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 811-03759
Variable Insurance Products Fund IV
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | December 31, 2022 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -0.62% | 7.09% | 9.96% |
Investor Class | -0.69% | 7.01% | 9.87% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Consumer Staples Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Procter & Gamble Co. | 14.5 | |
The Coca-Cola Co. | 13.8 | |
Walmart, Inc. | 6.6 | |
Mondelez International, Inc. | 5.6 | |
Altria Group, Inc. | 5.3 | |
Monster Beverage Corp. | 4.3 | |
Philip Morris International, Inc. | 4.0 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 3.5 | |
Keurig Dr. Pepper, Inc. | 3.3 | |
Boston Beer Co., Inc. Class A | 2.9 | |
63.8 | ||
Industries (% of Fund's net assets) | ||
Beverages | 32.1 | |
Household Products | 21.8 | |
Food Products | 16.3 | |
Food & Staples Retailing | 12.6 | |
Tobacco | 9.3 | |
Personal Products | 3.6 | |
Internet & Direct Marketing Retail | 0.7 | |
Media | 0.4 | |
Household Durables | 0.2 | |
Common Stocks - 97.0% | |||
Shares | Value ($) | ||
Beverages - 32.1% | |||
Brewers - 3.3% | |||
Boston Beer Co., Inc. Class A (a) | 25,450 | 8,386,284 | |
Molson Coors Beverage Co. Class B | 21,500 | 1,107,680 | |
9,493,964 | |||
Distillers & Vintners - 4.2% | |||
Brown-Forman Corp. Class B (non-vtg.) | 900 | 59,112 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 43,716 | 10,131,183 | |
Diageo PLC | 50,124 | 2,194,021 | |
12,384,316 | |||
Soft Drinks - 24.6% | |||
Celsius Holdings, Inc. (a) | 2,500 | 260,100 | |
Keurig Dr. Pepper, Inc. | 271,573 | 9,684,293 | |
Monster Beverage Corp. (a) | 122,289 | 12,416,002 | |
PepsiCo, Inc. | 44,002 | 7,949,401 | |
Primo Water Corp. | 73,300 | 1,139,082 | |
The Coca-Cola Co. | 634,238 | 40,343,879 | |
The Vita Coco Co., Inc. (a)(b) | 1,500 | 20,730 | |
71,813,487 | |||
TOTAL BEVERAGES | 93,691,767 | ||
Food & Staples Retailing - 12.6% | |||
Drug Retail - 0.1% | |||
Walgreens Boots Alliance, Inc. | 9,900 | 369,864 | |
Food Distributors - 3.4% | |||
Performance Food Group Co. (a) | 25,800 | 1,506,462 | |
Sysco Corp. | 44,944 | 3,435,969 | |
U.S. Foods Holding Corp. (a) | 146,842 | 4,995,565 | |
9,937,996 | |||
Food Retail - 1.2% | |||
Albertsons Companies, Inc. | 88,000 | 1,825,120 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 2,500 | 109,860 | |
Grocery Outlet Holding Corp. (a)(b) | 8,850 | 258,332 | |
Kroger Co. | 30,100 | 1,341,858 | |
3,535,170 | |||
Hypermarkets & Super Centers - 7.9% | |||
Costco Wholesale Corp. | 8,400 | 3,834,600 | |
Walmart, Inc. | 134,609 | 19,086,210 | |
22,920,810 | |||
TOTAL FOOD & STAPLES RETAILING | 36,763,840 | ||
Food Products - 16.3% | |||
Agricultural Products - 3.4% | |||
Archer Daniels Midland Co. | 14,900 | 1,383,465 | |
Bunge Ltd. | 55,807 | 5,567,864 | |
Darling Ingredients, Inc. (a) | 46,122 | 2,886,776 | |
Ingredion, Inc. | 2,300 | 225,239 | |
10,063,344 | |||
Packaged Foods & Meats - 12.9% | |||
Conagra Brands, Inc. | 71,359 | 2,761,593 | |
Freshpet, Inc. (a)(b) | 73,200 | 3,862,764 | |
Laird Superfood, Inc. (a)(b) | 36,040 | 30,274 | |
Lamb Weston Holdings, Inc. | 11,953 | 1,068,120 | |
McCormick & Co., Inc. (non-vtg.) | 10,600 | 878,634 | |
Mondelez International, Inc. | 245,861 | 16,386,636 | |
Nomad Foods Ltd. (a) | 273,276 | 4,711,278 | |
Pilgrim's Pride Corp. (a) | 5,400 | 128,142 | |
Sovos Brands, Inc. (a) | 25,501 | 366,449 | |
The Hain Celestial Group, Inc. (a) | 25,500 | 412,590 | |
The Kraft Heinz Co. | 6,800 | 276,828 | |
The Real Good Food Co., Inc. (a) | 10,417 | 69,065 | |
The Simply Good Foods Co. (a) | 22,700 | 863,281 | |
TreeHouse Foods, Inc. (a) | 64,216 | 3,170,986 | |
Tyson Foods, Inc. Class A | 41,834 | 2,604,167 | |
37,590,807 | |||
TOTAL FOOD PRODUCTS | 47,654,151 | ||
Household Durables - 0.2% | |||
Household Appliances - 0.2% | |||
Helen of Troy Ltd. (a) | 5,000 | 554,550 | |
Housewares & Specialties - 0.0% | |||
Tupperware Brands Corp. (a)(b) | 45,738 | 189,355 | |
TOTAL HOUSEHOLD DURABLES | 743,905 | ||
Household Products - 21.8% | |||
Household Products - 21.8% | |||
Church & Dwight Co., Inc. | 9,100 | 733,551 | |
Colgate-Palmolive Co. | 8,800 | 693,352 | |
Energizer Holdings, Inc. | 178,756 | 5,997,264 | |
Kimberly-Clark Corp. | 37,067 | 5,031,845 | |
Procter & Gamble Co. | 279,875 | 42,417,854 | |
Reckitt Benckiser Group PLC | 10,500 | 727,822 | |
Reynolds Consumer Products, Inc. (b) | 72,706 | 2,179,726 | |
Spectrum Brands Holdings, Inc. | 53,800 | 3,277,496 | |
The Clorox Co. | 17,526 | 2,459,424 | |
63,518,334 | |||
Internet & Direct Marketing Retail - 0.7% | |||
Internet & Direct Marketing Retail - 0.7% | |||
Amazon.com, Inc. (a) | 25,800 | 2,167,200 | |
Media - 0.4% | |||
Advertising - 0.4% | |||
Advantage Solutions, Inc. Class A (a)(b) | 518,500 | 1,078,480 | |
Personal Products - 3.6% | |||
Personal Products - 3.6% | |||
BellRing Brands, Inc. (a) | 36,800 | 943,552 | |
Edgewell Personal Care Co. | 4,400 | 169,576 | |
Estee Lauder Companies, Inc. Class A | 17,145 | 4,253,846 | |
Haleon PLC (a) | 60,500 | 239,429 | |
Herbalife Nutrition Ltd. (a) | 141,509 | 2,105,654 | |
Olaplex Holdings, Inc. (a)(b) | 402,200 | 2,095,462 | |
Shiseido Co. Ltd. | 12,025 | 589,390 | |
10,396,909 | |||
Tobacco - 9.3% | |||
Tobacco - 9.3% | |||
Altria Group, Inc. | 335,804 | 15,349,601 | |
Philip Morris International, Inc. | 116,143 | 11,754,833 | |
27,104,434 | |||
TOTAL COMMON STOCKS (Cost $222,109,662) | 283,119,020 | ||
Money Market Funds - 5.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (c) | 7,307,861 | 7,309,323 | |
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d) | 8,367,391 | 8,368,228 | |
TOTAL MONEY MARKET FUNDS (Cost $15,677,551) | 15,677,551 | ||
TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $237,787,213) | 298,796,571 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (6,991,395) |
NET ASSETS - 100.0% | 291,805,176 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 1,154,503 | 63,656,847 | 57,502,027 | 38,554 | - | - | 7,309,323 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 10,599,966 | 137,744,739 | 139,976,477 | 13,897 | - | - | 8,368,228 | 0.0% |
Total | 11,754,469 | 201,401,586 | 197,478,504 | 52,451 | - | - | 15,677,551 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 283,119,020 | 279,607,787 | 3,511,233 | - |
Money Market Funds | 15,677,551 | 15,677,551 | - | - |
Total Investments in Securities: | 298,796,571 | 295,285,338 | 3,511,233 | - |
Statement of Assets and Liabilities | ||||
�� | December 31, 2022 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $8,101,785) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $222,109,662) | $283,119,020 | |||
Fidelity Central Funds (cost $15,677,551) | 15,677,551 | |||
Total Investment in Securities (cost $237,787,213) | $ | 298,796,571 | ||
Cash | 86,080 | |||
Foreign currency held at value (cost $123) | 123 | |||
Receivable for investments sold | 156,941 | |||
Receivable for fund shares sold | 541,467 | |||
Dividends receivable | 1,246,322 | |||
Distributions receivable from Fidelity Central Funds | 21,881 | |||
Prepaid expenses | 1,005 | |||
Other receivables | 2,721 | |||
Total assets | 300,853,111 | |||
Liabilities | ||||
Payable for investments purchased | $406,649 | |||
Payable for fund shares redeemed | 66,977 | |||
Accrued management fee | 127,094 | |||
Other affiliated payables | 40,333 | |||
Other payables and accrued expenses | 39,049 | |||
Collateral on securities loaned | 8,367,833 | |||
Total Liabilities | 9,047,935 | |||
Net Assets | $ | 291,805,176 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 230,701,371 | ||
Total accumulated earnings (loss) | 61,103,805 | |||
Net Assets | $ | 291,805,176 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($26,707,123 ÷ 1,372,227 shares) | $ | 19.46 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($265,098,053 ÷ 13,697,426 shares) | $ | 19.35 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 6,753,230 | ||
Income from Fidelity Central Funds (including $13,897 from security lending) | 52,451 | |||
Total Income | 6,805,681 | |||
Expenses | ||||
Management fee | $ | 1,439,763 | ||
Transfer agent fees | 357,940 | |||
Accounting fees | 100,857 | |||
Custodian fees and expenses | 27,860 | |||
Independent trustees' fees and expenses | 922 | |||
Audit | 42,651 | |||
Legal | 3,475 | |||
Interest | 607 | |||
Miscellaneous | 1,435 | |||
Total expenses before reductions | 1,975,510 | |||
Expense reductions | (8,506) | |||
Total expenses after reductions | 1,967,004 | |||
Net Investment income (loss) | 4,838,677 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (364,107) | |||
Foreign currency transactions | (1,127) | |||
Total net realized gain (loss) | (365,234) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (7,587,020) | |||
Assets and liabilities in foreign currencies | (698) | |||
Total change in net unrealized appreciation (depreciation) | (7,587,718) | |||
Net gain (loss) | (7,952,952) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,114,275) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,838,677 | $ | 4,516,378 |
Net realized gain (loss) | (365,234) | 24,704,256 | ||
Change in net unrealized appreciation (depreciation) | (7,587,718) | 3,685,866 | ||
Net increase (decrease) in net assets resulting from operations | (3,114,275) | 32,906,500 | ||
Distributions to shareholders | (20,685,358) | (15,929,219) | ||
Share transactions - net increase (decrease) | 56,213,858 | (2,087,853) | ||
Total increase (decrease) in net assets | 32,414,225 | 14,889,428 | ||
Net Assets | ||||
Beginning of period | 259,390,951 | 244,501,523 | ||
End of period | $ | 291,805,176 | $ | 259,390,951 |
VIP Consumer Staples Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.13 | $ | 19.84 | $ | 18.76 | $ | 15.10 | $ | 19.72 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .35 | .38 | .35 | .39 | .44 C | |||||
Net realized and unrealized gain (loss) | (.48) | 2.27 | 1.78 | 4.22 | (3.36) | |||||
Total from investment operations | (.13) | 2.65 | 2.13 | 4.61 | (2.92) | |||||
Distributions from net investment income | (.35) | (.40) | (.35) | (.34) | (.50) | |||||
Distributions from net realized gain | (1.19) | (.96) | (.71) | (.61) | (1.19) | |||||
Total distributions | (1.54) | (1.36) | (1.05) D | (.95) | (1.70) D | |||||
Net asset value, end of period | $ | 19.46 | $ | 21.13 | $ | 19.84 | $ | 18.76 | $ | 15.10 |
Total Return E,F | (.62)% | 14.24% | 11.78% | 31.42% | (15.55)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .65% | .65% | .67% | .67% | .68% | |||||
Expenses net of fee waivers, if any | .65% | .65% | .66% | .67% | .68% | |||||
Expenses net of all reductions | .65% | .65% | .66% | .67% | .67% | |||||
Net investment income (loss) | 1.84% | 1.89% | 1.94% | 2.23% | 2.53% C | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 26,707 | $ | 22,366 | $ | 20,009 | $ | 21,139 | $ | 16,285 |
Portfolio turnover rate I | 46% | 64% | 51% | 46% | 38% |
VIP Consumer Staples Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.02 | $ | 19.75 | $ | 18.68 | $ | 15.04 | $ | 19.64 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .34 | .37 | .33 | .37 | .42 C | |||||
Net realized and unrealized gain (loss) | (.48) | 2.24 | 1.78 | 4.21 | (3.34) | |||||
Total from investment operations | (.14) | 2.61 | 2.11 | 4.58 | (2.92) | |||||
Distributions from net investment income | (.34) | (.38) | (.33) | (.33) | (.49) | |||||
Distributions from net realized gain | (1.19) | (.96) | (.71) | (.61) | (1.19) | |||||
Total distributions | (1.53) | (1.34) | (1.04) | (.94) | (1.68) | |||||
Net asset value, end of period | $ | 19.35 | $ | 21.02 | $ | 19.75 | $ | 18.68 | $ | 15.04 |
Total Return D,E | (.69)% | 14.11% | 11.70% | 31.33% | (15.58)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .73% | .73% | .74% | .75% | .76% | |||||
Expenses net of fee waivers, if any | .73% | .73% | .74% | .75% | .76% | |||||
Expenses net of all reductions | .73% | .73% | .73% | .75% | .75% | |||||
Net investment income (loss) | 1.76% | 1.81% | 1.86% | 2.15% | 2.45% C | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 265,098 | $ | 237,025 | $ | 224,492 | $ | 227,607 | $ | 172,096 |
Portfolio turnover rate H | 46% | 64% | 51% | 46% | 38% |
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 | $73,989,262 |
Gross unrealized depreciation | (13,786,924) |
Net unrealized appreciation (depreciation) | $60,202,338 |
Tax Cost | $238,594,233 |
Undistributed ordinary income | $1,009,491 |
Capital loss carryforward | $(107,494) |
Net unrealized appreciation (depreciation) on securities and other investments | $60,201,808 |
Short-term | $(107,494) |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $5,700,758 | $12,322,485 |
Long-term Capital Gains | 14,984,600 | 3,606,734 |
Total | $20,685,358 | $15,929,219 |
Purchases ($) | Sales ($) | |
VIP Consumer Staples Portfolio | 159,581,825 | 125,255,064 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | 15,809 | .06 |
Investor Class | 342,131 | .14 |
$357,940 |
% of Average Net Assets | |
VIP Consumer Staples Portfolio | .04 |
Amount | |
VIP Consumer Staples Portfolio | $4,201 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Consumer Staples Portfolio | Borrower | $2,572,857 | 1.06% | $533 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Consumer Staples Portfolio | 21,702,544 | 11,106,888 | 323,810 |
Amount | |
VIP Consumer Staples Portfolio | $454 |
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 Consumer Staples Portfolio | $1,392 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Consumer Staples Portfolio | $86,000 | 1.47% | $74 |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Consumer Staples Portfolio | ||
Distributions to shareholders | ||
Initial Class | 1,829,507 | 1,342,022 |
Investor Class | 18,855,851 | 14,587,197 |
Total | $20,685,358 | $15,929,219 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Consumer Staples Portfolio | ||||
Initial Class | ||||
Shares sold | 580,346 | 183,808 | $11,453,344 | $3,760,697 |
Reinvestment of distributions | 92,967 | 70,746 | 1,829,507 | 1,342,022 |
Shares redeemed | (359,659) | (204,331) | (6,848,059) | (4,138,594) |
Net increase (decrease) | 313,654 | 50,223 | $6,434,792 | $964,125 |
Investor Class | ||||
Shares sold | 3,639,755 | 1,069,346 | $71,984,707 | $21,609,702 |
Reinvestment of distributions | 963,502 | 772,952 | 18,855,851 | 14,587,197 |
Shares redeemed | (2,181,946) | (1,934,940) | (41,061,492) | (39,248,877) |
Net increase (decrease) | 2,421,311 | (92,642) | $49,779,066 | $(3,051,978) |
Fund | Affiliated % |
VIP Consumer Staples Portfolio | 99% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Consumer Staples Portfolio | ||||||||||
Initial Class | .65% | |||||||||
Actual | $ 1,000 | $ 1,060.60 | $ 3.38 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.93 | $ 3.31 | |||||||
Investor Class | .73% | |||||||||
Actual | $ 1,000 | $ 1,059.80 | $ 3.79 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -35.86% | 13.65% | 17.08% |
Investor Class | -35.87% | 13.56% | 16.99% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Technology Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 19.3 | |
Microsoft Corp. | 17.1 | |
NVIDIA Corp. | 7.0 | |
MasterCard, Inc. Class A | 6.3 | |
Marvell Technology, Inc. | 4.2 | |
NXP Semiconductors NV | 4.2 | |
Cisco Systems, Inc. | 3.9 | |
onsemi | 3.6 | |
GlobalFoundries, Inc. | 2.5 | |
Visa, Inc. Class A | 2.2 | |
70.3 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 27.9 | |
Software | 27.7 | |
Technology Hardware, Storage & Peripherals | 19.3 | |
IT Services | 14.9 | |
Communications Equipment | 3.9 | |
Internet & Direct Marketing Retail | 1.3 | |
Interactive Media & Services | 1.1 | |
Hotels, Restaurants & Leisure | 1.1 | |
Entertainment | 1.0 | |
Aerospace & Defense | 0.3 | |
Chemicals | 0.3 | |
Metals & Mining | 0.1 | |
Diversified Financial Services | 0.1 | |
Food & Staples Retailing | 0.1 | |
Road & Rail | 0.0 | |
Pharmaceuticals | 0.0 | |
Life Sciences Tools & Services | 0.0 | |
Health Care Equipment & Supplies | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 97.0% | |||
Shares | Value ($) | ||
Chemicals - 0.3% | |||
Commodity Chemicals - 0.3% | |||
LG Chemical Ltd. | 6,230 | 2,968,799 | |
Communications Equipment - 3.9% | |||
Communications Equipment - 3.9% | |||
Cisco Systems, Inc. | 911,300 | 43,414,332 | |
Diversified Financial Services - 0.1% | |||
Other Diversified Financial Services - 0.1% | |||
Ant International Co. Ltd. Class C (a)(b)(c) | 835,647 | 1,428,956 | |
Entertainment - 1.0% | |||
Movies & Entertainment - 1.0% | |||
Netflix, Inc. (a) | 38,932 | 11,480,268 | |
Health Care Equipment & Supplies - 0.0% | |||
Health Care Equipment - 0.0% | |||
China Medical Technologies, Inc. sponsored ADR (a)(c) | 300 | 0 | |
Hotels, Restaurants & Leisure - 1.1% | |||
Hotels, Resorts & Cruise Lines - 1.1% | |||
Airbnb, Inc. Class A (a) | 139,800 | 11,952,900 | |
Interactive Media & Services - 0.7% | |||
Interactive Media & Services - 0.7% | |||
Snap, Inc. Class A (a) | 865,067 | 7,742,350 | |
Internet & Direct Marketing Retail - 1.1% | |||
Internet & Direct Marketing Retail - 1.1% | |||
Deliveroo PLC Class A (a)(d) | 955,100 | 989,551 | |
Lyft, Inc. (a) | 180,097 | 1,984,669 | |
Uber Technologies, Inc. (a) | 384,924 | 9,519,171 | |
12,493,391 | |||
IT Services - 14.9% | |||
Data Processing & Outsourced Services - 9.5% | |||
Genpact Ltd. | 241,600 | 11,190,912 | |
MasterCard, Inc. Class A | 204,000 | 70,936,920 | |
Visa, Inc. Class A | 121,400 | 25,222,064 | |
107,349,896 | |||
Internet Services & Infrastructure - 4.6% | |||
Cloudflare, Inc. (a) | 77,100 | 3,485,691 | |
MongoDB, Inc. Class A (a) | 28,400 | 5,590,256 | |
Okta, Inc. (a) | 340,600 | 23,273,198 | |
Shopify, Inc. Class A (a)(e) | 144,000 | 4,998,240 | |
Snowflake, Inc. (a) | 51,916 | 7,452,023 | |
Twilio, Inc. Class A (a) | 140,700 | 6,888,672 | |
51,688,080 | |||
IT Consulting & Other Services - 0.8% | |||
Capgemini SA | 54,300 | 9,077,668 | |
TOTAL IT SERVICES | 168,115,644 | ||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Eden Biologics, Inc. (a)(c) | 94,814 | 0 | |
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Chime Biologics Wuhan Co. Ltd. (a)(c) | 94,814 | 49,382 | |
Road & Rail - 0.0% | |||
Trucking - 0.0% | |||
TuSimple Holdings, Inc. (a)(e) | 31,800 | 52,152 | |
Semiconductors & Semiconductor Equipment - 27.5% | |||
Semiconductor Equipment - 2.2% | |||
ASML Holding NV (Netherlands) | 13,400 | 7,306,378 | |
Teradyne, Inc. | 196,800 | 17,190,480 | |
24,496,858 | |||
Semiconductors - 25.3% | |||
Advanced Micro Devices, Inc. (a) | 54,000 | 3,497,580 | |
GlobalFoundries, Inc. (a)(e) | 522,900 | 28,179,081 | |
Marvell Technology, Inc. | 1,287,204 | 47,678,036 | |
Microchip Technology, Inc. | 303,000 | 21,285,750 | |
NVIDIA Corp. | 542,000 | 79,207,880 | |
NXP Semiconductors NV | 296,504 | 46,856,527 | |
onsemi (a) | 654,000 | 40,789,980 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,270,000 | 18,447,499 | |
285,942,333 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 310,439,191 | ||
Software - 27.1% | |||
Application Software - 7.1% | |||
HubSpot, Inc. (a) | 26,733 | 7,729,312 | |
Intuit, Inc. | 60,800 | 23,664,576 | |
Pine Labs Private Ltd. (a)(b)(c) | 1,314 | 693,713 | |
Qualtrics International, Inc. (a) | 105,900 | 1,099,242 | |
Salesforce.com, Inc. (a) | 167,765 | 22,243,961 | |
Splunk, Inc. (a) | 284,900 | 24,527,041 | |
79,957,845 | |||
Systems Software - 20.0% | |||
Microsoft Corp. | 803,800 | 192,767,316 | |
Rapid7, Inc. (a) | 104,300 | 3,544,114 | |
ServiceNow, Inc. (a) | 57,900 | 22,480,833 | |
Tenable Holdings, Inc. (a) | 177,370 | 6,766,666 | |
225,558,929 | |||
TOTAL SOFTWARE | 305,516,774 | ||
Technology Hardware, Storage & Peripherals - 19.3% | |||
Technology Hardware, Storage & Peripherals - 19.3% | |||
Apple, Inc. | 1,672,860 | 217,354,697 | |
IonQ, Inc. (a)(b) | 44,500 | 153,525 | |
217,508,222 | |||
TOTAL COMMON STOCKS (Cost $819,144,098) | 1,093,162,361 | ||
Preferred Stocks - 2.3% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.9% | |||
Aerospace & Defense - 0.3% | |||
Aerospace & Defense - 0.3% | |||
Relativity Space, Inc. Series E (a)(b)(c) | 174,268 | 3,236,157 | |
Electronic Equipment & Components - 0.2% | |||
Electronic Equipment & Instruments - 0.2% | |||
Enevate Corp. Series E (a)(b)(c) | 3,556,678 | 1,849,473 | |
Food & Staples Retailing - 0.1% | |||
Food Retail - 0.1% | |||
GoBrands, Inc. Series G (a)(b)(c) | 5,260 | 761,332 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Casinos & Gaming - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 200 | 70,994 | |
Interactive Media & Services - 0.5% | |||
Interactive Media & Services - 0.5% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 9,903 | 1,781,946 | |
Reddit, Inc.: | |||
Series D(a)(b)(c) | 33,900 | 1,269,894 | |
Series E(a)(b)(c) | 1,982 | 74,246 | |
Series F(a)(b)(c) | 55,762 | 2,088,845 | |
5,214,931 | |||
Internet & Direct Marketing Retail - 0.1% | |||
Internet & Direct Marketing Retail - 0.1% | |||
Instacart, Inc. Series I (a)(b)(c) | 10,890 | 466,092 | |
Meesho Series F (a)(b)(c) | 17,100 | 1,332,603 | |
1,798,695 | |||
Metals & Mining - 0.1% | |||
Precious Metals & Minerals - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 56,576 | 1,754,988 | |
Semiconductors & Semiconductor Equipment - 0.4% | |||
Semiconductor Equipment - 0.3% | |||
Astera Labs, Inc.: | |||
Series A(b)(c) | 52,688 | 499,482 | |
Series B(b)(c) | 8,971 | 85,045 | |
Series C(a)(b)(c) | 49,300 | 467,364 | |
Series D(b)(c) | 216,871 | 2,055,937 | |
3,107,828 | |||
Semiconductors - 0.1% | |||
SiMa.ai: | |||
Series B(a)(b)(c) | 85,000 | 532,100 | |
Series B1(b)(c) | 36,016 | 263,997 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 37,800 | 266,868 | |
1,062,965 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4,170,793 | ||
Software - 0.2% | |||
Application Software - 0.2% | |||
Convoy, Inc. Series D (a)(b)(c) | 28,479 | 270,266 | |
Databricks, Inc.: | |||
Series G(a)(b)(c) | 14,100 | 693,861 | |
Series H(a)(b)(c) | 36,297 | 1,786,175 | |
2,750,302 | |||
Systems Software - 0.0% | |||
Tenstorrent, Inc. Series C1 (a)(b)(c) | 2,400 | 125,064 | |
TOTAL SOFTWARE | 2,875,366 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 21,732,729 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Software - 0.4% | |||
Application Software - 0.4% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(b)(c) | 3,140 | 1,657,732 | |
Series A(a)(b)(c) | 785 | 414,433 | |
Series B(a)(b)(c) | 854 | 450,861 | |
Series B2(a)(b)(c) | 690 | 364,279 | |
Series C(a)(b)(c) | 1,284 | 677,875 | |
Series C1(a)(b)(c) | 271 | 143,072 | |
Series D(a)(b)(c) | 289 | 152,575 | |
3,860,827 | |||
TOTAL PREFERRED STOCKS (Cost $29,474,329) | 25,593,556 | ||
Preferred Securities - 0.1% | |||
Principal Amount (f) | Value ($) | ||
Electronic Equipment & Components - 0.1% | |||
Electronic Equipment & Instruments - 0.1% | |||
Enevate Corp. 0% 1/29/23 (b)(c) | 1,514,278 | 1,446,135 | |
Software - 0.0% | |||
Systems Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(g) | 130,000 | 113,880 | |
TOTAL PREFERRED SECURITIES (Cost $1,644,278) | 1,560,015 | ||
Money Market Funds - 3.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (h) | 7,926,690 | 7,928,276 | |
Fidelity Securities Lending Cash Central Fund 4.37% (h)(i) | 26,062,019 | 26,064,625 | |
TOTAL MONEY MARKET FUNDS (Cost $33,992,901) | 33,992,901 | ||
TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $884,255,606) | 1,154,308,833 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (26,807,194) |
NET ASSETS - 100.0% | 1,127,501,639 |
(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 $29,429,765 or 2.6% 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 $989,551 or 0.1% of net assets. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Ant International Co. Ltd. Class C | 5/16/18 | 3,184,965 |
Astera Labs, Inc. Series A | 5/17/22 | 535,811 |
Astera Labs, Inc. Series B | 5/17/22 | 91,231 |
Astera Labs, Inc. Series C | 8/24/21 | 165,737 |
Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 2,205,470 |
ByteDance Ltd. Series E1 | 11/18/20 | 1,085,113 |
Convoy, Inc. Series D | 10/30/19 | 385,606 |
Databricks, Inc. Series G | 2/01/21 | 833,629 |
Databricks, Inc. Series H | 8/31/21 | 2,667,254 |
Diamond Foundry, Inc. Series C | 3/15/21 | 1,357,824 |
Discord, Inc. Series I | 9/15/21 | 110,125 |
Enevate Corp. Series E | 1/29/21 | 3,943,236 |
Enevate Corp. 0% 1/29/23 | 1/29/21 | 1,514,278 |
GoBrands, Inc. Series G | 3/02/21 | 1,313,513 |
Instacart, Inc. Series I | 2/26/21 | 1,361,250 |
IonQ, Inc. | 3/07/21 | 445,000 |
Meesho Series F | 9/21/21 | 1,311,096 |
Pine Labs Private Ltd. | 6/30/21 | 489,938 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 1,170,780 |
Pine Labs Private Ltd. Series A | 6/30/21 | 292,695 |
Pine Labs Private Ltd. Series B | 6/30/21 | 318,422 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 257,273 |
Pine Labs Private Ltd. Series C | 6/30/21 | 478,752 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 101,045 |
Pine Labs Private Ltd. Series D | 6/30/21 | 107,757 |
Reddit, Inc. Series D | 2/04/19 | 735,166 |
Reddit, Inc. Series E | 5/18/21 | 84,184 |
Reddit, Inc. Series F | 8/11/21 | 3,445,779 |
Relativity Space, Inc. Series E | 5/27/21 | 3,979,427 |
SiMa.ai Series B | 5/10/21 | 435,829 |
SiMa.ai Series B1 | 4/25/22 - 10/17/22 | 255,386 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 142,690 |
Tenstorrent, Inc. 0% | 4/23/21 | 130,000 |
Xsight Labs Ltd. Series D | 2/16/21 | 302,249 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 37,855,521 | 309,373,062 | 339,300,307 | 240,893 | - | - | 7,928,276 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 1,480,150 | 204,376,640 | 179,792,165 | 299,173 | - | - | 26,064,625 | 0.1% |
Total | 39,335,671 | 513,749,702 | 519,092,472 | 540,066 | - | - | 33,992,901 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,093,162,361 | 1,056,158,765 | 34,831,545 | 2,172,051 |
Preferred Stocks | 25,593,556 | - | - | 25,593,556 |
Preferred Securities | 1,560,015 | - | - | 1,560,015 |
Money Market Funds | 33,992,901 | 33,992,901 | - | - |
Total Investments in Securities: | 1,154,308,833 | 1,090,151,666 | 34,831,545 | 29,325,622 |
Investments in Securities: | |||
Preferred Stocks | |||
Beginning Balance | $ | 30,872,838 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (8,367,179) | ||
Cost of Purchases | 3,087,897 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 25,593,556 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022 | $ | (8,367,179) | |
Other Investments in Securities | |||
Beginning Balance | $ | 4,073,679 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (341,613) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 3,732,066 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022 | $ | (341,613) | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $25,455,369) - See accompanying schedule: | $ | |||
Unaffiliated issuers (cost $850,262,705) | 1,120,315,932 | |||
Fidelity Central Funds (cost $33,992,901) | 33,992,901 | |||
Total Investment in Securities (cost $884,255,606) | $ | 1,154,308,833 | ||
Receivable for fund shares sold | 150,750 | |||
Dividends receivable | 333,408 | |||
Distributions receivable from Fidelity Central Funds | 118,841 | |||
Prepaid expenses | 3,566 | |||
Total assets | 1,154,915,398 | |||
Liabilities | ||||
Payable for fund shares redeemed | $630,755 | |||
Accrued management fee | 520,497 | |||
Other affiliated payables | 153,276 | |||
Other payables and accrued expenses | 44,606 | |||
Collateral on securities loaned | 26,064,625 | |||
Total Liabilities | 27,413,759 | |||
Net Assets | $ | 1,127,501,639 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 820,782,808 | ||
Total accumulated earnings (loss) | 306,718,831 | |||
Net Assets | $ | 1,127,501,639 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($185,488,507 ÷ 8,857,724 shares) | $ | 20.94 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($942,013,132 ÷ 45,872,409 shares) | $ | 20.54 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 8,888,501 | ||
Income from Fidelity Central Funds (including $299,173 from security lending) | 540,066 | |||
Total Income | 9,428,567 | |||
Expenses | ||||
Management fee | $ | 7,376,153 | ||
Transfer agent fees | 1,748,987 | |||
Accounting fees | 417,006 | |||
Custodian fees and expenses | 21,407 | |||
Independent trustees' fees and expenses | 5,020 | |||
Audit | 53,607 | |||
Legal | 5,520 | |||
Interest | 1,854 | |||
Miscellaneous | 7,718 | |||
Total expenses before reductions | 9,637,272 | |||
Expense reductions | (50,907) | |||
Total expenses after reductions | 9,586,365 | |||
Net Investment income (loss) | (157,798) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $933,380) | 36,147,528 | |||
Foreign currency transactions | (35,050) | |||
Total net realized gain (loss) | 36,112,478 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $913,858) | (732,955,031) | |||
Assets and liabilities in foreign currencies | (1,001) | |||
Total change in net unrealized appreciation (depreciation) | (732,956,032) | |||
Net gain (loss) | (696,843,554) | |||
Net increase (decrease) in net assets resulting from operations | $ | (697,001,352) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (157,798) | $ | (3,232,254) |
Net realized gain (loss) | 36,112,478 | 226,101,435 | ||
Change in net unrealized appreciation (depreciation) | (732,956,032) | 204,315,262 | ||
Net increase (decrease) in net assets resulting from operations | (697,001,352) | 427,184,443 | ||
Distributions to shareholders | (149,535,613) | (187,938,154) | ||
Share transactions - net increase (decrease) | (74,623,368) | 157,357,025 | ||
Total increase (decrease) in net assets | (921,160,333) | 396,603,314 | ||
Net Assets | ||||
Beginning of period | 2,048,661,972 | 1,652,058,658 | ||
End of period | $ | 1,127,501,639 | $ | 2,048,661,972 |
VIP Technology Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 35.65 | $ | 30.99 | $ | 19.08 | $ | 15.76 | $ | 18.43 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .01 | (.04) | (.01) | .09 | .05 | |||||
Net realized and unrealized gain (loss) | (12.04) | 8.22 | 12.36 | 6.72 | (1.34) | |||||
Total from investment operations | (12.03) | 8.18 | 12.35 | 6.81 | (1.29) | |||||
Distributions from net investment income | - | - | (.02) | (.08) | - | |||||
Distributions from net realized gain | (2.68) | (3.52) | (.42) | (3.42) | (1.38) | |||||
Total distributions | (2.68) | (3.52) | (.44) | (3.49) C | (1.38) | |||||
Net asset value, end of period | $ | 20.94 | $ | 35.65 | $ | 30.99 | $ | 19.08 | $ | 15.76 |
Total Return D,E | (35.86)% | 28.16% | 64.95% | 51.32% | (7.62)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .63% | .62% | .63% | .65% | .66% | |||||
Expenses net of fee waivers, if any | .62% | .62% | .63% | .65% | .66% | |||||
Expenses net of all reductions | .62% | .62% | .63% | .64% | .64% | |||||
Net investment income (loss) | .05% | (.12)% | (.03)% | .52% | .27% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 185,489 | $ | 356,589 | $ | 286,967 | $ | 175,680 | $ | 123,867 |
Portfolio turnover rate H | 21% | 31% | 52% | 20% | 139% |
VIP Technology Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 35.03 | $ | 30.51 | $ | 18.80 | $ | 15.57 | $ | 18.23 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.01) | (.06) | (.02) | .07 | .04 | |||||
Net realized and unrealized gain (loss) | (11.81) | 8.07 | 12.16 | 6.64 | (1.34) | |||||
Total from investment operations | (11.82) | 8.01 | 12.14 | 6.71 | (1.30) | |||||
Distributions from net investment income | - | - | (.02) | (.06) | - | |||||
Distributions from net realized gain | (2.67) | (3.49) | (.41) | (3.42) | (1.36) | |||||
Total distributions | (2.67) | (3.49) | (.43) | (3.48) | (1.36) | |||||
Net asset value, end of period | $ | 20.54 | $ | 35.03 | $ | 30.51 | $ | 18.80 | $ | 15.57 |
Total Return C,D | (35.87)% | 28.06% | 64.76% | 51.26% | (7.73)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .70% | .70% | .71% | .73% | .74% | |||||
Expenses net of fee waivers, if any | .70% | .70% | .71% | .73% | .73% | |||||
Expenses net of all reductions | .70% | .70% | .71% | .72% | .72% | |||||
Net investment income (loss) | (.02)% | (.20)% | (.11)% | .44% | .20% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 942,013 | $ | 1,692,073 | $ | 1,365,091 | $ | 732,499 | $ | 488,235 |
Portfolio turnover rate G | 21% | 31% | 52% | 20% | 139% |
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 | $27,765,607 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.6 - 25.0 / 11.8 | Increase |
Enterprise value/Gross profit multiple (EV/GP) | 7.3 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $1.11 - $59.45 / $5.68 | Increase | ||
Discount rate | 15.0% - 75.0% / 48.6% | Decrease | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Premium rate | 5.0% | Increase | |||
Book value | Book value multiple | 1.5 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 30.0% | Decrease | ||
Exit multiple | 2.0 | Increase | |||
Black scholes | Discount rate | 3.8% - 4.2% / 3.9% | Increase | ||
Volatility | 50.0% - 100.0% / 81.5% | Increase | |||
Term | 2.0 - 5.0 / 4.0 | Increase | |||
Preferred Securities | $1,560,015 | Market approach | Transaction price | $1.11 - $100.00 / $8.33 | Increase |
Discount rate | 15.0% - 55.0% / 52.1% | Decrease | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Black scholes | Discount rate | 4.0% - 4.2% / 4.0% | Increase | ||
Volatility | 70.0% - 100.0% / 97.8% | Increase | |||
Term | 2.0 - 3.0 / 2.9 | Increase |
Gross unrealized appreciation | $418,998,085 |
Gross unrealized depreciation | (149,142,192) |
Net unrealized appreciation (depreciation) | $269,855,893 |
Tax Cost | $884,452,940 |
Undistributed long-term capital gain | $36,877,887 |
Net unrealized appreciation (depreciation) on securities and other investments | $269,854,823 |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $4,627,181 | $90,702,912 |
Long-term Capital Gains | 144,908,432 | 97,235,242 |
Total | $149,535,613 | $187,938,154 |
Purchases ($) | Sales ($) | |
VIP Technology Portfolio | 298,584,893 | 494,458,066 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | 146,040 | .06 |
Investor Class | 1,602,947 | .14 |
$1,748,987 |
% of Average Net Assets | |
VIP Technology Portfolio | .03 |
Amount | |
VIP Technology Portfolio | $4,730 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Technology Portfolio | Borrower | $9,928,273 | .61% | $1,854 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Technology Portfolio | 19,935,085 | 24,262,437 | 3,863,826 |
Amount | |
VIP Technology Portfolio | $2,667 |
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 Technology Portfolio | $31,771 | $119 | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Technology Portfolio | ||
Distributions to shareholders | ||
Initial Class | 25,127,668 | 31,666,390 |
Investor Class | 124,407,945 | 156,271,764 |
Total | $149,535,613 | $187,938,154 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Technology Portfolio | ||||
Initial Class | ||||
Shares sold | 1,088,651 | 1,895,598 | $27,057,152 | $63,361,412 |
Reinvestment of distributions | 864,682 | 1,001,512 | 25,127,668 | 31,666,390 |
Shares redeemed | (3,099,249) | (2,154,574) | (81,125,431) | (66,852,508) |
Net increase (decrease) | (1,145,916) | 742,536 | $(28,940,611) | $28,175,294 |
Investor Class | ||||
Shares sold | 3,481,136 | 4,998,819 | $87,723,145 | $165,725,307 |
Reinvestment of distributions | 4,362,130 | 5,028,814 | 124,407,945 | 156,271,764 |
Shares redeemed | (10,268,845) | (6,468,602) | (257,813,847) | (192,815,340) |
Net increase (decrease) | (2,425,579) | 3,559,031 | $(45,682,757) | $129,181,731 |
Fund | Affiliated % |
VIP Technology Portfolio | 98% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Technology Portfolio | ||||||||||
Initial Class | .62% | |||||||||
Actual | $ 1,000 | $ 973.50 | $ 3.08 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.08 | $ 3.16 | |||||||
Investor Class | .70% | |||||||||
Actual | $ 1,000 | $ 973.50 | $ 3.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.68 | $ 3.57 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -27.51% | 1.70% | 5.11% |
Service Class | -27.59% | 1.60% | 5.00% |
Service Class 2 | -27.69% | 1.45% | 4.85% |
Investor Class | -27.58% | 1.62% | 5.03% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Real Estate Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Prologis (REIT), Inc. | 10.6 | |
Crown Castle International Corp. | 9.0 | |
Equinix, Inc. | 7.6 | |
American Tower Corp. | 7.6 | |
CubeSmart | 7.0 | |
Ventas, Inc. | 5.3 | |
CBRE Group, Inc. | 4.9 | |
Mid-America Apartment Communities, Inc. | 4.9 | |
Essex Property Trust, Inc. | 3.7 | |
Equity Lifestyle Properties, Inc. | 3.7 | |
64.3 | ||
Market Sectors (% of Fund's net assets) | ||
REITs - Diversified | 21.5 | |
REITs - Warehouse/Industrial | 13.9 | |
REITs - Apartments | 13.7 | |
REITs - Health Care | 8.4 | |
REITs - Storage | 8.3 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 98.8% | |||
Shares | Value ($) | ||
Commercial Services & Supplies - 0.8% | |||
REITs - Diversified - 0.8% | |||
CoreCivic, Inc. (a) | 223,400 | 2,582,504 | |
Equity Real Estate Investment Trusts (REITs) - 92.3% | |||
REITs - Apartments - 13.7% | |||
Essex Property Trust, Inc. | 58,748 | 12,449,876 | |
Invitation Homes, Inc. | 353,500 | 10,477,740 | |
Mid-America Apartment Communities, Inc. | 103,500 | 16,248,465 | |
UDR, Inc. | 165,900 | 6,425,307 | |
45,601,388 | |||
REITs - Diversified - 20.7% | |||
Crown Castle International Corp. | 220,300 | 29,881,492 | |
Equinix, Inc. | 38,700 | 25,349,661 | |
Lamar Advertising Co. Class A | 96,200 | 9,081,280 | |
VICI Properties, Inc. | 135,300 | 4,383,720 | |
68,696,153 | |||
REITs - Health Care - 8.4% | |||
Ventas, Inc. | 390,110 | 17,574,456 | |
Welltower, Inc. | 157,000 | 10,291,350 | |
27,865,806 | |||
REITs - Hotels - 3.5% | |||
Host Hotels & Resorts, Inc. | 225,700 | 3,622,485 | |
Ryman Hospitality Properties, Inc. | 98,500 | 8,055,330 | |
11,677,815 | |||
REITs - Management/Investment - 7.6% | |||
American Tower Corp. | 119,400 | 25,296,084 | |
REITs - Manufactured Homes - 3.7% | |||
Equity Lifestyle Properties, Inc. | 189,120 | 12,217,152 | |
REITs - Office Property - 2.9% | |||
Alexandria Real Estate Equities, Inc. | 66,800 | 9,730,756 | |
REITs - Shopping Centers - 4.8% | |||
Phillips Edison & Co., Inc. (b) | 122,100 | 3,887,664 | |
SITE Centers Corp. | 533,800 | 7,291,708 | |
Urban Edge Properties | 347,400 | 4,894,866 | |
16,074,238 | |||
REITs - Single Tenant - 4.8% | |||
Four Corners Property Trust, Inc. (b) | 380,400 | 9,863,772 | |
Spirit Realty Capital, Inc. | 149,100 | 5,953,563 | |
15,817,335 | |||
REITs - Storage - 8.3% | |||
CubeSmart | 577,900 | 23,260,475 | |
Public Storage | 15,100 | 4,230,869 | |
27,491,344 | |||
REITs - Warehouse/Industrial - 13.9% | |||
EastGroup Properties, Inc. | 43,000 | 6,366,580 | |
Prologis (REIT), Inc. | 310,929 | 35,051,026 | |
Terreno Realty Corp. | 82,900 | 4,714,523 | |
46,132,129 | |||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 306,600,200 | ||
IT Services - 0.4% | |||
Internet Services & Infrastructure - 0.4% | |||
Cyxtera Technologies, Inc. Class A (a) | 745,297 | 1,430,970 | |
Real Estate Management & Development - 5.3% | |||
Real Estate Operating Companies - 0.4% | |||
WeWork, Inc. (a)(b) | 855,900 | 1,223,937 | |
Real Estate Services - 4.9% | |||
CBRE Group, Inc. (a) | 212,000 | 16,315,520 | |
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 17,539,457 | ||
TOTAL COMMON STOCKS (Cost $301,448,693) | 328,153,131 | ||
Money Market Funds - 1.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (c) | 3,045,842 | 3,046,451 | |
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d) | 2,070,593 | 2,070,800 | |
TOTAL MONEY MARKET FUNDS (Cost $5,117,251) | 5,117,251 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $306,565,944) | 333,270,382 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (1,072,763) |
NET ASSETS - 100.0% | 332,197,619 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 6,523,200 | 99,152,653 | 102,629,402 | 54,729 | - | - | 3,046,451 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 3,812,400 | 48,344,047 | 50,085,647 | 153,453 | - | - | 2,070,800 | 0.0% |
Total | 10,335,600 | 147,496,700 | 152,715,049 | 208,182 | - | - | 5,117,251 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 328,153,131 | 328,153,131 | - | - |
Money Market Funds | 5,117,251 | 5,117,251 | - | - |
Total Investments in Securities: | 333,270,382 | 333,270,382 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,197,145) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $301,448,693) | $328,153,131 | |||
Fidelity Central Funds (cost $5,117,251) | 5,117,251 | |||
Total Investment in Securities (cost $306,565,944) | $ | 333,270,382 | ||
Receivable for investments sold | 760,365 | |||
Receivable for fund shares sold | 33,992 | |||
Dividends receivable | 1,479,353 | |||
Distributions receivable from Fidelity Central Funds | 17,522 | |||
Prepaid expenses | 1,433 | |||
Total assets | 335,563,047 | |||
Liabilities | ||||
Payable for investments purchased | $855,841 | |||
Payable for fund shares redeemed | 182,485 | |||
Accrued management fee | 149,280 | |||
Distribution and service plan fees payable | 22,138 | |||
Other affiliated payables | 37,918 | |||
Other payables and accrued expenses | 46,966 | |||
Collateral on securities loaned | 2,070,800 | |||
Total Liabilities | 3,365,428 | |||
Net Assets | $ | 332,197,619 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 291,822,185 | ||
Total accumulated earnings (loss) | 40,375,434 | |||
Net Assets | $ | 332,197,619 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($66,059,555 ÷ 3,994,313 shares) | $ | 16.54 | ||
Service Class : | ||||
Net Asset Value , offering price and redemption price per share ($12,148,776 ÷ 738,073 shares) | $ | 16.46 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($97,993,932 ÷ 6,041,773 shares) | $ | 16.22 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($155,995,356 ÷ 9,495,346 shares) | $ | 16.43 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 9,484,273 | ||
Income from Fidelity Central Funds (including $153,453 from security lending) | 208,182 | |||
Total Income | 9,692,455 | |||
Expenses | ||||
Management fee | $ | 2,096,708 | ||
Transfer agent fees | 390,911 | |||
Distribution and service plan fees | 311,183 | |||
Accounting fees | 147,569 | |||
Custodian fees and expenses | 17,030 | |||
Independent trustees' fees and expenses | 1,399 | |||
Audit | 48,333 | |||
Legal | 710 | |||
Interest | 979 | |||
Miscellaneous | 2,155 | |||
Total expenses before reductions | 3,016,977 | |||
Expense reductions | (13,763) | |||
Total expenses after reductions | 3,003,214 | |||
Net Investment income (loss) | 6,689,241 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 12,272,372 | |||
Total net realized gain (loss) | 12,272,372 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (155,468,615) | |||
Net gain (loss) | (143,196,243) | |||
Net increase (decrease) in net assets resulting from operations | $ | (136,507,002) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,689,241 | $ | 4,175,398 |
Net realized gain (loss) | 12,272,372 | 17,819,860 | ||
Change in net unrealized appreciation (depreciation) | (155,468,615) | 114,013,888 | ||
Net increase (decrease) in net assets resulting from operations | (136,507,002) | 136,009,146 | ||
Distributions to shareholders | (17,453,553) | (7,246,623) | ||
Share transactions - net increase (decrease) | (27,789,290) | 45,700,158 | ||
Total increase (decrease) in net assets | (181,749,845) | 174,462,681 | ||
Net Assets | ||||
Beginning of period | 513,947,464 | 339,484,783 | ||
End of period | $ | 332,197,619 | $ | 513,947,464 |
VIP Real Estate Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.81 | $ | 17.43 | $ | 19.79 | $ | 16.68 | $ | 19.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .34 | .23 | .31 | .43 | .40 | |||||
Net realized and unrealized gain (loss) | (6.76) | 6.52 | (1.54) | 3.41 | (1.64) | |||||
Total from investment operations | (6.42) | 6.75 | (1.23) | 3.84 | (1.24) | |||||
Distributions from net investment income | (.25) | (.22) C | (.37) | (.34) | (.51) | |||||
Distributions from net realized gain | (.59) | (.15) C | (.76) | (.39) | (1.00) | |||||
Total distributions | (.85) D | (.37) | (1.13) | (.73) | (1.52) D | |||||
Net asset value, end of period | $ | 16.54 | $ | 23.81 | $ | 17.43 | $ | 19.79 | $ | 16.68 |
Total Return E,F | (27.51)% | 38.99% | (6.55)% | 23.22% | (6.22)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .64% | .64% | .66% | .66% | .67% | |||||
Expenses net of fee waivers, if any | .64% | .64% | .66% | .66% | .67% | |||||
Expenses net of all reductions | .64% | .64% | .65% | .65% | .67% | |||||
Net investment income (loss) | 1.80% | 1.11% | 1.83% | 2.21% | 2.23% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 66,060 | $ | 95,219 | $ | 69,612 | $ | 90,029 | $ | 74,259 |
Portfolio turnover rate I | 53% | 31% | 83% | 44% | 50% |
VIP Real Estate Portfolio Service Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.70 | $ | 17.35 | $ | 19.70 | $ | 16.61 | $ | 19.37 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .32 | .21 | .29 | .41 | .38 | |||||
Net realized and unrealized gain (loss) | (6.73) | 6.48 | (1.52) | 3.39 | (1.63) | |||||
Total from investment operations | (6.41) | 6.69 | (1.23) | 3.80 | (1.25) | |||||
Distributions from net investment income | (.24) | (.19) C | (.36) | (.33) | (.50) | |||||
Distributions from net realized gain | (.59) | (.15) C | (.76) | (.39) | (1.00) | |||||
Total distributions | (.83) | (.34) | (1.12) | (.71) D | (1.51) D | |||||
Net asset value, end of period | $ | 16.46 | $ | 23.70 | $ | 17.35 | $ | 19.70 | $ | 16.61 |
Total Return E,F | (27.59)% | 38.80% | (6.61)% | 23.09% | (6.31)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .74% | .74% | .76% | .76% | .77% | |||||
Expenses net of fee waivers, if any | .74% | .74% | .76% | .76% | .77% | |||||
Expenses net of all reductions | .74% | .74% | .75% | .75% | .77% | |||||
Net investment income (loss) | 1.70% | 1.01% | 1.73% | 2.11% | 2.13% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 12,149 | $ | 15,071 | $ | 14,062 | $ | 12,933 | $ | 9,737 |
Portfolio turnover rate I | 53% | 31% | 83% | 44% | 50% |
VIP Real Estate Portfolio Service Class 2 |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.36 | $ | 17.11 | $ | 19.45 | $ | 16.40 | $ | 19.14 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .29 | .17 | .26 | .37 | .35 | |||||
Net realized and unrealized gain (loss) | (6.63) | 6.40 | (1.51) | 3.36 | (1.62) | |||||
Total from investment operations | (6.34) | 6.57 | (1.25) | 3.73 | (1.27) | |||||
Distributions from net investment income | (.21) | (.17) C | (.33) | (.30) | (.47) | |||||
Distributions from net realized gain | (.58) | (.15) C | (.76) | (.39) | (1.00) | |||||
Total distributions | (.80) D | (.32) | (1.09) | (.68) D | (1.47) | |||||
Net asset value, end of period | $ | 16.22 | $ | 23.36 | $ | 17.11 | $ | 19.45 | $ | 16.40 |
Total Return E,F | (27.69)% | 38.64% | (6.79)% | 22.95% | (6.45)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .89% | .89% | .91% | .91% | .92% | |||||
Expenses net of fee waivers, if any | .89% | .89% | .91% | .91% | .92% | |||||
Expenses net of all reductions | .89% | .89% | .90% | .90% | .92% | |||||
Net investment income (loss) | 1.55% | .86% | 1.58% | 1.96% | 1.98% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 97,994 | $ | 158,332 | $ | 105,694 | $ | 124,526 | $ | 104,238 |
Portfolio turnover rate I | 53% | 31% | 83% | 44% | 50% |
VIP Real Estate Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.66 | $ | 17.32 | $ | 19.67 | $ | 16.58 | $ | 19.34 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .33 | .21 | .30 | .41 | .38 | |||||
Net realized and unrealized gain (loss) | (6.73) | 6.49 | (1.53) | 3.40 | (1.64) | |||||
Total from investment operations | (6.40) | 6.70 | (1.23) | 3.81 | (1.26) | |||||
Distributions from net investment income | (.24) | (.21) C | (.36) | (.33) | (.50) | |||||
Distributions from net realized gain | (.59) | (.15) C | (.76) | (.39) | (1.00) | |||||
Total distributions | (.83) | (.36) | (1.12) | (.72) | (1.50) | |||||
Net asset value, end of period | $ | 16.43 | $ | 23.66 | $ | 17.32 | $ | 19.67 | $ | 16.58 |
Total Return D,E | (27.58)% | 38.92% | (6.61)% | 23.15% | (6.33)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .72% | .72% | .74% | .74% | .75% | |||||
Expenses net of fee waivers, if any | .72% | .71% | .74% | .73% | .75% | |||||
Expenses net of all reductions | .72% | .71% | .73% | .73% | .75% | |||||
Net investment income (loss) | 1.72% | 1.03% | 1.75% | 2.13% | 2.15% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 155,995 | $ | 245,326 | $ | 150,117 | $ | 192,874 | $ | 151,327 |
Portfolio turnover rate H | 53% | 31% | 83% | 44% | 50% |
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 | $57,896,954 |
Gross unrealized depreciation | (33,158,419) |
Net unrealized appreciation (depreciation) | $24,738,535 |
Tax Cost | $308,531,847 |
Undistributed ordinary income | $1,579,391 |
Undistributed long-term capital gain | $14,057,509 |
Net unrealized appreciation (depreciation) on securities and other investments | $24,738,535 |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $8,774,250 | $7,246,623 |
Long-term Capital Gains | 8,679,303 | - |
Total | $17,453,553 | $7,246,623 |
Purchases ($) | Sales ($) | |
VIP Real Estate Portfolio | 212,880,325 | 236,707,408 |
Service Class | $12,991 |
Service Class 2 | 298,192 |
$311,183 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $47,802 | .06 |
Service Class | 8,111 | .06 |
Service Class 2 | 74,405 | .06 |
Investor Class | 260,593 | .14 |
$390,911 |
% of Average Net Assets | |
VIP Real Estate Portfolio | .04 |
Amount | |
VIP Real Estate Portfolio | $2,716 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Real Estate Portfolio | Borrower | $10,399,333 | .57% | $979 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Real Estate Portfolio | 21,267,680 | 20,643,974 | (498,588) |
Amount | |
VIP Real Estate Portfolio | $731 |
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 Real Estate Portfolio | $16,488 | $19,981 | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Real Estate Portfolio | ||
Distributions to shareholders | ||
Initial Class | $3,366,351 | $1,443,748 |
Service Class | 559,733 | 218,776 |
Service Class 2 | 5,225,323 | 2,023,505 |
Investor Class | 8,302,146 | 3,560,594 |
Total | $17,453,553 | $7,246,623 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Real Estate Portfolio | ||||
Initial Class | ||||
Shares sold | 450,719 | 759,227 | $8,747,373 | $15,475,041 |
Reinvestment of distributions | 171,237 | 68,085 | 3,366,350 | 1,443,748 |
Shares redeemed | (626,425) | (822,123) | (12,167,123) | (16,654,140) |
Net increase (decrease) | (4,469) | 5,189 | $(53,400) | $264,649 |
Service Class | ||||
Shares sold | 269,375 | 393,969 | $4,941,492 | $7,663,580 |
Reinvestment of distributions | 28,665 | 10,401 | 559,733 | 218,776 |
Shares redeemed | (195,743) | (579,243) | (3,613,979) | (12,205,255) |
Net increase (decrease) | 102,297 | (174,873) | $1,887,246 | $(4,322,899) |
Service Class 2 | ||||
Shares sold | 2,102,703 | 1,903,569 | $41,393,596 | $40,229,133 |
Reinvestment of distributions | 268,267 | 96,963 | 5,225,323 | 2,023,505 |
Shares redeemed | (3,106,302) | (1,400,222) | (60,881,093) | (28,168,136) |
Net increase (decrease) | (735,332) | 600,310 | $(14,262,174) | $14,084,502 |
Investor Class | ||||
Shares sold | 792,516 | 2,478,597 | $16,739,279 | $51,992,533 |
Reinvestment of distributions | 422,934 | 168,706 | 8,302,146 | 3,560,594 |
Shares redeemed | (2,090,615) | (943,577) | (40,402,387) | (19,879,221) |
Net increase (decrease) | (875,165) | 1,703,726 | $(15,360,962) | $35,673,906 |
Fund | Affiliated % |
VIP Real Estate Portfolio | 54% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Real Estate Portfolio | ||||||||||
Initial Class | .64% | |||||||||
Actual | $ 1,000 | $ 911.10 | $ 3.08 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.98 | $ 3.26 | |||||||
Service Class | .74% | |||||||||
Actual | $ 1,000 | $ 910.50 | $ 3.56 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.48 | $ 3.77 | |||||||
Service Class 2 | .89% | |||||||||
Actual | $ 1,000 | $ 909.80 | $ 4.28 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.72 | $ 4.53 | |||||||
Investor Class | .72% | |||||||||
Actual | $ 1,000 | $ 910.80 | $ 3.47 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.58 | $ 3.67 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -34.63% | 5.98% | 10.78% |
Investor Class | -34.70% | 5.89% | 10.70% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Consumer Discretionary Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 20.5 | |
Tesla, Inc. | 8.1 | |
The Home Depot, Inc. | 5.9 | |
Lowe's Companies, Inc. | 5.2 | |
NIKE, Inc. Class B | 4.5 | |
TJX Companies, Inc. | 4.4 | |
Hilton Worldwide Holdings, Inc. | 2.9 | |
Booking Holdings, Inc. | 2.5 | |
Capri Holdings Ltd. | 2.3 | |
Dick's Sporting Goods, Inc. | 2.2 | |
58.5 | ||
Industries (% of Fund's net assets) | ||
Specialty Retail | 23.8 | |
Internet & Direct Marketing Retail | 21.3 | |
Hotels, Restaurants & Leisure | 18.2 | |
Textiles, Apparel & Luxury Goods | 14.9 | |
Automobiles | 8.5 | |
Multiline Retail | 7.0 | |
Household Durables | 2.8 | |
Auto Components | 1.3 | |
Food & Staples Retailing | 1.0 | |
Building Products | 0.4 | |
Commercial Services & Supplies | 0.4 | |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
Auto Components - 1.3% | |||
Auto Parts & Equipment - 1.3% | |||
Adient PLC (a) | 35,500 | 1,231,495 | |
Magna International, Inc. Class A (b) | 20,100 | 1,129,218 | |
2,360,713 | |||
Automobiles - 8.5% | |||
Automobile Manufacturers - 8.5% | |||
Ferrari NV | 3,369 | 721,707 | |
Tesla, Inc. (a) | 114,314 | 14,081,199 | |
14,802,906 | |||
Building Products - 0.4% | |||
Building Products - 0.4% | |||
The AZEK Co., Inc. (a)(b) | 31,778 | 645,729 | |
Commercial Services & Supplies - 0.4% | |||
Diversified Support Services - 0.4% | |||
Copart, Inc. (a) | 12,112 | 737,500 | |
Food & Staples Retailing - 1.0% | |||
Food Distributors - 1.0% | |||
Performance Food Group Co. (a) | 28,531 | 1,665,925 | |
Hotels, Restaurants & Leisure - 18.2% | |||
Casinos & Gaming - 3.1% | |||
Caesars Entertainment, Inc. (a) | 31,519 | 1,311,190 | |
Churchill Downs, Inc. | 11,219 | 2,372,033 | |
Penn Entertainment, Inc. (a) | 58,852 | 1,747,904 | |
5,431,127 | |||
Hotels, Resorts & Cruise Lines - 7.7% | |||
Booking Holdings, Inc. (a) | 2,173 | 4,379,203 | |
Hilton Worldwide Holdings, Inc. | 39,720 | 5,019,019 | |
Lindblad Expeditions Holdings (a) | 43,767 | 337,006 | |
Marriott International, Inc. Class A | 24,664 | 3,672,223 | |
13,407,451 | |||
Leisure Facilities - 0.8% | |||
Planet Fitness, Inc. (a) | 13,936 | 1,098,157 | |
Vail Resorts, Inc. | 1,323 | 315,337 | |
1,413,494 | |||
Restaurants - 6.6% | |||
ARAMARK Holdings Corp. | 56,405 | 2,331,783 | |
Brinker International, Inc. (a) | 11,695 | 373,187 | |
Chipotle Mexican Grill, Inc. (a) | 1,851 | 2,568,244 | |
Domino's Pizza, Inc. | 6,756 | 2,340,278 | |
Dutch Bros, Inc. (a)(b) | 9,227 | 260,109 | |
McDonald's Corp. | 14,258 | 3,757,411 | |
11,631,012 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 31,883,084 | ||
Household Durables - 2.8% | |||
Home Furnishings - 1.3% | |||
Tempur Sealy International, Inc. | 64,263 | 2,206,149 | |
Homebuilding - 1.5% | |||
KB Home | 29,100 | 926,835 | |
PulteGroup, Inc. | 37,000 | 1,684,610 | |
2,611,445 | |||
TOTAL HOUSEHOLD DURABLES | 4,817,594 | ||
Internet & Direct Marketing Retail - 21.3% | |||
Internet & Direct Marketing Retail - 21.3% | |||
Amazon.com, Inc. (a) | 426,657 | 35,839,187 | |
eBay, Inc. | 33,146 | 1,374,565 | |
37,213,752 | |||
Multiline Retail - 7.0% | |||
General Merchandise Stores - 7.0% | |||
Dollar General Corp. | 14,747 | 3,631,449 | |
Dollar Tree, Inc. (a) | 26,339 | 3,725,388 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 26,800 | 1,255,312 | |
Target Corp. | 24,524 | 3,655,057 | |
12,267,206 | |||
Specialty Retail - 23.8% | |||
Apparel Retail - 6.4% | |||
Burlington Stores, Inc. (a) | 11,979 | 2,428,862 | |
TJX Companies, Inc. | 97,198 | 7,736,961 | |
Victoria's Secret & Co. (a) | 28,106 | 1,005,633 | |
11,171,456 | |||
Automotive Retail - 0.2% | |||
O'Reilly Automotive, Inc. (a) | 450 | 379,814 | |
Home Improvement Retail - 12.7% | |||
Floor & Decor Holdings, Inc. Class A (a)(b) | 39,201 | 2,729,566 | |
Lowe's Companies, Inc. | 45,598 | 9,084,946 | |
The Home Depot, Inc. | 32,786 | 10,355,786 | |
22,170,298 | |||
Homefurnishing Retail - 0.4% | |||
Williams-Sonoma, Inc. (b) | 7,100 | 815,932 | |
Specialty Stores - 4.1% | |||
Bath & Body Works, Inc. | 17,015 | 717,012 | |
Dick's Sporting Goods, Inc. | 32,318 | 3,887,532 | |
Five Below, Inc. (a) | 12,570 | 2,223,256 | |
Sally Beauty Holdings, Inc. (a) | 24,000 | 300,480 | |
7,128,280 | |||
TOTAL SPECIALTY RETAIL | 41,665,780 | ||
Textiles, Apparel & Luxury Goods - 14.9% | |||
Apparel, Accessories & Luxury Goods - 7.5% | |||
Capri Holdings Ltd. (a) | 68,647 | 3,934,846 | |
lululemon athletica, Inc. (a) | 10,456 | 3,349,893 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,319 | 959,827 | |
PVH Corp. | 16,845 | 1,189,089 | |
Tapestry, Inc. | 97,509 | 3,713,143 | |
13,146,798 | |||
Footwear - 7.4% | |||
Crocs, Inc. (a) | 5,705 | 618,593 | |
Deckers Outdoor Corp. (a) | 9,289 | 3,707,797 | |
NIKE, Inc. Class B | 66,496 | 7,780,697 | |
On Holding AG (a) | 19,664 | 337,434 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 9,000 | 377,550 | |
12,822,071 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 25,968,869 | ||
TOTAL COMMON STOCKS (Cost $123,807,558) | 174,029,058 | ||
Money Market Funds - 3.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (c) | 118,993 | 119,017 | |
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d) | 5,379,776 | 5,380,314 | |
TOTAL MONEY MARKET FUNDS (Cost $5,499,331) | 5,499,331 | ||
TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $129,306,889) | 179,528,389 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (4,761,944) |
NET ASSETS - 100.0% | 174,766,445 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 829,921 | 25,560,205 | 26,271,109 | 10,492 | - | - | 119,017 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 4,747,639 | 51,338,753 | 50,706,078 | 113,025 | - | - | 5,380,314 | 0.0% |
Total | 5,577,560 | 76,898,958 | 76,977,187 | 123,517 | - | - | 5,499,331 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 174,029,058 | 173,069,231 | 959,827 | - |
Money Market Funds | 5,499,331 | 5,499,331 | - | - |
Total Investments in Securities: | 179,528,389 | 178,568,562 | 959,827 | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,166,423) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $123,807,558) | $174,029,058 | |||
Fidelity Central Funds (cost $5,499,331) | 5,499,331 | |||
Total Investment in Securities (cost $129,306,889) | $ | 179,528,389 | ||
Cash | 18,559 | |||
Receivable for investments sold | 938,823 | |||
Receivable for fund shares sold | 157,294 | |||
Dividends receivable | 29,770 | |||
Distributions receivable from Fidelity Central Funds | 2,177 | |||
Prepaid expenses | 701 | |||
Other receivables | 1,898 | |||
Total assets | 180,677,611 | |||
Liabilities | ||||
Payable for investments purchased | $261,561 | |||
Payable for fund shares redeemed | 126,084 | |||
Accrued management fee | 80,698 | |||
Other affiliated payables | 25,585 | |||
Other payables and accrued expenses | 37,088 | |||
Collateral on securities loaned | 5,380,150 | |||
Total Liabilities | 5,911,166 | |||
Net Assets | $ | 174,766,445 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 130,448,067 | ||
Total accumulated earnings (loss) | 44,318,378 | |||
Net Assets | $ | 174,766,445 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($16,566,669 ÷ 703,887 shares) | $ | 23.54 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($158,199,776 ÷ 6,756,640 shares) | $ | 23.41 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 1,434,082 | ||
Income from Fidelity Central Funds (including $113,025 from security lending) | 123,517 | |||
Total Income | 1,557,599 | |||
Expenses | ||||
Management fee | $ | 1,167,568 | ||
Transfer agent fees | 288,223 | |||
Accounting fees | 82,220 | |||
Custodian fees and expenses | 24,951 | |||
Independent trustees' fees and expenses | 803 | |||
Audit | 49,354 | |||
Legal | 3,011 | |||
Interest | 282 | |||
Miscellaneous | 1,278 | |||
Total expenses before reductions | 1,617,690 | |||
Expense reductions | (8,147) | |||
Total expenses after reductions | 1,609,543 | |||
Net Investment income (loss) | (51,944) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,944,005) | |||
Foreign currency transactions | 3,271 | |||
Total net realized gain (loss) | (4,940,734) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (98,524,376) | |||
Assets and liabilities in foreign currencies | (853) | |||
Total change in net unrealized appreciation (depreciation) | (98,525,229) | |||
Net gain (loss) | (103,465,963) | |||
Net increase (decrease) in net assets resulting from operations | $ | (103,517,907) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (51,944) | $ | (542,361) |
Net realized gain (loss) | (4,940,734) | 27,002,423 | ||
Change in net unrealized appreciation (depreciation) | (98,525,229) | 25,274,440 | ||
Net increase (decrease) in net assets resulting from operations | (103,517,907) | 51,734,502 | ||
Distributions to shareholders | (23,241,323) | (12,413,500) | ||
Share transactions - net increase (decrease) | (26,322,787) | 23,451,173 | ||
Total increase (decrease) in net assets | (153,082,017) | 62,772,175 | ||
Net Assets | ||||
Beginning of period | 327,848,462 | 265,076,287 | ||
End of period | $ | 174,766,445 | $ | 327,848,462 |
VIP Consumer Discretionary Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 39.33 | $ | 34.37 | $ | 25.27 | $ | 20.97 | $ | 22.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .01 | (.04) | .02 | .08 | .08 | |||||
Net realized and unrealized gain (loss) | (12.80) | 6.56 | 9.11 | 5.42 | (.30) | |||||
Total from investment operations | (12.79) | 6.52 | 9.13 | 5.50 | (.22) | |||||
Distributions from net investment income | - | - | (.03) | (.08) | (.07) | |||||
Distributions from net realized gain | (3.00) | (1.56) | - | (1.12) | (1.01) | |||||
Total distributions | (3.00) | (1.56) | (.03) | (1.20) | (1.08) | |||||
Net asset value, end of period | $ | 23.54 | $ | 39.33 | $ | 34.37 | $ | 25.27 | $ | 20.97 |
Total Return C,D | (34.63)% | 19.41% | 36.15% | 27.19% | (1.09)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .66% | .65% | .67% | .68% | .68% | |||||
Expenses net of fee waivers, if any | .66% | .65% | .67% | .68% | .68% | |||||
Expenses net of all reductions | .66% | .65% | .67% | .67% | .67% | |||||
Net investment income (loss) | .04% | (.11)% | .07% | .32% | .35% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 16,567 | $ | 32,788 | $ | 28,273 | $ | 25,623 | $ | 25,079 |
Portfolio turnover rate G | 34% | 39% | 52% | 40% | 38% |
VIP Consumer Discretionary Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 39.17 | $ | 34.24 | $ | 25.20 | $ | 20.91 | $ | 22.21 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.01) | (.07) | - | .06 | .06 | |||||
Net realized and unrealized gain (loss) | (12.75) | 6.54 | 9.06 | 5.41 | (.29) | |||||
Total from investment operations | (12.76) | 6.47 | 9.06 | 5.47 | (.23) | |||||
Distributions from net investment income | - | - | (.02) | (.06) | (.06) | |||||
Distributions from net realized gain | (3.00) | (1.54) | - | (1.12) | (1.01) | |||||
Total distributions | (3.00) | (1.54) | (.02) | (1.18) | (1.07) | |||||
Net asset value, end of period | $ | 23.41 | $ | 39.17 | $ | 34.24 | $ | 25.20 | $ | 20.91 |
Total Return C,D | (34.70)% | 19.32% | 36.00% | 27.12% | (1.16)% | |||||
Ratios to Average Net Assets A,E,F | ||||||||||
Expenses before reductions | .74% | .72% | .75% | .76% | .76% | |||||
Expenses net of fee waivers, if any | .73% | .72% | .75% | .76% | .76% | |||||
Expenses net of all reductions | .73% | .72% | .74% | .75% | .75% | |||||
Net investment income (loss) | (.03)% | (.18)% | (.01)% | .24% | .27% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 158,200 | $ | 295,060 | $ | 236,803 | $ | 176,535 | $ | 161,512 |
Portfolio turnover rate G | 34% | 39% | 52% | 40% | 38% |
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 | $66,143,886 |
Gross unrealized depreciation | (18,496,252) |
Net unrealized appreciation (depreciation) | $47,647,634 |
Tax Cost | $131,880,755 |
Capital loss carryforward | $(3,328,304) |
Net unrealized appreciation (depreciation) on securities and other investments | $47,646,681 |
Short-term | $(3,328,304) |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $ - | $3,203,975 |
Long-term Capital Gains | 23,241,323 | 9,209,525 |
Total | $23,241,323 | $12,413,500 |
Purchases ($) | Sales ($) | |
VIP Consumer Discretionary Portfolio | 75,367,236 | 125,105,393 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $13,625 | .06 |
Investor Class | 274,598 | .14 |
$288,223 |
% of Average Net Assets | |
VIP Consumer Discretionary Portfolio | .04 |
Amount | |
VIP Consumer Discretionary Portfolio | $1,545 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Consumer Discretionary Portfolio . | Borrower | $ 3,602,000 | .32% | $220 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Consumer Discretionary Portfolio | 6,268,510 | 7,465,390 | (2,956,144) |
Amount | |
VIP Consumer Discretionary Portfolio | $429 |
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 Consumer Discretionary Portfolio | $12,040 | $8,735 | $95,846 |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Consumer Discretionary Portfolio | $638,333 | .58% | $62 |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Consumer Discretionary Portfolio | ||
Distributions to shareholders | ||
Initial Class | $2,380,494 | $1,350,955 |
Investor Class | 20,860,829 | 11,062,545 |
Total | $23,241,323 | $12,413,500 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Consumer Discretionary Portfolio | ||||
Initial Class | ||||
Shares sold | 53,194 | 206,510 | $ 1,581,061 | $ 7,552,267 |
Reinvestment of distributions | 73,201 | 37,368 | 2,380,494 | 1,350,955 |
Shares redeemed | (256,234) | (232,837) | (7,430,816) | (8,501,524) |
Net increase (decrease) | (129,839) | 11,041 | $(3,469,261) | $401,698 |
Investor Class | ||||
Shares sold | 731,867 | 1,594,463 | $ 19,470,902 | $58,844,900 |
Reinvestment of distributions | 644,449 | 307,020 | 20,860,829 | 11,062,545 |
Shares redeemed | (2,153,025) | (1,284,389) | (63,185,257) | (46,857,970) |
Net increase (decrease) | (776,709) | 617,094 | $(22,853,526) | $23,049,475 |
Fund | Affiliated % |
Consumer Discretionary Portfolio | 100% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Consumer Discretionary Portfolio | ||||||||||
Initial Class | .66% | |||||||||
Actual | $ 1,000 | $ 1,002.10 | $ 3.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.88 | $ 3.36 | |||||||
Investor Class | .74% | |||||||||
Actual | $ 1,000 | $ 1,001.30 | $ 3.73 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.48 | $ 3.77 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -12.41% | 10.50% | 15.07% |
Service Class 2 | -12.62% | 10.30% | 14.97% |
Investor Class | -12.49% | 10.41% | 14.97% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Health Care Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 10.7 | |
Eli Lilly & Co. | 6.1 | |
Boston Scientific Corp. | 5.8 | |
Thermo Fisher Scientific, Inc. | 5.4 | |
Danaher Corp. | 5.1 | |
Cigna Corp. | 4.2 | |
Penumbra, Inc. | 3.7 | |
Insulet Corp. | 3.4 | |
Humana, Inc. | 3.2 | |
Regeneron Pharmaceuticals, Inc. | 2.8 | |
50.4 | ||
Industries (% of Fund's net assets) | ||
Health Care Providers & Services | 28.0 | |
Health Care Equipment & Supplies | 20.8 | |
Biotechnology | 19.2 | |
Life Sciences Tools & Services | 15.6 | |
Pharmaceuticals | 13.0 | |
Health Care Technology | 2.1 | |
Personal Products | 0.3 | |
Specialty Retail | 0.2 | |
Common Stocks - 98.1% | |||
Shares | Value ($) | ||
Biotechnology - 18.6% | |||
Biotechnology - 18.6% | |||
ADC Therapeutics SA (a)(b) | 150,000 | 576,000 | |
Agios Pharmaceuticals, Inc. (a)(b) | 60,000 | 1,684,800 | |
Alnylam Pharmaceuticals, Inc. (a) | 52,000 | 12,357,800 | |
Ambrx Biopharma, Inc. ADR (a) | 60,000 | 136,200 | |
Arcutis Biotherapeutics, Inc. (a) | 115,100 | 1,703,480 | |
Argenx SE ADR (a) | 69,000 | 26,139,270 | |
Ascendis Pharma A/S sponsored ADR (a) | 110,000 | 13,434,300 | |
Beam Therapeutics, Inc. (a)(b) | 56,000 | 2,190,160 | |
Biogen, Inc. (a) | 7,000 | 1,938,440 | |
Blueprint Medicines Corp. (a) | 140,000 | 6,133,400 | |
Caris Life Sciences, Inc. (c)(d) | 254,430 | 1,424,808 | |
Celldex Therapeutics, Inc. (a) | 90,000 | 4,011,300 | |
Century Therapeutics, Inc. (a) | 118,000 | 605,340 | |
Cerevel Therapeutics Holdings (a) | 191,433 | 6,037,797 | |
Cytokinetics, Inc. (a) | 218,000 | 9,988,760 | |
Denali Therapeutics, Inc. (a) | 70,000 | 1,946,700 | |
Erasca, Inc. (a) | 280,000 | 1,206,800 | |
Generation Bio Co. (a) | 63,300 | 248,769 | |
Instil Bio, Inc. (a) | 38,200 | 24,066 | |
Janux Therapeutics, Inc. (a) | 80,000 | 1,053,600 | |
Karuna Therapeutics, Inc. (a) | 34,000 | 6,681,000 | |
Keros Therapeutics, Inc. (a) | 60,000 | 2,881,200 | |
Legend Biotech Corp. ADR (a) | 235,000 | 11,731,200 | |
Morphic Holding, Inc. (a) | 47,500 | 1,270,625 | |
Nuvalent, Inc. Class A (a) | 60,567 | 1,803,685 | |
Poseida Therapeutics, Inc. (a) | 245,687 | 1,302,141 | |
PTC Therapeutics, Inc. (a) | 150,000 | 5,725,500 | |
Regeneron Pharmaceuticals, Inc. (a) | 46,000 | 33,188,540 | |
Relay Therapeutics, Inc. (a) | 170,000 | 2,539,800 | |
Repligen Corp. (a) | 28,000 | 4,740,680 | |
Sarepta Therapeutics, Inc. (a)(b) | 100,000 | 12,958,000 | |
Scholar Rock Holding Corp. (a) | 24,795 | 224,395 | |
Seagen, Inc. (a)(b) | 56,000 | 7,196,560 | |
Shattuck Labs, Inc. (a) | 36,553 | 84,072 | |
Stoke Therapeutics, Inc. (a)(b) | 60,000 | 553,800 | |
uniQure B.V. (a) | 90,000 | 2,040,300 | |
Vaxcyte, Inc. (a) | 100,000 | 4,795,000 | |
Vertex Pharmaceuticals, Inc. (a) | 48,000 | 13,861,440 | |
Verve Therapeutics, Inc. (a)(b) | 34,000 | 657,900 | |
Xencor, Inc. (a) | 210,000 | 5,468,400 | |
Xenon Pharmaceuticals, Inc. (a) | 75,000 | 2,957,250 | |
Zai Lab Ltd. (a) | 800,000 | 2,476,205 | |
Zentalis Pharmaceuticals, Inc. (a)(b) | 175,000 | 3,524,500 | |
221,503,983 | |||
Health Care Equipment & Supplies - 20.8% | |||
Health Care Equipment - 20.8% | |||
Boston Scientific Corp. (a) | 1,500,000 | 69,405,000 | |
Inspire Medical Systems, Inc. (a) | 26,000 | 6,548,880 | |
Insulet Corp. (a) | 138,000 | 40,625,820 | |
Intuitive Surgical, Inc. (a) | 23,500 | 6,235,725 | |
Masimo Corp. (a) | 145,000 | 21,452,750 | |
Nevro Corp. (a) | 128,000 | 5,068,800 | |
Novocure Ltd. (a) | 69,000 | 5,061,150 | |
Outset Medical, Inc. (a) | 140,000 | 3,614,800 | |
Penumbra, Inc. (a) | 200,000 | 44,492,000 | |
PROCEPT BioRobotics Corp. (a) | 85,000 | 3,530,900 | |
ResMed, Inc. | 82,500 | 17,170,725 | |
Stryker Corp. | 57,000 | 13,935,930 | |
Tandem Diabetes Care, Inc. (a) | 245,000 | 11,012,750 | |
248,155,230 | |||
Health Care Providers & Services - 28.0% | |||
Health Care Facilities - 1.7% | |||
HCA Holdings, Inc. | 25,000 | 5,999,000 | |
Surgery Partners, Inc. (a) | 501,384 | 13,968,558 | |
The Oncology Institute, Inc. (a)(c) | 282,701 | 466,457 | |
20,434,015 | |||
Health Care Services - 8.1% | |||
agilon health, Inc. (a)(b) | 1,280,000 | 20,659,200 | |
Cigna Corp. | 152,500 | 50,529,350 | |
Guardant Health, Inc. (a) | 124,086 | 3,375,139 | |
LifeStance Health Group, Inc. (a) | 577,060 | 2,850,676 | |
Oak Street Health, Inc. (a)(b) | 900,000 | 19,359,000 | |
96,773,365 | |||
Managed Health Care - 18.2% | |||
Alignment Healthcare, Inc. (a) | 462,911 | 5,443,833 | |
Centene Corp. (a) | 365,000 | 29,933,650 | |
Humana, Inc. | 75,000 | 38,414,250 | |
Molina Healthcare, Inc. (a) | 46,500 | 15,355,230 | |
UnitedHealth Group, Inc. | 241,500 | 128,038,470 | |
217,185,433 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 334,392,813 | ||
Health Care Technology - 1.8% | |||
Health Care Technology - 1.8% | |||
Doximity, Inc. (a)(b) | 194,000 | 6,510,640 | |
Medlive Technology Co. Ltd. (e) | 500,000 | 542,371 | |
Phreesia, Inc. (a) | 169,000 | 5,468,840 | |
Veeva Systems, Inc. Class A (a) | 58,500 | 9,440,730 | |
21,962,581 | |||
Life Sciences Tools & Services - 15.6% | |||
Life Sciences Tools & Services - 15.6% | |||
10X Genomics, Inc. (a) | 60,000 | 2,186,400 | |
Agilent Technologies, Inc. | 18,000 | 2,693,700 | |
Bruker Corp. | 185,000 | 12,644,750 | |
Danaher Corp. | 230,000 | 61,046,600 | |
IQVIA Holdings, Inc. (a) | 76,500 | 15,674,085 | |
Lonza Group AG | 14,000 | 6,872,256 | |
Olink Holding AB ADR (a) | 150,600 | 3,822,228 | |
Sartorius Stedim Biotech | 14,000 | 4,533,356 | |
Seer, Inc. (a) | 140,000 | 812,000 | |
Thermo Fisher Scientific, Inc. | 118,000 | 64,981,420 | |
West Pharmaceutical Services, Inc. | 48,000 | 11,296,800 | |
186,563,595 | |||
Personal Products - 0.3% | |||
Personal Products - 0.3% | |||
The Beauty Health Co. (a)(b) | 142,300 | 1,294,930 | |
The Beauty Health Co. (a)(c) | 200,000 | 1,820,000 | |
3,114,930 | |||
Pharmaceuticals - 12.8% | |||
Pharmaceuticals - 12.8% | |||
Arvinas Holding Co. LLC (a) | 70,000 | 2,394,700 | |
AstraZeneca PLC (United Kingdom) | 200,000 | 27,063,876 | |
Eli Lilly & Co. | 198,000 | 72,436,320 | |
Pharvaris BV (a) | 80,000 | 900,000 | |
Roche Holding AG (participation certificate) | 38,000 | 11,941,027 | |
Royalty Pharma PLC | 750,420 | 29,656,598 | |
Theseus Pharmaceuticals, Inc. (a) | 35,400 | 176,292 | |
UCB SA | 87,500 | 6,889,951 | |
Verona Pharma PLC ADR (a) | 60,000 | 1,567,800 | |
153,026,564 | |||
Specialty Retail - 0.2% | |||
Specialty Stores - 0.2% | |||
Warby Parker, Inc. (a) | 180,000 | 2,428,200 | |
TOTAL COMMON STOCKS (Cost $811,074,751) | 1,171,147,896 | ||
Convertible Preferred Stocks - 1.1% | |||
Shares | Value ($) | ||
Biotechnology - 0.6% | |||
Biotechnology - 0.6% | |||
Asimov, Inc. Series B (a)(c)(d) | 13,047 | 698,015 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 398,133 | 2,229,545 | |
Cleerly, Inc. Series C (c)(d) | 179,891 | 2,101,127 | |
Element Biosciences, Inc. Series C (a)(c)(d) | 72,178 | 1,112,985 | |
ElevateBio LLC Series C (a)(c)(d) | 31,200 | 114,192 | |
Inscripta, Inc. Series E (a)(c)(d) | 157,568 | 929,651 | |
7,185,515 | |||
Health Care Providers & Services - 0.0% | |||
Health Care Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | 45,182 | 405,283 | |
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
Aledade, Inc.: | |||
Series B1 (a)(c)(d) | 24,966 | 1,199,117 | |
Series E1 (c)(d) | 10,776 | 517,571 | |
Omada Health, Inc. Series E (c)(d) | 281,490 | 858,545 | |
Wugen, Inc. Series B (a)(c)(d) | 57,585 | 300,594 | |
2,875,827 | |||
Pharmaceuticals - 0.2% | |||
Pharmaceuticals - 0.2% | |||
Aristea Therapeutics, Inc. Series B (a)(c)(d) | 123,100 | 954,025 | |
Galvanize Therapeutics Series B (c)(d) | 505,495 | 859,342 | |
1,813,367 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $15,381,796) | 12,279,992 | ||
Money Market Funds - 5.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (f) | 8,268,689 | 8,270,343 | |
Fidelity Securities Lending Cash Central Fund 4.37% (f)(g) | 53,904,090 | 53,909,480 | |
TOTAL MONEY MARKET FUNDS (Cost $62,179,823) | 62,179,823 | ||
TOTAL INVESTMENT IN SECURITIES - 104.4% (Cost $888,636,370) | 1,245,607,711 |
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (52,024,430) |
NET ASSETS - 100.0% | 1,193,583,281 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,991,257 or 1.3% of net assets. |
(d) | Level 3 security |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $542,371 or 0.0% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 955,966 |
Aledade, Inc. Series E1 | 5/20/22 | 536,800 |
Aristea Therapeutics, Inc. Series B | 10/06/20 | 678,736 |
Asimov, Inc. Series B | 10/29/21 | 1,209,205 |
Caris Life Sciences, Inc. | 10/06/22 | 1,424,808 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 3,224,877 |
Cleerly, Inc. Series C | 7/08/22 | 2,119,224 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 641,727 |
Element Biosciences, Inc. Series C | 6/21/21 | 1,483,741 |
ElevateBio LLC Series C | 3/09/21 | 130,884 |
Galvanize Therapeutics Series B | 3/29/22 | 875,156 |
Inscripta, Inc. Series E | 3/30/21 | 1,391,325 |
Omada Health, Inc. Series E | 12/22/21 | 1,687,589 |
The Beauty Health Co. | 12/08/20 | 2,000,000 |
The Oncology Institute, Inc. | 6/28/21 | 2,827,010 |
Wugen, Inc. Series B | 7/09/21 | 446,566 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 12,043,582 | 180,528,087 | 184,301,326 | 119,086 | - | - | 8,270,343 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 45,064,040 | 292,850,630 | 284,005,190 | 232,260 | - | - | 53,909,480 | 0.2% |
Total | 57,107,622 | 473,378,717 | 468,306,516 | 351,346 | - | - | 62,179,823 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,171,147,896 | 1,120,827,353 | 48,895,735 | 1,424,808 |
Convertible Preferred Stocks | 12,279,992 | - | - | 12,279,992 |
Money Market Funds | 62,179,823 | 62,179,823 | - | - |
Total Investments in Securities: | 1,245,607,711 | 1,183,007,176 | 48,895,735 | 13,704,800 |
Investments in Securities: | |||
Beginning Balance | $ | 12,325,987 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (3,577,175) | ||
Cost of Purchases | 4,955,988 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 13,704,800 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022 | $ | (3,577,175) | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $52,703,477) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $826,456,547) | $1,183,427,888 | |||
Fidelity Central Funds (cost $62,179,823) | 62,179,823 | |||
Total Investment in Securities (cost $888,636,370) | $ | 1,245,607,711 | ||
Receivable for investments sold | 1,610,419 | |||
Receivable for fund shares sold | 642,698 | |||
Dividends receivable | 579,347 | |||
Distributions receivable from Fidelity Central Funds | 37,643 | |||
Prepaid expenses | 3,360 | |||
Other receivables | 260,416 | |||
Total assets | 1,248,741,594 | |||
Liabilities | ||||
Payable for investments purchased | $413,104 | |||
Payable for fund shares redeemed | 65,935 | |||
Accrued management fee | 528,309 | |||
Distribution and service plan fees payable | 51,618 | |||
Other affiliated payables | 143,831 | |||
Other payables and accrued expenses | 51,734 | |||
Collateral on securities loaned | 53,903,782 | |||
Total Liabilities | 55,158,313 | |||
Net Assets | $ | 1,193,583,281 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 878,640,026 | ||
Total accumulated earnings (loss) | 314,943,255 | |||
Net Assets | $ | 1,193,583,281 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($132,871,302 ÷ 4,042,669 shares) | $ | 32.87 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($246,471,589 ÷ 7,549,899 shares) | $ | 32.65 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($814,240,390 ÷ 25,066,098 shares) | $ | 32.48 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 6,315,766 | ||
Income from Fidelity Central Funds (including $232,260 from security lending) | 351,346 | |||
Total Income | 6,667,112 | |||
Expenses | ||||
Management fee | $ | 6,260,205 | ||
Transfer agent fees | 1,349,535 | |||
Distribution and service plan fees | 610,460 | |||
Accounting fees | 360,174 | |||
Custodian fees and expenses | 55,546 | |||
Independent trustees' fees and expenses | 4,142 | |||
Audit | 45,958 | |||
Legal | 3,767 | |||
Miscellaneous | 6,525 | |||
Total expenses before reductions | 8,696,312 | |||
Expense reductions | (40,172) | |||
Total expenses after reductions | 8,656,140 | |||
Net Investment income (loss) | (1,989,028) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (37,689,635) | |||
Foreign currency transactions | (20,944) | |||
Total net realized gain (loss) | (37,710,579) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (141,950,241) | |||
Assets and liabilities in foreign currencies | (59,234) | |||
Total change in net unrealized appreciation (depreciation) | (142,009,475) | |||
Net gain (loss) | (179,720,054) | |||
Net increase (decrease) in net assets resulting from operations | $ | (181,709,082) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,989,028) | $ | (1,745,491) |
Net realized gain (loss) | (37,710,579) | 82,254,946 | ||
Change in net unrealized appreciation (depreciation) | (142,009,475) | 64,210,067 | ||
Net increase (decrease) in net assets resulting from operations | (181,709,082) | 144,719,522 | ||
Distributions to shareholders | (78,323,481) | (88,641,330) | ||
Share transactions - net increase (decrease) | 30,988,288 | 139,387,023 | ||
Total increase (decrease) in net assets | (229,044,275) | 195,465,215 | ||
Net Assets | ||||
Beginning of period | 1,422,627,556 | 1,227,162,341 | ||
End of period | $ | 1,193,583,281 | $ | 1,422,627,556 |
VIP Health Care Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 40.05 | $ | 38.41 | $ | 33.32 | $ | 27.86 | $ | 26.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.02) | (.01) | .06 | .07 | .06 | |||||
Net realized and unrealized gain (loss) | (4.96) | 4.39 | 6.90 | 7.47 | 1.99 | |||||
Total from investment operations | (4.98) | 4.38 | 6.96 | 7.54 | 2.05 | |||||
Distributions from net investment income | - | (.04) | (.19) | (.07) | (.06) | |||||
Distributions from net realized gain | (2.20) | (2.71) | (1.67) | (2.01) | (.57) | |||||
Total distributions | (2.20) | (2.74) C | (1.87) C | (2.08) | (.63) | |||||
Net asset value, end of period | $ | 32.87 | $ | 40.05 | $ | 38.41 | $ | 33.32 | $ | 27.86 |
Total Return D,E | (12.41)% | 11.73% | 21.58% | 28.37% | 7.86% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .63% | .63% | .64% | .65% | .65% | |||||
Expenses net of fee waivers, if any | .63% | .63% | .64% | .65% | .65% | |||||
Expenses net of all reductions | .63% | .63% | .64% | .65% | .64% | |||||
Net investment income (loss) | (.06)% | (.04)% | .18% | .23% | .19% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 132,871 | $ | 172,092 | $ | 168,627 | $ | 145,315 | $ | 139,026 |
Portfolio turnover rate H | 43% | 32% | 51% | 38% | 65% |
VIP Health Care Portfolio Service Class 2 |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 39.89 | $ | 38.29 | $ | 33.27 | $ | 28.52 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.10) | (.11) | (.03) | (.04) | ||||
Net realized and unrealized gain (loss) | (4.94) | 4.38 | 6.88 | 4.85 | ||||
Total from investment operations | (5.04) | 4.27 | 6.85 | 4.81 | ||||
Distributions from net investment income | - | (.02) | (.16) | (.06) | ||||
Distributions from net realized gain | (2.20) | (2.65) | (1.67) | - D | ||||
Total distributions | (2.20) | (2.67) | (1.83) | (.06) | ||||
Net asset value, end of period | $ | 32.65 | $ | 39.89 | $ | 38.29 | $ | 33.27 |
Total Return E,F,G | (12.62)% | 11.45% | 21.28% | 16.87% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | .88% | .88% | .89% | .91% J | ||||
Expenses net of fee waivers, if any | .88% | .87% | .89% | .91% J | ||||
Expenses net of all reductions | .88% | .87% | .88% | .90% J | ||||
Net investment income (loss) | (.31)% | (.28)% | (.07)% | (.18)% J | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 246,472 | $ | 275,392 | $ | 143,771 | $ | 20,198 |
Portfolio turnover rate K | 43% | 32% | 51% | 38% |
VIP Health Care Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 39.64 | $ | 38.04 | $ | 33.02 | $ | 27.62 | $ | 26.23 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.04) | (.04) | .03 | .04 | .03 | |||||
Net realized and unrealized gain (loss) | (4.92) | 4.35 | 6.83 | 7.41 | 1.96 | |||||
Total from investment operations | (4.96) | 4.31 | 6.86 | 7.45 | 1.99 | |||||
Distributions from net investment income | - | (.03) | (.17) | (.05) | (.04) | |||||
Distributions from net realized gain | (2.20) | (2.68) | (1.67) | (2.01) | (.57) | |||||
Total distributions | (2.20) | (2.71) | (1.84) | (2.05) C | (.60) C | |||||
Net asset value, end of period | $ | 32.48 | $ | 39.64 | $ | 38.04 | $ | 33.02 | $ | 27.62 |
Total Return D,E | (12.49)% | 11.66% | 21.49% | 28.29% | 7.72% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .70% | .70% | .72% | .73% | .73% | |||||
Expenses net of fee waivers, if any | .70% | .70% | .72% | .73% | .73% | |||||
Expenses net of all reductions | .70% | .70% | .71% | .73% | .72% | |||||
Net investment income (loss) | (.14)% | (.11)% | .10% | .15% | .11% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 814,240 | $ | 975,143 | $ | 914,765 | $ | 737,957 | $ | 674,111 |
Portfolio turnover rate H | 43% | 32% | 51% | 38% | 65% |
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 | $13,704,800 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.6 - 16.0 / 7.5 | Increase |
Market approach | Transaction price | $7.75 - $20.56 / $14.58 | Increase | ||
Discount rate | 25.0% - 49.5% / 31.7% | Decrease | |||
Discounted cash flow | Discount rate | 5.6% | Decrease | ||
Probability rate | 0.0% - 55.0% / 20.8% | Increase | |||
Term | 1.0 - 13.0 / 7.4 | Increase | |||
Black scholes | Discount rate | 3.9% - 4.4% / 4.0% | Increase | ||
Volatility | 45.0% - 55.0% / 47.9% | Increase | |||
Term | 1.5 - 4.0 / 3.3 | Increase |
Gross unrealized appreciation | $452,087,617 |
Gross unrealized depreciation | (99,500,665) |
Net unrealized appreciation (depreciation) | $352,586,952 |
Tax Cost | $893,020,759 |
Capital loss carryforward | $(37,640,123) |
Net unrealized appreciation (depreciation) on securities and other investments | $352,583,377 |
Short-term | $(36,462,205) |
Long-term | (1,177,918) |
Total capital loss carryforward | $(37,640,123) |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $ - | $3,646,214 |
Long-term Capital Gains | 78,323,481 | 84,995,116 |
Total | $78,323,481 | $88,641,330 |
Purchases ($) | Sales ($) | |
VIP Health Care Portfolio | 512,524,269 | 557,153,494 |
Service Class 2 | $610,460 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $85,879 | .06 |
Service Class 2 | 152,519 | .06 |
Investor Class | 1,111,137 | .14 |
$1,349,535 |
% of Average Net Assets | |
VIP Health Care Portfolio | .03 |
Amount | |
VIP Health Care Portfolio | $ 10,141 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Health Care Portfolio | 44,697,056 | 40,605,683 | 4,002,837 |
Amount | |
VIP Health Care Portfolio | $ 2,106 |
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 Health Care Portfolio | $ 24,794 | $ 2,163 | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Health Care Portfolio | ||
Distributions to shareholders | ||
Initial Class | $ 9,298,671 | $11,925,923 |
Service Class 2 | 15,645,387 | 11,551,860 |
Investor Class | 53,379,423 | 65,163,547 |
Total | $78,323,481 | $88,641,330 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Health Care Portfolio | ||||
Initial Class | ||||
Shares sold | 295,996 | 291,195 | $ 9,770,229 | $ 11,327,169 |
Reinvestment of distributions | 284,276 | 310,561 | 9,298,671 | 11,925,923 |
Shares redeemed | (834,758) | (694,767) | (26,380,793) | (26,842,145) |
Net increase (decrease) | (254,486) | (93,011) | $(7,311,893) | $(3,589,053) |
Service Class 2 | ||||
Shares sold | 1,753,408 | 3,373,605 | $ 56,484,590 | $ 130,094,011 |
Reinvestment of distributions | 480,509 | 301,461 | 15,645,387 | 11,542,611 |
Shares redeemed | (1,587,975) | (526,109) | (50,671,053) | (20,353,025) |
Net increase (decrease) | 645,942 | 3,148,957 | $21,458,924 | $121,283,597 |
Investor Class | ||||
Shares sold | 1,365,364 | 1,102,636 | $ 43,792,392 | $ 42,586,539 |
Reinvestment of distributions | 1,650,059 | 1,713,914 | 53,379,423 | 65,163,547 |
Shares redeemed | (2,550,391) | (2,261,126) | (80,330,558) | (86,057,607) |
Net increase (decrease) | 465,032 | 555,424 | $16,841,257 | $21,692,479 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Health Care Portfolio | ||||||||||
Initial Class | .62% | |||||||||
Actual | $ 1,000 | $ 1,090.20 | $ 3.27 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.08 | $ 3.16 | |||||||
Service Class 2 | .87% | |||||||||
Actual | $ 1,000 | $ 1,088.70 | $ 4.58 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.82 | $ 4.43 | |||||||
Investor Class | .70% | |||||||||
Actual | $ 1,000 | $ 1,089.60 | $ 3.69 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.68 | $ 3.57 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -9.79% | 4.84% | 7.17% |
Investor Class | -9.91% | 4.76% | 7.09% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Materials Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Linde PLC | 17.1 | |
Air Products & Chemicals, Inc. | 9.2 | |
Freeport-McMoRan, Inc. | 7.1 | |
Corteva, Inc. | 5.9 | |
First Quantum Minerals Ltd. | 4.9 | |
DuPont de Nemours, Inc. | 3.7 | |
LyondellBasell Industries NV Class A | 3.0 | |
Olin Corp. | 2.6 | |
Albemarle Corp. | 2.6 | |
Celanese Corp. Class A | 2.4 | |
58.5 | ||
Industries (% of Fund's net assets) | ||
Chemicals | 64.0 | |
Metals & Mining | 20.7 | |
Containers & Packaging | 9.4 | |
Construction Materials | 4.3 | |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 98.4% | |||
Shares | Value ($) | ||
Chemicals - 64.0% | |||
Commodity Chemicals - 11.6% | |||
Cabot Corp. | 24,500 | 1,637,580 | |
Chemtrade Logistics Income Fund | 81,400 | 539,260 | |
LyondellBasell Industries NV Class A | 35,560 | 2,952,547 | |
Olin Corp. | 48,722 | 2,579,343 | |
Tronox Holdings PLC | 164,340 | 2,253,101 | |
Westlake Corp. | 12,900 | 1,322,766 | |
11,284,597 | |||
Diversified Chemicals - 2.5% | |||
Huntsman Corp. | 23,800 | 654,024 | |
The Chemours Co. LLC | 59,400 | 1,818,828 | |
2,472,852 | |||
Fertilizers & Agricultural Chemicals - 6.6% | |||
CF Industries Holdings, Inc. | 8,400 | 715,680 | |
Corteva, Inc. | 97,400 | 5,725,172 | |
6,440,852 | |||
Industrial Gases - 26.3% | |||
Air Products & Chemicals, Inc. | 28,988 | 8,935,841 | |
Linde PLC | 51,000 | 16,635,180 | |
25,571,021 | |||
Specialty Chemicals - 17.0% | |||
Albemarle Corp. | 11,890 | 2,578,465 | |
Ashland, Inc. | 16,200 | 1,741,986 | |
Celanese Corp. Class A | 22,900 | 2,341,296 | |
DuPont de Nemours, Inc. | 52,614 | 3,610,899 | |
Eastman Chemical Co. | 6,600 | 537,504 | |
Ecolab, Inc. | 13,303 | 1,936,385 | |
Element Solutions, Inc. | 36,700 | 667,573 | |
PPG Industries, Inc. | 16,400 | 2,062,136 | |
RPM International, Inc. | 8,500 | 828,325 | |
Sherwin-Williams Co. | 1,074 | 254,892 | |
16,559,461 | |||
TOTAL CHEMICALS | 62,328,783 | ||
Construction Materials - 4.3% | |||
Construction Materials - 4.3% | |||
Martin Marietta Materials, Inc. | 5,826 | 1,969,013 | |
Vulcan Materials Co. | 12,350 | 2,162,609 | |
4,131,622 | |||
Containers & Packaging - 9.4% | |||
Metal & Glass Containers - 5.7% | |||
Aptargroup, Inc. | 21,100 | 2,320,578 | |
Crown Holdings, Inc. | 17,719 | 1,456,679 | |
Greif, Inc. Class A | 26,200 | 1,756,972 | |
5,534,229 | |||
Paper Packaging - 3.7% | |||
Avery Dennison Corp. | 9,700 | 1,755,700 | |
Sealed Air Corp. | 37,500 | 1,870,500 | |
3,626,200 | |||
TOTAL CONTAINERS & PACKAGING | 9,160,429 | ||
Metals & Mining - 20.7% | |||
Aluminum - 2.0% | |||
Alcoa Corp. | 44,500 | 2,023,415 | |
Copper - 12.0% | |||
First Quantum Minerals Ltd. | 226,420 | 4,730,740 | |
Freeport-McMoRan, Inc. | 182,940 | 6,951,720 | |
11,682,460 | |||
Diversified Metals & Mining - 2.2% | |||
Glencore PLC | 319,700 | 2,131,967 | |
Steel - 4.5% | |||
Commercial Metals Co. | 30,051 | 1,451,463 | |
Reliance Steel & Aluminum Co. | 9,900 | 2,004,156 | |
Steel Dynamics, Inc. | 9,300 | 908,610 | |
4,364,229 | |||
TOTAL METALS & MINING | 20,202,071 | ||
TOTAL COMMON STOCKS (Cost $80,676,313) | 95,822,905 | ||
Money Market Funds - 1.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (a) (Cost $1,662,208) | 1,661,876 | 1,662,208 | |
TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $82,338,521) | 97,485,113 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (71,345) |
NET ASSETS - 100.0% | 97,413,768 |
(a) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 4.37% | 1,949,590 | 44,304,644 | 44,592,026 | 29,140 | - | - | 1,662,208 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 341,175 | 12,594,022 | 12,935,197 | 816 | - | - | - | 0.0% |
Total | 2,290,765 | 56,898,666 | 57,527,223 | 29,956 | - | - | 1,662,208 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 95,822,905 | 93,690,938 | 2,131,967 | - |
Money Market Funds | 1,662,208 | 1,662,208 | - | - |
Total Investments in Securities: | 97,485,113 | 95,353,146 | 2,131,967 | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $80,676,313) | $95,822,905 | |||
Fidelity Central Funds (cost $1,662,208) | 1,662,208 | |||
Total Investment in Securities (cost $82,338,521) | $ | 97,485,113 | ||
Receivable for investments sold | 102,042 | |||
Receivable for fund shares sold | 61 | |||
Dividends receivable | 98,338 | |||
Distributions receivable from Fidelity Central Funds | 9,819 | |||
Prepaid expenses | 369 | |||
Total assets | 97,695,742 | |||
Liabilities | ||||
Payable for investments purchased | $50,850 | |||
Payable for fund shares redeemed | 134,683 | |||
Accrued management fee | 43,937 | |||
Other affiliated payables | 13,555 | |||
Other payables and accrued expenses | 38,949 | |||
Total Liabilities | 281,974 | |||
Net Assets | $ | 97,413,768 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 82,160,448 | ||
Total accumulated earnings (loss) | 15,253,320 | |||
Net Assets | $ | 97,413,768 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($14,941,241 ÷ 920,218 shares) | $ | 16.24 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($82,472,527 ÷ 5,081,568 shares) | $ | 16.23 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 1,817,152 | ||
Income from Fidelity Central Funds (including $816 from security lending) | 29,956 | |||
Total Income | 1,847,108 | |||
Expenses | ||||
Management fee | $ | 549,571 | ||
Transfer agent fees | 131,091 | |||
Accounting fees | 38,638 | |||
Custodian fees and expenses | 15,460 | |||
Independent trustees' fees and expenses | 361 | |||
Audit | 44,785 | |||
Legal | 119 | |||
Miscellaneous | 650 | |||
Total expenses before reductions | 780,675 | |||
Expense reductions | (3,455) | |||
Total expenses after reductions | 777,220 | |||
Net Investment income (loss) | 1,069,888 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 206,176 | |||
Foreign currency transactions | 1,489 | |||
Total net realized gain (loss) | 207,665 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (15,771,067) | |||
Assets and liabilities in foreign currencies | (989) | |||
Total change in net unrealized appreciation (depreciation) | (15,772,056) | |||
Net gain (loss) | (15,564,391) | |||
Net increase (decrease) in net assets resulting from operations | $ | (14,494,503) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,069,888 | $ | 836,200 |
Net realized gain (loss) | 207,665 | 5,540,639 | ||
Change in net unrealized appreciation (depreciation) | (15,772,056) | 16,316,021 | ||
Net increase (decrease) in net assets resulting from operations | (14,494,503) | 22,692,860 | ||
Distributions to shareholders | (4,316,287) | (689,676) | ||
Share transactions - net increase (decrease) | 1,838,134 | 34,436,663 | ||
Total increase (decrease) in net assets | (16,972,656) | 56,439,847 | ||
Net Assets | ||||
Beginning of period | 114,386,424 | 57,946,577 | ||
End of period | $ | 97,413,768 | $ | 114,386,424 |
VIP Materials Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.76 | $ | 14.17 | $ | 11.74 | $ | 11.46 | $ | 16.18 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .18 | .14 | .07 | .16 | .18 | |||||
Net realized and unrealized gain (loss) | (2.00) | 4.58 | 2.44 | 1.31 | (3.83) | |||||
Total from investment operations | (1.82) | 4.72 | 2.51 | 1.47 | (3.65) | |||||
Distributions from net investment income | (.19) | (.13) | (.08) | (.19) | (.21) | |||||
Distributions from net realized gain | (.51) | - | - | (1.00) | (.86) | |||||
Total distributions | (.70) | (.13) | (.08) | (1.19) | (1.07) | |||||
Net asset value, end of period | $ | 16.24 | $ | 18.76 | $ | 14.17 | $ | 11.74 | $ | 11.46 |
Total Return C,D | (9.79)% | 33.42% | 21.49% | 13.40% | (23.60)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .69% | .68% | .77% | .75% | .72% | |||||
Expenses net of fee waivers, if any | .68% | .68% | .77% | .75% | .72% | |||||
Expenses net of all reductions | .68% | .68% | .76% | .74% | .71% | |||||
Net investment income (loss) | 1.09% | .84% | .59% | 1.37% | 1.26% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 14,941 | $ | 19,714 | $ | 9,924 | $ | 8,905 | $ | 9,728 |
Portfolio turnover rate G | 63% | 99% | 83% | 104% | 87% |
VIP Materials Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.76 | $ | 14.16 | $ | 11.73 | $ | 11.46 | $ | 16.17 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .17 | .13 | .06 | .15 | .17 | |||||
Net realized and unrealized gain (loss) | (2.01) | 4.59 | 2.45 | 1.30 | (3.82) | |||||
Total from investment operations | (1.84) | 4.72 | 2.51 | 1.45 | (3.65) | |||||
Distributions from net investment income | (.18) | (.12) | (.08) | (.18) | (.20) | |||||
Distributions from net realized gain | (.51) | - | - | (1.00) | (.86) | |||||
Total distributions | (.69) | (.12) | (.08) | (1.18) | (1.06) | |||||
Net asset value, end of period | $ | 16.23 | $ | 18.76 | $ | 14.16 | $ | 11.73 | $ | 11.46 |
Total Return C,D | (9.91)% | 33.40% | 21.45% | 13.20% | (23.65)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .76% | .76% | .85% | .83% | .80% | |||||
Expenses net of fee waivers, if any | .76% | .76% | .85% | .83% | .80% | |||||
Expenses net of all reductions | .76% | .76% | .84% | .82% | .79% | |||||
Net investment income (loss) | 1.01% | .77% | .52% | 1.29% | 1.18% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 82,473 | $ | 94,673 | $ | 48,022 | $ | 35,254 | $ | 42,448 |
Portfolio turnover rate G | 63% | 99% | 83% | 104% | 87% |
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 | $18,389,857 |
Gross unrealized depreciation | (3,524,372) |
Net unrealized appreciation (depreciation) | $14,865,485 |
Tax Cost | $82,619,628 |
Undistributed ordinary income | $222,361 |
Undistributed long-term capital gain | $167,181 |
Net unrealized appreciation (depreciation) on securities and other investments | $14,863,777 |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $1,069,897 | $ 689,676 |
Long-term Capital Gains | 3,246,390 | - |
Total | $4,316,287 | $689,676 |
Purchases ($) | Sales ($) | |
VIP Materials Portfolio | 64,421,785 | 66,275,731 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $10,528 | .06 |
Investor Class | 120,563 | .14 |
$131,091 |
% of Average Net Assets | |
VIP Materials Portfolio | .04 |
Amount | |
VIP Materials Portfolio | $1,151 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Materials Portfolio | 3,124,604 | 2,208,049 | (130,582) |
Amount | |
VIP Materials Portfolio | $182 |
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 Materials Portfolio | $79 | $- | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Materials Portfolio | ||
Distributions to shareholders | ||
Initial Class | $720,470 | $133,482 |
Investor Class | 3,595,817 | 556,194 |
Total | $4,316,287 | $689,676 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Materials Portfolio | ||||
Initial Class | ||||
Shares sold | 296,138 | 884,100 | $5,269,787 | $14,979,080 |
Reinvestment of distributions | 42,906 | 7,938 | 720,470 | 133,482 |
Shares redeemed | (469,426) | (541,878) | (7,699,942) | (9,032,325) |
Net increase (decrease) | (130,382) | 350,160 | $(1,709,685) | $6,080,237 |
Investor Class | ||||
Shares sold | 1,833,964 | 5,076,082 | $32,145,510 | $85,959,687 |
Reinvestment of distributions | 214,129 | 33,084 | 3,595,817 | 556,194 |
Shares redeemed | (2,013,920) | (3,452,703) | (32,193,508) | (58,159,455) |
Net increase (decrease) | 34,173 | 1,656,463 | $3,547,819 | $28,356,426 |
Fund | Affiliated % |
VIP Materials Portfolio | 100% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Materials Portfolio | ||||||||||
Initial Class | .69% | |||||||||
Actual | $ 1,000 | $ 1,101.10 | $ 3.65 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.73 | $ 3.52 | |||||||
Investor Class | .77% | |||||||||
Actual | $ 1,000 | $ 1,100.50 | $ 4.08 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.32 | $ 3.92 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 63.18% | 7.19% | 4.80% |
Service Class 2 | 62.87% | 6.94% | 4.54% |
Investor Class | 63.13% | 7.11% | 4.72% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Energy Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 23.9 | |
Chevron Corp. | 7.2 | |
ConocoPhillips Co. | 5.2 | |
Valero Energy Corp. | 4.7 | |
Halliburton Co. | 4.6 | |
Schlumberger Ltd. | 4.0 | |
Hess Corp. | 3.9 | |
Marathon Petroleum Corp. | 3.9 | |
Occidental Petroleum Corp. | 3.5 | |
Canadian Natural Resources Ltd. | 3.3 | |
64.2 | ||
Industries (% of Fund's net assets) | ||
Oil, Gas & Consumable Fuels | 86.0 | |
Energy Equipment & Services | 14.7 | |
Independent Power and Renewable Electricity Producers | 0.5 | |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 101.2% | |||
Shares | Value ($) | ||
Energy Equipment & Services - 14.7% | |||
Oil & Gas Drilling - 1.4% | |||
Nabors Industries Ltd. (a) | 4,060 | 628,772 | |
Nabors Industries Ltd. warrants 6/11/26 (a) | 2,992 | 98,437 | |
Noble Corp. PLC (a) | 55,500 | 2,092,905 | |
Odfjell Drilling Ltd. (a) | 297,500 | 798,654 | |
Odfjell Technology Ltd. (a) | 71,283 | 211,008 | |
Shelf Drilling Ltd. (a)(b) | 254,373 | 572,526 | |
Valaris Ltd. (a) | 101,900 | 6,890,478 | |
11,292,780 | |||
Oil & Gas Equipment & Services - 13.3% | |||
Baker Hughes Co. Class A | 22,660 | 669,150 | |
Cactus, Inc. | 15,240 | 765,962 | |
Halliburton Co. | 916,700 | 36,072,145 | |
Nextier Oilfield Solutions, Inc. (a) | 1,041,860 | 9,626,786 | |
NOV, Inc. | 202,500 | 4,230,225 | |
Oceaneering International, Inc. (a) | 249,800 | 4,369,002 | |
ProPetro Holding Corp. (a) | 353,230 | 3,662,995 | |
Schlumberger Ltd. | 587,049 | 31,383,640 | |
TechnipFMC PLC (a) | 1,034,426 | 12,609,653 | |
103,389,558 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 114,682,338 | ||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Independent Power Producers & Energy Traders - 0.5% | |||
The AES Corp. | 13,720 | 394,587 | |
Vistra Corp. | 147,829 | 3,429,633 | |
3,824,220 | |||
Oil, Gas & Consumable Fuels - 86.0% | |||
Coal & Consumable Fuels - 0.8% | |||
Arch Resources, Inc. (c) | 17,200 | 2,455,988 | |
CONSOL Energy, Inc. | 10,300 | 669,500 | |
Enviva, Inc. | 4,230 | 224,063 | |
Peabody Energy Corp. (a) | 107,700 | 2,845,434 | |
6,194,985 | |||
Integrated Oil & Gas - 39.8% | |||
Cenovus Energy, Inc. (Canada) | 1,257,800 | 24,403,549 | |
Chevron Corp. | 312,396 | 56,071,958 | |
Exxon Mobil Corp. | 1,685,148 | 185,871,826 | |
Imperial Oil Ltd. | 129,500 | 6,307,626 | |
Occidental Petroleum Corp. | 436,670 | 27,505,843 | |
Occidental Petroleum Corp. warrants 8/3/27 (a) | 11,000 | 453,530 | |
Suncor Energy, Inc. | 291,520 | 9,247,256 | |
309,861,588 | |||
Oil & Gas Exploration & Production - 30.5% | |||
Antero Resources Corp. (a) | 374,160 | 11,595,218 | |
APA Corp. | 279,450 | 13,044,726 | |
Callon Petroleum Co. (a) | 33,135 | 1,228,977 | |
Canadian Natural Resources Ltd. (c) | 462,030 | 25,657,338 | |
Chesapeake Energy Corp. | 35,670 | 3,366,178 | |
Chord Energy Corp. | 19,315 | 2,642,485 | |
Civitas Resources, Inc. | 58,674 | 3,398,985 | |
ConocoPhillips Co. | 342,309 | 40,392,462 | |
Coterra Energy, Inc. | 142,581 | 3,503,215 | |
Devon Energy Corp. | 217,440 | 13,374,734 | |
Diamondback Energy, Inc. | 45,400 | 6,209,812 | |
EOG Resources, Inc. | 79,102 | 10,245,291 | |
EQT Corp. | 209,600 | 7,090,768 | |
Hess Corp. | 215,600 | 30,576,392 | |
Magnolia Oil & Gas Corp. Class A | 120,640 | 2,829,008 | |
National Energy Services Reunited Corp. (a) | 431,750 | 2,996,345 | |
Northern Oil & Gas, Inc. | 38,150 | 1,175,783 | |
Ovintiv, Inc. | 235,760 | 11,955,390 | |
PDC Energy, Inc. | 269,734 | 17,122,714 | |
Pioneer Natural Resources Co. | 61,744 | 14,101,712 | |
Range Resources Corp. | 451,560 | 11,298,031 | |
SM Energy Co. | 68,270 | 2,377,844 | |
Viper Energy Partners LP | 27,160 | 863,416 | |
237,046,824 | |||
Oil & Gas Refining & Marketing - 10.2% | |||
Marathon Petroleum Corp. | 260,576 | 30,328,441 | |
Phillips 66 Co. | 123,032 | 12,805,171 | |
Valero Energy Corp. | 288,320 | 36,576,275 | |
79,709,887 | |||
Oil & Gas Storage & Transport - 4.7% | |||
Cheniere Energy, Inc. | 155,790 | 23,362,268 | |
Energy Transfer LP | 794,030 | 9,425,136 | |
Golar LNG Ltd. (a) | 97,230 | 2,215,872 | |
Targa Resources Corp. | 15,840 | 1,164,240 | |
36,167,516 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 668,980,800 | ||
TOTAL COMMON STOCKS (Cost $508,983,222) | 787,487,358 | ||
Money Market Funds - 2.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (d) | 3,995,261 | 3,996,061 | |
Fidelity Securities Lending Cash Central Fund 4.37% (d)(e) | 14,449,031 | 14,450,476 | |
TOTAL MONEY MARKET FUNDS (Cost $18,446,537) | 18,446,537 | ||
TOTAL INVESTMENT IN SECURITIES - 103.6% (Cost $527,429,759) | 805,933,895 |
NET OTHER ASSETS (LIABILITIES) - (3.6)% | (28,071,154) |
NET ASSETS - 100.0% | 777,862,741 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $572,526 or 0.1% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.37% | 3,615,128 | 318,792,346 | 318,411,413 | 63,728 | - | - | 3,996,061 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 12,397,003 | 296,322,453 | 294,268,980 | 35,675 | - | - | 14,450,476 | 0.0% |
Total | 16,012,131 | 615,114,799 | 612,680,393 | 99,403 | - | - | 18,446,537 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 787,487,358 | 787,487,358 | - | - |
Money Market Funds | 18,446,537 | 18,446,537 | - | - |
Total Investments in Securities: | 805,933,895 | 805,933,895 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $13,795,541) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $508,983,222) | $787,487,358 | |||
Fidelity Central Funds (cost $18,446,537) | 18,446,537 | |||
Total Investment in Securities (cost $527,429,759) | $ | 805,933,895 | ||
Foreign currency held at value (cost $82,606) | 82,607 | |||
Receivable for investments sold | 44 | |||
Receivable for fund shares sold | 702,563 | |||
Dividends receivable | 692,004 | |||
Distributions receivable from Fidelity Central Funds | 10,162 | |||
Prepaid expenses | 1,429 | |||
Other receivables | 8,518 | |||
Total assets | 807,431,222 | |||
Liabilities | ||||
Payable for investments purchased | $1,759,164 | |||
Payable for fund shares redeemed | 12,833,672 | |||
Accrued management fee | 342,071 | |||
Distribution and service plan fees payable | 55,596 | |||
Other affiliated payables | 87,312 | |||
Other payables and accrued expenses | 42,066 | |||
Collateral on securities loaned | 14,448,600 | |||
Total Liabilities | 29,568,481 | |||
Net Assets | $ | 777,862,741 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 605,073,615 | ||
Total accumulated earnings (loss) | 172,789,126 | |||
Net Assets | $ | 777,862,741 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($101,150,192 ÷ 4,019,778 shares) | $ | 25.16 | ||
Service Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($259,298,001 ÷ 10,360,965 shares) | $ | 25.03 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($417,414,548 ÷ 16,627,076 shares) | $ | 25.10 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 24,108,477 | ||
Income from Fidelity Central Funds (including $35,675 from security lending) | 99,403 | |||
Total Income | 24,207,880 | |||
Expenses | ||||
Management fee | $ | 3,481,893 | ||
Transfer agent fees | 678,531 | |||
Distribution and service plan fees | 584,688 | |||
Accounting fees | 223,113 | |||
Custodian fees and expenses | 41,814 | |||
Independent trustees' fees and expenses | 2,106 | |||
Audit | 40,432 | |||
Legal | 1,280 | |||
Interest | 25,520 | |||
Miscellaneous | 2,371 | |||
Total expenses before reductions | 5,081,748 | |||
Expense reductions | (18,740) | |||
Total expenses after reductions | 5,063,008 | |||
Net Investment income (loss) | 19,144,872 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,677,196) | |||
Foreign currency transactions | (15,865) | |||
Total net realized gain (loss) | (4,693,061) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 218,879,833 | |||
Assets and liabilities in foreign currencies | 272 | |||
Total change in net unrealized appreciation (depreciation) | 218,880,105 | |||
Net gain (loss) | 214,187,044 | |||
Net increase (decrease) in net assets resulting from operations | $ | 233,331,916 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 19,144,872 | $ | 8,542,276 |
Net realized gain (loss) | (4,693,061) | (242,935) | ||
Change in net unrealized appreciation (depreciation) | 218,880,105 | 80,327,763 | ||
Net increase (decrease) in net assets resulting from operations | 233,331,916 | 88,627,104 | ||
Distributions to shareholders | (16,391,155) | (6,937,293) | ||
Share transactions - net increase (decrease) | 246,339,710 | 81,302,244 | ||
Total increase (decrease) in net assets | 463,280,471 | 162,992,055 | ||
Net Assets | ||||
Beginning of period | 314,582,270 | 151,590,215 | ||
End of period | $ | 777,862,741 | $ | 314,582,270 |
VIP Energy Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.77 | $ | 10.41 | $ | 15.91 | $ | 14.78 | $ | 19.86 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .69 | .48 C | .41 | .29 | .22 | |||||
Net realized and unrealized gain (loss) | 9.26 | 5.24 | (5.62) | 1.18 | (5.09) | |||||
Total from investment operations | 9.95 | 5.72 | (5.21) | 1.47 | (4.87) | |||||
Distributions from net investment income | (.56) | (.36) | (.29) | (.33) | (.19) | |||||
Distributions from net realized gain | - | - | - | (.01) | (.02) | |||||
Total distributions | (.56) | (.36) | (.29) | (.34) | (.21) | |||||
Net asset value, end of period | $ | 25.16 | $ | 15.77 | $ | 10.41 | $ | 15.91 | $ | 14.78 |
Total Return D,E | 63.18% | 55.35% | (32.76)% | 10.08% | (24.58)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .64% | .65% | .69% | .67% | .67% | |||||
Expenses net of fee waivers, if any | .64% | .65% | .69% | .67% | .67% | |||||
Expenses net of all reductions | .64% | .65% | .68% | .66% | .66% | |||||
Net investment income (loss) | 3.02% | 3.35% C | 3.98% | 1.83% | 1.12% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 101,150 | $ | 30,777 | $ | 16,336 | $ | 27,957 | $ | 28,999 |
Portfolio turnover rate H | 50% | 65% | 71% | 58% | 58% |
VIP Energy Portfolio Service Class 2 |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.69 | $ | 10.37 | $ | 15.84 | $ | 14.71 | $ | 19.75 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .62 | .44 C | .37 | .25 | .17 | |||||
Net realized and unrealized gain (loss) | 9.23 | 5.21 | (5.58) | 1.18 | (5.05) | |||||
Total from investment operations | 9.85 | 5.65 | (5.21) | 1.43 | (4.88) | |||||
Distributions from net investment income | (.51) | (.33) | (.26) | (.29) | (.14) | |||||
Distributions from net realized gain | - | - | - | (.01) | (.02) | |||||
Total distributions | (.51) | (.33) | (.26) | (.30) | (.16) | |||||
Net asset value, end of period | $ | 25.03 | $ | 15.69 | $ | 10.37 | $ | 15.84 | $ | 14.71 |
Total Return D,E | 62.87% | 54.83% | (32.88)% | 9.82% | (24.77)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .89% | .90% | .94% | .92% | .92% | |||||
Expenses net of fee waivers, if any | .88% | .90% | .94% | .92% | .92% | |||||
Expenses net of all reductions | .88% | .90% | .93% | .91% | .91% | |||||
Net investment income (loss) | 2.77% | 3.10% C | 3.73% | 1.58% | .88% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 259,298 | $ | 120,827 | $ | 64,986 | $ | 90,208 | $ | 90,093 |
Portfolio turnover rate H | 50% | 65% | 71% | 58% | 58% |
VIP Energy Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.73 | $ | 10.39 | $ | 15.88 | $ | 14.75 | $ | 19.82 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .67 | .47 C | .39 | .28 | .21 | |||||
Net realized and unrealized gain (loss) | 9.25 | 5.22 | (5.60) | 1.18 | (5.09) | |||||
Total from investment operations | 9.92 | 5.69 | (5.21) | 1.46 | (4.88) | |||||
Distributions from net investment income | (.55) | (.35) | (.28) | (.32) | (.17) | |||||
Distributions from net realized gain | - | - | - | (.01) | (.02) | |||||
Total distributions | (.55) | (.35) | (.28) | (.33) | (.19) | |||||
Net asset value, end of period | $ | 25.10 | $ | 15.73 | $ | 10.39 | $ | 15.88 | $ | 14.75 |
Total Return D,E | 63.13% | 55.16% | (32.80)% | 9.98% | (24.65)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .71% | .72% | .76% | .75% | .75% | |||||
Expenses net of fee waivers, if any | .71% | .72% | .76% | .75% | .75% | |||||
Expenses net of all reductions | .71% | .72% | .75% | .74% | .74% | |||||
Net investment income (loss) | 2.94% | 3.28% C | 3.90% | 1.75% | 1.05% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 417,415 | $ | 162,978 | $ | 70,268 | $ | 78,339 | $ | 91,936 |
Portfolio turnover rate H | 50% | 65% | 71% | 58% | 58% |
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 | $281,127,483 |
Gross unrealized depreciation | (12,271,063) |
Net unrealized appreciation (depreciation) | $268,856,420 |
Tax Cost | $537,077,475 |
Undistributed ordinary income | $5,020,705 |
Capital loss carryforward | $(100,872,643) |
Net unrealized appreciation (depreciation) on securities and other investments | $268,641,032 |
Short-term | $(66,390,968) |
Long-term | (34,481,675) |
Total capital loss carryforward | $(100,872,643) |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $16,391,155 | $6,937,293 |
Total | $16,391,155 | $6,937,293 |
Purchases ($) | Sales ($) | |
VIP Energy Portfolio | 586,551,523 | 325,852,536 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $49,016 | .06 |
Service Class 2 | 146,666 | .06 |
Investor Class | 482,849 | .14 |
$678,531 |
% of Average Net Assets | |
VIP Energy Portfolio | .03 |
Amount | |
VIP Energy Portfolio | $11,633 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Energy Portfolio | Borrower | $8,416,656 | 1.78% | $25,480 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Energy Portfolio | 30,854,201 | 56,773,714 | (2,032,969) |
Amount | |
VIP Energy Portfolio | $938 |
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 Energy Portfolio | $3,791 | $1 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Energy Portfolio | $684,000 | 2.08% | $40 |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Energy Portfolio | ||
Distributions to shareholders | ||
Initial Class | $2,143,749 | $966,263 |
Service Class 2 | 5,328,447 | 2,468,842 |
Investor Class | 8,918,959 | 3,502,188 |
Total | $16,391,155 | $6,937,293 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Energy Portfolio | ||||
Initial Class | ||||
Shares sold | 4,770,417 | 2,198,509 | $105,152,019 | $33,131,941 |
Reinvestment of distributions | 85,780 | 66,128 | 2,143,749 | 966,263 |
Shares redeemed | (2,788,431) | (1,881,114) | (60,018,217) | (27,768,051) |
Net increase (decrease) | 2,067,766 | 383,523 | $47,277,551 | $6,330,153 |
Service Class 2 | ||||
Shares sold | 9,562,012 | 4,373,264 | $207,734,047 | $61,702,254 |
Reinvestment of distributions | 215,650 | 172,272 | 5,328,447 | 2,468,842 |
Shares redeemed | (7,117,295) | (3,112,807) | (154,201,989) | (43,788,287) |
Net increase (decrease) | 2,660,367 | 1,432,729 | $58,860,505 | $20,382,809 |
Investor Class | ||||
Shares sold | 13,627,476 | 7,746,472 | $296,238,118 | $111,918,757 |
Reinvestment of distributions | 357,932 | 242,253 | 8,918,959 | 3,502,188 |
Shares redeemed | (7,716,954) | (4,390,478) | (164,955,423) | (60,831,663) |
Net increase (decrease) | 6,268,454 | 3,598,247 | $140,201,654 | $54,589,282 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Energy Portfolio | 65% | 1 | 25% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Energy Portfolio | ||||||||||
Initial Class | .64% | |||||||||
Actual | $ 1,000 | $ 1,222.00 | $ 3.58 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.98 | $ 3.26 | |||||||
Service Class 2 | .89% | |||||||||
Actual | $ 1,000 | $ 1,220.70 | $ 4.98 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.72 | $ 4.53 | |||||||
Investor Class | .71% | |||||||||
Actual | $ 1,000 | $ 1,221.40 | $ 3.98 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.63 | $ 3.62 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -8.33% | 6.85% | 11.10% |
Investor Class | -8.37% | 6.77% | 11.01% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Financial Services Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Wells Fargo & Co. | 5.6 | |
Bank of America Corp. | 5.3 | |
JPMorgan Chase & Co. | 4.7 | |
Chubb Ltd. | 3.5 | |
Morgan Stanley | 3.4 | |
Citigroup, Inc. | 3.0 | |
State Street Corp. | 3.0 | |
Marsh & McLennan Companies, Inc. | 2.9 | |
U.S. Bancorp | 2.8 | |
Reinsurance Group of America, Inc. | 2.7 | |
36.9 | ||
Industries (% of Fund's net assets) | ||
Banks | 38.5 | |
Insurance | 26.8 | |
Capital Markets | 18.6 | |
Consumer Finance | 4.3 | |
IT Services | 3.9 | |
Thrifts & Mortgage Finance | 3.5 | |
Diversified Financial Services | 2.7 | |
Professional Services | 1.1 | |
Software | 0.4 | |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.3% | |||
Shares | Value ($) | ||
Banks - 38.5% | |||
Diversified Banks - 21.5% | |||
Bank of America Corp. | 357,700 | 11,847,024 | |
Citigroup, Inc. | 150,900 | 6,825,207 | |
JPMorgan Chase & Co. | 79,500 | 10,660,950 | |
Piraeus Financial Holdings SA (a) | 117,200 | 180,407 | |
U.S. Bancorp | 146,100 | 6,371,421 | |
Wells Fargo & Co. | 308,577 | 12,741,140 | |
48,626,149 | |||
Regional Banks - 17.0% | |||
Associated Banc-Corp. | 86,800 | 2,004,212 | |
BankUnited, Inc. | 31,400 | 1,066,658 | |
BOK Financial Corp. | 10,740 | 1,114,705 | |
Cadence Bank | 66,210 | 1,632,739 | |
Comerica, Inc. | 22,400 | 1,497,440 | |
East West Bancorp, Inc. | 34,900 | 2,299,910 | |
First Citizens Bancshares, Inc. | 3,300 | 2,502,588 | |
First Interstate Bancsystem, Inc. | 53,669 | 2,074,307 | |
Heartland Financial U.S.A., Inc. | 34,600 | 1,613,052 | |
Huntington Bancshares, Inc. | 213,970 | 3,016,977 | |
KeyCorp | 169,900 | 2,959,658 | |
M&T Bank Corp. | 32,430 | 4,704,296 | |
PacWest Bancorp | 52,500 | 1,204,875 | |
Popular, Inc. | 29,000 | 1,923,280 | |
Signature Bank | 13,700 | 1,578,514 | |
Truist Financial Corp. | 92,100 | 3,963,063 | |
Wintrust Financial Corp. | 20,600 | 1,741,112 | |
Zions Bancorp NA | 33,100 | 1,627,196 | |
38,524,582 | |||
TOTAL BANKS | 87,150,731 | ||
Capital Markets - 18.6% | |||
Asset Management & Custody Banks - 8.9% | |||
Affiliated Managers Group, Inc. | 10,700 | 1,695,201 | |
Bank of New York Mellon Corp. | 73,300 | 3,336,616 | |
Brookfield Asset Management Ltd. Class A | 10,610 | 304,189 | |
Brookfield Corp. Class A | 42,441 | 1,335,194 | |
Carlyle Group LP | 103,800 | 3,097,392 | |
Northern Trust Corp. | 16,400 | 1,451,236 | |
Patria Investments Ltd. | 156,700 | 2,182,831 | |
Phoenix Vega Mezz PLC | 117,200 | 4,893 | |
State Street Corp. | 86,200 | 6,686,534 | |
20,094,086 | |||
Financial Exchanges & Data - 3.4% | |||
Bolsa Mexicana de Valores S.A.B. de CV | 729,100 | 1,407,577 | |
Cboe Global Markets, Inc. | 9,327 | 1,170,259 | |
CME Group, Inc. | 29,900 | 5,027,984 | |
7,605,820 | |||
Investment Banking & Brokerage - 6.3% | |||
Lazard Ltd. Class A | 53,000 | 1,837,510 | |
Morgan Stanley | 91,400 | 7,770,828 | |
Raymond James Financial, Inc. | 30,150 | 3,221,528 | |
Virtu Financial, Inc. Class A | 75,000 | 1,530,750 | |
14,360,616 | |||
TOTAL CAPITAL MARKETS | 42,060,522 | ||
Consumer Finance - 4.3% | |||
Consumer Finance - 4.3% | |||
Capital One Financial Corp. | 55,200 | 5,131,392 | |
FirstCash Holdings, Inc. | 33,338 | 2,897,406 | |
OneMain Holdings, Inc. | 51,500 | 1,715,465 | |
9,744,263 | |||
Diversified Financial Services - 2.7% | |||
Multi-Sector Holdings - 0.8% | |||
Cannae Holdings, Inc. (a) | 84,200 | 1,738,730 | |
Other Diversified Financial Services - 1.9% | |||
Apollo Global Management, Inc. | 67,800 | 4,324,962 | |
Sunrisemezz Ltd. (a) | 23,957 | 2,906 | |
4,327,868 | |||
TOTAL DIVERSIFIED FINANCIAL SERVICES | 6,066,598 | ||
Insurance - 26.8% | |||
Insurance Brokers - 5.4% | |||
Arthur J. Gallagher & Co. | 30,200 | 5,693,908 | |
Marsh & McLennan Companies, Inc. | 39,400 | 6,519,912 | |
12,213,820 | |||
Life & Health Insurance - 3.1% | |||
F&G Annuities & Life, Inc. | 2,764 | 55,308 | |
Globe Life, Inc. | 37,800 | 4,556,790 | |
Primerica, Inc. | 17,500 | 2,481,850 | |
7,093,948 | |||
Multi-Line Insurance - 1.9% | |||
Assurant, Inc. | 100 | 12,506 | |
Hartford Financial Services Group, Inc. | 55,700 | 4,223,731 | |
4,236,237 | |||
Property & Casualty Insurance - 13.7% | |||
American Financial Group, Inc. | 15,400 | 2,114,112 | |
Beazley PLC | 301,779 | 2,479,059 | |
Chubb Ltd. | 35,600 | 7,853,360 | |
Fidelity National Financial, Inc. | 71,700 | 2,697,354 | |
First American Financial Corp. | 63,300 | 3,313,122 | |
Hiscox Ltd. | 190,300 | 2,506,538 | |
Lancashire Holdings Ltd. | 244,700 | 1,922,895 | |
Old Republic International Corp. | 60,500 | 1,461,075 | |
Selective Insurance Group, Inc. | 18,100 | 1,603,841 | |
The Travelers Companies, Inc. | 27,112 | 5,083,229 | |
31,034,585 | |||
Reinsurance - 2.7% | |||
Reinsurance Group of America, Inc. | 43,800 | 6,223,542 | |
TOTAL INSURANCE | 60,802,132 | ||
IT Services - 3.4% | |||
Data Processing & Outsourced Services - 3.4% | |||
Fidelity National Information Services, Inc. | 20,000 | 1,357,000 | |
Global Payments, Inc. | 25,900 | 2,572,388 | |
MasterCard, Inc. Class A | 10,700 | 3,720,711 | |
7,650,099 | |||
Professional Services - 1.1% | |||
Research & Consulting Services - 1.1% | |||
Dun & Bradstreet Holdings, Inc. | 115,300 | 1,413,578 | |
Equifax, Inc. | 5,700 | 1,107,852 | |
2,521,430 | |||
Software - 0.4% | |||
Application Software - 0.4% | |||
Black Knight, Inc. (a) | 16,000 | 988,000 | |
Thrifts & Mortgage Finance - 3.5% | |||
Thrifts & Mortgage Finance - 3.5% | |||
Essent Group Ltd. | 100,100 | 3,891,888 | |
NMI Holdings, Inc. (a) | 139,844 | 2,922,740 | |
Walker & Dunlop, Inc. | 15,100 | 1,185,048 | |
7,999,676 | |||
TOTAL COMMON STOCKS (Cost $200,568,310) | 224,983,451 | ||
Convertible Bonds - 0.5% | |||
Principal Amount (b) | Value ($) | ||
IT Services - 0.5% | |||
Data Processing & Outsourced Services - 0.5% | |||
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,246,362) | 1,983,000 | 1,090,650 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $201,814,672) | 226,074,101 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 441,594 |
NET ASSETS - 100.0% | 226,515,695 |
(a) | Non-income producing |
(b) | Amount is stated in United States dollars unless otherwise noted. |
Affiliate | Value, beginning of period ($) | 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 4.37% | 1,346,614 | 62,859,665 | 64,206,279 | 10,021 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 366,825 | 46,993,532 | 47,360,357 | 1,122 | - | - | - | 0.0% |
Total | 1,713,439 | 109,853,197 | 111,566,636 | 11,143 | - | - | - | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 224,983,451 | 224,983,451 | - | - |
Convertible Bonds | 1,090,650 | - | 1,090,650 | - |
Total Investments in Securities: | 226,074,101 | 224,983,451 | 1,090,650 | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $201,814,672): | $ | 226,074,101 | ||
Receivable for investments sold | 1,034,953 | |||
Receivable for fund shares sold | 134 | |||
Dividends receivable | 416,864 | |||
Distributions receivable from Fidelity Central Funds | 566 | |||
Prepaid expenses | 932 | |||
Other receivables | 219 | |||
Total assets | 227,527,769 | |||
Liabilities | ||||
Payable to custodian bank | $427,270 | |||
Payable for fund shares redeemed | 413,011 | |||
Accrued management fee | 101,514 | |||
Other affiliated payables | 31,716 | |||
Other payables and accrued expenses | 38,563 | |||
Total Liabilities | 1,012,074 | |||
Net Assets | $ | 226,515,695 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 192,520,537 | ||
Total accumulated earnings (loss) | 33,995,158 | |||
Net Assets | $ | 226,515,695 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($29,115,881 ÷ 2,078,031 shares) | $ | 14.01 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($197,399,814 ÷ 14,172,142 shares) | $ | 13.93 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 6,893,412 | ||
Interest | 78,577 | |||
Income from Fidelity Central Funds (including $1,122 from security lending) | 11,143 | |||
Total Income | 6,983,132 | |||
Expenses | ||||
Management fee | $ | 1,358,305 | ||
Transfer agent fees | 329,718 | |||
Accounting fees | 95,691 | |||
Custodian fees and expenses | 24,366 | |||
Independent trustees' fees and expenses | 888 | |||
Audit | 40,220 | |||
Legal | 291 | |||
Interest | 162 | |||
Miscellaneous | 1,401 | |||
Total expenses before reductions | 1,851,042 | |||
Expense reductions | (8,471) | |||
Total expenses after reductions | 1,842,571 | |||
Net Investment income (loss) | 5,140,561 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 10,270,211 | |||
Foreign currency transactions | 3,216 | |||
Total net realized gain (loss) | 10,273,427 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (44,761,925) | |||
Assets and liabilities in foreign currencies | (24) | |||
Total change in net unrealized appreciation (depreciation) | (44,761,949) | |||
Net gain (loss) | (34,488,522) | |||
Net increase (decrease) in net assets resulting from operations | $ | (29,347,961) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,140,561 | $ | 4,931,924 |
Net realized gain (loss) | 10,273,427 | 6,074,082 | ||
Change in net unrealized appreciation (depreciation) | (44,761,949) | 43,179,409 | ||
Net increase (decrease) in net assets resulting from operations | (29,347,961) | 54,185,415 | ||
Distributions to shareholders | (9,878,895) | (8,841,504) | ||
Share transactions - net increase (decrease) | (16,203,538) | 95,108,449 | ||
Total increase (decrease) in net assets | (55,430,394) | 140,452,360 | ||
Net Assets | ||||
Beginning of period | 281,946,089 | 141,493,729 | ||
End of period | $ | 226,515,695 | $ | 281,946,089 |
VIP Financial Services Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.82 | $ | 12.38 | $ | 13.62 | $ | 11.15 | $ | 13.72 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .30 | .32 | .26 | .22 | .17 | |||||
Net realized and unrealized gain (loss) | (1.57) | 3.71 | (.16) | 3.39 | (2.28) | |||||
Total from investment operations | (1.27) | 4.03 | .10 | 3.61 | (2.11) | |||||
Distributions from net investment income | (.29) | (.27) | (.26) | (.26) | (.16) | |||||
Distributions from net realized gain | (.25) | (.32) | (1.08) | (.88) | (.29) | |||||
Total distributions | (.54) | (.59) | (1.34) | (1.14) | (.46) C | |||||
Redemption fees added to paid in capital A | - | - | - | - | - D | |||||
Net asset value, end of period | $ | 14.01 | $ | 15.82 | $ | 12.38 | $ | 13.62 | $ | 11.15 |
Total Return E,F | (8.33)% | 33.19% | .77% | 34.33% | (15.73)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .65% | .65% | .69% | .68% | .67% | |||||
Expenses net of fee waivers, if any | .65% | .65% | .69% | .68% | .67% | |||||
Expenses net of all reductions | .65% | .65% | .68% | .67% | .66% | |||||
Net investment income (loss) | 2.06% | 2.08% | 2.47% | 1.83% | 1.25% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 29,116 | $ | 35,491 | $ | 20,134 | $ | 24,758 | $ | 24,142 |
Portfolio turnover rate I | 53% | 40% | 68% | 58% | 59% |
VIP Financial Services Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.73 | $ | 12.31 | $ | 13.56 | $ | 11.10 | $ | 13.66 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .29 | .30 | .25 | .21 | .15 | |||||
Net realized and unrealized gain (loss) | (1.56) | 3.70 | (.16) | 3.38 | (2.26) | |||||
Total from investment operations | (1.27) | 4.00 | .09 | 3.59 | (2.11) | |||||
Distributions from net investment income | (.28) | (.26) | (.25) | (.25) | (.15) | |||||
Distributions from net realized gain | (.25) | (.32) | (1.08) | (.88) | (.29) | |||||
Total distributions | (.53) | (.58) | (1.34) C | (1.13) | (.45) C | |||||
Redemption fees added to paid in capital A | - | - | - | - | - D | |||||
Net asset value, end of period | $ | 13.93 | $ | 15.73 | $ | 12.31 | $ | 13.56 | $ | 11.10 |
Total Return E,F | (8.37)% | 33.14% | .63% | 34.28% | (15.82)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .73% | .72% | .76% | .76% | .75% | |||||
Expenses net of fee waivers, if any | .73% | .72% | .76% | .76% | .75% | |||||
Expenses net of all reductions | .73% | .72% | .75% | .75% | .74% | |||||
Net investment income (loss) | 1.99% | 2.01% | 2.39% | 1.75% | 1.17% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 197,400 | $ | 246,455 | $ | 121,359 | $ | 139,831 | $ | 133,990 |
Portfolio turnover rate I | 53% | 40% | 68% | 58% | 59% |
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 | $39,469,347 |
Gross unrealized depreciation | (16,540,411) |
Net unrealized appreciation (depreciation) | $22,928,936 |
Tax Cost | $203,145,165 |
Undistributed ordinary income | $1,233,698 |
Undistributed long-term capital gain | $9,832,711 |
Net unrealized appreciation (depreciation) on securities and other investments | $22,928,749 |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $4,808,401 | $6,280,646 |
Long-term Capital Gains | 5,070,494 | 2,560,858 |
Total | $9,878,895 | $8,841,504 |
Purchases ($) | Sales ($) | |
VIP Financial Services Portfolio | 136,575,989 | 156,881,794 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $21,054 | .06 |
Investor Class | 308,664 | .14 |
$329,718 |
% of Average Net Assets | |
VIP Financial Services Portfolio | .04 |
Amount | |
VIP Financial Services Portfolio | $2,438 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Financial Services Portfolio | Borrower | $2,052,111 | .32% | $162 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Financial Services Portfolio | 5,381,915 | 11,179,292 | 1,179,266 |
Amount | |
VIP Financial Services Portfolio | $464 |
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 Financial Services Portfolio | $116 | $- | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Financial Services Portfolio | ||
Distributions to shareholders | ||
Initial Class | $1,249,703 | $1,154,652 |
Investor Class | 8,629,192 | 7,686,852 |
Total | $9,878,895 | $8,841,504 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Financial Services Portfolio | ||||
Initial Class | ||||
Shares sold | 1,003,850 | 1,437,419 | $15,681,340 | $21,787,429 |
Reinvestment of distributions | 79,599 | 81,426 | 1,249,703 | 1,154,652 |
Shares redeemed | (1,249,358) | (901,360) | (18,033,364) | (13,429,497) |
Net increase (decrease) | (165,909) | 617,485 | $(1,102,321) | $9,512,584 |
Investor Class | ||||
Shares sold | 4,025,217 | 9,345,285 | $63,943,329 | $139,269,921 |
Reinvestment of distributions | 552,838 | 543,819 | 8,629,192 | 7,686,852 |
Shares redeemed | (6,076,050) | (4,073,663) | (87,673,738) | (61,360,908) |
Net increase (decrease) | (1,497,995) | 5,815,441 | $(15,101,217) | $85,595,865 |
Fund | Affiliated % |
VIP Financial Services Portfolio | 100% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Financial Services Portfolio | ||||||||||
Initial Class | .65% | |||||||||
Actual | $ 1,000 | $ 1,084.30 | $ 3.41 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.93 | $ 3.31 | |||||||
Investor Class | .73% | |||||||||
Actual | $ 1,000 | $ 1,084.20 | $ 3.83 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 5.47% | 10.64% | 11.37% |
Investor Class | 5.39% | 10.54% | 11.27% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Utilities Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
NextEra Energy, Inc. | 14.6 | |
Southern Co. | 11.7 | |
Constellation Energy Corp. | 7.2 | |
Exelon Corp. | 6.2 | |
PG&E Corp. | 5.2 | |
FirstEnergy Corp. | 4.8 | |
Sempra Energy | 4.8 | |
Dominion Energy, Inc. | 4.3 | |
Edison International | 4.1 | |
PPL Corp. | 3.9 | |
66.8 | ||
Industries (% of Fund's net assets) | ||
Electric Utilities | 72.1 | |
Multi-Utilities | 15.5 | |
Independent Power and Renewable Electricity Producers | 6.9 | |
Electrical Equipment | 0.1 | |
Common Stocks - 94.6% | |||
Shares | Value ($) | ||
Electric Utilities - 72.1% | |||
Electric Utilities - 72.1% | |||
Avangrid, Inc. (a) | 79,297 | 3,408,185 | |
Constellation Energy Corp. | 237,952 | 20,513,842 | |
Duke Energy Corp. | 71,883 | 7,403,230 | |
Edison International | 185,427 | 11,796,866 | |
Entergy Corp. | 72,637 | 8,171,663 | |
Eversource Energy | 103,916 | 8,712,317 | |
Exelon Corp. | 406,586 | 17,576,713 | |
FirstEnergy Corp. | 325,112 | 13,635,197 | |
NextEra Energy, Inc. | 498,002 | 41,632,966 | |
OGE Energy Corp. | 40,801 | 1,613,680 | |
PG&E Corp. (b) | 904,330 | 14,704,406 | |
Pinnacle West Capital Corp. | 25,730 | 1,956,509 | |
PPL Corp. | 380,000 | 11,103,600 | |
Southern Co. | 464,962 | 33,202,936 | |
Xcel Energy, Inc. | 137,100 | 9,612,081 | |
205,044,191 | |||
Electrical Equipment - 0.1% | |||
Electrical Components & Equipment - 0.1% | |||
Fluence Energy, Inc. (a)(b) | 12,651 | 216,965 | |
Independent Power and Renewable Electricity Producers - 6.9% | |||
Independent Power Producers & Energy Traders - 5.1% | |||
Energy Harbor Corp. (b) | 22,100 | 1,745,900 | |
The AES Corp. | 315,125 | 9,062,995 | |
Vistra Corp. | 152,828 | 3,545,610 | |
14,354,505 | |||
Renewable Electricity - 1.8% | |||
Clearway Energy, Inc. Class A | 31,548 | 943,916 | |
NextEra Energy Partners LP | 59,907 | 4,198,882 | |
5,142,798 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 19,497,303 | ||
Multi-Utilities - 15.5% | |||
Multi-Utilities - 15.5% | |||
Dominion Energy, Inc. | 198,668 | 12,182,322 | |
NiSource, Inc. | 334,700 | 9,177,474 | |
Public Service Enterprise Group, Inc. | 150,501 | 9,221,196 | |
Sempra Energy | 87,615 | 13,540,022 | |
44,121,014 | |||
TOTAL COMMON STOCKS (Cost $211,123,549) | 268,879,473 | ||
Money Market Funds - 5.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (c) | 15,593,973 | 15,597,092 | |
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d) | 656,184 | 656,250 | |
TOTAL MONEY MARKET FUNDS (Cost $16,253,342) | 16,253,342 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $227,376,891) | 285,132,815 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (829,160) |
NET ASSETS - 100.0% | 284,303,655 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 1,236,452 | 134,311,737 | 119,951,097 | 108,930 | - | - | 15,597,092 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 731,675 | 72,754,885 | 72,830,310 | 5,312 | - | - | 656,250 | 0.0% |
Total | 1,968,127 | 207,066,622 | 192,781,407 | 114,242 | - | - | 16,253,342 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 268,879,473 | 268,879,473 | - | - |
Money Market Funds | 16,253,342 | 16,253,342 | - | - |
Total Investments in Securities: | 285,132,815 | 285,132,815 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $634,305) - See accompanying schedule: | $ | |||
Unaffiliated issuers (cost $211,123,549) | 268,879,473 | |||
Fidelity Central Funds (cost $16,253,342) | 16,253,342 | |||
Total Investment in Securities (cost $227,376,891) | $ | 285,132,815 | ||
Receivable for fund shares sold | 14,172 | |||
Dividends receivable | 458,574 | |||
Distributions receivable from Fidelity Central Funds | 37,754 | |||
Prepaid expenses | 612 | |||
Total assets | 285,643,927 | |||
Liabilities | ||||
Payable for fund shares redeemed | $486,811 | |||
Accrued management fee | 123,215 | |||
Other affiliated payables | 37,755 | |||
Other payables and accrued expenses | 36,241 | |||
Collateral on securities loaned | 656,250 | |||
Total Liabilities | 1,340,272 | |||
Net Assets | $ | 284,303,655 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 219,989,006 | ||
Total accumulated earnings (loss) | 64,314,649 | |||
Net Assets | $ | 284,303,655 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($48,028,967 ÷ 2,231,298 shares) | $ | 21.53 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($236,274,688 ÷ 11,060,322 shares) | $ | 21.36 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 5,972,101 | ||
Income from Fidelity Central Funds (including $5,312 from security lending) | 114,242 | |||
Total Income | 6,086,343 | |||
Expenses | ||||
Management fee | $ | 1,302,283 | ||
Transfer agent fees | 312,163 | |||
Accounting fees | 90,687 | |||
Custodian fees and expenses | 9,489 | |||
Independent trustees' fees and expenses | 820 | |||
Audit | 38,422 | |||
Legal | 444 | |||
Miscellaneous | 1,094 | |||
Total expenses before reductions | 1,755,402 | |||
Expense reductions | (7,689) | |||
Total expenses after reductions | 1,747,713 | |||
Net Investment income (loss) | 4,338,630 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 5,973,295 | |||
Foreign currency transactions | (13) | |||
Total net realized gain (loss) | 5,973,282 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (2,666,742) | |||
Assets and liabilities in foreign currencies | (192) | |||
Total change in net unrealized appreciation (depreciation) | (2,666,934) | |||
Net gain (loss) | 3,306,348 | |||
Net increase (decrease) in net assets resulting from operations | $ | 7,644,978 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,338,630 | $ | 3,646,390 |
Net realized gain (loss) | 5,973,282 | 5,840,286 | ||
Change in net unrealized appreciation (depreciation) | (2,666,934) | 19,813,067 | ||
Net increase (decrease) in net assets resulting from operations | 7,644,978 | 29,299,743 | ||
Distributions to shareholders | (4,522,100) | (3,303,676) | ||
Share transactions - net increase (decrease) | 83,411,707 | (6,579,264) | ||
Total increase (decrease) in net assets | 86,534,585 | 19,416,803 | ||
Net Assets | ||||
Beginning of period | 197,769,070 | 178,352,267 | ||
End of period | $ | 284,303,655 | $ | 197,769,070 |
VIP Utilities Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.80 | $ | 18.05 | $ | 18.79 | $ | 16.81 | $ | 16.73 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .38 | .40 | .34 | .43 | .40 | |||||
Net realized and unrealized gain (loss) | .75 | 2.71 | (.35) | 3.22 | .96 | |||||
Total from investment operations | 1.13 | 3.11 | (.01) | 3.65 | 1.36 | |||||
Distributions from net investment income | (.34) | (.36) | (.45) | (.39) | (.32) | |||||
Distributions from net realized gain | (.06) | - | (.28) | (1.28) | (.97) | |||||
Total distributions | (.40) | (.36) | (.73) | (1.67) | (1.28) C | |||||
Net asset value, end of period | $ | 21.53 | $ | 20.80 | $ | 18.05 | $ | 18.79 | $ | 16.81 |
Total Return D,E | 5.47% | 17.43% | (.12)% | 23.18% | 8.82% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .64% | .65% | .67% | .66% | .68% | |||||
Expenses net of fee waivers, if any | .64% | .65% | .67% | .66% | .68% | |||||
Expenses net of all reductions | .64% | .65% | .66% | .66% | .65% | |||||
Net investment income (loss) | 1.81% | 2.09% | 1.96% | 2.46% | 2.36% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 48,029 | $ | 29,279 | $ | 26,868 | $ | 40,839 | $ | 38,270 |
Portfolio turnover rate H | 53% | 32% | 66% | 66% | 113% |
VIP Utilities Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.64 | $ | 17.92 | $ | 18.66 | $ | 16.70 | $ | 16.64 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .36 | .38 | .32 | .42 | .38 | |||||
Net realized and unrealized gain (loss) | .74 | 2.69 | (.35) | 3.19 | .95 | |||||
Total from investment operations | 1.10 | 3.07 | (.03) | 3.61 | 1.33 | |||||
Distributions from net investment income | (.32) | (.35) | (.44) | (.38) | (.31) | |||||
Distributions from net realized gain | (.06) | - | (.28) | (1.28) | (.97) | |||||
Total distributions | (.38) | (.35) | (.71) C | (1.65) C | (1.27) C | |||||
Net asset value, end of period | $ | 21.36 | $ | 20.64 | $ | 17.92 | $ | 18.66 | $ | 16.70 |
Total Return D,E | 5.39% | 17.30% | (.20)% | 23.14% | 8.66% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .72% | .73% | .75% | .74% | .76% | |||||
Expenses net of fee waivers, if any | .72% | .73% | .75% | .74% | .76% | |||||
Expenses net of all reductions | .72% | .73% | .74% | .74% | .73% | |||||
Net investment income (loss) | 1.74% | 2.01% | 1.89% | 2.38% | 2.28% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 236,275 | $ | 168,490 | $ | 151,484 | $ | 215,259 | $ | 137,635 |
Portfolio turnover rate H | 53% | 32% | 66% | 66% | 113% |
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 | $60,414,838 |
Gross unrealized depreciation | (4,035,217) |
Net unrealized appreciation (depreciation) | $56,379,621 |
Tax Cost | $228,753,194 |
Undistributed ordinary income | $802,221 |
Undistributed long-term capital gain | $7,132,944 |
Net unrealized appreciation (depreciation) on securities and other investments | $56,379,483 |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $3,960,007 | $ 3,303,676 |
Long-term Capital Gains | 562,093 | - |
Total | $4,522,100 | $3,303,676 |
Purchases ($) | Sales ($) | |
VIP Utilities Portfolio | 198,681,572 | 128,725,680 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $24,278 | .06 |
Investor Class | 287,885 | .14 |
$312,163 |
% of Average Net Assets | |
VIP Utilities Portfolio | .04 |
Amount | |
VIP Utilities Portfolio | $3,233 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Utilities Portfolio | 4,266,823 | 1,083,712 | (97,254) |
Amount | |
VIP Utilities Portfolio | $384 |
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 Utilities Portfolio | $555 | $- | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Utilities Portfolio | ||
Distributions to shareholders | ||
Initial Class | $760,356 | $499,211 |
Investor Class | 3,761,744 | 2,804,465 |
Total | $4,522,100 | $3,303,676 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Utilities Portfolio | ||||
Initial Class | ||||
Shares sold | 1,335,704 | 201,801 | $28,668,446 | $3,829,280 |
Reinvestment of distributions | 35,949 | 26,128 | 760,356 | 499,211 |
Shares redeemed | (548,083) | (308,899) | (11,274,350) | (5,754,273) |
Net increase (decrease) | 823,570 | (80,970) | $18,154,452 | $(1,425,782) |
Investor Class | ||||
Shares sold | 5,108,204 | 921,657 | $109,619,074 | $17,419,358 |
Reinvestment of distributions | 179,867 | 147,825 | 3,761,744 | 2,804,465 |
Shares redeemed | (2,389,376) | (1,362,564) | (48,123,563) | (25,377,305) |
Net increase (decrease) | 2,898,695 | (293,082) | $65,257,255 | $(5,153,482) |
Fund | Affiliated % | ||
VIP Utilities Portfolio | 98% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Utilities Portfolio | ||||||||||
Initial Class | .64% | |||||||||
Actual | $ 1,000 | $ 1,064.60 | $ 3.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.98 | $ 3.26 | |||||||
Investor Class | .72% | |||||||||
Actual | $ 1,000 | $ 1,064.00 | $ 3.75 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.58 | $ 3.67 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -10.30% | 5.11% | 10.04% |
Investor Class | -10.42% | 5.03% | 9.95% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Industrials Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Roper Technologies, Inc. | 8.7 | |
Willscot Mobile Mini Holdings | 7.2 | |
AMETEK, Inc. | 7.1 | |
Fortive Corp. | 7.0 | |
The Boeing Co. | 6.3 | |
Honeywell International, Inc. | 5.9 | |
Howmet Aerospace, Inc. | 4.8 | |
Raytheon Technologies Corp. | 4.6 | |
Crane Holdings Co. | 4.5 | |
Flowserve Corp. | 4.4 | |
60.5 | ||
Industries (% of Fund's net assets) | ||
Aerospace & Defense | 29.4 | |
Machinery | 26.0 | |
Software | 8.7 | |
Construction & Engineering | 8.0 | |
Electrical Equipment | 7.4 | |
Industrial Conglomerates | 5.9 | |
Professional Services | 5.6 | |
Commercial Services & Supplies | 3.7 | |
Road & Rail | 3.1 | |
Electronic Equipment & Components | 1.6 | |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Aerospace & Defense - 29.4% | |||
Aerospace & Defense - 29.4% | |||
BAE Systems PLC | 54,891 | 566,936 | |
Curtiss-Wright Corp. | 14,400 | 2,404,656 | |
General Dynamics Corp. | 5,300 | 1,314,983 | |
HEICO Corp. | 19,000 | 2,919,160 | |
HEICO Corp. Class A | 12,200 | 1,462,170 | |
Hexcel Corp. (a) | 8,800 | 517,880 | |
Howmet Aerospace, Inc. | 185,400 | 7,306,614 | |
Lockheed Martin Corp. | 12,900 | 6,275,721 | |
Raytheon Technologies Corp. | 69,700 | 7,034,124 | |
The Boeing Co. (b) | 51,200 | 9,753,088 | |
TransDigm Group, Inc. | 8,900 | 5,603,885 | |
45,159,217 | |||
Commercial Services & Supplies - 3.7% | |||
Diversified Support Services - 0.1% | |||
Copart, Inc. (b) | 3,200 | 194,848 | |
Environmental & Facility Services - 0.0% | |||
Tetra Tech, Inc. | 400 | 58,076 | |
Security & Alarm Services - 3.6% | |||
CoreCivic, Inc. (b) | 101,700 | 1,175,652 | |
The GEO Group, Inc. (a)(b) | 396,500 | 4,341,675 | |
5,517,327 | |||
TOTAL COMMERCIAL SERVICES & SUPPLIES | 5,770,251 | ||
Construction & Engineering - 8.0% | |||
Construction & Engineering - 8.0% | |||
AECOM | 3,500 | 297,255 | |
Quanta Services, Inc. | 6,600 | 940,500 | |
Willscot Mobile Mini Holdings (b) | 244,700 | 11,053,099 | |
12,290,854 | |||
Electrical Equipment - 7.4% | |||
Electrical Components & Equipment - 7.4% | |||
AMETEK, Inc. | 78,800 | 11,009,936 | |
nVent Electric PLC | 4,800 | 184,656 | |
Vertiv Holdings Co. | 19,400 | 265,004 | |
11,459,596 | |||
Electronic Equipment & Components - 1.6% | |||
Electronic Equipment & Instruments - 1.6% | |||
Teledyne Technologies, Inc. (b) | 6,000 | 2,399,460 | |
Industrial Conglomerates - 5.9% | |||
Industrial Conglomerates - 5.9% | |||
Honeywell International, Inc. | 42,227 | 9,049,246 | |
Machinery - 26.0% | |||
Industrial Machinery - 26.0% | |||
Barnes Group, Inc. | 107,400 | 4,387,290 | |
Crane Holdings Co. | 68,330 | 6,863,749 | |
Flowserve Corp. | 221,219 | 6,786,999 | |
Fortive Corp. | 168,192 | 10,806,336 | |
IDEX Corp. | 21,400 | 4,886,262 | |
Ingersoll Rand, Inc. | 119,100 | 6,222,975 | |
39,953,611 | |||
Professional Services - 5.6% | |||
Research & Consulting Services - 5.6% | |||
FTI Consulting, Inc. (a)(b) | 19,602 | 3,112,798 | |
KBR, Inc. | 14,100 | 744,480 | |
Science Applications International Corp. | 42,800 | 4,747,804 | |
8,605,082 | |||
Road & Rail - 3.1% | |||
Railroads - 2.3% | |||
CSX Corp. | 16,300 | 504,974 | |
Norfolk Southern Corp. | 5,650 | 1,392,273 | |
Union Pacific Corp. | 8,100 | 1,677,267 | |
3,574,514 | |||
Trucking - 0.8% | |||
J.B. Hunt Transport Services, Inc. | 4,002 | 697,789 | |
Old Dominion Freight Lines, Inc. | 200 | 56,756 | |
Saia, Inc. (b) | 1,800 | 377,424 | |
1,131,969 | |||
TOTAL ROAD & RAIL | 4,706,483 | ||
Software - 8.7% | |||
Application Software - 8.7% | |||
Roper Technologies, Inc. | 30,800 | 13,308,371 | |
TOTAL COMMON STOCKS (Cost $131,622,695) | 152,702,171 | ||
Money Market Funds - 4.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (c) | 1,050,750 | 1,050,960 | |
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d) | 6,409,184 | 6,409,825 | |
TOTAL MONEY MARKET FUNDS (Cost $7,460,785) | 7,460,785 | ||
TOTAL INVESTMENT IN SECURITIES - 104.2% (Cost $139,083,480) | 160,162,956 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (6,490,390) |
NET ASSETS - 100.0% | 153,672,566 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 944,789 | 34,355,855 | 34,249,684 | 23,639 | - | - | 1,050,960 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | - | 52,467,611 | 46,057,786 | 5,089 | - | - | 6,409,825 | 0.0% |
Total | 944,789 | 86,823,466 | 80,307,470 | 28,728 | - | - | 7,460,785 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 152,702,171 | 152,135,235 | 566,936 | - |
Money Market Funds | 7,460,785 | 7,460,785 | - | - |
Total Investments in Securities: | 160,162,956 | 159,596,020 | 566,936 | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $6,177,050) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $131,622,695) | $152,702,171 | |||
Fidelity Central Funds (cost $7,460,785) | 7,460,785 | |||
Total Investment in Securities (cost $139,083,480) | $ | 160,162,956 | ||
Cash | 14 | |||
Receivable for fund shares sold | 13,685 | |||
Dividends receivable | 46,463 | |||
Distributions receivable from Fidelity Central Funds | 5,532 | |||
Prepaid expenses | 743 | |||
Other receivables | 3 | |||
Total assets | 160,229,396 | |||
Liabilities | ||||
Payable for fund shares redeemed | $21,041 | |||
Accrued management fee | 67,868 | |||
Other affiliated payables | 20,814 | |||
Other payables and accrued expenses | 37,282 | |||
Collateral on securities loaned | 6,409,825 | |||
Total Liabilities | 6,556,830 | |||
Net Assets | $ | 153,672,566 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 139,041,352 | ||
Total accumulated earnings (loss) | 14,631,214 | |||
Net Assets | $ | 153,672,566 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($25,557,173 ÷ 1,402,258 shares) | $ | 18.23 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($128,115,393 ÷ 7,108,165 shares) | $ | 18.02 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 1,160,710 | ||
Special dividends | 188,700 | |||
Income from Fidelity Central Funds (including $5,089 from security lending) | 28,728 | |||
Total Income | 1,378,138 | |||
Expenses | ||||
Management fee | $ | 773,246 | ||
Transfer agent fees | 182,969 | |||
Accounting fees | 54,256 | |||
Custodian fees and expenses | 10,932 | |||
Independent trustees' fees and expenses | 508 | |||
Audit | 39,342 | |||
Legal | 1,693 | |||
Miscellaneous | 943 | |||
Total expenses before reductions | 1,063,889 | |||
Expense reductions | (4,928) | |||
Total expenses after reductions | 1,058,961 | |||
Net Investment income (loss) | 319,177 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (6,194,576) | |||
Foreign currency transactions | (1,131) | |||
Total net realized gain (loss) | (6,195,707) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (12,698,207) | |||
Net gain (loss) | (18,893,914) | |||
Net increase (decrease) in net assets resulting from operations | $ | (18,574,737) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 319,177 | $ | (245,857) |
Net realized gain (loss) | (6,195,707) | 34,542,857 | ||
Change in net unrealized appreciation (depreciation) | (12,698,207) | (7,496,316) | ||
Net increase (decrease) in net assets resulting from operations | (18,574,737) | 26,800,684 | ||
Distributions to shareholders | (21,148,838) | (24,220,459) | ||
Share transactions - net increase (decrease) | 15,484,082 | 10,130,562 | ||
Total increase (decrease) in net assets | (24,239,493) | 12,710,787 | ||
Net Assets | ||||
Beginning of period | 177,912,059 | 165,201,272 | ||
End of period | $ | 153,672,566 | $ | 177,912,059 |
VIP Industrials Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.44 | $ | 23.29 | $ | 21.98 | $ | 19.29 | $ | 23.85 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .05 C | (.02) | .03 | .24 | .19 | |||||
Net realized and unrealized gain (loss) | (2.43) | 3.57 | 2.57 | 4.92 | (3.68) | |||||
Total from investment operations | (2.38) | 3.55 | 2.60 | 5.16 | (3.49) | |||||
Distributions from net investment income | (.03) | - | (.10) D | (.24) | (.18) | |||||
Distributions from net realized gain | (2.79) | (3.40) | (1.19) D | (2.23) | (.89) | |||||
Total distributions | (2.83) E | (3.40) | (1.29) | (2.47) | (1.07) | |||||
Net asset value, end of period | $ | 18.23 | $ | 23.44 | $ | 23.29 | $ | 21.98 | $ | 19.29 |
Total Return F,G | (10.30)% | 17.09% | 12.32% | 28.15% | (15.12)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .66% | .66% | .68% | .67% | .67% | |||||
Expenses net of fee waivers, if any | .66% | .66% | .68% | .67% | .67% | |||||
Expenses net of all reductions | .66% | .66% | .67% | .67% | .66% | |||||
Net investment income (loss) | .28% C | (.08)% | .17% | 1.13% | .85% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 25,557 | $ | 31,026 | $ | 29,873 | $ | 33,078 | $ | 30,987 |
Portfolio turnover rate J | 83% | 197% | 240% | 121% | 94% |
VIP Industrials Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.22 | $ | 23.10 | $ | 21.82 | $ | 19.17 | $ | 23.69 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .04 C | (.04) | .02 | .22 | .17 | |||||
Net realized and unrealized gain (loss) | (2.43) | 3.55 | 2.53 | 4.88 | (3.64) | |||||
Total from investment operations | (2.39) | 3.51 | 2.55 | 5.10 | (3.47) | |||||
Distributions from net investment income | (.02) | - | (.08) D | (.22) | (.16) | |||||
Distributions from net realized gain | (2.79) | (3.39) | (1.19) D | (2.23) | (.89) | |||||
Total distributions | (2.81) | (3.39) | (1.27) | (2.45) | (1.05) | |||||
Net asset value, end of period | $ | 18.02 | $ | 23.22 | $ | 23.10 | $ | 21.82 | $ | 19.17 |
Total Return E,F | (10.42)% | 17.03% | 12.19% | 28.03% | (15.14)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .74% | .74% | .76% | .75% | .75% | |||||
Expenses net of fee waivers, if any | .73% | .74% | .76% | .75% | .75% | |||||
Expenses net of all reductions | .73% | .74% | .75% | .75% | .74% | |||||
Net investment income (loss) | .20% C | (.16)% | .10% | 1.05% | .77% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 128,115 | $ | 146,886 | $ | 135,328 | $ | 138,417 | $ | 124,268 |
Portfolio turnover rate I | 83% | 197% | 240% | 121% | 94% |
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 | $24,353,162 |
Gross unrealized depreciation | (4,037,242) |
Net unrealized appreciation (depreciation) | $20,315,920 |
Tax Cost | $139,847,036 |
Undistributed ordinary income | $118,372 |
Capital loss carryforward | $(5,803,079) |
Net unrealized appreciation (depreciation) on securities and other investments | $20,315,920 |
Short-term | $(5,803,079) |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $ 3,897,631 | $11,878,410 |
Long-term Capital Gains | 17,251,207 | 12,342,049 |
Total | $21,148,838 | $24,220,459 |
Purchases ($) | Sales ($) | |
VIP Industrials Portfolio | 122,850,073 | 128,463,127 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | 15,891 | .06 |
Investor Class | 167,078 | .14 |
$182,969 |
% of Average Net Assets | |
VIP Industrials Portfolio | .04 |
Amount | |
VIP Industrials Portfolio | $2,479 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Industrials Portfolio | 3,566,760 | 4,358,127 | 413,904 |
Amount | |
VIP Industrials Portfolio | $260 |
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 Industrials Portfolio | $529 | $- | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Industrials Portfolio | ||
Distributions to shareholders | ||
Initial Class | $3,701,428 | $4,264,047 |
Investor Class | 17,447,410 | 19,956,412 |
Total | $21,148,838 | $24,220,459 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Industrials Portfolio | ||||
Initial Class | ||||
Shares sold | 96,902 | 107,073 | $1,809,862 | $2,522,529 |
Reinvestment of distributions | 200,593 | 197,019 | 3,701,428 | 4,264,047 |
Shares redeemed | (218,811) | (263,246) | (3,973,341) | (6,047,265) |
Net increase (decrease) | 78,684 | 40,846 | $1,537,949 | $739,311 |
Investor Class | ||||
Shares sold | 809,705 | 1,262,041 | $14,245,191 | $29,223,794 |
Reinvestment of distributions | 956,449 | 930,626 | 17,447,410 | 19,956,412 |
Shares redeemed | (984,710) | (1,724,358) | (17,746,468) | (39,788,955) |
Net increase (decrease) | 781,444 | 468,309 | $13,946,133 | $9,391,251 |
Fund | Affiliated % |
VIP Industrials Portfolio | 100% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Industrials Portfolio | ||||||||||
Initial Class | .66% | |||||||||
Actual | $ 1,000 | $ 1,141.30 | $ 3.56 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.88 | $ 3.36 | |||||||
Investor Class | .74% | |||||||||
Actual | $ 1,000 | $ 1,140.40 | $ 3.99 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.48 | $ 3.77 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2022 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -38.14% | 4.07% | 7.00% |
Investor Class | -38.17% | 4.01% | 6.93% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Communication Services Portfolio - Initial Class, a class of the fund, on December 31, 2012. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Alphabet, Inc. Class A | 18.8 | |
Meta Platforms, Inc. Class A | 14.6 | |
Netflix, Inc. | 9.2 | |
Activision Blizzard, Inc. | 6.1 | |
Charter Communications, Inc. Class A | 4.9 | |
T-Mobile U.S., Inc. | 4.6 | |
Comcast Corp. Class A | 4.2 | |
Liberty Broadband Corp. Class A | 4.1 | |
Liberty Global PLC Class C | 3.4 | |
Liberty Media Corp. Liberty Formula One Class A | 3.3 | |
73.2 | ||
Industries (% of Fund's net assets) | ||
Interactive Media & Services | 37.6 | |
Entertainment | 31.3 | |
Media | 15.6 | |
Diversified Telecommunication Services | 5.3 | |
Wireless Telecommunication Services | 4.6 | |
Internet & Direct Marketing Retail | 3.6 | |
Equity Real Estate Investment Trusts (Reits) | 1.0 | |
Real Estate Management & Development | 0.3 | |
Software | 0.2 | |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
Diversified Telecommunication Services - 5.3% | |||
Alternative Carriers - 5.3% | |||
EchoStar Holding Corp. Class A (a)(b) | 15,000 | 250,200 | |
Iridium Communications, Inc. | 3,700 | 190,180 | |
Liberty Global PLC Class C (a) | 132,400 | 2,572,532 | |
Liberty Latin America Ltd. Class C (a) | 133,190 | 1,012,244 | |
4,025,156 | |||
Integrated Telecommunication Services - 0.0% | |||
AT&T, Inc. | 1,200 | 22,092 | |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 4,047,248 | ||
Entertainment - 31.3% | |||
Interactive Home Entertainment - 8.4% | |||
Activision Blizzard, Inc. | 60,500 | 4,631,275 | |
Motorsport Games, Inc. Class A (a) | 60 | 249 | |
Roblox Corp. (a) | 7,000 | 199,220 | |
Skillz, Inc. (a) | 1,900 | 962 | |
Take-Two Interactive Software, Inc. (a) | 14,900 | 1,551,537 | |
6,383,243 | |||
Movies & Entertainment - 22.9% | |||
Cinemark Holdings, Inc. (a)(b) | 59,200 | 512,672 | |
Endeavor Group Holdings, Inc. (a) | 30,500 | 687,470 | |
Liberty Media Corp. Liberty Formula One Class A (a) | 46,200 | 2,468,466 | |
Lions Gate Entertainment Corp.: | |||
Class A (a) | 4,500 | 25,695 | |
Class B (a) | 60,000 | 325,800 | |
Marcus Corp. (b) | 33,000 | 474,870 | |
Netflix, Inc. (a) | 23,610 | 6,962,117 | |
The Walt Disney Co. (a) | 27,723 | 2,408,574 | |
Warner Bros Discovery, Inc. (a) | 43,195 | 409,489 | |
Warner Music Group Corp. Class A | 52,700 | 1,845,554 | |
World Wrestling Entertainment, Inc. Class A (b) | 17,100 | 1,171,692 | |
17,292,399 | |||
TOTAL ENTERTAINMENT | 23,675,642 | ||
Equity Real Estate Investment Trusts (REITs) - 1.0% | |||
Specialized REITs - 1.0% | |||
Lamar Advertising Co. Class A | 8,200 | 774,080 | |
Interactive Media & Services - 37.6% | |||
Interactive Media & Services - 37.6% | |||
Alphabet, Inc. Class A (a) | 160,800 | 14,187,384 | |
Angi, Inc. (a) | 138,399 | 325,238 | |
Match Group, Inc. (a) | 24,699 | 1,024,762 | |
Meta Platforms, Inc. Class A (a) | 91,800 | 11,047,212 | |
Snap, Inc. Class A (a) | 136,400 | 1,220,780 | |
Vimeo, Inc. (a) | 5,800 | 19,894 | |
Zoominfo Technologies, Inc. (a) | 19,200 | 578,112 | |
28,403,382 | |||
Internet & Direct Marketing Retail - 3.6% | |||
Internet & Direct Marketing Retail - 3.6% | |||
Amazon.com, Inc. (a) | 15,400 | 1,293,600 | |
Uber Technologies, Inc. (a) | 58,300 | 1,441,759 | |
2,735,359 | |||
Media - 15.6% | |||
Advertising - 0.2% | |||
S4 Capital PLC (a) | 54,400 | 124,431 | |
TechTarget, Inc. (a) | 1,400 | 61,684 | |
186,115 | |||
Broadcasting - 0.3% | |||
Fox Corp. Class A | 7,100 | 215,627 | |
Cable & Satellite - 15.1% | |||
Altice U.S.A., Inc. Class A (a) | 90,100 | 414,460 | |
Charter Communications, Inc. Class A (a) | 10,900 | 3,696,190 | |
Comcast Corp. Class A | 90,300 | 3,157,791 | |
DISH Network Corp. Class A (a) | 5,654 | 79,382 | |
Liberty Broadband Corp. Class A (a) | 41,065 | 3,114,780 | |
Liberty Media Corp. Liberty SiriusXM Series A (a) | 24,000 | 943,440 | |
11,406,043 | |||
TOTAL MEDIA | 11,807,785 | ||
Real Estate Management & Development - 0.3% | |||
Real Estate Services - 0.3% | |||
Zillow Group, Inc. Class A (a) | 6,800 | 212,228 | |
Software - 0.2% | |||
Application Software - 0.2% | |||
Viant Technology, Inc. (a) | 30,700 | 123,414 | |
Wireless Telecommunication Services - 4.6% | |||
Wireless Telecommunication Services - 4.6% | |||
T-Mobile U.S., Inc. (a) | 24,621 | 3,446,940 | |
TOTAL COMMON STOCKS (Cost $80,158,059) | 75,226,078 | ||
Money Market Funds - 3.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.37% (c) | 602,947 | 603,067 | |
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d) | 2,322,948 | 2,323,180 | |
TOTAL MONEY MARKET FUNDS (Cost $2,926,247) | 2,926,247 | ||
TOTAL INVESTMENT IN SECURITIES - 103.4% (Cost $83,084,306) | 78,152,325 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (2,597,131) |
NET ASSETS - 100.0% | 75,555,194 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.37% | 440,527 | 22,326,612 | 22,164,072 | 10,172 | - | - | 603,067 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.37% | 2,483,130 | 33,303,764 | 33,463,714 | 2,680 | - | - | 2,323,180 | 0.0% |
Total | 2,923,657 | 55,630,376 | 55,627,786 | 12,852 | - | - | 2,926,247 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 75,226,078 | 75,226,078 | - | - |
Money Market Funds | 2,926,247 | 2,926,247 | - | - |
Total Investments in Securities: | 78,152,325 | 78,152,325 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,262,053) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $80,158,059) | $75,226,078 | |||
Fidelity Central Funds (cost $2,926,247) | 2,926,247 | |||
Total Investment in Securities (cost $83,084,306) | $ | 78,152,325 | ||
Cash | 8 | |||
Foreign currency held at value (cost $40) | 40 | |||
Receivable for fund shares sold | 167 | |||
Dividends receivable | 106 | |||
Distributions receivable from Fidelity Central Funds | 3,743 | |||
Prepaid expenses | 205 | |||
Other receivables | 546 | |||
Total assets | 78,157,140 | |||
Liabilities | ||||
Payable for fund shares redeemed | $197,512 | |||
Accrued management fee | 33,886 | |||
Other affiliated payables | 10,678 | |||
Other payables and accrued expenses | 36,770 | |||
Collateral on securities loaned | 2,323,100 | |||
Total Liabilities | 2,601,946 | |||
Net Assets | $ | 75,555,194 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 82,452,411 | ||
Total accumulated earnings (loss) | (6,897,217) | |||
Net Assets | $ | 75,555,194 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value , offering price and redemption price per share ($8,115,871 ÷ 714,304 shares) | $ | 11.36 | ||
Investor Class : | ||||
Net Asset Value , offering price and redemption price per share ($67,439,323 ÷ 5,995,287 shares) | $ | 11.25 |
Statement of Operations | ||||
Year ended December 31, 2022 | ||||
Investment Income | ||||
Dividends | $ | 371,924 | ||
Income from Fidelity Central Funds (including $2,680 from security lending) | 12,852 | |||
Total Income | 384,776 | |||
Expenses | ||||
Management fee | $ | 522,711 | ||
Transfer agent fees | 128,079 | |||
Accounting fees | 36,914 | |||
Custodian fees and expenses | 10,528 | |||
Independent trustees' fees and expenses | 369 | |||
Audit | 39,440 | |||
Legal | 1,898 | |||
Miscellaneous | 611 | |||
Total expenses before reductions | 740,550 | |||
Expense reductions | (3,743) | |||
Total expenses after reductions | 736,807 | |||
Net Investment income (loss) | (352,031) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,133,261) | |||
Foreign currency transactions | (8,698) | |||
Total net realized gain (loss) | (1,141,959) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (51,337,607) | |||
Assets and liabilities in foreign currencies | (82) | |||
Total change in net unrealized appreciation (depreciation) | (51,337,689) | |||
Net gain (loss) | (52,479,648) | |||
Net increase (decrease) in net assets resulting from operations | $ | (52,831,679) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (352,031) | $ | (644,948) |
Net realized gain (loss) | (1,141,959) | 11,236,771 | ||
Change in net unrealized appreciation (depreciation) | (51,337,689) | 7,559,745 | ||
Net increase (decrease) in net assets resulting from operations | (52,831,679) | 18,151,568 | ||
Distributions to shareholders | (6,166,309) | (6,060,562) | ||
Share transactions - net increase (decrease) | (19,599,514) | 26,060,963 | ||
Total increase (decrease) in net assets | (78,597,502) | 38,151,969 | ||
Net Assets | ||||
Beginning of period | 154,152,696 | 116,000,727 | ||
End of period | $ | 75,555,194 | $ | 154,152,696 |
VIP Communication Services Portfolio Initial Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.25 | $ | 17.39 | $ | 12.98 | $ | 10.58 | $ | 12.74 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.04) | (.07) | (.05) | (.01) | .21 C | |||||
Net realized and unrealized gain (loss) | (7.05) | 2.74 | 4.62 | 3.36 | (.89) | |||||
Total from investment operations | (7.09) | 2.67 | 4.57 | 3.35 | (.68) | |||||
Distributions from net investment income | - | - | - | (.01) | (.19) | |||||
Distributions from net realized gain | (.80) | (.81) | (.16) | (.94) | (1.29) | |||||
Total distributions | (.80) | (.81) | (.16) | (.95) | (1.48) | |||||
Net asset value, end of period | $ | 11.36 | $ | 19.25 | $ | 17.39 | $ | 12.98 | $ | 10.58 |
Total Return D,E | (38.14)% | 15.65% | 35.60% | 32.98% | (5.36)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .68% | .66% | .70% | .72% | .81% | |||||
Expenses net of fee waivers, if any | .68% | .66% | .70% | .72% | .81% | |||||
Expenses net of all reductions | .68% | .66% | .70% | .71% | .79% | |||||
Net investment income (loss) | (.29)% | (.34)% | (.39)% | (.09)% | 1.87% C | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 8,116 | $ | 18,332 | $ | 13,370 | $ | 9,865 | $ | 5,702 |
Portfolio turnover rate H | 37% | 66% | 66% | 73% | 162% |
VIP Communication Services Portfolio Investor Class |
Years ended December 31, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.08 | $ | 17.23 | $ | 12.88 | $ | 10.50 | $ | 12.65 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.05) | (.08) | (.06) | (.02) | .20 C | |||||
Net realized and unrealized gain (loss) | (6.98) | 2.72 | 4.57 | 3.34 | (.88) | |||||
Total from investment operations | (7.03) | 2.64 | 4.51 | 3.32 | (.68) | |||||
Distributions from net investment income | - | - | - | (.01) | (.18) | |||||
Distributions from net realized gain | (.80) | (.79) | (.16) | (.93) | (1.29) | |||||
Total distributions | (.80) | (.79) | (.16) | (.94) | (1.47) | |||||
Net asset value, end of period | $ | 11.25 | $ | 19.08 | $ | 17.23 | $ | 12.88 | $ | 10.50 |
Total Return D,E | (38.17)% | 15.60% | 35.40% | 32.95% | (5.39)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .76% | .73% | .78% | .80% | .89% | |||||
Expenses net of fee waivers, if any | .75% | .73% | .78% | .80% | .89% | |||||
Expenses net of all reductions | .75% | .73% | .78% | .79% | .87% | |||||
Net investment income (loss) | (.36)% | (.41)% | (.46)% | (.17)% | 1.79% C | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 67,439 | $ | 135,821 | $ | 102,631 | $ | 71,137 | $ | 38,626 |
Portfolio turnover rate H | 37% | 66% | 66% | 73% | 162% |
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 | $12,851,239 |
Gross unrealized depreciation | (19,367,514) |
Net unrealized appreciation (depreciation) | $(6,516,275) |
Tax Cost | $84,668,600 |
Capital loss carryforward | $(380,333) |
Net unrealized appreciation (depreciation) on securities and other investments | $(6,516,884) |
Short-term | $(380,333) |
December 31, 2022 | December 31, 2021 | |
Ordinary Income | $240,651 | $4,466,645 |
Long-term Capital Gains | 5,925,658 | 1,593,917 |
Total | $6,166,309 | $ 6,060,562 |
Purchases ($) | Sales ($) | |
VIP Communication Services Portfolio | 37,120,973 | 63,336,336 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | 6,815 | .06 |
Investor Class | 121,264 | .14 |
$128,079 |
% of Average Net Assets | |
VIP Communication Services Portfolio | .04 |
Amount | |
VIP Communication Services Portfolio | $1,168 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Communication Services Portfolio | 500,206 | 2,626,253 | (366,946) |
Amount | |
VIP Communication Services Portfolio | $208 |
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 Communication Services Portfolio | $239 | $- | $- |
Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Communication Services Portfolio | ||
Distributions to shareholders | ||
Initial Class | 711,816 | 718,776 |
Investor Class | 5,454,493 | 5,341,786 |
Total | $6,166,309 | $6,060,562 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2021 | |
VIP Communication Services Portfolio | ||||
Initial Class | ||||
Shares sold | 37,799 | 375,260 | $495,902 | $7,485,018 |
Reinvestment of distributions | 42,881 | 39,315 | 711,816 | 718,776 |
Shares redeemed | (318,448) | (231,298) | (4,834,118) | (4,569,512) |
Net increase (decrease) | (237,768) | 183,277 | $(3,626,400) | $3,634,282 |
Investor Class | ||||
Shares sold | 313,782 | 2,608,408 | $4,225,074 | $51,684,003 |
Reinvestment of distributions | 331,580 | 294,724 | 5,454,493 | 5,341,786 |
Shares redeemed | (1,767,642) | (1,740,506) | (25,652,681) | (34,599,108) |
Net increase (decrease) | (1,122,280) | 1,162,626 | $(15,973,114) | $22,426,681 |
Fund | Affiliated % |
VIP: Communication Services Portfolio | 100% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 | |||||||
VIP Communication Services Portfolio | ||||||||||
Initial Class | .69% | |||||||||
Actual | $ 1,000 | $ 910.30 | $ 3.32 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.73 | $ 3.52 | |||||||
Investor Class | .76% | |||||||||
Actual | $ 1,000 | $ 910.20 | $ 3.66 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.37 | $ 3.87 | |||||||
Item 2.
Code of Ethics
As of the end of the period, December 31, 2022, Variable Insurance Products Fund IV (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP ( “PwC ”) in each of the last two fiscal years for services rendered to VIP Communication Services Portfolio, VIP Consumer Discretionary Portfolio, VIP Consumer Staples Portfolio, VIP Energy Portfolio, VIP Financial Services Portfolio, VIP Health Care Portfolio, VIP Industrials Portfolio, VIP Materials Portfolio, VIP Real Estate Portfolio, VIP Technology Portfolio and VIP Utilities Portfolio (the “Funds ”):
Services Billed by PwC
December 31, 2022 Fees A
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
VIP Communication Services Portfolio | $32,300 | $2,900 | $6,400 | $1,000 |
VIP Consumer Discretionary Portfolio | $32,300 | $2,900 | $6,400 | $1,000 |
VIP Consumer Staples Portfolio | $32,300 | $2,900 | $6,400 | $1,000 |
VIP Energy Portfolio | $32,300 | $2,900 | $7,400 | $1,000 |
VIP Financial Services Portfolio | $32,700 | $2,900 | $6,800 | $1,000 |
VIP Health Care Portfolio | $35,800 | $3,100 | $6,800 | $1,100 |
VIP Industrials Portfolio | $32,300 | $2,900 | $6,400 | $1,000 |
VIP Materials Portfolio | $32,300 | $2,900 | $6,400 | $1,000 |
VIP Real Estate Portfolio | $39,100 | $3,600 | $8,700 | $1,200 |
VIP Technology Portfolio | $36,500 | $3,200 | $6,400 | $1,100 |
VIP Utilities Portfolio | $31,300 | $2,800 | $6,600 | $1,000 |
December 31, 2021 Fees A
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
VIP Communication Services Portfolio | $31,400 | $3,100 | $6,200 | $1,000 |
VIP Consumer Discretionary Portfolio | $31,400 | $3,100 | $6,200 | $1,000 |
VIP Consumer Staples Portfolio | $31,400 | $3,100 | $6,200 | $1,000 |
VIP Energy Portfolio | $31,400 | $3,100 | $6,200 | $1,000 |
VIP Financial Services Portfolio | $31,900 | $3,100 | $6,200 | $1,000 |
VIP Health Care Portfolio | $34,800 | $3,400 | $6,200 | $1,100 |
VIP Industrials Portfolio | $31,400 | $3,100 | $6,200 | $1,000 |
VIP Materials Portfolio | $31,400 | $3,100 | $6,200 | $1,000 |
VIP Real Estate Portfolio | $38,100 | $3,800 | $8,400 | $1,200 |
VIP Technology Portfolio | $35,600 | $3,400 | $6,200 | $1,100 |
VIP Utilities Portfolio | $30,400 | $3,000 | $6,200 | $1,000 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ( “Fund Service Providers ”):
Services Billed by PwC
December 31, 2022 A | December 31, 2021 A | |
Audit-Related Fees | $7,914,600 | $8,522,600 |
Tax Fees | $1,000 | $354,200 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees ” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees ” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees ” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | December 31, 2022 A | December 31, 2021 A |
PwC | $13,002,100 | $14,236,600 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR ’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust ’s Audit Committee must pre-approve all audit and non-audit services provided by a fund ’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee ’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service
provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ( “Covered Service ”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair ’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ( “De Minimis Exception ”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund ’s(s ’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
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 trust ’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust ’s 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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 IV
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | February 21, 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: | February 21, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | February 21, 2023 |