, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Value Strategies Portfolio | ||||||||||
Initial Class | .63% | |||||||||
Actual | $ 1,000 | $ 877.60 | $ 2.93 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.67 | $ 3.16 | |||||||
Service Class | .73% | |||||||||
Actual | $ 1,000 | $ 876.60 | $ 3.40 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.17 | $ 3.66 | |||||||
Service Class 2 | .88% | |||||||||
Actual | $ 1,000 | $ 876.00 | $ 4.09 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.43 | $ 4.41 | |||||||
Investor Class | .70% | |||||||||
Actual | $ 1,000 | $ 877.10 | $ 3.26 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.32 | $ 3.51 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
BJ's Wholesale Club Holdings, Inc. | 1.4 | |
Wintrust Financial Corp. | 1.3 | |
Churchill Downs, Inc. | 1.3 | |
Deckers Outdoor Corp. | 1.3 | |
OGE Energy Corp. | 1.2 | |
ITT, Inc. | 1.2 | |
Jabil, Inc. | 1.1 | |
KBR, Inc. | 1.1 | |
Builders FirstSource, Inc. | 1.1 | |
East West Bancorp, Inc. | 1.1 | |
12.1 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 18.1 | |
Financials | 14.8 | |
Information Technology | 11.9 | |
Consumer Discretionary | 11.0 | |
Health Care | 10.4 | |
Real Estate | 8.3 | |
Materials | 7.0 | |
Energy | 5.5 | |
Utilities | 4.7 | |
Consumer Staples | 4.5 | |
Communication Services | 1.6 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 10.9% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 97.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.6% | |||
Entertainment - 0.2% | |||
Live Nation Entertainment, Inc. (a) | 175,194 | 14,467,521 | |
Interactive Media & Services - 0.7% | |||
Bumble, Inc. (a)(b) | 1,098,300 | 30,917,145 | |
IAC (a) | 149,475 | 11,355,616 | |
42,272,761 | |||
Media - 0.7% | |||
Interpublic Group of Companies, Inc. | 1,610,242 | 44,329,962 | |
TOTAL COMMUNICATION SERVICES | 101,070,244 | ||
CONSUMER DISCRETIONARY - 11.0% | |||
Distributors - 0.1% | |||
Pool Corp. | 17,800 | 6,251,894 | |
Hotels, Restaurants & Leisure - 4.1% | |||
ARAMARK Holdings Corp. | 1,160,058 | 35,532,577 | |
Caesars Entertainment, Inc. (a) | 727,506 | 27,863,480 | |
Churchill Downs, Inc. | 405,052 | 77,579,610 | |
Domino's Pizza, Inc. | 69,500 | 27,084,845 | |
Flight Centre Travel Group Ltd. (a) | 888,943 | 10,651,973 | |
Hilton Grand Vacations, Inc. (a) | 393,138 | 14,046,821 | |
Jubilant Foodworks Ltd. | 750,700 | 4,869,829 | |
Light & Wonder, Inc. Class A (a) | 157,800 | 7,415,022 | |
Noodles & Co. (a)(c) | 2,941,160 | 13,823,452 | |
Planet Fitness, Inc. (a) | 217,271 | 14,776,601 | |
Vail Resorts, Inc. | 78,147 | 17,039,953 | |
250,684,163 | |||
Household Durables - 1.5% | |||
GoPro, Inc. Class A (a) | 2,145,400 | 11,864,062 | |
KB Home | 306,018 | 8,709,272 | |
Lovesac (a) | 217,153 | 5,971,708 | |
NVR, Inc. (a) | 5,658 | 22,655,424 | |
Taylor Morrison Home Corp. (a) | 1,095,012 | 25,579,480 | |
Toll Brothers, Inc. | 381,011 | 16,993,091 | |
91,773,037 | |||
Internet & Direct Marketing Retail - 0.1% | |||
Revolve Group, Inc. (a)(b) | 352,181 | 9,125,010 | |
Leisure Products - 0.3% | |||
YETI Holdings, Inc. (a)(b) | 474,920 | 20,549,788 | |
Specialty Retail - 3.1% | |||
Academy Sports & Outdoors, Inc. (b) | 773,130 | 27,477,040 | |
America's Car Mart, Inc. (a) | 101,049 | 10,165,529 | |
Burlington Stores, Inc. (a) | 84,700 | 11,538,681 | |
Dick's Sporting Goods, Inc. (b) | 374,336 | 28,213,704 | |
Five Below, Inc. (a) | 448,546 | 50,878,573 | |
Williams-Sonoma, Inc. (b) | 565,923 | 62,789,157 | |
191,062,684 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
Capri Holdings Ltd. (a) | 776,260 | 31,834,423 | |
Deckers Outdoor Corp. (a) | 303,139 | 77,406,544 | |
109,240,967 | |||
TOTAL CONSUMER DISCRETIONARY | 678,687,543 | ||
CONSUMER STAPLES - 4.5% | |||
Beverages - 0.6% | |||
Boston Beer Co., Inc. Class A (a) | 123,000 | 37,265,310 | |
Food & Staples Retailing - 3.0% | |||
BJ's Wholesale Club Holdings, Inc. (a)(b) | 1,427,099 | 88,936,808 | |
Grocery Outlet Holding Corp. (a)(b) | 355,200 | 15,142,176 | |
Performance Food Group Co. (a) | 152,500 | 7,011,950 | |
Sprouts Farmers Market LLC (a) | 599,600 | 15,181,872 | |
U.S. Foods Holding Corp. (a) | 1,585,540 | 48,644,367 | |
United Natural Foods, Inc. (a) | 234,000 | 9,219,600 | |
184,136,773 | |||
Food Products - 0.4% | |||
Nomad Foods Ltd. (a) | 1,369,101 | 27,368,329 | |
Household Products - 0.5% | |||
Spectrum Brands Holdings, Inc. | 347,731 | 28,520,897 | |
TOTAL CONSUMER STAPLES | 277,291,309 | ||
ENERGY - 5.5% | |||
Energy Equipment & Services - 1.4% | |||
Baker Hughes Co. Class A | 1,080,048 | 31,180,986 | |
Championx Corp. (b) | 666,700 | 13,233,995 | |
Nextier Oilfield Solutions, Inc. (a) | 1,507,900 | 14,340,129 | |
TechnipFMC PLC (a) | 4,099,000 | 27,586,270 | |
86,341,380 | |||
Oil, Gas & Consumable Fuels - 4.1% | |||
Antero Resources Corp. (a) | 1,097,725 | 33,645,271 | |
Cheniere Energy, Inc. | 461,870 | 61,442,566 | |
Genesis Energy LP | 839,600 | 6,733,592 | |
Hess Corp. | 427,088 | 45,245,703 | |
Magnolia Oil & Gas Corp. Class A | 2,054,631 | 43,126,705 | |
New Fortress Energy, Inc. (b) | 547,962 | 21,682,856 | |
Range Resources Corp. (a) | 1,626,468 | 40,255,083 | |
252,131,776 | |||
TOTAL ENERGY | 338,473,156 | ||
FINANCIALS - 14.8% | |||
Banks - 7.0% | |||
Bancorp, Inc., Delaware (a) | 1,662,494 | 32,451,883 | |
Comerica, Inc. | 327,599 | 24,039,215 | |
East West Bancorp, Inc. | 1,005,717 | 65,170,462 | |
First Foundation, Inc. | 381,676 | 7,816,724 | |
First Horizon National Corp. | 1,821,085 | 39,808,918 | |
First Republic Bank | 178,527 | 25,743,593 | |
Huntington Bancshares, Inc. | 3,143,610 | 37,817,628 | |
M&T Bank Corp. | 224,194 | 35,734,282 | |
Meta Financial Group, Inc. | 615,102 | 23,785,994 | |
Popular, Inc. | 395,027 | 30,389,427 | |
Signature Bank | 174,530 | 31,277,521 | |
Wintrust Financial Corp. | 969,441 | 77,700,696 | |
431,736,343 | |||
Capital Markets - 2.2% | |||
Ameriprise Financial, Inc. | 122,327 | 29,074,681 | |
Northern Trust Corp. | 400,855 | 38,674,490 | |
Raymond James Financial, Inc. | 405,697 | 36,273,369 | |
TMX Group Ltd. | 270,900 | 27,569,842 | |
131,592,382 | |||
Diversified Financial Services - 0.5% | |||
Equitable Holdings, Inc. | 1,223,944 | 31,908,220 | |
Insurance - 4.7% | |||
American Financial Group, Inc. | 215,313 | 29,887,598 | |
Arch Capital Group Ltd. (a) | 497,900 | 22,649,471 | |
Assurant, Inc. | 292,727 | 50,597,862 | |
Hartford Financial Services Group, Inc. | 620,722 | 40,613,840 | |
Old Republic International Corp. | 1,726,310 | 38,600,292 | |
Primerica, Inc. | 456,747 | 54,668,048 | |
Reinsurance Group of America, Inc. | 462,178 | 54,208,858 | |
291,225,969 | |||
Thrifts & Mortgage Finance - 0.4% | |||
Essent Group Ltd. | 583,404 | 22,694,416 | |
TOTAL FINANCIALS | 909,157,330 | ||
HEALTH CARE - 10.4% | |||
Biotechnology - 1.2% | |||
Argenx SE ADR (a) | 35,652 | 13,507,830 | |
Blueprint Medicines Corp. (a) | 129,400 | 6,535,994 | |
Exelixis, Inc. (a) | 1,542,860 | 32,122,345 | |
Legend Biotech Corp. ADR (a) | 174,300 | 9,586,500 | |
Neurocrine Biosciences, Inc. (a) | 171,102 | 16,679,023 | |
78,431,692 | |||
Health Care Equipment & Supplies - 2.9% | |||
Boston Scientific Corp. (a) | 728,243 | 27,141,617 | |
Envista Holdings Corp. (a) | 940,666 | 36,253,268 | |
Hologic, Inc. (a) | 285,772 | 19,804,000 | |
JEOL Ltd. | 351,300 | 13,541,414 | |
ResMed, Inc. | 83,585 | 17,521,924 | |
Tandem Diabetes Care, Inc. (a) | 108,713 | 6,434,722 | |
The Cooper Companies, Inc. (b) | 76,439 | 23,934,580 | |
Zimmer Biomet Holdings, Inc. | 314,632 | 33,055,238 | |
177,686,763 | |||
Health Care Providers & Services - 2.6% | |||
Centene Corp. (a) | 538,307 | 45,546,155 | |
Guardant Health, Inc. (a) | 111,700 | 4,505,978 | |
Molina Healthcare, Inc. (a) | 192,368 | 53,788,016 | |
Option Care Health, Inc. (a) | 1,976,820 | 54,935,828 | |
158,775,977 | |||
Life Sciences Tools & Services - 2.3% | |||
Avantor, Inc. (a) | 1,063,641 | 33,079,235 | |
Bio-Rad Laboratories, Inc. Class A (a) | 35,000 | 17,325,000 | |
ICON PLC (a) | 71,100 | 15,407,370 | |
Maravai LifeSciences Holdings, Inc. (a) | 666,897 | 18,946,544 | |
Syneos Health, Inc. (a) | 549,715 | 39,403,571 | |
Thermo Fisher Scientific, Inc. | 32,661 | 17,744,068 | |
141,905,788 | |||
Pharmaceuticals - 1.4% | |||
Royalty Pharma PLC | 1,071,400 | 45,041,656 | |
UCB SA | 468,200 | 39,566,031 | |
84,607,687 | |||
TOTAL HEALTH CARE | 641,407,907 | ||
INDUSTRIALS - 18.1% | |||
Aerospace & Defense - 1.1% | |||
Axon Enterprise, Inc. (a) | 211,754 | 19,729,120 | |
Howmet Aerospace, Inc. | 1,070,552 | 33,668,860 | |
Spirit AeroSystems Holdings, Inc. Class A | 552,500 | 16,188,250 | |
69,586,230 | |||
Air Freight & Logistics - 0.6% | |||
Air Transport Services Group, Inc. (a) | 804,900 | 23,124,777 | |
GXO Logistics, Inc. (a)(b) | 321,832 | 13,925,671 | |
37,050,448 | |||
Airlines - 0.2% | |||
Jet2 PLC (a) | 1,074,700 | 11,849,968 | |
Building Products - 1.3% | |||
Builders FirstSource, Inc. (a) | 1,225,171 | 65,791,683 | |
UFP Industries, Inc. | 232,192 | 15,821,563 | |
81,613,246 | |||
Commercial Services & Supplies - 0.5% | |||
Driven Brands Holdings, Inc. (a)(b) | 1,123,321 | 30,936,260 | |
Construction & Engineering - 1.8% | |||
Quanta Services, Inc. (b) | 450,369 | 56,449,250 | |
Willscot Mobile Mini Holdings (a) | 1,558,619 | 50,530,428 | |
106,979,678 | |||
Electrical Equipment - 3.3% | |||
Acuity Brands, Inc. | 291,423 | 44,890,799 | |
AMETEK, Inc. | 397,326 | 43,662,154 | |
Generac Holdings, Inc. (a) | 198,890 | 41,882,256 | |
Regal Rexnord Corp. | 378,564 | 42,974,585 | |
Sunrun, Inc. (a)(b) | 1,297,346 | 30,306,003 | |
203,715,797 | |||
Machinery - 3.4% | |||
Crane Holdings Co. | 649,736 | 56,890,884 | |
Fortive Corp. | 620,014 | 33,716,361 | |
IDEX Corp. | 183,594 | 33,346,178 | |
Ingersoll Rand, Inc. | 373,200 | 15,704,256 | |
ITT, Inc. | 1,055,609 | 70,979,149 | |
210,636,828 | |||
Marine - 0.3% | |||
Clarkson PLC | 558,475 | 20,462,932 | |
Professional Services - 3.5% | |||
ASGN, Inc. (a) | 473,306 | 42,715,867 | |
FTI Consulting, Inc. (a) | 246,700 | 44,615,695 | |
Jacobs Engineering Group, Inc. | 312,889 | 39,777,579 | |
KBR, Inc. | 1,383,739 | 66,959,130 | |
TriNet Group, Inc. (a) | 295,565 | 22,941,755 | |
217,010,026 | |||
Road & Rail - 0.4% | |||
J.B. Hunt Transport Services, Inc. | 138,800 | 21,856,836 | |
Trading Companies & Distributors - 1.7% | |||
GMS, Inc. (a) | 372,773 | 16,588,399 | |
RS GROUP PLC | 2,768,496 | 29,286,084 | |
Univar Solutions, Inc. (a) | 2,199,584 | 54,703,654 | |
100,578,137 | |||
TOTAL INDUSTRIALS | 1,112,276,386 | ||
INFORMATION TECHNOLOGY - 11.9% | |||
Communications Equipment - 0.7% | |||
Digi International, Inc. (a) | 1,737,001 | 42,070,164 | |
Electronic Equipment & Components - 2.7% | |||
CDW Corp. | 142,876 | 22,511,543 | |
Flex Ltd. (a) | 3,083,500 | 44,618,245 | |
Jabil, Inc. | 1,370,175 | 70,166,662 | |
Trimble, Inc. (a) | 236,432 | 13,767,435 | |
Zebra Technologies Corp. Class A (a) | 57,477 | 16,895,364 | |
167,959,249 | |||
IT Services - 4.7% | |||
Amadeus IT Holding SA Class A (a) | 625,200 | 35,007,551 | |
Concentrix Corp. | 424,771 | 57,615,938 | |
EPAM Systems, Inc. (a) | 70,122 | 20,670,563 | |
Euronet Worldwide, Inc. (a) | 368,822 | 37,099,805 | |
Genpact Ltd. | 1,280,358 | 54,235,965 | |
GoDaddy, Inc. (a) | 450,454 | 31,333,580 | |
WNS Holdings Ltd. sponsored ADR (a) | 687,837 | 51,340,154 | |
287,303,556 | |||
Semiconductors & Semiconductor Equipment - 2.6% | |||
Marvell Technology, Inc. | 303,978 | 13,232,162 | |
MKS Instruments, Inc. (b) | 409,171 | 41,993,220 | |
onsemi (a) | 811,814 | 40,842,362 | |
SolarEdge Technologies, Inc. (a) | 96,243 | 26,339,784 | |
Teradyne, Inc. | 409,545 | 36,674,755 | |
159,082,283 | |||
Software - 1.2% | |||
Black Knight, Inc. (a) | 529,557 | 34,627,732 | |
Dynatrace, Inc. (a) | 920,149 | 36,290,677 | |
KnowBe4, Inc. (a) | 373,800 | 5,838,756 | |
76,757,165 | |||
TOTAL INFORMATION TECHNOLOGY | 733,172,417 | ||
MATERIALS - 7.0% | |||
Chemicals - 2.1% | |||
Cabot Corp. | 196,100 | 12,509,219 | |
Celanese Corp. Class A | 243,437 | 28,630,626 | |
CF Industries Holdings, Inc. | 369,741 | 31,697,896 | |
Element Solutions, Inc. | 3,269,505 | 58,197,189 | |
131,034,930 | |||
Construction Materials - 1.0% | |||
Eagle Materials, Inc. | 209,661 | 23,050,130 | |
Martin Marietta Materials, Inc. | 133,937 | 40,079,308 | |
63,129,438 | |||
Containers & Packaging - 0.9% | |||
Avery Dennison Corp. | 234,283 | 37,923,389 | |
Sealed Air Corp. | 267,700 | 15,451,644 | |
53,375,033 | |||
Metals & Mining - 3.0% | |||
Agnico Eagle Mines Ltd. (Canada) | 591,957 | 27,096,105 | |
Commercial Metals Co. | 476,400 | 15,768,840 | |
First Quantum Minerals Ltd. | 2,329,600 | 44,195,799 | |
Lynas Rare Earths Ltd. (a) | 1,656,832 | 10,014,511 | |
Reliance Steel & Aluminum Co. | 274,227 | 46,580,198 | |
Wheaton Precious Metals Corp. | 1,169,200 | 42,128,260 | |
185,783,713 | |||
TOTAL MATERIALS | 433,323,114 | ||
REAL ESTATE - 8.3% | |||
Equity Real Estate Investment Trusts (REITs) - 7.8% | |||
Alexandria Real Estate Equities, Inc. | 163,683 | 23,738,945 | |
CubeSmart | 412,300 | 17,613,456 | |
Douglas Emmett, Inc. | 517,971 | 11,592,191 | |
Duke Realty Corp. | 654,958 | 35,989,942 | |
EastGroup Properties, Inc. | 230,200 | 35,526,766 | |
Highwoods Properties, Inc. (SBI) | 727,807 | 24,883,721 | |
Invitation Homes, Inc. | 1,387,472 | 49,366,254 | |
Lamar Advertising Co. Class A | 633,381 | 55,718,527 | |
Mid-America Apartment Communities, Inc. | 128,505 | 22,445,968 | |
National Retail Properties, Inc. | 1,000,411 | 43,017,673 | |
Ryman Hospitality Properties, Inc. (a) | 455,900 | 34,662,077 | |
SL Green Realty Corp. (b) | 507,162 | 23,405,526 | |
Sun Communities, Inc. | 104,400 | 16,637,184 | |
Ventas, Inc. | 1,078,237 | 55,453,729 | |
VICI Properties, Inc. | 1,099,187 | 32,744,781 | |
482,796,740 | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (a) | 388,428 | 28,592,185 | |
TOTAL REAL ESTATE | 511,388,925 | ||
UTILITIES - 4.7% | |||
Electric Utilities - 2.1% | |||
Constellation Energy Corp. | 521,500 | 29,861,090 | |
OGE Energy Corp. (b) | 1,997,500 | 77,023,600 | |
PG&E Corp. (a) | 2,521,000 | 25,159,580 | |
132,044,270 | |||
Independent Power and Renewable Electricity Producers - 2.1% | |||
Clearway Energy, Inc. Class C (b) | 1,396,054 | 48,638,521 | |
NextEra Energy Partners LP (b) | 636,723 | 47,219,378 | |
The AES Corp. | 1,479,138 | 31,076,689 | |
126,934,588 | |||
Multi-Utilities - 0.5% | |||
Black Hills Corp. | 423,000 | 30,781,710 | |
TOTAL UTILITIES | 289,760,568 | ||
TOTAL COMMON STOCKS (Cost $5,126,308,914) | 6,026,008,899 | ||
Money Market Funds - 7.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 1.58% (d) | 128,450,800 | 128,476,490 | |
Fidelity Securities Lending Cash Central Fund 1.58% (d)(e) | 325,907,986 | 325,940,577 | |
TOTAL MONEY MARKET FUNDS (Cost $454,417,067) | 454,417,067 | ||
TOTAL INVESTMENT IN SECURITIES - 105.2% (Cost $5,580,725,981) | 6,480,425,966 |
NET OTHER ASSETS (LIABILITIES) - (5.2)% | (322,724,535) |
NET ASSETS - 100.0% | 6,157,701,431 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated company |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 94,430,335 | 700,996,031 | 666,949,876 | 285,317 | - | - | 128,476,490 | 0.2% |
Fidelity Securities Lending Cash Central Fund 1.58% | 279,718,537 | 1,030,170,695 | 983,948,655 | 142,346 | - | - | 325,940,577 | 0.8% |
Total | 374,148,872 | 1,731,166,726 | 1,650,898,531 | 427,663 | - | - | 454,417,067 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Noodles & Co. | 26,543,818 | 91,016 | - | - | - | (12,811,382) | 13,823,452 |
Total | 26,543,818 | 91,016 | - | - | - | (12,811,382) | 13,823,452 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 101,070,244 | 101,070,244 | - | - |
Consumer Discretionary | 678,687,543 | 678,687,543 | - | - |
Consumer Staples | 277,291,309 | 277,291,309 | - | - |
Energy | 338,473,156 | 338,473,156 | - | - |
Financials | 909,157,330 | 909,157,330 | - | - |
Health Care | 641,407,907 | 641,407,907 | - | - |
Industrials | 1,112,276,386 | 1,112,276,386 | - | - |
Information Technology | 733,172,417 | 698,164,866 | 35,007,551 | - |
Materials | 433,323,114 | 423,308,603 | 10,014,511 | - |
Real Estate | 511,388,925 | 511,388,925 | - | - |
Utilities | 289,760,568 | 289,760,568 | - | - |
Money Market Funds | 454,417,067 | 454,417,067 | - | - |
Total Investments in Securities: | 6,480,425,966 | 6,435,403,904 | 45,022,062 | - |
Statement of Assets and Liabilities | ||||
June 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $315,956,162) - See accompanying schedule: | $6,012,185,447 | |||
Unaffiliated issuers (cost $5,105,266,452) | ||||
Fidelity Central Funds (cost $454,417,067) | 454,417,067 | |||
Other affiliated issuers (cost $21,042,462) | 13,823,452 | |||
Total Investment in Securities (cost $5,580,725,981) | $ | 6,480,425,966 | ||
Foreign currency held at value (cost $47,825) | 47,922 | |||
Receivable for fund shares sold | 3,927,585 | |||
Dividends receivable | 5,606,608 | |||
Distributions receivable from Fidelity Central Funds | 157,195 | |||
Other receivables | 120,750 | |||
Total assets | 6,490,286,026 | |||
Liabilities | ||||
Payable for investments purchased | $424,091 | |||
Payable for fund shares redeemed | 2,004,903 | |||
Accrued management fee | 2,828,245 | |||
Distribution and service plan fees payable | 843,787 | |||
Other affiliated payables | 460,568 | |||
Other payables and accrued expenses | 97,993 | |||
Collateral on securities loaned | 325,925,008 | |||
Total Liabilities | 332,584,595 | |||
Net Assets | $ | 6,157,701,431 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,969,567,969 | ||
Total accumulated earnings (loss) | 1,188,133,462 | |||
Net Assets | $ | 6,157,701,431 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($1,384,683,436 ÷ 43,651,119 shares) | $ | 31.72 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($557,890,214 ÷ 17,836,474 shares) | $ | 31.28 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($3,647,881,694 ÷ 120,489,152 shares) | $ | 30.28 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($567,246,087 ÷ 18,044,015 shares) | $ | 31.44 |
Statement of Operations | ||||
Six months ended June 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 41,593,368 | ||
Income from Fidelity Central Funds (including $142,346 from security lending) | 427,663 | |||
Total Income | 42,021,031 | |||
Expenses | ||||
Management fee | $ | 18,813,050 | ||
Transfer agent fees | 2,459,516 | |||
Distribution and service plan fees | 5,653,708 | |||
Accounting fees | 574,581 | |||
Custodian fees and expenses | 33,614 | |||
Independent trustees' fees and expenses | 12,603 | |||
Audit | 32,773 | |||
Legal | 4,135 | |||
Miscellaneous | 14,688 | |||
Total expenses before reductions | 27,598,668 | |||
Expense reductions | (114,112) | |||
Total expenses after reductions | 27,484,556 | |||
Net Investment income (loss) | 14,536,475 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 307,451,828 | |||
Foreign currency transactions | (197,684) | |||
Total net realized gain (loss) | 307,254,144 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (2,007,886,164) | |||
Affiliated issuers | (12,811,382) | |||
Assets and liabilities in foreign currencies | (26,141) | |||
Total change in net unrealized appreciation (depreciation) | (2,020,723,687) | |||
Net gain (loss) | (1,713,469,543) | |||
Net increase (decrease) in net assets resulting from operations | $ | (1,698,933,068) |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 14,536,475 | $ | 28,538,173 |
Net realized gain (loss) | 307,254,144 | 1,533,676,460 | ||
Change in net unrealized appreciation (depreciation) | (2,020,723,687) | 279,604,374 | ||
Net increase (decrease) in net assets resulting from operations | (1,698,933,068) | 1,841,819,007 | ||
Distributions to shareholders | (178,901,367) | (1,305,048,342) | ||
Share transactions - net increase (decrease) | (211,215,677) | 86,384,864 | ||
Total increase (decrease) in net assets | (2,089,050,112) | 623,155,529 | ||
Net Assets | ||||
Beginning of period | 8,246,751,543 | 7,623,596,014 | ||
End of period | $ | 6,157,701,431 | $ | 8,246,751,543 |
Mid Cap Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 41.17 | $ | 38.72 | $ | 32.95 | $ | 30.19 | $ | 38.94 | $ | 33.98 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .23 | .15 | .27 | .23 | .26 | ||||||
Net realized and unrealized gain (loss) | (8.67) | 9.57 | 5.83 | 6.39 | (5.47) | 6.59 | ||||||
Total from investment operations | (8.57) | 9.80 | 5.98 | 6.66 | (5.24) | 6.85 | ||||||
Distributions from net investment income | - | (.28) | (.21) | (.28) | (.24) | (.26) | ||||||
Distributions from net realized gain | (.88) | (7.07) | - | (3.63) | (3.27) | (1.63) | ||||||
Total distributions | (.88) | (7.35) | (.21) | (3.90) C | (3.51) | (1.89) | ||||||
Net asset value, end of period | $ | 31.72 | $ | 41.17 | $ | 38.72 | $ | 32.95 | $ | 30.19 | $ | 38.94 |
Total Return D,E,F | (21.13)% | 25.60% | 18.19% | 23.45% | (14.54)% | 20.81% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .61% I | .61% | .62% | .62% | .62% | .63% | ||||||
Expenses net of fee waivers, if any | .60% I | .60% | .62% | .62% | .62% | .63% | ||||||
Expenses net of all reductions | .60% I | .60% | .62% | .61% | .62% | .62% | ||||||
Net investment income (loss) | .57% I | .52% | .48% | .88% | .62% | .74% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,384,683 | $ | 1,810,651 | $ | 1,579,450 | $ | 843,080 | $ | 1,141,305 | $ | 1,463,407 |
Portfolio turnover rate J | 38% I | 37% K | 44% | 34% | 47% | 31% |
Mid Cap Portfolio Service Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.63 | $ | 38.28 | $ | 32.59 | $ | 29.90 | $ | 38.60 | $ | 33.70 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .08 | .18 | .12 | .24 | .19 | .23 | ||||||
Net realized and unrealized gain (loss) | (8.55) | 9.47 | 5.74 | 6.33 | (5.42) | 6.52 | ||||||
Total from investment operations | (8.47) | 9.65 | 5.86 | 6.57 | (5.23) | 6.75 | ||||||
Distributions from net investment income | - | (.23) | (.17) | (.25) | (.20) | (.22) | ||||||
Distributions from net realized gain | (.88) | (7.07) | - | (3.63) | (3.27) | (1.63) | ||||||
Total distributions | (.88) | (7.30) | (.17) | (3.88) | (3.47) | (1.85) | ||||||
Net asset value, end of period | $ | 31.28 | $ | 40.63 | $ | 38.28 | $ | 32.59 | $ | 29.90 | $ | 38.60 |
Total Return C,D,E | (21.16)% | 25.51% | 18.04% | 23.35% | (14.64)% | 20.70% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .71% H | .71% | .72% | .72% | .72% | .73% | ||||||
Expenses net of fee waivers, if any | .70% H | .70% | .72% | .72% | .72% | .73% | ||||||
Expenses net of all reductions | .70% H | .70% | .72% | .71% | .72% | .72% | ||||||
Net investment income (loss) | .47% H | .42% | .38% | .78% | .52% | .64% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 557,890 | $ | 726,039 | $ | 642,654 | $ | 564,678 | $ | 504,156 | $ | 629,727 |
Portfolio turnover rate I | 38% H | 37% J | 44% | 34% | 47% | 31% |
Mid Cap Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 39.39 | $ | 37.29 | $ | 31.75 | $ | 29.22 | $ | 37.79 | $ | 33.03 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .06 | .11 | .07 | .19 | .13 | .17 | ||||||
Net realized and unrealized gain (loss) | (8.29) | 9.22 | 5.59 | 6.18 | (5.28) | 6.39 | ||||||
Total from investment operations | (8.23) | 9.33 | 5.66 | 6.37 | (5.15) | 6.56 | ||||||
Distributions from net investment income | - | (.16) | (.12) | (.21) | (.15) | (.17) | ||||||
Distributions from net realized gain | (.88) | (7.07) | - | (3.63) | (3.27) | (1.63) | ||||||
Total distributions | (.88) | (7.23) | (.12) | (3.84) | (3.42) | (1.80) | ||||||
Net asset value, end of period | $ | 30.28 | $ | 39.39 | $ | 37.29 | $ | 31.75 | $ | 29.22 | $ | 37.79 |
Total Return C,D,E | (21.22)% | 25.31% | 17.87% | 23.17% | (14.77)% | 20.54% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .86% H | .86% | .87% | .87% | .87% | .88% | ||||||
Expenses net of fee waivers, if any | .85% H | .85% | .87% | .87% | .87% | .88% | ||||||
Expenses net of all reductions | .85% H | .85% | .87% | .86% | .87% | .87% | ||||||
Net investment income (loss) | .32% H | .27% | .23% | .63% | .37% | .49% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 3,647,882 | $ | 4,970,428 | $ | 4,807,908 | $ | 5,282,468 | $ | 4,526,446 | $ | 6,070,380 |
Portfolio turnover rate I | 38% H | 37% J | 44% | 34% | 47% | 31% |
Mid Cap Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.83 | $ | 38.44 | $ | 32.72 | $ | 30.01 | $ | 38.72 | $ | 33.80 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .09 | .20 | .12 | .25 | .20 | .23 | ||||||
Net realized and unrealized gain (loss) | (8.60) | 9.51 | 5.78 | 6.34 | (5.43) | 6.55 | ||||||
Total from investment operations | (8.51) | 9.71 | 5.90 | 6.59 | (5.23) | 6.78 | ||||||
Distributions from net investment income | - | (.24) | (.18) | (.26) | (.21) | (.23) | ||||||
Distributions from net realized gain | (.88) | (7.07) | - | (3.63) | (3.27) | (1.63) | ||||||
Total distributions | (.88) | (7.32) C | (.18) | (3.88) C | (3.48) | (1.86) | ||||||
Net asset value, end of period | $ | 31.44 | $ | 40.83 | $ | 38.44 | $ | 32.72 | $ | 30.01 | $ | 38.72 |
Total Return D,E,F | (21.16)% | 25.54% | 18.08% | 23.35% | (14.60)% | 20.72% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .68% I | .68% | .70% | .70% | .70% | .71% | ||||||
Expenses net of fee waivers, if any | .68% I | .68% | .70% | .70% | .70% | .71% | ||||||
Expenses net of all reductions | .68% I | .68% | .69% | .69% | .70% | .71% | ||||||
Net investment income (loss) | .50% I | .44% | .41% | .80% | .54% | .65% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 567,246 | $ | 739,633 | $ | 593,584 | $ | 583,760 | $ | 530,794 | $ | 658,785 |
Portfolio turnover rate J | 38% I | 37% K | 44% | 34% | 47% | 31% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
VIP Mid Cap Portfolio | $60,166 |
Gross unrealized appreciation | $1,338,438,939 |
Gross unrealized depreciation | (444,708,997) |
Net unrealized appreciation (depreciation) | $893,729,942 |
Tax cost | $5,586,696,024 |
Purchases ($) | Sales ($) | |
VIP Mid Cap Portfolio | 1,357,976,145 | 1,772,835,965 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
VIP Mid Cap Portfolio | 6,032,548 | 124,938,878 | 276,471,713 | Service Class 2 |
Service Class | $320,816 |
Service Class 2 | 5,332,892 |
$5,653,708 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $494,053 | .06 |
Service Class | 198,550 | .06 |
Service Class 2 | 1,319,604 | .06 |
Investor Class | 447,309 | .14 |
$2,459,516 |
% of Average Net Assets | |
VIP Mid Cap Portfolio | .02 |
Amount | |
VIP Mid Cap Portfolio | $39,700 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Mid Cap Portfolio | 89,553,663 | 166,823,323 | (155,712) |
Amount | |
VIP Mid Cap Portfolio | $6,537 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Mid Cap Portfolio | $14,760 | $- | $- |
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Mid Cap Portfolio | ||
Distributions to shareholders | ||
Initial Class | $38,528,561 | $282,249,519 |
Service Class | 15,684,943 | 113,643,288 |
Service Class 2 | 108,754,144 | 793,950,040 |
Investor Class | 15,933,719 | 115,205,495 |
Total | $178,901,367 | $1,305,048,342 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Mid Cap Portfolio | ||||
Initial Class | ||||
Shares sold | 1,064,909 | 1,506,397 | $38,283,502 | $66,737,492 |
Reinvestment of distributions | 1,034,608 | 6,777,394 | 38,528,561 | 282,249,519 |
Shares redeemed | (2,424,056) | (5,103,968) | (88,176,888) | (224,427,231) |
Net increase (decrease). | (324,539) | 3,179,823 | $(11,364,825) | $124,559,780 |
Service Class | ||||
Shares sold | 1,323,574 | 609,556 | $47,131,608 | $26,928,108 |
Reinvestment of distributions | 427,034 | 2,765,282 | 15,684,943 | 113,643,288 |
Shares redeemed | (1,783,044) | (2,293,170) | (62,643,679) | (100,931,802) |
Net increase (decrease). | (32,436) | 1,081,668 | $172,872 | $39,639,594 |
Service Class 2 | ||||
Shares sold | 3,547,968 | 4,678,886 | $123,435,711 | $199,891,636 |
Reinvestment of distributions | 3,056,609 | 19,921,529 | 108,754,144 | 793,950,039 |
Shares redeemed | (12,302,276) | (27,356,107) | (430,512,580) | (1,181,194,025) |
Net increase (decrease). | (5,697,699) | (2,755,692) | $(198,322,725) | $(187,352,350) |
Investor Class | ||||
Shares sold | 240,307 | 921,130 | $8,807,186 | $40,113,978 |
Reinvestment of distributions | 431,580 | 2,789,747 | 15,933,719 | 115,205,495 |
Shares redeemed | (743,502) | (1,036,797) | (26,441,904) | (45,781,633) |
Net increase (decrease). | (71,615) | 2,674,080 | $(1,700,999) | $109,537,840 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Mid Cap Portfolio | 13% | 1 | 13 |
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, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Mid Cap Portfolio | ||||||||||
Initial Class | .60% | |||||||||
Actual | $ 1,000 | $ 788.70 | $ 2.66 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.82 | $ 3.01 | |||||||
Service Class | .70% | |||||||||
Actual | $ 1,000 | $ 788.40 | $ 3.10 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.32 | $ 3.51 | |||||||
Service Class 2 | .85% | |||||||||
Actual | $ 1,000 | $ 787.80 | $ 3.77 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.58 | $ 4.26 | |||||||
Investor Class | .68% | |||||||||
Actual | $ 1,000 | $ 788.40 | $ 3.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.42 | $ 3.41 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 8.8 | |
Alphabet, Inc. Class C | 6.3 | |
T-Mobile U.S., Inc. | 4.0 | |
NVIDIA Corp. | 3.2 | |
Amazon.com, Inc. | 2.7 | |
Tesla, Inc. | 2.4 | |
Freeport-McMoRan, Inc. | 2.4 | |
Alphabet, Inc. Class A | 2.3 | |
Roku, Inc. Class A | 2.2 | |
Exxon Mobil Corp. | 2.0 | |
36.3 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 37.1 | |
Communication Services | 18.6 | |
Consumer Discretionary | 11.4 | |
Health Care | 11.4 | |
Energy | 8.9 | |
Materials | 4.3 | |
Utilities | 2.6 | |
Industrials | 2.5 | |
Financials | 1.4 | |
Consumer Staples | 0.4 | |
Real Estate | 0.1 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 12.5% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 94.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 18.6% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry Group Holdings, Inc. Class A (a) | 45,731 | 188,412 | |
Starry, Inc. | 164,890 | 645,379 | |
833,791 | |||
Entertainment - 3.1% | |||
Roku, Inc. Class A (a)(b) | 515,224 | 42,320,499 | |
Sea Ltd. ADR (a) | 270,088 | 18,058,084 | |
60,378,583 | |||
Interactive Media & Services - 10.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 20,776 | 45,276,306 | |
Class C (a) | 56,923 | 124,516,216 | |
Meta Platforms, Inc. Class A (a) | 179,779 | 28,989,364 | |
Zoominfo Technologies, Inc. (a)(b) | 408,700 | 13,585,188 | |
212,367,074 | |||
Media - 0.7% | |||
Innovid Corp. (c) | 141,062 | 234,163 | |
Magnite, Inc. (a) | 587,050 | 5,213,004 | |
TechTarget, Inc. (a) | 135,128 | 8,880,612 | |
14,327,779 | |||
Wireless Telecommunication Services - 4.0% | |||
T-Mobile U.S., Inc. (a) | 586,988 | 78,973,366 | |
TOTAL COMMUNICATION SERVICES | 366,880,593 | ||
CONSUMER DISCRETIONARY - 10.3% | |||
Automobiles - 2.4% | |||
Neutron Holdings, Inc. (a)(c)(d) | 106,587 | 3,070 | |
Rad Power Bikes, Inc. (a)(c)(d) | 56,834 | 296,105 | |
Tesla, Inc. (a) | 70,525 | 47,492,946 | |
47,792,121 | |||
Diversified Consumer Services - 0.0% | |||
The Beachbody Co., Inc. (a)(c) | 119,354 | 143,225 | |
Hotels, Restaurants & Leisure - 0.6% | |||
Airbnb, Inc. Class A (a) | 114,900 | 10,235,292 | |
Sonder Holdings, Inc. | 222,530 | 219,860 | |
Sonder Holdings, Inc.: | |||
rights (a)(d) | 2,658 | 1,515 | |
rights (a)(d) | 2,658 | 1,356 | |
rights (a)(d) | 2,657 | 1,222 | |
rights (a)(d) | 2,657 | 1,089 | |
rights (a)(d) | 2,657 | 1,010 | |
rights (a)(d) | 2,657 | 930 | |
Sweetgreen, Inc. Class A | 110,404 | 1,286,207 | |
11,748,481 | |||
Household Durables - 0.1% | |||
Purple Innovation, Inc. (a)(b) | 246,010 | 752,791 | |
Internet & Direct Marketing Retail - 6.2% | |||
Amazon.com, Inc. (a) | 504,360 | 53,568,076 | |
Cazoo Group Ltd. (a)(c) | 37,900 | 27,288 | |
Cazoo Group Ltd. Class A (a)(b) | 1,840,267 | 1,324,992 | |
Doordash, Inc. (a)(b) | 199,800 | 12,821,166 | |
FSN E-Commerce Ventures Private Ltd. (a)(c) | 362,370 | 5,810,838 | |
Global-e Online Ltd. (a)(b) | 454,933 | 9,175,999 | |
Lyft, Inc. (a) | 574,516 | 7,629,572 | |
Uber Technologies, Inc. (a) | 1,373,593 | 28,103,713 | |
Wayfair LLC Class A (a) | 76,874 | 3,348,631 | |
Zomato Ltd. (a)(c) | 1,567,800 | 1,015,700 | |
122,825,975 | |||
Specialty Retail - 0.5% | |||
Auto1 Group SE (a)(b)(e) | 1,339,700 | 9,806,511 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 900 | 247,329 | |
10,053,840 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Bombas LLC (a)(c)(d) | 745,906 | 3,319,282 | |
lululemon athletica, Inc. (a) | 25,772 | 7,025,705 | |
10,344,987 | |||
TOTAL CONSUMER DISCRETIONARY | 203,661,420 | ||
CONSUMER STAPLES - 0.2% | |||
Beverages - 0.1% | |||
Boston Beer Co., Inc. Class A (a) | 5,700 | 1,726,929 | |
Food & Staples Retailing - 0.0% | |||
Blink Health LLC Series A1 (a)(c)(d) | 8,327 | 315,926 | |
Food Products - 0.1% | |||
Local Bounti Corp. (a) | 284,498 | 904,704 | |
Household Products - 0.0% | |||
Procter & Gamble Co. | 1,700 | 244,443 | |
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(c)(d) | 560 | 2,722 | |
Philip Morris International, Inc. | 2,700 | 266,598 | |
269,320 | |||
TOTAL CONSUMER STAPLES | 3,461,322 | ||
ENERGY - 8.9% | |||
Energy Equipment & Services - 0.1% | |||
NOV, Inc. | 48,400 | 818,444 | |
Oil, Gas & Consumable Fuels - 8.8% | |||
Antero Resources Corp. (a) | 919,900 | 28,194,935 | |
Canadian Natural Resources Ltd. | 429,100 | 23,058,458 | |
Cenovus Energy, Inc. (Canada) | 966,100 | 18,380,818 | |
Cheniere Energy, Inc. | 9,500 | 1,263,785 | |
ConocoPhillips Co. | 21,700 | 1,948,877 | |
Exxon Mobil Corp. | 455,400 | 39,000,456 | |
Hess Corp. | 290,200 | 30,743,788 | |
Imperial Oil Ltd. | 128,600 | 6,062,343 | |
Ovintiv, Inc. | 234,000 | 10,340,460 | |
Pioneer Natural Resources Co. | 15,200 | 3,390,816 | |
Range Resources Corp. (a) | 37,800 | 935,550 | |
Tourmaline Oil Corp. | 209,600 | 10,898,484 | |
174,218,770 | |||
TOTAL ENERGY | 175,037,214 | ||
FINANCIALS - 1.3% | |||
Banks - 1.3% | |||
Starling Bank Ltd. Series D (a)(c)(d) | 1,101,900 | 3,162,887 | |
Wells Fargo & Co. | 559,900 | 21,931,283 | |
25,094,170 | |||
HEALTH CARE - 11.3% | |||
Biotechnology - 2.7% | |||
ADC Therapeutics SA (a) | 37,288 | 296,440 | |
Agios Pharmaceuticals, Inc. (a) | 88,200 | 1,955,394 | |
Alnylam Pharmaceuticals, Inc. (a) | 67,651 | 9,866,898 | |
ALX Oncology Holdings, Inc. (a) | 85,500 | 691,695 | |
Arcutis Biotherapeutics, Inc. (a) | 40,700 | 867,317 | |
Argenx SE ADR (a) | 18,031 | 6,831,585 | |
Ascendis Pharma A/S sponsored ADR (a) | 16,125 | 1,498,980 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 235,500 | 2,366,775 | |
Blueprint Medicines Corp. (a) | 11,900 | 601,069 | |
Celldex Therapeutics, Inc. (a) | 107,200 | 2,890,112 | |
Cyteir Therapeutics, Inc. | 17,000 | 50,830 | |
Cytokinetics, Inc. (a) | 131,600 | 5,170,564 | |
Erasca, Inc. | 182,000 | 1,013,740 | |
Exelixis, Inc. (a) | 156,600 | 3,260,412 | |
Fusion Pharmaceuticals, Inc. (a) | 22,300 | 55,527 | |
Icosavax, Inc. (a)(b) | 68,900 | 394,797 | |
Imago BioSciences, Inc. | 95,900 | 1,284,101 | |
Instil Bio, Inc. (a) | 200,100 | 924,462 | |
Keros Therapeutics, Inc. (a) | 35,500 | 980,865 | |
Mirati Therapeutics, Inc. (a) | 22,300 | 1,496,999 | |
Monte Rosa Therapeutics, Inc. | 54,800 | 529,916 | |
Morphic Holding, Inc. (a) | 27,000 | 585,900 | |
Nuvalent, Inc. Class A (a) | 41,384 | 561,167 | |
PTC Therapeutics, Inc. (a) | 9,000 | 360,540 | |
Relay Therapeutics, Inc. (a) | 117,900 | 1,974,825 | |
Tenaya Therapeutics, Inc. (a) | 56,600 | 318,658 | |
TG Therapeutics, Inc. (a) | 89,800 | 381,650 | |
Vaxcyte, Inc. (a) | 132,104 | 2,874,583 | |
Zentalis Pharmaceuticals, Inc. (a) | 87,700 | 2,464,370 | |
52,550,171 | |||
Health Care Equipment & Supplies - 2.0% | |||
Boston Scientific Corp. (a) | 572,792 | 21,347,958 | |
Insulet Corp. (a) | 26,800 | 5,840,792 | |
Penumbra, Inc. (a) | 24,900 | 3,100,548 | |
TransMedics Group, Inc. (a)(b) | 316,841 | 9,964,649 | |
40,253,947 | |||
Health Care Providers & Services - 5.9% | |||
agilon health, Inc. (a)(b) | 840,000 | 18,337,200 | |
Alignment Healthcare, Inc. (a) | 127,600 | 1,455,916 | |
Cano Health, Inc. (a) | 881,700 | 3,861,846 | |
Centene Corp. (a) | 286,100 | 24,206,921 | |
Guardant Health, Inc. (a) | 104,900 | 4,231,666 | |
Humana, Inc. | 56,672 | 26,526,463 | |
LifeStance Health Group, Inc. (b) | 1,122,084 | 6,238,787 | |
Oak Street Health, Inc. (a)(b) | 819,900 | 13,479,156 | |
P3 Health Partners, Inc. (a)(c) | 285,914 | 1,010,420 | |
Sema4 Holdings Corp. (a)(c) | 30,200 | 38,052 | |
Surgery Partners, Inc. (a) | 38,000 | 1,098,960 | |
The Oncology Institute, Inc. (c) | 112,536 | 569,432 | |
UnitedHealth Group, Inc. | 31,348 | 16,101,273 | |
117,156,092 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 31,600 | 8,011,232 | |
Sartorius Stedim Biotech | 9,826 | 3,081,939 | |
11,093,171 | |||
Pharmaceuticals - 0.1% | |||
Arvinas Holding Co. LLC (a) | 39,400 | 1,658,346 | |
Nabriva Therapeutics PLC (a)(b) | 163,155 | 29,694 | |
Nuvation Bio, Inc. (a) | 40,528 | 131,311 | |
1,819,351 | |||
TOTAL HEALTH CARE | 222,872,732 | ||
INDUSTRIALS - 1.5% | |||
Aerospace & Defense - 1.3% | |||
Lockheed Martin Corp. | 20,200 | 8,685,192 | |
Northrop Grumman Corp. | 19,000 | 9,092,830 | |
Raytheon Technologies Corp. | 63,600 | 6,112,596 | |
Space Exploration Technologies Corp. Class A (a)(c)(d) | 13,000 | 910,000 | |
The Boeing Co. (a) | 9,500 | 1,298,840 | |
26,099,458 | |||
Air Freight & Logistics - 0.1% | |||
Delhivery Private Ltd. (c) | 151,900 | 877,409 | |
Deutsche Post AG | 6,000 | 226,537 | |
FedEx Corp. | 800 | 181,368 | |
1,285,314 | |||
Building Products - 0.0% | |||
View, Inc. (a)(c) | 179,413 | 276,117 | |
Marine - 0.1% | |||
Golden Ocean Group Ltd. (b) | 163,400 | 1,901,976 | |
Road & Rail - 0.0% | |||
Bird Global, Inc. (a)(c) | 87,563 | 38,177 | |
Bird Global, Inc.: | |||
rights (a)(d) | 15,639 | 469 | |
rights (a)(d) | 15,639 | 156 | |
rights (a)(d) | 15,638 | 0 | |
38,802 | |||
TOTAL INDUSTRIALS | 29,601,667 | ||
INFORMATION TECHNOLOGY - 35.9% | |||
Communications Equipment - 0.1% | |||
Cisco Systems, Inc. | 50,400 | 2,149,056 | |
Electronic Equipment & Components - 1.1% | |||
Flex Ltd. (a) | 764,652 | 11,064,514 | |
Jabil, Inc. | 197,500 | 10,113,975 | |
21,178,489 | |||
IT Services - 9.6% | |||
Block, Inc. Class A (a) | 114,400 | 7,031,024 | |
Cloudflare, Inc. (a) | 26,000 | 1,137,500 | |
Cognizant Technology Solutions Corp. Class A | 174,900 | 11,804,001 | |
Cyxtera Technologies, Inc. (a)(c) | 143,648 | 1,628,968 | |
Dlocal Ltd. (b) | 333,865 | 8,763,956 | |
EPAM Systems, Inc. (a) | 19,900 | 5,866,122 | |
Flywire Corp. (a) | 122,127 | 2,153,099 | |
Globant SA (a) | 1,200 | 208,800 | |
GoDaddy, Inc. (a) | 296,006 | 20,590,177 | |
Marqeta, Inc. Class A (b) | 588,260 | 4,770,789 | |
MasterCard, Inc. Class A | 80,556 | 25,413,807 | |
MongoDB, Inc. Class A (a) | 43,600 | 11,314,200 | |
Nuvei Corp. (a)(e) | 431,526 | 15,595,548 | |
Payoneer Global, Inc. (a)(c) | 65,400 | 256,368 | |
Repay Holdings Corp. (a) | 435,600 | 5,597,460 | |
Shift4 Payments, Inc. (a)(b) | 161,500 | 5,339,190 | |
Shopify, Inc. Class A (a) | 65,000 | 2,030,600 | |
Snowflake, Inc. (a) | 75,900 | 10,554,654 | |
TaskUs, Inc. (b) | 302,324 | 5,097,183 | |
Thoughtworks Holding, Inc. (b) | 128,015 | 1,806,292 | |
Thoughtworks Holding, Inc. (e) | 56,655 | 799,402 | |
Twilio, Inc. Class A (a) | 126,877 | 10,633,561 | |
Visa, Inc. Class A | 151,533 | 29,835,332 | |
188,228,033 | |||
Semiconductors & Semiconductor Equipment - 9.0% | |||
Advanced Micro Devices, Inc. (a) | 70,100 | 5,360,547 | |
Applied Materials, Inc. | 174,995 | 15,921,045 | |
GlobalFoundries, Inc. | 453,500 | 18,294,190 | |
Lam Research Corp. | 29,244 | 12,462,331 | |
Marvell Technology, Inc. | 311,170 | 13,545,230 | |
Micron Technology, Inc. | 136,855 | 7,565,344 | |
NVIDIA Corp. | 419,652 | 63,615,047 | |
NXP Semiconductors NV | 156,845 | 23,217,765 | |
onsemi (a) | 360,939 | 18,158,841 | |
178,140,340 | |||
Software - 14.7% | |||
Bill.Com Holdings, Inc. (a) | 40,600 | 4,463,564 | |
BTRS Holdings, Inc. (a)(b) | 33,851 | 168,578 | |
CCC Intelligent Solutions Holdings, Inc. (a)(c) | 26,636 | 245,051 | |
Confluent, Inc. (b) | 61,300 | 1,424,612 | |
Datadog, Inc. Class A (a) | 56,000 | 5,333,440 | |
DoubleVerify Holdings, Inc. (a) | 348,056 | 7,890,430 | |
Dynatrace, Inc. (a) | 665,200 | 26,235,488 | |
Elastic NV (a) | 124,381 | 8,416,862 | |
Epic Games, Inc. (a)(c)(d) | 8,216 | 7,640,880 | |
Five9, Inc. (a) | 37,600 | 3,426,864 | |
GitLab, Inc. | 37,800 | 2,008,692 | |
HubSpot, Inc. (a) | 16,093 | 4,838,360 | |
Intapp, Inc. | 314,300 | 4,601,352 | |
Intuit, Inc. | 30,290 | 11,674,978 | |
Microsoft Corp. | 676,244 | 173,679,745 | |
Paycom Software, Inc. (a) | 700 | 196,084 | |
Pine Labs Private Ltd. (c)(d) | 2,299 | 1,286,520 | |
Riskified Ltd.: | |||
Class A (e) | 3,675 | 16,317 | |
Class B | 143,774 | 638,357 | |
Salesforce.com, Inc. (a) | 47,931 | 7,910,532 | |
SentinelOne, Inc. (b) | 15,000 | 349,950 | |
ServiceNow, Inc. (a) | 23,018 | 10,945,519 | |
Stripe, Inc. Class B (a)(c)(d) | 10,400 | 265,928 | |
The Trade Desk, Inc. (a) | 147,750 | 6,189,248 | |
Viant Technology, Inc. (a) | 169,415 | 860,628 | |
290,707,979 | |||
Technology Hardware, Storage & Peripherals - 1.4% | |||
Apple, Inc. | 197,304 | 26,975,403 | |
IonQ, Inc. (a)(c) | 87,900 | 385,002 | |
27,360,405 | |||
TOTAL INFORMATION TECHNOLOGY | 707,764,302 | ||
MATERIALS - 4.2% | |||
Chemicals - 1.0% | |||
CF Industries Holdings, Inc. | 68,500 | 5,872,505 | |
Nutrien Ltd. | 126,600 | 10,088,754 | |
The Mosaic Co. | 67,100 | 3,169,133 | |
19,130,392 | |||
Metals & Mining - 3.2% | |||
Alcoa Corp. | 180,300 | 8,218,074 | |
ArcelorMittal SA Class A unit GDR | 392,700 | 8,875,020 | |
Freeport-McMoRan, Inc. | 1,618,400 | 47,354,384 | |
64,447,478 | |||
Paper & Forest Products - 0.0% | |||
West Fraser Timber Co. Ltd. (b) | 3,300 | 253,217 | |
TOTAL MATERIALS | 83,831,087 | ||
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
Opendoor Technologies, Inc. (a)(b) | 100,900 | 475,239 | |
WeWork, Inc. (a) | 259,600 | 1,303,192 | |
1,778,431 | |||
UTILITIES - 2.6% | |||
Electric Utilities - 1.8% | |||
Constellation Energy Corp. | 54,233 | 3,105,382 | |
Exelon Corp. | 46,000 | 2,084,720 | |
NextEra Energy, Inc. | 14,100 | 1,092,186 | |
ORSTED A/S (e) | 92,794 | 9,773,428 | |
PG&E Corp. (a) | 1,905,000 | 19,011,900 | |
35,067,616 | |||
Independent Power and Renewable Electricity Producers - 0.8% | |||
NextEra Energy Partners LP | 229,700 | 17,034,552 | |
Vistra Corp. | 200 | 4,570 | |
17,039,122 | |||
TOTAL UTILITIES | 52,106,738 | ||
TOTAL COMMON STOCKS (Cost $1,624,348,788) | 1,872,089,676 | ||
Preferred Stocks - 3.6% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 2.5% | |||
CONSUMER DISCRETIONARY - 0.4% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(c)(d) | 7,410 | 38,606 | |
Series C(a)(c)(d) | 29,156 | 151,903 | |
Series D(c)(d) | 54,800 | 285,508 | |
476,017 | |||
Internet & Direct Marketing Retail - 0.3% | |||
Circle Internet Financial Ltd. Series F (c) | 20,489 | 988,721 | |
GoBrands, Inc. Series G (a)(c)(d) | 10,300 | 2,212,852 | |
Instacart, Inc.: | |||
Series H(a)(c)(d) | 39,942 | 2,098,153 | |
Series I(a)(c)(d) | 13,388 | 703,272 | |
6,002,998 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
CelLink Corp. Series D (c)(d) | 49,900 | 1,039,113 | |
TOTAL CONSUMER DISCRETIONARY | 7,518,128 | ||
CONSUMER STAPLES - 0.2% | |||
Food & Staples Retailing - 0.1% | |||
Blink Health LLC Series C (a)(c)(d) | 40,445 | 1,534,483 | |
Food Products - 0.1% | |||
Bowery Farming, Inc. Series C1 (a)(c)(d) | 57,277 | 1,896,441 | |
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Series C(a)(c)(d) | 131,549 | 639,328 | |
Series D(a)(c)(d) | 741 | 3,601 | |
642,929 | |||
TOTAL CONSUMER STAPLES | 4,073,853 | ||
HEALTH CARE - 0.1% | |||
Health Care Technology - 0.1% | |||
Aledade, Inc. Series E1 (c)(d) | 19,932 | 992,813 | |
INDUSTRIALS - 1.0% | |||
Aerospace & Defense - 0.6% | |||
Relativity Space, Inc. Series E (a)(c)(d) | 149,903 | 2,734,231 | |
Space Exploration Technologies Corp.: | |||
Series I(a)(c)(d) | 3,941 | 2,758,700 | |
Series N(a)(c)(d) | 8,100 | 5,670,000 | |
11,162,931 | |||
Construction & Engineering - 0.3% | |||
Beta Technologies, Inc. Series A (a)(c)(d) | 64,780 | 6,683,353 | |
Road & Rail - 0.1% | |||
Convoy, Inc. Series D (a)(c)(d) | 197,216 | 2,137,821 | |
TOTAL INDUSTRIALS | 19,984,105 | ||
INFORMATION TECHNOLOGY - 0.7% | |||
Communications Equipment - 0.1% | |||
Meesho Series F (c)(d) | 32,200 | 2,241,120 | |
Xsight Labs Ltd. Series D (a)(c)(d) | 74,300 | 555,764 | |
2,796,884 | |||
Electronic Equipment & Components - 0.1% | |||
Enevate Corp. Series E (a)(c)(d) | 1,172,546 | 1,299,983 | |
IT Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 17,456 | 2,660,993 | |
Yanka Industries, Inc.: | |||
Series E(a)(c)(d) | 53,172 | 1,013,458 | |
Series F(a)(c)(d) | 55,568 | 1,059,126 | |
4,733,577 | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc.: | |||
Series F1(c)(d) | 44,969 | 301,742 | |
Series F2(c)(d) | 23,746 | 159,336 | |
SiMa.ai: | |||
Series B(a)(c)(d) | 171,100 | 1,213,253 | |
Series B1(c)(d) | 11,461 | 81,269 | |
1,755,600 | |||
Software - 0.2% | |||
Databricks, Inc. Series G (a)(c)(d) | 9,000 | 1,423,980 | |
Mountain Digital, Inc. Series D (c)(d) | 118,780 | 1,734,188 | |
Stripe, Inc. Series H (a)(c)(d) | 4,500 | 115,065 | |
Tenstorrent, Inc. Series C1 (a)(c)(d) | 4,700 | 264,516 | |
3,537,749 | |||
TOTAL INFORMATION TECHNOLOGY | 14,123,793 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(c)(d) | 99,028 | 2,831,211 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 49,523,903 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
CONSUMER DISCRETIONARY - 0.6% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc. Series 1C (a)(c)(d) | 1,673,000 | 48,182 | |
Waymo LLC Series A2 (a)(c)(d) | 7,496 | 687,548 | |
735,730 | |||
Internet & Direct Marketing Retail - 0.5% | |||
Circle Internet Financial Ltd. Series E (c) | 214,805 | 10,365,673 | |
TOTAL CONSUMER DISCRETIONARY | 11,101,403 | ||
FINANCIALS - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Thriveworks TopCo LLC Series B (c)(d)(f) | 105,185 | 3,019,147 | |
INFORMATION TECHNOLOGY - 0.4% | |||
IT Services - 0.1% | |||
Gupshup, Inc. (a)(c)(d) | 70,900 | 1,383,259 | |
Software - 0.3% | |||
Pine Labs Private Ltd.: | |||
Series 1(c)(d) | 5,494 | 3,074,442 | |
Series A(c)(d) | 1,373 | 768,331 | |
Series B(c)(d) | 1,494 | 836,042 | |
Series B2(c)(d) | 1,208 | 675,997 | |
Series C(c)(d) | 2,247 | 1,257,421 | |
Series C1(c)(d) | 473 | 264,691 | |
Series D(c)(d) | 506 | 283,158 | |
7,160,082 | |||
TOTAL INFORMATION TECHNOLOGY | 8,543,341 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 22,663,891 | ||
TOTAL PREFERRED STOCKS (Cost $60,169,184) | 72,187,794 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc.: | |||
4% 10/27/25 (c)(d)(h) | 1,609,900 | 1,482,235 | |
4% 5/22/27 (c)(d) | 130,700 | 151,403 | |
4% 6/12/27 (c)(d) | 35,600 | 41,239 | |
Cost ($1,776,200) | 1,674,877 | ||
Preferred Securities - 0.1% | |||
Principal Amount (g) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Electronic Equipment & Components - 0.0% | |||
Enevate Corp. 0% 1/29/23 (c)(d) | 499,219 | 499,219 | |
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc. 0% (c)(d)(i) | 1,054,022 | 1,054,022 | |
Software - 0.0% | |||
Tenstorrent, Inc. 0% (c)(d)(i) | 260,000 | 260,000 | |
TOTAL PREFERRED SECURITIES (Cost $1,813,241) | 1,813,241 | ||
Money Market Funds - 5.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 1.58% (j) | 9,139,249 | 9,141,077 | |
Fidelity Securities Lending Cash Central Fund 1.58% (j)(k) | 101,111,127 | 101,121,238 | |
TOTAL MONEY MARKET FUNDS (Cost $110,262,315) | 110,262,315 | ||
Equity Funds - 1.0% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 1.0% | |||
iShares Russell 1000 Growth Index ETF (b) (Cost $20,176,590) | 89,900 | 19,661,130 | |
TOTAL INVESTMENT IN SECURITIES - 105.3% (Cost $1,818,546,318) | 2,077,689,033 |
NET OTHER ASSETS (LIABILITIES) - (5.3)% | (105,409,773) |
NET ASSETS - 100.0% | 1,972,279,260 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $105,435,442 or 5.3% of net assets. |
(d) | Level 3 security |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,991,206 or 1.8% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series E1 | 5/20/22 | 992,901 |
Beta Technologies, Inc. Series A | 4/09/21 | 4,746,431 |
Bird Global, Inc. | 5/11/21 | 875,630 |
Blink Health LLC Series A1 | 12/30/20 | 225,578 |
Blink Health LLC Series C | 11/07/19 - 7/14/21 | 1,544,028 |
Bombas LLC | 2/16/21 - 11/12/21 | 3,539,531 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 3,450,899 |
ByteDance Ltd. Series E1 | 11/18/20 | 1,912,727 |
Cazoo Group Ltd. | 3/28/21 | 379,000 |
CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 266,360 |
CelLink Corp. Series D | 1/20/22 | 1,039,113 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 3,486,300 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 863,406 |
Convoy, Inc. Series D | 10/30/19 | 2,670,305 |
Cyxtera Technologies, Inc. | 2/21/21 | 1,436,480 |
Databricks, Inc. Series G | 2/01/21 | 1,596,311 |
Delhivery Private Ltd. | 5/20/21 | 741,460 |
Diamond Foundry, Inc. Series C | 3/15/21 | 2,376,672 |
Enevate Corp. Series E | 1/29/21 | 1,299,984 |
Enevate Corp. 0% 1/29/23 | 1/29/21 | 499,219 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | 6,646,200 |
FSN E-Commerce Ventures Private Ltd. | 10/07/20 - 10/26/20 | 994,523 |
GaN Systems, Inc. Series F1 | 11/30/21 | 381,337 |
GaN Systems, Inc. Series F2 | 11/30/21 | 201,366 |
GaN Systems, Inc. 0% | 11/30/21 | 1,054,022 |
GoBrands, Inc. Series G | 3/02/21 | 2,572,088 |
Gupshup, Inc. | 6/08/21 | 1,621,143 |
Innovid Corp. | 6/24/21 | 1,410,620 |
Instacart, Inc. Series H | 11/13/20 | 2,396,520 |
Instacart, Inc. Series I | 2/26/21 | 1,673,500 |
IonQ, Inc. | 3/07/21 | 879,000 |
JUUL Labs, Inc. Class B | 11/21/17 | 0 |
JUUL Labs, Inc. Series C | 5/22/15 | 0 |
JUUL Labs, Inc. Series D | 6/25/18 | 0 |
Meesho Series F | 9/21/21 | 2,468,848 |
Mountain Digital, Inc. Series D | 11/05/21 | 2,727,818 |
Neutron Holdings, Inc. | 2/04/21 | 1,066 |
Neutron Holdings, Inc. Series 1C | 7/03/18 | 305,891 |
Neutron Holdings, Inc. 4% 10/27/25 | 10/29/21 | 1,609,900 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 130,700 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 35,600 |
P3 Health Partners, Inc. | 5/25/21 | 2,859,140 |
Payoneer Global, Inc. | 2/03/21 | 654,000 |
Pine Labs Private Ltd. | 6/30/21 | 857,205 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 2,048,493 |
Pine Labs Private Ltd. Series A | 6/30/21 | 511,937 |
Pine Labs Private Ltd. Series B | 6/30/21 | 557,053 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 450,415 |
Pine Labs Private Ltd. Series C | 6/30/21 | 837,816 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 176,363 |
Pine Labs Private Ltd. Series D | 6/30/21 | 188,667 |
Rad Power Bikes, Inc. | 1/21/21 | 274,158 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 35,745 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 140,644 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 525,192 |
Relativity Space, Inc. Series E | 5/27/21 | 3,423,050 |
Sema4 Holdings Corp. | 2/09/21 | 302,000 |
SiMa.ai Series B | 5/10/21 | 877,298 |
SiMa.ai Series B1 | 4/25/22 | 81,269 |
Space Exploration Technologies Corp. Class A | 2/16/21 | 545,987 |
Space Exploration Technologies Corp. Series I | 4/05/18 | 666,029 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 2,187,000 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 2,084,120 |
Stripe, Inc. Class B | 5/18/21 | 417,335 |
Stripe, Inc. Series H | 3/15/21 | 180,563 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 279,435 |
Tenstorrent, Inc. 0% | 4/23/21 | 260,000 |
The Beachbody Co., Inc. | 2/09/21 | 1,193,540 |
The Oncology Institute, Inc. | 6/28/21 | 1,125,360 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 3,019,147 |
View, Inc. | 3/05/21 | 1,794,130 |
Waymo LLC Series A2 | 5/08/20 | 643,661 |
Xsight Labs Ltd. Series D | 2/16/21 | 594,103 |
Yanka Industries, Inc. Series E | 5/15/20 | 642,275 |
Yanka Industries, Inc. Series F | 4/08/21 | 1,771,330 |
Zomato Ltd. | 12/09/20 - 2/10/21 | 1,100,721 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 3,496,381 | 210,124,203 | 204,479,507 | 9,801 | - | - | 9,141,077 | 0.0% |
Fidelity Securities Lending Cash Central Fund 1.58% | 124,803,443 | 632,812,339 | 656,494,544 | 393,073 | - | - | 101,121,238 | 0.3% |
Total | 128,299,824 | 842,936,542 | 860,974,051 | 402,874 | - | - | 110,262,315 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 366,880,593 | 366,235,214 | 645,379 | - |
Consumer Discretionary | 222,280,951 | 192,989,443 | 18,400,792 | 10,890,716 |
Consumer Staples | 7,535,175 | 3,142,674 | - | 4,392,501 |
Energy | 175,037,214 | 175,037,214 | - | - |
Financials | 28,113,317 | 21,931,283 | - | 6,182,034 |
Health Care | 223,865,545 | 221,862,312 | 1,010,420 | 992,813 |
Industrials | 49,585,772 | 27,310,979 | 1,380,063 | 20,894,730 |
Information Technology | 730,431,436 | 698,570,974 | - | 31,860,462 |
Materials | 86,662,298 | 83,831,087 | - | 2,831,211 |
Real Estate | 1,778,431 | 1,778,431 | - | - |
Utilities | 52,106,738 | 42,333,310 | 9,773,428 | - |
Corporate Bonds | 1,674,877 | - | - | 1,674,877 |
Preferred Securities | 1,813,241 | - | - | 1,813,241 |
Money Market Funds | 110,262,315 | 110,262,315 | - | - |
Equity Funds | 19,661,130 | 19,661,130 | - | - |
Total Investments in Securities: | 2,077,689,033 | 1,964,946,366 | 31,210,082 | 81,532,585 |
Investments in Securities: | |||
Equities - Industrials | |||
Beginning Balance | $ | 19,804,962 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,816,884 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (727,116) | ||
Ending Balance | $ | 20,894,730 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $ | 1,816,884 | |
Equities - Information Technology | |||
Beginning Balance | $ | 35,813,938 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (4,034,745) | ||
Cost of Purchases | 81,269 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 31,860,462 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $ | (4,034,745) | |
Other Investments in Securities | |||
Beginning Balance | $ | 40,714,229 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (14,696,956) | ||
Cost of Purchases | 2,657,630 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 102,490 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 28,777,393 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $ | (14,696,956) | |
Statement of Assets and Liabilities | ||||
June 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $94,847,700) - See accompanying schedule: | $1,967,426,719 | |||
Unaffiliated issuers (cost $1,708,284,004) | ||||
Fidelity Central Funds (cost $110,262,314) | 110,262,314 | |||
Total Investment in Securities (cost $1,818,546,318) | $ | 2,077,689,033 | ||
Cash | 343,653 | |||
Foreign currency held at value (cost $97,772) | 97,772 | |||
Receivable for investments sold | 2,450,137 | |||
Receivable for fund shares sold | 857,008 | |||
Dividends receivable | 675,935 | |||
Interest receivable | 25,208 | |||
Distributions receivable from Fidelity Central Funds | 50,317 | |||
Other receivables | 2,011 | |||
Total assets | 2,082,191,074 | |||
Liabilities | ||||
Payable for investments purchased | $6,020,721 | |||
Payable for fund shares redeemed | 803,668 | |||
Accrued management fee | 922,380 | |||
Distribution and service plan fees payable | 196,289 | |||
Other affiliated payables | 207,924 | |||
Other payables and accrued expenses | 646,811 | |||
Collateral on securities loaned | 101,114,021 | |||
Total Liabilities | 109,911,814 | |||
Net Assets | $ | 1,972,279,260 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,861,553,377 | ||
Total accumulated earnings (loss) | 110,725,883 | |||
Net Assets | $ | 1,972,279,260 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($274,187,953 ÷ 6,490,370 shares) | $ | 42.25 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($97,161,411 ÷ 2,307,787 shares) | $ | 42.10 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($854,868,966 ÷ 20,774,780 shares) | $ | 41.15 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($746,060,930 ÷ 17,848,591 shares) | $ | 41.80 |
Statement of Operations | ||||
Six months ended June 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 6,048,199 | ||
Interest | 14,801 | |||
Income from Fidelity Central Funds (including $393,073 from security lending) | 402,874 | |||
Total Income | 6,465,874 | |||
Expenses | ||||
Management fee | $ | 6,609,836 | ||
Transfer agent fees | 1,143,938 | |||
Distribution and service plan fees | 1,369,389 | |||
Accounting fees | 368,323 | |||
Custodian fees and expenses | 30,613 | |||
Independent trustees' fees and expenses | 4,659 | |||
Audit | 32,960 | |||
Legal | 4,516 | |||
Interest | 5,460 | |||
Miscellaneous | 5,741 | |||
Total expenses before reductions | 9,575,435 | |||
Expense reductions | (44,442) | |||
Total expenses after reductions | 9,530,993 | |||
Net Investment income (loss) | (3,065,119) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of foreign taxes of $1,824,036) | (101,042,509) | |||
Foreign currency transactions | (138,935) | |||
Total net realized gain (loss) | (101,181,444) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,150,094) | (1,058,922,046) | |||
Unfunded commitments | 97,283 | |||
Assets and liabilities in foreign currencies | (3,056) | |||
Total change in net unrealized appreciation (depreciation) | (1,058,827,819) | |||
Net gain (loss) | (1,160,009,263) | |||
Net increase (decrease) in net assets resulting from operations | $ | (1,163,074,382) |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (3,065,119) | $ | (14,311,071) |
Net realized gain (loss) | (101,181,444) | 518,790,946 | ||
Change in net unrealized appreciation (depreciation) | (1,058,827,819) | (157,766,100) | ||
Net increase (decrease) in net assets resulting from operations | (1,163,074,382) | 346,713,775 | ||
Distributions to shareholders | (455,527,380) | (290,996,278) | ||
Share transactions - net increase (decrease) | 294,534,991 | 275,469,006 | ||
Total increase (decrease) in net assets | (1,324,066,771) | 331,186,503 | ||
Net Assets | ||||
Beginning of period | 3,296,346,031 | 2,965,159,528 | ||
End of period | $ | 1,972,279,260 | $ | 3,296,346,031 |
Growth Opportunities Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 79.25 | $ | 77.54 | $ | 48.86 | $ | 38.01 | $ | 36.08 | $ | 31.06 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.03) | (.24) | (.06) | .09 C | .03 | .13 | ||||||
Net realized and unrealized gain (loss) | (25.88) | 9.38 | 32.11 | 14.54 | 4.19 | 9.54 | ||||||
Total from investment operations | (25.91) | 9.14 | 32.05 | 14.63 | 4.22 | 9.67 | ||||||
Distributions from net investment income | - | - | (.01) | (.07) | (.05) | (.10) | ||||||
Distributions from net realized gain | (11.09) | (7.43) | (3.36) | (3.71) | (2.24) | (4.54) | ||||||
Total distributions | (11.09) | (7.43) | (3.37) | (3.78) | (2.29) | (4.65) D | ||||||
Net asset value, end of period | $ | 42.25 | $ | 79.25 | $ | 77.54 | $ | 48.86 | $ | 38.01 | $ | 36.08 |
Total Return E,F,G | (36.31)% | 11.94% | 68.66% | 40.84% | 12.46% | 34.47% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .62% J | .62% | .64% | .64% | .65% | .67% | ||||||
Expenses net of fee waivers, if any | .62% J | .62% | .64% | .64% | .65% | .66% | ||||||
Expenses net of all reductions | .62% J | .62% | .63% | .64% | .65% | .66% | ||||||
Net investment income (loss) | (.11)% J | (.30)% | (.10)% | .20% C | .09% | .40% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 274,188 | $ | 471,980 | $ | 470,897 | $ | 284,621 | $ | 187,106 | $ | 167,740 |
Portfolio turnover rate K | 89% J | 82% | 65% | 49% | 39% | 54% |
Growth Opportunities Portfolio Service Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 79.06 | $ | 77.37 | $ | 48.77 | $ | 37.95 | $ | 36.02 | $ | 31.01 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.06) | (.32) | (.12) | .04 C | - D | .10 | ||||||
Net realized and unrealized gain (loss) | (25.81) | 9.35 | 32.04 | 14.52 | 4.17 | 9.52 | ||||||
Total from investment operations | (25.87) | 9.03 | 31.92 | 14.56 | 4.17 | 9.62 | ||||||
Distributions from net investment income | - | - | - D | (.02) | (.04) | (.07) | ||||||
Distributions from net realized gain | (11.09) | (7.34) | (3.31) | (3.71) | (2.20) | (4.54) | ||||||
Total distributions | (11.09) | (7.34) | (3.32) E | (3.74) E | (2.24) | (4.61) | ||||||
Net asset value, end of period | $ | 42.10 | $ | 79.06 | $ | 77.37 | $ | 48.77 | $ | 37.95 | $ | 36.02 |
Total Return F,G,H | (36.35)% | 11.83% | 68.49% | 40.70% | 12.35% | 34.36% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .72% K | .72% | .74% | .74% | .75% | .77% | ||||||
Expenses net of fee waivers, if any | .72% K | .72% | .74% | .74% | .75% | .76% | ||||||
Expenses net of all reductions | .72% K | .72% | .73% | .74% | .75% | .76% | ||||||
Net investment income (loss) | (.21)% K | (.40)% | (.20)% | .10% C | (.01)% | .30% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 97,161 | $ | 157,797 | $ | 163,452 | $ | 111,145 | $ | 94,561 | $ | 102,730 |
Portfolio turnover rate L | 89% K | 82% | 65% | 49% | 39% | 54% |
Growth Opportunities Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 77.62 | $ | 76.08 | $ | 48.05 | $ | 37.46 | $ | 35.60 | $ | 30.71 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.09) | (.44) | (.20) | (.02) C | (.06) | .05 | ||||||
Net realized and unrealized gain (loss) | (25.29) | 9.22 | 31.50 | 14.31 | 4.13 | 9.42 | ||||||
Total from investment operations | (25.38) | 8.78 | 31.30 | 14.29 | 4.07 | 9.47 | ||||||
Distributions from net investment income | - | - | - | - | (.03) | (.04) | ||||||
Distributions from net realized gain | (11.09) | (7.24) | (3.27) | (3.70) | (2.17) | (4.54) | ||||||
Total distributions | (11.09) | (7.24) | (3.27) | (3.70) | (2.21) D | (4.58) | ||||||
Net asset value, end of period | $ | 41.15 | $ | 77.62 | $ | 76.08 | $ | 48.05 | $ | 37.46 | $ | 35.60 |
Total Return E,F,G | (36.40)% | 11.68% | 68.21% | 40.49% | 12.18% | 34.17% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .87% J | .87% | .88% | .89% | .90% | .91% | ||||||
Expenses net of fee waivers, if any | .87% J | .87% | .88% | .89% | .90% | .91% | ||||||
Expenses net of all reductions | .87% J | .87% | .88% | .89% | .90% | .91% | ||||||
Net investment income (loss) | (.36)% J | (.55)% | (.35)% | (.05)% C | (.16)% | .15% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 854,869 | $ | 1,304,134 | $ | 1,079,778 | $ | 505,917 | $ | 273,228 | $ | 193,945 |
Portfolio turnover rate K | 89% J | 82% | 65% | 49% | 39% | 54% |
Growth Opportunities Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 78.58 | $ | 76.94 | $ | 48.52 | $ | 37.78 | $ | 35.88 | $ | 30.91 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.05) | (.30) | (.10) | .05 C | - D | .10 | ||||||
Net realized and unrealized gain (loss) | (25.64) | 9.31 | 31.86 | 14.44 | 4.16 | 9.49 | ||||||
Total from investment operations | (25.69) | 9.01 | 31.76 | 14.49 | 4.16 | 9.59 | ||||||
Distributions from net investment income | - | - | (.01) | (.04) | (.04) | (.08) | ||||||
Distributions from net realized gain | (11.09) | (7.37) | (3.33) | (3.71) | (2.22) | (4.54) | ||||||
Total distributions | (11.09) | (7.37) | (3.34) | (3.75) | (2.26) | (4.62) | ||||||
Net asset value, end of period | $ | 41.80 | $ | 78.58 | $ | 76.94 | $ | 48.52 | $ | 37.78 | $ | 35.88 |
Total Return E,F,G | (36.34)% | 11.87% | 68.52% | 40.71% | 12.37% | 34.38% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .70% J | .70% | .71% | .72% | .73% | .75% | ||||||
Expenses net of fee waivers, if any | .70% J | .70% | .71% | .72% | .73% | .75% | ||||||
Expenses net of all reductions | .70% J | .70% | .71% | .72% | .73% | .74% | ||||||
Net investment income (loss) | (.18)% J | (.38)% | (.18)% | .12% C | .01% | .32% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 746,061 | $ | 1,362,435 | $ | 1,251,032 | $ | 647,493 | $ | 347,473 | $ | 243,040 |
Portfolio turnover rate K | 89% J | 82% | 65% | 49% | 39% | 54% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $78,044,467 | Market approach | Transaction price | $1.11 - $700.00 / $319.84 | Increase |
Discount rate | 5.3% - 20.9% / 11.4% | Decrease | |||
Recovery value | Recovery value | $0.00 - $0.57 / $0.42 | Increase | ||
Discount for lack of marketability | 5.0% | Decrease | |||
Market comparable | Recovery value | $0.00 | Increase | ||
Enterprise value/Revenue multiple (EV/R) | 2.0 - 26.0 / 7.2 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 8.8 | Increase | |||
Probability rate | 15.0% - 85.0% / 50.0% | Increase | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 30.0% | Decrease | ||
Term | 5.0 | Increase | |||
Volatility | 80.0% | Increase | |||
Exit multiple | 2.5 | Increase | |||
Corporate Bonds | $1,674,877 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
Discount rate | 29.2% | Decrease | |||
Term | 1.1 - 1.3 / 1.2 | Increase | |||
Volatility | 75.0% | Increase | |||
Probability rate | 10.0% - 65.0% / 33.3% | Increase | |||
Preferred Securities | $1,813,241 | Market approach | Transaction price | $100.00 | Increase |
Gross unrealized appreciation | $621,122,107 |
Gross unrealized depreciation | (401,429,715) |
Net unrealized appreciation (depreciation) | $219,692,392 |
Tax cost | $1,857,996,641 |
$ Amount | % of Net Assets | |
VIP Growth Opportunities Portfolio | 3,019,147 | .15 |
Purchases ($) | Sales ($) | |
VIP Growth Opportunities Portfolio | 1,148,419,506 | 1,319,732,107 |
Service Class | $61,257 |
Service Class 2 | 1,308,132 |
$1,369,389 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $110,292 | .06 |
Service Class | 37,830 | .06 |
Service Class 2 | 323,349 | .06 |
Investor Class | 672,467 | .14 |
$1,143,938 |
% of Average Net Assets | |
VIP Growth Opportunities Portfolio | .03 |
Amount | |
VIP Growth Opportunities Portfolio | $25,962 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Growth Opportunities Portfolio | Borrower | $9,180,135 | .38% | $5,362 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Growth Opportunities Portfolio | 125,892,519 | 91,261,510 | (2,530,303) |
Amount ($) | |
VIP Growth Opportunities Portfolio | 3,164 |
Amount | |
VIP Growth Opportunities Portfolio | $2,525 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Growth Opportunities Portfolio | $42,164 | $12,078 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Growth Opportunities Portfolio | $6,094,000 | .58% | $98 |
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Growth Opportunities Portfolio | ||
Distributions to shareholders | ||
Initial Class | $64,630,110 | $44,683,955 |
Service Class | 21,878,935 | 15,002,730 |
Service Class 2 | 187,539,568 | 106,914,640 |
Investor Class | 181,478,767 | 124,394,953 |
Total | $455,527,380 | $290,996,278 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Growth Opportunities Portfolio | ||||
Initial Class | ||||
Shares sold | 245,907 | 798,604 | $13,765,926 | $64,046,280 |
Reinvestment of distributions | 1,134,459 | 562,222 | 64,630,110 | 44,683,955 |
Shares redeemed | (845,235) | (1,478,756) | (46,856,758) | (117,097,350) |
Net increase (decrease). | 535,131 | (117,930) | $31,539,278 | $(8,367,115) |
Service Class | ||||
Shares sold | 82,523 | 131,744 | $4,264,185 | $10,555,172 |
Reinvestment of distributions | 385,193 | 189,152 | 21,878,935 | 15,002,730 |
Shares redeemed | (155,753) | (437,810) | (8,552,345) | (34,733,936) |
Net increase (decrease). | 311,963 | (116,914) | $17,590,775 | $(9,176,034) |
Service Class 2 | ||||
Shares sold | 2,994,365 | 5,059,471 | $156,640,250 | $395,555,746 |
Reinvestment of distributions | 3,376,658 | 1,373,358 | 187,539,568 | 106,914,640 |
Shares redeemed | (2,398,431) | (3,822,447) | (124,950,554) | (303,873,474) |
Net increase (decrease). | 3,972,592 | 2,610,382 | $219,229,264 | $198,596,912 |
Investor Class | ||||
Shares sold | 253,635 | 2,450,283 | $13,609,342 | $197,530,478 |
Reinvestment of distributions | 3,218,850 | 1,578,749 | 181,478,767 | 124,394,953 |
Shares redeemed | (2,961,922) | (2,950,707) | (168,912,435) | (227,510,188) |
Net increase (decrease). | 510,563 | 1,078,325 | $26,175,674 | $94,415,243 |
Fund | Affiliated % | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Growth Opportunities Portfolio | 45% | 1 | 38% |
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, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Growth Opportunities Portfolio | ||||||||||
Initial Class | .62% | |||||||||
Actual | $ 1,000 | $ 636.90 | $ 2.52 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.72 | $ 3.11 | |||||||
Service Class | .72% | |||||||||
Actual | $ 1,000 | $ 636.50 | $ 2.92 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.22 | $ 3.61 | |||||||
Service Class 2 | .87% | |||||||||
Actual | $ 1,000 | $ 636.00 | $ 3.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.48 | $ 4.36 | |||||||
Investor Class | .70% | |||||||||
Actual | $ 1,000 | $ 636.60 | $ 2.84 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.32 | $ 3.51 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 7.0 | |
Microsoft Corp. | 6.4 | |
Wells Fargo & Co. | 5.2 | |
General Electric Co. | 4.1 | |
Apple, Inc. | 3.2 | |
Bank of America Corp. | 2.8 | |
Comcast Corp. Class A | 2.3 | |
Bristol-Myers Squibb Co. * | 2.2 | |
Hess Corp. * | 1.8 | |
Visa, Inc. Class A | 1.7 | |
36.7 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 18.9 | |
Financials | 16.3 | |
Health Care | 14.9 | |
Industrials | 14.9 | |
Energy | 12.3 | |
Consumer Staples | 6.3 | |
Communication Services | 5.6 | |
Consumer Discretionary | 2.6 | |
Materials | 2.3 | |
Utilities | 1.5 | |
Real Estate | 1.1 | |
Asset Allocation (% of Fund's net assets) |
Written Options - (0.0)%* |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 96.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.5% | |||
Diversified Telecommunication Services - 0.9% | |||
Cellnex Telecom SA (a) | 112,500 | 4,365,629 | |
Elisa Corp. (A Shares) | 29,400 | 1,652,018 | |
Verizon Communications, Inc. | 192,280 | 9,758,210 | |
15,775,857 | |||
Entertainment - 1.6% | |||
Activision Blizzard, Inc. | 43,000 | 3,347,980 | |
Nintendo Co. Ltd. ADR | 65,500 | 3,525,210 | |
The Walt Disney Co. (b) | 115,600 | 10,912,640 | |
Universal Music Group NV | 442,600 | 8,867,947 | |
Warner Music Group Corp. Class A | 104,300 | 2,540,748 | |
29,194,525 | |||
Media - 3.0% | |||
Comcast Corp. Class A | 1,063,862 | 41,745,945 | |
Interpublic Group of Companies, Inc. | 407,700 | 11,223,981 | |
52,969,926 | |||
TOTAL COMMUNICATION SERVICES | 97,940,308 | ||
CONSUMER DISCRETIONARY - 2.6% | |||
Auto Components - 0.4% | |||
BorgWarner, Inc. | 209,280 | 6,983,674 | |
Hotels, Restaurants & Leisure - 0.7% | |||
Churchill Downs, Inc. | 27,800 | 5,324,534 | |
Marriott International, Inc. Class A | 27,500 | 3,740,275 | |
Starbucks Corp. | 36,200 | 2,765,318 | |
11,830,127 | |||
Household Durables - 0.2% | |||
Sony Group Corp. sponsored ADR | 31,400 | 2,567,578 | |
Whirlpool Corp. | 8,700 | 1,347,369 | |
3,914,947 | |||
Multiline Retail - 0.1% | |||
Target Corp. | 14,000 | 1,977,220 | |
Specialty Retail - 1.1% | |||
Lowe's Companies, Inc. | 114,317 | 19,967,750 | |
Williams-Sonoma, Inc. | 2,900 | 321,755 | |
20,289,505 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
NIKE, Inc. Class B | 6,300 | 643,860 | |
Puma AG | 22,602 | 1,488,414 | |
Tapestry, Inc. | 900 | 27,468 | |
2,159,742 | |||
TOTAL CONSUMER DISCRETIONARY | 47,155,215 | ||
CONSUMER STAPLES - 6.3% | |||
Beverages - 2.5% | |||
Diageo PLC sponsored ADR (c) | 54,500 | 9,489,540 | |
Keurig Dr. Pepper, Inc. | 241,300 | 8,539,607 | |
Pernod Ricard SA | 16,000 | 2,939,290 | |
Remy Cointreau SA | 9,368 | 1,636,527 | |
The Coca-Cola Co. | 352,453 | 22,172,818 | |
44,777,782 | |||
Food & Staples Retailing - 1.3% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 11,500 | 448,582 | |
Sysco Corp. | 191,700 | 16,238,907 | |
Walmart, Inc. | 59,400 | 7,221,852 | |
23,909,341 | |||
Food Products - 0.3% | |||
Lamb Weston Holdings, Inc. | 84,800 | 6,059,808 | |
Household Products - 0.4% | |||
Colgate-Palmolive Co. | 16,100 | 1,290,254 | |
Kimberly-Clark Corp. | 3,200 | 432,480 | |
Spectrum Brands Holdings, Inc. | 57,900 | 4,748,958 | |
6,471,692 | |||
Tobacco - 1.8% | |||
Altria Group, Inc. | 536,485 | 22,408,978 | |
Swedish Match Co. AB | 1,012,300 | 10,328,031 | |
32,737,009 | |||
TOTAL CONSUMER STAPLES | 113,955,632 | ||
ENERGY - 12.3% | |||
Oil, Gas & Consumable Fuels - 12.3% | |||
Canadian Natural Resources Ltd. | 130,700 | 7,023,399 | |
Cenovus Energy, Inc. (Canada) | 1,339,904 | 25,492,735 | |
Energy Transfer LP | 34,700 | 346,306 | |
Enterprise Products Partners LP | 26,500 | 645,805 | |
Exxon Mobil Corp. | 1,460,200 | 125,051,523 | |
Hess Corp. (d) | 307,600 | 32,587,144 | |
Imperial Oil Ltd. | 188,400 | 8,881,380 | |
Kosmos Energy Ltd. (b) | 1,002,828 | 6,207,505 | |
Phillips 66 Co. | 46,900 | 3,845,331 | |
Tourmaline Oil Corp. | 222,900 | 11,590,038 | |
221,671,166 | |||
FINANCIALS - 16.3% | |||
Banks - 11.8% | |||
Bank of America Corp. | 1,597,012 | 49,714,984 | |
JPMorgan Chase & Co. | 135,332 | 15,239,737 | |
M&T Bank Corp. | 29,900 | 4,765,761 | |
PNC Financial Services Group, Inc. | 125,372 | 19,779,940 | |
Truist Financial Corp. | 352,304 | 16,709,779 | |
U.S. Bancorp | 263,198 | 12,112,372 | |
Wells Fargo & Co. | 2,371,279 | 92,882,998 | |
211,205,571 | |||
Capital Markets - 3.0% | |||
Ashmore Group PLC | 314,500 | 849,141 | |
Brookfield Asset Management, Inc. Class A | 75,345 | 3,350,592 | |
Intercontinental Exchange, Inc. | 3,200 | 300,928 | |
KKR & Co. LP | 126,693 | 5,864,619 | |
Morgan Stanley | 86,583 | 6,585,503 | |
Northern Trust Corp. | 198,845 | 19,184,566 | |
Raymond James Financial, Inc. | 96,550 | 8,632,536 | |
S&P Global, Inc. | 300 | 101,118 | |
State Street Corp. | 160,579 | 9,899,695 | |
54,768,698 | |||
Consumer Finance - 0.2% | |||
Discover Financial Services | 32,200 | 3,045,476 | |
Insurance - 1.0% | |||
American Financial Group, Inc. | 10,500 | 1,457,505 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 548 | 24,430 | |
Chubb Ltd. | 30,900 | 6,074,322 | |
Marsh & McLennan Companies, Inc. | 40,542 | 6,294,146 | |
Old Republic International Corp. | 55,000 | 1,229,800 | |
The Travelers Companies, Inc. | 21,200 | 3,585,556 | |
18,665,759 | |||
Thrifts & Mortgage Finance - 0.3% | |||
Essent Group Ltd. | 61,500 | 2,392,350 | |
Radian Group, Inc. | 179,550 | 3,528,158 | |
5,920,508 | |||
TOTAL FINANCIALS | 293,606,012 | ||
HEALTH CARE - 14.6% | |||
Biotechnology - 0.0% | |||
Intercept Pharmaceuticals, Inc. (b) | 42,896 | 592,394 | |
Health Care Equipment & Supplies - 1.5% | |||
Abbott Laboratories | 8,300 | 901,795 | |
Becton, Dickinson & Co. | 25,576 | 6,305,251 | |
Boston Scientific Corp. (b) | 319,400 | 11,904,038 | |
GN Store Nord A/S | 12,500 | 438,003 | |
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) (c) | 210,826 | 4,539,084 | |
Sonova Holding AG | 6,040 | 1,923,386 | |
26,011,557 | |||
Health Care Providers & Services - 6.3% | |||
Cardinal Health, Inc. (c) | 198,100 | 10,354,687 | |
Cigna Corp. | 91,890 | 24,214,853 | |
CVS Health Corp. | 210,564 | 19,510,860 | |
Humana, Inc. | 9,300 | 4,353,051 | |
McKesson Corp. | 72,188 | 23,548,447 | |
UnitedHealth Group, Inc. | 59,500 | 30,560,985 | |
112,542,883 | |||
Life Sciences Tools & Services - 0.3% | |||
Danaher Corp. | 23,200 | 5,881,664 | |
Pharmaceuticals - 6.5% | |||
Bayer AG | 210,033 | 12,542,414 | |
Bristol-Myers Squibb Co. (d) | 499,100 | 38,430,700 | |
Eli Lilly & Co. | 21,000 | 6,808,830 | |
GSK PLC sponsored ADR | 505,294 | 21,995,448 | |
Johnson & Johnson | 155,059 | 27,524,523 | |
Sanofi SA sponsored ADR | 80,700 | 4,037,421 | |
UCB SA | 62,300 | 5,264,767 | |
Viatris, Inc. | 22,500 | 235,575 | |
116,839,678 | |||
TOTAL HEALTH CARE | 261,868,176 | ||
INDUSTRIALS - 14.9% | |||
Aerospace & Defense - 2.9% | |||
Airbus Group NV | 90,000 | 8,802,891 | |
General Dynamics Corp. | 34,700 | 7,677,375 | |
Huntington Ingalls Industries, Inc. | 25,800 | 5,619,756 | |
MTU Aero Engines AG | 13,000 | 2,366,376 | |
Raytheon Technologies Corp. | 46,587 | 4,477,477 | |
Safran SA | 30,200 | 3,006,878 | |
The Boeing Co. (b) | 152,010 | 20,782,807 | |
52,733,560 | |||
Air Freight & Logistics - 2.1% | |||
DSV A/S | 9,600 | 1,349,926 | |
Expeditors International of Washington, Inc. | 2,095 | 204,179 | |
FedEx Corp. | 26,700 | 6,053,157 | |
United Parcel Service, Inc. Class B | 163,772 | 29,894,941 | |
37,502,203 | |||
Airlines - 0.0% | |||
Copa Holdings SA Class A (b) | 7,200 | 456,264 | |
Building Products - 0.4% | |||
A.O. Smith Corp. | 23,200 | 1,268,576 | |
Johnson Controls International PLC | 111,600 | 5,343,408 | |
6,611,984 | |||
Commercial Services & Supplies - 0.6% | |||
GFL Environmental, Inc. | 253,600 | 6,533,076 | |
Healthcare Services Group, Inc. (c) | 180,700 | 3,145,987 | |
Ritchie Bros. Auctioneers, Inc. | 4,000 | 260,255 | |
9,939,318 | |||
Electrical Equipment - 0.9% | |||
Acuity Brands, Inc. | 35,500 | 5,468,420 | |
Hubbell, Inc. Class B (c) | 33,179 | 5,925,106 | |
Regal Rexnord Corp. | 5,400 | 613,008 | |
Rockwell Automation, Inc. | 5,100 | 1,016,481 | |
Vertiv Holdings Co. | 392,200 | 3,223,884 | |
16,246,899 | |||
Industrial Conglomerates - 4.3% | |||
3M Co. | 28,400 | 3,675,244 | |
General Electric Co. | 1,161,831 | 73,973,780 | |
77,649,024 | |||
Machinery - 1.8% | |||
Allison Transmission Holdings, Inc. | 74,000 | 2,845,300 | |
Caterpillar, Inc. | 9,800 | 1,751,848 | |
Cummins, Inc. | 14,000 | 2,709,420 | |
Donaldson Co., Inc. | 155,200 | 7,471,328 | |
Epiroc AB (A Shares) | 8,400 | 130,243 | |
Flowserve Corp. | 85,300 | 2,442,139 | |
Fortive Corp. | 67,400 | 3,665,212 | |
Kardex AG | 1,700 | 282,428 | |
Nordson Corp. | 24,500 | 4,959,780 | |
Otis Worldwide Corp. | 22,643 | 1,600,181 | |
Stanley Black & Decker, Inc. | 13,100 | 1,373,666 | |
Westinghouse Air Brake Tech Co. | 32,121 | 2,636,492 | |
31,868,037 | |||
Professional Services - 0.5% | |||
Equifax, Inc. | 15,000 | 2,741,700 | |
RELX PLC (London Stock Exchange) | 218,829 | 5,941,505 | |
Robert Half International, Inc. | 2,600 | 194,714 | |
8,877,919 | |||
Road & Rail - 0.5% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 194,038 | 8,982,019 | |
Trading Companies & Distributors - 0.8% | |||
Brenntag SE | 19,000 | 1,244,086 | |
Fastenal Co. | 32,300 | 1,612,416 | |
MSC Industrial Direct Co., Inc. Class A | 2,000 | 150,220 | |
Watsco, Inc. | 49,292 | 11,771,915 | |
14,778,637 | |||
Transportation Infrastructure - 0.1% | |||
Aena SME SA (a)(b) | 12,500 | 1,595,012 | |
TOTAL INDUSTRIALS | 267,240,876 | ||
INFORMATION TECHNOLOGY - 18.9% | |||
Electronic Equipment & Components - 0.2% | |||
CDW Corp. | 26,300 | 4,143,828 | |
IT Services - 4.4% | |||
Amadeus IT Holding SA Class A (b) | 138,900 | 7,777,589 | |
DXC Technology Co. (b) | 29,500 | 894,145 | |
Edenred SA | 160,500 | 7,563,773 | |
Fidelity National Information Services, Inc. | 120,200 | 11,018,734 | |
Genpact Ltd. | 131,700 | 5,578,812 | |
Global Payments, Inc. | 31,100 | 3,440,904 | |
IBM Corp. | 49,700 | 7,017,143 | |
MasterCard, Inc. Class A | 8,500 | 2,681,580 | |
Unisys Corp. (b) | 210,696 | 2,534,673 | |
Visa, Inc. Class A | 157,376 | 30,985,761 | |
79,493,114 | |||
Semiconductors & Semiconductor Equipment - 3.3% | |||
Analog Devices, Inc. | 38,100 | 5,566,029 | |
Applied Materials, Inc. | 33,900 | 3,084,222 | |
Intel Corp. | 175,200 | 6,554,232 | |
Lam Research Corp. | 6,900 | 2,940,435 | |
Marvell Technology, Inc. | 113,000 | 4,918,890 | |
NVIDIA Corp. | 4,300 | 651,837 | |
NXP Semiconductors NV | 52,000 | 7,697,560 | |
Qualcomm, Inc. | 200,761 | 25,645,210 | |
Teradyne, Inc. | 19,800 | 1,773,090 | |
58,831,505 | |||
Software - 7.6% | |||
Intuit, Inc. | 13,800 | 5,319,072 | |
Microsoft Corp. | 443,618 | 113,934,411 | |
Open Text Corp. | 42,600 | 1,611,400 | |
SAP SE sponsored ADR | 144,800 | 13,136,256 | |
Temenos Group AG | 29,740 | 2,542,690 | |
136,543,829 | |||
Technology Hardware, Storage & Peripherals - 3.4% | |||
Apple, Inc. | 418,432 | 57,208,023 | |
FUJIFILM Holdings Corp. | 16,300 | 875,823 | |
Samsung Electronics Co. Ltd. | 41,980 | 1,856,441 | |
59,940,287 | |||
TOTAL INFORMATION TECHNOLOGY | 338,952,563 | ||
MATERIALS - 2.3% | |||
Chemicals - 0.7% | |||
DuPont de Nemours, Inc. | 176,400 | 9,804,312 | |
PPG Industries, Inc. | 14,400 | 1,646,496 | |
11,450,808 | |||
Metals & Mining - 1.6% | |||
First Quantum Minerals Ltd. | 349,800 | 6,636,200 | |
Freeport-McMoRan, Inc. | 487,600 | 14,267,176 | |
Glencore Xstrata PLC | 1,499,600 | 8,122,488 | |
29,025,864 | |||
TOTAL MATERIALS | 40,476,672 | ||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
American Tower Corp. | 35,300 | 9,022,327 | |
Equinix, Inc. | 200 | 131,404 | |
Public Storage | 700 | 218,869 | |
Simon Property Group, Inc. | 101,800 | 9,662,856 | |
19,035,456 | |||
UTILITIES - 1.5% | |||
Electric Utilities - 1.3% | |||
Constellation Energy Corp. | 12,333 | 706,188 | |
Duke Energy Corp. | 30,000 | 3,216,300 | |
Entergy Corp. | 32,900 | 3,705,856 | |
Exelon Corp. | 37,000 | 1,676,840 | |
NextEra Energy, Inc. | 7,800 | 604,188 | |
PG&E Corp. (b) | 274,400 | 2,738,512 | |
Southern Co. | 154,200 | 10,996,002 | |
23,643,886 | |||
Multi-Utilities - 0.2% | |||
Sempra Energy | 17,900 | 2,689,833 | |
TOTAL UTILITIES | 26,333,719 | ||
TOTAL COMMON STOCKS (Cost $1,233,823,025) | 1,728,235,795 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.2% | |||
Health Care Equipment & Supplies - 0.2% | |||
Becton, Dickinson & Co. 6.50% | 40,000 | 1,984,400 | |
Boston Scientific Corp. Series A, 5.50% | 23,900 | 2,426,806 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $4,390,000) | 4,411,206 | ||
Convertible Bonds - 0.2% | |||
Principal Amount (e) | Value ($) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Snap, Inc. 0.125% 3/1/28 (a) | 1,373,000 | 954,922 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Intercept Pharmaceuticals, Inc. 2% 5/15/26 | 3,194,000 | 2,087,918 | |
TOTAL CONVERTIBLE BONDS (Cost $3,583,666) | 3,042,840 | ||
Money Market Funds - 3.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 1.58% (f) | 48,200,196 | 48,209,836 | |
Fidelity Securities Lending Cash Central Fund 1.58% (f)(g) | 20,052,963 | 20,054,969 | |
TOTAL MONEY MARKET FUNDS (Cost $68,264,805) | 68,264,805 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $1,310,061,496) | 1,803,954,646 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (8,485,438) |
NET ASSETS - 100.0% | 1,795,469,208 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) | Exercise Price ($) | Expiration Date | Value ($) | |
Call Options | ||||||
Bristol-Myers Squibb Co. | Chicago Board Options Exchange | 243 | 1,871,100 | 80.00 | 09/16/22 | (48,236) |
Hess Corp. | Chicago Board Options Exchange | 297 | 3,146,418 | 125.00 | 08/19/22 | (67,568) |
TOTAL WRITTEN OPTIONS | (115,804) |
(a) | 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 $6,915,563 or 0.4% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | 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 $5,017,518. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 17,754,902 | 142,148,221 | 111,693,287 | 99,983 | - | - | 48,209,836 | 0.1% |
Fidelity Securities Lending Cash Central Fund 1.58% | 312,435 | 135,629,511 | 115,886,977 | 9,170 | - | - | 20,054,969 | 0.1% |
Total | 18,067,337 | 277,777,732 | 227,580,264 | 109,153 | - | - | 68,264,805 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 97,940,308 | 89,072,361 | 8,867,947 | - |
Consumer Discretionary | 47,155,215 | 47,155,215 | - | - |
Consumer Staples | 113,955,632 | 103,627,601 | 10,328,031 | - |
Energy | 221,671,166 | 221,671,166 | - | - |
Financials | 293,606,012 | 293,606,012 | - | - |
Health Care | 266,279,382 | 249,325,762 | 16,953,620 | - |
Industrials | 267,240,876 | 245,170,335 | 22,070,541 | - |
Information Technology | 338,952,563 | 330,299,151 | 8,653,412 | - |
Materials | 40,476,672 | 32,354,184 | 8,122,488 | - |
Real Estate | 19,035,456 | 19,035,456 | - | - |
Utilities | 26,333,719 | 26,333,719 | - | - |
Corporate Bonds | 3,042,840 | - | 3,042,840 | - |
Money Market Funds | 68,264,805 | 68,264,805 | - | - |
Total Investments in Securities: | 1,803,954,646 | 1,725,915,767 | 78,038,879 | - |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | (115,804) | (115,804) | - | - |
Total Liabilities | (115,804) | (115,804) | - | - |
Total Derivative Instruments: | (115,804) | (115,804) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Written Options (a) | 0 | (115,804) |
Total Equity Risk | 0 | (115,804) |
Total Value of Derivatives | 0 | (115,804) |
Statement of Assets and Liabilities | ||||
June 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $19,386,552) - See accompanying schedule: | $1,735,689,841 | |||
Unaffiliated issuers (cost $1,241,796,691) | ||||
Fidelity Central Funds (cost $68,264,805) | 68,264,805 | |||
Total Investment in Securities (cost $1,310,061,496) | $ | 1,803,954,646 | ||
Cash | 23,225 | |||
Foreign currency held at value (cost $131,618) | 131,618 | |||
Receivable for investments sold | 2,113,517 | |||
Receivable for fund shares sold | 8,620,342 | |||
Dividends receivable | 2,728,711 | |||
Interest receivable | 8,849 | |||
Distributions receivable from Fidelity Central Funds | 51,075 | |||
Other receivables | 102 | |||
Total assets | 1,817,632,085 | |||
Liabilities | ||||
Payable for investments purchased | $637,396 | |||
Payable for fund shares redeemed | 272,536 | |||
Accrued management fee | 663,171 | |||
Distribution and service plan fees payable | 220,998 | |||
Written options, at value (premium received $250,463) | 115,804 | |||
Other affiliated payables | 162,433 | |||
Other payables and accrued expenses | 36,080 | |||
Collateral on securities loaned | 20,054,459 | |||
Total Liabilities | 22,162,877 | |||
Net Assets | $ | 1,795,469,208 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,255,807,853 | ||
Total accumulated earnings (loss) | 539,661,355 | |||
Net Assets | $ | 1,795,469,208 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($365,586,138 ÷ 15,872,324 shares) | $ | 23.03 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($111,606,353 ÷ 4,904,420 shares) | $ | 22.76 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($975,298,872 ÷ 43,734,328 shares) | $ | 22.30 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($342,977,845 ÷ 14,977,687 shares) | $ | 22.90 |
Statement of Operations | ||||
Six months ended June 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 21,752,247 | ||
Interest | 94,622 | |||
Income from Fidelity Central Funds (including $9,170 from security lending) | 109,153 | |||
Total Income | 21,956,022 | |||
Expenses | ||||
Management fee | $ | 4,256,013 | ||
Transfer agent fees | 761,189 | |||
Distribution and service plan fees | 1,415,696 | |||
Accounting fees | 298,133 | |||
Custodian fees and expenses | 21,356 | |||
Independent trustees' fees and expenses | 3,401 | |||
Audit | 28,869 | |||
Legal | 2,528 | |||
Interest | 405 | |||
Miscellaneous | 3,608 | |||
Total expenses before reductions | 6,791,198 | |||
Expense reductions | (30,085) | |||
Total expenses after reductions | 6,761,113 | |||
Net Investment income (loss) | 15,194,909 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 35,362,326 | |||
Foreign currency transactions | 15,253 | |||
Written options | 1,092,785 | |||
Total net realized gain (loss) | 36,470,364 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (297,679,702) | |||
Assets and liabilities in foreign currencies | (30,232) | |||
Written options | 8,490 | |||
Total change in net unrealized appreciation (depreciation) | (297,701,444) | |||
Net gain (loss) | (261,231,080) | |||
Net increase (decrease) in net assets resulting from operations | $ | (246,036,171) |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 15,194,909 | $ | 39,049,478 |
Net realized gain (loss) | 36,470,364 | 46,453,948 | ||
Change in net unrealized appreciation (depreciation) | (297,701,444) | 338,858,569 | ||
Net increase (decrease) in net assets resulting from operations | (246,036,171) | 424,361,995 | ||
Distributions to shareholders | (4,064,527) | (133,000,432) | ||
Share transactions - net increase (decrease) | (36,247,309) | 105,627,226 | ||
Total increase (decrease) in net assets | (286,348,007) | 396,988,789 | ||
Net Assets | ||||
Beginning of period | 2,081,817,215 | 1,684,828,426 | ||
End of period | $ | 1,795,469,208 | $ | 2,081,817,215 |
Growth & Income Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 26.22 | $ | 22.36 | $ | 22.17 | $ | 19.38 | $ | 22.71 | $ | 20.15 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .21 | .55 C | .42 | .46 | .46 | .38 | ||||||
Net realized and unrealized gain (loss) | (3.35) | 5.07 | 1.23 | 4.91 | (2.42) | 2.96 | ||||||
Total from investment operations | (3.14) | 5.62 | 1.65 | 5.37 | (1.96) | 3.34 | ||||||
Distributions from net investment income | - | (.62) | (.42) | (.77) D | (.08) | (.28) | ||||||
Distributions from net realized gain | (.05) | (1.14) | (1.03) | (1.81) D | (1.29) | (.51) | ||||||
Total distributions | (.05) | (1.76) | (1.46) E | (2.58) | (1.37) | (.78) E | ||||||
Net asset value, end of period | $ | 23.03 | $ | 26.22 | $ | 22.36 | $ | 22.17 | $ | 19.38 | $ | 22.71 |
Total Return F,G,H | (12.00)% | 25.95% | 7.85% | 30.05% | (8.98)% | 16.90% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .52% K | .52% | .54% | .54% | .55% | .55% | ||||||
Expenses net of fee waivers, if any | .52% K | .52% | .54% | .54% | .54% | .55% | ||||||
Expenses net of all reductions | .52% K | .52% | .53% | .54% | .54% | .55% | ||||||
Net investment income (loss) | 1.68% K | 2.18% C | 2.18% | 2.27% | 2.08% | 1.78% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 365,586 | $ | 439,309 | $ | 377,942 | $ | 358,103 | $ | 361,868 | $ | 433,702 |
Portfolio turnover rate L | 12% K | 15% | 26% | 34% | 41% | 35% |
Growth & Income Portfolio Service Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.91 | $ | 22.12 | $ | 21.95 | $ | 19.21 | $ | 22.52 | $ | 19.99 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .20 | .52 C | .40 | .44 | .43 | .35 | ||||||
Net realized and unrealized gain (loss) | (3.30) | 5.00 | 1.21 | 4.87 | (2.39) | 2.94 | ||||||
Total from investment operations | (3.10) | 5.52 | 1.61 | 5.31 | (1.96) | 3.29 | ||||||
Distributions from net investment income | - | (.59) | (.40) | (.75) D | (.06) | (.25) | ||||||
Distributions from net realized gain | (.05) | (1.14) | (1.03) | (1.81) D | (1.29) | (.51) | ||||||
Total distributions | (.05) | (1.73) | (1.44) E | (2.57) E | (1.35) | (.76) | ||||||
Net asset value, end of period | $ | 22.76 | $ | 25.91 | $ | 22.12 | $ | 21.95 | $ | 19.21 | $ | 22.52 |
Total Return F,G,H | (11.99)% | 25.76% | 7.74% | 29.94% | (9.07)% | 16.77% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .62% K | .62% | .64% | .64% | .65% | .65% | ||||||
Expenses net of fee waivers, if any | .62% K | .62% | .64% | .64% | .64% | .65% | ||||||
Expenses net of all reductions | .62% K | .62% | .63% | .64% | .64% | .65% | ||||||
Net investment income (loss) | 1.58% K | 2.08% C | 2.08% | 2.17% | 1.98% | 1.68% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 111,606 | $ | 128,601 | $ | 115,376 | $ | 118,198 | $ | 101,089 | $ | 125,661 |
Portfolio turnover rate L | 12% K | 15% | 26% | 34% | 41% | 35% |
Growth & Income Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.42 | $ | 21.72 | $ | 21.58 | $ | 18.94 | $ | 22.22 | $ | 19.74 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .18 | .48 C | .37 | .40 | .39 | .32 | ||||||
Net realized and unrealized gain (loss) | (3.25) | 4.92 | 1.18 | 4.78 | (2.35) | 2.90 | ||||||
Total from investment operations | (3.07) | 5.40 | 1.55 | 5.18 | (1.96) | 3.22 | ||||||
Distributions from net investment income | - | (.55) | (.38) | (.73) D | (.04) | (.23) | ||||||
Distributions from net realized gain | (.05) | (1.14) | (1.03) | (1.81) D | (1.28) | (.51) | ||||||
Total distributions | (.05) | (1.70) E | (1.41) | (2.54) | (1.32) | (.74) | ||||||
Net asset value, end of period | $ | 22.30 | $ | 25.42 | $ | 21.72 | $ | 21.58 | $ | 18.94 | $ | 22.22 |
Total Return F,G,H | (12.10)% | 25.64% | 7.59% | 29.68% | (9.19)% | 16.61% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .77% K | .77% | .79% | .79% | .80% | .80% | ||||||
Expenses net of fee waivers, if any | .77% K | .77% | .79% | .79% | .79% | .80% | ||||||
Expenses net of all reductions | .77% K | .77% | .78% | .79% | .79% | .80% | ||||||
Net investment income (loss) | 1.43% K | 1.94% C | 1.93% | 2.02% | 1.83% | 1.53% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 975,299 | $ | 1,137,635 | $ | 908,013 | $ | 790,495 | $ | 527,879 | $ | 546,278 |
Portfolio turnover rate L | 12% K | 15% | 26% | 34% | 41% | 35% |
Growth & Income Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 26.07 | $ | 22.25 | $ | 22.07 | $ | 19.30 | $ | 22.62 | $ | 20.07 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .20 | .53 C | .41 | .44 | .44 | .36 | ||||||
Net realized and unrealized gain (loss) | (3.32) | 5.03 | 1.21 | 4.90 | (2.41) | 2.96 | ||||||
Total from investment operations | (3.12) | 5.56 | 1.62 | 5.34 | (1.97) | 3.32 | ||||||
Distributions from net investment income | - | (.60) | (.41) | (.75) D | (.06) | (.26) | ||||||
Distributions from net realized gain | (.05) | (1.14) | (1.03) | (1.81) D | (1.29) | (.51) | ||||||
Total distributions | (.05) | (1.74) | (1.44) | (2.57) E | (1.35) | (.77) | ||||||
Net asset value, end of period | $ | 22.90 | $ | 26.07 | $ | 22.25 | $ | 22.07 | $ | 19.30 | $ | 22.62 |
Total Return F,G,H | (11.99)% | 25.80% | 7.76% | 29.97% | (9.05)% | 16.83% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .60% K | .60% | .61% | .62% | .62% | .63% | ||||||
Expenses net of fee waivers, if any | .60% K | .60% | .61% | .62% | .62% | .63% | ||||||
Expenses net of all reductions | .60% K | .60% | .61% | .62% | .62% | .63% | ||||||
Net investment income (loss) | 1.60% K | 2.11% C | 2.10% | 2.19% | 2.01% | 1.70% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 342,978 | $ | 376,272 | $ | 283,497 | $ | 291,704 | $ | 258,292 | $ | 320,793 |
Portfolio turnover rate L | 12% K | 15% | 26% | 34% | 41% | 35% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $602,130,825 |
Gross unrealized depreciation | (113,421,828) |
Net unrealized appreciation (depreciation) | $488,708,997 |
Tax cost | $1,315,129,090 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
VIP Growth & Income Portfolio | 115,468,804 | 187,104,127 |
Service Class | $ 62,333 |
Service Class 2 | 1,353,363 |
$ 1,415,696 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $128,109 | .06 |
Service Class | 38,619 | .06 |
Service Class 2 | 335,346 | .06 |
Investor Class | 259,115 | .14 |
$761,189 |
% of Average Net Assets | |
VIP Growth & Income Portfolio | .03 |
Amount | |
VIP Growth & Income Portfolio | $2,379 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Growth & Income Portfolio . | Borrower | $23,152,000 | .32% | $405 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Growth & Income Portfolio | 13,090,009 | 15,858,660 | 2,924,315 |
Amount | |
VIP Growth & Income Portfolio | $1,687 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Growth & Income Portfolio | $985 | $- | $- |
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Growth & Income Portfolio | ||
Distributions to shareholders | ||
Initial Class | $834,870 | $29,180,191 |
Service Class | 251,556 | 8,583,827 |
Service Class 2 | 2,216,448 | 71,702,293 |
Investor Class | 761,653 | 23,534,121 |
Total | $4,064,527 | $133,000,432 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Growth & Income Portfolio | ||||
Initial Class | ||||
Shares sold | 3,116,577 | 2,834,414 | $78,531,325 | $71,355,013 |
Reinvestment of distributions | 31,326 | 1,199,113 | 834,870 | 29,180,191 |
Shares redeemed | (4,033,265) | (4,175,421) | (102,138,853) | (104,656,469) |
Net increase (decrease). | (885,362) | (141,894) | $(22,772,658) | $(4,121,265) |
Service Class | ||||
Shares sold | 149,327 | 137,042 | $3,793,350 | $3,481,587 |
Reinvestment of distributions | 9,550 | 357,380 | 251,556 | 8,583,827 |
Shares redeemed | (217,049) | (747,533) | (5,469,943) | (19,043,010) |
Net increase (decrease). | (58,172) | (253,111) | $(1,425,037) | $(6,977,596) |
Service Class 2 | ||||
Shares sold | 2,191,986 | 5,519,392 | $54,375,006 | $134,744,364 |
Reinvestment of distributions | 85,809 | 3,031,330 | 2,216,448 | 71,702,293 |
Shares redeemed | (3,305,411) | (5,585,958) | (83,717,362) | (132,439,834) |
Net increase (decrease). | (1,027,616) | 2,964,764 | $(27,125,908) | $74,006,823 |
Investor Class | ||||
Shares sold | 2,110,327 | 2,644,483 | $54,671,473 | $66,781,336 |
Reinvestment of distributions | 28,741 | 968,694 | 761,653 | 23,534,121 |
Shares redeemed | (1,592,802) | (1,922,897) | (40,356,832) | (47,596,193) |
Net increase (decrease). | 546,266 | 1,690,280 | $15,076,294 | $42,719,264 |
Fund | Affiliated % | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Growth & Income Portfolio | 23% | 2 | 53% |
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, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Growth & Income Portfolio | ||||||||||
Initial Class | .52% | |||||||||
Actual | $ 1,000 | $ 880.00 | $ 2.42 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.22 | $ 2.61 | |||||||
Service Class | .62% | |||||||||
Actual | $ 1,000 | $ 880.10 | $ 2.89 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.72 | $ 3.11 | |||||||
Service Class 2 | .77% | |||||||||
Actual | $ 1,000 | $ 879.00 | $ 3.59 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.98 | $ 3.86 | |||||||
Investor Class | .60% | |||||||||
Actual | $ 1,000 | $ 880.10 | $ 2.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.82 | $ 3.01 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 9.5 | |
UnitedHealth Group, Inc. | 6.1 | |
Amazon.com, Inc. | 4.1 | |
Alphabet, Inc. Class A | 3.9 | |
Apple, Inc. | 3.7 | |
Vertex Pharmaceuticals, Inc. | 2.9 | |
Northrop Grumman Corp. | 2.1 | |
The Coca-Cola Co. | 1.9 | |
Alphabet, Inc. Class C | 1.9 | |
CME Group, Inc. | 1.7 | |
37.8 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 23.3 | |
Health Care | 20.5 | |
Communication Services | 11.5 | |
Industrials | 9.7 | |
Consumer Discretionary | 9.6 | |
Financials | 8.3 | |
Consumer Staples | 5.4 | |
Energy | 4.1 | |
Materials | 3.8 | |
Real Estate | 2.4 | |
Utilities | 0.4 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 12.2% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 11.5% | |||
Entertainment - 3.0% | |||
Universal Music Group NV | 148,492 | 2,975,190 | |
Warner Music Group Corp. Class A | 103,175 | 2,513,343 | |
5,488,533 | |||
Interactive Media & Services - 6.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 3,304 | 7,200,275 | |
Class C (a) | 1,563 | 3,418,984 | |
Bumble, Inc. (a) | 16,100 | 453,215 | |
Meta Platforms, Inc. Class A (a) | 3,254 | 524,708 | |
Zoominfo Technologies, Inc. (a) | 10,730 | 356,665 | |
11,953,847 | |||
Media - 2.0% | |||
Charter Communications, Inc. Class A (a) | 4,310 | 2,019,364 | |
Innovid Corp. (b) | 11,766 | 19,532 | |
Liberty Media Corp. Liberty Formula One Group Series C (a) | 27,400 | 1,739,078 | |
3,777,974 | |||
TOTAL COMMUNICATION SERVICES | 21,220,354 | ||
CONSUMER DISCRETIONARY - 9.6% | |||
Automobiles - 0.7% | |||
Ferrari NV | 7,023 | 1,288,580 | |
XPeng, Inc. ADR (a) | 900 | 28,566 | |
1,317,146 | |||
Diversified Consumer Services - 0.9% | |||
Laureate Education, Inc. Class A | 96,506 | 1,116,574 | |
Mister Car Wash, Inc. (c) | 47,300 | 514,624 | |
1,631,198 | |||
Hotels, Restaurants & Leisure - 0.8% | |||
Airbnb, Inc. Class A (a) | 9,800 | 872,984 | |
Flutter Entertainment PLC (a) | 4,674 | 469,056 | |
Wingstop, Inc. (c) | 1,900 | 142,063 | |
1,484,103 | |||
Internet & Direct Marketing Retail - 4.3% | |||
Amazon.com, Inc. (a) | 70,960 | 7,536,662 | |
Uber Technologies, Inc. (a) | 22,000 | 450,120 | |
7,986,782 | |||
Multiline Retail - 0.3% | |||
Dollarama, Inc. | 9,500 | 547,032 | |
Specialty Retail - 1.9% | |||
Five Below, Inc. (a) | 7,500 | 850,725 | |
Floor & Decor Holdings, Inc. Class A (a) | 2,800 | 176,288 | |
TJX Companies, Inc. | 31,758 | 1,773,684 | |
Victoria's Secret & Co. (a) | 24,974 | 698,523 | |
3,499,220 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
LVMH Moet Hennessy Louis Vuitton SE | 200 | 122,576 | |
LVMH Moet Hennessy Louis Vuitton SE | 700 | 425,943 | |
On Holding AG | 500 | 8,845 | |
Samsonite International SA (a)(d) | 391,545 | 779,417 | |
1,336,781 | |||
TOTAL CONSUMER DISCRETIONARY | 17,802,262 | ||
CONSUMER STAPLES - 5.4% | |||
Beverages - 4.2% | |||
Boston Beer Co., Inc. Class A (a) | 1,800 | 545,346 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 3,700 | 862,322 | |
Keurig Dr. Pepper, Inc. | 28,400 | 1,005,076 | |
Monster Beverage Corp. (a) | 19,774 | 1,833,050 | |
The Coca-Cola Co. | 54,600 | 3,434,886 | |
7,680,680 | |||
Household Products - 1.2% | |||
Reckitt Benckiser Group PLC | 29,817 | 2,242,604 | |
TOTAL CONSUMER STAPLES | 9,923,284 | ||
ENERGY - 4.1% | |||
Energy Equipment & Services - 1.3% | |||
Baker Hughes Co. Class A | 57,600 | 1,662,912 | |
Cactus, Inc. | 4,700 | 189,269 | |
Championx Corp. | 10,000 | 198,500 | |
Helmerich & Payne, Inc. | 4,800 | 206,688 | |
ProPetro Holding Corp. (a) | 14,400 | 144,000 | |
TechnipFMC PLC (a) | 5,200 | 34,996 | |
2,436,365 | |||
Oil, Gas & Consumable Fuels - 2.8% | |||
Canadian Natural Resources Ltd. (c) | 28,300 | 1,519,144 | |
Cheniere Energy, Inc. | 16,300 | 2,168,389 | |
Denbury, Inc. (a) | 6,000 | 359,940 | |
New Fortress Energy, Inc. | 11,300 | 447,141 | |
Range Resources Corp. (a) | 23,500 | 581,625 | |
5,076,239 | |||
TOTAL ENERGY | 7,512,604 | ||
FINANCIALS - 8.3% | |||
Banks - 0.8% | |||
M&T Bank Corp. | 9,500 | 1,514,205 | |
Capital Markets - 4.5% | |||
CME Group, Inc. | 15,036 | 3,077,869 | |
MarketAxess Holdings, Inc. | 2,300 | 588,823 | |
Moody's Corp. | 900 | 244,773 | |
Morgan Stanley | 22,810 | 1,734,929 | |
Morningstar, Inc. | 5,600 | 1,354,248 | |
MSCI, Inc. | 1,629 | 671,392 | |
S&P Global, Inc. | 2,000 | 674,120 | |
8,346,154 | |||
Insurance - 3.0% | |||
American Financial Group, Inc. | 8,900 | 1,235,409 | |
Arthur J. Gallagher & Co. | 15,457 | 2,520,109 | |
BRP Group, Inc. (a) | 16,600 | 400,890 | |
Marsh & McLennan Companies, Inc. | 8,300 | 1,288,575 | |
5,444,983 | |||
TOTAL FINANCIALS | 15,305,342 | ||
HEALTH CARE - 20.5% | |||
Biotechnology - 6.3% | |||
Adamas Pharmaceuticals, Inc.: | |||
rights (a)(e) | 47,000 | 2,820 | |
rights (a)(e) | 47,000 | 2,820 | |
Alnylam Pharmaceuticals, Inc. (a) | 3,179 | 463,657 | |
Cytokinetics, Inc. (a) | 5,500 | 216,095 | |
EQRx, Inc. (a) | 11,677 | 54,765 | |
Erasca, Inc. | 4,900 | 27,293 | |
Evelo Biosciences, Inc. (a) | 12,700 | 26,797 | |
Galapagos NV sponsored ADR (a) | 10,100 | 563,580 | |
Gamida Cell Ltd. (a)(c) | 38,300 | 67,791 | |
Hookipa Pharma, Inc. (a) | 32,100 | 52,323 | |
Horizon Therapeutics PLC (a) | 14,500 | 1,156,520 | |
Innovent Biologics, Inc. (a)(d) | 36,000 | 160,116 | |
Prelude Therapeutics, Inc. (a) | 800 | 4,176 | |
Regeneron Pharmaceuticals, Inc. (a) | 3,179 | 1,879,202 | |
Rubius Therapeutics, Inc. (a) | 6,100 | 5,189 | |
Seagen, Inc. (a) | 6,900 | 1,220,886 | |
Seres Therapeutics, Inc. (a) | 10,900 | 37,387 | |
Synlogic, Inc. (a) | 34,200 | 39,330 | |
Vertex Pharmaceuticals, Inc. (a) | 19,025 | 5,361,055 | |
Vor Biopharma, Inc. (a) | 11,384 | 56,578 | |
XOMA Corp. (a)(c) | 10,300 | 229,484 | |
11,627,864 | |||
Health Care Equipment & Supplies - 1.0% | |||
Edwards Lifesciences Corp. (a) | 13,800 | 1,312,242 | |
Insulet Corp. (a) | 400 | 87,176 | |
Nevro Corp. (a) | 1,900 | 83,277 | |
Penumbra, Inc. (a) | 2,500 | 311,300 | |
1,793,995 | |||
Health Care Providers & Services - 8.2% | |||
Guardant Health, Inc. (a) | 12,000 | 484,080 | |
HealthEquity, Inc. (a) | 30,600 | 1,878,534 | |
Option Care Health, Inc. (a) | 19,700 | 547,463 | |
Tenet Healthcare Corp. (a) | 17,200 | 904,032 | |
UnitedHealth Group, Inc. | 22,024 | 11,312,187 | |
15,126,296 | |||
Health Care Technology - 1.0% | |||
Certara, Inc. (a) | 17,900 | 384,134 | |
Change Healthcare, Inc. (a) | 56,500 | 1,302,890 | |
Doximity, Inc. (c) | 3,400 | 118,388 | |
Simulations Plus, Inc. | 2,500 | 123,325 | |
1,928,737 | |||
Life Sciences Tools & Services - 2.3% | |||
10X Genomics, Inc. (a) | 1,900 | 85,975 | |
Bio-Techne Corp. | 1,700 | 589,288 | |
Bruker Corp. | 14,600 | 916,296 | |
Codexis, Inc. (a) | 12,700 | 132,842 | |
Danaher Corp. | 7,000 | 1,774,640 | |
Nanostring Technologies, Inc. (a) | 500 | 6,350 | |
Thermo Fisher Scientific, Inc. | 1,600 | 869,248 | |
4,374,639 | |||
Pharmaceuticals - 1.7% | |||
Aclaris Therapeutics, Inc. (a) | 7,300 | 101,908 | |
AstraZeneca PLC sponsored ADR | 20,300 | 1,341,221 | |
Euroapi SASU (a) | 691 | 10,901 | |
Revance Therapeutics, Inc. (a) | 8,100 | 111,942 | |
Sanofi SA | 15,900 | 1,603,452 | |
3,169,424 | |||
TOTAL HEALTH CARE | 38,020,955 | ||
INDUSTRIALS - 9.7% | |||
Aerospace & Defense - 2.8% | |||
Axon Enterprise, Inc. (a) | 2,000 | 186,340 | |
Northrop Grumman Corp. | 8,000 | 3,828,560 | |
The Boeing Co. (a) | 8,800 | 1,203,136 | |
5,218,036 | |||
Electrical Equipment - 1.1% | |||
Ballard Power Systems, Inc. (a)(c) | 800 | 5,040 | |
Bloom Energy Corp. Class A (a)(c) | 3,900 | 64,350 | |
Ceres Power Holdings PLC (a) | 43,000 | 286,845 | |
Eaton Corp. PLC | 5,800 | 730,742 | |
Generac Holdings, Inc. (a) | 3,500 | 737,030 | |
Vestas Wind Systems A/S | 9,500 | 201,989 | |
2,025,996 | |||
Machinery - 2.2% | |||
Caterpillar, Inc. | 4,600 | 822,296 | |
Chart Industries, Inc. (a) | 1,900 | 318,022 | |
Deere & Co. | 3,786 | 1,133,793 | |
Ingersoll Rand, Inc. | 39,822 | 1,675,710 | |
Parker Hannifin Corp. | 500 | 123,025 | |
4,072,846 | |||
Professional Services - 2.6% | |||
ASGN, Inc. (a) | 4,400 | 397,100 | |
Clarivate Analytics PLC (a) | 20,600 | 285,516 | |
Experian PLC | 34,791 | 1,021,492 | |
KBR, Inc. | 55,785 | 2,699,436 | |
Kforce, Inc. | 2,000 | 122,680 | |
Upwork, Inc. (a) | 15,460 | 319,713 | |
4,845,937 | |||
Trading Companies & Distributors - 1.0% | |||
Azelis Group NV | 3,800 | 83,149 | |
Ferguson PLC | 15,877 | 1,775,771 | |
1,858,920 | |||
TOTAL INDUSTRIALS | 18,021,735 | ||
INFORMATION TECHNOLOGY - 23.2% | |||
Electronic Equipment & Components - 0.4% | |||
Teledyne Technologies, Inc. (a) | 2,200 | 825,242 | |
IT Services - 0.6% | |||
Cloudflare, Inc. (a) | 6,800 | 297,500 | |
MongoDB, Inc. Class A (a) | 3,100 | 804,450 | |
Snowflake, Inc. (a) | 800 | 111,248 | |
1,213,198 | |||
Semiconductors & Semiconductor Equipment - 4.1% | |||
Aixtron AG | 20,200 | 511,857 | |
Allegro MicroSystems LLC (a) | 5,700 | 117,933 | |
ASML Holding NV | 1,505 | 716,199 | |
Enphase Energy, Inc. (a) | 5,978 | 1,167,145 | |
NVIDIA Corp. | 5,087 | 771,138 | |
NXP Semiconductors NV | 2,400 | 355,272 | |
Qualcomm, Inc. | 17,539 | 2,240,432 | |
SiTime Corp. (a) | 900 | 146,727 | |
SolarEdge Technologies, Inc. (a) | 3,300 | 903,144 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 200 | 16,350 | |
Universal Display Corp. | 5,639 | 570,328 | |
7,516,525 | |||
Software - 14.4% | |||
Adobe, Inc. (a) | 5,618 | 2,056,525 | |
Confluent, Inc. (c) | 10,400 | 241,696 | |
Epic Games, Inc. (a)(b)(e) | 156 | 145,080 | |
GitLab, Inc. | 500 | 26,570 | |
HashiCorp, Inc. | 7,800 | 229,632 | |
HubSpot, Inc. (a) | 900 | 270,585 | |
Intuit, Inc. | 3,700 | 1,426,128 | |
Manhattan Associates, Inc. (a) | 6,100 | 699,060 | |
Microsoft Corp. | 68,242 | 17,526,594 | |
Oracle Corp. | 21,600 | 1,509,192 | |
Palo Alto Networks, Inc. (a) | 4,861 | 2,401,042 | |
Volue A/S (a) | 48,500 | 117,191 | |
26,649,295 | |||
Technology Hardware, Storage & Peripherals - 3.7% | |||
Apple, Inc. | 49,960 | 6,830,531 | |
TOTAL INFORMATION TECHNOLOGY | 43,034,791 | ||
MATERIALS - 3.5% | |||
Chemicals - 3.1% | |||
Albemarle Corp. | 5,600 | 1,170,288 | |
CF Industries Holdings, Inc. | 18,645 | 1,598,436 | |
Sherwin-Williams Co. | 8,960 | 2,006,234 | |
The Chemours Co. LLC | 30,826 | 987,049 | |
5,762,007 | |||
Metals & Mining - 0.4% | |||
Lynas Rare Earths Ltd. (a) | 78,788 | 476,224 | |
MP Materials Corp. (a)(c) | 8,400 | 269,472 | |
745,696 | |||
TOTAL MATERIALS | 6,507,703 | ||
REAL ESTATE - 2.4% | |||
Equity Real Estate Investment Trusts (REITs) - 2.1% | |||
Prologis (REIT), Inc. | 19,255 | 2,265,351 | |
Welltower, Inc. | 20,700 | 1,704,645 | |
3,969,996 | |||
Real Estate Management & Development - 0.3% | |||
Doma Holdings, Inc. (a)(b) | 22,979 | 23,668 | |
WeWork, Inc. (a)(c) | 87,300 | 438,246 | |
461,914 | |||
TOTAL REAL ESTATE | 4,431,910 | ||
UTILITIES - 0.4% | |||
Electric Utilities - 0.2% | |||
ORSTED A/S (d) | 3,200 | 337,037 | |
Independent Power and Renewable Electricity Producers - 0.2% | |||
Brookfield Renewable Corp. | 6,700 | 238,587 | |
Brookfield Renewable Partners LP | 4,000 | 139,200 | |
377,787 | |||
TOTAL UTILITIES | 714,824 | ||
TOTAL COMMON STOCKS (Cost $153,195,218) | 182,495,764 | ||
Convertible Preferred Stocks - 0.4% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(e) | 5,300 | 24,237 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
ASAPP, Inc. Series C (a)(b)(e) | 17,672 | 61,499 | |
MATERIALS - 0.3% | |||
Metals & Mining - 0.3% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (a)(b)(e) | 3,438 | 171,969 | |
Series C3 (a)(b)(e) | 4,298 | 214,986 | |
Series C4 (a)(b)(e) | 1,252 | 62,625 | |
Series C5 (b)(e) | 2,617 | 130,902 | |
580,482 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $511,834) | 666,218 | ||
Money Market Funds - 2.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 1.58% (f) | 2,234,424 | 2,234,871 | |
Fidelity Securities Lending Cash Central Fund 1.58% (f)(g) | 3,093,603 | 3,093,912 | |
TOTAL MONEY MARKET FUNDS (Cost $5,328,783) | 5,328,783 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $159,035,835) | 188,490,765 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (3,447,152) |
NET ASSETS - 100.0% | 185,043,613 |
(a) | Non-income producing |
(b) | 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 $854,498 or 0.5% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | 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 $1,276,570 or 0.7% of net assets. |
(e) | Level 3 security |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ASAPP, Inc. Series C | 4/30/21 | 116,584 |
Doma Holdings, Inc. | 3/02/21 | 229,790 |
ElevateBio LLC Series C | 3/09/21 | 22,234 |
Epic Games, Inc. | 3/29/21 | 138,060 |
Illuminated Holdings, Inc. Series C2 | 7/07/20 | 85,950 |
Illuminated Holdings, Inc. Series C3 | 7/07/20 | 128,940 |
Illuminated Holdings, Inc. Series C4 | 1/08/21 | 45,072 |
Illuminated Holdings, Inc. Series C5 | 6/16/21 | 113,054 |
Innovid Corp. | 6/24/21 | 117,660 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 813,800 | 16,781,066 | 15,359,995 | 3,094 | - | - | 2,234,871 | 0.0% |
Fidelity Securities Lending Cash Central Fund 1.58% | 374,512 | 12,346,200 | 9,626,800 | 7,707 | - | - | 3,093,912 | 0.0% |
Total | 1,188,312 | 29,127,266 | 24,986,795 | 10,801 | - | - | 5,328,783 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 21,220,354 | 18,245,164 | 2,975,190 | - |
Consumer Discretionary | 17,802,262 | 17,679,686 | 122,576 | - |
Consumer Staples | 9,923,284 | 7,680,680 | 2,242,604 | - |
Energy | 7,512,604 | 7,512,604 | - | - |
Financials | 15,305,342 | 15,305,342 | - | - |
Health Care | 38,045,192 | 36,411,863 | 1,603,452 | 29,877 |
Industrials | 18,021,735 | 16,798,254 | 1,223,481 | - |
Information Technology | 43,096,290 | 42,889,711 | - | 206,579 |
Materials | 7,088,185 | 6,031,479 | 476,224 | 580,482 |
Real Estate | 4,431,910 | 4,431,910 | - | - |
Utilities | 714,824 | 377,787 | 337,037 | - |
Money Market Funds | 5,328,783 | 5,328,783 | - | - |
Total Investments in Securities: | 188,490,765 | 178,693,263 | 8,980,564 | 816,938 |
Statement of Assets and Liabilities | ||||
June 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,951,150) - See accompanying schedule: | $183,161,982 | |||
Unaffiliated issuers (cost $153,707,052) | ||||
Fidelity Central Funds (cost $5,328,783) | 5,328,783 | |||
Total Investment in Securities (cost $159,035,835) | $ | 188,490,765 | ||
Cash | 3,075 | |||
Foreign currency held at value (cost $3,678) | 3,600 | |||
Receivable for fund shares sold | 19,776 | |||
Dividends receivable | 82,264 | |||
Distributions receivable from Fidelity Central Funds | 6,550 | |||
Total assets | 188,606,030 | |||
Liabilities | ||||
Payable for investments purchased | $326,238 | |||
Payable for fund shares redeemed | 2,307 | |||
Accrued management fee | 83,149 | |||
Distribution and service plan fees payable | 3,074 | |||
Other affiliated payables | 25,196 | |||
Other payables and accrued expenses | 28,728 | |||
Collateral on securities loaned | 3,093,725 | |||
Total Liabilities | 3,562,417 | |||
Net Assets | $ | 185,043,613 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 147,717,976 | ||
Total accumulated earnings (loss) | 37,325,637 | |||
Net Assets | $ | 185,043,613 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($21,076,267 ÷ 1,543,791 shares) | $ | 13.65 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($388,304 ÷ 28,942 shares) | $ | 13.42 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($14,197,100 ÷ 1,089,452 shares) | $ | 13.03 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($149,381,942 ÷ 10,981,657 shares) | $ | 13.60 |
Statement of Operations | ||||
Six months ended June 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 133,602 | ||
Special dividends | 71,200 | |||
Income from Fidelity Central Funds (including $7,707 from security lending) | 10,801 | |||
Total Income | 215,603 | |||
Expenses | ||||
Management fee | $ | 557,719 | ||
Transfer agent fees | 129,189 | |||
Distribution and service plan fees | 20,567 | |||
Accounting fees | 40,736 | |||
Custodian fees and expenses | 13,148 | |||
Independent trustees' fees and expenses | 376 | |||
Audit | 26,336 | |||
Legal | 1,775 | |||
Miscellaneous | 421 | |||
Total expenses before reductions | 790,267 | |||
Expense reductions | (3,484) | |||
Total expenses after reductions | 786,783 | |||
Net Investment income (loss) | (571,180) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 8,574,707 | |||
Foreign currency transactions | (1,197) | |||
Total net realized gain (loss) | 8,573,510 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (60,389,870) | |||
Assets and liabilities in foreign currencies | (290) | |||
Total change in net unrealized appreciation (depreciation) | (60,390,160) | |||
Net gain (loss) | (51,816,650) | |||
Net increase (decrease) in net assets resulting from operations | $ | (52,387,830) |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (571,180) | $ | 1,010,371 |
Net realized gain (loss) | 8,573,510 | 31,847,565 | ||
Change in net unrealized appreciation (depreciation) | (60,390,160) | 17,319,602 | ||
Net increase (decrease) in net assets resulting from operations | (52,387,830) | 50,177,538 | ||
Distributions to shareholders | (25,885,254) | (21,366,276) | ||
Share transactions - net increase (decrease) | 9,685,902 | 19,313,218 | ||
Total increase (decrease) in net assets | (68,587,182) | 48,124,480 | ||
Net Assets | ||||
Beginning of period | 253,630,795 | 205,506,315 | ||
End of period | $ | 185,043,613 | $ | 253,630,795 |
Dynamic Capital Appreciation Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.62 | $ | 17.36 | $ | 13.20 | $ | 12.24 | $ | 14.43 | $ | 12.53 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.04) C | .09 D | .03 | .07 | .08 | .10 | ||||||
Net realized and unrealized gain (loss) | (3.88) | 3.96 | 4.35 | 3.21 | (.73) E | 2.77 | ||||||
Total from investment operations | (3.92) | 4.05 | 4.38 | 3.28 | (.65) | 2.87 | ||||||
Distributions from net investment income | - | (.11) F | (.03) | (.08) | (.08) | (.12) | ||||||
Distributions from net realized gain | (2.05) | (1.67) F | (.19) | (2.24) | (1.46) | (.86) | ||||||
Total distributions | (2.05) | (1.79) G | (.22) | (2.32) | (1.54) | (.97) G | ||||||
Net asset value, end of period | $ | 13.65 | $ | 19.62 | $ | 17.36 | $ | 13.20 | $ | 12.24 | $ | 14.43 |
Total Return H,I,J | (21.52)% | 24.63% | 33.61% | 30.08% | (4.89)% E | 23.89% | ||||||
Ratios to Average Net Assets B,K,L | ||||||||||||
Expenses before reductions | .67% M | .66% | .68% | .68% | .69% | .72% | ||||||
Expenses net of fee waivers, if any | .66% M | .66% | .68% | .68% | .69% | .72% | ||||||
Expenses net of all reductions | .66% M | .66% | .68% | .68% | .68% | .71% | ||||||
Net investment income (loss) | (.49)% C,M | .51% D | .19% | .57% | .54% | .73% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 21,076 | $ | 30,029 | $ | 26,104 | $ | 22,638 | $ | 20,701 | $ | 24,566 |
Portfolio turnover rate N | 53% M | 61% | 62% | 66% | 155% | 116% |
Dynamic Capital Appreciation Portfolio Service Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.33 | $ | 17.13 | $ | 13.03 | $ | 12.11 | $ | 14.28 | $ | 12.41 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.04) C | .08 D | .01 | .06 | .06 | .08 | ||||||
Net realized and unrealized gain (loss) | (3.82) | 3.89 | 4.30 | 3.17 | (.71) E | 2.75 | ||||||
Total from investment operations | (3.86) | 3.97 | 4.31 | 3.23 | (.65) | 2.83 | ||||||
Distributions from net investment income | - | (.09) F | (.02) | (.07) | (.06) | (.10) | ||||||
Distributions from net realized gain | (2.05) | (1.67) F | (.19) | (2.24) | (1.46) | (.86) | ||||||
Total distributions | (2.05) | (1.77) G | (.21) | (2.31) | (1.52) | (.96) | ||||||
Net asset value, end of period | $ | 13.42 | $ | 19.33 | $ | 17.13 | $ | 13.03 | $ | 12.11 | $ | 14.28 |
Total Return H,I,J | (21.53)% | 24.47% | 33.48% | 29.96% | (4.97)% E | 23.76% | ||||||
Ratios to Average Net Assets B,K,L | ||||||||||||
Expenses before reductions | .77% M | .76% | .78% | .78% | .79% | .82% | ||||||
Expenses net of fee waivers, if any | .76% M | .76% | .78% | .78% | .79% | .82% | ||||||
Expenses net of all reductions | .76% M | .76% | .78% | .78% | .78% | .81% | ||||||
Net investment income (loss) | (.59)% C,M | .42% D | .09% | .47% | .44% | .63% | ||||||
Supplemental Data | �� | |||||||||||
Net assets, end of period (000 omitted) | $ | 388 | $ | 445 | $ | 327 | $ | 287 | $ | 265 | $ | 631 |
Portfolio turnover rate N | 53% M | 61% | 62% | 66% | 155% | 116% |
Dynamic Capital Appreciation Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 18.85 | $ | 16.74 | $ | 12.74 | $ | 11.88 | $ | 14.05 | $ | 12.23 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.05) C | .05 D | (.01) | .04 | .04 | .06 | ||||||
Net realized and unrealized gain (loss) | (3.72) | 3.79 | 4.21 | 3.11 | (.71) E | 2.70 | ||||||
Total from investment operations | (3.77) | 3.84 | 4.20 | 3.15 | (.67) | 2.76 | ||||||
Distributions from net investment income | - | (.05) F | (.01) | (.05) | (.05) | (.08) | ||||||
Distributions from net realized gain | (2.05) | (1.67) F | (.19) | (2.24) | (1.46) | (.86) | ||||||
Total distributions | (2.05) | (1.73) G | (.20) | (2.29) | (1.50) G | (.94) | ||||||
Net asset value, end of period | $ | 13.03 | $ | 18.85 | $ | 16.74 | $ | 12.74 | $ | 11.88 | $ | 14.05 |
Total Return H,I,J | (21.62)% | 24.27% | 33.34% | 29.82% | (5.17)% E | 23.50% | ||||||
Ratios to Average Net Assets B,K,L | ||||||||||||
Expenses before reductions | .92% M | .91% | .93% | .93% | .94% | .97% | ||||||
Expenses net of fee waivers, if any | .91% M | .91% | .93% | .93% | .94% | .97% | ||||||
Expenses net of all reductions | .91% M | .91% | .93% | .93% | .93% | .96% | ||||||
Net investment income (loss) | (.74)% C,M | .26% D | (.06)% | .32% | .29% | .48% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 14,197 | $ | 19,579 | $ | 18,900 | $ | 15,870 | $ | 14,533 | $ | 17,294 |
Portfolio turnover rate N | 53% M | 61% | 62% | 66% | 155% | 116% |
Dynamic Capital Appreciation Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.56 | $ | 17.32 | $ | 13.17 | $ | 12.21 | $ | 14.40 | $ | 12.51 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.04) C | .08 D | .02 | .06 | .06 | .09 | ||||||
Net realized and unrealized gain (loss) | (3.87) | 3.93 | 4.34 | 3.21 | (.72) E | 2.76 | ||||||
Total from investment operations | (3.91) | 4.01 | 4.36 | 3.27 | (.66) | 2.85 | ||||||
Distributions from net investment income | - | (.09) F | (.02) | (.07) | (.07) | (.11) | ||||||
Distributions from net realized gain | (2.05) | (1.67) F | (.19) | (2.24) | (1.46) | (.86) | ||||||
Total distributions | (2.05) | (1.77) G | (.21) | (2.31) | (1.53) | (.96) G | ||||||
Net asset value, end of period | $ | 13.60 | $ | 19.56 | $ | 17.32 | $ | 13.17 | $ | 12.21 | $ | 14.40 |
Total Return H,I,J | (21.54)% | 24.46% | 33.54% | 30.07% | (5.00)% E | 23.74% | ||||||
Ratios to Average Net Assets B,K,L | ||||||||||||
Expenses before reductions | .74% M | .73% | .76% | .76% | .77% | .80% | ||||||
Expenses net of fee waivers, if any | .74% M | .73% | .76% | .76% | .77% | .80% | ||||||
Expenses net of all reductions | .74% M | .73% | .75% | .76% | .76% | .79% | ||||||
Net investment income (loss) | (.57)% C,M | .44% D | .12% | .50% | .46% | .65% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 149,382 | $ | 203,577 | $ | 160,175 | $ | 124,723 | $ | 108,561 | $ | 118,071 |
Portfolio turnover rate N | 53% M | 61% | 62% | 66% | 155% | 116% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Dividend Income | Net Unrealized Appreciation (Depreciation) | |
VIP Dynamic Capital Appreciation Portfolio | $(850,080) | $850,080 |
Gross unrealized appreciation | $46,884,748 |
Gross unrealized depreciation | (17,699,604) |
Net unrealized appreciation (depreciation) | $29,185,144 |
Tax cost | $159,305,621 |
Purchases ($) | Sales ($) | |
VIP Dynamic Capital Appreciation Portfolio | 56,776,130 | 74,448,160 |
Service Class | $192 |
Service Class 2 | 20,375 |
$20,567 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $7,671 | .06 |
Service Class | 119 | .06 |
Service Class 2 | 5,039 | .06 |
Investor Class | 116,360 | .14 |
$129,189 |
% of Average Net Assets | |
VIP Dynamic Capital Appreciation Portfolio | .04 |
Amount | |
VIP Dynamic Capital Appreciation Portfolio | $1,070 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Dynamic Capital Appreciation Portfolio | 3,274,848 | 2,460,474 | 369,253 |
Amount | |
VIP Dynamic Capital Appreciation Portfolio | $193 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Dynamic Capital Appreciation Portfolio | $825 | $381 | $113,628 |
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Dynamic Capital Appreciation Portfolio | ||
Distributions to shareholders | ||
Initial Class | $3,074,210 | $2,664,797 |
Service Class | 47,185 | 35,465 |
Service Class 2 | 2,042,772 | 1,896,525 |
Investor Class | 20,721,087 | 16,769,489 |
Total | $25,885,254 | $21,366,276 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Dynamic Capital Appreciation Portfolio | ||||
Initial Class | ||||
Shares sold | 17,292 | 121,009 | $259,690 | $2,187,314 |
Reinvestment of distributions | 191,779 | 150,157 | 3,074,210 | 2,664,797 |
Shares redeemed | (196,016) | (243,725) | (3,087,971) | (4,518,065) |
Net increase (decrease) | 13,055 | 27,441 | $245,929 | $334,046 |
Service Class | ||||
Shares sold | 28,979 | 2,415 | $398,871 | $41,895 |
Reinvestment of distributions | 2,994 | 2,022 | 47,185 | 35,465 |
Shares redeemed | (26,046) | (509) | (380,412) | (9,577) |
Net increase (decrease) | 5,927 | 3,928 | $65,644 | $67,783 |
Service Class 2 | ||||
Shares sold | 113,252 | 61,917 | $1,636,311 | $1,062,336 |
Reinvestment of distributions | 133,340 | 111,561 | 2,042,772 | 1,896,525 |
Shares redeemed | (195,932) | (263,821) | (2,957,213) | (4,676,764) |
Net increase (decrease) | 50,660 | (90,343) | $721,870 | $(1,717,903) |
Investor Class | ||||
Shares sold | 260,304 | 1,178,977 | $3,878,127 | $21,525,300 |
Reinvestment of distributions | 1,296,689 | 946,320 | 20,721,087 | 16,769,489 |
Shares redeemed | (982,437) | (967,121) | (15,946,755) | (17,665,497) |
Net increase (decrease) | 574,556 | 1,158,176 | $8,652,459 | $20,629,292 |
Fund | Affiliated % |
VIP Dynamic Capital Appreciation Portfolio | 92% |
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, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Dynamic Capital Appreciation Portfolio | ||||||||||
Initial Class | .66% | |||||||||
Actual | $ 1,000 | $ 784.80 | $ 2.92 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
Service Class | .76% | |||||||||
Actual | $ 1,000 | $ 784.70 | $ 3.36 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.03 | $ 3.81 | |||||||
Service Class 2 | .91% | |||||||||
Actual | $ 1,000 | $ 783.80 | $ 4.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.28 | $ 4.56 | |||||||
Investor Class | .74% | �� | ||||||||
Actual | $ 1,000 | $ 784.60 | $ 3.27 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.12 | $ 3.71 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 4.6 | |
Apple, Inc. | 3.7 | |
Amazon.com, Inc. | 2.2 | |
UnitedHealth Group, Inc. | 1.6 | |
Alphabet, Inc. Class A | 1.4 | |
Alphabet, Inc. Class C | 1.3 | |
Meta Platforms, Inc. Class A | 1.3 | |
Exxon Mobil Corp. | 1.1 | |
Bank of America Corp. | 1.1 | |
Visa, Inc. Class A | 1.0 | |
19.3 | ||
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
U.S. Treasury Obligations | 13.0 | |
Fannie Mae | 1.4 | |
Uniform Mortgage Backed Securities | 1.4 | |
Ginnie Mae | 1.3 | |
Freddie Mac | 1.1 | |
JPMorgan Chase & Co. | 0.4 | |
Petroleos Mexicanos | 0.4 | |
Bank of America Corp. | 0.3 | |
Goldman Sachs Group, Inc. | 0.3 | |
Morgan Stanley | 0.3 | |
19.9 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 17.1 | |
Financials | 11.9 | |
Health Care | 10.2 | |
Consumer Discretionary | 8.0 | |
Communication Services | 7.2 | |
Industrials | 5.4 | |
Consumer Staples | 5.3 | |
Energy | 4.2 | |
Real Estate | 2.9 | |
Utilities | 2.5 | |
Materials | 1.8 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 8.7% |
Common Stocks - 65.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 6.2% | |||
Diversified Telecommunication Services - 0.2% | |||
AT&T, Inc. | 285,699 | 5,988,251 | |
Liberty Global PLC Class C (a) | 283,963 | 6,272,743 | |
12,260,994 | |||
Entertainment - 1.0% | |||
Activision Blizzard, Inc. | 155,575 | 12,113,070 | |
Cinemark Holdings, Inc. (a)(b) | 142,482 | 2,140,080 | |
Netflix, Inc. (a) | 92,458 | 16,168,130 | |
Sea Ltd. ADR (a) | 75,200 | 5,027,872 | |
Take-Two Interactive Software, Inc. (a) | 49,818 | 6,104,200 | |
The Walt Disney Co. (a) | 170,132 | 16,060,461 | |
Warner Bros Discovery, Inc. (a) | 8,928 | 119,814 | |
57,733,627 | |||
Interactive Media & Services - 4.2% | |||
Alphabet, Inc.: | |||
Class A (a) | 39,138 | 85,291,878 | |
Class C (a) | 36,122 | 79,015,069 | |
Meta Platforms, Inc. Class A (a) | 476,542 | 76,842,398 | |
Snap, Inc. Class A (a) | 498,049 | 6,539,383 | |
Tongdao Liepin Group (a) | 1,496,633 | 1,884,429 | |
Twitter, Inc. (a) | 99,300 | 3,712,827 | |
253,285,984 | |||
Media - 0.4% | |||
Altice U.S.A., Inc. Class A (a) | 194,345 | 1,797,691 | |
Comcast Corp. Class A | 225,909 | 8,864,669 | |
Liberty Broadband Corp.: | |||
Class A (a) | 16,500 | 1,873,575 | |
Class C (a) | 63,700 | 7,366,268 | |
19,902,203 | |||
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 191,851 | 25,811,634 | |
TOTAL COMMUNICATION SERVICES | 368,994,442 | ||
CONSUMER DISCRETIONARY - 7.6% | |||
Auto Components - 0.1% | |||
Adient PLC (a) | 108,000 | 3,200,040 | |
Automobiles - 1.0% | |||
Ferrari NV | 20,100 | 3,687,948 | |
Tesla, Inc. (a) | 83,900 | 56,499,938 | |
60,187,886 | |||
Distributors - 0.1% | |||
LKQ Corp. | 128,100 | 6,288,429 | |
Diversified Consumer Services - 0.3% | |||
Frontdoor, Inc. (a) | 647,258 | 15,585,973 | |
Hotels, Restaurants & Leisure - 1.2% | |||
ARAMARK Holdings Corp. | 24,200 | 741,246 | |
Booking Holdings, Inc. (a) | 9,200 | 16,090,708 | |
Caesars Entertainment, Inc. (a) | 97,100 | 3,718,930 | |
Churchill Downs, Inc. | 45,900 | 8,791,227 | |
Compass Group PLC | 215,700 | 4,428,621 | |
Domino's Pizza, Inc. | 16,700 | 6,508,157 | |
Las Vegas Sands Corp. (a) | 143,700 | 4,826,883 | |
Marriott International, Inc. Class A | 109,400 | 14,879,494 | |
McDonald's Corp. | 50,100 | 12,368,688 | |
Sweetgreen, Inc. Class A | 11,200 | 130,480 | |
72,484,434 | |||
Household Durables - 0.2% | |||
Lennar Corp. Class A | 144,500 | 10,197,365 | |
Mohawk Industries, Inc. (a) | 30,500 | 3,784,745 | |
13,982,110 | |||
Internet & Direct Marketing Retail - 2.5% | |||
Amazon.com, Inc. (a) | 1,244,200 | 132,146,482 | |
Cazoo Group Ltd. (a)(c) | 56,400 | 40,608 | |
Deliveroo PLC Class A (a)(d) | 71,200 | 78,334 | |
eBay, Inc. | 229,700 | 9,571,599 | |
Uber Technologies, Inc. (a) | 399,847 | 8,180,870 | |
150,017,893 | |||
Multiline Retail - 0.4% | |||
Dollar General Corp. | 79,100 | 19,414,304 | |
Nordstrom, Inc. | 158,405 | 3,347,098 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 35,000 | 2,056,250 | |
24,817,652 | |||
Specialty Retail - 1.4% | |||
Burlington Stores, Inc. (a) | 17,400 | 2,370,402 | |
Industria de Diseno Textil SA (b) | 330,100 | 7,501,678 | |
Lowe's Companies, Inc. | 192,800 | 33,676,376 | |
The Home Depot, Inc. | 79,808 | 21,888,940 | |
TJX Companies, Inc. | 337,480 | 18,848,258 | |
84,285,654 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Capri Holdings Ltd. (a) | 46,500 | 1,906,965 | |
LVMH Moet Hennessy Louis Vuitton SE | 3,600 | 2,206,361 | |
NIKE, Inc. Class B | 83,030 | 8,485,666 | |
PVH Corp. | 50,400 | 2,867,760 | |
Tapestry, Inc. | 287,100 | 8,762,292 | |
24,229,044 | |||
TOTAL CONSUMER DISCRETIONARY | 455,079,115 | ||
CONSUMER STAPLES - 4.6% | |||
Beverages - 1.7% | |||
Boston Beer Co., Inc. Class A (a) | 7,500 | 2,272,275 | |
Celsius Holdings, Inc. (a) | 5,700 | 371,982 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 62,500 | 14,566,250 | |
Duckhorn Portfolio, Inc. (a) | 56,300 | 1,185,678 | |
Keurig Dr. Pepper, Inc. | 57,417 | 2,031,988 | |
Monster Beverage Corp. (a) | 136,326 | 12,637,420 | |
PepsiCo, Inc. | 167,700 | 27,948,882 | |
Pernod Ricard SA | 15,200 | 2,792,326 | |
The Coca-Cola Co. | 601,000 | 37,808,910 | |
101,615,711 | |||
Food & Staples Retailing - 1.1% | |||
Albertsons Companies, Inc. | 141,200 | 3,772,864 | |
Cake Box Holdings PLC | 53,343 | 116,882 | |
Costco Wholesale Corp. | 57,600 | 27,606,528 | |
Grocery Outlet Holding Corp. (a) | 33,300 | 1,419,579 | |
Sysco Corp. | 20,000 | 1,694,200 | |
U.S. Foods Holding Corp. (a) | 243,500 | 7,470,580 | |
Walmart, Inc. | 216,800 | 26,358,544 | |
68,439,177 | |||
Food Products - 0.7% | |||
Bunge Ltd. | 18,000 | 1,632,420 | |
Darling Ingredients, Inc. (a) | 28,400 | 1,698,320 | |
Freshpet, Inc. (a) | 27,400 | 1,421,786 | |
Hotel Chocolat Group Ltd. (a) | 30,400 | 105,467 | |
Lamb Weston Holdings, Inc. | 37,200 | 2,658,312 | |
Local Bounti Corp. (a) | 165,565 | 526,497 | |
McCormick & Co., Inc. (non-vtg.) | 66,000 | 5,494,500 | |
Mondelez International, Inc. | 257,700 | 16,000,593 | |
Sovos Brands, Inc. (b) | 64,500 | 1,023,615 | |
The Hershey Co. | 32,200 | 6,928,152 | |
TreeHouse Foods, Inc. (a) | 35,800 | 1,497,156 | |
38,986,818 | |||
Household Products - 0.9% | |||
Procter & Gamble Co. | 373,600 | 53,719,944 | |
The Clorox Co. | 6,100 | 859,978 | |
54,579,922 | |||
Personal Products - 0.1% | |||
Estee Lauder Companies, Inc. Class A | 32,200 | 8,200,374 | |
Olaplex Holdings, Inc. | 17,600 | 247,984 | |
The Honest Co., Inc. (a) | 29,100 | 84,972 | |
8,533,330 | |||
Tobacco - 0.1% | |||
Philip Morris International, Inc. | 52,100 | 5,144,354 | |
TOTAL CONSUMER STAPLES | 277,299,312 | ||
ENERGY - 3.0% | |||
Energy Equipment & Services - 0.3% | |||
Halliburton Co. | 235,700 | 7,391,552 | |
Liberty Oilfield Services, Inc. Class A (a) | 153,000 | 1,952,280 | |
Schlumberger Ltd. | 217,900 | 7,792,104 | |
Weatherford International PLC (a) | 51,000 | 1,079,670 | |
18,215,606 | |||
Oil, Gas & Consumable Fuels - 2.7% | |||
Canadian Natural Resources Ltd. | 279,200 | 15,003,313 | |
Delek U.S. Holdings, Inc. | 62,700 | 1,620,168 | |
Exxon Mobil Corp. | 759,900 | 65,077,836 | |
Genesis Energy LP | 437,000 | 3,504,740 | |
Hess Corp. | 158,500 | 16,791,490 | |
Imperial Oil Ltd. | 281,100 | 13,251,358 | |
Kosmos Energy Ltd. (a) | 891,600 | 5,519,004 | |
MEG Energy Corp. (a) | 1,071,300 | 14,831,080 | |
Phillips 66 Co. | 72,826 | 5,971,004 | |
Tourmaline Oil Corp. | 139,500 | 7,253,523 | |
Valero Energy Corp. | 108,400 | 11,520,752 | |
160,344,268 | |||
TOTAL ENERGY | 178,559,874 | ||
FINANCIALS - 7.1% | |||
Banks - 3.5% | |||
Bank of America Corp. | 2,042,750 | 63,590,808 | |
BankUnited, Inc. | 26,000 | 924,820 | |
BNP Paribas SA | 75,433 | 3,608,109 | |
Citizens Financial Group, Inc. | 100,163 | 3,574,817 | |
Comerica, Inc. | 57,155 | 4,194,034 | |
Eurobank Ergasias Services and Holdings SA (a) | 3,785,207 | 3,395,518 | |
First Horizon National Corp. | 162,700 | 3,556,622 | |
JPMorgan Chase & Co. | 170,350 | 19,183,114 | |
M&T Bank Corp. | 60,721 | 9,678,320 | |
Piraeus Financial Holdings SA (a) | 846,179 | 831,065 | |
PNC Financial Services Group, Inc. | 52,370 | 8,262,415 | |
Signature Bank | 23,370 | 4,188,138 | |
Silvergate Capital Corp. (a) | 7,800 | 417,534 | |
Societe Generale Series A | 185,500 | 4,101,352 | |
Standard Chartered PLC (United Kingdom) | 178,249 | 1,345,672 | |
Starling Bank Ltd. Series D (a)(c)(e) | 756,521 | 2,171,513 | |
Sumitomo Mitsui Financial Group, Inc. | 52,300 | 1,554,623 | |
SVB Financial Group (a) | 9,915 | 3,916,326 | |
U.S. Bancorp | 382,675 | 17,610,704 | |
UniCredit SpA | 378,998 | 3,621,835 | |
Wells Fargo & Co. | 1,321,214 | 51,751,952 | |
211,479,291 | |||
Capital Markets - 1.2% | |||
Bank of New York Mellon Corp. | 569,696 | 23,762,020 | |
BlackRock, Inc. Class A | 20,408 | 12,429,288 | |
Cboe Global Markets, Inc. | 19,618 | 2,220,561 | |
Goldman Sachs Group, Inc. | 16,428 | 4,879,445 | |
Intercontinental Exchange, Inc. | 130,505 | 12,272,690 | |
State Street Corp. | 88,218 | 5,438,640 | |
StepStone Group, Inc. Class A | 109,220 | 2,842,997 | |
TMX Group Ltd. | 20,300 | 2,065,957 | |
Virtu Financial, Inc. Class A | 166,246 | 3,891,819 | |
69,803,417 | |||
Consumer Finance - 0.4% | |||
American Express Co. | 84,703 | 11,741,530 | |
Capital One Financial Corp. | 59,974 | 6,248,691 | |
OneMain Holdings, Inc. | 128,165 | 4,790,808 | |
Shriram Transport Finance Co. Ltd. | 102,862 | 1,669,122 | |
24,450,151 | |||
Diversified Financial Services - 0.3% | |||
Ant International Co. Ltd. Class C (a)(c)(e) | 915,084 | 1,857,621 | |
Berkshire Hathaway, Inc.: | |||
Class A (a) | 13 | 5,316,350 | |
Class B (a) | 45,876 | 12,525,066 | |
Jumo World Ltd. (e) | 176 | 793,135 | |
20,492,172 | |||
Insurance - 1.7% | |||
AIA Group Ltd. | 126,600 | 1,383,304 | |
Arthur J. Gallagher & Co. | 56,114 | 9,148,827 | |
Chubb Ltd. | 26,700 | 5,248,686 | |
Globe Life, Inc. | 83,648 | 8,153,171 | |
Hartford Financial Services Group, Inc. | 179,752 | 11,761,173 | |
Marsh & McLennan Companies, Inc. | 114,733 | 17,812,298 | |
Prudential PLC | 68,435 | 851,279 | |
The Travelers Companies, Inc. | 268,613 | 45,430,517 | |
99,789,255 | |||
TOTAL FINANCIALS | 426,014,286 | ||
HEALTH CARE - 9.8% | |||
Biotechnology - 1.7% | |||
Amgen, Inc. | 141,778 | 34,494,587 | |
Horizon Therapeutics PLC (a) | 122,224 | 9,748,586 | |
Legend Biotech Corp. ADR (a) | 118,486 | 6,516,730 | |
Regeneron Pharmaceuticals, Inc. (a) | 24,600 | 14,541,798 | |
Seagen, Inc. (a) | 14,700 | 2,601,018 | |
Vertex Pharmaceuticals, Inc. (a) | 114,163 | 32,169,992 | |
100,072,711 | |||
Health Care Equipment & Supplies - 1.6% | |||
Abbott Laboratories | 306,766 | 33,330,126 | |
Boston Scientific Corp. (a) | 422,135 | 15,732,971 | |
Demant A/S (a) | 159,969 | 6,002,035 | |
Edwards Lifesciences Corp. (a) | 78,546 | 7,468,939 | |
Intuitive Surgical, Inc. (a) | 46,244 | 9,281,633 | |
ResMed, Inc. | 93,080 | 19,512,360 | |
Stryker Corp. | 41,719 | 8,299,161 | |
99,627,225 | |||
Health Care Providers & Services - 2.9% | |||
agilon health, Inc. (a) | 494,387 | 10,792,468 | |
AmerisourceBergen Corp. | 174,689 | 24,715,000 | |
HCA Holdings, Inc. | 9,890 | 1,662,113 | |
Humana, Inc. | 42,209 | 19,756,767 | |
Option Care Health, Inc. (a) | 510,953 | 14,199,384 | |
Surgery Partners, Inc. (a) | 386,774 | 11,185,504 | |
UnitedHealth Group, Inc. | 182,507 | 93,741,070 | |
176,052,306 | |||
Life Sciences Tools & Services - 0.8% | |||
Thermo Fisher Scientific, Inc. | 86,307 | 46,888,867 | |
Pharmaceuticals - 2.8% | |||
AstraZeneca PLC sponsored ADR | 220,447 | 14,564,933 | |
Bristol-Myers Squibb Co. | 533,660 | 41,091,820 | |
Eli Lilly & Co. | 173,977 | 56,408,563 | |
Roche Holding AG (participation certificate) | 35,836 | 11,979,969 | |
Royalty Pharma PLC | 544,528 | 22,891,957 | |
Zoetis, Inc. Class A | 110,593 | 19,009,831 | |
165,947,073 | |||
TOTAL HEALTH CARE | 588,588,182 | ||
INDUSTRIALS - 5.2% | |||
Aerospace & Defense - 1.1% | |||
Lockheed Martin Corp. | 21,318 | 9,165,887 | |
Northrop Grumman Corp. | 21,570 | 10,322,755 | |
Raytheon Technologies Corp. | 135,133 | 12,987,633 | |
Space Exploration Technologies Corp. Class A (a)(c)(e) | 17,000 | 1,190,000 | |
The Boeing Co. (a) | 253,000 | 34,590,160 | |
68,256,435 | |||
Air Freight & Logistics - 0.6% | |||
FedEx Corp. | 145,495 | 32,985,171 | |
United Parcel Service, Inc. Class B | 33,747 | 6,160,177 | |
39,145,348 | |||
Building Products - 0.1% | |||
Jeld-Wen Holding, Inc. (a) | 251,681 | 3,672,026 | |
Johnson Controls International PLC | 6,600 | 316,008 | |
3,988,034 | |||
Commercial Services & Supplies - 0.2% | |||
CoreCivic, Inc. (a) | 481,916 | 5,354,087 | |
The GEO Group, Inc. (a) | 928,021 | 6,124,939 | |
11,479,026 | |||
Construction & Engineering - 0.1% | |||
AECOM | 59,540 | 3,883,199 | |
API Group Corp. (a) | 127,154 | 1,903,495 | |
5,786,694 | |||
Electrical Equipment - 0.4% | |||
Fluence Energy, Inc. (b) | 35,500 | 336,540 | |
Sensata Technologies, Inc. PLC | 489,763 | 20,232,110 | |
Vertiv Holdings Co. | 84,600 | 695,412 | |
21,264,062 | |||
Industrial Conglomerates - 0.8% | |||
3M Co. | 71,214 | 9,215,804 | |
General Electric Co. | 540,037 | 34,384,156 | |
Honeywell International, Inc. | 23,440 | 4,074,106 | |
47,674,066 | |||
Machinery - 1.0% | |||
Allison Transmission Holdings, Inc. | 511,959 | 19,684,824 | |
Caterpillar, Inc. | 130,333 | 23,298,327 | |
Flowserve Corp. | 271,583 | 7,775,421 | |
Fortive Corp. | 98,364 | 5,349,034 | |
PACCAR, Inc. | 24,205 | 1,993,040 | |
58,100,646 | |||
Marine - 0.0% | |||
Genco Shipping & Trading Ltd. | 55,509 | 1,072,434 | |
Navios Maritime Partners LP | 17,529 | 403,167 | |
Star Bulk Carriers Corp. (b) | 40,355 | 1,008,471 | |
2,484,072 | |||
Professional Services - 0.3% | |||
Dun & Bradstreet Holdings, Inc. (a) | 94,008 | 1,412,940 | |
Equifax, Inc. | 25,952 | 4,743,507 | |
Nielsen Holdings PLC | 544,718 | 12,648,352 | |
18,804,799 | |||
Road & Rail - 0.6% | |||
CSX Corp. | 157,013 | 4,562,798 | |
Norfolk Southern Corp. | 94,026 | 21,371,170 | |
Union Pacific Corp. | 45,432 | 9,689,737 | |
35,623,705 | |||
TOTAL INDUSTRIALS | 312,606,887 | ||
INFORMATION TECHNOLOGY - 16.6% | |||
Electronic Equipment & Components - 0.2% | |||
Amphenol Corp. Class A | 165,700 | 10,667,766 | |
IT Services - 2.5% | |||
Accenture PLC Class A | 16,600 | 4,608,990 | |
Affirm Holdings, Inc. (a)(b) | 54,700 | 987,882 | |
Block, Inc. Class A (a)(b) | 131,700 | 8,094,282 | |
Capgemini SA | 47,200 | 8,084,767 | |
Cognizant Technology Solutions Corp. Class A | 274,600 | 18,532,754 | |
Dlocal Ltd. | 232,600 | 6,105,750 | |
EPAM Systems, Inc. (a) | 21,000 | 6,190,380 | |
MasterCard, Inc. Class A | 31,600 | 9,969,168 | |
MongoDB, Inc. Class A (a) | 36,900 | 9,575,550 | |
Snowflake, Inc. (a) | 25,000 | 3,476,500 | |
Thoughtworks Holding, Inc. | 121,569 | 1,715,339 | |
Thoughtworks Holding, Inc. (d) | 54,128 | 763,746 | |
Twilio, Inc. Class A (a) | 49,900 | 4,182,119 | |
Visa, Inc. Class A | 313,232 | 61,672,248 | |
Wix.com Ltd. (a) | 52,500 | 3,441,375 | |
Worldline SA (a)(d) | 35,200 | 1,305,092 | |
148,705,942 | |||
Semiconductors & Semiconductor Equipment - 3.1% | |||
Advanced Micro Devices, Inc. (a) | 63,400 | 4,848,198 | |
ASML Holding NV (Netherlands) | 14,700 | 6,944,838 | |
Lam Research Corp. | 38,400 | 16,364,160 | |
Marvell Technology, Inc. | 183,372 | 7,982,183 | |
MediaTek, Inc. | 205,000 | 4,489,353 | |
Microchip Technology, Inc. | 242,900 | 14,107,632 | |
Micron Technology, Inc. | 368,100 | 20,348,568 | |
NVIDIA Corp. | 392,900 | 59,559,711 | |
NXP Semiconductors NV | 74,012 | 10,955,996 | |
Renesas Electronics Corp. (a) | 1,144,100 | 10,353,370 | |
Silergy Corp. | 35,000 | 2,819,827 | |
SolarEdge Technologies, Inc. (a) | 34,400 | 9,414,592 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,118,000 | 17,921,380 | |
186,109,808 | |||
Software - 7.1% | |||
Adobe, Inc. (a) | 97,100 | 35,544,426 | |
Autodesk, Inc. (a) | 69,900 | 12,020,004 | |
Black Knight, Inc. (a) | 43,300 | 2,831,387 | |
CCC Intelligent Solutions Holdings, Inc. (a)(c) | 36,613 | 336,840 | |
Coupa Software, Inc. (a) | 51,400 | 2,934,940 | |
Cvent Holding Corp. (c) | 117,171 | 541,330 | |
Elastic NV (a) | 41,100 | 2,781,237 | |
Epic Games, Inc. (a)(c)(e) | 1,812 | 1,685,160 | |
Five9, Inc. (a) | 57,700 | 5,258,778 | |
HubSpot, Inc. (a) | 30,300 | 9,109,695 | |
Intuit, Inc. | 57,100 | 22,008,624 | |
Microsoft Corp. | 1,085,100 | 278,686,228 | |
Otonomo Technologies Ltd. (a) | 105,387 | 113,818 | |
Salesforce.com, Inc. (a) | 189,200 | 31,225,568 | |
Stripe, Inc. Class B (a)(c)(e) | 19,953 | 510,198 | |
Synopsys, Inc. (a) | 41,900 | 12,725,030 | |
Workday, Inc. Class A (a) | 43,400 | 6,057,772 | |
424,371,035 | |||
Technology Hardware, Storage & Peripherals - 3.7% | |||
Apple, Inc. | 1,652,364 | 225,911,206 | |
TOTAL INFORMATION TECHNOLOGY | 995,765,757 | ||
MATERIALS - 1.8% | |||
Chemicals - 1.0% | |||
Air Products & Chemicals, Inc. | 31,403 | 7,551,793 | |
CF Industries Holdings, Inc. | 123,380 | 10,577,367 | |
DuPont de Nemours, Inc. | 66,650 | 3,704,407 | |
Ecolab, Inc. | 37,146 | 5,711,569 | |
International Flavors & Fragrances, Inc. | 50,417 | 6,005,673 | |
Linde PLC | 40,970 | 11,780,104 | |
Olin Corp. | 96,330 | 4,458,152 | |
Sherwin-Williams Co. | 31,271 | 7,001,890 | |
Valvoline, Inc. | 165,300 | 4,765,599 | |
61,556,554 | |||
Construction Materials - 0.3% | |||
Martin Marietta Materials, Inc. | 16,884 | 5,052,368 | |
Summit Materials, Inc. (a) | 214,965 | 5,006,535 | |
Vulcan Materials Co. | 29,220 | 4,152,162 | |
14,211,065 | |||
Containers & Packaging - 0.1% | |||
Crown Holdings, Inc. | 71,120 | 6,555,130 | |
Metals & Mining - 0.4% | |||
Alcoa Corp. | 46,930 | 2,139,069 | |
First Quantum Minerals Ltd. | 239,300 | 4,539,859 | |
Freeport-McMoRan, Inc. | 280,851 | 8,217,700 | |
Newmont Corp. | 119,753 | 7,145,662 | |
Reliance Steel & Aluminum Co. | 20,518 | 3,485,187 | |
25,527,477 | |||
TOTAL MATERIALS | 107,850,226 | ||
REAL ESTATE - 2.0% | |||
Equity Real Estate Investment Trusts (REITs) - 1.9% | |||
Alexandria Real Estate Equities, Inc. | 2,800 | 406,084 | |
American Tower Corp. | 72,400 | 18,504,716 | |
Corporate Office Properties Trust (SBI) | 88,700 | 2,323,053 | |
Crown Castle International Corp. | 134,100 | 22,579,758 | |
CubeSmart | 77,800 | 3,323,616 | |
Equity Lifestyle Properties, Inc. | 105,600 | 7,441,632 | |
Essex Property Trust, Inc. | 15,800 | 4,131,858 | |
Host Hotels & Resorts, Inc. | 164,800 | 2,584,064 | |
Invitation Homes, Inc. | 185,000 | 6,582,300 | |
Kilroy Realty Corp. | 7,900 | 413,407 | |
Life Storage, Inc. | 12,700 | 1,418,082 | |
Mid-America Apartment Communities, Inc. | 24,900 | 4,349,283 | |
Prologis (REIT), Inc. | 112,000 | 13,176,800 | |
Simon Property Group, Inc. | 16,400 | 1,556,688 | |
Ventas, Inc. | 87,900 | 4,520,697 | |
Washington REIT (SBI) | 87,158 | 1,857,337 | |
Welltower, Inc. | 207,427 | 17,081,613 | |
112,250,988 | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield PLC (a) | 427,100 | 6,509,004 | |
WeWork, Inc. (a) | 274,600 | 1,378,492 | |
7,887,496 | |||
TOTAL REAL ESTATE | 120,138,484 | ||
UTILITIES - 2.0% | |||
Electric Utilities - 1.4% | |||
Constellation Energy Corp. | 99,978 | 5,724,740 | |
Edison International | 92,200 | 5,830,728 | |
Entergy Corp. | 35,878 | 4,041,298 | |
Evergy, Inc. | 69,725 | 4,549,556 | |
Exelon Corp. | 202,835 | 9,192,482 | |
FirstEnergy Corp. | 169,300 | 6,499,427 | |
NextEra Energy, Inc. | 305,204 | 23,641,102 | |
PG&E Corp. (a) | 659,219 | 6,579,006 | |
PPL Corp. | 187,300 | 5,081,449 | |
Southern Co. | 185,200 | 13,206,612 | |
84,346,400 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
The AES Corp. | 260,400 | 5,471,004 | |
Multi-Utilities - 0.5% | |||
CenterPoint Energy, Inc. | 149,783 | 4,430,581 | |
Dominion Energy, Inc. | 115,078 | 9,184,375 | |
NiSource, Inc. | 143,500 | 4,231,815 | |
Public Service Enterprise Group, Inc. | 64,200 | 4,062,576 | |
Sempra Energy | 69,198 | 10,398,383 | |
32,307,730 | |||
TOTAL UTILITIES | 122,125,134 | ||
TOTAL COMMON STOCKS (Cost $3,181,222,168) | 3,953,021,699 | ||
Preferred Stocks - 0.4% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.3% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series F (c) | 36,875 | 1,779,447 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Algolia SAS Series D (c)(e) | 28,064 | 500,381 | |
TOTAL CONSUMER DISCRETIONARY | 2,279,828 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
ABL Space Systems: | |||
Series B(a)(c)(e) | 17,763 | 894,722 | |
Series B2(c)(e) | 8,188 | 412,430 | |
1,307,152 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(c)(e) | 7,264 | 749,427 | |
TOTAL INDUSTRIALS | 2,056,579 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
Communications Equipment - 0.0% | |||
Astranis Space Technologies Corp. Series C (a)(c)(e) | 60,816 | 2,054,973 | |
Xsight Labs Ltd. Series D (a)(c)(e) | 65,770 | 491,960 | |
2,546,933 | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(c)(e) | 21,701 | 3,308,100 | |
Semiconductors & Semiconductor Equipment - 0.0% | |||
Astera Labs, Inc. Series C (c)(e) | 155,858 | 1,584,998 | |
GaN Systems, Inc.: | |||
Series F1(c)(e) | 14,731 | 98,845 | |
Series F2(c)(e) | 7,778 | 52,190 | |
1,736,033 | |||
Software - 0.1% | |||
Bolt Technology OU Series E (c)(e) | 6,283 | 1,017,467 | |
Databricks, Inc.: | |||
Series G(a)(c)(e) | 1,487 | 235,273 | |
Series H(c)(e) | 6,214 | 983,179 | |
Skyryse, Inc. Series B (c)(e) | 50,000 | 1,233,999 | |
Stripe, Inc. Series H (a)(c)(e) | 6,600 | 168,762 | |
3,638,680 | |||
TOTAL INFORMATION TECHNOLOGY | 11,229,746 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 15,566,153 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series E (c) | 68,071 | 3,284,848 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Checkr, Inc. Series E (e) | 29,109 | 1,600,995 | |
Gupshup, Inc. (a)(c)(e) | 59,838 | 1,167,439 | |
2,768,434 | |||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 6,053,282 | ||
TOTAL PREFERRED STOCKS (Cost $18,025,002) | 21,619,435 | ||
U.S. Treasury Obligations - 0.0% | |||
Principal Amount (f) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 1.6% 9/15/22 (g) (Cost $1,534,805) | 1,540,000 | 1,534,863 | |
Preferred Securities - 0.0% | |||
Principal Amount (f) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Semiconductors & Semiconductor Equipment - 0.0% | |||
GaN Systems, Inc. 0% (c)(e)(h) (Cost $345,272) | 345,272 | 345,272 | |
Fixed-Income Funds - 32.1% | |||
Shares | Value ($) | ||
Fidelity VIP Investment Grade Central Fund (i) (Cost $2,143,050,399) | 20,066,363 | 1,925,166,849 | |
Money Market Funds - 1.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 1.58% (j) | 97,598,626 | 97,618,146 | |
Fidelity Securities Lending Cash Central Fund 1.58% (j)(k) | 12,903,371 | 12,904,662 | |
TOTAL MONEY MARKET FUNDS (Cost $110,522,299) | 110,522,808 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $5,454,699,945) | 6,012,210,926 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (11,317,398) |
NET ASSETS - 100.0% | 6,000,893,528 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 135 | Sep 2022 | 25,579,125 | 195,760 | 195,760 |
The notional amount of futures purchased as a percentage of Net Assets is 0.4% |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $28,696,982 or 0.5% of net assets. |
(d) | 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 $2,147,172 or 0.0% of net assets. |
(e) | Level 3 security |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,497,987. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ABL Space Systems Series B | 3/24/21 | 799,967 |
ABL Space Systems Series B2 | 10/22/21 | 556,752 |
Algolia SAS Series D | 7/23/21 | 820,733 |
Ant International Co. Ltd. Class C | 5/16/18 | 3,487,731 |
Astera Labs, Inc. Series C | 8/24/21 | 523,963 |
Astranis Space Technologies Corp. Series C | 3/19/21 | 1,333,143 |
Beta Technologies, Inc. Series A | 4/09/21 | 532,233 |
Bolt Technology OU Series E | 1/03/22 | 1,632,302 |
ByteDance Ltd. Series E1 | 11/18/20 | 2,377,869 |
Cazoo Group Ltd. | 3/28/21 | 564,000 |
CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 366,130 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 1,104,800 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 1,553,913 |
Cvent Holding Corp. | 7/23/21 | 1,171,710 |
Databricks, Inc. Series G | 2/01/21 | 263,746 |
Databricks, Inc. Series H | 8/31/21 | 1,369,891 |
Epic Games, Inc. | 3/29/21 | 1,603,620 |
GaN Systems, Inc. Series F1 | 11/30/21 | 124,919 |
GaN Systems, Inc. Series F2 | 11/30/21 | 65,957 |
GaN Systems, Inc. 0% | 11/30/21 | 345,272 |
Gupshup, Inc. | 6/08/21 | 1,368,208 |
Skyryse, Inc. Series B | 10/21/21 | 1,233,999 |
Space Exploration Technologies Corp. Class A | 2/16/21 | 713,983 |
Starling Bank Ltd. Series D | 6/18/21 | 1,352,573 |
Stripe, Inc. Class B | 5/18/21 | 800,682 |
Stripe, Inc. Series H | 3/15/21 | 264,825 |
Xsight Labs Ltd. Series D | 2/16/21 | 525,897 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 115,602,840 | 632,976,250 | 650,960,944 | 185,136 | - | - | 97,618,146 | 0.2% |
Fidelity Securities Lending Cash Central Fund 1.58% | 5,110,773 | 93,236,055 | 85,442,166 | 80,153 | - | - | 12,904,662 | 0.0% |
Fidelity VIP Investment Grade Central Fund | 2,046,910,415 | 133,993,728 | - | 41,596,284 | - | (255,737,294) | 1,925,166,849 | 84.7% |
Total | 2,167,624,028 | 860,206,033 | 736,403,110 | 41,861,573 | - | (255,737,294) | 2,035,689,657 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 368,994,442 | 368,994,442 | - | - |
Consumer Discretionary | 460,643,791 | 440,942,455 | 19,200,955 | 500,381 |
Consumer Staples | 277,299,312 | 277,299,312 | - | - |
Energy | 178,559,874 | 178,559,874 | - | - |
Financials | 426,014,286 | 401,330,325 | 19,861,692 | 4,822,269 |
Health Care | 588,588,182 | 576,608,213 | 11,979,969 | - |
Industrials | 314,663,466 | 311,416,887 | - | 3,246,579 |
Information Technology | 1,009,763,937 | 958,350,811 | 35,219,588 | 16,193,538 |
Materials | 107,850,226 | 107,850,226 | - | - |
Real Estate | 120,138,484 | 120,138,484 | - | - |
Utilities | 122,125,134 | 122,125,134 | - | - |
U.S. Government and Government Agency Obligations | 1,534,863 | - | 1,534,863 | - |
Preferred Securities | 345,272 | - | - | 345,272 |
Fixed-Income Funds | 1,925,166,849 | 1,925,166,849 | - | - |
Money Market Funds | 110,522,808 | 110,522,808 | - | - |
Total Investments in Securities: | 6,012,210,926 | 5,899,305,820 | 87,797,067 | 25,108,039 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 195,760 | 195,760 | - | - |
Total Assets | 195,760 | 195,760 | - | - |
Total Derivative Instruments: | 195,760 | 195,760 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 195,760 | 0 |
Total Equity Risk | 195,760 | 0 |
Total Value of Derivatives | 195,760 | 0 |
Statement of Assets and Liabilities | ||||
June 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $11,609,375) - See accompanying schedule: | $3,976,521,269 | |||
Unaffiliated issuers (cost $3,201,127,247) | ||||
Fidelity Central Funds (cost $2,253,572,698) | 2,035,689,657 | |||
Total Investment in Securities (cost $5,454,699,945) | $ | 6,012,210,926 | ||
Receivable for investments sold | 15,488,568 | |||
Receivable for fund shares sold | 1,103,157 | |||
Dividends receivable | 3,677,008 | |||
Distributions receivable from Fidelity Central Funds | 89,949 | |||
Other receivables | 15,827 | |||
Total assets | 6,032,585,435 | |||
Liabilities | ||||
Payable to custodian bank | $800,415 | |||
Payable for investments purchased | 13,516,923 | |||
Payable for fund shares redeemed | 1,085,939 | |||
Accrued management fee | 1,931,482 | |||
Distribution and service plan fees payable | 452,326 | |||
Payable for daily variation margin on futures contracts | 214,313 | |||
Other affiliated payables | 667,305 | |||
Other payables and accrued expenses | 118,542 | |||
Collateral on securities loaned | 12,904,662 | |||
Total Liabilities | 31,691,907 | |||
Net Assets | $ | 6,000,893,528 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,229,477,042 | ||
Total accumulated earnings (loss) | 771,416,486 | |||
Net Assets | $ | 6,000,893,528 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($278,584,131 ÷ 14,224,236 shares) | $ | 19.59 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($35,561,901 ÷ 1,833,156 shares) | $ | 19.40 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($2,105,114,896 ÷ 111,185,862 shares) | $ | 18.93 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($3,581,632,600 ÷ 184,905,868 shares) | $ | 19.37 |
Statement of Operations | ||||
Six months ended June 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 30,025,717 | ||
Interest | 3,167 | |||
Income from Fidelity Central Funds (including $80,153 from security lending) | 23,080,537 | |||
Total Income | 53,109,421 | |||
Expenses | ||||
Management fee | $ | 12,620,604 | ||
Transfer agent fees | 3,582,556 | |||
Distribution and service plan fees | 2,951,922 | |||
Accounting fees | 712,725 | |||
Custodian fees and expenses | 77,208 | |||
Independent trustees' fees and expenses | 11,619 | |||
Audit | 35,726 | |||
Legal | 10,393 | |||
Miscellaneous | 12,493 | |||
Total expenses before reductions | 20,015,246 | |||
Expense reductions | (105,063) | |||
Total expenses after reductions | 19,910,183 | |||
Net Investment income (loss) | 33,199,238 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of foreign taxes of $319,576) | 180,379,144 | |||
Foreign currency transactions | (87,298) | |||
Futures contracts | (8,048,525) | |||
Capital gain distributions from Fidelity Central Funds | 18,781,036 | |||
Total net realized gain (loss) | 191,024,357 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $243,670) | (1,298,657,475) | |||
Fidelity Central Funds | (255,737,294) | |||
Unfunded commitments | 4,439 | |||
Assets and liabilities in foreign currencies | (54,090) | |||
Futures contracts | (568,390) | |||
Total change in net unrealized appreciation (depreciation) | (1,555,012,810) | |||
Net gain (loss) | (1,363,988,453) | |||
Net increase (decrease) in net assets resulting from operations | $ | (1,330,789,215) |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 33,199,238 | $ | 59,520,454 |
Net realized gain (loss) | 191,024,357 | 563,915,748 | ||
Change in net unrealized appreciation (depreciation) | (1,555,012,810) | 486,540,958 | ||
Net increase (decrease) in net assets resulting from operations | (1,330,789,215) | 1,109,977,160 | ||
Distributions to shareholders | (403,806,707) | (545,425,671) | ||
Share transactions - net increase (decrease) | 321,262,969 | 866,336,017 | ||
Total increase (decrease) in net assets | (1,413,332,953) | 1,430,887,506 | ||
Net Assets | ||||
Beginning of period | 7,414,226,481 | 5,983,338,975 | ||
End of period | $ | 6,000,893,528 | $ | 7,414,226,481 |
Balanced Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.29 | $ | 23.29 | $ | 19.55 | $ | 16.78 | $ | 18.76 | $ | 16.77 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .12 | .25 | .29 | .33 | .30 | .28 | ||||||
Net realized and unrealized gain (loss) | (4.46) | 3.79 | 4.02 | 3.62 | (1.07) | 2.44 | ||||||
Total from investment operations | (4.34) | 4.04 | 4.31 | 3.95 | (.77) | 2.72 | ||||||
Distributions from net investment income | (.06) | (.23) | (.30) | (.32) | (.27) | (.27) | ||||||
Distributions from net realized gain | (1.30) | (1.81) | (.28) | (.86) | (.94) | (.46) | ||||||
Total distributions | (1.36) | (2.04) | (.57) C | (1.18) | (1.21) | (.73) | ||||||
Net asset value, end of period | $ | 19.59 | $ | 25.29 | $ | 23.29 | $ | 19.55 | $ | 16.78 | $ | 18.76 |
Total Return D,E,F | (17.90)% | 18.26% | 22.39% | 24.51% | (4.22)% | 16.43% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .46% I | .46% | .48% | .49% | .49% | .50% | ||||||
Expenses net of fee waivers, if any | .46% I | .46% | .48% | .49% | .49% | .50% | ||||||
Expenses net of all reductions | .46% I | .46% | .47% | .48% | .49% | .50% | ||||||
Net investment income (loss) | 1.12% I | 1.01% | 1.45% | 1.81% | 1.64% | 1.56% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 278,584 | $ | 332,976 | $ | 271,384 | $ | 240,746 | $ | 206,293 | $ | 231,977 |
Portfolio turnover rate J | 42% I | 33% | 62% | 41% | 55% | 45% |
Balanced Portfolio Service Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.07 | $ | 23.11 | $ | 19.40 | $ | 16.67 | $ | 18.65 | $ | 16.69 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .11 | .22 | .27 | .31 | .28 | .26 | ||||||
Net realized and unrealized gain (loss) | (4.42) | 3.76 | 4.00 | 3.58 | (1.05) | 2.41 | ||||||
Total from investment operations | (4.31) | 3.98 | 4.27 | 3.89 | (.77) | 2.67 | ||||||
Distributions from net investment income | (.06) | (.21) | (.28) | (.30) | (.27) | (.26) | ||||||
Distributions from net realized gain | (1.30) | (1.81) | (.28) | (.86) | (.94) | (.46) | ||||||
Total distributions | (1.36) | (2.02) | (.56) | (1.16) | (1.21) | (.71) C | ||||||
Net asset value, end of period | $ | 19.40 | $ | 25.07 | $ | 23.11 | $ | 19.40 | $ | 16.67 | $ | 18.65 |
Total Return D,E,F | (17.96)% | 18.13% | 22.32% | 24.30% | (4.27)% | 16.25% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .56% I | .56% | .58% | .59% | .59% | .60% | ||||||
Expenses net of fee waivers, if any | .56% I | .56% | .58% | .59% | .59% | .60% | ||||||
Expenses net of all reductions | .56% I | .56% | .57% | .58% | .59% | .60% | ||||||
Net investment income (loss) | 1.02% I | .91% | 1.35% | 1.71% | 1.53% | 1.46% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 35,562 | $ | 41,039 | $ | 30,072 | $ | 19,258 | $ | 16,616 | $ | 7,933 |
Portfolio turnover rate J | 42% I | 33% | 62% | 41% | 55% | 45% |
Balanced Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 24.52 | $ | 22.64 | $ | 19.02 | $ | 16.37 | $ | 18.33 | $ | 16.41 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .09 | .18 | .24 | .28 | .25 | .23 | ||||||
Net realized and unrealized gain (loss) | (4.33) | 3.68 | 3.91 | 3.51 | (1.04) | 2.38 | ||||||
Total from investment operations | (4.24) | 3.86 | 4.15 | 3.79 | (.79) | 2.61 | ||||||
Distributions from net investment income | (.05) | (.18) | (.25) | (.28) | (.23) | (.23) | ||||||
Distributions from net realized gain | (1.30) | (1.81) | (.28) | (.86) | (.94) | (.46) | ||||||
Total distributions | (1.35) | (1.98) | (.53) | (1.14) | (1.17) | (.69) | ||||||
Net asset value, end of period | $ | 18.93 | $ | 24.52 | $ | 22.64 | $ | 19.02 | $ | 16.37 | $ | 18.33 |
Total Return C,D,E | (18.05)% | 17.99% | 22.13% | 24.11% | (4.44)% | 16.12% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .71% H | .71% | .73% | .74% | .74% | .75% | ||||||
Expenses net of fee waivers, if any | .71% H | .71% | .73% | .74% | .74% | .75% | ||||||
Expenses net of all reductions | .71% H | .71% | .72% | .73% | .74% | .75% | ||||||
Net investment income (loss) | .87% H | .76% | 1.20% | 1.56% | 1.39% | 1.31% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,105,115 | $ | 2,562,199 | $ | 1,985,175 | $ | 1,492,773 | $ | 1,045,617 | $ | 979,052 |
Portfolio turnover rate I | 42% H | 33% | 62% | 41% | 55% | 45% |
Balanced Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.04 | $ | 23.08 | $ | 19.37 | $ | 16.64 | $ | 18.61 | $ | 16.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .11 | .22 | .27 | .31 | .28 | .26 | ||||||
Net realized and unrealized gain (loss) | (4.42) | 3.76 | 4.00 | 3.59 | (1.05) | 2.41 | ||||||
Total from investment operations | (4.31) | 3.98 | 4.27 | 3.90 | (.77) | 2.67 | ||||||
Distributions from net investment income | (.06) | (.21) | (.28) | (.31) | (.26) | (.25) | ||||||
Distributions from net realized gain | (1.30) | (1.81) | (.28) | (.86) | (.94) | (.46) | ||||||
Total distributions | (1.36) | (2.02) | (.56) | (1.17) | (1.20) | (.71) | ||||||
Net asset value, end of period | $ | 19.37 | $ | 25.04 | $ | 23.08 | $ | 19.37 | $ | 16.64 | $ | 18.61 |
Total Return C,D,E | (17.97)% | 18.17% | 22.35% | 24.38% | (4.28)% | 16.28% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .54% H | .54% | .56% | .57% | .57% | .58% | ||||||
Expenses net of fee waivers, if any | .53% H | .54% | .55% | .57% | .57% | .58% | ||||||
Expenses net of all reductions | .53% H | .54% | .55% | .56% | .57% | .58% | ||||||
Net investment income (loss) | 1.05% H | .93% | 1.37% | 1.73% | 1.56% | 1.48% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 3,581,633 | $ | 4,478,013 | $ | 3,696,708 | $ | 3,152,822 | $ | 2,599,494 | $ | 2,750,265 |
Portfolio turnover rate I | 42% H | 33% | 62% | 41% | 55% | 45% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity VIP Investment Grade Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in investment-grade debt securities and repurchase agreements. | Delayed Delivery & When Issued Securities Restricted Securities | Less than .005% |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $1,149,111,373 |
Gross unrealized depreciation | (603,342,953) |
Net unrealized appreciation (depreciation) | $545,768,420 |
Tax cost | $5,466,638,266 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
VIP Balanced Portfolio | 1,417,566,710 | 1,420,455,743 |
Service Class | $ 19,113 |
Service Class 2 | 2,932,809 |
$2,951,922 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $ 94,759 | .06 |
Service Class | 11,839 | .06 |
Service Class 2 | 726,315 | .06 |
Investor Class | 2,749,643 | .14 |
$3,582,556 |
% of Average Net Assets | |
VIP Balanced Portfolio | .02 |
Amount | |
VIP Balanced Portfolio | $ 30,318 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Balanced Portfolio | 183,650,422 | 156,171,593 | 9,882,439 |
Amount | |
VIP Balanced Portfolio | $ 5,852 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Balanced Portfolio | $ 8,600 | $ - | $- |
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Balanced Portfolio | ||
Distributions to shareholders | ||
Initial Class | $17,720,117 | $24,483,104 |
Service Class | 2,142,806 | 2,857,510 |
Service Class 2 | 142,187,991 | 183,989,796 |
Investor Class | 241,755,793 | 334,095,261 |
Total | $403,806,707 | $545,425,671 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
VIP Balanced Portfolio | ||||
Initial Class | ||||
Shares sold | 1,641,848 | 2,346,915 | $35,474,692 | $57,940,332 |
Reinvestment of distributions | 780,278 | 1,048,715 | 17,720,117 | 24,483,104 |
Shares redeemed | (1,362,398) | (1,881,652) | (29,442,174) | (45,214,085) |
Net increase (decrease). | 1,059,728 | 1,513,978 | $23,752,635 | $37,209,351 |
Service Class | ||||
Shares sold | 361,485 | 409,426 | $7,963,831 | $9,827,105 |
Reinvestment of distributions | 95,194 | 123,283 | 2,142,806 | 2,857,510 |
Shares redeemed | (260,181) | (197,194) | (5,691,143) | (4,753,055) |
Net increase (decrease). | 196,498 | 335,515 | $4,415,494 | $7,931,560 |
Service Class 2 | ||||
Shares sold | 7,764,395 | 16,662,627 | $167,154,460 | $390,743,401 |
Reinvestment of distributions | 6,468,971 | 8,124,891 | 142,187,991 | 183,989,796 |
Shares redeemed | (7,546,157) | (7,956,788) | (157,969,514) | (187,262,084) |
Net increase (decrease). | 6,687,209 | 16,830,730 | $151,372,937 | $387,471,113 |
Investor Class | ||||
Shares sold | 1,629,540 | 8,471,131 | $36,226,326 | $201,898,989 |
Reinvestment of distributions | 10,759,047 | 14,458,679 | 241,755,793 | 334,095,261 |
Shares redeemed | (6,337,848) | (4,254,847) | (136,260,216) | (102,270,257) |
Net increase (decrease). | 6,050,739 | 18,674,963 | $141,721,903 | $433,723,993 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Balanced Portfolio | 62% | 1 | 18% |
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, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Balanced Portfolio | ||||||||||
Initial Class | .46% | |||||||||
Actual | $ 1,000 | $ 821.00 | $ 2.08 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.51 | $ 2.31 | |||||||
Service Class | .56% | |||||||||
Actual | $ 1,000 | $ 820.40 | $ 2.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.02 | $ 2.81 | |||||||
Service Class 2 | .71% | |||||||||
Actual | $ 1,000 | $ 819.50 | $ 3.20 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.27 | $ 3.56 | |||||||
Investor Class | .53% | |||||||||
Actual | $ 1,000 | $ 820.30 | $ 2.39 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.17 | $ 2.66 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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 III’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 III’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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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 III
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2022 |
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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 19, 2022 |