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)
Margaret Carey, 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, 2023 |
Item 1.
Reports to Stockholders
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.9 | |
Exxon Mobil Corp. | 7.2 | |
Wells Fargo & Co. | 5.5 | |
General Electric Co. | 4.5 | |
Apple, Inc.* | 3.6 | |
Bank of America Corp. | 2.4 | |
Comcast Corp. Class A | 2.0 | |
Visa, Inc. Class A | 2.0 | |
UnitedHealth Group, Inc. | 1.9 | |
Hess Corp. | 1.6 | |
38.6 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 18.6 | |
Financials | 17.8 | |
Industrials | 17.4 | |
Health Care | 13.3 | |
Energy | 10.7 | |
Consumer Staples | 5.8 | |
Communication Services | 4.8 | |
Consumer Discretionary | 3.4 | |
Materials | 3.1 | |
Utilities | 1.6 | |
Real Estate | 1.3 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 97.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.7% | |||
Diversified Telecommunication Services - 0.7% | |||
Cellnex Telecom SA (a) | 177,600 | 7,168,555 | |
Elisa Corp. (A Shares) | 29,400 | 1,570,058 | |
Verizon Communications, Inc. | 185,480 | 6,898,001 | |
15,636,614 | |||
Entertainment - 1.3% | |||
Activision Blizzard, Inc. | 33,600 | 2,832,480 | |
The Walt Disney Co. (b) | 114,700 | 10,240,416 | |
Universal Music Group NV | 470,500 | 10,447,885 | |
Warner Music Group Corp. Class A | 110,400 | 2,880,336 | |
26,401,117 | |||
Media - 2.7% | |||
Comcast Corp. Class A | 997,062 | 41,427,926 | |
Interpublic Group of Companies, Inc. (c) | 383,500 | 14,795,430 | |
56,223,356 | |||
TOTAL COMMUNICATION SERVICES | 98,261,087 | ||
CONSUMER DISCRETIONARY - 3.4% | |||
Automobile Components - 0.4% | |||
BorgWarner, Inc. | 153,180 | 7,492,034 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Amadeus IT Holding SA Class A | 145,700 | 11,081,452 | |
Churchill Downs, Inc. | 55,600 | 7,737,852 | |
Domino's Pizza, Inc. | 13,100 | 4,414,569 | |
Marriott International, Inc. Class A | 28,800 | 5,290,272 | |
Starbucks Corp. | 43,500 | 4,309,110 | |
32,833,255 | |||
Household Durables - 0.2% | |||
Sony Group Corp. sponsored ADR | 31,400 | 2,827,256 | |
Whirlpool Corp. | 8,100 | 1,205,199 | |
4,032,455 | |||
Specialty Retail - 0.9% | |||
Lowe's Companies, Inc. | 83,517 | 18,849,787 | |
TJX Companies, Inc. | 6,200 | 525,698 | |
Williams-Sonoma, Inc. | 2,900 | 362,906 | |
19,738,391 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
NIKE, Inc. Class B | 24,900 | 2,748,213 | |
Puma AG | 39,602 | 2,386,423 | |
Tapestry, Inc. | 900 | 38,520 | |
Wolverine World Wide, Inc. | 47,700 | 700,713 | |
5,873,869 | |||
TOTAL CONSUMER DISCRETIONARY | 69,970,004 | ||
CONSUMER STAPLES - 5.8% | |||
Beverages - 2.4% | |||
Diageo PLC sponsored ADR (d) | 55,600 | 9,645,488 | |
Keurig Dr. Pepper, Inc. | 417,100 | 13,042,717 | |
Pernod Ricard SA | 16,000 | 3,533,742 | |
Remy Cointreau SA | 9,428 | 1,511,797 | |
The Coca-Cola Co. | 351,053 | 21,140,412 | |
48,874,156 | |||
Consumer Staples Distribution & Retail - 1.4% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 11,500 | 589,692 | |
Sysco Corp. | 180,200 | 13,370,840 | |
Target Corp. | 41,900 | 5,526,610 | |
Walmart, Inc. | 66,700 | 10,483,906 | |
29,971,048 | |||
Household Products - 0.2% | |||
Colgate-Palmolive Co. | 16,100 | 1,240,344 | |
Kimberly-Clark Corp. | 3,200 | 441,792 | |
Procter & Gamble Co. | 20,200 | 3,065,148 | |
4,747,284 | |||
Personal Care Products - 0.8% | |||
Estee Lauder Companies, Inc. Class A | 19,400 | 3,809,772 | |
Haleon PLC ADR | 945,794 | 7,925,754 | |
Kenvue, Inc. | 195,500 | 5,165,110 | |
16,900,636 | |||
Tobacco - 1.0% | |||
Altria Group, Inc. | 401,785 | 18,200,861 | |
Philip Morris International, Inc. | 28,500 | 2,782,170 | |
20,983,031 | |||
TOTAL CONSUMER STAPLES | 121,476,155 | ||
ENERGY - 10.7% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. Class A | 15,100 | 477,311 | |
Oil, Gas & Consumable Fuels - 10.7% | |||
Canadian Natural Resources Ltd. | 48,200 | 2,709,897 | |
Cenovus Energy, Inc. (Canada) | 820,404 | 13,934,018 | |
Energy Transfer LP | 97,600 | 1,239,520 | |
Enterprise Products Partners LP | 48,600 | 1,280,610 | |
Exxon Mobil Corp. | 1,395,600 | 149,678,100 | |
Hess Corp. | 249,500 | 33,919,525 | |
Imperial Oil Ltd. | 278,400 | 14,244,161 | |
Kosmos Energy Ltd. (b) | 838,630 | 5,023,394 | |
222,029,225 | |||
TOTAL ENERGY | 222,506,536 | ||
FINANCIALS - 17.8% | |||
Banks - 11.2% | |||
Bank of America Corp. | 1,711,712 | 49,109,017 | |
JPMorgan Chase & Co. | 143,532 | 20,875,294 | |
M&T Bank Corp. | 45,500 | 5,631,080 | |
PNC Financial Services Group, Inc. | 146,472 | 18,448,148 | |
Truist Financial Corp. | 395,304 | 11,997,476 | |
U.S. Bancorp | 325,998 | 10,770,974 | |
Wells Fargo & Co. | 2,694,379 | 114,996,096 | |
231,828,085 | |||
Capital Markets - 2.3% | |||
Brookfield Asset Management Ltd. Class A | 18,973 | 619,089 | |
Brookfield Corp. Class A | 81,145 | 2,730,529 | |
Charles Schwab Corp. | 7,000 | 396,760 | |
CME Group, Inc. | 1,100 | 203,819 | |
Intercontinental Exchange, Inc. | 3,200 | 361,856 | |
KKR & Co. LP | 138,493 | 7,755,608 | |
Morgan Stanley | 82,283 | 7,026,968 | |
Northern Trust Corp. | 217,845 | 16,151,028 | |
Raymond James Financial, Inc. | 96,550 | 10,018,994 | |
S&P Global, Inc. | 300 | 120,267 | |
State Street Corp. | 22,279 | 1,630,377 | |
47,015,295 | |||
Financial Services - 3.3% | |||
Edenred SA | 156,600 | 10,481,897 | |
Essent Group Ltd. | 52,100 | 2,438,280 | |
Fidelity National Information Services, Inc. | 120,000 | 6,564,000 | |
Global Payments, Inc. | 31,100 | 3,063,972 | |
MasterCard, Inc. Class A | 15,200 | 5,978,160 | |
Visa, Inc. Class A | 172,276 | 40,912,104 | |
69,438,413 | |||
Insurance - 1.0% | |||
American Financial Group, Inc. | 10,500 | 1,246,875 | |
Arthur J. Gallagher & Co. | 7,700 | 1,690,689 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 548 | 18,555 | |
Chubb Ltd. | 28,400 | 5,468,704 | |
Marsh & McLennan Companies, Inc. | 40,542 | 7,625,139 | |
Old Republic International Corp. | 55,000 | 1,384,350 | |
The Travelers Companies, Inc. | 18,600 | 3,230,076 | |
20,664,388 | |||
TOTAL FINANCIALS | 368,946,181 | ||
HEALTH CARE - 13.3% | |||
Health Care Equipment & Supplies - 2.4% | |||
Abbott Laboratories | 19,300 | 2,104,086 | |
Becton, Dickinson & Co. | 33,515 | 8,848,295 | |
Boston Scientific Corp. (b) | 372,463 | 20,146,524 | |
GE Healthcare Holding LLC | 137,277 | 11,152,383 | |
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) (d) | 245,419 | 5,323,138 | |
Sonova Holding AG | 6,040 | 1,607,428 | |
49,181,854 | |||
Health Care Providers & Services - 5.8% | |||
Cardinal Health, Inc. (c) | 141,900 | 13,419,483 | |
Cigna Group | 91,190 | 25,587,914 | |
CVS Health Corp. | 186,264 | 12,876,430 | |
Humana, Inc. | 9,300 | 4,158,309 | |
McKesson Corp. (c) | 58,388 | 24,949,776 | |
UnitedHealth Group, Inc. | 79,700 | 38,307,008 | |
119,298,920 | |||
Life Sciences Tools & Services - 0.5% | |||
Danaher Corp. | 46,700 | 11,208,000 | |
Pharmaceuticals - 4.6% | |||
Bristol-Myers Squibb Co. | 499,100 | 31,917,445 | |
Eli Lilly & Co. | 32,800 | 15,382,544 | |
GSK PLC sponsored ADR | 404,235 | 14,406,935 | |
Johnson & Johnson | 154,459 | 25,566,054 | |
Sanofi SA sponsored ADR | 51,200 | 2,759,680 | |
UCB SA | 62,300 | 5,520,119 | |
Viatris, Inc. | 22,500 | 224,550 | |
Zoetis, Inc. Class A | 3,500 | 602,735 | |
96,380,062 | |||
TOTAL HEALTH CARE | 276,068,836 | ||
INDUSTRIALS - 17.4% | |||
Aerospace & Defense - 3.6% | |||
Airbus Group NV | 91,000 | 13,156,939 | |
General Dynamics Corp. | 34,700 | 7,465,705 | |
Huntington Ingalls Industries, Inc. | 26,800 | 6,099,680 | |
MTU Aero Engines AG | 13,000 | 3,367,661 | |
Raytheon Technologies Corp. | 46,587 | 4,563,663 | |
Safran SA | 33,100 | 5,187,092 | |
Textron, Inc. | 30,400 | 2,055,952 | |
The Boeing Co. (b) | 159,310 | 33,639,900 | |
75,536,592 | |||
Air Freight & Logistics - 1.8% | |||
DSV A/S | 12,300 | 2,583,117 | |
Expeditors International of Washington, Inc. | 2,095 | 253,767 | |
FedEx Corp. | 28,000 | 6,941,200 | |
United Parcel Service, Inc. Class B | 157,172 | 28,173,081 | |
37,951,165 | |||
Building Products - 0.5% | |||
A.O. Smith Corp. | 43,600 | 3,173,208 | |
Johnson Controls International PLC | 99,000 | 6,745,860 | |
9,919,068 | |||
Commercial Services & Supplies - 0.7% | |||
GFL Environmental, Inc. | 352,900 | 13,703,096 | |
RB Global, Inc. | 4,000 | 240,045 | |
13,943,141 | |||
Electrical Equipment - 1.2% | |||
Acuity Brands, Inc. | 35,500 | 5,789,340 | |
AMETEK, Inc. | 7,300 | 1,181,724 | |
Hubbell, Inc. Class B | 31,079 | 10,304,553 | |
Regal Rexnord Corp. | 35,200 | 5,417,280 | |
Rockwell Automation, Inc. | 5,100 | 1,680,195 | |
24,373,092 | |||
Ground Transportation - 0.5% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 181,738 | 10,097,363 | |
Industrial Conglomerates - 4.6% | |||
3M Co. | 23,700 | 2,372,133 | |
General Electric Co. (c) | 846,031 | 92,936,505 | |
95,308,638 | |||
Machinery - 2.2% | |||
Allison Transmission Holdings, Inc. | 91,300 | 5,154,798 | |
Caterpillar, Inc. | 9,800 | 2,411,290 | |
Cummins, Inc. | 14,000 | 3,432,240 | |
Donaldson Co., Inc. | 155,200 | 9,701,552 | |
Epiroc AB (A Shares) | 8,400 | 159,112 | |
Flowserve Corp. | 85,300 | 3,168,895 | |
Fortive Corp. | 70,400 | 5,263,808 | |
Kardex AG | 1,700 | 380,817 | |
Nordson Corp. | 34,600 | 8,587,028 | |
Otis Worldwide Corp. | 22,643 | 2,015,453 | |
Stanley Black & Decker, Inc. (d) | 24,700 | 2,314,637 | |
Westinghouse Air Brake Tech Co. | 30,221 | 3,314,337 | |
45,903,967 | |||
Passenger Airlines - 0.0% | |||
Copa Holdings SA Class A | 7,200 | 796,176 | |
Professional Services - 0.9% | |||
Equifax, Inc. | 21,300 | 5,011,890 | |
Genpact Ltd. | 147,700 | 5,549,089 | |
Paycom Software, Inc. | 3,500 | 1,124,340 | |
RELX PLC (London Stock Exchange) | 220,320 | 7,350,035 | |
Robert Half International, Inc. | 2,600 | 195,572 | |
TransUnion Holding Co., Inc. | 5,500 | 430,815 | |
19,661,741 | |||
Trading Companies & Distributors - 1.2% | |||
Brenntag SE | 19,000 | 1,480,322 | |
Fastenal Co. | 32,300 | 1,905,377 | |
MSC Industrial Direct Co., Inc. Class A | 4,400 | 419,232 | |
Watsco, Inc. (d) | 49,092 | 18,727,125 | |
WESCO International, Inc. | 11,600 | 2,077,096 | |
24,609,152 | |||
Transportation Infrastructure - 0.2% | |||
Aena SME SA (a) | 19,700 | 3,181,503 | |
TOTAL INDUSTRIALS | 361,281,598 | ||
INFORMATION TECHNOLOGY - 18.6% | |||
Electronic Equipment, Instruments & Components - 0.2% | |||
CDW Corp. | 27,700 | 5,082,950 | |
IT Services - 0.5% | |||
Amdocs Ltd. | 33,200 | 3,281,820 | |
IBM Corp. | 45,100 | 6,034,831 | |
Unisys Corp. (b) | 12,538 | 49,901 | |
9,366,552 | |||
Semiconductors & Semiconductor Equipment - 4.3% | |||
Analog Devices, Inc. | 40,900 | 7,967,729 | |
Applied Materials, Inc. | 45,000 | 6,504,300 | |
BE Semiconductor Industries NV | 16,700 | 1,809,548 | |
Broadcom, Inc. | 1,600 | 1,387,888 | |
Lam Research Corp. | 10,000 | 6,428,600 | |
Marvell Technology, Inc. | 289,400 | 17,300,332 | |
Microchip Technology, Inc. | 5,900 | 528,581 | |
NVIDIA Corp. | 29,500 | 12,479,090 | |
NXP Semiconductors NV | 52,000 | 10,643,360 | |
Qualcomm, Inc. (c) | 136,461 | 16,244,317 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 61,300 | 6,186,396 | |
Teradyne, Inc. | 19,800 | 2,204,334 | |
89,684,475 | |||
Software - 9.8% | |||
Intuit, Inc. | 33,100 | 15,166,089 | |
Microsoft Corp. | 484,918 | 165,133,979 | |
Open Text Corp. | 42,600 | 1,771,851 | |
Sage Group PLC | 91,600 | 1,075,838 | |
SAP SE sponsored ADR (d) | 144,800 | 19,810,088 | |
202,957,845 | |||
Technology Hardware, Storage & Peripherals - 3.8% | |||
Apple, Inc. (c) | 387,112 | 75,088,115 | |
FUJIFILM Holdings Corp. | 16,300 | 971,206 | |
Samsung Electronics Co. Ltd. | 41,980 | 2,311,697 | |
78,371,018 | |||
TOTAL INFORMATION TECHNOLOGY | 385,462,840 | ||
MATERIALS - 3.1% | |||
Chemicals - 0.9% | |||
DuPont de Nemours, Inc. | 151,000 | 10,787,440 | |
International Flavors & Fragrances, Inc. | 8,900 | 708,351 | |
LyondellBasell Industries NV Class A | 41,500 | 3,810,945 | |
PPG Industries, Inc. | 14,400 | 2,135,520 | |
Sherwin-Williams Co. | 3,600 | 955,872 | |
18,398,128 | |||
Metals & Mining - 2.2% | |||
First Quantum Minerals Ltd. | 695,700 | 16,458,379 | |
Freeport-McMoRan, Inc. | 492,300 | 19,692,000 | |
Glencore PLC | 1,619,900 | 9,184,648 | |
45,335,027 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 7,100 | 532,358 | |
TOTAL MATERIALS | 64,265,513 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
American Tower Corp. | 53,100 | 10,298,214 | |
Crown Castle International Corp. | 44,300 | 5,047,542 | |
Equinix, Inc. | 200 | 156,788 | |
Public Storage | 700 | 204,316 | |
Simon Property Group, Inc. | 101,800 | 11,755,864 | |
27,462,724 | |||
UTILITIES - 1.6% | |||
Electric Utilities - 1.5% | |||
Constellation Energy Corp. | 12,333 | 1,129,086 | |
Duke Energy Corp. | 30,000 | 2,692,200 | |
Entergy Corp. | 32,900 | 3,203,473 | |
Exelon Corp. | 37,000 | 1,507,380 | |
PG&E Corp. (b) | 226,200 | 3,908,736 | |
Southern Co. | 267,400 | 18,784,850 | |
31,225,725 | |||
Multi-Utilities - 0.1% | |||
Sempra Energy | 17,900 | 2,606,061 | |
TOTAL UTILITIES | 33,831,786 | ||
TOTAL COMMON STOCKS (Cost $1,257,330,007) | 2,029,533,260 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (e) | Value ($) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Snap, Inc. 0.125% 3/1/28 (Cost $1,629,216) | 2,241,000 | 1,587,749 | |
Money Market Funds - 4.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (f) | 49,404,941 | 49,414,822 | |
Fidelity Securities Lending Cash Central Fund 5.14% (f)(g) | 49,659,427 | 49,664,393 | |
TOTAL MONEY MARKET FUNDS (Cost $99,079,215) | 99,079,215 | ||
TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $1,358,038,438) | 2,130,200,224 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (52,666,242) |
NET ASSETS - 100.0% | 2,077,533,982 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) | Exercise Price ($) | Expiration Date | Value ($) | |
Call Options | ||||||
Apple, Inc. | Chicago Board Options Exchange | 389 | 7,545,433 | 195.00 | 08/18/23 | (214,923) |
Cardinal Health, Inc. | Chicago Board Options Exchange | 207 | 1,957,599 | 90.00 | 07/21/23 | (104,535) |
Cardinal Health, Inc. | Chicago Board Options Exchange | 140 | 1,323,980 | 100.00 | 09/15/23 | (23,450) |
General Electric Co. | Chicago Board Options Exchange | 422 | 4,635,670 | 115.00 | 07/21/23 | (24,054) |
General Electric Co. | Chicago Board Options Exchange | 422 | 4,635,670 | 110.00 | 07/21/23 | (94,528) |
Interpublic Group of Companies, Inc. | Chicago Board Options Exchange | 781 | 3,013,098 | 42.00 | 07/21/23 | (5,858) |
McKesson Corp. | Chicago Board Options Exchange | 123 | 5,255,913 | 430.00 | 08/18/23 | (159,285) |
Qualcomm, Inc. | Chicago Board Options Exchange | 281 | 3,345,024 | 125.00 | 08/18/23 | (95,540) |
TOTAL WRITTEN OPTIONS | (722,173) |
(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 $10,350,058 or 0.5% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $31,712,387. |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.14% | 88,164,599 | 91,488,725 | 130,238,502 | 1,676,720 | - | - | 49,414,822 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.14% | 29,338,136 | 169,746,500 | 149,420,243 | 64,236 | - | - | 49,664,393 | 0.2% |
Total | 117,502,735 | 261,235,225 | 279,658,745 | 1,740,956 | - | - | 99,079,215 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 98,261,087 | 98,261,087 | - | - |
Consumer Discretionary | 69,970,004 | 67,583,581 | 2,386,423 | - |
Consumer Staples | 121,476,155 | 121,476,155 | - | - |
Energy | 222,506,536 | 222,506,536 | - | - |
Financials | 368,946,181 | 368,946,181 | - | - |
Health Care | 276,068,836 | 276,068,836 | - | - |
Industrials | 361,281,598 | 335,428,420 | 25,853,178 | - |
Information Technology | 385,462,840 | 382,179,937 | 3,282,903 | - |
Materials | 64,265,513 | 55,080,865 | 9,184,648 | - |
Real Estate | 27,462,724 | 27,462,724 | - | - |
Utilities | 33,831,786 | 33,831,786 | - | - |
Corporate Bonds | 1,587,749 | - | 1,587,749 | - |
Money Market Funds | 99,079,215 | 99,079,215 | - | - |
Total Investments in Securities: | 2,130,200,224 | 2,087,905,323 | 42,294,901 | - |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | (722,173) | (722,173) | - | - |
Total Liabilities | (722,173) | (722,173) | - | - |
Total Derivative Instruments: | (722,173) | (722,173) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Written Options (a) | 0 | (722,173) |
Total Equity Risk | 0 | (722,173) |
Total Value of Derivatives | 0 | (722,173) |
Statement of Assets and Liabilities | ||||
June 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $49,420,165) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,258,959,223) | $ | 2,031,121,009 | ||
Fidelity Central Funds (cost $99,079,215) | 99,079,215 | |||
Total Investment in Securities (cost $1,358,038,438) | $ | 2,130,200,224 | ||
Cash | 12,041 | |||
Foreign currency held at value (cost $99,504) | 99,504 | |||
Receivable for investments sold | 3,814,774 | |||
Receivable for fund shares sold | 352,619 | |||
Dividends receivable | 2,202,608 | |||
Interest receivable | 934 | |||
Distributions receivable from Fidelity Central Funds | 242,980 | |||
Other receivables | 124 | |||
Total assets | 2,136,925,808 | |||
Liabilities | ||||
Payable for investments purchased | $ | 5,963 | ||
Payable for fund shares redeemed | 7,816,766 | |||
Accrued management fee | 722,093 | |||
Distribution and service plan fees payable | 244,656 | |||
Written options, at value (premium received $487,264) | 722,173 | |||
Other affiliated payables | 178,699 | |||
Other payables and accrued expenses | 37,593 | |||
Collateral on securities loaned | 49,663,883 | |||
Total Liabilities | 59,391,826 | |||
Net Assets | $ | 2,077,533,982 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,265,118,124 | ||
Total accumulated earnings (loss) | 812,415,858 | |||
Net Assets | $ | 2,077,533,982 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($388,022,662 ÷ 14,610,983 shares) | $ | 26.56 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($124,193,040 ÷ 4,735,702 shares) | $ | 26.22 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($1,149,766,880 ÷ 44,777,897 shares) | $ | 25.68 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($415,551,400 ÷ 15,743,661 shares) | $ | 26.39 |
Statement of Operations | ||||
Six months ended June 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 21,189,608 | ||
Interest | 55,204 | |||
Income from Fidelity Central Funds (including $64,236 from security lending) | 1,740,956 | |||
Total Income | 22,985,768 | |||
Expenses | ||||
Management fee | $ | 4,249,818 | ||
Transfer agent fees | 782,461 | |||
Distribution and service plan fees | 1,432,961 | |||
Accounting fees | 268,388 | |||
Custodian fees and expenses | 38,160 | |||
Independent trustees' fees and expenses | 6,417 | |||
Audit | 35,696 | |||
Legal | 6,498 | |||
Miscellaneous | 5,393 | |||
Total expenses before reductions | 6,825,792 | |||
Expense reductions | (45,245) | |||
Total expenses after reductions | 6,780,547 | |||
Net Investment income (loss) | 16,205,221 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 27,922,669 | |||
Foreign currency transactions | 3,621 | |||
Written options | 943,791 | |||
Total net realized gain (loss) | 28,870,081 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 161,887,952 | |||
Assets and liabilities in foreign currencies | 8,424 | |||
Written options | (333,215) | |||
Total change in net unrealized appreciation (depreciation) | 161,563,161 | |||
Net gain (loss) | 190,433,242 | |||
Net increase (decrease) in net assets resulting from operations | $ | 206,638,463 |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2023 (Unaudited) | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 16,205,221 | $ | 29,609,689 |
Net realized gain (loss) | 28,870,081 | 45,076,923 | ||
Change in net unrealized appreciation (depreciation) | 161,563,161 | (181,348,781) | ||
Net increase (decrease) in net assets resulting from operations | 206,638,463 | (106,662,169) | ||
Distributions to shareholders | (7,264,024) | (70,058,469) | ||
Share transactions - net increase (decrease) | (55,094,736) | 28,157,702 | ||
Total increase (decrease) in net assets | 144,279,703 | (148,562,936) | ||
Net Assets | ||||
Beginning of period | 1,933,254,279 | 2,081,817,215 | ||
End of period | $ | 2,077,533,982 | $ | 1,933,254,279 |
VIP Growth & Income Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 24.02 | $ | 26.22 | $ | 22.36 | $ | 22.17 | $ | 19.38 | $ | 22.71 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .23 | .42 | .55 C | .42 | .46 | .46 | ||||||
Net realized and unrealized gain (loss) | 2.40 | (1.70) | 5.07 | 1.23 | 4.91 | (2.42) | ||||||
Total from investment operations | 2.63 | (1.28) | 5.62 | 1.65 | 5.37 | (1.96) | ||||||
Distributions from net investment income | - D | (.42) | (.62) | (.42) | (.77) E | (.08) | ||||||
Distributions from net realized gain | (.09) | (.50) | (1.14) | (1.03) | (1.81) E | (1.29) | ||||||
Total distributions | (.09) | (.92) | (1.76) | (1.46) F | (2.58) | (1.37) | ||||||
Net asset value, end of period | $ | 26.56 | $ | 24.02 | $ | 26.22 | $ | 22.36 | $ | 22.17 | $ | 19.38 |
Total Return G,H,I | 10.96% | (4.95)% | 25.95% | 7.85% | 30.05% | (8.98)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .52% L | .52% | .52% | .54% | .54% | .55% | ||||||
Expenses net of fee waivers, if any | .52% L | .52% | .52% | .54% | .54% | .54% | ||||||
Expenses net of all reductions | .52% L | .52% | .52% | .53% | .54% | .54% | ||||||
Net investment income (loss) | 1.78% L | 1.68% | 2.18% C | 2.18% | 2.27% | 2.08% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 388,023 | $ | 367,028 | $ | 439,309 | $ | 377,942 | $ | 358,103 | $ | 361,868 |
Portfolio turnover rate M | 15% L | 10% | 15% | 26% | 34% | 41% |
VIP Growth & Income Portfolio Service Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.73 | $ | 25.91 | $ | 22.12 | $ | 21.95 | $ | 19.21 | $ | 22.52 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .21 | .39 | .52 C | .40 | .44 | .43 | ||||||
Net realized and unrealized gain (loss) | 2.37 | (1.67) | 5.00 | 1.21 | 4.87 | (2.39) | ||||||
Total from investment operations | 2.58 | (1.28) | 5.52 | 1.61 | 5.31 | (1.96) | ||||||
Distributions from net investment income | - D | (.40) | (.59) | (.40) | (.75) E | (.06) | ||||||
Distributions from net realized gain | (.09) | (.50) | (1.14) | (1.03) | (1.81) E | (1.29) | ||||||
Total distributions | (.09) | (.90) | (1.73) | (1.44) F | (2.57) F | (1.35) | ||||||
Net asset value, end of period | $ | 26.22 | $ | 23.73 | $ | 25.91 | $ | 22.12 | $ | 21.95 | $ | 19.21 |
Total Return G,H,I | 10.88% | (5.02)% | 25.76% | 7.74% | 29.94% | (9.07)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .62% L | .62% | .62% | .64% | .64% | .65% | ||||||
Expenses net of fee waivers, if any | .62% L | .62% | .62% | .64% | .64% | .64% | ||||||
Expenses net of all reductions | .62% L | .62% | .62% | .63% | .64% | .64% | ||||||
Net investment income (loss) | 1.68% L | 1.58% | 2.08% C | 2.08% | 2.17% | 1.98% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 124,193 | $ | 116,688 | $ | 128,601 | $ | 115,376 | $ | 118,198 | $ | 101,089 |
Portfolio turnover rate M | 15% L | 10% | 15% | 26% | 34% | 41% |
VIP Growth & Income Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.26 | $ | 25.42 | $ | 21.72 | $ | 21.58 | $ | 18.94 | $ | 22.22 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .19 | .34 | .48 C | .37 | .40 | .39 | ||||||
Net realized and unrealized gain (loss) | 2.32 | (1.64) | 4.92 | 1.18 | 4.78 | (2.35) | ||||||
Total from investment operations | 2.51 | (1.30) | 5.40 | 1.55 | 5.18 | (1.96) | ||||||
Distributions from net investment income | - D | (.36) | (.55) | (.38) | (.73) E | (.04) | ||||||
Distributions from net realized gain | (.09) | (.50) | (1.14) | (1.03) | (1.81) E | (1.28) | ||||||
Total distributions | (.09) | (.86) | (1.70) F | (1.41) | (2.54) | (1.32) | ||||||
Net asset value, end of period | $ | 25.68 | $ | 23.26 | $ | 25.42 | $ | 21.72 | $ | 21.58 | $ | 18.94 |
Total Return G,H,I | 10.80% | (5.17)% | 25.64% | 7.59% | 29.68% | (9.19)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .77% L | .77% | .77% | .79% | .79% | .80% | ||||||
Expenses net of fee waivers, if any | .77% L | .77% | .77% | .79% | .79% | .79% | ||||||
Expenses net of all reductions | .77% L | .77% | .77% | .78% | .79% | .79% | ||||||
Net investment income (loss) | 1.53% L | 1.43% | 1.94% C | 1.93% | 2.02% | 1.83% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,149,767 | $ | 1,071,533 | $ | 1,137,635 | $ | 908,013 | $ | 790,495 | $ | 527,879 |
Portfolio turnover rate M | 15% L | 10% | 15% | 26% | 34% | 41% |
VIP Growth & Income Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.88 | $ | 26.07 | $ | 22.25 | $ | 22.07 | $ | 19.30 | $ | 22.62 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .21 | .40 | .53 C | .41 | .44 | .44 | ||||||
Net realized and unrealized gain (loss) | 2.39 | (1.68) | 5.03 | 1.21 | 4.90 | (2.41) | ||||||
Total from investment operations | 2.60 | (1.28) | 5.56 | 1.62 | 5.34 | (1.97) | ||||||
Distributions from net investment income | - D | (.40) | (.60) | (.41) | (.75) E | (.06) | ||||||
Distributions from net realized gain | (.09) | (.50) | (1.14) | (1.03) | (1.81) E | (1.29) | ||||||
Total distributions | (.09) | (.91) F | (1.74) | (1.44) | (2.57) F | (1.35) | ||||||
Net asset value, end of period | $ | 26.39 | $ | 23.88 | $ | 26.07 | $ | 22.25 | $ | 22.07 | $ | 19.30 |
Total Return G,H,I | 10.90% | (5.01)% | 25.80% | 7.76% | 29.97% | (9.05)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .60% L | .60% | .60% | .61% | .62% | .62% | ||||||
Expenses net of fee waivers, if any | .60% L | .60% | .60% | .61% | .62% | .62% | ||||||
Expenses net of all reductions | .60% L | .60% | .60% | .61% | .62% | .62% | ||||||
Net investment income (loss) | 1.70% L | 1.60% | 2.11% C | 2.10% | 2.19% | 2.01% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 415,551 | $ | 378,005 | $ | 376,272 | $ | 283,497 | $ | 291,704 | $ | 258,292 |
Portfolio turnover rate M | 15% L | 10% | 15% | 26% | 34% | 41% |
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 | $819,375,447 |
Gross unrealized depreciation | (52,301,765) |
Net unrealized appreciation (depreciation) | $767,073,682 |
Tax cost | $1,362,404,370 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
VIP Growth & Income Portfolio | 152,159,382 | 147,679,872 |
Service Class | $60,383 |
Service Class 2 | 1,372,578 |
$1,432,961 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $119,148 | .06 |
Service Class | 38,041 | .06 |
Service Class 2 | 345,890 | .06 |
Investor Class | 279,382 | .14 |
$782,461 |
% of Average Net Assets | |
VIP Growth & Income Portfolio | .03 |
Amount | |
VIP Growth & Income Portfolio | $2,453 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Growth & Income Portfolio | 13,062,256 | 2,544,099 | 1,025,807 |
Amount | |
VIP Growth & Income Portfolio | $1,925 |
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 | $6,996 | $- | $- |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Growth & Income Portfolio | ||
Distributions to shareholders | ||
Initial Class | $1,362,738 | 13,621,746 |
Service Class | 440,892 | 4,287,387 |
Service Class 2 | 4,025,156 | 38,453,504 |
Investor Class | 1,435,238 | 13,695,832 |
Total | $7,264,024 | $70,058,469 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2023 | Year ended December 31, 2022 | Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Growth & Income Portfolio | ||||
Initial Class | ||||
Shares sold | 1,006,896 | 4,205,341 | $25,404,099 | $105,061,293 |
Reinvestment of distributions | 52,942 | 553,666 | 1,362,738 | 13,621,746 |
Shares redeemed | (1,727,619) | (6,237,929) | (43,790,103) | (155,225,066) |
Net increase (decrease) | (667,781) | (1,478,922) | $(17,023,266) | $(36,542,027) |
Service Class | ||||
Shares sold | 82,689 | 225,906 | $2,067,430 | $5,617,209 |
Reinvestment of distributions | 17,344 | 176,389 | 440,892 | 4,287,387 |
Shares redeemed | (280,705) | (448,513) | (6,992,406) | (11,012,554) |
Net increase (decrease) | (180,672) | (46,218) | $(4,484,084) | $(1,107,958) |
Service Class 2 | ||||
Shares sold | 1,251,201 | 4,830,627 | $30,588,180 | $115,599,799 |
Reinvestment of distributions | 161,588 | 1,614,154 | 4,025,156 | 38,453,504 |
Shares redeemed | (2,706,547) | (5,135,070) | (66,151,598) | (125,404,991) |
Net increase (decrease) | (1,293,758) | 1,309,711 | $(31,538,262) | $28,648,312 |
Investor Class | ||||
Shares sold | 1,128,757 | 3,874,646 | $28,405,219 | $97,699,069 |
Reinvestment of distributions | 56,086 | 559,919 | 1,435,238 | 13,695,832 |
Shares redeemed | (1,267,233) | (3,039,935) | (31,889,581) | (74,235,526) |
Net increase (decrease) | (82,390) | 1,394,630 | $(2,049,124) | $37,159,375 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Growth & Income Portfolio | 27% | 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, 2023 to June 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period- C January 1, 2023 to June 30, 2023 | |||||||
VIP Growth & Income Portfolio | ||||||||||
Initial Class | .52% | |||||||||
Actual | $ 1,000 | $ 1,109.60 | $ 2.72 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.22 | $ 2.61 | |||||||
Service Class | .62% | |||||||||
Actual | $ 1,000 | $ 1,108.80 | $ 3.24 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.72 | $ 3.11 | |||||||
Service Class 2 | .77% | |||||||||
Actual | $ 1,000 | $ 1,108.00 | $ 4.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.98 | $ 3.86 | |||||||
Investor Class | .60% | |||||||||
Actual | $ 1,000 | $ 1,109.00 | $ 3.14 | |||||||
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
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 10.0 | |
NVIDIA Corp. | 7.8 | |
Alphabet, Inc. Class C | 4.8 | |
Amazon.com, Inc. | 4.7 | |
T-Mobile U.S., Inc. | 3.4 | |
Meta Platforms, Inc. Class A | 2.9 | |
Uber Technologies, Inc. | 2.8 | |
Apple, Inc. | 2.4 | |
ON Semiconductor Corp. | 2.2 | |
Flex Ltd. | 2.0 | |
43.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 45.1 | |
Communication Services | 17.1 | |
Financials | 9.7 | |
Health Care | 9.1 | |
Consumer Discretionary | 8.1 | |
Industrials | 5.0 | |
Energy | 2.4 | |
Utilities | 2.0 | |
Investment Companies | 0.8 | |
Consumer Staples | 0.3 | |
Materials | 0.1 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 96.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 16.9% | |||
Entertainment - 2.2% | |||
Netflix, Inc. (a) | 33,200 | 14,624,268 | |
Roku, Inc. Class A (a) | 449,524 | 28,751,555 | |
Sea Ltd. ADR (a) | 238,488 | 13,841,844 | |
57,217,667 | |||
Interactive Media & Services - 10.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 395,520 | 47,343,744 | |
Class C (a) | 1,013,560 | 122,610,353 | |
Epic Games, Inc. (a)(b)(c) | 8,216 | 5,783,735 | |
Meta Platforms, Inc. Class A (a) | 259,079 | 74,350,491 | |
Snap, Inc. Class A (a) | 741,100 | 8,774,624 | |
Zoominfo Technologies, Inc. (a) | 539,100 | 13,687,749 | |
272,550,696 | |||
Media - 0.7% | |||
Innovid Corp. (a) | 141,062 | 153,758 | |
Magnite, Inc. (a) | 906,150 | 12,368,948 | |
TechTarget, Inc. (a) | 147,512 | 4,592,049 | |
The Trade Desk, Inc. (a) | 17,550 | 1,355,211 | |
18,469,966 | |||
Wireless Telecommunication Services - 3.4% | |||
T-Mobile U.S., Inc. (a) | 637,088 | 88,491,523 | |
TOTAL COMMUNICATION SERVICES | 436,729,852 | ||
CONSUMER DISCRETIONARY - 7.9% | |||
Automobile Components - 0.1% | |||
Aptiv PLC (a) | 25,800 | 2,633,922 | |
Automobiles - 0.2% | |||
Neutron Holdings, Inc. (a)(b)(c) | 106,587 | 2,729 | |
Rad Power Bikes, Inc. (a)(b)(c) | 56,834 | 126,740 | |
Rivian Automotive, Inc. (a) | 209,400 | 3,488,604 | |
Tesla, Inc. (a) | 5,775 | 1,511,722 | |
5,129,795 | |||
Broadline Retail - 4.7% | |||
Amazon.com, Inc. (a) | 935,760 | 121,985,674 | |
Hotels, Restaurants & Leisure - 0.3% | |||
Domino's Pizza, Inc. | 600 | 202,194 | |
Doordash, Inc. (a)(d) | 85,100 | 6,503,342 | |
Sonder Holdings, Inc.: | |||
rights (a)(c) | 2,658 | 80 | |
rights (a)(c) | 2,658 | 53 | |
rights (a)(c) | 2,657 | 27 | |
rights (a)(c) | 2,657 | 27 | |
rights (a)(c) | 2,657 | 27 | |
rights (a)(c) | 2,657 | 27 | |
6,705,777 | |||
Household Durables - 0.1% | |||
D.R. Horton, Inc. | 2,000 | 243,380 | |
Lennar Corp. Class A | 2,600 | 325,806 | |
Tempur Sealy International, Inc. | 32,200 | 1,290,254 | |
1,859,440 | |||
Leisure Products - 0.0% | |||
Peloton Interactive, Inc. Class A (a) | 79,000 | 607,510 | |
Specialty Retail - 2.0% | |||
Auto1 Group SE (a)(d)(e) | 983,200 | 9,119,377 | |
Carvana Co. Class A (a)(d) | 267,300 | 6,928,416 | |
Cazoo Group Ltd. Class A (a)(d) | 82,778 | 97,678 | |
Floor & Decor Holdings, Inc. Class A (a)(d) | 195,900 | 20,365,764 | |
Lowe's Companies, Inc. | 53,000 | 11,962,100 | |
Wayfair LLC Class A (a) | 70,874 | 4,607,519 | |
53,080,854 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Bombas LLC (a)(b)(c) | 745,906 | 2,245,177 | |
lululemon athletica, Inc. (a) | 25,572 | 9,679,002 | |
11,924,179 | |||
TOTAL CONSUMER DISCRETIONARY | 203,927,151 | ||
CONSUMER STAPLES - 0.1% | |||
Beverages - 0.1% | |||
Boston Beer Co., Inc. Class A (a) | 9,000 | 2,775,960 | |
Consumer Staples Distribution & Retail - 0.0% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 4,000 | 252,040 | |
Food Products - 0.0% | |||
Local Bounti Corp. (a)(d) | 38,874 | 105,737 | |
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(b)(c) | 560 | 4,077 | |
TOTAL CONSUMER STAPLES | 3,137,814 | ||
ENERGY - 2.4% | |||
Oil, Gas & Consumable Fuels - 2.4% | |||
Antero Resources Corp. (a) | 698,900 | 16,095,667 | |
Canadian Natural Resources Ltd. | 140,900 | 7,921,670 | |
Denbury, Inc. (a) | 6,700 | 577,942 | |
Exxon Mobil Corp. | 24,100 | 2,584,725 | |
Hess Corp. | 87,000 | 11,827,650 | |
Occidental Petroleum Corp. | 6,400 | 376,320 | |
Ovintiv, Inc. | 313,100 | 11,919,717 | |
Tourmaline Oil Corp. (d) | 266,700 | 12,566,457 | |
63,870,148 | |||
FINANCIALS - 9.4% | |||
Banks - 0.2% | |||
Starling Bank Ltd. Series D (a)(b)(c) | 1,101,900 | 4,086,286 | |
Capital Markets - 0.7% | |||
LPL Financial | 82,500 | 17,937,975 | |
Financial Services - 8.5% | |||
Adyen BV (a)(e) | 2,500 | 4,329,169 | |
Apollo Global Management, Inc. | 33,000 | 2,534,730 | |
Block, Inc. Class A (a) | 724,700 | 48,243,279 | |
Dlocal Ltd. (a)(d) | 927,065 | 11,314,828 | |
Fiserv, Inc. (a) | 186,000 | 23,463,900 | |
FleetCor Technologies, Inc. (a) | 2,000 | 502,160 | |
Global Payments, Inc. | 200,300 | 19,733,556 | |
Marqeta, Inc. Class A (a) | 2,709,560 | 13,195,557 | |
MasterCard, Inc. Class A | 48,656 | 19,136,405 | |
Nuvei Corp. (Canada) (a)(e) | 790,526 | 23,344,312 | |
Payoneer Global, Inc. (a)(b) | 65,400 | 314,574 | |
Repay Holdings Corp. (a) | 959,800 | 7,515,234 | |
Shift4 Payments, Inc. (a) | 141,500 | 9,609,265 | |
Visa, Inc. Class A | 157,033 | 37,292,197 | |
220,529,166 | |||
TOTAL FINANCIALS | 242,553,427 | ||
HEALTH CARE - 9.0% | |||
Biotechnology - 1.8% | |||
Alnylam Pharmaceuticals, Inc. (a) | 24,451 | 4,644,223 | |
ALX Oncology Holdings, Inc. (a) | 85,500 | 642,105 | |
Arcutis Biotherapeutics, Inc. (a) | 40,700 | 387,871 | |
Argenx SE ADR (a) | 22,531 | 8,781,007 | |
Ascendis Pharma A/S sponsored ADR (a) | 16,125 | 1,439,156 | |
Blueprint Medicines Corp. (a) | 11,900 | 752,080 | |
Celldex Therapeutics, Inc. (a) | 127,000 | 4,309,110 | |
Cytokinetics, Inc. (a) | 160,300 | 5,228,986 | |
Icosavax, Inc. (a) | 274,791 | 2,728,675 | |
Keros Therapeutics, Inc. (a) | 44,000 | 1,767,920 | |
Moderna, Inc. (a) | 1,100 | 133,650 | |
Morphic Holding, Inc. (a) | 33,000 | 1,891,890 | |
Nuvalent, Inc. Class A (a) | 46,984 | 1,981,315 | |
PTC Therapeutics, Inc. (a) | 9,000 | 366,030 | |
Vaxcyte, Inc. (a) | 171,804 | 8,579,892 | |
Verve Therapeutics, Inc. (a)(d) | 29,100 | 545,625 | |
Zentalis Pharmaceuticals, Inc. (a) | 118,900 | 3,354,169 | |
47,533,704 | |||
Health Care Equipment & Supplies - 2.0% | |||
Blink Health LLC Series A1 (a)(b)(c) | 8,327 | 398,613 | |
Boston Scientific Corp. (a) | 457,592 | 24,751,151 | |
Insulet Corp. (a) | 17,900 | 5,161,286 | |
Penumbra, Inc. (a) | 34,500 | 11,870,070 | |
TransMedics Group, Inc. (a) | 130,541 | 10,962,833 | |
53,143,953 | |||
Health Care Providers & Services - 4.2% | |||
agilon health, Inc. (a) | 1,068,400 | 18,526,056 | |
Alignment Healthcare, Inc. (a) | 127,600 | 733,700 | |
Centene Corp. (a) | 394,100 | 26,582,045 | |
Humana, Inc. | 51,772 | 23,148,814 | |
P3 Health Partners, Inc. Class A (a) | 215,114 | 643,191 | |
UnitedHealth Group, Inc. | 79,148 | 38,041,695 | |
107,675,501 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 35,200 | 8,448,000 | |
Thermo Fisher Scientific, Inc. | 12,400 | 6,469,700 | |
14,917,700 | |||
Pharmaceuticals - 0.4% | |||
Eli Lilly & Co. | 24,200 | 11,349,316 | |
TOTAL HEALTH CARE | 234,620,174 | ||
INDUSTRIALS - 4.3% | |||
Aerospace & Defense - 0.8% | |||
Lockheed Martin Corp. | 16,900 | 7,780,422 | |
Space Exploration Technologies Corp. Class A (a)(b)(c) | 13,000 | 1,053,000 | |
The Boeing Co. (a) | 54,700 | 11,550,452 | |
20,383,874 | |||
Commercial Services & Supplies - 0.3% | |||
ACV Auctions, Inc. Class A (a) | 419,800 | 7,249,946 | |
Electrical Equipment - 0.1% | |||
Bloom Energy Corp. Class A (a)(d) | 95,800 | 1,566,330 | |
Eaton Corp. PLC | 1,400 | 281,540 | |
Nextracker, Inc. Class A (d) | 8,700 | 346,347 | |
Sunrun, Inc. (a) | 13,700 | 244,682 | |
2,438,899 | |||
Ground Transportation - 3.1% | |||
Bird Global, Inc.: | |||
Stage 1 rights (a)(c) | 625 | 6 | |
Stage 2 rights (a)(c) | 625 | 0 | |
Stage 3 rights (a)(c) | 625 | 0 | |
Lyft, Inc. (a) | 837,816 | 8,034,655 | |
Uber Technologies, Inc. (a) | 1,655,793 | 71,480,584 | |
79,515,245 | |||
Professional Services - 0.0% | |||
Paycom Software, Inc. | 3,600 | 1,156,464 | |
TOTAL INDUSTRIALS | 110,744,428 | ||
INFORMATION TECHNOLOGY - 44.2% | |||
Communications Equipment - 0.2% | |||
Lumentum Holdings, Inc. (a) | 85,100 | 4,827,723 | |
Electronic Equipment, Instruments & Components - 2.9% | |||
Coherent Corp. (a)(d) | 82,900 | 4,226,242 | |
Flex Ltd. (a) | 1,899,052 | 52,489,797 | |
Jabil, Inc. | 170,800 | 18,434,444 | |
75,150,483 | |||
IT Services - 2.7% | |||
Cloudflare, Inc. (a) | 37,400 | 2,444,838 | |
EPAM Systems, Inc. (a) | 104,100 | 23,396,475 | |
Globant SA (a) | 22,400 | 4,025,728 | |
MongoDB, Inc. Class A (a) | 67,100 | 27,577,429 | |
Okta, Inc. (a) | 19,200 | 1,331,520 | |
Shopify, Inc. Class A (a) | 18,600 | 1,201,560 | |
Snowflake, Inc. (a) | 6,600 | 1,161,468 | |
Twilio, Inc. Class A (a) | 130,300 | 8,289,686 | |
69,428,704 | |||
Semiconductors & Semiconductor Equipment - 17.8% | |||
Advanced Micro Devices, Inc. (a) | 440,000 | 50,120,400 | |
Applied Materials, Inc. | 108,495 | 15,681,867 | |
Enphase Energy, Inc. (a) | 13,600 | 2,277,728 | |
GlobalFoundries, Inc. (a) | 184,900 | 11,940,842 | |
Impinj, Inc. (a) | 12,500 | 1,120,625 | |
Lam Research Corp. | 13,744 | 8,835,468 | |
Lattice Semiconductor Corp. (a) | 14,000 | 1,344,980 | |
Marvell Technology, Inc. | 598,270 | 35,764,581 | |
Monolithic Power Systems, Inc. | 1,900 | 1,026,437 | |
NVIDIA Corp. | 475,452 | 201,125,705 | |
NXP Semiconductors NV | 252,177 | 51,615,588 | |
ON Semiconductor Corp. (a) | 612,939 | 57,971,771 | |
Rambus, Inc. (a) | 68,200 | 4,376,394 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 176,800 | 17,842,656 | |
461,045,042 | |||
Software - 18.0% | |||
Adobe, Inc. (a) | 15,800 | 7,726,042 | |
Autodesk, Inc. (a) | 5,800 | 1,186,738 | |
Bill Holdings, Inc. (a) | 101,500 | 11,860,275 | |
Confluent, Inc. (a)(d) | 296,200 | 10,458,822 | |
Convoy, Inc. warrants (a)(b)(c) | 12,923 | 33,987 | |
Datadog, Inc. Class A (a) | 132,800 | 13,064,864 | |
DoubleVerify Holdings, Inc. (a) | 254,256 | 9,895,644 | |
Dynatrace, Inc. (a) | 440,500 | 22,672,535 | |
Elastic NV (a) | 131,581 | 8,436,974 | |
Five9, Inc. (a) | 118,800 | 9,795,060 | |
HubSpot, Inc. (a) | 25,793 | 13,724,197 | |
Intapp, Inc. (a) | 232,581 | 9,747,470 | |
Intuit, Inc. | 27,090 | 12,412,367 | |
Microsoft Corp. | 760,744 | 259,063,759 | |
Oracle Corp. | 187,400 | 22,317,466 | |
Palo Alto Networks, Inc. (a)(d) | 26,200 | 6,694,362 | |
Pine Labs Private Ltd. (a)(b)(c) | 2,299 | 1,174,122 | |
Salesforce, Inc. (a) | 84,331 | 17,815,767 | |
ServiceNow, Inc. (a) | 42,218 | 23,725,249 | |
Stripe, Inc. Class B (a)(b)(c) | 10,400 | 209,352 | |
Viant Technology, Inc. (a) | 66,759 | 307,759 | |
Workday, Inc. Class A (a) | 17,300 | 3,907,897 | |
466,230,708 | |||
Technology Hardware, Storage & Peripherals - 2.6% | |||
Apple, Inc. | 322,404 | 62,536,704 | |
Pure Storage, Inc. Class A (a) | 101,900 | 3,751,958 | |
66,288,662 | |||
TOTAL INFORMATION TECHNOLOGY | 1,142,971,322 | ||
UTILITIES - 2.0% | |||
Electric Utilities - 1.5% | |||
Constellation Energy Corp. | 75,033 | 6,869,271 | |
ORSTED A/S (e) | 96,794 | 9,146,739 | |
PG&E Corp. (a) | 1,276,600 | 22,059,648 | |
38,075,658 | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
NextEra Energy Partners LP | 233,100 | 13,668,984 | |
TOTAL UTILITIES | 51,744,642 | ||
TOTAL COMMON STOCKS (Cost $1,568,602,270) | 2,490,298,958 | ||
Preferred Stocks - 2.5% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.9% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 17,456 | 3,942,263 | |
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 7,410 | 16,524 | |
Series C(a)(b)(c) | 29,156 | 65,018 | |
Series D(a)(b)(c) | 54,800 | 122,204 | |
203,746 | |||
Broadline Retail - 0.1% | |||
Meesho Series F (a)(b)(c) | 32,200 | 2,416,610 | |
TOTAL CONSUMER DISCRETIONARY | 2,620,356 | ||
CONSUMER STAPLES - 0.2% | |||
Consumer Staples Distribution & Retail - 0.1% | |||
GoBrands, Inc. Series G (a)(b)(c) | 10,300 | 933,283 | |
Instacart, Inc.: | |||
Series H(a)(b)(c) | 39,942 | 1,662,386 | |
Series I(a)(b)(c) | 13,388 | 557,209 | |
3,152,878 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 57,277 | 492,582 | |
Tobacco - 0.1% | |||
JUUL Labs, Inc.: | |||
Series C(a)(b)(c) | 131,549 | 957,677 | |
Series D(a)(b)(c) | 741 | 5,394 | |
963,071 | |||
TOTAL CONSUMER STAPLES | 4,608,531 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (a)(b)(c) | 20,489 | 492,760 | |
HEALTH CARE - 0.1% | |||
Health Care Equipment & Supplies - 0.1% | |||
Blink Health LLC Series C (a)(b)(c) | 40,445 | 1,936,102 | |
Health Care Technology - 0.0% | |||
Aledade, Inc. Series E1 (a)(b)(c) | 19,932 | 998,992 | |
TOTAL HEALTH CARE | 2,935,094 | ||
INDUSTRIALS - 0.7% | |||
Aerospace & Defense - 0.5% | |||
Relativity Space, Inc. Series E (a)(b)(c) | 149,903 | 2,636,794 | |
Space Exploration Technologies Corp.: | |||
Series I(a)(b)(c) | 3,941 | 3,192,210 | |
Series N(a)(b)(c) | 8,100 | 6,561,000 | |
12,390,004 | |||
Construction & Engineering - 0.2% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 64,780 | 6,523,346 | |
TOTAL INDUSTRIALS | 18,913,350 | ||
INFORMATION TECHNOLOGY - 0.5% | |||
Electronic Equipment, Instruments & Components - 0.1% | |||
CelLink Corp. Series D (a)(b)(c) | 49,900 | 651,694 | |
Enevate Corp. Series E (a)(b)(c) | 1,172,546 | 680,077 | |
1,331,771 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc.: | |||
Series E(a)(b)(c) | 53,172 | 381,775 | |
Series F(a)(b)(c) | 55,568 | 398,978 | |
780,753 | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc.: | |||
Series F1(a)(b)(c) | 44,969 | 497,807 | |
Series F2(a)(b)(c) | 23,746 | 262,868 | |
SiMa.ai: | |||
Series B(a)(b)(c) | 171,100 | 1,023,178 | |
Series B1(a)(b)(c) | 24,426 | 171,959 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 74,300 | 520,843 | |
2,476,655 | |||
Software - 0.3% | |||
Convoy, Inc. Series D (a)(b)(c) | 197,216 | 1,147,797 | |
Databricks, Inc. Series G (a)(b)(c) | 27,000 | 1,444,770 | |
Moloco, Inc. Series A (b)(c) | 41,187 | 2,471,220 | |
Mountain Digital, Inc. Series D (a)(b)(c) | 118,780 | 1,852,968 | |
Stripe, Inc. Series H (a)(b)(c) | 24,195 | 487,045 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 4,700 | 277,206 | |
7,681,006 | |||
TOTAL INFORMATION TECHNOLOGY | 12,270,185 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 99,028 | 3,678,890 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 49,461,429 | ||
Nonconvertible Preferred Stocks - 0.6% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (a)(b)(c) | 1,673,000 | 42,829 | |
Waymo LLC Series A2 (a)(b)(c) | 7,496 | 381,846 | |
424,675 | |||
FINANCIALS - 0.3% | |||
Financial Services - 0.3% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 214,805 | 5,166,060 | |
Thriveworks TopCo LLC Series B (a)(b)(c)(f) | 105,185 | 1,523,079 | |
6,689,139 | |||
INFORMATION TECHNOLOGY - 0.3% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (a)(b)(c) | 70,900 | 807,551 | |
Software - 0.3% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(b)(c) | 5,494 | 2,805,841 | |
Series A(a)(b)(c) | 1,373 | 701,205 | |
Series B(a)(b)(c) | 1,494 | 763,001 | |
Series B2(a)(b)(c) | 1,208 | 616,938 | |
Series C(a)(b)(c) | 2,247 | 1,147,565 | |
Series C1(a)(b)(c) | 473 | 241,566 | |
Series D(a)(b)(c) | 506 | 258,419 | |
6,534,535 | |||
TOTAL INFORMATION TECHNOLOGY | 7,342,086 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 14,455,900 | ||
TOTAL PREFERRED STOCKS (Cost $63,568,894) | 63,917,329 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (b)(c) | 130,700 | 134,516 | |
4% 6/12/27 (b)(c) | 35,600 | 36,640 | |
4.5% 10/27/25 (b)(c)(h) | 1,707,782 | 1,648,864 | |
1,820,020 | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (b)(c) | 86,062 | 90,107 | |
TOTAL CONVERTIBLE BONDS (Cost $1,960,144) | 1,910,127 | ||
Preferred Securities - 0.1% | |||
Principal Amount (g) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc. 0% (b)(c)(i) | 1,054,022 | 1,295,393 | |
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(i) | 260,000 | 257,920 | |
TOTAL PREFERRED SECURITIES (Cost $1,314,022) | 1,553,313 | ||
Money Market Funds - 2.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (j) | 8,686,785 | 8,688,522 | |
Fidelity Securities Lending Cash Central Fund 5.14% (j)(k) | 59,626,881 | 59,632,844 | |
TOTAL MONEY MARKET FUNDS (Cost $68,321,366) | 68,321,366 | ||
Equity Funds - 0.8% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.8% | |||
iShares Russell 1000 Growth Index ETF (d) (Cost $20,334,933) | 75,800 | 20,858,644 | |
TOTAL INVESTMENT IN SECURITIES - 102.3% (Cost $1,724,101,629) | 2,646,859,737 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (59,128,517) |
NET ASSETS - 100.0% | 2,587,731,220 |
ETF | - | EXCHANGE-TRADED FUND |
(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 $82,813,161 or 3.2% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(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 $45,939,597 or 1.8% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series E1 | 5/20/22 | 992,901 |
Beta Technologies, Inc. Series A | 4/09/21 | 4,746,431 |
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 |
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 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 86,062 |
Databricks, Inc. Series G | 2/01/21 | 1,596,311 |
Diamond Foundry, Inc. Series C | 3/15/21 | 2,376,672 |
Enevate Corp. Series E | 1/29/21 | 1,299,984 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | 6,646,200 |
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 |
Instacart, Inc. Series H | 11/13/20 | 2,396,520 |
Instacart, Inc. Series I | 2/26/21 | 1,673,500 |
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 |
Moloco, Inc. Series A | 6/26/23 | 2,471,220 |
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% 5/22/27 | 6/04/20 | 130,700 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 35,600 |
Neutron Holdings, Inc. 4.5% 10/27/25 | 10/29/21 - 4/27/23 | 1,707,782 |
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 |
SiMa.ai Series B | 5/10/21 | 877,298 |
SiMa.ai Series B1 | 4/25/22 - 10/17/22 | 173,203 |
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 - 5/25/23 | 970,825 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 279,435 |
Tenstorrent, Inc. 0% | 4/23/21 | 260,000 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 3,019,147 |
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 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 3,547,601 | 268,919,047 | 263,778,126 | 328,419 | - | - | 8,688,522 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 22,298,774 | 266,427,416 | 229,093,346 | 203,318 | - | - | 59,632,844 | 0.2% |
Total | 25,846,375 | 535,346,463 | 492,871,472 | 531,737 | - | - | 68,321,366 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 440,672,115 | 430,946,117 | - | 9,725,998 |
Consumer Discretionary | 206,972,182 | 201,552,264 | - | 5,419,918 |
Consumer Staples | 7,746,345 | 3,133,737 | - | 4,612,608 |
Energy | 63,870,148 | 63,870,148 | - | - |
Financials | 249,735,326 | 234,137,972 | 4,329,169 | 11,268,185 |
Health Care | 237,555,268 | 234,221,561 | - | 3,333,707 |
Industrials | 129,657,778 | 109,691,422 | - | 19,966,356 |
Information Technology | 1,162,583,593 | 1,141,553,861 | - | 21,029,732 |
Materials | 3,678,890 | - | - | 3,678,890 |
Utilities | 51,744,642 | 51,744,642 | - | - |
Corporate Bonds | 1,910,127 | - | - | 1,910,127 |
Preferred Securities | 1,553,313 | - | - | 1,553,313 |
Money Market Funds | 68,321,366 | 68,321,366 | - | - |
Equity Funds | 20,858,644 | 20,858,644 | - | - |
Total Investments in Securities: | 2,646,859,737 | 2,560,031,734 | 4,329,169 | 82,498,834 |
Investments in Securities: | |||
Beginning Balance | $ | 79,404,535 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 119,868 | ||
Cost of Purchases | 3,473,650 | ||
Proceeds of Sales | (499,219) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 82,498,834 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2023 | $ | 97,399 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
June 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $59,050,501) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,655,780,263) | $ | 2,578,538,371 | ||
Fidelity Central Funds (cost $68,321,366) | 68,321,366 | |||
Total Investment in Securities (cost $1,724,101,629) | $ | 2,646,859,737 | ||
Cash | 4 | |||
Foreign currency held at value (cost $74,471) | 74,471 | |||
Receivable for investments sold | 110,901 | |||
Receivable for fund shares sold | 2,008,930 | |||
Dividends receivable | 646,197 | |||
Interest receivable | 40,786 | |||
Distributions receivable from Fidelity Central Funds | 74,245 | |||
Other receivables | 1,467 | |||
Total assets | 2,649,816,738 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 827,125 | ||
Accrued management fee | 1,104,947 | |||
Distribution and service plan fees payable | 239,877 | |||
Other affiliated payables | 243,284 | |||
Other payables and accrued expenses | 44,658 | |||
Collateral on securities loaned | 59,625,627 | |||
Total Liabilities | 62,085,518 | |||
Net Assets | $ | 2,587,731,220 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,944,718,882 | ||
Total accumulated earnings (loss) | 643,012,338 | |||
Net Assets | $ | 2,587,731,220 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($441,913,583 ÷ 8,276,126 shares) | $ | 53.40 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($121,107,552 ÷ 2,278,058 shares) | $ | 53.16 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($1,127,671,529 ÷ 21,735,328 shares) | $ | 51.88 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($897,038,556 ÷ 16,991,341 shares) | $ | 52.79 |
Statement of Operations | ||||
Six months ended June 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 5,981,305 | ||
Interest | 77,309 | |||
Income from Fidelity Central Funds (including $203,318 from security lending) | 531,737 | |||
Total Income | 6,590,351 | |||
Expenses | ||||
Management fee | $ | 5,795,290 | ||
Transfer agent fees | 992,984 | |||
Distribution and service plan fees | 1,297,832 | |||
Accounting fees | 293,355 | |||
Custodian fees and expenses | 24,279 | |||
Independent trustees' fees and expenses | 7,190 | |||
Audit | 47,310 | |||
Legal | 6,706 | |||
Interest | 821 | |||
Miscellaneous | 5,938 | |||
Total expenses before reductions | 8,471,705 | |||
Expense reductions | (47,491) | |||
Total expenses after reductions | 8,424,214 | |||
Net Investment income (loss) | (1,833,863) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $515,911) | (13,382,641) | |||
Foreign currency transactions | (60,154) | |||
Total net realized gain (loss) | (13,442,795) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $448,746) | 599,288,529 | |||
Unfunded commitments | 174,892 | |||
Assets and liabilities in foreign currencies | 2,529 | |||
Total change in net unrealized appreciation (depreciation) | 599,465,950 | |||
Net gain (loss) | 586,023,155 | |||
Net increase (decrease) in net assets resulting from operations | $ | 584,189,292 |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2023 (Unaudited) | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,833,863) | $ | (4,303,388) |
Net realized gain (loss) | (13,442,795) | (223,211,828) | ||
Change in net unrealized appreciation (depreciation) | 599,465,950 | (994,063,888) | ||
Net increase (decrease) in net assets resulting from operations | 584,189,292 | (1,221,579,104) | ||
Distributions to shareholders | - | (455,527,380) | ||
Share transactions - net increase (decrease) | 96,924,137 | 287,378,244 | ||
Total increase (decrease) in net assets | 681,113,429 | (1,389,728,240) | ||
Net Assets | ||||
Beginning of period | 1,906,617,791 | 3,296,346,031 | ||
End of period | $ | 2,587,731,220 | $ | 1,906,617,791 |
VIP Growth Opportunities Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 41.03 | $ | 79.25 | $ | 77.54 | $ | 48.86 | $ | 38.01 | $ | 36.08 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.01) | (.02) | (.24) | (.06) | .09 C | .03 | ||||||
Net realized and unrealized gain (loss) | 12.38 | (27.11) | 9.38 | 32.11 | 14.54 | 4.19 | ||||||
Total from investment operations | 12.37 | (27.13) | 9.14 | 32.05 | 14.63 | 4.22 | ||||||
Distributions from net investment income | - | - | - | (.01) | (.07) | (.05) | ||||||
Distributions from net realized gain | - | (11.09) | (7.43) | (3.36) | (3.71) | (2.24) | ||||||
Total distributions | - | (11.09) | (7.43) | (3.37) | (3.78) | (2.29) | ||||||
Net asset value, end of period | $ | 53.40 | $ | 41.03 | $ | 79.25 | $ | 77.54 | $ | 48.86 | $ | 38.01 |
Total Return D,E,F | 30.15% | (38.15)% | 11.94% | 68.66% | 40.84% | 12.46% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .62% I | .62% | .62% | .64% | .64% | .65% | ||||||
Expenses net of fee waivers, if any | .62% I | .62% | .62% | .64% | .64% | .65% | ||||||
Expenses net of all reductions | .62% I | .62% | .62% | .63% | .64% | .65% | ||||||
Net investment income (loss) | (.02)% I | (.05)% | (.30)% | (.10)% | .20% C | .09% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 441,914 | $ | 256,757 | $ | 471,980 | $ | 470,897 | $ | 284,621 | $ | 187,106 |
Portfolio turnover rate J | 64% I | 68% | 82% | 65% | 49% | 39% |
VIP Growth Opportunities Portfolio Service Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.87 | $ | 79.06 | $ | 77.37 | $ | 48.77 | $ | 37.95 | $ | 36.02 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.03) | (.07) | (.32) | (.12) | .04 C | - D | ||||||
Net realized and unrealized gain (loss) | 12.32 | (27.03) | 9.35 | 32.04 | 14.52 | 4.17 | ||||||
Total from investment operations | 12.29 | (27.10) | 9.03 | 31.92 | 14.56 | 4.17 | ||||||
Distributions from net investment income | - | - | - | - D | (.02) | (.04) | ||||||
Distributions from net realized gain | - | (11.09) | (7.34) | (3.31) | (3.71) | (2.20) | ||||||
Total distributions | - | (11.09) | (7.34) | (3.32) E | (3.74) E | (2.24) | ||||||
Net asset value, end of period | $ | 53.16 | $ | 40.87 | $ | 79.06 | $ | 77.37 | $ | 48.77 | $ | 37.95 |
Total Return F,G,H | 30.07% | (38.21)% | 11.83% | 68.49% | 40.70% | 12.35% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .72% K | .72% | .72% | .74% | .74% | .75% | ||||||
Expenses net of fee waivers, if any | .72% K | .72% | .72% | .74% | .74% | .75% | ||||||
Expenses net of all reductions | .72% K | .72% | .72% | .73% | .74% | .75% | ||||||
Net investment income (loss) | (.12)% K | (.15)% | (.40)% | (.20)% | .10% C | (.01)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 121,108 | $ | 94,433 | $ | 157,797 | $ | 163,452 | $ | 111,145 | $ | 94,561 |
Portfolio turnover rate L | 64% K | 68% | 82% | 65% | 49% | 39% |
VIP Growth Opportunities Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 39.91 | $ | 77.62 | $ | 76.08 | $ | 48.05 | $ | 37.46 | $ | 35.60 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.06) | (.14) | (.44) | (.20) | (.02) C | (.06) | ||||||
Net realized and unrealized gain (loss) | 12.03 | (26.48) | 9.22 | 31.50 | 14.31 | 4.13 | ||||||
Total from investment operations | 11.97 | (26.62) | 8.78 | 31.30 | 14.29 | 4.07 | ||||||
Distributions from net investment income | - | - | - | - | - | (.03) | ||||||
Distributions from net realized gain | - | (11.09) | (7.24) | (3.27) | (3.70) | (2.17) | ||||||
Total distributions | - | (11.09) | (7.24) | (3.27) | (3.70) | (2.21) D | ||||||
Net asset value, end of period | $ | 51.88 | $ | 39.91 | $ | 77.62 | $ | 76.08 | $ | 48.05 | $ | 37.46 |
Total Return E,F,G | 29.99% | (38.32)% | 11.68% | 68.21% | 40.49% | 12.18% | ||||||
Ratios to Average Net Assets A,H,I | ||||||||||||
Expenses before reductions | .87% J | .87% | .87% | .88% | .89% | .90% | ||||||
Expenses net of fee waivers, if any | .87% J | .87% | .87% | .88% | .89% | .90% | ||||||
Expenses net of all reductions | .87% J | .87% | .87% | .88% | .89% | .90% | ||||||
Net investment income (loss) | (.27)% J | (.30)% | (.55)% | (.35)% | (.05)% C | (.16)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,127,672 | $ | 868,129 | $ | 1,304,134 | $ | 1,079,778 | $ | 505,917 | $ | 273,228 |
Portfolio turnover rate K | 64% J | 68% | 82% | 65% | 49% | 39% |
VIP Growth Opportunities Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.58 | $ | 78.58 | $ | 76.94 | $ | 48.52 | $ | 37.78 | $ | 35.88 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.02) | (.06) | (.30) | (.10) | .05 C | - D | ||||||
Net realized and unrealized gain (loss) | 12.23 | (26.85) | 9.31 | 31.86 | 14.44 | 4.16 | ||||||
Total from investment operations | 12.21 | (26.91) | 9.01 | 31.76 | 14.49 | 4.16 | ||||||
Distributions from net investment income | - | - | - | (.01) | (.04) | (.04) | ||||||
Distributions from net realized gain | - | (11.09) | (7.37) | (3.33) | (3.71) | (2.22) | ||||||
Total distributions | - | (11.09) | (7.37) | (3.34) | (3.75) | (2.26) | ||||||
Net asset value, end of period | $ | 52.79 | $ | 40.58 | $ | 78.58 | $ | 76.94 | $ | 48.52 | $ | 37.78 |
Total Return E,F,G | 30.09% | (38.20)% | 11.87% | 68.52% | 40.71% | 12.37% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .70% J | .70% | .70% | .71% | .72% | .73% | ||||||
Expenses net of fee waivers, if any | .69% J | .70% | .70% | .71% | .72% | .73% | ||||||
Expenses net of all reductions | .69% J | .70% | .70% | .71% | .72% | .73% | ||||||
Net investment income (loss) | (.10)% J | (.12)% | (.38)% | (.18)% | .12% C | .01% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 897,039 | $ | 687,300 | $ | 1,362,435 | $ | 1,251,032 | $ | 647,493 | $ | 347,473 |
Portfolio turnover rate K | 64% J | 68% | 82% | 65% | 49% | 39% |
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 | $79,035,394 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 13.5 - 16.0 / 15.2 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.4 - 25.0 / 7.8 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 14.5 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.3 | Increase | |||
Probability rate | $25.00 - $75.00 / $50.00 | Increase | |||
Recovery value | Recovery value | $0.00 - $0.31 / $0.13 | Increase | ||
Market approach | Transaction price | $1.11 - $91.72 / $38.57 | Increase | ||
Discount rate | 15.0% - 50.0% / 37.3% | Decrease | |||
Premium rate | 10.0% | Increase | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 29.0% | Decrease | ||
Exit multiple | 1.8 | Increase | |||
Black scholes | Discount rate | 4.0% - 4.7% / 4.3% | Increase | ||
Volatility | 50.0% - 100.0% / 72.2% | Increase | |||
Term | 2.0 - 5.0 / 3.7 | Increase | |||
Corporate Bonds | $1,910,127 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.4 - 2.5 / 2.4 | Increase |
Discount rate | 29.2% | Decrease | |||
Probability rate | 10.0% - 70.0% / 40.0% | Increase | |||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 60.0% - 75.0% / 74.2% | Increase | |||
Term | 1.3 - 2.0 / 1.3 | Increase | |||
Preferred Securities | $1,553,313 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 4.5 | Increase |
Market approach | Transaction price | $59.45 | Increase | ||
Premium rate | 10.0% | Increase | |||
Discounted cash flow | Discount rate | 20.0% | Decrease | ||
Black scholes | Discount rate | 4.70% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $1,072,795,712 |
Gross unrealized depreciation | (166,578,164) |
Net unrealized appreciation (depreciation) | $906,217,548 |
Tax cost | $1,740,642,189 |
Short-term | $(244,873,386) |
Long-term | (-) |
Total capital loss carryforward | $(244,873,386) |
$ Amount | % of Net Assets | |
VIP Growth Opportunities Portfolio | 1,523,079 | .06 |
Purchases ($) | Sales ($) | |
VIP Growth Opportunities Portfolio | 792,169,487 | 706,000,119 |
Service Class | $53,591 |
Service Class 2 | 1,244,241 |
$1,297,832 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $101,121 | .06 |
Service Class | 33,762 | .06 |
Service Class 2 | 313,549 | .06 |
Investor Class | 544,552 | .14 |
$992,984 |
% of Average Net Assets | |
VIP Growth Opportunities Portfolio | .03 |
Amount | |
VIP Growth Opportunities Portfolio | $15,227 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Growth Opportunities Portfolio | Borrower | $ 5,558,000 | 5.32% | $821 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Growth Opportunities Portfolio | 50,281,433 | 68,275,193 | (6,844,405) |
Amount | |
VIP Growth Opportunities Portfolio | $2,011 |
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 | $22,086 | $18,089 | $7,675,725 |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Growth Opportunities Portfolio | ||
Distributions to shareholders | ||
Initial Class | $- | $64,630,110 |
Service Class | - | 21,878,935 |
Service Class 2 | - | 187,539,568 |
Investor Class | - | 181,478,767 |
Total | $- | $455,527,380 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2023 | Year ended December 31, 2022 | Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Growth Opportunities Portfolio | ||||
Initial Class | ||||
Shares sold | 2,415,158 | 445,956 | $113,749,862 | $22,595,346 |
Reinvestment of distributions | - | 1,134,459 | - | 64,630,110 |
Shares redeemed | (396,915) | (1,277,771) | (18,506,271) | (65,793,680) |
Net increase (decrease) | 2,018,243 | 302,644 | $95,243,591 | $21,431,776 |
Service Class | ||||
Shares sold | 114,629 | 227,137 | $5,445,970 | $10,515,341 |
Reinvestment of distributions | - | 385,193 | - | 21,878,935 |
Shares redeemed | (147,179) | (297,546) | (6,926,317) | (14,796,343) |
Net increase (decrease) | (32,550) | 314,784 | $(1,480,347) | $17,597,933 |
Service Class 2 | ||||
Shares sold | 1,557,653 | 5,179,254 | $71,129,552 | $250,307,062 |
Reinvestment of distributions | - | 3,376,658 | - | 187,539,568 |
Shares redeemed | (1,571,772) | (3,608,653) | (72,500,942) | (176,762,361) |
Net increase (decrease) | (14,119) | 4,947,259 | $(1,371,390) | $261,084,269 |
Investor Class | ||||
Shares sold | 783,985 | 455,013 | $37,855,481 | $22,738,381 |
Reinvestment of distributions | - | 3,218,850 | - | 181,478,767 |
Shares redeemed | (729,243) | (4,075,292) | (33,323,198) | (216,952,882) |
Net increase (decrease) | 54,742 | (401,429) | $4,532,283 | $(12,735,734) |
Fund | Affiliated % | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Growth Opportunities Portfolio | 41% | 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, 2023 to June 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period- C January 1, 2023 to June 30, 2023 | |||||||
VIP Growth Opportunities Portfolio | ||||||||||
Initial Class | .62% | |||||||||
Actual | $ 1,000 | $ 1,301.50 | $ 3.54 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.72 | $ 3.11 | |||||||
Service Class | .72% | |||||||||
Actual | $ 1,000 | $ 1,300.70 | $ 4.11 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.22 | $ 3.61 | |||||||
Service Class 2 | .87% | |||||||||
Actual | $ 1,000 | $ 1,299.90 | $ 4.96 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.48 | $ 4.36 | |||||||
Investor Class | .69% | |||||||||
Actual | $ 1,000 | $ 1,300.90 | $ 3.94 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.37 | $ 3.46 | |||||||
- 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
Top Holdings (% of Fund's net assets) | ||
Canadian Natural Resources Ltd. | 2.0 | |
Constellation Energy Corp. | 1.7 | |
Welltower, Inc. | 1.7 | |
PG&E Corp. | 1.7 | |
Hess Corp. | 1.7 | |
Flex Ltd. | 1.6 | |
Centene Corp. | 1.6 | |
Cigna Group | 1.6 | |
First Citizens Bancshares, Inc. | 1.5 | |
Apollo Global Management, Inc. | 1.4 | |
16.5 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 17.8 | |
Industrials | 17.8 | |
Consumer Discretionary | 12.2 | |
Materials | 11.0 | |
Energy | 8.2 | |
Utilities | 7.7 | |
Real Estate | 7.2 | |
Information Technology | 7.0 | |
Health Care | 5.6 | |
Consumer Staples | 3.7 | |
Communication Services | 1.4 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.4% | |||
Diversified Telecommunication Services - 1.0% | |||
Cellnex Telecom SA (a) | 158,200 | 6,385,504 | |
Media - 0.4% | |||
Nexstar Broadcasting Group, Inc. Class A | 17,500 | 2,914,625 | |
TOTAL COMMUNICATION SERVICES | 9,300,129 | ||
CONSUMER DISCRETIONARY - 12.2% | |||
Automobile Components - 1.4% | |||
Adient PLC (b) | 106,500 | 4,081,080 | |
Autoliv, Inc. | 59,400 | 5,051,376 | |
9,132,456 | |||
Automobiles - 1.0% | |||
Harley-Davidson, Inc. | 184,800 | 6,506,808 | |
Broadline Retail - 0.3% | |||
Kohl's Corp. | 81,100 | 1,869,355 | |
Diversified Consumer Services - 0.5% | |||
Adtalem Global Education, Inc. (b) | 88,379 | 3,034,935 | |
Hotels, Restaurants & Leisure - 1.2% | |||
Hilton Grand Vacations, Inc. (b) | 96,400 | 4,380,416 | |
Red Rock Resorts, Inc. | 70,600 | 3,302,668 | |
7,683,084 | |||
Household Durables - 1.1% | |||
Tempur Sealy International, Inc. | 178,000 | 7,132,460 | |
Leisure Products - 1.7% | |||
Brunswick Corp. | 56,900 | 4,929,816 | |
Mattel, Inc. (b) | 312,300 | 6,102,342 | |
11,032,158 | |||
Specialty Retail - 3.9% | |||
American Eagle Outfitters, Inc. | 421,802 | 4,977,264 | |
Bath & Body Works, Inc. | 82,300 | 3,086,250 | |
Lithia Motors, Inc. Class A (sub. vtg.) (c) | 16,600 | 5,048,226 | |
Signet Jewelers Ltd. | 65,100 | 4,248,426 | |
Upbound Group, Inc. | 151,017 | 4,701,159 | |
Victoria's Secret & Co. (b) | 163,300 | 2,846,319 | |
24,907,644 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Capri Holdings Ltd. (b) | 98,100 | 3,520,809 | |
Gildan Activewear, Inc. | 116,500 | 3,755,965 | |
7,276,774 | |||
TOTAL CONSUMER DISCRETIONARY | 78,575,674 | ||
CONSUMER STAPLES - 3.7% | |||
Beverages - 0.1% | |||
Primo Water Corp. | 46,310 | 580,727 | |
Consumer Staples Distribution & Retail - 1.5% | |||
U.S. Foods Holding Corp. (b) | 212,200 | 9,336,800 | |
Food Products - 2.1% | |||
Bunge Ltd. | 66,700 | 6,293,145 | |
Darling Ingredients, Inc. (b) | 117,263 | 7,480,207 | |
13,773,352 | |||
TOTAL CONSUMER STAPLES | 23,690,879 | ||
ENERGY - 8.2% | |||
Energy Equipment & Services - 1.8% | |||
Expro Group Holdings NV (b) | 314,100 | 5,565,852 | |
Valaris Ltd. (b) | 91,700 | 5,770,681 | |
11,336,533 | |||
Oil, Gas & Consumable Fuels - 6.4% | |||
Antero Resources Corp. (b) | 246,700 | 5,681,501 | |
Canadian Natural Resources Ltd. | 222,500 | 12,509,381 | |
Hess Corp. | 81,400 | 11,066,330 | |
Targa Resources Corp. | 79,300 | 6,034,730 | |
Tourmaline Oil Corp. (c) | 128,800 | 6,068,840 | |
41,360,782 | |||
TOTAL ENERGY | 52,697,315 | ||
FINANCIALS - 17.8% | |||
Banks - 4.1% | |||
East West Bancorp, Inc. | 144,300 | 7,617,597 | |
First Citizens Bancshares, Inc. | 7,600 | 9,754,220 | |
Popular, Inc. | 69,300 | 4,194,036 | |
U.S. Bancorp | 144,900 | 4,787,496 | |
26,353,349 | |||
Capital Markets - 3.1% | |||
Ameriprise Financial, Inc. | 22,300 | 7,407,168 | |
LPL Financial | 32,100 | 6,979,503 | |
Raymond James Financial, Inc. | 50,700 | 5,261,139 | |
19,647,810 | |||
Consumer Finance - 2.5% | |||
OneMain Holdings, Inc. | 134,300 | 5,867,567 | |
PROG Holdings, Inc. (b) | 117,471 | 3,773,169 | |
SLM Corp. | 414,300 | 6,761,376 | |
16,402,112 | |||
Financial Services - 3.7% | |||
Apollo Global Management, Inc. | 123,000 | 9,447,630 | |
Global Payments, Inc. | 76,700 | 7,556,484 | |
Walker & Dunlop, Inc. | 86,900 | 6,872,921 | |
23,877,035 | |||
Insurance - 4.4% | |||
American Financial Group, Inc. | 55,100 | 6,543,125 | |
Assurant, Inc. | 51,100 | 6,424,292 | |
First American Financial Corp. | 85,100 | 4,852,402 | |
Reinsurance Group of America, Inc. | 27,205 | 3,773,061 | |
The Travelers Companies, Inc. | 39,100 | 6,790,106 | |
28,382,986 | |||
TOTAL FINANCIALS | 114,663,292 | ||
HEALTH CARE - 5.6% | |||
Health Care Providers & Services - 4.8% | |||
AdaptHealth Corp. (b) | 315,000 | 3,833,550 | |
Centene Corp. (b) | 154,300 | 10,407,535 | |
Cigna Group | 36,300 | 10,185,780 | |
CVS Health Corp. | 89,700 | 6,200,961 | |
30,627,826 | |||
Pharmaceuticals - 0.8% | |||
Jazz Pharmaceuticals PLC (b) | 42,900 | 5,318,313 | |
TOTAL HEALTH CARE | 35,946,139 | ||
INDUSTRIALS - 17.8% | |||
Air Freight & Logistics - 1.1% | |||
FedEx Corp. | 28,800 | 7,139,520 | |
Building Products - 1.1% | |||
Builders FirstSource, Inc. (b) | 52,700 | 7,167,200 | |
Commercial Services & Supplies - 1.0% | |||
The Brink's Co. | 95,600 | 6,484,548 | |
Construction & Engineering - 3.6% | |||
Fluor Corp. (b)(c) | 192,800 | 5,706,880 | |
Granite Construction, Inc. | 99,300 | 3,950,154 | |
MDU Resources Group, Inc. | 218,800 | 4,581,672 | |
Willscot Mobile Mini Holdings (b) | 186,900 | 8,931,951 | |
23,170,657 | |||
Electrical Equipment - 1.6% | |||
Regal Rexnord Corp. | 53,400 | 8,218,260 | |
Sensata Technologies, Inc. PLC | 44,005 | 1,979,785 | |
10,198,045 | |||
Ground Transportation - 4.2% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 118,000 | 6,556,080 | |
TFI International, Inc. (Canada) (c) | 58,500 | 6,664,959 | |
U-Haul Holding Co. (non-vtg.) | 135,500 | 6,865,785 | |
XPO, Inc. (b) | 116,500 | 6,873,500 | |
26,960,324 | |||
Machinery - 3.7% | |||
Allison Transmission Holdings, Inc. | 129,100 | 7,288,986 | |
Chart Industries, Inc. (b)(c) | 32,800 | 5,241,112 | |
Kennametal, Inc. | 167,000 | 4,741,130 | |
Timken Co. | 69,700 | 6,379,641 | |
23,650,869 | |||
Professional Services - 0.7% | |||
Manpower, Inc. | 59,700 | 4,740,180 | |
Trading Companies & Distributors - 0.8% | |||
Beacon Roofing Supply, Inc. (b) | 58,500 | 4,854,330 | |
TOTAL INDUSTRIALS | 114,365,673 | ||
INFORMATION TECHNOLOGY - 7.0% | |||
Communications Equipment - 1.4% | |||
Lumentum Holdings, Inc. (b) | 165,800 | 9,405,834 | |
Electronic Equipment, Instruments & Components - 3.2% | |||
Coherent Corp. (b) | 84,600 | 4,312,908 | |
Flex Ltd. (b) | 384,500 | 10,627,580 | |
Vontier Corp. | 170,100 | 5,478,921 | |
20,419,409 | |||
Semiconductors & Semiconductor Equipment - 0.6% | |||
Skyworks Solutions, Inc. | 34,900 | 3,863,081 | |
Software - 1.0% | |||
NCR Corp. (b)(c) | 253,200 | 6,380,640 | |
Technology Hardware, Storage & Peripherals - 0.8% | |||
Seagate Technology Holdings PLC | 81,300 | 5,030,031 | |
TOTAL INFORMATION TECHNOLOGY | 45,098,995 | ||
MATERIALS - 11.0% | |||
Chemicals - 6.5% | |||
Axalta Coating Systems Ltd. (b) | 136,300 | 4,472,003 | |
Celanese Corp. Class A | 59,800 | 6,924,840 | |
Methanex Corp. | 133,600 | 5,527,032 | |
Olin Corp. | 137,101 | 7,045,620 | |
The Chemours Co. LLC | 204,900 | 7,558,761 | |
Tronox Holdings PLC | 238,000 | 3,024,980 | |
Westlake Corp. (c) | 62,100 | 7,419,087 | |
41,972,323 | |||
Construction Materials - 0.5% | |||
Knife River Holding Co. | 68,500 | 2,979,750 | |
Containers & Packaging - 1.2% | |||
Crown Holdings, Inc. | 35,600 | 3,092,572 | |
O-I Glass, Inc. (b) | 211,300 | 4,507,029 | |
7,599,601 | |||
Metals & Mining - 1.7% | |||
Constellium NV (b) | 367,300 | 6,317,560 | |
Freeport-McMoRan, Inc. | 110,400 | 4,416,000 | |
10,733,560 | |||
Paper & Forest Products - 1.1% | |||
Louisiana-Pacific Corp. (c) | 99,100 | 7,430,518 | |
TOTAL MATERIALS | 70,715,752 | ||
REAL ESTATE - 7.2% | |||
Equity Real Estate Investment Trusts (REITs) - 5.7% | |||
CubeSmart | 124,000 | 5,537,840 | |
Equity Lifestyle Properties, Inc. | 83,800 | 5,605,382 | |
Essex Property Trust, Inc. | 27,100 | 6,349,530 | |
Prologis (REIT), Inc. | 41,947 | 5,143,961 | |
Ventas, Inc. | 66,880 | 3,161,418 | |
Welltower, Inc. | 137,200 | 11,098,108 | |
36,896,239 | |||
Real Estate Management & Development - 1.5% | |||
Jones Lang LaSalle, Inc. (b) | 60,600 | 9,441,480 | |
TOTAL REAL ESTATE | 46,337,719 | ||
UTILITIES - 7.7% | |||
Electric Utilities - 5.8% | |||
Constellation Energy Corp. | 123,333 | 11,291,136 | |
Edison International | 75,400 | 5,236,530 | |
Evergy, Inc. | 39,951 | 2,333,937 | |
PG&E Corp. (b) | 640,700 | 11,071,296 | |
PPL Corp. | 116,155 | 3,073,461 | |
Southern Co. | 63,100 | 4,432,775 | |
37,439,135 | |||
Independent Power and Renewable Electricity Producers - 1.9% | |||
The AES Corp. | 294,300 | 6,100,839 | |
Vistra Corp. | 241,100 | 6,328,875 | |
12,429,714 | |||
TOTAL UTILITIES | 49,868,849 | ||
TOTAL COMMON STOCKS (Cost $518,546,054) | 641,260,416 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (d) | 1,131,724 | 1,131,950 | |
Fidelity Securities Lending Cash Central Fund 5.14% (d)(e) | 20,208,371 | 20,210,392 | |
TOTAL MONEY MARKET FUNDS (Cost $21,342,342) | 21,342,342 | ||
TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $539,888,396) | 662,602,758 |
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (18,685,179) |
NET ASSETS - 100.0% | 643,917,579 |
(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 $6,385,504 or 1.0% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.14% | 1,879,817 | 79,558,219 | 80,306,086 | 169,017 | - | - | 1,131,950 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 13,679,117 | 155,958,265 | 149,426,990 | 25,126 | - | - | 20,210,392 | 0.1% |
Total | 15,558,934 | 235,516,484 | 229,733,076 | 194,143 | - | - | 21,342,342 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 9,300,129 | 9,300,129 | - | - |
Consumer Discretionary | 78,575,674 | 78,575,674 | - | - |
Consumer Staples | 23,690,879 | 23,690,879 | - | - |
Energy | 52,697,315 | 52,697,315 | - | - |
Financials | 114,663,292 | 114,663,292 | - | - |
Health Care | 35,946,139 | 35,946,139 | - | - |
Industrials | 114,365,673 | 114,365,673 | - | - |
Information Technology | 45,098,995 | 45,098,995 | - | - |
Materials | 70,715,752 | 70,715,752 | - | - |
Real Estate | 46,337,719 | 46,337,719 | - | - |
Utilities | 49,868,849 | 49,868,849 | - | - |
Money Market Funds | 21,342,342 | 21,342,342 | - | - |
Total Investments in Securities: | 662,602,758 | 662,602,758 | - | - |
Statement of Assets and Liabilities | ||||
June 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $19,572,252) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $518,546,054) | $ | 641,260,416 | ||
Fidelity Central Funds (cost $21,342,342) | 21,342,342 | |||
Total Investment in Securities (cost $539,888,396) | $ | 662,602,758 | ||
Foreign currency held at value (cost $645,857) | 645,857 | |||
Receivable for investments sold | 8,187,317 | |||
Receivable for fund shares sold | 124,200 | |||
Dividends receivable | 664,651 | |||
Distributions receivable from Fidelity Central Funds | 28,985 | |||
Total assets | 672,253,768 | |||
Liabilities | ||||
Payable for investments purchased | $ | 4,116,671 | ||
Payable for fund shares redeemed | 3,568,507 | |||
Accrued management fee | 277,540 | |||
Distribution and service plan fees payable | 66,120 | |||
Other affiliated payables | 64,098 | |||
Other payables and accrued expenses | 32,903 | |||
Collateral on securities loaned | 20,210,350 | |||
Total Liabilities | 28,336,189 | |||
Net Assets | $ | 643,917,579 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 505,176,979 | ||
Total accumulated earnings (loss) | 138,740,600 | |||
Net Assets | $ | 643,917,579 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($92,762,227 ÷ 6,006,032 shares) | $ | 15.44 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($25,172,887 ÷ 1,636,930 shares) | $ | 15.38 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($313,809,251 ÷ 20,107,706 shares) | $ | 15.61 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($212,173,214 ÷ 13,876,887 shares) | $ | 15.29 |
Statement of Operations | ||||
Six months ended June 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 5,466,330 | ||
Income from Fidelity Central Funds (including $25,126 from security lending) | 194,143 | |||
Total Income | 5,660,473 | |||
Expenses | ||||
Management fee | $ | 1,733,873 | ||
Transfer agent fees | 293,386 | |||
Distribution and service plan fees | 407,991 | |||
Accounting fees | 107,731 | |||
Custodian fees and expenses | 9,900 | |||
Independent trustees' fees and expenses | 2,218 | |||
Audit | 27,554 | |||
Legal | 4,746 | |||
Miscellaneous | 1,950 | |||
Total expenses before reductions | 2,589,349 | |||
Expense reductions | (15,258) | |||
Total expenses after reductions | 2,574,091 | |||
Net Investment income (loss) | 3,086,382 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 15,085,213 | |||
Foreign currency transactions | 4,619 | |||
Total net realized gain (loss) | 15,089,832 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 26,848,584 | |||
Assets and liabilities in foreign currencies | (1,831) | |||
Total change in net unrealized appreciation (depreciation) | 26,846,753 | |||
Net gain (loss) | 41,936,585 | |||
Net increase (decrease) in net assets resulting from operations | $ | 45,022,967 |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2023 (Unaudited) | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,086,382 | $ | 6,173,232 |
Net realized gain (loss) | 15,089,832 | 26,236,366 | ||
Change in net unrealized appreciation (depreciation) | 26,846,753 | (92,982,726) | ||
Net increase (decrease) in net assets resulting from operations | 45,022,967 | (60,573,128) | ||
Distributions to shareholders | (1,628,748) | (37,922,025) | ||
Share transactions - net increase (decrease) | (46,594,501) | (4,512,076) | ||
Total increase (decrease) in net assets | (3,200,282) | (103,007,229) | ||
Net Assets | ||||
Beginning of period | 647,117,861 | 750,125,090 | ||
End of period | $ | 643,917,579 | $ | 647,117,861 |
VIP Value Strategies Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 14.38 | $ | 16.40 | $ | 13.55 | $ | 13.31 | $ | 11.11 | $ | 14.27 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .08 | .16 | .24 C | .14 | .20 D | .17 | ||||||
Net realized and unrealized gain (loss) | 1.02 | (1.29) | 4.26 | .88 | 3.39 | (2.58) | ||||||
Total from investment operations | 1.10 | (1.13) | 4.50 | 1.02 | 3.59 | (2.41) | ||||||
Distributions from net investment income | - | (.16) E | (.26) | (.15) | (.21) | (.13) | ||||||
Distributions from net realized gain | (.04) | (.73) E | (1.39) | (.63) | (1.18) | (.62) | ||||||
Total distributions | (.04) | (.89) | (1.65) | (.78) | (1.39) | (.75) | ||||||
Net asset value, end of period | $ | 15.44 | $ | 14.38 | $ | 16.40 | $ | 13.55 | $ | 13.31 | $ | 11.11 |
Total Return F,G,H | 7.61% | (7.03)% | 33.60% | 8.26% | 34.53% | (17.32)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .64% K | .64% | .64% | .66% | .66% | .67% | ||||||
Expenses net of fee waivers, if any | .63% K | .63% | .63% | .66% | .66% | .67% | ||||||
Expenses net of all reductions | .63% K | .63% | .63% | .65% | .66% | .66% | ||||||
Net investment income (loss) | 1.09% K | 1.02% | 1.47% C | 1.32% | 1.64% D | 1.29% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 92,762 | $ | 92,162 | $ | 125,050 | $ | 95,708 | $ | 83,357 | $ | 77,279 |
Portfolio turnover rate L | 78% K | 59% | 62% | 85% | 68% | 68% |
VIP Value Strategies Portfolio Service Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 14.32 | $ | 16.35 | $ | 13.51 | $ | 13.27 | $ | 11.09 | $ | 14.23 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .14 | .22 C | .13 | .19 D | .16 | ||||||
Net realized and unrealized gain (loss) | 1.03 | (1.29) | 4.25 | .88 | 3.37 | (2.56) | ||||||
Total from investment operations | 1.10 | (1.15) | 4.47 | 1.01 | 3.56 | (2.40) | ||||||
Distributions from net investment income | - | (.15) E | (.24) | (.14) | (.20) | (.12) | ||||||
Distributions from net realized gain | (.04) | (.73) E | (1.39) | (.63) | (1.18) | (.62) | ||||||
Total distributions | (.04) | (.88) | (1.63) | (.77) | (1.38) | (.74) | ||||||
Net asset value, end of period | $ | 15.38 | $ | 14.32 | $ | 16.35 | $ | 13.51 | $ | 13.27 | $ | 11.09 |
Total Return F,G,H | 7.64% | (7.19)% | 33.48% | 8.18% | 34.29% | (17.33)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .74% K | .74% | .73% | .76% | .76% | .77% | ||||||
Expenses net of fee waivers, if any | .73% K | .73% | .73% | .76% | .76% | .77% | ||||||
Expenses net of all reductions | .73% K | .73% | .73% | .75% | .76% | .76% | ||||||
Net investment income (loss) | .99% K | .92% | 1.37% C | 1.22% | 1.54% D | 1.19% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 25,173 | $ | 24,199 | $ | 27,216 | $ | 19,115 | $ | 20,992 | $ | 16,586 |
Portfolio turnover rate L | 78% K | 59% | 62% | 85% | 68% | 68% |
VIP Value Strategies Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 14.54 | $ | 16.59 | $ | 13.68 | $ | 13.43 | $ | 11.21 | $ | 14.38 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .06 | .12 | .20 C | .12 | .17 D | .14 | ||||||
Net realized and unrealized gain (loss) | 1.05 | (1.31) | 4.31 | .88 | 3.41 | (2.59) | ||||||
Total from investment operations | 1.11 | (1.19) | 4.51 | 1.00 | 3.58 | (2.45) | ||||||
Distributions from net investment income | - | (.13) E | (.21) | (.12) | (.18) | (.10) | ||||||
Distributions from net realized gain | (.04) | (.73) E | (1.39) | (.63) | (1.18) | (.62) | ||||||
Total distributions | (.04) | (.86) | (1.60) | (.75) | (1.36) | (.72) | ||||||
Net asset value, end of period | $ | 15.61 | $ | 14.54 | $ | 16.59 | $ | 13.68 | $ | 13.43 | $ | 11.21 |
Total Return F,G,H | 7.60% | (7.35)% | 33.34% | 8.02% | 34.10% | (17.50)% | ||||||
Ratios to Average Net Assets A,I,J | ||||||||||||
Expenses before reductions | .89% K | .89% | .88% | .91% | .91% | .92% | ||||||
Expenses net of fee waivers, if any | .88% K | .88% | .88% | .91% | .91% | .92% | ||||||
Expenses net of all reductions | .88% K | .88% | .88% | .90% | .91% | .91% | ||||||
Net investment income (loss) | .84% K | .77% | 1.22% C | 1.07% | 1.39% D | 1.04% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 313,809 | $ | 309,683 | $ | 315,104 | $ | 228,031 | $ | 220,982 | $ | 160,274 |
Portfolio turnover rate L | 78% K | 59% | 62% | 85% | 68% | 68% |
VIP Value Strategies Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 14.24 | $ | 16.25 | $ | 13.44 | $ | 13.20 | $ | 11.04 | $ | 14.18 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .14 | .23 C | .14 | .19 D | .16 | ||||||
Net realized and unrealized gain (loss) | 1.02 | (1.27) | 4.22 | .87 | 3.35 | (2.56) | ||||||
Total from investment operations | 1.09 | (1.13) | 4.45 | 1.01 | 3.54 | (2.40) | ||||||
Distributions from net investment income | - | (.15) E | (.24) | (.14) | (.20) | (.12) | ||||||
Distributions from net realized gain | (.04) | (.73) E | (1.39) | (.63) | (1.18) | (.62) | ||||||
Total distributions | (.04) | (.88) | (1.64) F | (.77) | (1.38) | (.74) | ||||||
Net asset value, end of period | $ | 15.29 | $ | 14.24 | $ | 16.25 | $ | 13.44 | $ | 13.20 | $ | 11.04 |
Total Return G,H,I | 7.62% | (7.11)% | 33.48% | 8.26% | 34.27% | (17.37)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .71% L | .71% | .71% | .74% | .74% | .75% | ||||||
Expenses net of fee waivers, if any | .71% L | .71% | .71% | .74% | .74% | .75% | ||||||
Expenses net of all reductions | .71% L | .71% | .71% | .73% | .74% | .74% | ||||||
Net investment income (loss) | 1.01% L | .95% | 1.39% C | 1.24% | 1.56% D | 1.21% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 212,173 | $ | 221,074 | $ | 282,755 | $ | 149,707 | $ | 104,581 | $ | 85,385 |
Portfolio turnover rate M | 78% L | 59% | 62% | 85% | 68% | 68% |
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 | $147,672,643 |
Gross unrealized depreciation | (26,069,558) |
Net unrealized appreciation (depreciation) | $121,603,085 |
Tax cost | $540,999,673 |
Purchases ($) | Sales ($) | |
VIP Value Strategies Portfolio | 254,903,291 | 300,682,214 |
Service Class | $12,516 |
Service Class 2 | 395,475 |
$407,991 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $29,643 | .06 |
Service Class | 7,885 | .06 |
Service Class 2 | 99,660 | .06 |
Investor Class | 156,198 | .14 |
$293,386 |
% of Average Net Assets | |
VIP Value Strategies Portfolio | .03 |
Amount | |
VIP Value Strategies Portfolio | $6,034 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Value Strategies Portfolio | 20,465,181 | 24,187,995 | 2,114,855 |
Amount | |
VIP Value Strategies Portfolio | $664 |
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 | $2,524 | $- | $- |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Value Strategies Portfolio | ||
Distributions to shareholders | ||
Initial Class | $227,773 | $5,685,132 |
Service Class | 61,091 | 1,349,204 |
Service Class 2 | 774,878 | 17,261,213 |
Investor Class | 565,006 | 13,626,476 |
Total | $1,628,748 | $37,922,025 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2023 | Year ended December 31, 2022 | Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Value Strategies Portfolio | ||||
Initial Class | ||||
Shares sold | 577,249 | 1,947,608 | $8,578,263 | $30,529,762 |
Reinvestment of distributions | 14,191 | 381,010 | 227,773 | 5,685,132 |
Shares redeemed | (996,455) | (3,540,820) | (14,805,723) | (54,388,401) |
Net increase (decrease) | (405,015) | (1,212,202) | $(5,999,687) | $(18,173,507) |
Service Class | ||||
Shares sold | 171,802 | 1,240,779 | $2,582,644 | $19,740,105 |
Reinvestment of distributions | 3,821 | 90,885 | 61,091 | 1,349,204 |
Shares redeemed | (228,477) | (1,306,794) | (3,393,608) | (20,177,384) |
Net increase (decrease) | (52,854) | 24,870 | $(749,873) | $911,925 |
Service Class 2 | ||||
Shares sold | 1,428,562 | 5,294,423 | $21,707,169 | $83,174,293 |
Reinvestment of distributions | 47,714 | 1,145,778 | 774,878 | 17,261,213 |
Shares redeemed | (2,661,741) | (4,143,289) | (39,657,199) | (63,475,844) |
Net increase (decrease) | (1,185,465) | 2,296,912 | $(17,175,152) | $36,959,662 |
Investor Class | ||||
Shares sold | 1,083,963 | 3,558,568 | $16,653,121 | $56,415,018 |
Reinvestment of distributions | 35,557 | 922,387 | 565,006 | 13,626,476 |
Shares redeemed | (2,770,851) | (6,349,396) | (39,887,916) | (94,251,650) |
Net increase (decrease) | (1,651,331) | (1,868,441) | $(22,669,789) | $(24,210,156) |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Value Strategies Portfolio | 42% | 1 | 36% |
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, 2023 to June 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period- C January 1, 2023 to June 30, 2023 | |||||||
VIP Value Strategies Portfolio | ||||||||||
Initial Class | .63% | |||||||||
Actual | $ 1,000 | $ 1,076.10 | $ 3.24 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.67 | $ 3.16 | |||||||
Service Class | .73% | |||||||||
Actual | $ 1,000 | $ 1,076.40 | $ 3.76 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.17 | $ 3.66 | |||||||
Service Class 2 | .88% | |||||||||
Actual | $ 1,000 | $ 1,076.00 | $ 4.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.43 | $ 4.41 | |||||||
Investor Class | .71% | |||||||||
Actual | $ 1,000 | $ 1,076.20 | $ 3.65 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.27 | $ 3.56 | |||||||
- 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
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 8.1 | |
NVIDIA Corp. | 5.1 | |
MasterCard, Inc. Class A | 2.7 | |
Uber Technologies, Inc. | 2.7 | |
JPMorgan Chase & Co. | 2.5 | |
Apple, Inc. | 2.4 | |
Oracle Corp. | 2.4 | |
TJX Companies, Inc. | 2.1 | |
Ingersoll Rand, Inc. | 2.0 | |
CME Group, Inc. | 1.8 | |
31.8 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 32.0 | |
Industrials | 15.5 | |
Health Care | 15.1 | |
Financials | 11.6 | |
Consumer Discretionary | 10.3 | |
Communication Services | 8.0 | |
Energy | 3.8 | |
Consumer Staples | 2.3 | |
Utilities | 0.4 | |
Materials | 0.3 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 8.0% | |||
Entertainment - 4.4% | |||
Netflix, Inc. (a) | 8,300 | 3,656,067 | |
Universal Music Group NV | 163,035 | 3,620,342 | |
Warner Music Group Corp. Class A | 77,575 | 2,023,932 | |
9,300,341 | |||
Interactive Media & Services - 3.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 31,480 | 3,768,156 | |
Class C (a) | 30,860 | 3,733,134 | |
Epic Games, Inc. (a)(b)(c) | 156 | 109,818 | |
7,611,108 | |||
Media - 0.0% | |||
Innovid Corp. (a) | 11,766 | 12,825 | |
TOTAL COMMUNICATION SERVICES | 16,924,274 | ||
CONSUMER DISCRETIONARY - 10.3% | |||
Automobile Components - 0.1% | |||
Mobileye Global, Inc. | 1,700 | 65,314 | |
Automobiles - 0.4% | |||
BYD Co. Ltd. (H Shares) | 27,500 | 881,778 | |
Broadline Retail - 2.8% | |||
Amazon.com, Inc. (a) | 25,960 | 3,384,146 | |
Dollarama, Inc. | 10,800 | 731,441 | |
MercadoLibre, Inc. (a) | 1,560 | 1,847,976 | |
5,963,563 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Airbnb, Inc. Class A (a) | 11,000 | 1,409,760 | |
Booking Holdings, Inc. (a) | 445 | 1,201,647 | |
Flutter Entertainment PLC (a) | 10,474 | 2,101,713 | |
Kura Sushi U.S.A., Inc. Class A (a) | 3,500 | 325,325 | |
5,038,445 | |||
Specialty Retail - 2.9% | |||
Five Below, Inc. (a) | 8,100 | 1,591,974 | |
TJX Companies, Inc. | 53,358 | 4,524,225 | |
6,116,199 | |||
Textiles, Apparel & Luxury Goods - 1.7% | |||
Compagnie Financiere Richemont SA Series A | 1,000 | 169,868 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,800 | 1,697,242 | |
LVMH Moet Hennessy Louis Vuitton SE | 700 | 661,500 | |
Samsonite International SA (a)(d) | 391,545 | 1,104,281 | |
3,632,891 | |||
TOTAL CONSUMER DISCRETIONARY | 21,698,190 | ||
CONSUMER STAPLES - 2.3% | |||
Beverages - 1.5% | |||
Boston Beer Co., Inc. Class A (a) | 2,400 | 740,256 | |
Monster Beverage Corp. | 42,348 | 2,432,469 | |
3,172,725 | |||
Household Products - 0.3% | |||
Energizer Holdings, Inc. | 21,400 | 718,612 | |
Personal Care Products - 0.5% | |||
Estee Lauder Companies, Inc. Class A | 3,100 | 608,778 | |
Kenvue, Inc. | 12,800 | 338,176 | |
946,954 | |||
TOTAL CONSUMER STAPLES | 4,838,291 | ||
ENERGY - 3.8% | |||
Energy Equipment & Services - 0.8% | |||
Baker Hughes Co. Class A | 57,600 | 1,820,736 | |
Oil, Gas & Consumable Fuels - 3.0% | |||
Antero Resources Corp. (a) | 15,900 | 366,177 | |
Canadian Natural Resources Ltd. | 18,000 | 1,012,680 | |
Cheniere Energy, Inc. | 20,600 | 3,138,616 | |
Denbury, Inc. (a) | 6,000 | 517,560 | |
New Fortress Energy, Inc. | 15,600 | 417,768 | |
Range Resources Corp. | 29,100 | 855,540 | |
6,308,341 | |||
TOTAL ENERGY | 8,129,077 | ||
FINANCIALS - 11.6% | |||
Banks - 2.5% | |||
JPMorgan Chase & Co. | 36,600 | 5,323,104 | |
Capital Markets - 2.7% | |||
CME Group, Inc. | 20,636 | 3,823,644 | |
Morgan Stanley | 22,810 | 1,947,974 | |
5,771,618 | |||
Financial Services - 3.4% | |||
Block, Inc. Class A (a) | 15,800 | 1,051,806 | |
MasterCard, Inc. Class A | 14,600 | 5,742,180 | |
One97 Communications Ltd. (a) | 11,200 | 118,712 | |
Rocket Companies, Inc. (a)(e) | 34,700 | 310,912 | |
7,223,610 | |||
Insurance - 3.0% | |||
American Financial Group, Inc. | 8,900 | 1,056,875 | |
Arthur J. Gallagher & Co. | 12,157 | 2,669,312 | |
BRP Group, Inc. (a) | 20,400 | 505,512 | |
Marsh & McLennan Companies, Inc. | 11,000 | 2,068,880 | |
6,300,579 | |||
TOTAL FINANCIALS | 24,618,911 | ||
HEALTH CARE - 15.1% | |||
Biotechnology - 5.7% | |||
2seventy bio, Inc. (a) | 2,300 | 23,276 | |
Adamas Pharmaceuticals, Inc.: | |||
rights (a)(c) | 47,000 | 11,750 | |
rights (a)(c) | 47,000 | 5,170 | |
Alnylam Pharmaceuticals, Inc. (a) | 5,679 | 1,078,669 | |
Arcellx, Inc. (a) | 1,700 | 53,754 | |
Beam Therapeutics, Inc. (a) | 2,100 | 67,053 | |
Biogen, Inc. (a) | 3,900 | 1,110,915 | |
Cytokinetics, Inc. (a) | 5,500 | 179,410 | |
Evelo Biosciences, Inc. (a) | 635 | 2,064 | |
Galapagos NV sponsored ADR (a) | 13,500 | 548,910 | |
Gamida Cell Ltd. (a)(e) | 75,514 | 145,742 | |
Gamida Cell Ltd. warrants 4/21/28 (a) | 11,600 | 12,854 | |
Genmab A/S (a) | 900 | 341,062 | |
Hookipa Pharma, Inc. (a) | 32,100 | 28,248 | |
Immunocore Holdings PLC ADR (a) | 4,600 | 275,816 | |
Legend Biotech Corp. ADR (a) | 5,500 | 379,665 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,679 | 1,924,969 | |
Repligen Corp. (a) | 3,500 | 495,110 | |
Seagen, Inc. (a) | 9,100 | 1,751,386 | |
Seres Therapeutics, Inc. (a) | 10,900 | 52,211 | |
Synlogic, Inc. (a)(e) | 33,000 | 14,190 | |
Vertex Pharmaceuticals, Inc. (a) | 9,225 | 3,246,370 | |
Vor Biopharma, Inc. (a) | 19,984 | 61,751 | |
XOMA Corp. (a) | 10,300 | 194,567 | |
12,004,912 | |||
Health Care Equipment & Supplies - 2.5% | |||
Baxter International, Inc. | 30,100 | 1,371,356 | |
Boston Scientific Corp. (a) | 54,600 | 2,953,314 | |
Insulet Corp. (a) | 400 | 115,336 | |
Penumbra, Inc. (a) | 2,800 | 963,368 | |
5,403,374 | |||
Health Care Providers & Services - 2.7% | |||
HealthEquity, Inc. (a) | 30,600 | 1,932,084 | |
Option Care Health, Inc. (a) | 21,600 | 701,784 | |
UnitedHealth Group, Inc. | 6,424 | 3,087,631 | |
5,721,499 | |||
Health Care Technology - 0.2% | |||
Evolent Health, Inc. (b) | 10,100 | 290,729 | |
Simulations Plus, Inc. | 2,500 | 108,325 | |
399,054 | |||
Life Sciences Tools & Services - 3.1% | |||
Bio-Techne Corp. | 6,800 | 555,084 | |
Bruker Corp. | 14,600 | 1,079,232 | |
Charles River Laboratories International, Inc. (a) | 3,400 | 714,850 | |
Codexis, Inc. (a) | 12,700 | 35,560 | |
Danaher Corp. | 3,900 | 936,000 | |
Sartorius Stedim Biotech | 2,000 | 499,115 | |
Thermo Fisher Scientific, Inc. | 5,300 | 2,765,275 | |
6,585,116 | |||
Pharmaceuticals - 0.9% | |||
Aclaris Therapeutics, Inc. (a) | 7,300 | 75,701 | |
AstraZeneca PLC sponsored ADR | 20,300 | 1,452,871 | |
Revance Therapeutics, Inc. (a) | 13,700 | 346,747 | |
1,875,319 | |||
TOTAL HEALTH CARE | 31,989,274 | ||
INDUSTRIALS - 15.5% | |||
Aerospace & Defense - 1.5% | |||
Spirit AeroSystems Holdings, Inc. Class A | 33,100 | 966,189 | |
The Boeing Co. (a) | 10,100 | 2,132,716 | |
3,098,905 | |||
Electrical Equipment - 1.5% | |||
Bloom Energy Corp. Class A (a)(e) | 3,900 | 63,765 | |
Eaton Corp. PLC | 10,700 | 2,151,770 | |
Hubbell, Inc. Class B | 2,600 | 862,056 | |
3,077,591 | |||
Ground Transportation - 2.7% | |||
Uber Technologies, Inc. (a) | 131,400 | 5,672,538 | |
Industrial Conglomerates - 1.5% | |||
General Electric Co. | 29,700 | 3,262,545 | |
Machinery - 3.9% | |||
Energy Recovery, Inc. (a) | 6,800 | 190,060 | |
Ingersoll Rand, Inc. | 63,422 | 4,145,262 | |
PACCAR, Inc. | 8,700 | 727,755 | |
Parker Hannifin Corp. | 4,700 | 1,833,188 | |
Westinghouse Air Brake Tech Co. | 12,500 | 1,370,875 | |
8,267,140 | |||
Passenger Airlines - 0.5% | |||
Ryanair Holdings PLC sponsored ADR (a) | 10,500 | 1,161,300 | |
Professional Services - 2.7% | |||
Equifax, Inc. | 5,300 | 1,247,090 | |
KBR, Inc. | 55,785 | 3,629,372 | |
TransUnion Holding Co., Inc. | 11,200 | 877,296 | |
5,753,758 | |||
Trading Companies & Distributors - 1.2% | |||
Ferguson PLC | 15,477 | 2,439,284 | |
TOTAL INDUSTRIALS | 32,733,061 | ||
INFORMATION TECHNOLOGY - 31.9% | |||
Electronic Equipment, Instruments & Components - 1.5% | |||
Flex Ltd. (a) | 71,212 | 1,968,300 | |
Jabil, Inc. | 10,700 | 1,154,851 | |
3,123,151 | |||
IT Services - 2.6% | |||
Accenture PLC Class A | 6,900 | 2,129,202 | |
Gartner, Inc. (a) | 1,800 | 630,558 | |
MongoDB, Inc. Class A (a) | 4,600 | 1,890,554 | |
Shopify, Inc. Class A (a) | 13,400 | 865,640 | |
5,515,954 | |||
Semiconductors & Semiconductor Equipment - 11.3% | |||
Aixtron AG | 21,800 | 739,574 | |
Allegro MicroSystems LLC (a) | 9,809 | 442,778 | |
Analog Devices, Inc. | 8,800 | 1,714,328 | |
ASML Holding NV (depository receipt) | 1,505 | 1,090,749 | |
BE Semiconductor Industries NV | 9,900 | 1,072,726 | |
KLA Corp. | 1,800 | 873,036 | |
Marvell Technology, Inc. | 8,900 | 532,042 | |
Monolithic Power Systems, Inc. | 1,200 | 648,276 | |
NVIDIA Corp. | 25,587 | 10,823,813 | |
NXP Semiconductors NV | 6,300 | 1,289,484 | |
SiTime Corp. (a) | 7,300 | 861,181 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 27,800 | 2,805,576 | |
Universal Display Corp. | 7,139 | 1,028,944 | |
23,922,507 | |||
Software - 14.1% | |||
Confluent, Inc. (a) | 37,600 | 1,327,656 | |
HashiCorp, Inc. (a) | 14,900 | 390,082 | |
HubSpot, Inc. (a) | 1,900 | 1,010,971 | |
Intuit, Inc. | 1,600 | 733,104 | |
Manhattan Associates, Inc. (a) | 6,100 | 1,219,268 | |
Microsoft Corp. | 49,942 | 17,007,248 | |
NICE Ltd. sponsored ADR (a) | 2,900 | 598,850 | |
Oracle Corp. | 42,500 | 5,061,325 | |
ServiceNow, Inc. (a) | 700 | 393,379 | |
Synopsys, Inc. (a) | 4,300 | 1,872,263 | |
Volue A/S (a) | 48,500 | 81,604 | |
29,695,750 | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 26,260 | 5,093,652 | |
TOTAL INFORMATION TECHNOLOGY | 67,351,014 | ||
MATERIALS - 0.1% | |||
Chemicals - 0.1% | |||
Aspen Aerogels, Inc. (a) | 18,500 | 145,965 | |
UTILITIES - 0.4% | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
Brookfield Renewable Corp. | 20,800 | 655,616 | |
Brookfield Renewable Partners LP | 4,000 | 117,960 | |
773,576 | |||
TOTAL COMMON STOCKS (Cost $151,664,075) | 209,201,633 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 5,300 | 22,472 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
ASAPP, Inc. Series C (a)(b)(c) | 17,672 | 54,253 | |
MATERIALS - 0.2% | |||
Metals & Mining - 0.2% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (a)(b)(c) | 3,438 | 125,865 | |
Series C3 (a)(b)(c) | 4,298 | 157,350 | |
Series C4 (a)(b)(c) | 1,252 | 45,836 | |
Series C5 (a)(b)(c) | 2,617 | 95,808 | |
424,859 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $511,834) | 501,584 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (f) | Value ($) | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
Illuminated Holdings, Inc. 0% (b)(c)(g) (Cost $49,600) | 49,600 | 49,600 | |
Money Market Funds - 0.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (h) | 1,070,399 | 1,070,613 | |
Fidelity Securities Lending Cash Central Fund 5.14% (h)(i) | 421,345 | 421,387 | |
TOTAL MONEY MARKET FUNDS (Cost $1,492,000) | 1,492,000 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $153,717,509) | 211,244,817 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 12,512 |
NET ASSETS - 100.0% | 211,257,329 |
(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 $951,731 or 0.5% of net assets. |
(c) | Level 3 security |
(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 $1,104,281 or 0.5% of net assets. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ASAPP, Inc. Series C | 4/30/21 | 116,584 |
ElevateBio LLC Series C | 3/09/21 | 22,234 |
Epic Games, Inc. | 3/29/21 | 138,060 |
Evolent Health, Inc. | 3/28/23 | 292,900 |
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 |
Illuminated Holdings, Inc. 0% | 6/14/23 | 49,600 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 2,764,138 | 18,478,225 | 20,171,750 | 41,521 | - | - | 1,070,613 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 1,089,387 | 9,161,464 | 9,829,464 | 17,131 | - | - | 421,387 | 0.0% |
Total | 3,853,525 | 27,639,689 | 30,001,214 | 58,652 | - | - | 1,492,000 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 16,924,274 | 16,814,456 | - | 109,818 |
Consumer Discretionary | 21,698,190 | 18,949,302 | 2,748,888 | - |
Consumer Staples | 4,838,291 | 4,838,291 | - | - |
Energy | 8,129,077 | 8,129,077 | - | - |
Financials | 24,618,911 | 24,500,199 | 118,712 | - |
Health Care | 32,011,746 | 31,327,709 | 644,645 | 39,392 |
Industrials | 32,733,061 | 32,733,061 | - | - |
Information Technology | 67,405,267 | 67,351,014 | - | 54,253 |
Materials | 570,824 | 145,965 | - | 424,859 |
Utilities | 773,576 | 773,576 | - | - |
Corporate Bonds | 49,600 | - | - | 49,600 |
Money Market Funds | 1,492,000 | 1,492,000 | - | - |
Total Investments in Securities: | 211,244,817 | 207,054,650 | 3,512,245 | 677,922 |
Statement of Assets and Liabilities | ||||
June 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $407,103) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $152,225,509) | $ | 209,752,817 | ||
Fidelity Central Funds (cost $1,492,000) | 1,492,000 | |||
Total Investment in Securities (cost $153,717,509) | $ | 211,244,817 | ||
Cash | 641 | |||
Foreign currency held at value (cost $3,512) | 3,513 | |||
Receivable for investments sold | 726,023 | |||
Dividends receivable | 62,474 | |||
Distributions receivable from Fidelity Central Funds | 10,578 | |||
Total assets | 212,048,046 | |||
Liabilities | ||||
Payable for investments purchased | $ | 92,512 | ||
Payable for fund shares redeemed | 127,021 | |||
Accrued management fee | 90,323 | |||
Distribution and service plan fees payable | 3,224 | |||
Other affiliated payables | 27,589 | |||
Other payables and accrued expenses | 28,848 | |||
Collateral on securities loaned | 421,200 | |||
Total Liabilities | 790,717 | |||
Net Assets | $ | 211,257,329 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 151,202,135 | ||
Total accumulated earnings (loss) | 60,055,194 | |||
Net Assets | $ | 211,257,329 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($23,454,817 ÷ 1,528,317 shares) | $ | 15.35 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($457,963 ÷ 30,393 shares) | $ | 15.07 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($15,295,485 ÷ 1,046,756 shares) | $ | 14.61 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($172,049,064 ÷ 11,252,805 shares) | $ | 15.29 |
Statement of Operations | ||||
Six months ended June 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 963,981 | ||
Income from Fidelity Central Funds (including $17,131 from security lending) | 58,652 | |||
Total Income | 1,022,633 | |||
Expenses | ||||
Management fee | $ | 504,960 | ||
Transfer agent fees | 119,719 | |||
Distribution and service plan fees | 18,278 | |||
Accounting fees | 34,038 | |||
Custodian fees and expenses | 9,999 | |||
Independent trustees' fees and expenses | 632 | |||
Audit | 23,961 | |||
Legal | 4,211 | |||
Miscellaneous | 407 | |||
Total expenses before reductions | 716,205 | |||
Expense reductions | (4,303) | |||
Total expenses after reductions | 711,902 | |||
Net Investment income (loss) | 310,731 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 2,367,856 | |||
Foreign currency transactions | 4,083 | |||
Total net realized gain (loss) | 2,371,939 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 28,972,369 | |||
Assets and liabilities in foreign currencies | 94 | |||
Total change in net unrealized appreciation (depreciation) | 28,972,463 | |||
Net gain (loss) | 31,344,402 | |||
Net increase (decrease) in net assets resulting from operations | $ | 31,655,133 |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2023 (Unaudited) | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 310,731 | $ | 741,820 |
Net realized gain (loss) | 2,371,939 | 9,662,143 | ||
Change in net unrealized appreciation (depreciation) | 28,972,463 | (61,290,193) | ||
Net increase (decrease) in net assets resulting from operations | 31,655,133 | (50,886,230) | ||
Distributions to shareholders | (9,955,611) | (26,356,824) | ||
Share transactions - net increase (decrease) | 9,866,634 | 3,303,432 | ||
Total increase (decrease) in net assets | 31,566,156 | (73,939,622) | ||
Net Assets | ||||
Beginning of period | 179,691,173 | 253,630,795 | ||
End of period | $ | 211,257,329 | $ | 179,691,173 |
VIP Dynamic Capital Appreciation Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.72 | $ | 19.62 | $ | 17.36 | $ | 13.20 | $ | 12.24 | $ | 14.43 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .03 | .07 | .09 C | .03 | .07 | .08 | ||||||
Net realized and unrealized gain (loss) | 2.36 | (3.87) | 3.96 | 4.35 | 3.21 | (.73) D | ||||||
Total from investment operations | 2.39 | (3.80) | 4.05 | 4.38 | 3.28 | (.65) | ||||||
Distributions from net investment income | (.02) | (.05) | (.11) E | (.03) | (.08) | (.08) | ||||||
Distributions from net realized gain | (.73) | (2.05) | (1.67) E | (.19) | (2.24) | (1.46) | ||||||
Total distributions | (.76) F | (2.10) | (1.79) F | (.22) | (2.32) | (1.54) | ||||||
Net asset value, end of period | $ | 15.35 | $ | 13.72 | $ | 19.62 | $ | 17.36 | $ | 13.20 | $ | 12.24 |
Total Return G,H,I | 17.90% | (20.87)% | 24.63% | 33.61% | 30.08% | (4.89)% D | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .66% L | .67% | .66% | .68% | .68% | .69% | ||||||
Expenses net of fee waivers, if any | .66% L | .66% | .66% | .68% | .68% | .69% | ||||||
Expenses net of all reductions | .66% L | .66% | .66% | .68% | .68% | .68% | ||||||
Net investment income (loss) | .40% L | .45% | .51% C | .19% | .57% | .54% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 23,455 | $ | 20,784 | $ | 30,029 | $ | 26,104 | $ | 22,638 | $ | 20,701 |
Portfolio turnover rate M | 59% L | 55% | 61% | 62% | 66% | 155% |
VIP Dynamic Capital Appreciation Portfolio Service Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.49 | $ | 19.33 | $ | 17.13 | $ | 13.03 | $ | 12.11 | $ | 14.28 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | .05 | .08 C | .01 | .06 | .06 | ||||||
Net realized and unrealized gain (loss) | 2.32 | (3.80) | 3.89 | 4.30 | 3.17 | (.71) D | ||||||
Total from investment operations | 2.34 | (3.75) | 3.97 | 4.31 | 3.23 | (.65) | ||||||
Distributions from net investment income | (.02) | (.03) | (.09) E | (.02) | (.07) | (.06) | ||||||
Distributions from net realized gain | (.73) | (2.05) | (1.67) E | (.19) | (2.24) | (1.46) | ||||||
Total distributions | (.76) F | (2.09) F | (1.77) F | (.21) | (2.31) | (1.52) | ||||||
Net asset value, end of period | $ | 15.07 | $ | 13.49 | $ | 19.33 | $ | 17.13 | $ | 13.03 | $ | 12.11 |
Total Return G,H,I | 17.82% | (20.94)% | 24.47% | 33.48% | 29.96% | (4.97)% D | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .76% L | .77% | .76% | .78% | .78% | .79% | ||||||
Expenses net of fee waivers, if any | .76% L | .76% | .76% | .78% | .78% | .79% | ||||||
Expenses net of all reductions | .76% L | .76% | .76% | .78% | .78% | .78% | ||||||
Net investment income (loss) | .30% L | .35% | .42% C | .09% | .47% | .44% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 458 | $ | 358 | $ | 445 | $ | 327 | $ | 287 | $ | 265 |
Portfolio turnover rate M | 59% L | 55% | 61% | 62% | 66% | 155% |
VIP Dynamic Capital Appreciation Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.11 | $ | 18.85 | $ | 16.74 | $ | 12.74 | $ | 11.88 | $ | 14.05 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .01 | .03 | .05 C | (.01) | .04 | .04 | ||||||
Net realized and unrealized gain (loss) | 2.24 | (3.70) | 3.79 | 4.21 | 3.11 | (.71) D | ||||||
Total from investment operations | 2.25 | (3.67) | 3.84 | 4.20 | 3.15 | (.67) | ||||||
Distributions from net investment income | (.02) | (.02) | (.05) E | (.01) | (.05) | (.05) | ||||||
Distributions from net realized gain | (.73) | (2.05) | (1.67) E | (.19) | (2.24) | (1.46) | ||||||
Total distributions | (.75) | (2.07) | (1.73) F | (.20) | (2.29) | (1.50) F | ||||||
Net asset value, end of period | $ | 14.61 | $ | 13.11 | $ | 18.85 | $ | 16.74 | $ | 12.74 | $ | 11.88 |
Total Return G,H,I | 17.69% | (21.05)% | 24.27% | 33.34% | 29.82% | (5.17)% D | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .91% L | .92% | .91% | .93% | .93% | .94% | ||||||
Expenses net of fee waivers, if any | .91% L | .91% | .91% | .93% | .93% | .94% | ||||||
Expenses net of all reductions | .91% L | .91% | .91% | .93% | .93% | .93% | ||||||
Net investment income (loss) | .15% L | .20% | .26% C | (.06)% | .32% | .29% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 15,295 | $ | 13,739 | $ | 19,579 | $ | 18,900 | $ | 15,870 | $ | 14,533 |
Portfolio turnover rate M | 59% L | 55% | 61% | 62% | 66% | 155% |
VIP Dynamic Capital Appreciation Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.68 | $ | 19.56 | $ | 17.32 | $ | 13.17 | $ | 12.21 | $ | 14.40 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | .06 | .08 C | .02 | .06 | .06 | ||||||
Net realized and unrealized gain (loss) | 2.35 | (3.85) | 3.93 | 4.34 | 3.21 | (.72) D | ||||||
Total from investment operations | 2.37 | (3.79) | 4.01 | 4.36 | 3.27 | (.66) | ||||||
Distributions from net investment income | (.02) | (.04) | (.09) E | (.02) | (.07) | (.07) | ||||||
Distributions from net realized gain | (.73) | (2.05) | (1.67) E | (.19) | (2.24) | (1.46) | ||||||
Total distributions | (.76) F | (2.09) | (1.77) F | (.21) | (2.31) | (1.53) | ||||||
Net asset value, end of period | $ | 15.29 | $ | 13.68 | $ | 19.56 | $ | 17.32 | $ | 13.17 | $ | 12.21 |
Total Return G,H,I | 17.79% | (20.88)% | 24.46% | 33.54% | 30.07% | (5.00)% D | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | .74% L | .74% | .73% | .76% | .76% | .77% | ||||||
Expenses net of fee waivers, if any | .74% L | .74% | .73% | .76% | .76% | .77% | ||||||
Expenses net of all reductions | .74% L | .74% | .73% | .75% | .76% | .76% | ||||||
Net investment income (loss) | .33% L | .38% | .44% C | .12% | .50% | .46% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 172,049 | $ | 144,809 | $ | 203,577 | $ | 160,175 | $ | 124,723 | $ | 108,561 |
Portfolio turnover rate M | 59% L | 55% | 61% | 62% | 66% | 155% |
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 | $63,492,245 |
Gross unrealized depreciation | (6,064,110) |
Net unrealized appreciation (depreciation) | $57,428,135 |
Tax cost | $153,816,682 |
Purchases ($) | Sales ($) | |
VIP Dynamic Capital Appreciation Portfolio | 57,578,666 | 56,064,505 |
Service Class | $206 |
Service Class 2 | 18,072 |
$18,278 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $6,866 | .06 |
Service Class | 130 | .06 |
Service Class 2 | 4,554 | .06 |
Investor Class | 108,169 | .14 |
$119,719 |
% of Average Net Assets | |
VIP Dynamic Capital Appreciation Portfolio | .04 |
Amount | |
VIP Dynamic Capital Appreciation Portfolio | $836 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Dynamic Capital Appreciation Portfolio | 1,851,300 | 4,462,695 | 813,931 |
Amount | |
VIP Dynamic Capital Appreciation Portfolio | $183 |
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 | $1,837 | $1,888 | $- |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Dynamic Capital Appreciation Portfolio | ||
Distributions to shareholders | ||
Initial Class | $ 1,136,628 | $3,143,134 |
Service Class | 21,789 | 48,086 |
Service Class 2 | 780,644 | 2,058,569 |
Investor Class | 8,016,550 | 21,107,035 |
Total | $9,955,611 | $26,356,824 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2023 | Year ended December 31, 2022 | Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Dynamic Capital Appreciation Portfolio | ||||
Initial Class | ||||
Shares sold | 74,107 | 71,549 | $1,057,031 | $1,052,691 |
Reinvestment of distributions | 80,841 | 196,532 | 1,136,628 | 3,143,134 |
Shares redeemed | (140,986) | (284,462) | (1,951,323) | (4,322,145) |
Net increase (decrease) | 13,962 | (16,381) | $242,336 | $(126,320) |
Service Class | ||||
Shares sold | 2,438 | 28,979 | $35,322 | $398,871 |
Reinvestment of distributions | 1,539 | 3,055 | 21,247 | 48,062 |
Shares redeemed | (127) | (28,506) | (1,769) | (412,663) |
Net increase (decrease) | 3,850 | 3,528 | $54,800 | $34,270 |
Service Class 2 | ||||
Shares sold | 26,849 | 127,017 | $363,894 | $1,818,111 |
Reinvestment of distributions | 58,257 | 134,480 | 780,644 | 2,058,569 |
Shares redeemed | (86,227) | (252,412) | (1,178,236) | (3,709,828) |
Net increase (decrease) | (1,121) | 9,085 | $(33,698) | $166,852 |
Investor Class | ||||
Shares sold | 530,705 | 538,215 | $7,747,581 | $7,864,653 |
Reinvestment of distributions | 572,202 | 1,323,379 | 8,016,550 | 21,107,034 |
Shares redeemed | (436,031) | (1,682,766) | (6,160,935) | (25,743,057) |
Net increase (decrease) | 666,876 | 178,828 | $9,603,196 | $3,228,630 |
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, 2023 to June 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period- C January 1, 2023 to June 30, 2023 | |||||||
VIP Dynamic Capital Appreciation Portfolio | ||||||||||
Initial Class | .66% | |||||||||
Actual | $ 1,000 | $ 1,179.00 | $ 3.57 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
Service Class | .76% | |||||||||
Actual | $ 1,000 | $ 1,178.20 | $ 4.10 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.03 | $ 3.81 | |||||||
Service Class 2 | .91% | |||||||||
Actual | $ 1,000 | $ 1,176.90 | $ 4.91 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.28 | $ 4.56 | |||||||
Investor Class | .74% | |||||||||
Actual | $ 1,000 | $ 1,177.90 | $ 4.00 | |||||||
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
Top Holdings (% of Fund's net assets) | ||
Jabil, Inc. | 2.0 | |
Deckers Outdoor Corp. | 1.9 | |
ITT, Inc. | 1.4 | |
KBR, Inc. | 1.4 | |
Flex Ltd. | 1.3 | |
Primerica, Inc. | 1.3 | |
Churchill Downs, Inc. | 1.3 | |
Builders FirstSource, Inc. | 1.2 | |
Regal Rexnord Corp. | 1.2 | |
Dynatrace, Inc. | 1.2 | |
14.2 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 22.4 | |
Financials | 13.2 | |
Information Technology | 12.7 | |
Consumer Discretionary | 12.6 | |
Health Care | 8.5 | |
Real Estate | 7.4 | |
Materials | 7.2 | |
Consumer Staples | 4.5 | |
Energy | 4.4 | |
Utilities | 3.7 | |
Communication Services | 2.5 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 99.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.5% | |||
Entertainment - 1.1% | |||
Endeavor Group Holdings, Inc. (a) | 694,200 | 16,605,264 | |
Live Nation Entertainment, Inc. (a) | 192,294 | 17,519,906 | |
Spotify Technology SA (a)(b) | 142,200 | 22,830,210 | |
World Wrestling Entertainment, Inc. Class A (b) | 199,300 | 21,618,071 | |
78,573,451 | |||
Interactive Media & Services - 0.9% | |||
Bumble, Inc. (a) | 1,507,200 | 25,290,816 | |
IAC, Inc. (a) | 530,975 | 33,345,230 | |
58,636,046 | |||
Media - 0.5% | |||
Interpublic Group of Companies, Inc. (b) | 891,942 | 34,411,122 | |
TOTAL COMMUNICATION SERVICES | 171,620,619 | ||
CONSUMER DISCRETIONARY - 12.6% | |||
Automobile Components - 0.5% | |||
Autoliv, Inc. | 427,100 | 36,320,584 | |
Distributors - 0.3% | |||
Pool Corp. | 47,000 | 17,608,080 | |
Diversified Consumer Services - 0.5% | |||
European Wax Center, Inc. (a)(b) | 628,300 | 11,705,229 | |
Grand Canyon Education, Inc. (a) | 210,300 | 21,705,063 | |
33,410,292 | |||
Hotels, Restaurants & Leisure - 4.1% | |||
Amadeus IT Holding SA Class A | 554,300 | 42,158,195 | |
ARAMARK Holdings Corp. (b) | 1,248,458 | 53,746,117 | |
Bowlero Corp. Class A (a)(b)(c) | 1,602,377 | 18,651,668 | |
Caesars Entertainment, Inc. (a) | 338,906 | 17,274,039 | |
Churchill Downs, Inc. | 632,704 | 88,053,416 | |
Jubilant Foodworks Ltd. | 750,700 | 4,597,716 | |
Light & Wonder, Inc. Class A (a) | 428,100 | 29,436,156 | |
Noodles & Co. (a) | 1,686,160 | 5,699,221 | |
Red Rock Resorts, Inc. | 320,700 | 15,002,346 | |
Xponential Fitness, Inc. (a)(b) | 219,777 | 3,791,153 | |
278,410,027 | |||
Household Durables - 2.0% | |||
KB Home | 371,618 | 19,216,367 | |
NVR, Inc. (a) | 7,258 | 46,092,800 | |
Taylor Morrison Home Corp. (a) | 1,306,712 | 63,728,344 | |
Vizio Holding Corp. (a) | 933,000 | 6,297,750 | |
135,335,261 | |||
Leisure Products - 0.3% | |||
YETI Holdings, Inc. (a)(b) | 612,820 | 23,801,929 | |
Specialty Retail - 3.0% | |||
Academy Sports & Outdoors, Inc. | 318,330 | 17,205,737 | |
America's Car Mart, Inc. (a) | 116,649 | 11,639,237 | |
Dick's Sporting Goods, Inc. (b) | 432,136 | 57,124,058 | |
Five Below, Inc. (a) | 224,746 | 44,171,579 | |
Floor & Decor Holdings, Inc. Class A (a)(b) | 169,600 | 17,631,616 | |
Revolve Group, Inc. (a)(b) | 354,481 | 5,813,488 | |
Williams-Sonoma, Inc. (b) | 413,923 | 51,798,324 | |
205,384,039 | |||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Deckers Outdoor Corp. (a) | 242,239 | 127,819,831 | |
TOTAL CONSUMER DISCRETIONARY | 858,090,043 | ||
CONSUMER STAPLES - 4.5% | |||
Beverages - 0.5% | |||
Boston Beer Co., Inc. Class A (a) | 99,800 | 30,782,312 | |
Consumer Staples Distribution & Retail - 3.4% | |||
BJ's Wholesale Club Holdings, Inc. (a)(b) | 1,118,799 | 70,495,525 | |
Performance Food Group Co. (a) | 1,064,000 | 64,095,360 | |
Sprouts Farmers Market LLC (a)(b) | 805,700 | 29,593,361 | |
U.S. Foods Holding Corp. (a) | 1,585,540 | 69,763,760 | |
233,948,006 | |||
Food Products - 0.5% | |||
Nomad Foods Ltd. (a) | 1,330,001 | 23,301,618 | |
Westrock Coffee Holdings (b) | 1,043,826 | 11,346,389 | |
34,648,007 | |||
Personal Care Products - 0.1% | |||
Olaplex Holdings, Inc. (a) | 2,118,400 | 7,880,448 | |
TOTAL CONSUMER STAPLES | 307,258,773 | ||
ENERGY - 4.4% | |||
Energy Equipment & Services - 2.6% | |||
Baker Hughes Co. Class A | 1,222,548 | 38,644,742 | |
Nextier Oilfield Solutions, Inc. (a) | 3,392,300 | 30,327,162 | |
NOV, Inc. | 1,098,900 | 17,626,356 | |
TechnipFMC PLC (a) | 3,787,900 | 62,954,898 | |
Valaris Ltd. (a) | 409,761 | 25,786,260 | |
175,339,418 | |||
Oil, Gas & Consumable Fuels - 1.8% | |||
Antero Resources Corp. (a) | 933,025 | 21,487,566 | |
Cheniere Energy, Inc. | 108,870 | 16,587,433 | |
Hess Corp. | 110,388 | 15,007,249 | |
Magnolia Oil & Gas Corp. Class A | 747,031 | 15,612,948 | |
New Fortress Energy, Inc. (b) | 875,462 | 23,444,872 | |
Ovintiv, Inc. | 348,900 | 13,282,623 | |
Range Resources Corp. | 718,368 | 21,120,019 | |
126,542,710 | |||
TOTAL ENERGY | 301,882,128 | ||
FINANCIALS - 13.2% | |||
Banks - 3.6% | |||
Associated Banc-Corp. | 1,235,600 | 20,053,788 | |
Bancorp, Inc., Delaware (a) | 1,831,222 | 59,789,398 | |
Cadence Bank | 771,200 | 15,146,368 | |
East West Bancorp, Inc. | 1,036,217 | 54,701,895 | |
Popular, Inc. | 625,327 | 37,844,790 | |
Signature Bank | 299,630 | 62,922 | |
Wintrust Financial Corp. | 805,141 | 58,469,339 | |
246,068,500 | |||
Capital Markets - 2.2% | |||
Ameriprise Financial, Inc. | 122,327 | 40,632,136 | |
Northern Trust Corp. | 451,055 | 33,441,218 | |
Raymond James Financial, Inc. (b) | 405,697 | 42,099,178 | |
TMX Group Ltd. | 1,354,500 | 30,479,445 | |
146,651,977 | |||
Financial Services - 1.9% | |||
Equitable Holdings, Inc. | 625,444 | 16,987,059 | |
Essent Group Ltd. | 642,304 | 30,059,827 | |
Euronet Worldwide, Inc. (a) | 458,422 | 53,804,990 | |
Shift4 Payments, Inc. (a)(b) | 427,800 | 29,051,898 | |
129,903,774 | |||
Insurance - 5.5% | |||
American Financial Group, Inc. | 215,313 | 25,568,419 | |
Arch Capital Group Ltd. (a) | 653,900 | 48,944,415 | |
Assurant, Inc. | 208,627 | 26,228,586 | |
Hartford Financial Services Group, Inc. | 694,522 | 50,019,474 | |
Old Republic International Corp. | 1,726,310 | 43,451,223 | |
Primerica, Inc. | 455,347 | 90,049,423 | |
Reinsurance Group of America, Inc. | 465,978 | 64,626,489 | |
Selective Insurance Group, Inc. | 307,600 | 29,514,220 | |
378,402,249 | |||
TOTAL FINANCIALS | 901,026,500 | ||
HEALTH CARE - 8.5% | |||
Biotechnology - 1.5% | |||
Argenx SE ADR (a) | 35,652 | 13,894,654 | |
Arrowhead Pharmaceuticals, Inc. (a) | 237,083 | 8,454,380 | |
Blueprint Medicines Corp. (a) | 159,900 | 10,105,680 | |
Legend Biotech Corp. ADR (a) | 213,500 | 14,737,905 | |
Repligen Corp. (a) | 76,500 | 10,821,690 | |
United Therapeutics Corp. (a) | 211,400 | 46,666,550 | |
104,680,859 | |||
Health Care Equipment & Supplies - 3.3% | |||
Boston Scientific Corp. (a) | 728,243 | 39,390,664 | |
Envista Holdings Corp. (a) | 507,866 | 17,186,185 | |
Hologic, Inc. (a) | 252,072 | 20,410,270 | |
Masimo Corp. (a) | 261,800 | 43,079,190 | |
ResMed, Inc. | 83,585 | 18,263,323 | |
The Cooper Companies, Inc. | 76,439 | 29,309,006 | |
Zimmer Biomet Holdings, Inc. | 373,832 | 54,429,939 | |
222,068,577 | |||
Health Care Providers & Services - 2.1% | |||
agilon health, Inc. (a) | 1,065,200 | 18,470,568 | |
Encompass Health Corp. | 517,000 | 35,006,070 | |
Guardant Health, Inc. (a) | 166,000 | 5,942,800 | |
Molina Healthcare, Inc. (a) | 121,468 | 36,591,020 | |
Option Care Health, Inc. (a) | 1,489,320 | 48,388,007 | |
144,398,465 | |||
Health Care Technology - 0.2% | |||
Evolent Health, Inc. (d) | 573,000 | 16,493,805 | |
Life Sciences Tools & Services - 0.8% | |||
Bio-Rad Laboratories, Inc. Class A (a) | 42,300 | 16,036,776 | |
ICON PLC (a) | 75,354 | 18,853,571 | |
Thermo Fisher Scientific, Inc. | 32,661 | 17,040,877 | |
51,931,224 | |||
Pharmaceuticals - 0.6% | |||
UCB SA | 468,200 | 41,485,067 | |
TOTAL HEALTH CARE | 581,057,997 | ||
INDUSTRIALS - 22.4% | |||
Aerospace & Defense - 1.5% | |||
AerSale Corp. (a) | 1,062,000 | 15,611,400 | |
Axon Enterprise, Inc. (a)(b) | 85,754 | 16,732,320 | |
Howmet Aerospace, Inc. | 1,070,552 | 53,056,557 | |
Spirit AeroSystems Holdings, Inc. Class A | 617,300 | 18,018,987 | |
103,419,264 | |||
Air Freight & Logistics - 0.8% | |||
GXO Logistics, Inc. (a)(b) | 837,232 | 52,594,914 | |
Building Products - 1.4% | |||
Builders FirstSource, Inc. (a)(b) | 627,971 | 85,404,056 | |
Trex Co., Inc. (a) | 196,800 | 12,902,208 | |
98,306,264 | |||
Commercial Services & Supplies - 0.5% | |||
Driven Brands Holdings, Inc. (a) | 1,148,821 | 31,087,096 | |
Construction & Engineering - 2.1% | |||
Quanta Services, Inc. | 337,569 | 66,315,430 | |
Willscot Mobile Mini Holdings (a) | 1,558,619 | 74,486,402 | |
140,801,832 | |||
Electrical Equipment - 4.8% | |||
Acuity Brands, Inc. | 200,523 | 32,701,291 | |
AMETEK, Inc. | 402,626 | 65,177,097 | |
Array Technologies, Inc. (a) | 1,112,300 | 25,137,980 | |
Generac Holdings, Inc. (a) | 259,290 | 38,667,918 | |
nVent Electric PLC | 621,900 | 32,133,573 | |
Regal Rexnord Corp. | 533,664 | 82,130,890 | |
Sunrun, Inc. (a)(b) | 1,311,746 | 23,427,784 | |
Vertiv Holdings Co. | 1,206,600 | 29,887,482 | |
329,264,015 | |||
Ground Transportation - 0.9% | |||
J.B. Hunt Transport Services, Inc. | 146,000 | 26,430,380 | |
RXO, Inc. | 870,300 | 19,729,701 | |
U-Haul Holding Co. (b) | 223,100 | 12,341,892 | |
58,501,973 | |||
Machinery - 5.7% | |||
Chart Industries, Inc. (a)(b) | 316,400 | 50,557,556 | |
Crane Co. (b) | 649,736 | 57,904,472 | |
Crane Nxt Co. (b) | 547,536 | 30,902,932 | |
Fortive Corp. | 761,814 | 56,960,833 | |
Hillenbrand, Inc. | 361,600 | 18,542,848 | |
IDEX Corp. | 193,294 | 41,608,466 | |
Ingersoll Rand, Inc. | 561,000 | 36,666,960 | |
ITT, Inc. (b) | 1,055,609 | 98,393,315 | |
391,537,382 | |||
Marine Transportation - 0.3% | |||
Clarkson PLC | 481,675 | 18,107,127 | |
Professional Services - 3.8% | |||
ASGN, Inc. (a) | 387,106 | 29,276,827 | |
FTI Consulting, Inc. (a)(b) | 287,700 | 54,720,540 | |
KBR, Inc. | 1,423,039 | 92,582,917 | |
Maximus, Inc. | 652,900 | 55,176,579 | |
WNS Holdings Ltd. sponsored ADR (a) | 413,403 | 30,476,069 | |
262,232,932 | |||
Trading Companies & Distributors - 0.6% | |||
Applied Industrial Technologies, Inc. | 3,266 | 473,015 | |
NOW, Inc. (a) | 1,922,800 | 19,920,208 | |
RS GROUP PLC | 2,373,799 | 22,917,938 | |
43,311,161 | |||
TOTAL INDUSTRIALS | 1,529,163,960 | ||
INFORMATION TECHNOLOGY - 12.7% | |||
Communications Equipment - 0.8% | |||
Digi International, Inc. (a) | 1,379,301 | 54,330,666 | |
Electronic Equipment, Instruments & Components - 4.3% | |||
CDW Corp. | 181,176 | 33,245,796 | |
Flex Ltd. (a) | 3,307,300 | 91,413,772 | |
IPG Photonics Corp. (a) | 222,800 | 30,260,696 | |
Jabil, Inc. (b) | 1,275,175 | 137,629,636 | |
292,549,900 | |||
IT Services - 0.4% | |||
Endava PLC ADR (a) | 149,000 | 7,716,710 | |
Wix.com Ltd. (a) | 249,800 | 19,544,352 | |
27,261,062 | |||
Semiconductors & Semiconductor Equipment - 5.1% | |||
Allegro MicroSystems LLC (a) | 418,700 | 18,900,118 | |
Axcelis Technologies, Inc. (a) | 89,400 | 16,389,702 | |
Lattice Semiconductor Corp. (a) | 586,600 | 56,354,662 | |
Marvell Technology, Inc. | 303,978 | 18,171,805 | |
MKS Instruments, Inc. (b) | 451,271 | 48,782,395 | |
Nova Ltd. (a) | 208,600 | 24,468,780 | |
ON Semiconductor Corp. (a) | 760,214 | 71,901,040 | |
Skyworks Solutions, Inc. | 184,700 | 20,444,443 | |
SolarEdge Technologies, Inc. (a) | 66,643 | 17,930,299 | |
Teradyne, Inc. | 509,545 | 56,727,645 | |
350,070,889 | |||
Software - 1.6% | |||
Dynatrace, Inc. (a) | 1,511,749 | 77,809,721 | |
PowerSchool Holdings, Inc. (a) | 834,800 | 15,978,072 | |
Zoom Video Communications, Inc. Class A (a) | 235,500 | 15,985,740 | |
109,773,533 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
Corsair Gaming, Inc. (a) | 707,800 | 12,556,372 | |
Super Micro Computer, Inc. (a) | 73,100 | 18,220,175 | |
30,776,547 | |||
TOTAL INFORMATION TECHNOLOGY | 864,762,597 | ||
MATERIALS - 7.2% | |||
Chemicals - 2.1% | |||
Axalta Coating Systems Ltd. (a) | 1,242,300 | 40,759,863 | |
Cabot Corp. | 167,000 | 11,170,630 | |
Celanese Corp. Class A | 324,237 | 37,546,645 | |
Element Solutions, Inc. | 2,726,105 | 52,341,216 | |
141,818,354 | |||
Construction Materials - 0.9% | |||
Martin Marietta Materials, Inc. | 133,937 | 61,837,374 | |
Containers & Packaging - 1.1% | |||
Aptargroup, Inc. | 297,300 | 34,445,178 | |
Avery Dennison Corp. | 241,783 | 41,538,319 | |
75,983,497 | |||
Metals & Mining - 3.1% | |||
Commercial Metals Co. | 556,100 | 29,284,226 | |
First Quantum Minerals Ltd. | 2,634,000 | 62,313,312 | |
Reliance Steel & Aluminum Co. | 274,227 | 74,477,311 | |
Wheaton Precious Metals Corp. | 961,700 | 41,589,578 | |
207,664,427 | |||
TOTAL MATERIALS | 487,303,652 | ||
REAL ESTATE - 7.4% | |||
Equity Real Estate Investment Trusts (REITs) - 6.9% | |||
Alexandria Real Estate Equities, Inc. | 147,783 | 16,771,893 | |
CubeSmart | 1,188,300 | 53,069,478 | |
EastGroup Properties, Inc. | 396,300 | 68,797,680 | |
Equity Lifestyle Properties, Inc. | 282,900 | 18,923,181 | |
Essex Property Trust, Inc. | 96,500 | 22,609,950 | |
Invitation Homes, Inc. | 1,387,472 | 47,729,037 | |
Lamar Advertising Co. Class A | 633,381 | 62,863,064 | |
Mid-America Apartment Communities, Inc. | 100,105 | 15,201,945 | |
NNN (REIT), Inc. | 537,811 | 23,012,933 | |
Ryman Hospitality Properties, Inc. | 585,700 | 54,423,244 | |
Sun Communities, Inc. | 133,600 | 17,429,456 | |
Terreno Realty Corp. | 274,300 | 16,485,430 | |
Ventas, Inc. | 1,078,237 | 50,968,263 | |
468,285,554 | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (a) | 323,928 | 26,144,229 | |
Zillow Group, Inc. Class C (a) | 161,600 | 8,122,016 | |
34,266,245 | |||
TOTAL REAL ESTATE | 502,551,799 | ||
UTILITIES - 3.7% | |||
Electric Utilities - 2.3% | |||
Constellation Energy Corp. | 565,300 | 51,753,215 | |
OGE Energy Corp. (b) | 1,739,800 | 62,476,218 | |
PG&E Corp. (a) | 2,521,000 | 43,562,880 | |
157,792,313 | |||
Independent Power and Renewable Electricity Producers - 1.0% | |||
Clearway Energy, Inc. Class C | 1,205,854 | 34,439,190 | |
NextEra Energy Partners LP | 290,723 | 17,047,997 | |
The AES Corp. | 803,038 | 16,646,978 | |
68,134,165 | |||
Multi-Utilities - 0.4% | |||
NorthWestern Energy Corp. | 503,600 | 28,584,336 | |
TOTAL UTILITIES | 254,510,814 | ||
TOTAL COMMON STOCKS (Cost $5,069,121,890) | 6,759,228,882 | ||
Money Market Funds - 6.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (e) | 54,552,610 | 54,563,521 | |
Fidelity Securities Lending Cash Central Fund 5.14% (e)(f) | 370,144,838 | 370,181,853 | |
TOTAL MONEY MARKET FUNDS (Cost $424,745,374) | 424,745,374 | ||
TOTAL INVESTMENT IN SECURITIES - 105.3% (Cost $5,493,867,264) | 7,183,974,256 |
NET OTHER ASSETS (LIABILITIES) - (5.3)% | (362,275,870) |
NET ASSETS - 100.0% | 6,821,698,386 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated company |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $16,493,805 or 0.2% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Evolent Health, Inc. | 3/28/23 | 16,617,000 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 101,362,444 | 542,746,777 | 589,545,700 | 1,774,168 | - | - | 54,563,521 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.14% | 208,510,362 | 1,116,510,139 | 954,838,648 | 962,720 | - | - | 370,181,853 | 1.3% |
Total | 309,872,806 | 1,659,256,916 | 1,544,384,348 | 2,736,888 | - | - | 424,745,374 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Bowlero Corp. Class A | 11,981,024 | 13,781,735 | 2,902,750 | - | (1,191,385) | (3,016,956) | 18,651,668 |
Noodles & Co. | 16,771,730 | - | 4,722,182 | - | (6,454,131) | 103,804 | - |
Total | 28,752,754 | 13,781,735 | 7,624,932 | - | (7,645,516) | (2,913,152) | 18,651,668 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 171,620,619 | 171,620,619 | - | - |
Consumer Discretionary | 858,090,043 | 853,492,327 | 4,597,716 | - |
Consumer Staples | 307,258,773 | 307,258,773 | - | - |
Energy | 301,882,128 | 301,882,128 | - | - |
Financials | 901,026,500 | 901,026,500 | - | - |
Health Care | 581,057,997 | 564,564,192 | 16,493,805 | - |
Industrials | 1,529,163,960 | 1,529,163,960 | - | - |
Information Technology | 864,762,597 | 864,762,597 | - | - |
Materials | 487,303,652 | 487,303,652 | - | - |
Real Estate | 502,551,799 | 502,551,799 | - | - |
Utilities | 254,510,814 | 254,510,814 | - | - |
Money Market Funds | 424,745,374 | 424,745,374 | - | - |
Total Investments in Securities: | 7,183,974,256 | 7,162,882,735 | 21,091,521 | - |
Statement of Assets and Liabilities | ||||
June 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $365,535,879) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,047,493,680) | $ | 6,740,577,214 | ||
Fidelity Central Funds (cost $424,745,374) | 424,745,374 | |||
Other affiliated issuers (cost $21,628,210) | 18,651,668 | |||
Total Investment in Securities (cost $5,493,867,264) | $ | 7,183,974,256 | ||
Foreign currency held at value (cost $47,356) | 47,109 | |||
Receivable for investments sold | 36,279,214 | |||
Receivable for fund shares sold | 5,498,536 | |||
Dividends receivable | 6,018,406 | |||
Distributions receivable from Fidelity Central Funds | 351,115 | |||
Other receivables | 122,516 | |||
Total assets | 7,232,291,152 | |||
Liabilities | ||||
Payable for investments purchased | $ | 30,746,770 | ||
Payable for fund shares redeemed | 5,330,056 | |||
Accrued management fee | 2,905,042 | |||
Distribution and service plan fees payable | 863,888 | |||
Other affiliated payables | 476,204 | |||
Other payables and accrued expenses | 104,522 | |||
Collateral on securities loaned | 370,166,284 | |||
Total Liabilities | 410,592,766 | |||
Net Assets | $ | 6,821,698,386 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,957,789,506 | ||
Total accumulated earnings (loss) | 1,863,908,880 | |||
Net Assets | $ | 6,821,698,386 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($1,508,665,577 ÷ 42,738,733 shares) | $ | 35.30 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($630,958,780 ÷ 18,140,227 shares) | $ | 34.78 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($4,030,138,943 ÷ 119,893,958 shares) | $ | 33.61 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($651,935,086 ÷ 18,645,282 shares) | $ | 34.97 |
Statement of Operations | ||||
Six months ended June 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 39,753,610 | ||
Income from Fidelity Central Funds (including $962,720 from security lending) | 2,736,888 | |||
Total Income | 42,490,498 | |||
Expenses | ||||
Management fee | $ | 17,444,342 | ||
Transfer agent fees | 2,342,608 | |||
Distribution and service plan fees | 5,178,535 | |||
Accounting fees | 512,932 | |||
Custodian fees and expenses | 33,911 | |||
Independent trustees' fees and expenses | 21,979 | |||
Audit | 33,055 | |||
Legal | 13,246 | |||
Miscellaneous | 18,640 | |||
Total expenses before reductions | 25,599,248 | |||
Expense reductions | (157,618) | |||
Total expenses after reductions | 25,441,630 | |||
Net Investment income (loss) | 17,048,868 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 170,739,825 | |||
Affiliated issuers | (7,645,516) | |||
Foreign currency transactions | 74,423 | |||
Total net realized gain (loss) | 163,168,732 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 330,494,587 | |||
Affiliated issuers | (2,913,152) | |||
Assets and liabilities in foreign currencies | (616) | |||
Total change in net unrealized appreciation (depreciation) | 327,580,819 | |||
Net gain (loss) | 490,749,551 | |||
Net increase (decrease) in net assets resulting from operations | $ | 507,798,419 |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2023 (Unaudited) | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 17,048,868 | $ | 29,380,299 |
Net realized gain (loss) | 163,168,732 | 318,370,136 | ||
Change in net unrealized appreciation (depreciation) | 327,580,819 | (1,557,891,401) | ||
Net increase (decrease) in net assets resulting from operations | 507,798,419 | (1,210,140,966) | ||
Distributions to shareholders | (16,134,136) | (483,587,759) | ||
Share transactions - net increase (decrease) | (123,333,030) | (99,655,685) | ||
Total increase (decrease) in net assets | 368,331,253 | (1,793,384,410) | ||
Net Assets | ||||
Beginning of period | 6,453,367,133 | 8,246,751,543 | ||
End of period | $ | 6,821,698,386 | $ | 6,453,367,133 |
VIP Mid Cap Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.72 | $ | 41.17 | $ | 38.72 | $ | 32.95 | $ | 30.19 | $ | 38.94 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .11 | .21 | .23 | .15 | .27 | .23 | ||||||
Net realized and unrealized gain (loss) | 2.55 | (6.16) | 9.57 | 5.83 | 6.39 | (5.47) | ||||||
Total from investment operations | 2.66 | (5.95) | 9.80 | 5.98 | 6.66 | (5.24) | ||||||
Distributions from net investment income | - | (.17) C | (.28) | (.21) | (.28) | (.24) | ||||||
Distributions from net realized gain | (.08) | (2.33) C | (7.07) | - | (3.63) | (3.27) | ||||||
Total distributions | (.08) | (2.50) | (7.35) | (.21) | (3.90) D | (3.51) | ||||||
Net asset value, end of period | $ | 35.30 | $ | 32.72 | $ | 41.17 | $ | 38.72 | $ | 32.95 | $ | 30.19 |
Total Return E,F,G | 8.12% | (14.74)% | 25.60% | 18.19% | 23.45% | (14.54)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .61% J | .61% | .61% | .62% | .62% | .62% | ||||||
Expenses net of fee waivers, if any | .60% J | .60% | .60% | .62% | .62% | .62% | ||||||
Expenses net of all reductions | .60% J | .60% | .60% | .62% | .61% | .62% | ||||||
Net investment income (loss) | .68% J | .60% | .52% | .48% | .88% | .62% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,508,666 | $ | 1,455,364 | $ | 1,810,651 | $ | 1,579,450 | $ | 843,080 | $ | 1,141,305 |
Portfolio turnover rate K | 41% J | 31% | 37% L | 44% | 34% | 47% |
VIP Mid Cap Portfolio Service Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.25 | $ | 40.63 | $ | 38.28 | $ | 32.59 | $ | 29.90 | $ | 38.60 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .17 | .18 | .12 | .24 | .19 | ||||||
Net realized and unrealized gain (loss) | 2.51 | (6.09) | 9.47 | 5.74 | 6.33 | (5.42) | ||||||
Total from investment operations | 2.61 | (5.92) | 9.65 | 5.86 | 6.57 | (5.23) | ||||||
Distributions from net investment income | - | (.13) C | (.23) | (.17) | (.25) | (.20) | ||||||
Distributions from net realized gain | (.08) | (2.33) C | (7.07) | - | (3.63) | (3.27) | ||||||
Total distributions | (.08) | (2.46) | (7.30) | (.17) | (3.88) | (3.47) | ||||||
Net asset value, end of period | $ | 34.78 | $ | 32.25 | $ | 40.63 | $ | 38.28 | $ | 32.59 | $ | 29.90 |
Total Return D,E,F | 8.09% | (14.85)% | 25.51% | 18.04% | 23.35% | (14.64)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .71% I | .71% | .71% | .72% | .72% | .72% | ||||||
Expenses net of fee waivers, if any | .70% I | .70% | .70% | .72% | .72% | .72% | ||||||
Expenses net of all reductions | .70% I | .70% | .70% | .72% | .71% | .72% | ||||||
Net investment income (loss) | .58% I | .50% | .42% | .38% | .78% | .52% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 630,959 | $ | 586,964 | $ | 726,039 | $ | 642,654 | $ | 564,678 | $ | 504,156 |
Portfolio turnover rate J | 41% I | 31% | 37% K | 44% | 34% | 47% |
VIP Mid Cap Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 31.20 | $ | 39.39 | $ | 37.29 | $ | 31.75 | $ | 29.22 | $ | 37.79 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .12 | .11 | .07 | .19 | .13 | ||||||
Net realized and unrealized gain (loss) | 2.42 | (5.90) | 9.22 | 5.59 | 6.18 | (5.28) | ||||||
Total from investment operations | 2.49 | (5.78) | 9.33 | 5.66 | 6.37 | (5.15) | ||||||
Distributions from net investment income | - | (.08) C | (.16) | (.12) | (.21) | (.15) | ||||||
Distributions from net realized gain | (.08) | (2.33) C | (7.07) | - | (3.63) | (3.27) | ||||||
Total distributions | (.08) | (2.41) | (7.23) | (.12) | (3.84) | (3.42) | ||||||
Net asset value, end of period | $ | 33.61 | $ | 31.20 | $ | 39.39 | $ | 37.29 | $ | 31.75 | $ | 29.22 |
Total Return D,E,F | 7.97% | (14.97)% | 25.31% | 17.87% | 23.17% | (14.77)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .86% I | .86% | .86% | .87% | .87% | .87% | ||||||
Expenses net of fee waivers, if any | .85% I | .85% | .85% | .87% | .87% | .87% | ||||||
Expenses net of all reductions | .85% I | .85% | .85% | .87% | .86% | .87% | ||||||
Net investment income (loss) | .43% I | .35% | .27% | .23% | .63% | .37% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 4,030,139 | $ | 3,776,819 | $ | 4,970,428 | $ | 4,807,908 | $ | 5,282,468 | $ | 4,526,446 |
Portfolio turnover rate J | 41% I | 31% | 37% K | 44% | 34% | 47% |
VIP Mid Cap Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.42 | $ | 40.83 | $ | 38.44 | $ | 32.72 | $ | 30.01 | $ | 38.72 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .18 | .20 | .12 | .25 | .20 | ||||||
Net realized and unrealized gain (loss) | 2.53 | (6.12) | 9.51 | 5.78 | 6.34 | (5.43) | ||||||
Total from investment operations | 2.63 | (5.94) | 9.71 | 5.90 | 6.59 | (5.23) | ||||||
Distributions from net investment income | - | (.14) C | (.24) | (.18) | (.26) | (.21) | ||||||
Distributions from net realized gain | (.08) | (2.33) C | (7.07) | - | (3.63) | (3.27) | ||||||
Total distributions | (.08) | (2.47) | (7.32) D | (.18) | (3.88) D | (3.48) | ||||||
Net asset value, end of period | $ | 34.97 | $ | 32.42 | $ | 40.83 | $ | 38.44 | $ | 32.72 | $ | 30.01 |
Total Return E,F,G | 8.11% | (14.83)% | 25.54% | 18.08% | 23.35% | (14.60)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .68% J | .68% | .68% | .70% | .70% | .70% | ||||||
Expenses net of fee waivers, if any | .68% J | .68% | .68% | .70% | .70% | .70% | ||||||
Expenses net of all reductions | .68% J | .68% | .68% | .69% | .69% | .70% | ||||||
Net investment income (loss) | .60% J | .52% | .44% | .41% | .80% | .54% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 651,935 | $ | 634,220 | $ | 739,633 | $ | 593,584 | $ | 583,760 | $ | 530,794 |
Portfolio turnover rate K | 41% J | 31% | 37% L | 44% | 34% | 47% |
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 | $64,214 |
Gross unrealized appreciation | $2,018,681,647 |
Gross unrealized depreciation | (332,984,075) |
Net unrealized appreciation (depreciation) | $1,685,697,572 |
Tax cost | $5,498,276,684 |
Purchases ($) | Sales ($) | |
VIP Mid Cap Portfolio | 1,363,055,578 | 1,449,109,896 |
Service Class | $304,135 |
Service Class 2 | 4,874,400 |
$5,178,535 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $465,308 | .06 |
Service Class | 191,605 | .06 |
Service Class 2 | 1,228,349 | .06 |
Investor Class | 457,346 | .14 |
$2,342,608 |
% of Average Net Assets | |
VIP Mid Cap Portfolio | .02 |
Amount | |
VIP Mid Cap Portfolio | $37,104 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Mid Cap Portfolio | 50,739,954 | 94,570,574 | 18,161,234 |
Amount | |
VIP Mid Cap Portfolio | $6,564 |
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 | $102,211 | $- | $- |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Mid Cap Portfolio | ||
Distributions to shareholders | ||
Initial Class | $ 3,475,732 | $107,333,067 |
Service Class | 1,440,921 | 43,228,209 |
Service Class 2 | 9,669,572 | 287,207,276 |
Investor Class | 1,547,911 | 45,819,207 |
Total | $16,134,136 | $483,587,759 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2023 | Year ended December 31, 2022 | Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Mid Cap Portfolio | ||||
Initial Class | ||||
Shares sold | 727,168 | 1,959,807 | $24,567,103 | $68,533,102 |
Reinvestment of distributions | 96,871 | 3,075,073 | 3,475,732 | 107,333,067 |
Shares redeemed | (2,568,232) | (4,527,612) | (87,393,264) | (158,853,983) |
Net increase (decrease) | (1,744,193) | 507,268 | $(59,350,429) | $17,012,186 |
Service Class | ||||
Shares sold | 598,658 | 1,591,303 | $19,800,817 | $56,040,722 |
Reinvestment of distributions | 40,739 | 1,255,402 | 1,440,921 | 43,228,209 |
Shares redeemed | (696,821) | (2,517,964) | (23,326,509) | (87,089,991) |
Net increase (decrease) | (57,424) | 328,741 | $(2,084,771) | $12,178,940 |
Service Class 2 | ||||
Shares sold | 9,401,682 | 6,492,926 | $305,451,230 | $219,838,257 |
Reinvestment of distributions | 282,736 | 8,605,525 | 9,669,572 | 287,207,276 |
Shares redeemed | (10,852,276) | (20,223,486) | (346,163,917) | (684,617,429) |
Net increase (decrease) | (1,167,858) | (5,125,035) | $(31,043,115) | $(177,571,896) |
Investor Class | ||||
Shares sold | 439,479 | 1,426,971 | $14,922,467 | $48,048,062 |
Reinvestment of distributions | 43,542 | 1,325,820 | 1,547,911 | 45,819,207 |
Shares redeemed | (1,400,212) | (1,305,948) | (47,325,093) | (45,142,184) |
Net increase (decrease) | (917,191) | 1,446,843 | $(30,854,715) | $48,725,085 |
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, 2023 to June 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period- C January 1, 2023 to June 30, 2023 | |||||||
VIP Mid Cap Portfolio | ||||||||||
Initial Class | .60% | |||||||||
Actual | $ 1,000 | $ 1,081.20 | $ 3.10 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.82 | $ 3.01 | |||||||
Service Class | .70% | |||||||||
Actual | $ 1,000 | $ 1,080.90 | $ 3.61 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.32 | $ 3.51 | |||||||
Service Class 2 | .85% | |||||||||
Actual | $ 1,000 | $ 1,079.70 | $ 4.38 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.58 | $ 4.26 | |||||||
Investor Class | .68% | |||||||||
Actual | $ 1,000 | $ 1,081.10 | $ 3.51 | |||||||
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
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 5.1 | |
Apple, Inc. | 4.1 | |
Amazon.com, Inc. | 2.3 | |
NVIDIA Corp. | 2.0 | |
Alphabet, Inc. Class A | 1.5 | |
Meta Platforms, Inc. Class A | 1.4 | |
Exxon Mobil Corp. | 1.2 | |
UnitedHealth Group, Inc. | 1.1 | |
Tesla, Inc. | 1.0 | |
Eli Lilly & Co. | 1.0 | |
20.7 | ||
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
U.S. Treasury Obligations | 15.5 | |
Uniform Mortgage Backed Securities | 2.3 | |
Fannie Mae | 2.0 | |
Freddie Mac | 1.7 | |
Ginnie Mae | 1.2 | |
JPMorgan Chase & Co. | 0.7 | |
Bank of America Corp. | 0.5 | |
Morgan Stanley | 0.5 | |
Citigroup, Inc. | 0.5 | |
Petroleos Mexicanos | 0.3 | |
25.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 17.4 | |
Financials | 12.9 | |
Health Care | 9.1 | |
Consumer Discretionary | 6.8 | |
Communication Services | 6.6 | |
Industrials | 5.8 | |
Consumer Staples | 5.3 | |
Energy | 3.7 | |
Real Estate | 2.4 | |
Utilities | 2.1 | |
Materials | 1.6 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)% |
Futures - 0.8% |
Common Stocks - 63.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.6% | |||
Diversified Telecommunication Services - 0.1% | |||
AT&T, Inc. | 22,400 | 357,280 | |
Cellnex Telecom SA (a) | 53,300 | 2,151,374 | |
Liberty Global PLC Class C (b) | 102,263 | 1,817,214 | |
4,325,868 | |||
Entertainment - 1.1% | |||
Activision Blizzard, Inc. | 150,775 | 12,710,333 | |
Cinemark Holdings, Inc. (b)(c) | 120,082 | 1,981,353 | |
Netflix, Inc. (b) | 69,458 | 30,595,554 | |
Sea Ltd. ADR (b) | 112,900 | 6,552,716 | |
Take-Two Interactive Software, Inc. (b) | 43,418 | 6,389,393 | |
The Walt Disney Co. (b) | 134,932 | 12,046,729 | |
World Wrestling Entertainment, Inc. Class A (c) | 32,194 | 3,492,083 | |
73,768,161 | |||
Interactive Media & Services - 3.7% | |||
Alphabet, Inc.: | |||
Class A (b) | 791,860 | 94,785,642 | |
Class C (b) | 390,640 | 47,255,721 | |
Epic Games, Inc. (b)(d)(e) | 1,812 | 1,275,576 | |
Meta Platforms, Inc. Class A (b) | 323,042 | 92,706,593 | |
Pinterest, Inc. Class A (b) | 68,300 | 1,867,322 | |
Snap, Inc. Class A (b) | 404,149 | 4,785,124 | |
242,675,978 | |||
Media - 0.5% | |||
Altice U.S.A., Inc. Class A (b)(c) | 147,845 | 446,492 | |
Charter Communications, Inc. Class A (b) | 16,000 | 5,877,920 | |
Comcast Corp. Class A | 442,409 | 18,382,094 | |
Liberty Broadband Corp.: | |||
Class A (b) | 55,400 | 4,417,042 | |
Class C (b) | 49,000 | 3,925,390 | |
33,048,938 | |||
Wireless Telecommunication Services - 0.2% | |||
T-Mobile U.S., Inc. (b) | 110,351 | 15,327,754 | |
TOTAL COMMUNICATION SERVICES | 369,146,699 | ||
CONSUMER DISCRETIONARY - 6.6% | |||
Automobile Components - 0.1% | |||
Adient PLC (b) | 107,200 | 4,107,904 | |
Automobiles - 1.1% | |||
Ferrari NV | 19,300 | 6,276,553 | |
Tesla, Inc. (b) | 259,800 | 68,007,846 | |
74,284,399 | |||
Broadline Retail - 2.5% | |||
Amazon.com, Inc. (b) | 1,158,300 | 150,995,988 | |
eBay, Inc. | 199,400 | 8,911,186 | |
159,907,174 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Booking Holdings, Inc. (b) | 6,300 | 17,012,079 | |
Caesars Entertainment, Inc. (b) | 93,200 | 4,750,404 | |
Churchill Downs, Inc. | 66,200 | 9,213,054 | |
Domino's Pizza, Inc. | 16,500 | 5,560,335 | |
Marriott International, Inc. Class A | 90,400 | 16,605,576 | |
McDonald's Corp. | 41,800 | 12,473,538 | |
Sweetgreen, Inc. Class A (b) | 11,200 | 143,584 | |
Yum! Brands, Inc. | 88,800 | 12,303,240 | |
78,061,810 | |||
Household Durables - 0.1% | |||
D.R. Horton, Inc. | 12,600 | 1,533,294 | |
Mohawk Industries, Inc. (b) | 29,300 | 3,022,588 | |
4,555,882 | |||
Specialty Retail - 1.3% | |||
Cazoo Group Ltd. (b)(d) | 2,820 | 3,328 | |
Fast Retailing Co. Ltd. | 13,500 | 3,462,410 | |
Lowe's Companies, Inc. | 127,200 | 28,709,040 | |
The Home Depot, Inc. | 58,608 | 18,205,989 | |
TJX Companies, Inc. | 343,280 | 29,106,711 | |
Valvoline, Inc. | 148,000 | 5,551,480 | |
85,038,958 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,900 | 1,791,533 | |
NIKE, Inc. Class B | 80,030 | 8,832,911 | |
PVH Corp. | 61,700 | 5,242,649 | |
Tapestry, Inc. | 148,100 | 6,338,680 | |
22,205,773 | |||
TOTAL CONSUMER DISCRETIONARY | 428,161,900 | ||
CONSUMER STAPLES - 4.6% | |||
Beverages - 1.7% | |||
Boston Beer Co., Inc. Class A (b) | 5,700 | 1,758,108 | |
Celsius Holdings, Inc. (b) | 37,700 | 5,624,463 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 59,300 | 14,595,509 | |
Duckhorn Portfolio, Inc. (b) | 83,000 | 1,076,510 | |
Keurig Dr. Pepper, Inc. | 182,817 | 5,716,688 | |
Molson Coors Beverage Co. Class B | 40,000 | 2,633,600 | |
Monster Beverage Corp. | 216,852 | 12,455,979 | |
PepsiCo, Inc. | 161,500 | 29,913,030 | |
Pernod Ricard SA | 18,400 | 4,063,803 | |
The Coca-Cola Co. | 520,900 | 31,368,598 | |
The Vita Coco Co., Inc. (b) | 52,800 | 1,418,736 | |
110,625,024 | |||
Consumer Staples Distribution & Retail - 1.3% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 80,100 | 4,107,336 | |
Costco Wholesale Corp. | 56,500 | 30,418,470 | |
Dollar General Corp. | 18,500 | 3,140,930 | |
Dollar Tree, Inc. (b) | 70,100 | 10,059,350 | |
U.S. Foods Holding Corp. (b) | 158,100 | 6,956,400 | |
Walmart, Inc. | 208,300 | 32,740,594 | |
87,423,080 | |||
Food Products - 0.6% | |||
Freshpet, Inc. (b) | 68,600 | 4,514,566 | |
Lamb Weston Holdings, Inc. | 31,500 | 3,620,925 | |
McCormick & Co., Inc. (non-vtg.) | 58,400 | 5,094,232 | |
Mondelez International, Inc. | 222,200 | 16,207,268 | |
Sovos Brands, Inc. (b) | 139,600 | 2,730,576 | |
The Hershey Co. | 28,400 | 7,091,480 | |
TreeHouse Foods, Inc. (b) | 26,800 | 1,350,184 | |
40,609,231 | |||
Household Products - 0.8% | |||
Procter & Gamble Co. | 330,200 | 50,104,548 | |
Personal Care Products - 0.2% | |||
elf Beauty, Inc. (b) | 10,300 | 1,176,569 | |
Estee Lauder Companies, Inc. Class A | 42,900 | 8,424,702 | |
Kenvue, Inc. | 26,200 | 692,204 | |
10,293,475 | |||
TOTAL CONSUMER STAPLES | 299,055,358 | ||
ENERGY - 2.6% | |||
Energy Equipment & Services - 0.3% | |||
Expro Group Holdings NV (b) | 239,700 | 4,247,484 | |
Schlumberger Ltd. | 169,300 | 8,316,016 | |
Weatherford International PLC (b) | 99,000 | 6,575,580 | |
19,139,080 | |||
Oil, Gas & Consumable Fuels - 2.3% | |||
Africa Oil Corp. | 1,617,347 | 3,442,852 | |
Athabasca Oil Corp. (b) | 46,500 | 100,740 | |
Canadian Natural Resources Ltd. | 131,400 | 7,387,561 | |
Eco Atlantic Oil & Gas Ltd. (b) | 1,232,500 | 209,332 | |
Exxon Mobil Corp. | 741,200 | 79,493,700 | |
Hess Corp. | 114,300 | 15,539,085 | |
Imperial Oil Ltd. | 260,300 | 13,318,086 | |
Kosmos Energy Ltd. (b) | 655,000 | 3,923,450 | |
MEG Energy Corp. (b) | 636,500 | 10,089,828 | |
Phillips 66 Co. | 88,826 | 8,472,224 | |
Valero Energy Corp. | 92,500 | 10,850,250 | |
152,827,108 | |||
TOTAL ENERGY | 171,966,188 | ||
FINANCIALS - 8.0% | |||
Banks - 3.2% | |||
AIB Group PLC | 386,760 | 1,624,825 | |
Bank of America Corp. | 1,232,152 | 35,350,441 | |
BNP Paribas SA | 170,709 | 10,772,755 | |
Citigroup, Inc. | 235,180 | 10,827,687 | |
DNB Bank ASA | 168,800 | 3,156,680 | |
Eurobank Ergasias Services and Holdings SA (b) | 3,050,236 | 5,022,582 | |
JPMorgan Chase & Co. | 402,723 | 58,572,033 | |
KBC Group NV | 45,400 | 3,166,627 | |
KeyCorp | 701,900 | 6,485,556 | |
M&T Bank Corp. | 42,961 | 5,316,853 | |
NatWest Group PLC | 963,007 | 2,943,423 | |
Piraeus Financial Holdings SA (b) | 782,863 | 2,567,906 | |
PNC Financial Services Group, Inc. | 57,700 | 7,267,315 | |
Standard Chartered PLC (United Kingdom) | 258,600 | 2,243,122 | |
Starling Bank Ltd. Series D (b)(d)(e) | 756,521 | 2,805,482 | |
Sumitomo Mitsui Financial Group, Inc. | 94,500 | 4,050,218 | |
U.S. Bancorp | 109,714 | 3,624,951 | |
UniCredit SpA | 242,376 | 5,636,109 | |
Wells Fargo & Co. | 806,792 | 34,433,883 | |
Zions Bancorp NA (c) | 125,900 | 3,381,674 | |
209,250,122 | |||
Capital Markets - 0.8% | |||
Bank of New York Mellon Corp. | 409,753 | 18,242,204 | |
BlackRock, Inc. Class A | 5,252 | 3,629,867 | |
Cboe Global Markets, Inc. | 28,529 | 3,937,287 | |
State Street Corp. | 197,257 | 14,435,267 | |
StepStone Group, Inc. Class A | 94,046 | 2,333,281 | |
UBS Group AG | 349,500 | 7,084,365 | |
Virtu Financial, Inc. Class A | 125,325 | 2,141,804 | |
51,804,075 | |||
Consumer Finance - 0.1% | |||
American Express Co. | 9,258 | 1,612,744 | |
Capital One Financial Corp. | 14,775 | 1,615,942 | |
OneMain Holdings, Inc. | 107,748 | 4,707,510 | |
Shriram Transport Finance Co. Ltd. | 94,743 | 2,007,898 | |
9,944,094 | |||
Financial Services - 2.0% | |||
Ant International Co. Ltd. Class C (b)(d)(e) | 915,084 | 1,381,777 | |
Apollo Global Management, Inc. | 171,388 | 13,164,312 | |
Berkshire Hathaway, Inc.: | |||
Class A (b) | 13 | 6,731,530 | |
Class B (b) | 24,351 | 8,303,691 | |
Block, Inc. Class A (b) | 138,000 | 9,186,660 | |
Dlocal Ltd. (b) | 202,200 | 2,467,851 | |
Fiserv, Inc. (b) | 117,440 | 14,815,056 | |
FleetCor Technologies, Inc. (b) | 25,800 | 6,477,864 | |
Global Payments, Inc. | 55,100 | 5,428,452 | |
Jumo World Ltd. (b)(e) | 176 | 168,106 | |
One97 Communications Ltd. (b) | 318,100 | 3,371,627 | |
UWM Holdings Corp. Class A (c) | 116,656 | 653,274 | |
Visa, Inc. Class A | 208,303 | 49,467,796 | |
Voya Financial, Inc. | 35,200 | 2,524,192 | |
Worldline SA (a)(b) | 99,105 | 3,622,803 | |
127,764,991 | |||
Insurance - 1.9% | |||
Arthur J. Gallagher & Co. | 30,045 | 6,596,981 | |
Chubb Ltd. | 142,606 | 27,460,211 | |
Direct Line Insurance Group PLC | 1,158,400 | 2,000,053 | |
Everest Re Group Ltd. | 13,000 | 4,444,180 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 6,500 | 4,868,756 | |
Globe Life, Inc. | 47,128 | 5,166,171 | |
Hartford Financial Services Group, Inc. | 154,054 | 11,094,969 | |
Marsh & McLennan Companies, Inc. | 63,505 | 11,944,020 | |
Progressive Corp. | 109,000 | 14,428,330 | |
Prudential PLC | 172,368 | 2,434,421 | |
The Travelers Companies, Inc. | 156,331 | 27,148,441 | |
Unum Group | 125,200 | 5,972,040 | |
123,558,573 | |||
TOTAL FINANCIALS | 522,321,855 | ||
HEALTH CARE - 8.6% | |||
Biotechnology - 1.6% | |||
Apellis Pharmaceuticals, Inc. (b) | 22,800 | 2,077,080 | |
Biogen, Inc. (b) | 50,803 | 14,471,235 | |
Exact Sciences Corp. (b) | 31,860 | 2,991,654 | |
Gilead Sciences, Inc. | 412,771 | 31,812,261 | |
Legend Biotech Corp. ADR (b) | 89,940 | 6,208,558 | |
PTC Therapeutics, Inc. (b) | 82,213 | 3,343,603 | |
Regeneron Pharmaceuticals, Inc. (b) | 5,190 | 3,729,223 | |
Sarepta Therapeutics, Inc. (b) | 32,300 | 3,698,996 | |
Vertex Pharmaceuticals, Inc. (b) | 91,363 | 32,151,553 | |
100,484,163 | |||
Health Care Equipment & Supplies - 2.1% | |||
Abbott Laboratories | 116,818 | 12,735,498 | |
Boston Scientific Corp. (b) | 820,235 | 44,366,511 | |
Intuitive Surgical, Inc. (b) | 63,700 | 21,781,578 | |
Masimo Corp. (b) | 52,900 | 8,704,695 | |
Penumbra, Inc. (b) | 27,017 | 9,295,469 | |
ResMed, Inc. | 15,550 | 3,397,675 | |
Stryker Corp. | 122,700 | 37,434,543 | |
137,715,969 | |||
Health Care Providers & Services - 2.2% | |||
agilon health, Inc. (b) | 328,344 | 5,693,485 | |
AmerisourceBergen Corp. | 152,689 | 29,381,944 | |
Humana, Inc. | 38,351 | 17,147,883 | |
Surgery Partners, Inc. (b) | 477,570 | 21,485,874 | |
UnitedHealth Group, Inc. | 150,207 | 72,195,492 | |
145,904,678 | |||
Life Sciences Tools & Services - 0.7% | |||
Gerresheimer AG | 113,062 | 12,719,782 | |
IQVIA Holdings, Inc. (b) | 46,600 | 10,474,282 | |
Thermo Fisher Scientific, Inc. | 47,560 | 24,814,430 | |
48,008,494 | |||
Pharmaceuticals - 2.0% | |||
AstraZeneca PLC sponsored ADR | 313,547 | 22,440,559 | |
Eli Lilly & Co. | 133,984 | 62,835,816 | |
Indivior PLC (b) | 207,000 | 4,792,485 | |
Merck & Co., Inc. | 246,242 | 28,413,864 | |
Royalty Pharma PLC | 340,767 | 10,475,178 | |
128,957,902 | |||
TOTAL HEALTH CARE | 561,071,206 | ||
INDUSTRIALS - 5.6% | |||
Aerospace & Defense - 1.3% | |||
Howmet Aerospace, Inc. | 161,500 | 8,003,940 | |
Lockheed Martin Corp. | 52,770 | 24,294,253 | |
Northrop Grumman Corp. | 18,870 | 8,600,946 | |
Raytheon Technologies Corp. | 64,277 | 6,296,575 | |
Space Exploration Technologies Corp. Class A (b)(d)(e) | 17,000 | 1,377,000 | |
The Boeing Co. (b) | 111,317 | 23,505,698 | |
TransDigm Group, Inc. | 12,400 | 11,087,708 | |
83,166,120 | |||
Air Freight & Logistics - 0.1% | |||
United Parcel Service, Inc. Class B | 30,523 | 5,471,248 | |
Building Products - 0.4% | |||
Trane Technologies PLC | 133,194 | 25,474,684 | |
Electrical Equipment - 0.6% | |||
AMETEK, Inc. | 173,753 | 28,127,136 | |
Eaton Corp. PLC | 53,000 | 10,658,300 | |
38,785,436 | |||
Ground Transportation - 0.7% | |||
CSX Corp. | 528,262 | 18,013,734 | |
Old Dominion Freight Lines, Inc. | 49,500 | 18,302,625 | |
Uber Technologies, Inc. (b) | 256,647 | 11,079,451 | |
47,395,810 | |||
Industrial Conglomerates - 0.6% | |||
General Electric Co. | 239,089 | 26,263,927 | |
Honeywell International, Inc. | 53,616 | 11,125,320 | |
37,389,247 | |||
Machinery - 1.8% | |||
Caterpillar, Inc. | 70,725 | 17,401,886 | |
Deere & Co. | 25,200 | 10,210,788 | |
Dover Corp. | 134,800 | 19,903,220 | |
Fortive Corp. | 359,640 | 26,890,283 | |
Ingersoll Rand, Inc. | 299,200 | 19,555,712 | |
Parker Hannifin Corp. | 69,701 | 27,186,178 | |
121,148,067 | |||
Passenger Airlines - 0.1% | |||
Delta Air Lines, Inc. | 154,300 | 7,335,422 | |
Professional Services - 0.0% | |||
Dun & Bradstreet Holdings, Inc. (c) | 229,129 | 2,651,023 | |
TOTAL INDUSTRIALS | 368,817,057 | ||
INFORMATION TECHNOLOGY - 17.0% | |||
Electronic Equipment, Instruments & Components - 0.2% | |||
Amphenol Corp. Class A | 153,200 | 13,014,340 | |
IT Services - 0.8% | |||
Accenture PLC Class A | 22,500 | 6,943,050 | |
Capgemini SA | 31,400 | 5,945,356 | |
EPAM Systems, Inc. (b) | 29,400 | 6,607,650 | |
MongoDB, Inc. Class A (b) | 35,900 | 14,754,541 | |
Shopify, Inc. Class A (b) | 39,900 | 2,577,540 | |
Snowflake, Inc. (b) | 35,600 | 6,264,888 | |
Twilio, Inc. Class A (b) | 92,500 | 5,884,850 | |
Wix.com Ltd. (b) | 51,800 | 4,052,832 | |
53,030,707 | |||
Semiconductors & Semiconductor Equipment - 4.1% | |||
Advanced Micro Devices, Inc. (b) | 150,800 | 17,177,628 | |
ASML Holding NV (Netherlands) | 13,300 | 9,646,869 | |
Lam Research Corp. | 30,800 | 19,800,088 | |
Marvell Technology, Inc. | 188,572 | 11,272,834 | |
MediaTek, Inc. | 113,000 | 2,495,634 | |
Micron Technology, Inc. | 341,600 | 21,558,376 | |
NVIDIA Corp. | 315,700 | 133,547,414 | |
NXP Semiconductors NV | 68,212 | 13,961,632 | |
Renesas Electronics Corp. (b) | 554,900 | 10,472,247 | |
SolarEdge Technologies, Inc. (b) | 28,300 | 7,614,115 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 935,000 | 17,268,408 | |
264,815,245 | |||
Software - 7.7% | |||
Adobe, Inc. (b) | 85,400 | 41,759,746 | |
Autodesk, Inc. (b) | 64,600 | 13,217,806 | |
CCC Intelligent Solutions Holdings, Inc. (b)(d) | 36,613 | 410,432 | |
Elastic NV (b) | 63,200 | 4,052,384 | |
Five9, Inc. (b) | 90,600 | 7,469,970 | |
HubSpot, Inc. (b) | 27,200 | 14,472,848 | |
Intuit, Inc. | 58,400 | 26,758,296 | |
Microsoft Corp. | 978,100 | 333,082,171 | |
Salesforce, Inc. (b) | 163,300 | 34,498,758 | |
Stripe, Inc. Class B (b)(d)(e) | 19,953 | 401,654 | |
Synopsys, Inc. (b) | 28,900 | 12,583,349 | |
Tenable Holdings, Inc. (b) | 69,200 | 3,013,660 | |
Workday, Inc. Class A (b) | 47,000 | 10,616,830 | |
502,337,904 | |||
Technology Hardware, Storage & Peripherals - 4.2% | |||
Apple, Inc. | 1,391,864 | 269,979,860 | |
Samsung Electronics Co. Ltd. | 102,060 | 5,620,100 | |
275,599,960 | |||
TOTAL INFORMATION TECHNOLOGY | 1,108,798,156 | ||
MATERIALS - 1.6% | |||
Chemicals - 1.0% | |||
Air Products & Chemicals, Inc. | 23,103 | 6,920,042 | |
Cabot Corp. | 32,000 | 2,140,480 | |
Celanese Corp. Class A | 40,300 | 4,666,740 | |
Chemtrade Logistics Income Fund | 198,900 | 1,229,659 | |
Corteva, Inc. | 112,500 | 6,446,250 | |
DuPont de Nemours, Inc. | 66,250 | 4,732,900 | |
Linde PLC | 71,670 | 27,312,004 | |
LyondellBasell Industries NV Class A | 64,700 | 5,941,401 | |
Olin Corp. | 39,530 | 2,031,447 | |
The Chemours Co. LLC | 90,100 | 3,323,789 | |
Tronox Holdings PLC | 155,600 | 1,977,676 | |
Westlake Corp. | 10,400 | 1,242,488 | |
67,964,876 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 7,684 | 3,547,626 | |
Vulcan Materials Co. | 16,520 | 3,724,269 | |
7,271,895 | |||
Containers & Packaging - 0.1% | |||
Aptargroup, Inc. | 19,500 | 2,259,270 | |
Greif, Inc. Class A | 31,600 | 2,176,924 | |
4,436,194 | |||
Metals & Mining - 0.4% | |||
First Quantum Minerals Ltd. | 224,000 | 5,299,234 | |
Franco-Nevada Corp. | 19,500 | 2,779,238 | |
Freeport-McMoRan, Inc. | 212,251 | 8,490,040 | |
Glencore PLC | 206,800 | 1,172,532 | |
Horizonte Minerals PLC (b) | 312,200 | 570,951 | |
Ivanhoe Mines Ltd. (b) | 120,000 | 1,096,056 | |
Major Drilling Group International, Inc. (b) | 80,300 | 554,023 | |
Reliance Steel & Aluminum Co. | 11,118 | 3,019,538 | |
22,981,612 | |||
TOTAL MATERIALS | 102,654,577 | ||
REAL ESTATE - 1.5% | |||
Equity Real Estate Investment Trusts (REITs) - 1.5% | |||
Alexandria Real Estate Equities, Inc. | 2,600 | 295,074 | |
American Tower Corp. | 55,900 | 10,841,246 | |
Corporate Office Properties Trust (SBI) | 81,500 | 1,935,625 | |
Crown Castle International Corp. | 36,400 | 4,147,416 | |
CubeSmart | 17,900 | 799,414 | |
Digital Realty Trust, Inc. | 61,900 | 7,048,553 | |
Equinix, Inc. | 16,800 | 13,170,192 | |
Equity Lifestyle Properties, Inc. | 92,700 | 6,200,703 | |
Essex Property Trust, Inc. | 28,600 | 6,700,980 | |
Host Hotels & Resorts, Inc. | 118,800 | 1,999,404 | |
Invitation Homes, Inc. | 169,500 | 5,830,800 | |
Life Storage, Inc. | 1,800 | 239,328 | |
Mid-America Apartment Communities, Inc. | 40,300 | 6,119,958 | |
Prologis (REIT), Inc. | 117,000 | 14,347,710 | |
Simon Property Group, Inc. | 15,600 | 1,801,488 | |
Ventas, Inc. | 132,200 | 6,249,094 | |
Welltower, Inc. | 94,600 | 7,652,194 | |
95,379,179 | |||
Real Estate Management & Development - 0.0% | |||
WeWork, Inc. (b) | 97,321 | 24,856 | |
TOTAL REAL ESTATE | 95,404,035 | ||
UTILITIES - 1.7% | |||
Electric Utilities - 1.2% | |||
Constellation Energy Corp. | 113,878 | 10,425,531 | |
Edison International | 79,500 | 5,521,275 | |
Exelon Corp. | 156,035 | 6,356,866 | |
FirstEnergy Corp. | 60,200 | 2,340,576 | |
NextEra Energy, Inc. | 281,004 | 20,850,497 | |
PG&E Corp. (b) | 659,219 | 11,391,304 | |
PPL Corp. | 187,300 | 4,955,958 | |
Southern Co. | 252,700 | 17,752,175 | |
79,594,182 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
The AES Corp. | 51,400 | 1,065,522 | |
Multi-Utilities - 0.4% | |||
Dominion Energy, Inc. | 151,678 | 7,855,404 | |
NiSource, Inc. | 143,500 | 3,924,725 | |
Sempra Energy | 76,598 | 11,151,903 | |
22,932,032 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 35,500 | 5,067,625 | |
TOTAL UTILITIES | 108,659,361 | ||
TOTAL COMMON STOCKS (Cost $2,664,151,185) | 4,136,056,392 | ||
Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.2% | |||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
ByteDance Ltd. Series E1 (b)(d)(e) | 21,701 | 4,900,954 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (b)(d)(e) | 36,875 | 886,844 | |
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
ABL Space Systems: | |||
Series B(b)(d)(e) | 17,763 | 586,179 | |
Series B2(b)(d)(e) | 8,188 | 260,215 | |
846,394 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (b)(d)(e) | 7,264 | 731,485 | |
TOTAL INDUSTRIALS | 1,577,879 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Communications Equipment - 0.0% | |||
Astranis Space Technologies Corp. Series C (b)(d)(e) | 60,816 | 1,333,087 | |
Semiconductors & Semiconductor Equipment - 0.0% | |||
Astera Labs, Inc. Series C (b)(d)(e) | 155,858 | 1,477,534 | |
GaN Systems, Inc.: | |||
Series F1(b)(d)(e) | 14,731 | 163,072 | |
Series F2(b)(d)(e) | 7,778 | 86,102 | |
Xsight Labs Ltd. Series D (b)(d)(e) | 65,770 | 461,048 | |
2,187,756 | |||
Software - 0.1% | |||
Algolia, Inc. Series D (b)(d)(e) | 28,064 | 448,182 | |
Bolt Technology OU Series E (b)(d)(e) | 6,283 | 829,029 | |
Databricks, Inc.: | |||
Series G(b)(d)(e) | 4,461 | 238,708 | |
Series H(b)(d)(e) | 18,642 | 997,533 | |
Skyryse, Inc. Series B (b)(d)(e) | 50,000 | 1,091,500 | |
Stripe, Inc. Series H (b)(d)(e) | 19,876 | 400,104 | |
4,005,056 | |||
TOTAL INFORMATION TECHNOLOGY | 7,525,899 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 14,891,576 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (b)(d)(e) | 68,071 | 1,637,108 | |
INDUSTRIALS - 0.0% | |||
Professional Services - 0.0% | |||
Checkr, Inc. Series E (b)(e) | 87,327 | 953,611 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (b)(d)(e) | 59,838 | 681,555 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 3,272,274 | ||
TOTAL PREFERRED STOCKS (Cost $18,557,702) | 18,163,850 | ||
U.S. Treasury Obligations - 0.0% | |||
Principal Amount (f) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 5.17% to 5.29% 7/27/23 to 9/7/23 (g) (Cost $2,637,708) | 2,650,000 | 2,638,715 | |
Preferred Securities - 0.0% | |||
Principal Amount (f) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Semiconductors & Semiconductor Equipment - 0.0% | |||
GaN Systems, Inc. 0% (d)(e)(h) (Cost $345,272) | 345,272 | 424,339 | |
Fixed-Income Funds - 35.1% | |||
Shares | Value ($) | ||
Fidelity VIP Investment Grade Central Fund (i) (Cost $2,580,437,176) | 24,751,349 | 2,288,509,731 | |
Money Market Funds - 1.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (j) | 83,977,960 | 83,994,755 | |
Fidelity Securities Lending Cash Central Fund 5.14% (j)(k) | 8,760,774 | 8,761,650 | |
TOTAL MONEY MARKET FUNDS (Cost $92,755,897) | 92,756,405 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $5,358,884,940) | 6,538,549,432 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (10,312,439) |
NET ASSETS - 100.0% | 6,528,236,993 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 222 | Sep 2023 | 49,819,575 | 1,538,678 | 1,538,678 |
The notional amount of futures purchased as a percentage of Net Assets is 0.8% |
(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 $5,774,177 or 0.1% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,289,827 or 0.4% 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 $2,638,715. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ABL Space Systems Series B | 3/24/21 | 799,967 |
ABL Space Systems Series B2 | 10/22/21 | 556,752 |
Algolia, Inc. 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 |
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 - 5/25/23 | 797,525 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 68,250,848 | 591,232,028 | 575,488,121 | 1,463,960 | - | - | 83,994,755 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.14% | 2,108,836 | 57,292,962 | 50,640,148 | 45,610 | - | - | 8,761,650 | 0.0% |
Fidelity VIP Investment Grade Central Fund | 2,082,963,744 | 192,706,773 | - | 41,779,273 | - | 12,839,214 | 2,288,509,731 | 86.0% |
Total | 2,153,323,428 | 841,231,763 | 626,128,269 | 43,288,843 | - | 12,839,214 | 2,381,266,136 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 374,047,653 | 367,871,123 | - | 6,176,530 |
Consumer Discretionary | 428,161,900 | 422,907,957 | 5,253,943 | - |
Consumer Staples | 299,055,358 | 299,055,358 | - | - |
Energy | 171,966,188 | 171,966,188 | - | - |
Financials | 524,845,807 | 483,593,359 | 34,373,131 | 6,879,317 |
Health Care | 561,071,206 | 561,071,206 | - | - |
Industrials | 371,348,547 | 367,440,057 | - | 3,908,490 |
Information Technology | 1,117,005,610 | 1,059,443,522 | 48,952,980 | 8,609,108 |
Materials | 102,654,577 | 101,482,045 | 1,172,532 | - |
Real Estate | 95,404,035 | 95,404,035 | - | - |
Utilities | 108,659,361 | 108,659,361 | - | - |
U.S. Government and Government Agency Obligations | 2,638,715 | - | 2,638,715 | - |
Preferred Securities | 424,339 | - | - | 424,339 |
Fixed-Income Funds | 2,288,509,731 | 2,288,509,731 | - | - |
Money Market Funds | 92,756,405 | 92,756,405 | - | - |
Total Investments in Securities: | 6,538,549,432 | 6,420,160,347 | 92,391,301 | 25,997,784 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 1,538,678 | 1,538,678 | - | - |
Total Assets | 1,538,678 | 1,538,678 | - | - |
Total Derivative Instruments: | 1,538,678 | 1,538,678 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 1,538,678 | 0 |
Total Equity Risk | 1,538,678 | 0 |
Total Value of Derivatives | 1,538,678 | 0 |
Statement of Assets and Liabilities | ||||
June 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $8,468,732) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $2,685,691,867) | $ | 4,157,283,296 | ||
Fidelity Central Funds (cost $2,673,193,073) | 2,381,266,136 | |||
Total Investment in Securities (cost $5,358,884,940) | $ | 6,538,549,432 | ||
Cash | 20,390 | |||
Foreign currency held at value (cost $278,317) | 278,318 | |||
Receivable for investments sold | 9,635,109 | |||
Receivable for fund shares sold | 1,551,707 | |||
Dividends receivable | 3,216,432 | |||
Distributions receivable from Fidelity Central Funds | 365,998 | |||
Receivable for daily variation margin on futures contracts | 582,750 | |||
Other receivables | 15,602 | |||
Total assets | 6,554,215,738 | |||
Liabilities | ||||
Payable for investments purchased | $ | 11,417,592 | ||
Payable for fund shares redeemed | 2,332,789 | |||
Accrued management fee | 2,006,525 | |||
Distribution and service plan fees payable | 496,059 | |||
Other affiliated payables | 687,173 | |||
Other payables and accrued expenses | 276,957 | |||
Collateral on securities loaned | 8,761,650 | |||
Total Liabilities | 25,978,745 | |||
Net Assets | $ | 6,528,236,993 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,269,414,862 | ||
Total accumulated earnings (loss) | 1,258,822,131 | |||
Net Assets | $ | 6,528,236,993 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($293,749,746 ÷ 13,854,568 shares) | $ | 21.20 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($37,032,551 ÷ 1,764,223 shares) | $ | 20.99 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($2,409,494,236 ÷ 117,755,090 shares) | $ | 20.46 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($3,787,960,460 ÷ 180,736,508 shares) | $ | 20.96 |
Statement of Operations | ||||
Six months ended June 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 25,763,441 | ||
Interest | 53,314 | |||
Income from Fidelity Central Funds (including $45,610 from security lending) | 43,288,843 | |||
Total Income | 69,105,598 | |||
Expenses | ||||
Management fee | $ | 11,591,515 | ||
Transfer agent fees | 3,319,855 | |||
Distribution and service plan fees | 2,830,920 | |||
Accounting fees | 672,426 | |||
Custodian fees and expenses | 74,639 | |||
Independent trustees' fees and expenses | 20,279 | |||
Audit | 50,023 | |||
Legal | 23,210 | |||
Interest | 7,017 | |||
Miscellaneous | 17,418 | |||
Total expenses before reductions | 18,607,302 | |||
Expense reductions | (139,530) | |||
Total expenses after reductions | 18,467,772 | |||
Net Investment income (loss) | 50,637,826 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $377) | 31,798,076 | |||
Foreign currency transactions | (36,516) | |||
Futures contracts | 3,254,826 | |||
Total net realized gain (loss) | 35,016,386 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $139,889) | 695,987,234 | |||
Fidelity Central Funds | 12,839,214 | |||
Unfunded commitments | 117,891 | |||
Assets and liabilities in foreign currencies | 6,369 | |||
Futures contracts | 2,531,197 | |||
Total change in net unrealized appreciation (depreciation) | 711,481,905 | |||
Net gain (loss) | 746,498,291 | |||
Net increase (decrease) in net assets resulting from operations | $ | 797,136,117 |
Statement of Changes in Net Assets | ||||
Six months ended June 30, 2023 (Unaudited) | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 50,637,826 | $ | 75,763,858 |
Net realized gain (loss) | 35,016,386 | 230,897,367 | ||
Change in net unrealized appreciation (depreciation) | 711,481,905 | (1,643,117,850) | ||
Net increase (decrease) in net assets resulting from operations | 797,136,117 | (1,336,456,625) | ||
Distributions to shareholders | (247,478,506) | (460,415,308) | ||
Share transactions - net increase (decrease) | 136,139,473 | 225,085,361 | ||
Total increase (decrease) in net assets | 685,797,084 | (1,571,786,572) | ||
Net Assets | ||||
Beginning of period | 5,842,439,909 | 7,414,226,481 | ||
End of period | $ | 6,528,236,993 | $ | 5,842,439,909 |
VIP Balanced Portfolio Initial Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.38 | $ | 25.29 | $ | 23.29 | $ | 19.55 | $ | 16.78 | $ | 18.76 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .18 | .28 | .25 | .29 | .33 | .30 | ||||||
Net realized and unrealized gain (loss) | 2.46 | (4.62) | 3.79 | 4.02 | 3.62 | (1.07) | ||||||
Total from investment operations | 2.64 | (4.34) | 4.04 | 4.31 | 3.95 | (.77) | ||||||
Distributions from net investment income | (.07) | (.27) | (.23) | (.30) | (.32) | (.27) | ||||||
Distributions from net realized gain | (.75) | (1.30) | (1.81) | (.28) | (.86) | (.94) | ||||||
Total distributions | (.82) | (1.57) | (2.04) | (.57) C | (1.18) | (1.21) | ||||||
Net asset value, end of period | $ | 21.20 | $ | 19.38 | $ | 25.29 | $ | 23.29 | $ | 19.55 | $ | 16.78 |
Total Return D,E,F | 13.85% | (17.94)% | 18.26% | 22.39% | 24.51% | (4.22)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .47% I | .47% | .46% | .48% | .49% | .49% | ||||||
Expenses net of fee waivers, if any | .46% I | .46% | .46% | .48% | .49% | .49% | ||||||
Expenses net of all reductions | .46% I | .46% | .46% | .47% | .48% | .49% | ||||||
Net investment income (loss) | 1.77% I | 1.32% | 1.01% | 1.45% | 1.81% | 1.64% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 293,750 | $ | 266,447 | $ | 332,976 | $ | 271,384 | $ | 240,746 | $ | 206,293 |
Portfolio turnover rate J | 28% I | 37% | 33% | 62% | 41% | 55% |
VIP Balanced Portfolio Service Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.20 | $ | 25.07 | $ | 23.11 | $ | 19.40 | $ | 16.67 | $ | 18.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .17 | .25 | .22 | .27 | .31 | .28 | ||||||
Net realized and unrealized gain (loss) | 2.43 | (4.57) | 3.76 | 4.00 | 3.58 | (1.05) | ||||||
Total from investment operations | 2.60 | (4.32) | 3.98 | 4.27 | 3.89 | (.77) | ||||||
Distributions from net investment income | (.06) | (.25) | (.21) | (.28) | (.30) | (.27) | ||||||
Distributions from net realized gain | (.75) | (1.30) | (1.81) | (.28) | (.86) | (.94) | ||||||
Total distributions | (.81) | (1.55) | (2.02) | (.56) | (1.16) | (1.21) | ||||||
Net asset value, end of period | $ | 20.99 | $ | 19.20 | $ | 25.07 | $ | 23.11 | $ | 19.40 | $ | 16.67 |
Total Return C,D,E | 13.81% | (18.02)% | 18.13% | 22.32% | 24.30% | (4.27)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .57% H | .57% | .56% | .58% | .59% | .59% | ||||||
Expenses net of fee waivers, if any | .56% H | .56% | .56% | .58% | .59% | .59% | ||||||
Expenses net of all reductions | .56% H | .56% | .56% | .57% | .58% | .59% | ||||||
Net investment income (loss) | 1.67% H | 1.22% | .91% | 1.35% | 1.71% | 1.53% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 37,033 | $ | 35,778 | $ | 41,039 | $ | 30,072 | $ | 19,258 | $ | 16,616 |
Portfolio turnover rate I | 28% H | 37% | 33% | 62% | 41% | 55% |
VIP Balanced Portfolio Service Class 2 |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 18.74 | $ | 24.52 | $ | 22.64 | $ | 19.02 | $ | 16.37 | $ | 18.33 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .15 | .22 | .18 | .24 | .28 | .25 | ||||||
Net realized and unrealized gain (loss) | 2.38 | (4.48) | 3.68 | 3.91 | 3.51 | (1.04) | ||||||
Total from investment operations | 2.53 | (4.26) | 3.86 | 4.15 | 3.79 | (.79) | ||||||
Distributions from net investment income | (.06) | (.22) | (.18) | (.25) | (.28) | (.23) | ||||||
Distributions from net realized gain | (.75) | (1.30) | (1.81) | (.28) | (.86) | (.94) | ||||||
Total distributions | (.81) | (1.52) | (1.98) C | (.53) | (1.14) | (1.17) | ||||||
Net asset value, end of period | $ | 20.46 | $ | 18.74 | $ | 24.52 | $ | 22.64 | $ | 19.02 | $ | 16.37 |
Total Return D,E,F | 13.75% | (18.19)% | 17.99% | 22.13% | 24.11% | (4.44)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .72% I | .72% | .71% | .73% | .74% | .74% | ||||||
Expenses net of fee waivers, if any | .71% I | .71% | .71% | .73% | .74% | .74% | ||||||
Expenses net of all reductions | .71% I | .71% | .71% | .72% | .73% | .74% | ||||||
Net investment income (loss) | 1.52% I | 1.07% | .76% | 1.20% | 1.56% | 1.39% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,409,494 | $ | 2,104,753 | $ | 2,562,199 | $ | 1,985,175 | $ | 1,492,773 | $ | 1,045,617 |
Portfolio turnover rate J | 28% I | 37% | 33% | 62% | 41% | 55% |
VIP Balanced Portfolio Investor Class |
Six months ended (Unaudited) June 30, 2023 | Years ended December 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.17 | $ | 25.04 | $ | 23.08 | $ | 19.37 | $ | 16.64 | $ | 18.61 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .17 | .26 | .22 | .27 | .31 | .28 | ||||||
Net realized and unrealized gain (loss) | 2.43 | (4.58) | 3.76 | 4.00 | 3.59 | (1.05) | ||||||
Total from investment operations | 2.60 | (4.32) | 3.98 | 4.27 | 3.90 | (.77) | ||||||
Distributions from net investment income | (.06) | (.25) | (.21) | (.28) | (.31) | (.26) | ||||||
Distributions from net realized gain | (.75) | (1.30) | (1.81) | (.28) | (.86) | (.94) | ||||||
Total distributions | (.81) | (1.55) | (2.02) | (.56) | (1.17) | (1.20) | ||||||
Net asset value, end of period | $ | 20.96 | $ | 19.17 | $ | 25.04 | $ | 23.08 | $ | 19.37 | $ | 16.64 |
Total Return C,D,E | 13.84% | (18.03)% | 18.17% | 22.35% | 24.38% | (4.28)% | ||||||
Ratios to Average Net Assets A,F,G | ||||||||||||
Expenses before reductions | .54% H | .54% | .54% | .56% | .57% | .57% | ||||||
Expenses net of fee waivers, if any | .54% H | .54% | .54% | .55% | .57% | .57% | ||||||
Expenses net of all reductions | .54% H | .54% | .54% | .55% | .56% | .57% | ||||||
Net investment income (loss) | 1.70% H | 1.25% | .93% | 1.37% | 1.73% | 1.56% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 3,787,960 | $ | 3,435,461 | $ | 4,478,013 | $ | 3,696,708 | $ | 3,152,822 | $ | 2,599,494 |
Portfolio turnover rate I | 28% H | 37% | 33% | 62% | 41% | 55% |
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 | $1,607,739,351 |
Gross unrealized depreciation | (431,591,100) |
Net unrealized appreciation (depreciation) | $1,176,148,251 |
Tax cost | $5,363,939,859 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
VIP Balanced Portfolio | 862,077,561 | 923,982,665 |
Service Class | $17,640 |
Service Class 2 | 2,813,280 |
$2,830,920 |
Amount | % of Class-Level Average Net Assets A | |
Initial Class | $ 87,971 | .06 |
Service Class | 11,113 | .06 |
Service Class 2 | 708,947 | .06 |
Investor Class | 2,511,824 | .14 |
$3,319,855 |
% of Average Net Assets | |
VIP Balanced Portfolio | .02 |
Amount | |
VIP Balanced Portfolio | $ 11,634 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Balanced Portfolio | Borrower | $ 11,067,000 | 4.57% | $7,017 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Balanced Portfolio | 35,414,967 | 44,549,391 | 68,067 |
Amount ($) | |
VIP Balanced Portfolio | 16,539 |
Amount | |
VIP Balanced Portfolio | $5,905 |
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 | $4,949 | $ 5,798 | $652,960 |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Balanced Portfolio | ||
Distributions to shareholders | ||
Initial Class | $ 11,071,181 | $20,604,790 |
Service Class | 1,381,888 | 2,493,974 |
Service Class 2 | 90,570,783 | 160,737,445 |
Investor Class | 144,454,654 | 276,579,099 |
Total | $247,478,506 | $460,415,308 |
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2023 | Year ended December 31, 2022 | Six months ended June 30, 2023 | Year ended December 31, 2022 | |
VIP Balanced Portfolio | ||||
Initial Class | ||||
Shares sold | 319,322 | 1,835,940 | $6,411,427 | $39,365,194 |
Reinvestment of distributions | 553,836 | 922,872 | 11,071,181 | 20,604,790 |
Shares redeemed | (769,023) | (2,172,887) | (15,326,163) | (45,541,686) |
Net increase (decrease) | 104,135 | 585,925 | $2,156,445 | $14,428,298 |
Service Class | ||||
Shares sold | 125,410 | 502,131 | $2,476,312 | $10,709,871 |
Reinvestment of distributions | 69,828 | 112,708 | 1,381,888 | 2,493,974 |
Shares redeemed | (294,648) | (387,864) | (5,868,002) | (8,164,125) |
Net increase (decrease) | (99,410) | 226,975 | $(2,009,802) | $5,039,720 |
Service Class 2 | ||||
Shares sold | 5,994,418 | 14,124,040 | $117,094,022 | $289,431,617 |
Reinvestment of distributions | 4,690,356 | 7,416,339 | 90,570,783 | 160,737,445 |
Shares redeemed | (5,223,477) | (13,745,239) | (101,338,420) | (277,401,627) |
Net increase (decrease) | 5,461,297 | 7,795,140 | $106,326,385 | $172,767,435 |
Investor Class | ||||
Shares sold | 992,221 | 2,608,451 | $19,749,276 | $55,900,558 |
Reinvestment of distributions | 7,310,458 | 12,498,473 | 144,454,654 | 276,579,099 |
Shares redeemed | (6,791,767) | (14,736,457) | (134,537,485) | (299,629,749) |
Net increase (decrease) | 1,510,912 | 370,467 | $29,666,445 | $32,849,908 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Balanced Portfolio | 60% | 1 | 19% |
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, 2023 to June 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period- C January 1, 2023 to June 30, 2023 | |||||||
VIP Balanced Portfolio | ||||||||||
Initial Class | .46% | |||||||||
Actual | $ 1,000 | $ 1,138.50 | $ 2.44 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.51 | $ 2.31 | |||||||
Service Class | .56% | |||||||||
Actual | $ 1,000 | $ 1,138.10 | $ 2.97 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.02 | $ 2.81 | |||||||
Service Class 2 | .71% | |||||||||
Actual | $ 1,000 | $ 1,137.50 | $ 3.76 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.27 | $ 3.56 | |||||||
Investor Class | .54% | |||||||||
Actual | $ 1,000 | $ 1,138.40 | $ 2.86 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.12 | $ 2.71 | |||||||
- 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
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 22, 2023 |
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 22, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 22, 2023 |