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)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | December 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 4.26% | 9.75% | 10.52% |
Service Class 2 | 4.01% | 9.50% | 10.39% |
Investor Class | 4.22% | 9.68% | 10.43% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Health Care Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 9.5 | |
Boston Scientific Corp. | 9.0 | |
Eli Lilly & Co. | 7.3 | |
Danaher Corp. | 6.5 | |
CVS Health Corp. | 4.5 | |
Thermo Fisher Scientific, Inc. | 4.4 | |
Regeneron Pharmaceuticals, Inc. | 4.4 | |
Penumbra, Inc. | 4.0 | |
Cigna Group | 3.8 | |
Merck & Co., Inc. | 3.0 | |
56.4 | ||
Industries (% of Fund's net assets) | ||
Health Care Providers & Services | 28.2 | |
Health Care Equipment & Supplies | 21.8 | |
Biotechnology | 18.0 | |
Life Sciences Tools & Services | 15.3 | |
Pharmaceuticals | 13.9 | |
Health Care Technology | 1.9 | |
Financial Services | 0.1 | |
Common Stocks - 98.2% | |||
Shares | Value ($) | ||
Biotechnology - 17.5% | |||
Biotechnology - 17.5% | |||
Acelyrin, Inc. | 130,000 | 969,800 | |
Allogene Therapeutics, Inc. (a)(b) | 600,000 | 1,926,000 | |
Alnylam Pharmaceuticals, Inc. (a) | 52,000 | 9,953,320 | |
Ambrx Biopharma, Inc. | 60,000 | 854,400 | |
Arcellx, Inc. (a) | 67,000 | 3,718,500 | |
Arcus Biosciences, Inc. (a) | 110,000 | 2,101,000 | |
Argenx SE ADR (a) | 41,500 | 15,787,845 | |
Ascendis Pharma A/S sponsored ADR (a) | 110,000 | 13,854,500 | |
Avidity Biosciences, Inc. (a) | 150,000 | 1,357,500 | |
Blueprint Medicines Corp. (a) | 106,148 | 9,791,092 | |
Cargo Therapeutics, Inc. | 146,625 | 3,394,369 | |
Caris Life Sciences, Inc. (a)(c)(d) | 254,430 | 735,303 | |
Celldex Therapeutics, Inc. (a) | 100,000 | 3,966,000 | |
Cerevel Therapeutics Holdings (a) | 100,000 | 4,240,000 | |
Cytokinetics, Inc. (a)(b) | 265,000 | 22,124,850 | |
Janux Therapeutics, Inc. (a) | 80,000 | 858,400 | |
Keros Therapeutics, Inc. (a) | 70,000 | 2,783,200 | |
Legend Biotech Corp. ADR (a) | 187,500 | 11,281,875 | |
Morphic Holding, Inc. (a) | 60,000 | 1,732,800 | |
Nuvalent, Inc. Class A (a) | 85,300 | 6,277,227 | |
Poseida Therapeutics, Inc. (a) | 310,000 | 1,041,600 | |
Regeneron Pharmaceuticals, Inc. (a) | 57,000 | 50,062,530 | |
Repligen Corp. (a) | 18,000 | 3,236,400 | |
Vaxcyte, Inc. (a) | 208,000 | 13,062,400 | |
Viridian Therapeutics, Inc. (a) | 155,000 | 3,375,900 | |
Xencor, Inc. (a) | 180,000 | 3,821,400 | |
Xenon Pharmaceuticals, Inc. (a) | 135,000 | 6,218,100 | |
Zentalis Pharmaceuticals, Inc. (a) | 128,000 | 1,939,200 | |
200,465,511 | |||
Health Care Equipment & Supplies - 21.8% | |||
Health Care Equipment - 21.8% | |||
Boston Scientific Corp. (a) | 1,775,517 | 102,642,638 | |
Edwards Lifesciences Corp. (a) | 208,000 | 15,860,000 | |
Glaukos Corp. (a) | 140,300 | 11,152,447 | |
Inspire Medical Systems, Inc. (a) | 74,000 | 15,053,820 | |
Insulet Corp. (a) | 81,500 | 17,683,870 | |
Intuitive Surgical, Inc. (a) | 10,000 | 3,373,600 | |
Masimo Corp. (a) | 148,824 | 17,443,661 | |
Outset Medical, Inc. (a)(b) | 140,000 | 757,400 | |
Penumbra, Inc. (a) | 184,000 | 46,283,360 | |
PROCEPT BioRobotics Corp. (a) | 92,100 | 3,859,911 | |
Stryker Corp. | 47,500 | 14,224,350 | |
Tandem Diabetes Care, Inc. (a) | 40,000 | 1,183,200 | |
249,518,257 | |||
Health Care Providers & Services - 28.2% | |||
Health Care Facilities - 2.3% | |||
Acadia Healthcare Co., Inc. (a) | 126,000 | 9,797,760 | |
Surgery Partners, Inc. (a) | 515,000 | 16,474,850 | |
26,272,610 | |||
Health Care Services - 12.0% | |||
agilon health, Inc. (a)(b) | 1,708,642 | 21,443,457 | |
Cigna Group | 146,500 | 43,869,425 | |
CVS Health Corp. | 650,000 | 51,324,000 | |
LifeStance Health Group, Inc. (a) | 1,103,152 | 8,637,680 | |
Privia Health Group, Inc. (a) | 525,000 | 12,090,750 | |
137,365,312 | |||
Managed Health Care - 13.9% | |||
Alignment Healthcare, Inc. (a) | 552,200 | 4,754,442 | |
Centene Corp. (a) | 415,000 | 30,797,150 | |
Humana, Inc. | 17,000 | 7,782,770 | |
Molina Healthcare, Inc. (a) | 20,000 | 7,226,200 | |
UnitedHealth Group, Inc. | 208,000 | 109,505,760 | |
160,066,322 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 323,704,244 | ||
Health Care Technology - 1.6% | |||
Health Care Technology - 1.6% | |||
Evolent Health, Inc. | 168,500 | 5,565,555 | |
Evolent Health, Inc. Class A (a) | 85,000 | 2,807,550 | |
Phreesia, Inc. (a) | 181,725 | 4,206,934 | |
Veeva Systems, Inc. Class A (a) | 30,000 | 5,775,600 | |
18,355,639 | |||
Life Sciences Tools & Services - 15.3% | |||
Life Sciences Tools & Services - 15.3% | |||
10X Genomics, Inc. (a) | 340,000 | 19,026,400 | |
Bruker Corp. | 150,000 | 11,022,000 | |
Danaher Corp. | 320,000 | 74,028,800 | |
IQVIA Holdings, Inc. (a) | 57,500 | 13,304,350 | |
Lonza Group AG | 10,000 | 4,215,865 | |
Thermo Fisher Scientific, Inc. | 96,000 | 50,955,840 | |
West Pharmaceutical Services, Inc. | 6,900 | 2,429,628 | |
174,982,883 | |||
Pharmaceuticals - 13.8% | |||
Pharmaceuticals - 13.8% | |||
AstraZeneca PLC (United Kingdom) | 138,000 | 18,614,807 | |
Eli Lilly & Co. | 143,000 | 83,357,560 | |
Enliven Therapeutics, Inc. (a) | 60,000 | 830,400 | |
Merck & Co., Inc. | 310,000 | 33,796,200 | |
Pharvaris BV (a) | 101,000 | 2,833,050 | |
Royalty Pharma PLC | 347,405 | 9,758,606 | |
Structure Therapeutics, Inc. ADR | 89,367 | 3,642,599 | |
UCB SA | 45,000 | 3,919,574 | |
Verona Pharma PLC ADR (a) | 85,000 | 1,689,800 | |
158,442,596 | |||
TOTAL COMMON STOCKS (Cost $728,035,622) | 1,125,469,130 | ||
Convertible Preferred Stocks - 1.0% | |||
Shares | Value ($) | ||
Biotechnology - 0.5% | |||
Biotechnology - 0.5% | |||
Asimov, Inc. Series B (a)(c)(d) | 13,047 | 588,159 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 398,133 | 1,150,604 | |
Cleerly, Inc. Series C (a)(c)(d) | 179,891 | 1,946,421 | |
Element Biosciences, Inc. Series C (a)(c)(d) | 72,178 | 1,081,948 | |
ElevateBio LLC Series C (a)(c)(d) | 31,200 | 99,528 | |
Inscripta, Inc. Series E (a)(c)(d) | 157,568 | 575,123 | |
5,441,783 | |||
Financial Services - 0.1% | |||
Specialized Finance - 0.1% | |||
Saluda Medical, Inc. Series E (c)(d) | 163,717 | 1,337,568 | |
Health Care Providers & Services - 0.0% | |||
Health Care Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | 45,182 | 267,477 | |
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
Aledade, Inc.: | |||
Series B1 (a)(c)(d) | 24,966 | 1,198,368 | |
Series E1 (a)(c)(d) | 10,776 | 517,248 | |
Omada Health, Inc. Series E (a)(c)(d) | 281,490 | 1,193,518 | |
Wugen, Inc. Series B (a)(c)(d) | 57,585 | 326,507 | |
3,235,641 | |||
Pharmaceuticals - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Galvanize Therapeutics Series B (a)(c)(d) | 505,495 | 561,099 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $16,024,878) | 10,843,568 | ||
Money Market Funds - 3.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (e) | 6,858,182 | 6,859,554 | |
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f) | 34,267,822 | 34,271,248 | |
TOTAL MONEY MARKET FUNDS (Cost $41,130,802) | 41,130,802 | ||
TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $785,191,302) | 1,177,443,500 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (31,864,635) |
NET ASSETS - 100.0% | 1,145,578,865 |
(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 $11,578,871 or 1.0% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 955,966 |
Aledade, Inc. Series E1 | 5/20/22 | 536,800 |
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 |
Saluda Medical, Inc. Series E | 4/06/23 | 1,321,818 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 8,270,343 | 194,227,013 | 195,637,802 | 379,073 | - | - | 6,859,554 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 53,909,480 | 154,942,212 | 174,580,444 | 55,558 | - | - | 34,271,248 | 0.1% |
Total | 62,179,823 | 349,169,225 | 370,218,246 | 434,631 | - | - | 41,130,802 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,125,469,130 | 1,101,903,155 | 22,830,672 | 735,303 |
Convertible Preferred Stocks | 10,843,568 | - | - | 10,843,568 |
Money Market Funds | 41,130,802 | 41,130,802 | - | - |
Total Investments in Securities: | 1,177,443,500 | 1,143,033,957 | 22,830,672 | 11,578,871 |
Investments in Securities: | |||
Convertible Preferred Stocks | |||
Beginning Balance | $ | 12,279,992 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (2,079,506) | ||
Cost of Purchases | 1,321,818 | ||
Proceeds of Sales | (678,736) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 10,843,568 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | (1,804,214) | |
Other Investments in Securities | |||
Beginning Balance | $ | 1,424,808 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (689,505) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 735,303 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | (689,505) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $33,345,419) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $744,060,500) | $ | 1,136,312,698 | ||
Fidelity Central Funds (cost $41,130,802) | 41,130,802 | |||
Total Investment in Securities (cost $785,191,302) | $ | 1,177,443,500 | ||
Receivable for investments sold | 6,911,053 | |||
Receivable for fund shares sold | 321,543 | |||
Dividends receivable | 814,967 | |||
Distributions receivable from Fidelity Central Funds | 26,855 | |||
Prepaid expenses | 2,329 | |||
Other receivables | 6,518 | |||
Total assets | 1,185,526,765 | |||
Liabilities | ||||
Payable to custodian bank | $ | 970 | ||
Payable for investments purchased | 4,234,747 | |||
Payable for fund shares redeemed | 718,127 | |||
Accrued management fee | 484,649 | |||
Distribution and service plan fees payable | 58,291 | |||
Other affiliated payables | 130,300 | |||
Other payables and accrued expenses | 55,266 | |||
Collateral on securities loaned | 34,265,550 | |||
Total Liabilities | 39,947,900 | |||
Net Assets | $ | 1,145,578,865 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 784,294,512 | ||
Total accumulated earnings (loss) | 361,284,353 | |||
Net Assets | $ | 1,145,578,865 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($121,129,316 ÷ 3,534,397 shares) | $ | 34.27 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($292,411,212 ÷ 8,611,588 shares) | $ | 33.96 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($732,038,337 ÷ 21,628,567 shares) | $ | 33.85 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 6,692,970 | ||
Income from Fidelity Central Funds (including $55,558 from security lending) | 434,631 | |||
Total Income | 7,127,601 | |||
Expenses | ||||
Management fee | $ | 6,099,180 | ||
Transfer agent fees | 1,322,059 | |||
Distribution and service plan fees | 657,790 | |||
Accounting fees | 335,921 | |||
Custodian fees and expenses | 53,984 | |||
Independent trustees' fees and expenses | 7,219 | |||
Audit | 45,378 | |||
Legal | 4,984 | |||
Interest | 1,876 | |||
Miscellaneous | 6,503 | |||
Total expenses before reductions | 8,534,894 | |||
Expense reductions | (71,998) | |||
Total expenses after reductions | 8,462,896 | |||
Net Investment income (loss) | (1,335,295) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 10,768,516 | |||
Foreign currency transactions | (15,988) | |||
Total net realized gain (loss) | 10,752,528 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 35,280,857 | |||
Assets and liabilities in foreign currencies | 33,989 | |||
Total change in net unrealized appreciation (depreciation) | 35,314,846 | |||
Net gain (loss) | 46,067,374 | |||
Net increase (decrease) in net assets resulting from operations | $ | 44,732,079 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,335,295) | $ | (1,989,028) |
Net realized gain (loss) | 10,752,528 | (37,710,579) | ||
Change in net unrealized appreciation (depreciation) | 35,314,846 | (142,009,475) | ||
Net increase (decrease) in net assets resulting from operations | 44,732,079 | (181,709,082) | ||
Distributions to shareholders | - | (78,323,481) | ||
Share transactions - net increase (decrease) | (92,736,495) | 30,988,288 | ||
Total increase (decrease) in net assets | (48,004,416) | (229,044,275) | ||
Net Assets | ||||
Beginning of period | 1,193,583,281 | 1,422,627,556 | ||
End of period | $ | 1,145,578,865 | $ | 1,193,583,281 |
VIP Health Care Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 32.87 | $ | 40.05 | $ | 38.41 | $ | 33.32 | $ | 27.86 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | - C | (.02) | (.01) | .06 | .07 | |||||
Net realized and unrealized gain (loss) | 1.40 | (4.96) | 4.39 | 6.90 | 7.47 | |||||
Total from investment operations | 1.40 | (4.98) | 4.38 | 6.96 | 7.54 | |||||
Distributions from net investment income | - | - | (.04) | (.19) | (.07) | |||||
Distributions from net realized gain | - | (2.20) | (2.71) | (1.67) | (2.01) | |||||
Total distributions | - | (2.20) | (2.74) D | (1.87) D | (2.08) | |||||
Net asset value, end of period | $ | 34.27 | $ | 32.87 | $ | 40.05 | $ | 38.41 | $ | 33.32 |
Total Return E,F | 4.26% | (12.41)% | 11.73% | 21.58% | 28.37% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .63% | .63% | .63% | .64% | .65% | |||||
Expenses net of fee waivers, if any | .62% | .63% | .63% | .64% | .65% | |||||
Expenses net of all reductions | .62% | .63% | .63% | .64% | .65% | |||||
Net investment income (loss) | (.01)% | (.06)% | (.04)% | .18% | .23% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 121,129 | $ | 132,871 | $ | 172,092 | $ | 168,627 | $ | 145,315 |
Portfolio turnover rate I | 49% | 43% | 32% | 51% | 38% |
VIP Health Care Portfolio Service Class 2 |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 32.65 | $ | 39.89 | $ | 38.29 | $ | 33.27 | $ | 28.52 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.08) | (.10) | (.11) | (.03) | (.04) | |||||
Net realized and unrealized gain (loss) | 1.39 | (4.94) | 4.38 | 6.88 | 4.85 | |||||
Total from investment operations | 1.31 | (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 | $ | 33.96 | $ | 32.65 | $ | 39.89 | $ | 38.29 | $ | 33.27 |
Total Return E,F,G | 4.01% | (12.62)% | 11.45% | 21.28% | 16.87% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .88% | .88% | .88% | .89% | .91% J | |||||
Expenses net of fee waivers, if any | .87% | .88% | .87% | .89% | .91% J | |||||
Expenses net of all reductions | .87% | .88% | .87% | .88% | .90% J | |||||
Net investment income (loss) | (.26)% | (.31)% | (.28)% | (.07)% | (.18)% J | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 292,411 | $ | 246,472 | $ | 275,392 | $ | 143,771 | $ | 20,198 |
Portfolio turnover rate K | 49% | 43% | 32% | 51% | 38% |
VIP Health Care Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 32.48 | $ | 39.64 | $ | 38.04 | $ | 33.02 | $ | 27.62 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.03) | (.04) | (.04) | .03 | .04 | |||||
Net realized and unrealized gain (loss) | 1.40 | (4.92) | 4.35 | 6.83 | 7.41 | |||||
Total from investment operations | 1.37 | (4.96) | 4.31 | 6.86 | 7.45 | |||||
Distributions from net investment income | - | - | (.03) | (.17) | (.05) | |||||
Distributions from net realized gain | - | (2.20) | (2.68) | (1.67) | (2.01) | |||||
Total distributions | - | (2.20) | (2.71) | (1.84) | (2.05) C | |||||
Net asset value, end of period | $ | 33.85 | $ | 32.48 | $ | 39.64 | $ | 38.04 | $ | 33.02 |
Total Return D,E | 4.22% | (12.49)% | 11.66% | 21.49% | 28.29% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .70% | .70% | .70% | .72% | .73% | |||||
Expenses net of fee waivers, if any | .70% | .70% | .70% | .72% | .73% | |||||
Expenses net of all reductions | .70% | .70% | .70% | .71% | .73% | |||||
Net investment income (loss) | (.08)% | (.14)% | (.11)% | .10% | .15% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 732,038 | $ | 814,240 | $ | 975,143 | $ | 914,765 | $ | 737,957 |
Portfolio turnover rate H | 49% | 43% | 32% | 51% | 38% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $435,536,253 |
Gross unrealized depreciation | (47,530,126) |
Net unrealized appreciation (depreciation) | $388,006,127 |
Tax Cost | $789,437,373 |
Capital loss carryforward | $(26,752,187) |
Net unrealized appreciation (depreciation) on securities and other investments | $388,036,541 |
Short-term | $(26,752,187) |
Total capital loss carryforward | $(26,752,187) |
December 31, 2023 | December 31, 2022 | |
Long-term Capital Gains | $- | $78,323,481 |
Total | $- | $78,323,481 |
Purchases ($) | Sales ($) | |
VIP Health Care Portfolio | 564,981,661 | 657,292,132 |
Service Class 2 | $657,790 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $79,297 | .06 |
Service Class 2 | 165,763 | .06 |
Investor Class | 1,076,999 | .14 |
$1,322,059 |
% of Average Net Assets | |
VIP Health Care Portfolio | .0287 |
% of Average Net Assets | |
VIP Health Care Portfolio | .03 |
Maximum Management Fee Rate % | |
Initial Class | 0.58 |
Service Class 2 | 0.58 |
Investor Class | 0.66 |
Amount | |
VIP Health Care Portfolio | $9,277 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Health Care Portfolio | Borrower | $ 6,069,500 | 5.57% | $1,876 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Health Care Portfolio | 39,602,243 | 44,238,274 | (24,381) |
Amount | |
VIP Health Care Portfolio | $2,155 |
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 | $5,978 | $1,762 | $- |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Health Care Portfolio | ||
Distributions to shareholders | ||
Initial Class | $- | $9,298,671 |
Service Class 2 | - | 15,645,387 |
Investor Class | - | 53,379,423 |
Total | $- | $78,323,481 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Health Care Portfolio | ||||
Initial Class | ||||
Shares sold | 212,796 | 295,996 | $7,025,917 | $9,770,229 |
Reinvestment of distributions | - | 284,276 | - | 9,298,671 |
Shares redeemed | (721,068) | (834,758) | (23,782,024) | (26,380,793) |
Net increase (decrease) | (508,272) | (254,486) | $(16,756,107) | $(7,311,893) |
Service Class 2 | ||||
Shares sold | 1,989,981 | 1,753,408 | $64,950,522 | $56,484,590 |
Reinvestment of distributions | - | 480,509 | - | 15,645,387 |
Shares redeemed | (928,292) | (1,587,975) | (30,183,005) | (50,671,053) |
Net increase (decrease) | 1,061,689 | 645,942 | $34,767,517 | $21,458,924 |
Investor Class | ||||
Shares sold | 481,184 | 1,365,364 | $15,968,269 | $43,792,392 |
Reinvestment of distributions | - | 1,650,059 | - | 53,379,423 |
Shares redeemed | (3,918,715) | (2,550,391) | (126,716,174) | (80,330,558) |
Net increase (decrease) | (3,437,531) | 465,032 | $(110,747,905) | $16,841,257 |
Fund | Affiliated % | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Health Care Portfolio | 73% | 1 | 23% |
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, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Health Care Portfolio | ||||||||||
Initial Class ** | .62% | |||||||||
Actual | $ 1,000 | $ 1,008.50 | $ 3.14 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.08 | $ 3.16 | |||||||
Service Class 2 | .87% | |||||||||
Actual | $ 1,000 | $ 1,007.40 | $ 4.40 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.82 | $ 4.43 | |||||||
Investor Class | .69% | |||||||||
Actual | $ 1,000 | $ 1,008.30 | $ 3.49 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.73 | $ 3.52 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Health Care Portfolio | ||||||
Initial Class | .58% | |||||
Actual | $ 2.94 | |||||
Hypothetical- B | �� | $ 2.96 | ||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 11.19% | 5.22% | 6.04% |
Service Class | 11.09% | 5.12% | 5.93% |
Service Class 2 | 10.89% | 4.96% | 5.77% |
Investor Class | 11.12% | 5.15% | 5.95% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Real Estate Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Prologis (REIT), Inc. | 11.9 | |
Crown Castle International Corp. | 8.0 | |
Equinix, Inc. | 7.4 | |
American Tower Corp. | 5.9 | |
Ventas, Inc. | 5.5 | |
CubeSmart | 5.3 | |
CBRE Group, Inc. | 4.9 | |
Digital Realty Trust, Inc. | 3.7 | |
Mid-America Apartment Communities, Inc. | 3.6 | |
Welltower, Inc. | 3.5 | |
59.7 | ||
Top REIT Sectors (% of Fund's net assets) | ||
REITs - Diversified | 21.3 | |
REITs - Warehouse/Industrial | 17.7 | |
REITs - Apartments | 11.2 | |
REITs - Health Care | 9.0 | |
REITs - Management/Investment | 7.9 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 98.9% | |||
Shares | Value ($) | ||
Equity Real Estate Investment Trusts (REITs) - 91.9% | |||
REITs - Apartments - 11.2% | |||
Essex Property Trust, Inc. | 52,548 | 13,028,751 | |
Invitation Homes, Inc. | 251,400 | 8,575,254 | |
Mid-America Apartment Communities, Inc. | 103,100 | 13,862,826 | |
UDR, Inc. | 184,400 | 7,060,676 | |
42,527,507 | |||
REITs - Diversified - 21.3% | |||
Crown Castle International Corp. | 261,500 | 30,122,185 | |
Digital Realty Trust, Inc. | 105,100 | 14,144,358 | |
Equinix, Inc. | 34,900 | 28,108,111 | |
Lamar Advertising Co. Class A | 49,400 | 5,250,232 | |
Outfront Media, Inc. | 204,400 | 2,853,424 | |
80,478,310 | |||
REITs - Health Care - 9.0% | |||
Ventas, Inc. | 417,110 | 20,788,762 | |
Welltower, Inc. | 145,500 | 13,119,735 | |
33,908,497 | |||
REITs - Hotels - 2.8% | |||
Ryman Hospitality Properties, Inc. | 95,900 | 10,554,754 | |
REITs - Management/Investment - 7.9% | |||
American Tower Corp. | 104,000 | 22,451,520 | |
NNN (REIT), Inc. | 171,100 | 7,374,410 | |
29,825,930 | |||
REITs - Manufactured Homes - 2.9% | |||
Equity Lifestyle Properties, Inc. | 156,220 | 11,019,759 | |
REITs - Office Property - 2.6% | |||
Alexandria Real Estate Equities, Inc. | 59,300 | 7,517,461 | |
Douglas Emmett, Inc. | 168,100 | 2,437,450 | |
9,954,911 | |||
REITs - Regional Malls - 1.6% | |||
Tanger Factory Outlet Centers, Inc. | 211,200 | 5,854,464 | |
REITs - Shopping Centers - 4.8% | |||
SITE Centers Corp. | 709,800 | 9,674,574 | |
Urban Edge Properties | 466,800 | 8,542,440 | |
18,217,014 | |||
REITs - Single Tenant - 3.6% | |||
Four Corners Property Trust, Inc. | 426,500 | 10,790,450 | |
NETSTREIT Corp. | 167,700 | 2,993,445 | |
13,783,895 | |||
REITs - Storage - 6.5% | |||
CubeSmart | 433,100 | 20,074,185 | |
Extra Space Storage, Inc. | 27,500 | 4,409,075 | |
24,483,260 | |||
REITs - Warehouse/Industrial - 17.7% | |||
Americold Realty Trust | 361,100 | 10,930,497 | |
EastGroup Properties, Inc. | 28,900 | 5,304,306 | |
Prologis (REIT), Inc. | 337,529 | 44,992,616 | |
Terreno Realty Corp. | 89,700 | 5,621,499 | |
66,848,918 | |||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 347,457,219 | ||
Real Estate Management & Development - 7.0% | |||
Real Estate Services - 7.0% | |||
CBRE Group, Inc. (a) | 201,800 | 18,785,562 | |
CoStar Group, Inc. (a) | 89,800 | 7,847,622 | |
26,633,184 | |||
TOTAL COMMON STOCKS (Cost $306,171,831) | 374,090,403 | ||
Money Market Funds - 0.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (b) (Cost $1,955,778) | 1,955,386 | 1,955,778 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $308,127,609) | 376,046,181 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,173,686 |
NET ASSETS - 100.0% | 378,219,867 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 3,046,451 | 105,333,941 | 106,424,614 | 129,319 | - | - | 1,955,778 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 2,070,800 | 22,755,661 | 24,826,461 | 50,753 | - | - | - | 0.0% |
Total | 5,117,251 | 128,089,602 | 131,251,075 | 180,072 | - | - | 1,955,778 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 374,090,403 | 374,090,403 | - | - |
Money Market Funds | 1,955,778 | 1,955,778 | - | - |
Total Investments in Securities: | 376,046,181 | 376,046,181 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $306,171,831) | $ | 374,090,403 | ||
Fidelity Central Funds (cost $1,955,778) | 1,955,778 | |||
Total Investment in Securities (cost $308,127,609) | $ | 376,046,181 | ||
Receivable for investments sold | 1,919,657 | |||
Receivable for fund shares sold | 13,737 | |||
Dividends receivable | 1,693,601 | |||
Distributions receivable from Fidelity Central Funds | 5,800 | |||
Prepaid expenses | 866 | |||
Other receivables | 1,779 | |||
Total assets | 379,681,621 | |||
Liabilities | ||||
Payable for investments purchased | $ | 883,453 | ||
Payable for fund shares redeemed | 295,520 | |||
Accrued management fee | 161,269 | |||
Distribution and service plan fees payable | 30,958 | |||
Other affiliated payables | 39,757 | |||
Other payables and accrued expenses | 50,797 | |||
Total Liabilities | 1,461,754 | |||
Net Assets | $ | 378,219,867 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 322,398,866 | ||
Total accumulated earnings (loss) | 55,821,001 | |||
Net Assets | $ | 378,219,867 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($66,471,140 ÷ 3,853,314 shares) | $ | 17.25 | ||
Service Class : | ||||
Net Asset Value, offering price and redemption price per share ($12,624,564 ÷ 735,659 shares) | $ | 17.16 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($146,734,304 ÷ 8,690,475 shares) | $ | 16.88 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($152,389,859 ÷ 8,896,613 shares) | $ | 17.13 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 10,427,063 | ||
Income from Fidelity Central Funds (including $50,753 from security lending) | 180,072 | |||
Total Income | 10,607,135 | |||
Expenses | ||||
Management fee | $ | 1,777,482 | ||
Transfer agent fees | 328,563 | |||
Distribution and service plan fees | 291,608 | |||
Accounting fees | 120,041 | |||
Custodian fees and expenses | 11,083 | |||
Independent trustees' fees and expenses | 2,149 | |||
Audit | 50,955 | |||
Legal | 1,044 | |||
Miscellaneous | 1,863 | |||
Total expenses before reductions | 2,584,788 | |||
Expense reductions | (20,637) | |||
Total expenses after reductions | 2,564,151 | |||
Net Investment income (loss) | 8,042,984 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (11,311,869) | |||
Total net realized gain (loss) | (11,311,869) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 41,214,134 | |||
Net gain (loss) | 29,902,265 | |||
Net increase (decrease) in net assets resulting from operations | $ | 37,945,249 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 8,042,984 | $ | 6,689,241 |
Net realized gain (loss) | (11,311,869) | 12,272,372 | ||
Change in net unrealized appreciation (depreciation) | 41,214,134 | (155,468,615) | ||
Net increase (decrease) in net assets resulting from operations | 37,945,249 | (136,507,002) | ||
Distributions to shareholders | (22,455,500) | (17,453,553) | ||
Share transactions - net increase (decrease) | 30,532,499 | (27,789,290) | ||
Total increase (decrease) in net assets | 46,022,248 | (181,749,845) | ||
Net Assets | ||||
Beginning of period | 332,197,619 | 513,947,464 | ||
End of period | $ | 378,219,867 | $ | 332,197,619 |
VIP Real Estate Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.54 | $ | 23.81 | $ | 17.43 | $ | 19.79 | $ | 16.68 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .40 | .34 | .23 | .31 | .43 | |||||
Net realized and unrealized gain (loss) | 1.41 | (6.76) | 6.52 | (1.54) | 3.41 | |||||
Total from investment operations | 1.81 | (6.42) | 6.75 | (1.23) | 3.84 | |||||
Distributions from net investment income | (.40) | (.25) | (.22) C | (.37) | (.34) | |||||
Distributions from net realized gain | (.70) | (.59) | (.15) C | (.76) | (.39) | |||||
Total distributions | (1.10) | (.85) D | (.37) | (1.13) | (.73) | |||||
Net asset value, end of period | $ | 17.25 | $ | 16.54 | $ | 23.81 | $ | 17.43 | $ | 19.79 |
Total Return E,F | 11.19% | (27.51)% | 38.99% | (6.55)% | 23.22% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .64% | .64% | .64% | .66% | .66% | |||||
Expenses net of fee waivers, if any | .64% | .64% | .64% | .66% | .66% | |||||
Expenses net of all reductions | .64% | .64% | .64% | .65% | .65% | |||||
Net investment income (loss) | 2.49% | 1.80% | 1.11% | 1.83% | 2.21% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 66,471 | $ | 66,060 | $ | 95,219 | $ | 69,612 | $ | 90,029 |
Portfolio turnover rate I | 33% | 53% | 31% | 83% | 44% |
VIP Real Estate Portfolio Service Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.46 | $ | 23.70 | $ | 17.35 | $ | 19.70 | $ | 16.61 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .39 | .32 | .21 | .29 | .41 | |||||
Net realized and unrealized gain (loss) | 1.40 | (6.73) | 6.48 | (1.52) | 3.39 | |||||
Total from investment operations | 1.79 | (6.41) | 6.69 | (1.23) | 3.80 | |||||
Distributions from net investment income | (.39) | (.24) | (.19) C | (.36) | (.33) | |||||
Distributions from net realized gain | (.70) | (.59) | (.15) C | (.76) | (.39) | |||||
Total distributions | (1.09) | (.83) | (.34) | (1.12) | (.71) D | |||||
Net asset value, end of period | $ | 17.16 | $ | 16.46 | $ | 23.70 | $ | 17.35 | $ | 19.70 |
Total Return E,F | 11.09% | (27.59)% | 38.80% | (6.61)% | 23.09% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .74% | .74% | .74% | .76% | .76% | |||||
Expenses net of fee waivers, if any | .74% | .74% | .74% | .76% | .76% | |||||
Expenses net of all reductions | .74% | .74% | .74% | .75% | .75% | |||||
Net investment income (loss) | 2.39% | 1.70% | 1.01% | 1.73% | 2.11% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 12,625 | $ | 12,149 | $ | 15,071 | $ | 14,062 | $ | 12,933 |
Portfolio turnover rate I | 33% | 53% | 31% | 83% | 44% |
VIP Real Estate Portfolio Service Class 2 |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.22 | $ | 23.36 | $ | 17.11 | $ | 19.45 | $ | 16.40 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .35 | .29 | .17 | .26 | .37 | |||||
Net realized and unrealized gain (loss) | 1.38 | (6.63) | 6.40 | (1.51) | 3.36 | |||||
Total from investment operations | 1.73 | (6.34) | 6.57 | (1.25) | 3.73 | |||||
Distributions from net investment income | (.37) | (.21) | (.17) C | (.33) | (.30) | |||||
Distributions from net realized gain | (.70) | (.58) | (.15) C | (.76) | (.39) | |||||
Total distributions | (1.07) | (.80) D | (.32) | (1.09) | (.68) D | |||||
Net asset value, end of period | $ | 16.88 | $ | 16.22 | $ | 23.36 | $ | 17.11 | $ | 19.45 |
Total Return E,F | 10.89% | (27.69)% | 38.64% | (6.79)% | 22.95% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .89% | .89% | .89% | .91% | .91% | |||||
Expenses net of fee waivers, if any | .89% | .89% | .89% | .91% | .91% | |||||
Expenses net of all reductions | .89% | .89% | .89% | .90% | .90% | |||||
Net investment income (loss) | 2.24% | 1.55% | .86% | 1.58% | 1.96% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 146,734 | $ | 97,994 | $ | 158,332 | $ | 105,694 | $ | 124,526 |
Portfolio turnover rate I | 33% | 53% | 31% | 83% | 44% |
VIP Real Estate Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.43 | $ | 23.66 | $ | 17.32 | $ | 19.67 | $ | 16.58 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .39 | .33 | .21 | .30 | .41 | |||||
Net realized and unrealized gain (loss) | 1.40 | (6.73) | 6.49 | (1.53) | 3.40 | |||||
Total from investment operations | 1.79 | (6.40) | 6.70 | (1.23) | 3.81 | |||||
Distributions from net investment income | (.39) | (.24) | (.21) C | (.36) | (.33) | |||||
Distributions from net realized gain | (.70) | (.59) | (.15) C | (.76) | (.39) | |||||
Total distributions | (1.09) | (.83) | (.36) | (1.12) | (.72) | |||||
Net asset value, end of period | $ | 17.13 | $ | 16.43 | $ | 23.66 | $ | 17.32 | $ | 19.67 |
Total Return D,E | 11.12% | (27.58)% | 38.92% | (6.61)% | 23.15% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .72% | .72% | .72% | .74% | .74% | |||||
Expenses net of fee waivers, if any | .71% | .72% | .71% | .74% | .73% | |||||
Expenses net of all reductions | .71% | .72% | .71% | .73% | .73% | |||||
Net investment income (loss) | 2.42% | 1.72% | 1.03% | 1.75% | 2.13% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 152,390 | $ | 155,995 | $ | 245,326 | $ | 150,117 | $ | 192,874 |
Portfolio turnover rate H | 33% | 53% | 31% | 83% | 44% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $85,121,572 |
Gross unrealized depreciation | (18,464,929) |
Net unrealized appreciation (depreciation) | $66,656,643 |
Tax Cost | $309,389,538 |
Undistributed ordinary income | $1,144,638 |
Capital loss carryforward | $(11,980,281) |
Net unrealized appreciation (depreciation) on securities and other investments | $66,656,643 |
Short-term | $(7,446,135) |
Long-term | (4,534,146) |
Total capital loss carryforward | $(11,980,281) |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $8,380,674 | $8,774,250 |
Long-term Capital Gains | 14,074,826 | 8,679,303 |
Total | $22,455,500 | $17,453,553 |
Purchases ($) | Sales ($) | |
VIP Real Estate Portfolio | 129,895,761 | 112,118,889 |
Service Class | $12,480 |
Service Class 2 | 279,128 |
$291,608 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $ 40,257 | .06 |
Service Class | 7,862 | .06 |
Service Class 2 | 70,340 | .06 |
Investor Class | 210,104 | .14 |
$328,563 |
% of Average Net Assets | |
VIP Real Estate Portfolio | 0.0353 |
% of Average Net Assets | |
VIP Real Estate Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | 0.58 |
Service Class | 0.58 |
Service Class 2 | 0.58 |
Investor Class | 0.66 |
Amount | |
VIP Real Estate Portfolio | $ 1,924 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Real Estate Portfolio | 6,316,752 | 8,455,017 | 263,319 |
Amount | |
VIP Real Estate Portfolio | $614 |
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 | $5,500 | $- | $- |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Real Estate Portfolio | ||
Distributions to shareholders | ||
Initial Class | $ 4,249,940 | $3,366,351 |
Service Class | 835,505 | 559,733 |
Service Class 2 | 7,307,505 | 5,225,323 |
Investor Class | 10,062,550 | 8,302,146 |
Total | $22,455,500 | $17,453,553 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Real Estate Portfolio | ||||
Initial Class | ||||
Shares sold | 420,196 | 450,719 | $6,729,502 | $8,747,373 |
Reinvestment of distributions | 251,029 | 171,237 | 4,249,940 | 3,366,350 |
Shares redeemed | (812,224) | (626,425) | (13,305,910) | (12,167,123) |
Net increase (decrease) | (140,999) | (4,469) | $(2,326,468) | $(53,400) |
Service Class | ||||
Shares sold | 190,511 | 269,375 | $3,038,056 | $4,941,492 |
Reinvestment of distributions | 49,656 | 28,665 | 835,505 | 559,733 |
Shares redeemed | (242,581) | (195,743) | (3,902,446) | (3,613,979) |
Net increase (decrease) | (2,414) | 102,297 | $(28,885) | $1,887,246 |
Service Class 2 | ||||
Shares sold | 3,603,805 | 2,102,703 | $56,416,922 | $41,393,596 |
Reinvestment of distributions | 443,372 | 268,267 | 7,307,505 | 5,225,323 |
Shares redeemed | (1,398,475) | (3,106,302) | (22,062,376) | (60,881,093) |
Net increase (decrease) | 2,648,702 | (735,332) | $41,662,051 | $(14,262,174) |
Investor Class | ||||
Shares sold | 457,345 | 792,516 | $7,535,478 | $16,739,279 |
Reinvestment of distributions | 597,354 | 422,934 | 10,062,550 | 8,302,146 |
Shares redeemed | (1,653,432) | (2,090,615) | (26,372,227) | (40,402,387) |
Net increase (decrease) | (598,733) | (875,165) | $(8,774,199) | $(15,360,962) |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Real Estate Portfolio | 46 | 1 | 19 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Real Estate Portfolio | ||||||||||
Initial Class ** | .63% | |||||||||
Actual | $ 1,000 | $ 1,066.10 | $ 3.28 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.03 | $ 3.21 | |||||||
Service Class ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,065.00 | $ 3.80 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
Service Class 2 ** | .89% | |||||||||
Actual | $ 1,000 | $ 1,064.10 | $ 4.63 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.72 | $ 4.53 | |||||||
Investor Class ** | .71% | |||||||||
Actual | $ 1,000 | $ 1,065.80 | $ 3.70 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.63 | $ 3.62 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Real Estate Portfolio | ||||||
Initial Class | .59% | |||||
Actual | $ 3.07 | |||||
Hypothetical- B | $ 3.01 | |||||
Service Class | .69% | |||||
Actual | $ 3.59 | |||||
Hypothetical- B | $ 3.52 | |||||
Service Class 2 | .84% | |||||
Actual | $ 4.37 | |||||
Hypothetical- B | $ 4.28 | |||||
Investor Class | .67% | |||||
Actual | $ 3.49 | |||||
Hypothetical- B | $ 3.41 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 14.73% | 13.65% | 9.40% |
Service Class 2 | 14.59% | 13.62% | 9.39% |
Investor Class | 14.57% | 13.56% | 9.31% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Financials Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
MasterCard, Inc. Class A | 9.5 | |
Wells Fargo & Co. | 7.5 | |
Bank of America Corp. | 5.9 | |
Reinsurance Group of America, Inc. | 3.6 | |
Chubb Ltd. | 3.1 | |
Morgan Stanley | 2.7 | |
Citigroup, Inc. | 2.7 | |
Moody's Corp. | 2.7 | |
PNC Financial Services Group, Inc. | 2.3 | |
Apollo Global Management, Inc. | 2.2 | |
42.2 | ||
Industries (% of Fund's net assets) | ||
Banks | 35.9 | |
Insurance | 21.3 | |
Financial Services | 19.3 | |
Capital Markets | 18.9 | |
Consumer Finance | 3.5 | |
Professional Services | 1.0 | |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
Banks - 35.9% | |||
Diversified Banks - 22.1% | |||
Bank of America Corp. | 351,600 | 11,838,372 | |
Citigroup, Inc. | 105,600 | 5,432,064 | |
KeyCorp | 226,500 | 3,261,600 | |
PNC Financial Services Group, Inc. | 30,000 | 4,645,500 | |
U.S. Bancorp | 97,500 | 4,219,800 | |
Wells Fargo & Co. | 308,577 | 15,188,160 | |
44,585,496 | |||
Regional Banks - 13.8% | |||
Associated Banc-Corp. | 98,400 | 2,104,776 | |
BOK Financial Corp. | 13,545 | 1,160,129 | |
Cadence Bank | 47,010 | 1,391,026 | |
East West Bancorp, Inc. | 34,200 | 2,460,690 | |
Eastern Bankshares, Inc. | 75,800 | 1,076,360 | |
First Hawaiian, Inc. | 58,500 | 1,337,310 | |
First Interstate Bancsystem, Inc. | 70,569 | 2,169,997 | |
Heartland Financial U.S.A., Inc. | 36,400 | 1,369,004 | |
Huntington Bancshares, Inc. | 670 | 8,522 | |
M&T Bank Corp. | 26,430 | 3,623,024 | |
Popular, Inc. | 47,400 | 3,890,118 | |
Truist Financial Corp. | 94,700 | 3,496,324 | |
UMB Financial Corp. | 17,800 | 1,487,190 | |
WesBanco, Inc. | 40,700 | 1,276,759 | |
Wintrust Financial Corp. | 11,600 | 1,075,900 | |
27,927,129 | |||
TOTAL BANKS | 72,512,625 | ||
Capital Markets - 18.9% | |||
Asset Management & Custody Banks - 7.8% | |||
AllianceBernstein Holding LP | 64,400 | 1,998,332 | |
Bank of New York Mellon Corp. | 49,800 | 2,592,090 | |
Blue Owl Capital, Inc. Class A | 84,700 | 1,262,030 | |
Carlyle Group LP | 22,600 | 919,594 | |
Northern Trust Corp. | 30,700 | 2,590,466 | |
Patria Investments Ltd. | 156,700 | 2,430,417 | |
State Street Corp. | 50,300 | 3,896,238 | |
15,689,167 | |||
Financial Exchanges & Data - 4.4% | |||
Bolsa Mexicana de Valores S.A.B. de CV | 684,000 | 1,415,450 | |
MarketAxess Holdings, Inc. | 7,200 | 2,108,520 | |
Moody's Corp. | 13,700 | 5,350,672 | |
8,874,642 | |||
Investment Banking & Brokerage - 6.7% | |||
Lazard, Inc. Class A | 60,200 | 2,094,960 | |
Morgan Stanley | 59,600 | 5,557,700 | |
Raymond James Financial, Inc. | 22,950 | 2,558,925 | |
Stifel Financial Corp. | 32,500 | 2,247,375 | |
Virtu Financial, Inc. Class A | 58,900 | 1,193,314 | |
13,652,274 | |||
TOTAL CAPITAL MARKETS | 38,216,083 | ||
Consumer Finance - 3.5% | |||
Consumer Finance - 3.5% | |||
Discover Financial Services | 31,400 | 3,529,360 | |
FirstCash Holdings, Inc. | 20,238 | 2,193,597 | |
OneMain Holdings, Inc. | 27,200 | 1,338,240 | |
7,061,197 | |||
Financial Services - 19.3% | |||
Commercial & Residential Mortgage Finance - 1.8% | |||
Essent Group Ltd. | 37,200 | 1,961,928 | |
Walker & Dunlop, Inc. | 15,600 | 1,731,756 | |
3,693,684 | |||
Diversified Financial Services - 3.3% | |||
Apollo Global Management, Inc. | 47,900 | 4,463,801 | |
Corebridge Financial, Inc. | 102,100 | 2,211,486 | |
6,675,287 | |||
Multi-Sector Holdings - 0.6% | |||
Cannae Holdings, Inc. (a) | 61,100 | 1,192,061 | |
Transaction & Payment Processing Services - 13.6% | |||
Fiserv, Inc. (a) | 27,100 | 3,599,964 | |
FleetCor Technologies, Inc. (a) | 7,200 | 2,034,792 | |
Global Payments, Inc. | 20,300 | 2,578,100 | |
MasterCard, Inc. Class A | 45,000 | 19,192,950 | |
27,405,806 | |||
TOTAL FINANCIAL SERVICES | 38,966,838 | ||
Insurance - 21.3% | |||
Insurance Brokers - 4.7% | |||
Arthur J. Gallagher & Co. | 12,400 | 2,788,512 | |
BRP Group, Inc. (a) | 94,947 | 2,280,627 | |
Marsh & McLennan Companies, Inc. | 22,800 | 4,319,916 | |
9,389,055 | |||
Life & Health Insurance - 1.3% | |||
Globe Life, Inc. | 22,300 | 2,714,356 | |
Multi-Line Insurance - 0.0% | |||
Assurant, Inc. | 100 | 16,849 | |
Property & Casualty Insurance - 11.6% | |||
American Financial Group, Inc. | 23,600 | 2,805,804 | |
Beazley PLC | 234,979 | 1,563,473 | |
Chubb Ltd. | 27,400 | 6,192,400 | |
Direct Line Insurance Group PLC (a) | 762,000 | 1,767,250 | |
Fidelity National Financial, Inc. | 40,300 | 2,056,106 | |
First American Financial Corp. | 18,800 | 1,211,472 | |
Hartford Financial Services Group, Inc. | 38,600 | 3,102,668 | |
Hiscox Ltd. | 203,700 | 2,736,671 | |
Lancashire Holdings Ltd. | 207,200 | 1,648,031 | |
The Travelers Companies, Inc. | 1,912 | 364,217 | |
23,448,092 | |||
Reinsurance - 3.7% | |||
Enstar Group Ltd. (a) | 600 | 176,610 | |
Reinsurance Group of America, Inc. | 45,600 | 7,377,168 | |
7,553,778 | |||
TOTAL INSURANCE | 43,122,130 | ||
Professional Services - 1.0% | |||
Research & Consulting Services - 1.0% | |||
Dun & Bradstreet Holdings, Inc. | 174,400 | 2,040,480 | |
TOTAL COMMON STOCKS (Cost $164,535,213) | 201,919,353 | ||
Money Market Funds - 0.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (b) (Cost $326,031) | 325,966 | 326,031 | |
TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $164,861,244) | 202,245,384 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (152,996) |
NET ASSETS - 100.0% | 202,092,388 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.40% | - | 37,085,904 | 36,759,873 | 23,808 | - | - | 326,031 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | - | 43,099,958 | 43,099,958 | 3,356 | - | - | - | 0.0% |
Total | - | 80,185,862 | 79,859,831 | 27,164 | - | - | 326,031 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 201,919,353 | 201,919,353 | - | - |
Money Market Funds | 326,031 | 326,031 | - | - |
Total Investments in Securities: | 202,245,384 | 202,245,384 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $164,535,213) | $ | 201,919,353 | ||
Fidelity Central Funds (cost $326,031) | 326,031 | |||
Total Investment in Securities (cost $164,861,244) | $ | 202,245,384 | ||
Receivable for fund shares sold | 151,356 | |||
Dividends receivable | 210,474 | |||
Distributions receivable from Fidelity Central Funds | 6,569 | |||
Prepaid expenses | 542 | |||
Other receivables | 948 | |||
Total assets | 202,615,273 | |||
Liabilities | ||||
Payable for investments purchased | $ | 64,690 | ||
Payable for fund shares redeemed | 307,481 | |||
Accrued management fee | 82,593 | |||
Distribution and service plan fees payable | 33 | |||
Other affiliated payables | 26,103 | |||
Audit fee payable | 37,202 | |||
Other payables and accrued expenses | 4,783 | |||
Total Liabilities | 522,885 | |||
Net Assets | $ | 202,092,388 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 160,810,586 | ||
Total accumulated earnings (loss) | 41,281,802 | |||
Net Assets | $ | 202,092,388 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($23,853,402 ÷ 1,588,420 shares) | $ | 15.02 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($190,105 ÷ 12,673 shares) | $ | 15.00 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($178,048,881 ÷ 11,930,586 shares) | $ | 14.92 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 5,787,068 | ||
Interest | 86,641 | |||
Income from Fidelity Central Funds (including $3,356 from security lending) | 27,164 | |||
Total Income | 5,900,873 | |||
Expenses | ||||
Management fee | $ | 998,451 | ||
Transfer agent fees | 247,459 | |||
Distribution and service plan fees | 118 | |||
Accounting fees | 67,416 | |||
Custodian fees and expenses | 36,410 | |||
Independent trustees' fees and expenses | 1,264 | |||
Audit | 43,488 | |||
Legal | 3,133 | |||
Miscellaneous | 1,168 | |||
Total expenses before reductions | 1,398,907 | |||
Expense reductions | (11,715) | |||
Total expenses after reductions | 1,387,192 | |||
Net Investment income (loss) | 4,513,681 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,279,552 | |||
Foreign currency transactions | 4,896 | |||
Total net realized gain (loss) | 4,284,448 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 13,124,711 | |||
Assets and liabilities in foreign currencies | 4 | |||
Total change in net unrealized appreciation (depreciation) | 13,124,715 | |||
Net gain (loss) | 17,409,163 | |||
Net increase (decrease) in net assets resulting from operations | $ | 21,922,844 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,513,681 | $ | 5,140,561 |
Net realized gain (loss) | 4,284,448 | 10,273,427 | ||
Change in net unrealized appreciation (depreciation) | 13,124,715 | (44,761,949) | ||
Net increase (decrease) in net assets resulting from operations | 21,922,844 | (29,347,961) | ||
Distributions to shareholders | (14,638,713) | (9,878,895) | ||
Share transactions - net increase (decrease) | (31,707,438) | (16,203,538) | ||
Total increase (decrease) in net assets | (24,423,307) | (55,430,394) | ||
Net Assets | ||||
Beginning of period | 226,515,695 | 281,946,089 | ||
End of period | $ | 202,092,388 | $ | 226,515,695 |
VIP Financials Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 14.01 | $ | 15.82 | $ | 12.38 | $ | 13.62 | $ | 11.15 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .33 | .30 | .32 | .26 | .22 | |||||
Net realized and unrealized gain (loss) | 1.68 | (1.57) | 3.71 | (.16) | 3.39 | |||||
Total from investment operations | 2.01 | (1.27) | 4.03 | .10 | 3.61 | |||||
Distributions from net investment income | (.37) | (.29) | (.27) | (.26) | (.26) | |||||
Distributions from net realized gain | (.62) | (.25) | (.32) | (1.08) | (.88) | |||||
Total distributions | (1.00) C | (.54) | (.59) | (1.34) | (1.14) | |||||
Net asset value, end of period | $ | 15.02 | $ | 14.01 | $ | 15.82 | $ | 12.38 | $ | 13.62 |
Total Return D,E | 14.73% | (8.33)% | 33.19% | .77% | 34.33% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .67% | .65% | .65% | .69% | .68% | |||||
Expenses net of fee waivers, if any | .66% | .65% | .65% | .69% | .68% | |||||
Expenses net of all reductions | .66% | .65% | .65% | .68% | .67% | |||||
Net investment income (loss) | 2.44% | 2.06% | 2.08% | 2.47% | 1.83% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 23,853 | $ | 29,116 | $ | 35,491 | $ | 20,134 | $ | 24,758 |
Portfolio turnover rate H | 56% | 53% | 40% | 68% | 58% |
VIP Financials Portfolio Service Class 2 |
Years ended December 31, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 13.36 |
Income from Investment Operations | ||
Net investment income (loss) B,C | .12 | |
Net realized and unrealized gain (loss) | 1.82 | |
Total from investment operations | 1.94 | |
Distributions from net investment income | (.30) | |
Total distributions | (.30) | |
Net asset value, end of period | $ | 15.00 |
Total Return D,E,F | 14.69% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | .92% I | |
Expenses net of fee waivers, if any | .92% I | |
Expenses net of all reductions | .92% I | |
Net investment income (loss) | 2.30% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 190 |
Portfolio turnover rate J | 56% |
VIP Financials Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.93 | $ | 15.73 | $ | 12.31 | $ | 13.56 | $ | 11.10 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .32 | .29 | .30 | .25 | .21 | |||||
Net realized and unrealized gain (loss) | 1.65 | (1.56) | 3.70 | (.16) | 3.38 | |||||
Total from investment operations | 1.97 | (1.27) | 4.00 | .09 | 3.59 | |||||
Distributions from net investment income | (.36) | (.28) | (.26) | (.25) | (.25) | |||||
Distributions from net realized gain | (.62) | (.25) | (.32) | (1.08) | (.88) | |||||
Total distributions | (.98) | (.53) | (.58) | (1.34) C | (1.13) | |||||
Net asset value, end of period | $ | 14.92 | $ | 13.93 | $ | 15.73 | $ | 12.31 | $ | 13.56 |
Total Return D,E | 14.57% | (8.37)% | 33.14% | .63% | 34.28% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .75% | .73% | .72% | .76% | .76% | |||||
Expenses net of fee waivers, if any | .74% | .73% | .72% | .76% | .76% | |||||
Expenses net of all reductions | .74% | .73% | .72% | .75% | .75% | |||||
Net investment income (loss) | 2.37% | 1.99% | 2.01% | 2.39% | 1.75% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 178,049 | $ | 197,400 | $ | 246,455 | $ | 121,359 | $ | 139,831 |
Portfolio turnover rate H | 56% | 53% | 40% | 68% | 58% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $39,835,805 |
Gross unrealized depreciation | (4,516,540) |
Net unrealized appreciation (depreciation) | $35,319,265 |
Tax Cost | $166,926,119 |
Undistributed ordinary income | $994,903 |
Undistributed long-term capital gain | $4,967,818 |
Net unrealized appreciation (depreciation) on securities and other investments | $35,319,082 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $4,782,462 | $4,808,401 |
Long-term Capital Gains | 9,856,251 | 5,070,494 |
Total | $14,638,713 | $9,878,895 |
Purchases ($) | Sales ($) | |
VIP Financials Portfolio | 107,446,843 | 149,061,856 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $14,324 | .06 |
Service Class 2 | 30 | .06A |
Investor Class | 233,105 | .14 |
$247,459 |
% of Average Net Assets | |
VIP Financials Portfolio | 0.0353% |
% of Average Net Assets | |
VIP Financials Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Service Class 2 | .58 |
Investor Class | .66 |
Amount | |
VIP Financials Portfolio | $1,706 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Financials Portfolio | 4,830,626 | 7,627,004 | (83,839) |
Amount | |
VIP Financials Portfolio | $379 |
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 Financials Portfolio | $359 | $- | $- |
Year ended December 31, 2023A | Year ended December 31, 2022 | |
VIP Financials Portfolio | ||
Distributions to shareholders | ||
Initial Class | $1,820,078 | $1,249,703 |
Service Class 2 | 3,079 | - |
Investor Class | 12,815,556 | 8,629,192 |
Total | $14,638,713 | $9,878,895 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023A | Year ended December 31, 2022 | Year ended December 31, 2023A | Year ended December 31, 2022 | |
VIP Financials Portfolio | ||||
Initial Class | ||||
Shares sold | 242,237 | 1,003,850 | $3,366,672 | $15,681,340 |
Reinvestment of distributions | 125,808 | 79,599 | 1,820,078 | 1,249,703 |
Shares redeemed | (857,656) | (1,249,358) | (11,135,817) | (18,033,364) |
Net increase (decrease) | (489,611) | (165,909) | $(5,949,067) | $(1,102,321) |
Service Class 2 | ||||
Shares sold | 14,502 | - | $198,005 | $ - |
Reinvestment of distributions | 63 | - | 871 | - |
Shares redeemed | (1,892) | - | (27,904) | - |
Net increase (decrease) | 12,673 | - | $170,972 | $ - |
Investor Class | ||||
Shares sold | 2,026,650 | 4,025,217 | $28,428,804 | $63,943,329 |
Reinvestment of distributions | 891,700 | 552,838 | 12,815,556 | 8,629,192 |
Shares redeemed | (5,159,906) | (6,076,050) | (67,173,703) | (87,673,738) |
Net increase (decrease) | (2,241,556) | (1,497,995) | $(25,929,343) | $(15,101,217) |
Fund | Affiliated % |
VIP Financials Portfolio | 99% |
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023) for Initial Class and Investor Class and for the period (August 16, 2023 to December 31, 2023) for Service Class 2. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value | Ending Account Value December 31, 2023 | Expenses Paid During Period | |||||||
VIP Financials Portfolio | ||||||||||
Initial Class ** | .66% | |||||||||
Actual | $ 1,000 | $ 1,179.20 | $ 3.63C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.88 | $ 3.36D | |||||||
Service Class 2 ** | .92% | |||||||||
Actual | $ 1,000 | $ 1,146.90 | $ 3.73C | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.57 | $ 4.69D | |||||||
Investor Class ** | .74% | |||||||||
Actual | $ 1,000 | $ 1,178.80 | $ 4.06C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.48 | $ 3.77D | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Financials Portfolio | ||||||
Initial Class | .61% | |||||
Actual | $ 3.35 | |||||
Hypothetical- B | $ 3.11 | |||||
Service Class 2 | .87% | |||||
Actual | $ 3.53 | |||||
Hypothetical- B | $ 4.43 | |||||
Investor Class | .70% | |||||
Actual | $ 3.84 | |||||
Hypothetical- B | $ 3.57 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 23.25% | 13.25% | 8.66% |
Investor Class | 23.21% | 13.16% | 8.57% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Industrials Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
The Boeing Co. | 6.3 | |
Union Pacific Corp. | 6.2 | |
General Electric Co. | 6.0 | |
Ingersoll Rand, Inc. | 4.9 | |
Parker Hannifin Corp. | 4.4 | |
FedEx Corp. | 4.3 | |
TransDigm Group, Inc. | 3.8 | |
ITT, Inc. | 3.5 | |
Trane Technologies PLC | 3.4 | |
Howmet Aerospace, Inc. | 3.4 | |
46.2 | ||
Industries (% of Fund's net assets) | ||
Machinery | 22.2 | |
Aerospace & Defense | 17.2 | |
Ground Transportation | 17.1 | |
Building Products | 9.5 | |
Electrical Equipment | 8.3 | |
Industrial Conglomerates | 6.0 | |
Construction & Engineering | 5.3 | |
Air Freight & Logistics | 4.3 | |
Professional Services | 3.7 | |
Commercial Services & Supplies | 2.3 | |
Construction Materials | 2.1 | |
Trading Companies & Distributors | 1.4 | |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Aerospace & Defense - 17.2% | |||
Aerospace & Defense - 17.2% | |||
General Dynamics Corp. | 12,500 | 3,245,875 | |
Howmet Aerospace, Inc. | 116,188 | 6,288,095 | |
Lockheed Martin Corp. | 7,748 | 3,511,704 | |
The Boeing Co. (a) | 44,609 | 11,627,782 | |
TransDigm Group, Inc. | 6,800 | 6,878,880 | |
31,552,336 | |||
Air Freight & Logistics - 4.3% | |||
Air Freight & Logistics - 4.3% | |||
FedEx Corp. | 31,100 | 7,867,367 | |
Building Products - 9.5% | |||
Building Products - 9.5% | |||
Carlisle Companies, Inc. | 6,996 | 2,185,760 | |
Fortune Brands Home & Security, Inc. | 2,300 | 175,122 | |
Johnson Controls International PLC | 44,864 | 2,585,961 | |
Simpson Manufacturing Co. Ltd. | 18,830 | 3,727,963 | |
The AZEK Co., Inc. (a) | 63,800 | 2,440,350 | |
Trane Technologies PLC | 25,824 | 6,298,474 | |
17,413,630 | |||
Commercial Services & Supplies - 2.3% | |||
Environmental & Facilities Services - 2.3% | |||
Waste Connections, Inc. (United States) | 28,400 | 4,239,268 | |
Construction & Engineering - 5.3% | |||
Construction & Engineering - 5.3% | |||
AECOM | 28,184 | 2,605,047 | |
Quanta Services, Inc. | 17,300 | 3,733,340 | |
Willscot Mobile Mini Holdings (a) | 76,100 | 3,386,450 | |
9,724,837 | |||
Construction Materials - 2.1% | |||
Construction Materials - 2.1% | |||
Eagle Materials, Inc. | 18,832 | 3,819,883 | |
Electrical Equipment - 8.3% | |||
Electrical Components & Equipment - 8.3% | |||
AMETEK, Inc. | 19,800 | 3,264,822 | |
Eaton Corp. PLC | 24,824 | 5,978,116 | |
Regal Rexnord Corp. | 35,971 | 5,324,427 | |
Vertiv Holdings Co. | 13,600 | 653,208 | |
15,220,573 | |||
Ground Transportation - 17.1% | |||
Cargo Ground Transportation - 7.5% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 95,000 | 5,476,750 | |
Saia, Inc. (a) | 12,900 | 5,653,038 | |
XPO, Inc. (a) | 29,600 | 2,592,664 | |
13,722,452 | |||
Passenger Ground Transportation - 2.9% | |||
Uber Technologies, Inc. (a) | 86,100 | 5,301,177 | |
Rail Transportation - 6.7% | |||
CSX Corp. | 25,736 | 892,267 | |
Union Pacific Corp. | 46,900 | 11,519,578 | |
12,411,845 | |||
TOTAL GROUND TRANSPORTATION | 31,435,474 | ||
Industrial Conglomerates - 6.0% | |||
Industrial Conglomerates - 6.0% | |||
General Electric Co. | 86,356 | 11,021,616 | |
Machinery - 22.2% | |||
Construction Machinery & Heavy Transportation Equipment - 1.9% | |||
Caterpillar, Inc. | 12,000 | 3,548,040 | |
Industrial Machinery & Supplies & Components - 20.3% | |||
Chart Industries, Inc. (a) | 26,880 | 3,664,550 | |
Dover Corp. | 38,440 | 5,912,456 | |
Fortive Corp. | 58,292 | 4,292,040 | |
Ingersoll Rand, Inc. | 116,332 | 8,997,117 | |
ITT, Inc. | 54,500 | 6,502,940 | |
Parker Hannifin Corp. | 17,380 | 8,006,966 | |
37,376,069 | |||
TOTAL MACHINERY | 40,924,109 | ||
Professional Services - 3.7% | |||
Research & Consulting Services - 3.7% | |||
KBR, Inc. | 44,600 | 2,471,286 | |
Leidos Holdings, Inc. | 40,828 | 4,419,223 | |
6,890,509 | |||
Trading Companies & Distributors - 1.4% | |||
Trading Companies & Distributors - 1.4% | |||
W.W. Grainger, Inc. | 3,064 | 2,539,106 | |
TOTAL COMMON STOCKS (Cost $148,494,634) | 182,648,708 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (b) (Cost $1,179,923) | 1,179,687 | 1,179,923 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $149,674,557) | 183,828,631 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (54,049) |
NET ASSETS - 100.0% | 183,774,582 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 1,050,960 | 54,299,584 | 54,170,621 | 57,431 | - | - | 1,179,923 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 6,409,825 | 49,747,257 | 56,157,082 | 2,993 | - | - | - | 0.0% |
Total | 7,460,785 | 104,046,841 | 110,327,703 | 60,424 | - | - | 1,179,923 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 182,648,708 | 182,648,708 | - | - |
Money Market Funds | 1,179,923 | 1,179,923 | - | - |
Total Investments in Securities: | 183,828,631 | 183,828,631 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $148,494,634) | $ | 182,648,708 | ||
Fidelity Central Funds (cost $1,179,923) | 1,179,923 | |||
Total Investment in Securities (cost $149,674,557) | $ | 183,828,631 | ||
Cash | 18,918 | |||
Receivable for fund shares sold | 25,921 | |||
Dividends receivable | 86,127 | |||
Distributions receivable from Fidelity Central Funds | 7,238 | |||
Prepaid expenses | 474 | |||
Other receivables | 1,706 | |||
Total assets | 183,969,015 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 52,671 | ||
Accrued management fee | 77,254 | |||
Transfer agent fee payable | 18,801 | |||
Other affiliated payables | 5,217 | |||
Audit fee payable | 36,696 | |||
Other payables and accrued expenses | 3,794 | |||
Total Liabilities | 194,433 | |||
Net Assets | $ | 183,774,582 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 135,738,093 | ||
Total accumulated earnings (loss) | 48,036,489 | |||
Net Assets | $ | 183,774,582 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($28,377,109 ÷ 1,266,656 shares) | $ | 22.40 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($155,397,473 ÷ 7,014,471 shares) | $ | 22.15 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 1,280,847 | ||
Special dividends | 234,500 | |||
Income from Fidelity Central Funds (including $2,993 from security lending) | 60,424 | |||
Total Income | 1,575,771 | |||
Expenses | ||||
Management fee | $ | 835,427 | ||
Transfer agent fees | 202,174 | |||
Accounting fees | 56,423 | |||
Custodian fees and expenses | 17,163 | |||
Independent trustees' fees and expenses | 956 | |||
Audit | 41,921 | |||
Legal | 3,144 | |||
Miscellaneous | 870 | |||
Total expenses before reductions | 1,158,078 | |||
Expense reductions | (9,522) | |||
Total expenses after reductions | 1,148,556 | |||
Net Investment income (loss) | 427,215 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 20,308,209 | |||
Foreign currency transactions | 70 | |||
Total net realized gain (loss) | 20,308,279 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 13,074,598 | |||
Net gain (loss) | 33,382,877 | |||
Net increase (decrease) in net assets resulting from operations | $ | 33,810,092 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 427,215 | $ | 319,177 |
Net realized gain (loss) | 20,308,279 | (6,195,707) | ||
Change in net unrealized appreciation (depreciation) | 13,074,598 | (12,698,207) | ||
Net increase (decrease) in net assets resulting from operations | 33,810,092 | (18,574,737) | ||
Distributions to shareholders | (404,818) | (21,148,838) | ||
Share transactions - net increase (decrease) | (3,303,258) | 15,484,082 | ||
Total increase (decrease) in net assets | 30,102,016 | (24,239,493) | ||
Net Assets | ||||
Beginning of period | 153,672,566 | 177,912,059 | ||
End of period | $ | 183,774,582 | $ | 153,672,566 |
VIP Industrials Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.23 | $ | 23.44 | $ | 23.29 | $ | 21.98 | $ | 19.29 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .06 C | .05 D | (.02) | .03 | .24 | |||||
Net realized and unrealized gain (loss) | 4.17 | (2.43) | 3.57 | 2.57 | 4.92 | |||||
Total from investment operations | 4.23 | (2.38) | 3.55 | 2.60 | 5.16 | |||||
Distributions from net investment income | (.06) | (.03) | - | (.10) E | (.24) | |||||
Distributions from net realized gain | - | (2.79) | (3.40) | (1.19) E | (2.23) | |||||
Total distributions | (.06) | (2.83) F | (3.40) | (1.29) | (2.47) | |||||
Net asset value, end of period | $ | 22.40 | $ | 18.23 | $ | 23.44 | $ | 23.29 | $ | 21.98 |
Total Return G,H | 23.25% | (10.30)% | 17.09% | 12.32% | 28.15% | |||||
Ratios to Average Net Assets A,I,J | ||||||||||
Expenses before reductions | .66% | .66% | .66% | .68% | .67% | |||||
Expenses net of fee waivers, if any | .66% | .66% | .66% | .68% | .67% | |||||
Expenses net of all reductions | .66% | .66% | .66% | .67% | .67% | |||||
Net investment income (loss) | .33% C | .28% D | (.08)% | .17% | 1.13% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 28,377 | $ | 25,557 | $ | 31,026 | $ | 29,873 | $ | 33,078 |
Portfolio turnover rate K | 162% | 83% | 197% | 240% | 121% |
VIP Industrials Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.02 | $ | 23.22 | $ | 23.10 | $ | 21.82 | $ | 19.17 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .05 C | .04 D | (.04) | .02 | .22 | |||||
Net realized and unrealized gain (loss) | 4.13 | (2.43) | 3.55 | 2.53 | 4.88 | |||||
Total from investment operations | 4.18 | (2.39) | 3.51 | 2.55 | 5.10 | |||||
Distributions from net investment income | (.05) | (.02) | - | (.08) E | (.22) | |||||
Distributions from net realized gain | - | (2.79) | (3.39) | (1.19) E | (2.23) | |||||
Total distributions | (.05) | (2.81) | (3.39) | (1.27) | (2.45) | |||||
Net asset value, end of period | $ | 22.15 | $ | 18.02 | $ | 23.22 | $ | 23.10 | $ | 21.82 |
Total Return F,G | 23.21% | (10.42)% | 17.03% | 12.19% | 28.03% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .74% | .74% | .74% | .76% | .75% | |||||
Expenses net of fee waivers, if any | .73% | .73% | .74% | .76% | .75% | |||||
Expenses net of all reductions | .73% | .73% | .74% | .75% | .75% | |||||
Net investment income (loss) | .26% C | .20% D | (.16)% | .10% | 1.05% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 155,397 | $ | 128,115 | $ | 146,886 | $ | 135,328 | $ | 138,417 |
Portfolio turnover rate J | 162% | 83% | 197% | 240% | 121% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $35,621,911 |
Gross unrealized depreciation | (1,774,198) |
Net unrealized appreciation (depreciation) | $33,847,713 |
Tax Cost | $149,980,918 |
Undistributed ordinary income | $140,839 |
Undistributed long-term capital gain | $14,047,936 |
Net unrealized appreciation (depreciation) on securities and other investments | $33,847,713 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $404,818 | $3,897,631 |
Long-term Capital Gains | - | 17,251,207 |
Total | $404,818 | $21,148,838 |
Purchases ($) | Sales ($) | |
VIP Industrials Portfolio | 258,281,856 | 261,701,756 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $16,108 | .06 |
Investor Class | 186,066 | .14 |
$202,174 |
% of Average Net Assets | |
VIP Industrials Portfolio | 0.0353% |
% of Average Net Assets | |
VIP Industrials Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Investor Class | .66 |
Amount | |
VIP Industrials Portfolio | $5,015 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Industrials Portfolio | 6,977,126 | 14,224,471 | 1,706,447 |
Amount | |
VIP Industrials Portfolio | $282 |
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 | $318 | $- | $- |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Industrials Portfolio | ||
Distributions to shareholders | ||
Initial Class | $80,284 | $3,701,428 |
Investor Class | 324,534 | 17,447,410 |
Total | $404,818 | $21,148,838 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Industrials Portfolio | ||||
Initial Class | ||||
Shares sold | 127,931 | 96,902 | $2,538,013 | $1,809,862 |
Reinvestment of distributions | 3,985 | 200,593 | 80,284 | 3,701,428 |
Shares redeemed | (267,518) | (218,811) | (5,139,808) | (3,973,341) |
Net increase (decrease) | (135,602) | 78,684 | $(2,521,511) | $1,537,949 |
Investor Class | ||||
Shares sold | 1,021,715 | 809,705 | $20,318,711 | $14,245,191 |
Reinvestment of distributions | 16,313 | 956,449 | 324,534 | 17,447,410 |
Shares redeemed | (1,131,722) | (984,710) | (21,424,992) | (17,746,468) |
Net increase (decrease) | (93,694) | 781,444 | $(781,747) | $13,946,133 |
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, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Industrials Portfolio | ||||||||||
Initial Class ** | .65% | |||||||||
Actual | $ 1,000 | $ 1,108.10 | $ 3.45 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.93 | $ 3.31 | |||||||
Investor Class ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,107.60 | $ 3.88 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Industrials Portfolio | ||||||
Initial Class | .60% | |||||
Actual | $ 3.19 | |||||
Hypothetical- B | $ 3.06 | |||||
Investor Class | .69% | |||||
Actual | $ 3.67 | |||||
Hypothetical- B | $ 3.52 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 3.14% | 11.46% | 8.14% |
Service Class 2 | 3.05% | 11.44% | 8.13% |
Investor Class | 3.08% | 11.37% | 8.06% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Consumer Staples Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
The Coca-Cola Co. | 14.5 | |
Procter & Gamble Co. | 13.2 | |
Keurig Dr. Pepper, Inc. | 7.1 | |
Kenvue, Inc. | 5.6 | |
Mondelez International, Inc. | 4.4 | |
Walmart, Inc. | 3.9 | |
Altria Group, Inc. | 3.7 | |
PepsiCo, Inc. | 3.5 | |
Philip Morris International, Inc. | 3.3 | |
Monster Beverage Corp. | 3.2 | |
62.4 | ||
Industries (% of Fund's net assets) | ||
Beverages | 36.4 | |
Household Products | 22.4 | |
Food Products | 14.3 | |
Consumer Staples Distribution & Retail | 10.0 | |
Personal Care Products | 9.1 | |
Tobacco | 7.4 | |
Specialty Retail | 0.2 | |
Household Durables | 0.1 | |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
Beverages - 36.4% | |||
Brewers - 3.0% | |||
Boston Beer Co., Inc. Class A (a) | 22,650 | 7,827,614 | |
Distillers & Vintners - 5.1% | |||
Brown-Forman Corp. Class B (non-vtg.) | 25,400 | 1,450,340 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 32,316 | 7,812,393 | |
Diageo PLC | 97,567 | 3,541,212 | |
Duckhorn Portfolio, Inc. (a) | 51,600 | 508,260 | |
13,312,205 | |||
Soft Drinks & Non-alcoholic Beverages - 28.3% | |||
Keurig Dr. Pepper, Inc. | 559,273 | 18,634,976 | |
Monster Beverage Corp. | 146,178 | 8,421,315 | |
PepsiCo, Inc. | 54,202 | 9,205,668 | |
The Coca-Cola Co. | 642,838 | 37,882,443 | |
74,144,402 | |||
TOTAL BEVERAGES | 95,284,221 | ||
Consumer Staples Distribution & Retail - 10.0% | |||
Consumer Staples Merchandise Retail - 8.9% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 44,600 | 2,973,036 | |
Dollar General Corp. | 17,700 | 2,406,315 | |
Dollar Tree, Inc. (a) | 10,400 | 1,477,320 | |
Target Corp. | 43,400 | 6,181,028 | |
Walmart, Inc. | 64,609 | 10,185,609 | |
23,223,308 | |||
Drug Retail - 0.1% | |||
Walgreens Boots Alliance, Inc. | 11,500 | 300,265 | |
Food Distributors - 1.0% | |||
Sysco Corp. | 34,844 | 2,548,142 | |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 26,071,715 | ||
Food Products - 14.3% | |||
Agricultural Products & Services - 2.0% | |||
Archer Daniels Midland Co. | 33,000 | 2,383,260 | |
Bunge Global SA | 17,407 | 1,757,237 | |
Darling Ingredients, Inc. (a) | 21,622 | 1,077,640 | |
Ingredion, Inc. | 800 | 86,824 | |
5,304,961 | |||
Packaged Foods & Meats - 12.3% | |||
Conagra Brands, Inc. | 54,659 | 1,566,527 | |
General Mills, Inc. | 34,300 | 2,234,302 | |
Laird Superfood, Inc. (a)(b) | 36,040 | 32,796 | |
Lamb Weston Holdings, Inc. | 16,200 | 1,751,058 | |
Mondelez International, Inc. | 158,761 | 11,499,059 | |
Nomad Foods Ltd. (a) | 296,541 | 5,026,370 | |
Pilgrim's Pride Corp. (a) | 6,000 | 165,960 | |
The Hershey Co. | 5,200 | 969,488 | |
The J.M. Smucker Co. | 23,100 | 2,919,378 | |
The Real Good Food Co., Inc. (a) | 9,717 | 14,770 | |
The Simply Good Foods Co. (a) | 3,735 | 147,906 | |
TreeHouse Foods, Inc. (a) | 41,625 | 1,725,356 | |
Tyson Foods, Inc. Class A | 76,534 | 4,113,703 | |
32,166,673 | |||
TOTAL FOOD PRODUCTS | 37,471,634 | ||
Household Durables - 0.1% | |||
Housewares & Specialties - 0.1% | |||
Newell Brands, Inc. | 27,700 | 240,436 | |
Household Products - 22.4% | |||
Household Products - 22.4% | |||
Colgate-Palmolive Co. | 42,500 | 3,387,675 | |
Energizer Holdings, Inc. (b) | 243,456 | 7,712,686 | |
Kimberly-Clark Corp. | 63,767 | 7,748,328 | |
Procter & Gamble Co. | 235,075 | 34,447,891 | |
Reynolds Consumer Products, Inc. | 127,806 | 3,430,313 | |
The Clorox Co. | 13,026 | 1,857,377 | |
58,584,270 | |||
Personal Care Products - 9.1% | |||
Personal Care Products - 9.1% | |||
Edgewell Personal Care Co. | 40,200 | 1,472,526 | |
Estee Lauder Companies, Inc. Class A | 40,445 | 5,915,081 | |
Herbalife Ltd. (a)(b) | 38,409 | 586,121 | |
Kenvue, Inc. | 687,400 | 14,799,722 | |
Olaplex Holdings, Inc. (a) | 426,925 | 1,084,390 | |
23,857,840 | |||
Specialty Retail - 0.2% | |||
Apparel Retail - 0.2% | |||
Aritzia, Inc. (a) | 26,000 | 539,602 | |
Tobacco - 7.4% | |||
Tobacco - 7.4% | |||
Altria Group, Inc. | 238,604 | 9,625,285 | |
British American Tobacco PLC: | |||
(United Kingdom) | 17,387 | 508,729 | |
sponsored ADR | 22,300 | 653,167 | |
Philip Morris International, Inc. | 90,443 | 8,508,877 | |
19,296,058 | |||
TOTAL COMMON STOCKS (Cost $206,492,396) | 261,345,776 | ||
Money Market Funds - 0.3% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) (Cost $851,026) | 850,941 | 851,026 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $207,343,422) | 262,196,802 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (481,866) |
NET ASSETS - 100.0% | 261,714,936 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 7,309,323 | 22,710,673 | 30,019,996 | 34,718 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 8,368,228 | 79,666,412 | 87,183,614 | 20,378 | - | - | 851,026 | 0.0% |
Total | 15,677,551 | 102,377,085 | 117,203,610 | 55,096 | - | - | 851,026 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 261,345,776 | 257,295,835 | 4,049,941 | - |
Money Market Funds | 851,026 | 851,026 | - | - |
Total Investments in Securities: | 262,196,802 | 258,146,861 | 4,049,941 | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $823,396) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $206,492,396) | $ | 261,345,776 | ||
Fidelity Central Funds (cost $851,026) | 851,026 | |||
Total Investment in Securities (cost $207,343,422) | $ | 262,196,802 | ||
Foreign currency held at value (cost $129) | 130 | |||
Receivable for investments sold | 882,561 | |||
Receivable for fund shares sold | 928 | |||
Dividends receivable | 645,182 | |||
Distributions receivable from Fidelity Central Funds | 316 | |||
Prepaid expenses | 662 | |||
Other receivables | 1,538 | |||
Total assets | 263,728,119 | |||
Liabilities | ||||
Payable to custodian bank | $ | 368,225 | ||
Payable for investments purchased | 195,097 | |||
Payable for fund shares redeemed | 403,882 | |||
Accrued management fee | 114,111 | |||
Distribution and service plan fees payable | 63 | |||
Other affiliated payables | 36,561 | |||
Other payables and accrued expenses | 44,613 | |||
Collateral on securities loaned | 850,631 | |||
Total Liabilities | 2,013,183 | |||
Net Assets | $ | 261,714,936 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 201,635,616 | ||
Total accumulated earnings (loss) | 60,079,320 | |||
Net Assets | $ | 261,714,936 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($23,583,243 ÷ 1,215,727 shares) | $ | 19.40 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($339,436 ÷ 17,516 shares) | $ | 19.38 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($237,792,257 ÷ 12,329,300 shares) | $ | 19.29 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 7,116,052 | ||
Income from Fidelity Central Funds (including $20,378 from security lending) | 55,096 | |||
Total Income | 7,171,148 | |||
Expenses | ||||
Management fee | $ | 1,453,424 | ||
Transfer agent fees | 366,275 | |||
Distribution and service plan fees | 221 | |||
Accounting fees | 98,175 | |||
Custodian fees and expenses | 35,661 | |||
Independent trustees' fees and expenses | 1,703 | |||
Audit | 46,006 | |||
Legal | 2,526 | |||
Miscellaneous | 1,469 | |||
Total expenses before reductions | 2,005,460 | |||
Expense reductions | (17,023) | |||
Total expenses after reductions | 1,988,437 | |||
Net Investment income (loss) | 5,182,711 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 8,620,409 | |||
Foreign currency transactions | 389 | |||
Total net realized gain (loss) | 8,620,798 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (6,155,978) | |||
Assets and liabilities in foreign currencies | 417 | |||
Total change in net unrealized appreciation (depreciation) | (6,155,561) | |||
Net gain (loss) | 2,465,237 | |||
Net increase (decrease) in net assets resulting from operations | $ | 7,647,948 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,182,711 | $ | 4,838,677 |
Net realized gain (loss) | 8,620,798 | (365,234) | ||
Change in net unrealized appreciation (depreciation) | (6,155,561) | (7,587,718) | ||
Net increase (decrease) in net assets resulting from operations | 7,647,948 | (3,114,275) | ||
Distributions to shareholders | (8,672,433) | (20,685,358) | ||
Share transactions - net increase (decrease) | (29,065,755) | 56,213,858 | ||
Total increase (decrease) in net assets | (30,090,240) | 32,414,225 | ||
Net Assets | ||||
Beginning of period | 291,805,176 | 259,390,951 | ||
End of period | $ | 261,714,936 | $ | 291,805,176 |
VIP Consumer Staples Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.46 | $ | 21.13 | $ | 19.84 | $ | 18.76 | $ | 15.10 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .38 | .35 | .38 | .35 | .39 | |||||
Net realized and unrealized gain (loss) | .21 | (.48) | 2.27 | 1.78 | 4.22 | |||||
Total from investment operations | .59 | (.13) | 2.65 | 2.13 | 4.61 | |||||
Distributions from net investment income | (.39) | (.35) | (.40) | (.35) | (.34) | |||||
Distributions from net realized gain | (.27) | (1.19) | (.96) | (.71) | (.61) | |||||
Total distributions | (.65) C | (1.54) | (1.36) | (1.05) C | (.95) | |||||
Net asset value, end of period | $ | 19.40 | $ | 19.46 | $ | 21.13 | $ | 19.84 | $ | 18.76 |
Total Return D,E | 3.14% | (.62)% | 14.24% | 11.78% | 31.42% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .65% | .65% | .65% | .67% | .67% | |||||
Expenses net of fee waivers, if any | .65% | .65% | .65% | .66% | .67% | |||||
Expenses net of all reductions | .65% | .65% | .65% | .66% | .67% | |||||
Net investment income (loss) | 1.94% | 1.84% | 1.89% | 1.94% | 2.23% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 23,583 | $ | 26,707 | $ | 22,366 | $ | 20,009 | $ | 21,139 |
Portfolio turnover rate H | 53% | 46% | 64% | 51% | 46% |
VIP Consumer Staples Portfolio Service Class 2 |
Years ended December 31, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 20.26 |
Income from Investment Operations | ||
Net investment income (loss) B,C | .15 | |
Net realized and unrealized gain (loss) | (.45) D | |
Total from investment operations | (.30) | |
Distributions from net investment income | (.32) | |
Distributions from net realized gain | (.27) | |
Total distributions | (.58) E | |
Net asset value, end of period | $ | 19.38 |
Total Return F,G,H | (1.37)% | |
Ratios to Average Net Assets C,I,J | ||
Expenses before reductions | .91% K | |
Expenses net of fee waivers, if any | .91% K | |
Expenses net of all reductions | .91% K | |
Net investment income (loss) | 2.11% K | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 339 |
Portfolio turnover rate L | 53% |
VIP Consumer Staples Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.35 | $ | 21.02 | $ | 19.75 | $ | 18.68 | $ | 15.04 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .36 | .34 | .37 | .33 | .37 | |||||
Net realized and unrealized gain (loss) | .22 | (.48) | 2.24 | 1.78 | 4.21 | |||||
Total from investment operations | .58 | (.14) | 2.61 | 2.11 | 4.58 | |||||
Distributions from net investment income | (.37) | (.34) | (.38) | (.33) | (.33) | |||||
Distributions from net realized gain | (.27) | (1.19) | (.96) | (.71) | (.61) | |||||
Total distributions | (.64) | (1.53) | (1.34) | (1.04) | (.94) | |||||
Net asset value, end of period | $ | 19.29 | $ | 19.35 | $ | 21.02 | $ | 19.75 | $ | 18.68 |
Total Return C,D | 3.08% | (.69)% | 14.11% | 11.70% | 31.33% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .73% | .73% | .73% | .74% | .75% | |||||
Expenses net of fee waivers, if any | .72% | .73% | .73% | .74% | .75% | |||||
Expenses net of all reductions | .72% | .73% | .73% | .73% | .75% | |||||
Net investment income (loss) | 1.86% | 1.76% | 1.81% | 1.86% | 2.15% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 237,792 | $ | 265,098 | $ | 237,025 | $ | 224,492 | $ | 227,607 |
Portfolio turnover rate G | 53% | 46% | 64% | 51% | 46% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $61,917,026 |
Gross unrealized depreciation | (8,383,047) |
Net unrealized appreciation (depreciation) | $53,533,979 |
Tax Cost | $208,662,823 |
Undistributed ordinary income | $1,083,733 |
Undistributed long-term capital gain | $5,908,469 |
Net unrealized appreciation (depreciation) on securities and other investments | $53,533,866 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $8,672,433 | $5,700,758 |
Long-term Capital Gains | - | 14,984,600 |
Total | $8,672,433 | $20,685,358 |
Purchases ($) | Sales ($) | |
VIP Consumer Staples Portfolio | 146,617,004 | 170,823,395 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $15,874 | .06 |
Service Class 2 | 56 | .06A |
Investor Class | 350,345 | .14 |
$366,275 |
% of Average Net Assets | |
VIP Consumer Staples Portfolio | .0354% |
% of Average Net Assets | |
VIP Consumer Staples Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Service Class 2 | .58 |
Investor Class | .66 |
Amount | |
VIP Consumer Staples Portfolio | $2,831 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Consumer Staples Portfolio | 13,294,152 | 13,802,560 | 682,309 |
Amount | |
VIP Consumer Staples Portfolio | $510 |
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 | $2,045 | $1 | $- |
Year ended December 31, 2023A | Year ended December 31, 2022 | |
VIP Consumer Staples Portfolio | ||
Distributions to shareholders | ||
Initial Class | $797,250 | $1,829,507 |
Service Class 2 | 8,710 | - |
Investor Class | 7,866,473 | 18,855,851 |
Total | $8,672,433 | $20,685,358 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 A | Year ended December 31, 2022 | Year ended December 31, 2023 A | Year ended December 31, 2022 | |
VIP Consumer Staples Portfolio | ||||
Initial Class | ||||
Shares sold | 257,903 | 580,346 | $5,092,374 | $11,453,344 |
Reinvestment of distributions | 42,208 | 92,967 | 797,250 | 1,829,507 |
Shares redeemed | (456,611) | (359,659) | (8,940,246) | (6,848,059) |
Net increase (decrease) | (156,500) | 313,654 | $(3,050,622) | $6,434,792 |
Service Class 2 | ||||
Shares sold | 18,717 | - | $370,201 | $- |
Reinvestment of distributions | 311 | - | 5,833 | - |
Shares redeemed | (1,512) | - | (28,778) | - |
Net increase (decrease) | 17,516 | - | $347,256 | $- |
Investor Class | ||||
Shares sold | 995,260 | 3,639,755 | $19,669,017 | $71,984,707 |
Reinvestment of distributions | 418,936 | 963,502 | 7,866,473 | 18,855,851 |
Shares redeemed | (2,782,322) | (2,181,946) | (53,897,879) | (41,061,492) |
Net increase (decrease) | (1,368,126) | 2,421,311 | $(26,362,389) | $49,779,066 |
Fund | Affiliated % |
VIP Consumer Staples Portfolio | 98% |
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023) for Initial Class and Investor Class and for the period (August 16, 2023 to December 31, 2023) for Service Class 2. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value | Ending Account Value December 31, 2023 | Expenses Paid During Period | |||||||
VIP Consumer Staples Portfolio | ||||||||||
Initial Class ** | .65% | |||||||||
Actual | $ 1,000 | $ 1,000.40 | $ 3.28C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.93 | $ 3.31D | |||||||
Service Class 2 ** | .91% | |||||||||
Actual | $ 1,000 | $ 999.60 | $ 3.44C | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.62 | $ 4.63D | |||||||
Investor Class ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,000.30 | $ 3.63C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.58 | $ 3.67D | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Consumer Staples Portfolio | ||||||
Initial Class | .61% | |||||
Actual | $ 3.08 | |||||
Hypothetical- B | $ 3.11 | |||||
Service Class 2 | .86% | |||||
Actual | $ 3.25 | |||||
Hypothetical- B | $ 4.38 | |||||
Investor Class | .68% | |||||
Actual | $ 3.43 | |||||
Hypothetical- B | $ 3.47 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 58.32% | 26.57% | 19.61% |
Service Class 2 | 58.14% | 26.54% | 19.60% |
Investor Class | 58.14% | 26.48% | 19.51% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Technology Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 18.7 | |
Apple, Inc. | 14.5 | |
NVIDIA Corp. | 13.1 | |
ON Semiconductor Corp. | 4.4 | |
NXP Semiconductors NV | 4.3 | |
ServiceNow, Inc. | 4.0 | |
Marvell Technology, Inc. | 4.0 | |
Salesforce, Inc. | 3.6 | |
Cisco Systems, Inc. | 3.5 | |
Okta, Inc. | 3.4 | |
73.5 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 33.3 | |
Software | 30.8 | |
Technology Hardware, Storage & Peripherals | 15.2 | |
IT Services | 5.5 | |
Communications Equipment | 3.5 | |
Ground Transportation | 2.4 | |
Interactive Media & Services | 1.1 | |
Hotels, Restaurants & Leisure | 1.0 | |
Entertainment | 0.7 | |
Electronic Equipment, Instruments & Components | 0.5 | |
Professional Services | 0.5 | |
Aerospace & Defense | 0.2 | |
Metals & Mining | 0.1 | |
Financial Services | 0.1 | |
Chemicals | 0.1 | |
Broadline Retail | 0.1 | |
Consumer Staples Distribution & Retail | 0.0 | |
Health Care Equipment & Supplies | 0.0 | |
Life Sciences Tools & Services | 0.0 | |
Pharmaceuticals | 0.0 | |
Common Stocks - 93.6% | |||
Shares | Value ($) | ||
Chemicals - 0.1% | |||
Commodity Chemicals - 0.1% | |||
LG Chemical Ltd. | 3,710 | 1,429,722 | |
Communications Equipment - 3.5% | |||
Communications Equipment - 3.5% | |||
Cisco Systems, Inc. | 1,452,200 | 73,365,144 | |
Consumer Staples Distribution & Retail - 0.0% | |||
Food Retail - 0.0% | |||
Maplebear, Inc. (unlisted) | 10,890 | 242,809 | |
Electronic Equipment, Instruments & Components - 0.3% | |||
Electronic Equipment & Instruments - 0.3% | |||
Keysight Technologies, Inc. (a) | 47,500 | 7,556,775 | |
Entertainment - 0.7% | |||
Movies & Entertainment - 0.7% | |||
Netflix, Inc. (a) | 30,332 | 14,768,044 | |
Ground Transportation - 2.4% | |||
Cargo Ground Transportation - 0.0% | |||
TuSimple Holdings, Inc. (a) | 31,800 | 27,914 | |
Passenger Ground Transportation - 2.4% | |||
Lyft, Inc. (a) | 180,097 | 2,699,654 | |
Uber Technologies, Inc. (a) | 767,724 | 47,268,767 | |
49,968,421 | |||
TOTAL GROUND TRANSPORTATION | 49,996,335 | ||
Health Care Equipment & Supplies - 0.0% | |||
Health Care Equipment - 0.0% | |||
China Medical Technologies, Inc. sponsored ADR (a)(b) | 300 | 0 | |
Hotels, Restaurants & Leisure - 1.0% | |||
Hotels, Resorts & Cruise Lines - 0.9% | |||
Airbnb, Inc. Class A (a) | 145,700 | 19,835,598 | |
Restaurants - 0.1% | |||
Deliveroo PLC Class A (a)(c) | 955,100 | 1,553,426 | |
TOTAL HOTELS, RESTAURANTS & LEISURE | 21,389,024 | ||
Interactive Media & Services - 0.8% | |||
Interactive Media & Services - 0.8% | |||
Snap, Inc. Class A (a) | 962,967 | 16,303,031 | |
IT Services - 5.5% | |||
Internet Services & Infrastructure - 5.3% | |||
MongoDB, Inc. Class A (a) | 45,830 | 18,737,596 | |
Okta, Inc. (a) | 773,457 | 70,021,062 | |
Shopify, Inc. Class A (a) | 280,400 | 21,843,160 | |
110,601,818 | |||
IT Consulting & Other Services - 0.2% | |||
Capgemini SA | 24,200 | 5,042,568 | |
TOTAL IT SERVICES | 115,644,386 | ||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Eden Biologics, Inc. (a)(b) | 94,814 | 0 | |
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Chime Biologics Wuhan Co. Ltd. (a)(b) | 94,814 | 49,382 | |
Professional Services - 0.5% | |||
Human Resource & Employment Services - 0.5% | |||
Paycom Software, Inc. | 47,431 | 9,804,936 | |
Semiconductors & Semiconductor Equipment - 33.1% | |||
Semiconductor Materials & Equipment - 2.2% | |||
ASML Holding NV (Netherlands) | 20,100 | 15,173,236 | |
Teradyne, Inc. | 283,700 | 30,787,124 | |
45,960,360 | |||
Semiconductors - 30.9% | |||
GlobalFoundries, Inc. (a) | 1,089,935 | 66,050,061 | |
Marvell Technology, Inc. | 1,381,404 | 83,312,475 | |
Microchip Technology, Inc. | 85,900 | 7,746,462 | |
NVIDIA Corp. | 554,600 | 274,649,012 | |
NXP Semiconductors NV | 395,904 | 90,931,231 | |
ON Semiconductor Corp. (a) | 1,103,200 | 92,150,296 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,683,000 | 32,260,991 | |
647,100,528 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 693,060,888 | ||
Software - 30.5% | |||
Application Software - 7.8% | |||
Bill Holdings, Inc. (a) | 159,000 | 12,972,810 | |
Convoy, Inc. warrants (a)(b)(d) | 1,866 | 0 | |
CoreWeave, Inc. (b)(d) | 9,400 | 2,912,684 | |
Datadog, Inc. Class A (a) | 143,855 | 17,461,120 | |
Dynatrace, Inc. (a) | 290,900 | 15,909,321 | |
HashiCorp, Inc. (a) | 475,592 | 11,242,995 | |
HubSpot, Inc. (a) | 14,633 | 8,495,042 | |
Intuit, Inc. | 12,200 | 7,625,366 | |
Manhattan Associates, Inc. (a) | 50,555 | 10,885,503 | |
Pine Labs Private Ltd. (a)(b)(d) | 1,314 | 452,108 | |
Salesforce, Inc. (a) | 287,265 | 75,590,912 | |
163,547,861 | |||
Systems Software - 22.7% | |||
Microsoft Corp. | 1,038,700 | 390,592,748 | |
ServiceNow, Inc. (a) | 119,300 | 84,284,257 | |
474,877,005 | |||
TOTAL SOFTWARE | 638,424,866 | ||
Technology Hardware, Storage & Peripherals - 15.2% | |||
Technology Hardware, Storage & Peripherals - 15.2% | |||
Apple, Inc. | 1,580,960 | 304,382,229 | |
Seagate Technology Holdings PLC | 115,241 | 9,838,124 | |
Super Micro Computer, Inc. (a) | 13,900 | 3,951,214 | |
318,171,567 | |||
TOTAL COMMON STOCKS (Cost $1,044,317,154) | 1,960,206,909 | ||
Preferred Stocks - 1.4% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.3% | |||
Aerospace & Defense - 0.2% | |||
Aerospace & Defense - 0.2% | |||
Relativity Space, Inc. Series E (a)(b)(d) | 174,268 | 3,734,563 | |
Broadline Retail - 0.1% | |||
Broadline Retail - 0.1% | |||
Meesho Series F (a)(b)(d) | 17,100 | 870,048 | |
Consumer Staples Distribution & Retail - 0.0% | |||
Food Retail - 0.0% | |||
GoBrands, Inc. Series G (a)(b)(d) | 5,260 | 271,521 | |
Electronic Equipment, Instruments & Components - 0.2% | |||
Electronic Equipment & Instruments - 0.1% | |||
Enevate Corp. Series E (a)(b)(d) | 3,556,678 | 2,987,610 | |
Technology Distributors - 0.1% | |||
VAST Data Ltd.: | |||
Series A(b)(d) | 12,260 | 161,832 | |
Series A1(b)(d) | 30,177 | 398,336 | |
Series A2(b)(d) | 34,713 | 458,212 | |
Series B(b)(d) | 27,621 | 364,597 | |
Series C(b)(d) | 805 | 10,626 | |
Series E(b)(d) | 26,394 | 348,401 | |
1,742,004 | |||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | 4,729,614 | ||
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Tenstorrent Holdings, Inc. Series C1 (b)(d) | 4,586 | 269,244 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Casinos & Gaming - 0.0% | |||
Discord, Inc. Series I (a)(b)(d) | 200 | 55,296 | |
Interactive Media & Services - 0.3% | |||
Interactive Media & Services - 0.3% | |||
ByteDance Ltd. Series E1 (a)(b)(d) | 9,903 | 2,189,850 | |
Reddit, Inc.: | |||
Series D(a)(b)(d) | 33,900 | 1,130,226 | |
Series E(a)(b)(d) | 1,982 | 66,080 | |
Series F(a)(b)(d) | 55,762 | 1,859,105 | |
5,245,261 | |||
Metals & Mining - 0.1% | |||
Precious Metals & Minerals - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(b)(d) | 56,576 | 1,778,749 | |
Semiconductors & Semiconductor Equipment - 0.2% | |||
Semiconductor Materials & Equipment - 0.1% | |||
Astera Labs, Inc.: | |||
Series A(a)(b)(d) | 52,688 | 531,095 | |
Series B(a)(b)(d) | 8,971 | 90,428 | |
Series C(a)(b)(d) | 49,300 | 496,944 | |
Series D(a)(b)(d) | 216,871 | 2,186,060 | |
3,304,527 | |||
Semiconductors - 0.1% | |||
Retym, Inc. Series C (b)(d) | 50,104 | 409,350 | |
SiMa.ai: | |||
Series B(a)(b)(d) | 85,000 | 562,700 | |
Series B1(a)(b)(d) | 36,016 | 274,802 | |
Xsight Labs Ltd. Series D (a)(b)(d) | 37,800 | 178,794 | |
1,425,646 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4,730,173 | ||
Software - 0.2% | |||
Application Software - 0.2% | |||
Convoy, Inc. Series D (a)(b)(d) | 28,479 | 0 | |
Databricks, Inc.: | |||
Series G(a)(b)(d) | 14,100 | 1,078,791 | |
Series H(a)(b)(d) | 36,297 | 2,777,083 | |
Series I(b)(d) | 479 | 36,648 | |
3,892,522 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc.: | |||
Series C(b)(d) | 29,615 | 647,976 | |
Series C2(b)(d) | 4,652 | 121,092 | |
769,068 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 26,346,059 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Software - 0.1% | |||
Application Software - 0.1% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(b)(d) | 3,140 | 1,080,380 | |
Series A(a)(b)(d) | 785 | 270,095 | |
Series B(a)(b)(d) | 854 | 293,836 | |
Series B2(a)(b)(d) | 690 | 237,408 | |
Series C(a)(b)(d) | 1,284 | 441,786 | |
Series C1(a)(b)(d) | 271 | 93,243 | |
Series D(a)(b)(d) | 289 | 99,436 | |
2,516,184 | |||
TOTAL PREFERRED STOCKS (Cost $31,018,517) | 28,862,243 | ||
Corporate Bonds - 0.1% | |||
Principal Amount (e) | Value ($) | ||
Convertible Bonds - 0.0% | |||
Software - 0.0% | |||
Application Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (b)(d) | 12,428 | 0 | |
Nonconvertible Bonds - 0.1% | |||
Financial Services - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (b)(d) | 1,151,967 | 1,150,584 | |
TOTAL CORPORATE BONDS (Cost $1,164,395) | 1,150,584 | ||
Preferred Securities - 0.0% | |||
Principal Amount (e) | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Equipment & Instruments - 0.0% | |||
Enevate Corp. 6% (b)(d)(f) | 184,951 | 190,493 | |
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Tenstorrent Holdings, Inc. 5% 11/6/25 (b)(d) | 108,617 | 112,363 | |
TOTAL PREFERRED SECURITIES (Cost $293,568) | 302,856 | ||
Money Market Funds - 5.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (g) (Cost $114,162,541) | 114,139,714 | 114,162,541 | |
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $1,190,956,175) | 2,104,685,133 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (11,163,350) |
NET ASSETS - 100.0% | 2,093,521,783 |
(a) | Non-income producing |
(b) | Level 3 security |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,553,426 or 0.1% of net assets. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $33,680,475 or 1.6% of net assets. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Security is perpetual in nature with no stated maturity date. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 1,151,967 |
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 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 12,428 |
CoreWeave, Inc. | 11/29/23 | 2,912,684 |
Databricks, Inc. Series G | 2/01/21 | 833,629 |
Databricks, Inc. Series H | 8/31/21 | 2,667,254 |
Databricks, Inc. Series I | 9/14/23 | 35,207 |
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. 6% | 11/02/23 | 184,951 |
GoBrands, Inc. Series G | 3/02/21 | 1,313,513 |
Lightmatter, Inc. Series C | 5/19/23 | 487,368 |
Lightmatter, Inc. Series C2 | 12/18/23 | 120,960 |
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 |
Retym, Inc. Series C | 5/17/23 - 6/20/23 | 389,899 |
SiMa.ai Series B | 5/10/21 | 435,829 |
SiMa.ai Series B1 | 4/25/22 - 10/17/22 | 255,386 |
Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 272,690 |
Tenstorrent Holdings, Inc. 5% 11/6/25 | 11/06/23 | 108,617 |
VAST Data Ltd. Series A | 11/28/23 | 134,860 |
VAST Data Ltd. Series A1 | 11/28/23 | 331,947 |
VAST Data Ltd. Series A2 | 11/28/23 | 381,843 |
VAST Data Ltd. Series B | 11/28/23 | 303,831 |
VAST Data Ltd. Series C | 11/28/23 | 8,855 |
VAST Data Ltd. Series E | 11/28/23 | 580,668 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 7,928,276 | 513,365,660 | 407,131,395 | 3,054,205 | - | - | 114,162,541 | 0.3% |
Fidelity Securities Lending Cash Central Fund 5.40% | 26,064,625 | 38,165,919 | 64,230,544 | 138,944 | - | - | - | 0.0% |
Total | 33,992,901 | 551,531,579 | 471,361,939 | 3,193,149 | - | - | 114,162,541 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,960,206,909 | 1,909,115,699 | 47,677,036 | 3,414,174 |
Preferred Stocks | 28,862,243 | - | - | 28,862,243 |
Corporate Bonds | 1,150,584 | - | - | 1,150,584 |
Preferred Securities | 302,856 | - | - | 302,856 |
Money Market Funds | 114,162,541 | 114,162,541 | - | - |
Total Investments in Securities: | 2,104,685,133 | 2,023,278,240 | 47,677,036 | 33,729,857 |
Investments in Securities: | |||
Preferred Stocks | |||
Beginning Balance | $ | 25,593,556 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 959,341 | ||
Cost of Purchases | 2,775,438 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (466,092) | ||
Ending Balance | $ | 28,862,243 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | 959,341 | |
Other Investments in Securities | |||
Beginning Balance | $ | 3,732,066 | |
Net Realized Gain (Loss) on Investment Securities | (1,539,299) | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,464,144 | ||
Cost of Purchases | 4,370,647 | ||
Proceeds of Sales | (3,159,944) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 4,867,614 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | (360,008) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,076,793,634) | $ | 1,990,522,592 | ||
Fidelity Central Funds (cost $114,162,541) | 114,162,541 | |||
Total Investment in Securities (cost $1,190,956,175) | $ | 2,104,685,133 | ||
Receivable for fund shares sold | 143,620 | |||
Dividends receivable | 604,065 | |||
Interest receivable | 16,679 | |||
Distributions receivable from Fidelity Central Funds | 564,701 | |||
Prepaid expenses | 2,939 | |||
Other receivables | 2,834 | |||
Total assets | 2,106,019,971 | |||
Liabilities | ||||
Payable for investments purchased | $ | 10,554,800 | ||
Payable for fund shares redeemed | 745,815 | |||
Accrued management fee | 887,888 | |||
Distribution and service plan fees payable | 1,011 | |||
Other affiliated payables | 257,722 | |||
Other payables and accrued expenses | 50,952 | |||
Total Liabilities | 12,498,188 | |||
Net Assets | $ | 2,093,521,783 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,138,809,094 | ||
Total accumulated earnings (loss) | 954,712,689 | |||
Net Assets | $ | 2,093,521,783 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($386,440,560 ÷ 12,035,976 shares) | $ | 32.11 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($5,041,189 ÷ 157,203 shares) | $ | 32.07 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($1,702,040,034 ÷ 54,100,621 shares) | $ | 31.46 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 9,357,426 | ||
Interest | 16,795 | |||
Income from Fidelity Central Funds (including $138,944 from security lending) | 3,193,149 | |||
Total Income | 12,567,370 | |||
Expenses | ||||
Management fee | $ | 8,674,715 | ||
Transfer agent fees | 2,082,556 | |||
Distribution and service plan fees | 2,505 | |||
Accounting fees | 454,601 | |||
Custodian fees and expenses | 25,669 | |||
Independent trustees' fees and expenses | 9,605 | |||
Audit | 65,091 | |||
Legal | 4,861 | |||
Miscellaneous | 7,845 | |||
Total expenses before reductions | 11,327,448 | |||
Expense reductions | (96,876) | |||
Total expenses after reductions | 11,230,572 | |||
Net Investment income (loss) | 1,336,798 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 47,911,695 | |||
Foreign currency transactions | (11,357) | |||
Total net realized gain (loss) | 47,900,338 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 643,675,731 | |||
Assets and liabilities in foreign currencies | 2,403 | |||
Total change in net unrealized appreciation (depreciation) | 643,678,134 | |||
Net gain (loss) | 691,578,472 | |||
Net increase (decrease) in net assets resulting from operations | $ | 692,915,270 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,336,798 | $ | (157,798) |
Net realized gain (loss) | 47,900,338 | 36,112,478 | ||
Change in net unrealized appreciation (depreciation) | 643,678,134 | (732,956,032) | ||
Net increase (decrease) in net assets resulting from operations | 692,915,270 | (697,001,352) | ||
Distributions to shareholders | (44,921,857) | (149,535,613) | ||
Share transactions - net increase (decrease) | 318,026,731 | (74,623,368) | ||
Total increase (decrease) in net assets | 966,020,144 | (921,160,333) | ||
Net Assets | ||||
Beginning of period | 1,127,501,639 | 2,048,661,972 | ||
End of period | $ | 2,093,521,783 | $ | 1,127,501,639 |
VIP Technology Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.94 | $ | 35.65 | $ | 30.99 | $ | 19.08 | $ | 15.76 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .04 | .01 | (.04) | (.01) | .09 | |||||
Net realized and unrealized gain (loss) | 11.94 | (12.04) | 8.22 | 12.36 | 6.72 | |||||
Total from investment operations | 11.98 | (12.03) | 8.18 | 12.35 | 6.81 | |||||
Distributions from net investment income | (.04) | - | - | (.02) | (.08) | |||||
Distributions from net realized gain | (.77) | (2.68) | (3.52) | (.42) | (3.42) | |||||
Total distributions | (.81) | (2.68) | (3.52) | (.44) | (3.49) C | |||||
Net asset value, end of period | $ | 32.11 | $ | 20.94 | $ | 35.65 | $ | 30.99 | $ | 19.08 |
Total Return D,E | 58.32% | (35.86)% | 28.16% | 64.95% | 51.32% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .62% | .63% | .62% | .63% | .65% | |||||
Expenses net of fee waivers, if any | .61% | .62% | .62% | .63% | .65% | |||||
Expenses net of all reductions | .61% | .62% | .62% | .63% | .64% | |||||
Net investment income (loss) | .14% | .05% | (.12)% | (.03)% | .52% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 386,441 | $ | 185,489 | $ | 356,589 | $ | 286,967 | $ | 175,680 |
Portfolio turnover rate H | 24% | 21% | 31% | 52% | 20% |
VIP Technology Portfolio Service Class 2 |
Years ended December 31, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 28.65 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.01) | |
Net realized and unrealized gain (loss) | 3.57 | |
Total from investment operations | 3.56 | |
Distributions from net investment income | (.04) | |
Distributions from net realized gain | (.10) | |
Total distributions | (.14) | |
Net asset value, end of period | $ | 32.07 |
Total Return D,E,F | 12.45% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | .88% I | |
Expenses net of fee waivers, if any | .87% I | |
Expenses net of all reductions | .87% I | |
Net investment income (loss) | (.13)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 5,041 |
Portfolio turnover rate J | 24% |
VIP Technology Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.54 | $ | 35.03 | $ | 30.51 | $ | 18.80 | $ | 15.57 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .02 | (.01) | (.06) | (.02) | .07 | |||||
Net realized and unrealized gain (loss) | 11.69 | (11.81) | 8.07 | 12.16 | 6.64 | |||||
Total from investment operations | 11.71 | (11.82) | 8.01 | 12.14 | 6.71 | |||||
Distributions from net investment income | (.02) | - | - | (.02) | (.06) | |||||
Distributions from net realized gain | (.77) | (2.67) | (3.49) | (.41) | (3.42) | |||||
Total distributions | (.79) | (2.67) | (3.49) | (.43) | (3.48) | |||||
Net asset value, end of period | $ | 31.46 | $ | 20.54 | $ | 35.03 | $ | 30.51 | $ | 18.80 |
Total Return C,D | 58.14% | (35.87)% | 28.06% | 64.76% | 51.26% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .70% | .70% | .70% | .71% | .73% | |||||
Expenses net of fee waivers, if any | .69% | .70% | .70% | .71% | .73% | |||||
Expenses net of all reductions | .69% | .70% | .70% | .71% | .72% | |||||
Net investment income (loss) | .07% | (.02)% | (.20)% | (.11)% | .44% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,702,040 | $ | 942,013 | $ | 1,692,073 | $ | 1,365,091 | $ | 732,499 |
Portfolio turnover rate G | 24% | 21% | 31% | 52% | 20% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 InputA |
Equities | $32,276,417 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.1 - 30.8 / 10.1 | Increase |
Market approach | Transaction price | $1.11 - $59.45 / $6.25 | Increase | ||
Discount rate | 10.0% - 75.0% / 29.6% | Decrease | |||
Premium rate | 15.0% - 45.0% / 22.3% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 27.4% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 3.9% - 4.4% / 4.1% | Increase | ||
Volatility | 50.0% - 100.0% / 80.0% | Increase | |||
Term | 2.0 - 5.0 / 3.9 | Increase | |||
Corporate Bonds | $1,150,584 | Recovery value | Recovery value | $0.00 | Increase |
Discounted cash flow | Discount rate | 3.9% | Decrease | ||
Preferred Securities | $302,856 | Market approach | Transaction price | $100.00 | Increase |
Discount rate | 27.1% - 30.0% / 28.9% | Decrease | |||
Probability rate | 10.0% - 60.0% / 33.3% | Increase | |||
Black scholes | Discount rate | 4.2% - 4.7% / 4.4% | Increase | ||
Volatility | 70.0% - 100.0% / 88.9% | Increase | |||
Term | 1.4 - 3.0 / 2.4 | Increase |
Gross unrealized appreciation | $953,930,042 |
Gross unrealized depreciation | (66,906,222) |
Net unrealized appreciation (depreciation) | $887,023,820 |
Tax Cost | $1,217,661,313 |
Undistributed ordinary income | $2,254,387 |
Undistributed long-term capital gain | $65,433,150 |
Net unrealized appreciation (depreciation) on securities and other investments | $887,025,153 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $7,959,390 | $4,627,181 |
Long-term Capital Gains | 36,962,467 | 144,908,432 |
Total | $44,921,857 | $149,535,613 |
Purchases ($) | Sales ($) | |
VIP Technology Portfolio | 563,729,810 | 384,976,172 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $181,071 | .06 |
Service Class 2 | 631 | .06A |
Investor Class | 1,900,854 | .14 |
$2,082,556 |
% of Average Net Assets | |
VIP Technology Portfolio | 0.0269 |
% of Average Net Assets | |
VIP Technology Portfolio | .03 |
Maximum Management Fee Rate % | |
Initial Class | 0.58 |
Service Class 2 | 0.58 |
Investor Class | 0.66 |
Amount | |
VIP Technology Portfolio | $ 3,838 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Technology Portfolio | 24,697,155 | 30,389,920 | 8,196,313 |
Amount | |
VIP Technology Portfolio | $2,630 |
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 | $14,522 | $- | $- |
Year ended December 31, 2023A | Year ended December 31, 2022 | |
VIP Technology Portfolio | ||
Distributions to shareholders | ||
Initial Class | $ 7,701,196 | $25,127,668 |
Service Class 2 | 21,247 | - |
Investor Class | 37,199,414 | 124,407,945 |
Total | $44,921,857 | $149,535,613 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023A | Year ended December 31, 2022 | Year ended December 31, 2023A | Year ended December 31, 2022 | |
VIP Technology Portfolio | ||||
Initial Class | ||||
Shares sold | 4,884,121 | 1,088,651 | $136,520,854 | $27,057,152 |
Reinvestment of distributions | 305,373 | 864,682 | 7,701,196 | 25,127,668 |
Shares redeemed | (2,011,242) | (3,099,249) | (55,940,646) | (81,125,431) |
Net increase (decrease) | 3,178,252 | (1,145,916) | $88,281,404 | $(28,940,611) |
Service Class 2 | ||||
Shares sold | 158,667 | - | $4,661,142 | $ - |
Reinvestment of distributions | 680 | - | 20,758 | - |
Shares redeemed | (2,144) | - | (65,483) | - |
Net increase (decrease) | 157,203 | - | $4,616,417 | $ - |
Investor Class | ||||
Shares sold | 10,012,797 | 3,481,136 | $275,860,254 | $87,723,145 |
Reinvestment of distributions | 1,518,486 | 4,362,130 | 37,199,414 | 124,407,945 |
Shares redeemed | (3,303,071) | (10,268,845) | (87,930,758) | (257,813,847) |
Net increase (decrease) | 8,228,212 | (2,425,579) | $225,128,910 | $(45,682,757) |
Fund | Affiliated % |
VIP Technology Portfolio | 96 |
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023) for Initial Class and Investor Class and for the period (August 16, 2023 to December 31, 2023) for Service Class 2. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value | Ending Account Value December 31, 2023 | Expenses Paid During Period | |||||||
VIP Technology Portfolio | ||||||||||
Initial Class ** | .61% | |||||||||
Actual | $ 1,000 | $ 1,080.50 | $ 3.20C | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.13 | $ 3.11D | |||||||
Service Class 2 | .87% | |||||||||
Actual | $ 1,000 | $ 1,079.30 | $ 3.42C | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.82 | $ 4.43D | |||||||
Investor Class | .69% | |||||||||
Actual | $ 1,000 | $ 1,080.20 | $ 3.62C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.73 | $ 3.52D | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Technology Portfolio | ||||||
Initial Class | .57% | |||||
Actual | $ 2.99 | |||||
Hypothetical- B | $ 2.91 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 0.98% | 13.63% | 2.62% |
Service Class 2 | 0.70% | 13.36% | 2.37% |
Investor Class | 0.91% | 13.55% | 2.54% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Energy Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 23.3 | |
Canadian Natural Resources Ltd. | 5.5 | |
Chevron Corp. | 5.2 | |
Schlumberger Ltd. | 5.1 | |
Occidental Petroleum Corp. | 5.0 | |
Cenovus Energy, Inc. (Canada) | 4.9 | |
Marathon Petroleum Corp. | 4.3 | |
Hess Corp. | 3.7 | |
ConocoPhillips Co. | 3.7 | |
Valero Energy Corp. | 3.7 | |
64.4 | ||
Industries (% of Fund's net assets) | ||
Oil, Gas & Consumable Fuels | 81.2 | |
Energy Equipment & Services | 17.5 | |
Machinery | 0.7 | |
Independent Power and Renewable Electricity Producers | 0.6 | |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 100.0% | |||
Shares | Value ($) | ||
Energy Equipment & Services - 17.5% | |||
Oil & Gas Drilling - 3.7% | |||
Noble Corp. PLC | 69,900 | 3,366,384 | |
Odfjell Drilling Ltd. | 282,200 | 1,094,369 | |
Patterson-UTI Energy, Inc. | 549,469 | 5,934,265 | |
Shelf Drilling Ltd. (a)(b) | 240,173 | 685,540 | |
Valaris Ltd. (a) | 121,600 | 8,338,112 | |
19,418,670 | |||
Oil & Gas Equipment & Services - 13.8% | |||
Halliburton Co. | 473,720 | 17,124,978 | |
NOV, Inc. | 293,900 | 5,960,292 | |
Oceaneering International, Inc. (a) | 230,000 | 4,894,400 | |
ProFrac Holding Corp. (a)(c) | 149,000 | 1,263,520 | |
ProPetro Holding Corp. (a) | 221,230 | 1,853,907 | |
Schlumberger Ltd. | 516,149 | 26,860,394 | |
TechnipFMC PLC | 721,226 | 14,525,492 | |
72,482,983 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 91,901,653 | ||
Independent Power and Renewable Electricity Producers - 0.6% | |||
Independent Power Producers & Energy Traders - 0.6% | |||
Vistra Corp. | 71,429 | 2,751,445 | |
Machinery - 0.7% | |||
Industrial Machinery & Supplies & Components - 0.7% | |||
Chart Industries, Inc. (a) | 27,500 | 3,749,075 | |
Oil, Gas & Consumable Fuels - 81.2% | |||
Integrated Oil & Gas - 40.9% | |||
Cenovus Energy, Inc. (Canada) | 1,533,200 | 25,548,512 | |
Chevron Corp. | 183,669 | 27,396,068 | |
Exxon Mobil Corp. | 1,224,948 | 122,470,300 | |
Imperial Oil Ltd. | 103,700 | 5,907,155 | |
Occidental Petroleum Corp. | 437,470 | 26,121,334 | |
Occidental Petroleum Corp. warrants 8/3/27 (a) | 11,000 | 428,230 | |
Suncor Energy, Inc. | 211,120 | 6,763,552 | |
214,635,151 | |||
Oil & Gas Exploration & Production - 24.3% | |||
Antero Resources Corp. (a) | 225,460 | 5,113,433 | |
APA Corp. | 118,850 | 4,264,338 | |
Canadian Natural Resources Ltd. | 443,630 | 29,064,202 | |
Chord Energy Corp. | 18,915 | 3,144,240 | |
Civitas Resources, Inc. | 12,674 | 866,648 | |
ConocoPhillips Co. | 166,509 | 19,326,700 | |
Devon Energy Corp. | 82,640 | 3,743,592 | |
Diamondback Energy, Inc. | 35,100 | 5,443,308 | |
EOG Resources, Inc. | 43,302 | 5,237,377 | |
Hess Corp. | 135,600 | 19,548,096 | |
National Energy Services Reunited Corp. (a) | 517,350 | 3,155,835 | |
Northern Oil & Gas, Inc. | 31,350 | 1,162,145 | |
Ovintiv, Inc. | 256,260 | 11,254,939 | |
Pioneer Natural Resources Co. | 34,744 | 7,813,231 | |
Range Resources Corp. | 199,260 | 6,065,474 | |
SM Energy Co. | 56,270 | 2,178,774 | |
127,382,332 | |||
Oil & Gas Refining & Marketing - 9.1% | |||
Marathon Petroleum Corp. | 153,376 | 22,754,863 | |
Phillips 66 Co. | 44,532 | 5,928,990 | |
Valero Energy Corp. | 147,820 | 19,216,600 | |
47,900,453 | |||
Oil & Gas Storage & Transportation - 6.9% | |||
Cheniere Energy, Inc. | 109,190 | 18,639,825 | |
Energy Transfer LP | 850,730 | 11,740,074 | |
Golar LNG Ltd. | 75,330 | 1,731,837 | |
New Fortress Energy, Inc. (c) | 107,400 | 4,052,202 | |
36,163,938 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 426,081,874 | ||
TOTAL COMMON STOCKS (Cost $318,558,152) | 524,484,047 | ||
Money Market Funds - 1.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (d) | 556,254 | 556,366 | |
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e) | 5,445,081 | 5,445,626 | |
TOTAL MONEY MARKET FUNDS (Cost $6,001,992) | 6,001,992 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $324,560,144) | 530,486,039 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (5,880,973) |
NET ASSETS - 100.0% | 524,605,066 |
(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 $685,540 or 0.1% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 3,996,061 | 88,774,427 | 92,214,122 | 67,563 | - | - | 556,366 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 14,450,476 | 343,570,549 | 352,575,399 | 34,079 | - | - | 5,445,626 | 0.0% |
Total | 18,446,537 | 432,344,976 | 444,789,521 | 101,642 | - | - | 6,001,992 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 524,484,047 | 524,484,047 | - | - |
Money Market Funds | 6,001,992 | 6,001,992 | - | - |
Total Investments in Securities: | 530,486,039 | 530,486,039 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,243,187) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $318,558,152) | $ | 524,484,047 | ||
Fidelity Central Funds (cost $6,001,992) | 6,001,992 | |||
Total Investment in Securities (cost $324,560,144) | $ | 530,486,039 | ||
Cash | 7,478 | |||
Foreign currency held at value (cost $140,251) | 140,252 | |||
Receivable for investments sold | 416 | |||
Receivable for fund shares sold | 96,756 | |||
Dividends receivable | 577,585 | |||
Distributions receivable from Fidelity Central Funds | 6,331 | |||
Prepaid expenses | 956 | |||
Other receivables | 10,191 | |||
Total assets | 531,326,004 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 898,132 | ||
Accrued management fee | 231,324 | |||
Distribution and service plan fees payable | 44,681 | |||
Other affiliated payables | 59,857 | |||
Other payables and accrued expenses | 43,194 | |||
Collateral on securities loaned | 5,443,750 | |||
Total Liabilities | 6,720,938 | |||
Net Assets | $ | 524,605,066 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 380,796,973 | ||
Total accumulated earnings (loss) | 143,808,093 | |||
Net Assets | $ | 524,605,066 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($50,598,409 ÷ 2,046,298 shares) | $ | 24.73 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($214,391,406 ÷ 8,718,852 shares) | $ | 24.59 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($259,615,251 ÷ 10,524,171 shares) | $ | 24.67 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 17,174,136 | ||
Income from Fidelity Central Funds (including $34,079 from security lending) | 101,642 | |||
Total Income | 17,275,778 | |||
Expenses | ||||
Management fee | $ | 3,322,776 | ||
Transfer agent fees | 647,110 | |||
Distribution and service plan fees | 583,038 | |||
Accounting fees | 208,945 | |||
Custodian fees and expenses | 48,332 | |||
Independent trustees' fees and expenses | 3,971 | |||
Audit | 41,276 | |||
Legal | 1,923 | |||
Interest | 62,322 | |||
Miscellaneous | 3,391 | |||
Total expenses before reductions | 4,923,084 | |||
Expense reductions | (39,813) | |||
Total expenses after reductions | 4,883,271 | |||
Net Investment income (loss) | 12,392,507 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 46,773,565 | |||
Foreign currency transactions | 22,672 | |||
Total net realized gain (loss) | 46,796,237 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (72,578,241) | |||
Assets and liabilities in foreign currencies | 7,065 | |||
Total change in net unrealized appreciation (depreciation) | (72,571,176) | |||
Net gain (loss) | (25,774,939) | |||
Net increase (decrease) in net assets resulting from operations | $ | (13,382,432) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 12,392,507 | $ | 19,144,872 |
Net realized gain (loss) | 46,796,237 | (4,693,061) | ||
Change in net unrealized appreciation (depreciation) | (72,571,176) | 218,880,105 | ||
Net increase (decrease) in net assets resulting from operations | (13,382,432) | 233,331,916 | ||
Distributions to shareholders | (15,602,724) | (16,391,155) | ||
Share transactions - net increase (decrease) | (224,272,519) | 246,339,710 | ||
Total increase (decrease) in net assets | (253,257,675) | 463,280,471 | ||
Net Assets | ||||
Beginning of period | 777,862,741 | 314,582,270 | ||
End of period | $ | 524,605,066 | $ | 777,862,741 |
VIP Energy Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.16 | $ | 15.77 | $ | 10.41 | $ | 15.91 | $ | 14.78 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .52 | .69 | .48 C | .41 | .29 | |||||
Net realized and unrealized gain (loss) | (.27) | 9.26 | 5.24 | (5.62) | 1.18 | |||||
Total from investment operations | .25 | 9.95 | 5.72 | (5.21) | 1.47 | |||||
Distributions from net investment income | (.68) | (.56) | (.36) | (.29) | (.33) | |||||
Distributions from net realized gain | - | - | - | - | (.01) | |||||
Total distributions | (.68) | (.56) | (.36) | (.29) | (.34) | |||||
Net asset value, end of period | $ | 24.73 | $ | 25.16 | $ | 15.77 | $ | 10.41 | $ | 15.91 |
Total Return D,E | .98% | 63.18% | 55.35% | (32.76)% | 10.08% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .65% | .64% | .65% | .69% | .67% | |||||
Expenses net of fee waivers, if any | .64% | .64% | .65% | .69% | .67% | |||||
Expenses net of all reductions | .64% | .64% | .65% | .68% | .66% | |||||
Net investment income (loss) | 2.09% | 3.02% | 3.35% C | 3.98% | 1.83% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 50,598 | $ | 101,150 | $ | 30,777 | $ | 16,336 | $ | 27,957 |
Portfolio turnover rate H | 24% | 50% | 65% | 71% | 58% |
VIP Energy Portfolio Service Class 2 |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.03 | $ | 15.69 | $ | 10.37 | $ | 15.84 | $ | 14.71 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .46 | .62 | .44 C | .37 | .25 | |||||
Net realized and unrealized gain (loss) | (.29) | 9.23 | 5.21 | (5.58) | 1.18 | |||||
Total from investment operations | .17 | 9.85 | 5.65 | (5.21) | 1.43 | |||||
Distributions from net investment income | (.61) | (.51) | (.33) | (.26) | (.29) | |||||
Distributions from net realized gain | - | - | - | - | (.01) | |||||
Total distributions | (.61) | (.51) | (.33) | (.26) | (.30) | |||||
Net asset value, end of period | $ | 24.59 | $ | 25.03 | $ | 15.69 | $ | 10.37 | $ | 15.84 |
Total Return D,E | .70% | 62.87% | 54.83% | (32.88)% | 9.82% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .90% | .89% | .90% | .94% | .92% | |||||
Expenses net of fee waivers, if any | .89% | .88% | .90% | .94% | .92% | |||||
Expenses net of all reductions | .89% | .88% | .90% | .93% | .91% | |||||
Net investment income (loss) | 1.84% | 2.77% | 3.10% C | 3.73% | 1.58% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 214,391 | $ | 259,298 | $ | 120,827 | $ | 64,986 | $ | 90,208 |
Portfolio turnover rate H | 24% | 50% | 65% | 71% | 58% |
VIP Energy Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.10 | $ | 15.73 | $ | 10.39 | $ | 15.88 | $ | 14.75 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .50 | .67 | .47 C | .39 | .28 | |||||
Net realized and unrealized gain (loss) | (.27) | 9.25 | 5.22 | (5.60) | 1.18 | |||||
Total from investment operations | .23 | 9.92 | 5.69 | (5.21) | 1.46 | |||||
Distributions from net investment income | (.66) | (.55) | (.35) | (.28) | (.32) | |||||
Distributions from net realized gain | - | - | - | - | (.01) | |||||
Total distributions | (.66) | (.55) | (.35) | (.28) | (.33) | |||||
Net asset value, end of period | $ | 24.67 | $ | 25.10 | $ | 15.73 | $ | 10.39 | $ | 15.88 |
Total Return D,E | .91% | 63.13% | 55.16% | (32.80)% | 9.98% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .72% | .71% | .72% | .76% | .75% | |||||
Expenses net of fee waivers, if any | .72% | .71% | .72% | .76% | .75% | |||||
Expenses net of all reductions | .72% | .71% | .72% | .75% | .74% | |||||
Net investment income (loss) | 2.01% | 2.94% | 3.28% C | 3.90% | 1.75% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 259,615 | $ | 417,415 | $ | 162,978 | $ | 70,268 | $ | 78,339 |
Portfolio turnover rate H | 24% | 50% | 65% | 71% | 58% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $209,159,183 |
Gross unrealized depreciation | (6,292,958) |
Net unrealized appreciation (depreciation) | $202,866,225 |
Tax Cost | $327,619,814 |
Undistributed ordinary income | $3,017,582 |
Capital loss carryforward | $(61,436,271) |
Net unrealized appreciation (depreciation) on securities and other investments | $202,226,781 |
Short-term | $(61,436,271) |
Long-term | (-) |
Total capital loss carryforward | $(61,436,271) |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $15,602,724 | $16,391,155 |
Purchases ($) | Sales ($) | |
VIP Energy Portfolio | 150,331,347 | 386,448,308 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $47,058 | .06 |
Service Class 2 | 146,926 | .06 |
Investor Class | 453,126 | .14 |
$647,110 |
% of Average Net Assets | |
VIP Energy Portfolio | 0.0343% |
% of Average Net Assets | |
VIP Energy Portfolio | .03 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Service Class 2 | .58 |
Investor Class | .66 |
Amount | |
VIP Energy Portfolio | $5,974 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Energy Portfolio | Borrower | $4,962,111 | 5.22% | $58,334 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Energy Portfolio | 17,389,808 | 17,574,530 | 367,327 |
Amount | |
VIP Energy Portfolio | $1,269 |
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 | $3,681 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Energy Portfolio | $917,464 | 5.59% | $3,988 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Energy Portfolio | ||
Distributions to shareholders | ||
Initial Class | $1,754,288 | $2,143,749 |
Service Class 2 | 5,650,488 | 5,328,447 |
Investor Class | 8,197,948 | 8,918,959 |
Total | $15,602,724 | $16,391,155 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Energy Portfolio | ||||
Initial Class | ||||
Shares sold | 944,833 | 4,770,417 | $24,775,086 | $105,152,019 |
Reinvestment of distributions | 70,770 | 85,780 | 1,754,288 | 2,143,749 |
Shares redeemed | (2,989,083) | (2,788,431) | (72,497,431) | (60,018,217) |
Net increase (decrease) | (1,973,480) | 2,067,766 | $(45,968,057) | $47,277,551 |
Service Class 2 | ||||
Shares sold | 2,558,652 | 9,562,012 | $64,485,576 | $207,734,047 |
Reinvestment of distributions | 229,217 | 215,650 | 5,650,488 | 5,328,447 |
Shares redeemed | (4,429,982) | (7,117,295) | (107,489,362) | (154,201,989) |
Net increase (decrease) | (1,642,113) | 2,660,367 | $(37,353,298) | $58,860,505 |
Investor Class | ||||
Shares sold | 1,726,184 | 13,627,476 | $44,924,306 | $296,238,118 |
Reinvestment of distributions | 331,500 | 357,932 | 8,197,948 | 8,918,959 |
Shares redeemed | (8,160,589) | (7,716,954) | (194,073,418) | (164,955,423) |
Net increase (decrease) | (6,102,905) | 6,268,454 | $(140,951,164) | $140,201,654 |
Fund | Affiliated % | Number ofUnaffiliated Shareholders | Unaffiliated Shareholders % |
VIP Energy Portfolio | 59% | 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, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Energy Portfolio | ||||||||||
Initial Class ** | .63% | |||||||||
Actual | $ 1,000 | $ 1,060.70 | $ 3.27 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.03 | $ 3.21 | |||||||
Service Class 2 ** | .88% | |||||||||
Actual | $ 1,000 | $ 1,059.40 | $ 4.57 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.77 | $ 4.48 | |||||||
Investor Class ** | .71% | |||||||||
Actual | $ 1,000 | $ 1,060.20 | $ 3.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.63 | $ 3.62 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Energy Portfolio | ||||||
Initial Class | .59% | |||||
Actual | $ 3.06 | |||||
Hypothetical- B | $ 3.01 | |||||
Service Class 2 | .83% | |||||
Actual | $ 4.31 | |||||
Hypothetical- B | $ 4.23 | |||||
Investor Class | .67% | |||||
Actual | $ 3.48 | |||||
Hypothetical- B | $ 3.41 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 57.39% | 15.22% | 9.83% |
Investor Class | 57.24% | 15.14% | 9.75% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Communication Services Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 24.6 | |
Alphabet, Inc. Class A | 19.0 | |
Netflix, Inc. | 4.9 | |
Amazon.com, Inc. | 4.8 | |
AT&T, Inc. | 4.6 | |
The Walt Disney Co. | 4.2 | |
Charter Communications, Inc. Class A | 4.0 | |
Uber Technologies, Inc. | 3.9 | |
Liberty Broadband Corp. Class A | 3.5 | |
T-Mobile U.S., Inc. | 3.4 | |
76.9 | ||
Industries (% of Fund's net assets) | ||
Interactive Media & Services | 50.4 | |
Entertainment | 19.0 | |
Media | 10.7 | |
Diversified Telecommunication Services | 6.8 | |
Broadline Retail | 4.8 | |
Ground Transportation | 3.9 | |
Wireless Telecommunication Services | 3.4 | |
IT Services | 0.7 | |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Broadline Retail - 4.8% | |||
Broadline Retail - 4.8% | |||
Amazon.com, Inc. (a) | 61,700 | 9,374,698 | |
Consumer Staples Distribution & Retail - 0.0% | |||
Food Retail - 0.0% | |||
Maplebear, Inc. (NASDAQ) (b) | 400 | 9,388 | |
Diversified Telecommunication Services - 6.8% | |||
Alternative Carriers - 2.2% | |||
EchoStar Holding Corp. Class A (a) | 1,000 | 16,570 | |
GCI Liberty, Inc. Class A (c) | 21,982 | 0 | |
Liberty Global Ltd. Class C (b) | 110,200 | 2,054,128 | |
Liberty Latin America Ltd. Class C (a) | 303,290 | 2,226,149 | |
4,296,847 | |||
Integrated Telecommunication Services - 4.6% | |||
AT&T, Inc. | 535,900 | 8,992,402 | |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 13,289,249 | ||
Entertainment - 19.0% | |||
Interactive Home Entertainment - 2.6% | |||
Roblox Corp. (a) | 20,200 | 923,544 | |
Sea Ltd. ADR (a) | 53,000 | 2,146,500 | |
Skillz, Inc. (a) | 95 | 593 | |
Take-Two Interactive Software, Inc. (a) | 12,200 | 1,963,590 | |
5,034,227 | |||
Movies & Entertainment - 16.4% | |||
Atlanta Braves Holdings, Inc. | 1,198 | 47,417 | |
Liberty Media Corp. Liberty Formula One Class A | 54,500 | 3,159,910 | |
Liberty Media Corp. Liberty Live Series A | 1,810 | 66,156 | |
Lions Gate Entertainment Corp.: | |||
Class A (a) | 4,500 | 49,050 | |
Class B (a) | 91,700 | 934,423 | |
Marcus Corp. (b) | 51,700 | 753,786 | |
Netflix, Inc. (a) | 19,810 | 9,645,093 | |
Roku, Inc. Class A (a) | 42,800 | 3,923,048 | |
Spotify Technology SA (a) | 6,200 | 1,165,042 | |
The Walt Disney Co. | 91,823 | 8,290,699 | |
TKO Group Holdings, Inc. | 30,500 | 2,488,190 | |
Warner Music Group Corp. Class A | 51,300 | 1,836,027 | |
32,358,841 | |||
TOTAL ENTERTAINMENT | 37,393,068 | ||
Ground Transportation - 3.9% | |||
Passenger Ground Transportation - 3.9% | |||
Uber Technologies, Inc. (a) | 125,500 | 7,727,035 | |
Interactive Media & Services - 50.4% | |||
Interactive Media & Services - 50.4% | |||
Alphabet, Inc. Class A (a) | 267,900 | 37,422,951 | |
Angi, Inc. (a)(b) | 377,299 | 939,475 | |
Match Group, Inc. (a) | 68,599 | 2,503,864 | |
Meta Platforms, Inc. Class A (a) | 137,100 | 48,527,913 | |
Pinterest, Inc. Class A (a) | 108,600 | 4,022,544 | |
Snap, Inc. Class A (a) | 345,200 | 5,844,236 | |
99,260,983 | |||
IT Services - 0.7% | |||
Internet Services & Infrastructure - 0.7% | |||
Shopify, Inc. Class A (a) | 18,300 | 1,425,570 | |
Media - 10.7% | |||
Advertising - 0.0% | |||
S4 Capital PLC (a) | 126,300 | 85,968 | |
Cable & Satellite - 10.7% | |||
Altice U.S.A., Inc. Class A (a) | 604,400 | 1,964,300 | |
Charter Communications, Inc. Class A (a) | 20,400 | 7,929,072 | |
Comcast Corp. Class A | 97,400 | 4,270,990 | |
DISH Network Corp. Class A (a)(b) | 5,654 | 32,624 | |
Liberty Broadband Corp. Class A (a) | 84,065 | 6,779,002 | |
20,975,988 | |||
TOTAL MEDIA | 21,061,956 | ||
Software - 0.0% | |||
Application Software - 0.0% | |||
Klaviyo, Inc. Class A (b) | 400 | 11,112 | |
Wireless Telecommunication Services - 3.4% | |||
Wireless Telecommunication Services - 3.4% | |||
T-Mobile U.S., Inc. | 42,021 | 6,737,227 | |
TOTAL COMMON STOCKS (Cost $143,595,554) | 196,290,286 | ||
Money Market Funds - 1.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (d) | 315,990 | 316,053 | |
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e) | 2,430,287 | 2,430,530 | |
TOTAL MONEY MARKET FUNDS (Cost $2,746,583) | 2,746,583 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $146,342,137) | 199,036,869 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (2,208,544) |
NET ASSETS - 100.0% | 196,828,325 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 603,067 | 85,009,002 | 85,296,016 | 102,445 | - | - | 316,053 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 2,323,180 | 24,398,581 | 24,291,231 | 2,442 | - | - | 2,430,530 | 0.0% |
Total | 2,926,247 | 109,407,583 | 109,587,247 | 104,887 | - | - | 2,746,583 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 196,290,286 | 196,290,286 | - | - |
Money Market Funds | 2,746,583 | 2,746,583 | - | - |
Total Investments in Securities: | 199,036,869 | 199,036,869 | - | - |
Net Unrealized Depreciation on Unfunded Commitments | (18,834) | - | (18,834) | - |
Total | (18,834) | - | (18,834) | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,332,100) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $143,595,554) | $ | 196,290,286 | ||
Fidelity Central Funds (cost $2,746,583) | 2,746,583 | |||
Total Investment in Securities (cost $146,342,137) | $ | 199,036,869 | ||
Foreign currency held at value (cost $40) | 40 | |||
Receivable for investments sold | 503,974 | |||
Receivable for fund shares sold | 106,075 | |||
Dividends receivable | 27,398 | |||
Distributions receivable from Fidelity Central Funds | 11,419 | |||
Prepaid expenses | 203 | |||
Other receivables | 2,361 | |||
Total assets | 199,688,339 | |||
Liabilities | ||||
Unrealized depreciation on unfunded commitments | $ | 18,834 | ||
Payable for fund shares redeemed | 258,712 | |||
Accrued management fee | 83,510 | |||
Other affiliated payables | 26,409 | |||
Other payables and accrued expenses | 42,099 | |||
Collateral on securities loaned | 2,430,450 | |||
Total Liabilities | 2,860,014 | |||
Net Assets | $ | 196,828,325 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 146,013,120 | ||
Total accumulated earnings (loss) | 50,815,205 | |||
Net Assets | $ | 196,828,325 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($23,565,671 ÷ 1,317,713 shares) | $ | 17.88 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($173,262,654 ÷ 9,793,387 shares) | $ | 17.69 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 384,998 | ||
Special dividends | 94,184 | |||
Income from Fidelity Central Funds (including $2,442 from security lending) | 104,887 | |||
Total Income | 584,069 | |||
Expenses | ||||
Management fee | $ | 734,796 | ||
Transfer agent fees | 182,783 | |||
Accounting fees | 49,647 | |||
Custodian fees and expenses | 12,494 | |||
Independent trustees' fees and expenses | 776 | |||
Audit | 41,218 | |||
Legal | 1,355 | |||
Miscellaneous | 506 | |||
Total expenses before reductions | 1,023,575 | |||
Expense reductions | (7,679) | |||
Total expenses after reductions | 1,015,896 | |||
Net Investment income (loss) | (431,827) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 193,623 | |||
Foreign currency transactions | 147 | |||
Total net realized gain (loss) | 193,770 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 57,626,713 | |||
Unfunded commitments | (18,834) | |||
Assets and liabilities in foreign currencies | (35) | |||
Total change in net unrealized appreciation (depreciation) | 57,607,844 | |||
Net gain (loss) | 57,801,614 | |||
Net increase (decrease) in net assets resulting from operations | $ | 57,369,787 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (431,827) | $ | (352,031) |
Net realized gain (loss) | 193,770 | (1,141,959) | ||
Change in net unrealized appreciation (depreciation) | 57,607,844 | (51,337,689) | ||
Net increase (decrease) in net assets resulting from operations | 57,369,787 | (52,831,679) | ||
Distributions to shareholders | - | (6,166,309) | ||
Share transactions - net increase (decrease) | 63,903,344 | (19,599,514) | ||
Total increase (decrease) in net assets | 121,273,131 | (78,597,502) | ||
Net Assets | ||||
Beginning of period | 75,555,194 | 154,152,696 | ||
End of period | $ | 196,828,325 | $ | 75,555,194 |
VIP Communication Services Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.36 | $ | 19.25 | $ | 17.39 | $ | 12.98 | $ | 10.58 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.04) C | (.04) | (.07) | (.05) | (.01) | |||||
Net realized and unrealized gain (loss) | 6.56 | (7.05) | 2.74 | 4.62 | 3.36 | |||||
Total from investment operations | 6.52 | (7.09) | 2.67 | 4.57 | 3.35 | |||||
Distributions from net investment income | - | - | - | - | (.01) | |||||
Distributions from net realized gain | - | (.80) | (.81) | (.16) | (.94) | |||||
Total distributions | - | (.80) | (.81) | (.16) | (.95) | |||||
Net asset value, end of period | $ | 17.88 | $ | 11.36 | $ | 19.25 | $ | 17.39 | $ | 12.98 |
Total Return D,E | 57.39% | (38.14)% | 15.65% | 35.60% | 32.98% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .66% | .68% | .66% | .70% | .72% | |||||
Expenses net of fee waivers, if any | .66% | .68% | .66% | .70% | .72% | |||||
Expenses net of all reductions | .66% | .68% | .66% | .70% | .71% | |||||
Net investment income (loss) | (.24)% C | (.29)% | (.34)% | (.39)% | (.09)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 23,566 | $ | 8,116 | $ | 18,332 | $ | 13,370 | $ | 9,865 |
Portfolio turnover rate H | 41% | 37% | 66% | 66% | 73% |
VIP Communication Services Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.25 | $ | 19.08 | $ | 17.23 | $ | 12.88 | $ | 10.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.05) C | (.05) | (.08) | (.06) | (.02) | |||||
Net realized and unrealized gain (loss) | 6.49 | (6.98) | 2.72 | 4.57 | 3.34 | |||||
Total from investment operations | 6.44 | (7.03) | 2.64 | 4.51 | 3.32 | |||||
Distributions from net investment income | - | - | - | - | (.01) | |||||
Distributions from net realized gain | - | (.80) | (.79) | (.16) | (.93) | |||||
Total distributions | - | (.80) | (.79) | (.16) | (.94) | |||||
Net asset value, end of period | $ | 17.69 | $ | 11.25 | $ | 19.08 | $ | 17.23 | $ | 12.88 |
Total Return D,E | 57.24% | (38.17)% | 15.60% | 35.40% | 32.95% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .74% | .76% | .73% | .78% | .80% | |||||
Expenses net of fee waivers, if any | .73% | .75% | .73% | .78% | .80% | |||||
Expenses net of all reductions | .73% | .75% | .73% | .78% | .79% | |||||
Net investment income (loss) | (.32)% C | (.36)% | (.41)% | (.46)% | (.17)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 173,263 | $ | 67,439 | $ | 135,821 | $ | 102,631 | $ | 71,137 |
Portfolio turnover rate H | 41% | 37% | 66% | 66% | 73% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $58,676,229 |
Gross unrealized depreciation | (9,475,281) |
Net unrealized appreciation (depreciation) | $49,200,948 |
Tax Cost | $149,817,087 |
Undistributed long-term capital gain | $1,614,901 |
Net unrealized appreciation (depreciation) on securities and other investments | $49,200,304 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $- | $ 240,651 |
Long-term Capital Gains | - | 5,925,658 |
Total | $- | $6,166,309 |
Investment to be Acquired | Shares | Commitment Amount | |
VIP Communication Services Portfolio | Lions Gate Entertainment Corp. | 30,378 | $292,540 |
Purchases ($) | Sales ($) | |
VIP Communication Services Portfolio | 120,585,371 | 57,299,418 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | 10,129 | .06 |
Investor Class | 172,654 | .14 |
$182,783 |
% of Average Net Assets | |
VIP Communication Services Portfolio | 0.0353% |
% of Average Net Assets | |
VIP Communication Services Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Investor Class | .66 |
Amount | |
VIP Communication Services Portfolio | $1,595 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Communication Services Portfolio | 7,565,838 | 1,761,439 | (1,978) |
Amount | |
VIP Communication Services Portfolio | $204 |
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 | $216 | $8 | $- |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Communication Services Portfolio | ||
Distributions to shareholders | ||
Initial Class | - | 711,816 |
Investor Class | - | 5,454,493 |
Total | $- | $6,166,309 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Communication Services Portfolio | ||||
Initial Class | ||||
Shares sold | 839,661 | 37,799 | $12,501,860 | $495,902 |
Reinvestment of distributions | - | 42,881 | - | 711,816 |
Shares redeemed | (236,252) | (318,448) | (3,486,397) | (4,834,118) |
Net increase (decrease) | 603,409 | (237,768) | $9,015,463 | $(3,626,400) |
Investor Class | ||||
Shares sold | 5,204,519 | 313,782 | $76,243,601 | $4,225,074 |
Reinvestment of distributions | - | 331,580 | - | 5,454,493 |
Shares redeemed | (1,406,419) | (1,767,642) | (21,355,720) | (25,652,681) |
Net increase (decrease) | 3,798,100 | (1,122,280) | $54,887,881 | $(15,973,114) |
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, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Communication Services Portfolio | ||||||||||
Initial Class ** | .65% | |||||||||
Actual | $ 1,000 | $ 1,146.90 | $ 3.52 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.93 | $ 3.31 | |||||||
Investor Class ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,146.50 | $ 3.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Communication Services Portfolio | ||||||
Initial Class | .61% | |||||
Actual | $ 3.30 | |||||
Hypothetical- B | $ 3.11 | |||||
Investor Class | .69% | |||||
Actual | $ 3.73 | |||||
Hypothetical- B | $ 3.52 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 7.60% | 12.28% | 5.82% |
Investor Class | 7.58% | 12.19% | 5.74% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Materials Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Linde PLC | 20.1 | |
Freeport-McMoRan, Inc. | 6.3 | |
Dow, Inc. | 5.9 | |
Celanese Corp. Class A | 4.3 | |
Nucor Corp. | 4.3 | |
The Chemours Co. LLC | 3.8 | |
Air Products & Chemicals, Inc. | 3.6 | |
Corteva, Inc. | 3.0 | |
Sherwin-Williams Co. | 3.0 | |
LyondellBasell Industries NV Class A | 3.0 | |
57.3 | ||
Industries (% of Fund's net assets) | ||
Chemicals | 67.3 | |
Metals & Mining | 19.9 | |
Containers & Packaging | 8.2 | |
Construction Materials | 3.9 | |
Paper & Forest Products | 0.2 | |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
Chemicals - 67.3% | |||
Commodity Chemicals - 21.6% | |||
Cabot Corp. | 29,100 | 2,429,850 | |
Chemtrade Logistics Income Fund (a) | 131,000 | 842,323 | |
Dow, Inc. | 87,900 | 4,820,436 | |
Koppers Holdings, Inc. | 10,300 | 527,566 | |
LyondellBasell Industries NV Class A | 25,860 | 2,458,769 | |
Olin Corp. | 34,222 | 1,846,277 | |
Orion SA | 20,200 | 560,146 | |
Tronox Holdings PLC | 162,640 | 2,302,982 | |
Westlake Corp. | 13,600 | 1,903,456 | |
17,691,805 | |||
Diversified Chemicals - 3.8% | |||
The Chemours Co. LLC | 98,600 | 3,109,844 | |
Fertilizers & Agricultural Chemicals - 5.6% | |||
Corteva, Inc. | 52,200 | 2,501,424 | |
Nutrien Ltd. (a) | 13,100 | 738,021 | |
The Mosaic Co. | 38,300 | 1,368,459 | |
4,607,904 | |||
Industrial Gases - 23.7% | |||
Air Products & Chemicals, Inc. | 10,888 | 2,981,134 | |
Linde PLC | 40,100 | 16,469,471 | |
19,450,605 | |||
Specialty Chemicals - 12.6% | |||
Celanese Corp. Class A | 22,600 | 3,511,362 | |
DuPont de Nemours, Inc. | 21,814 | 1,678,151 | |
Ecolab, Inc. | 4,900 | 971,915 | |
Ecovyst, Inc. (b) | 33,400 | 326,318 | |
Element Solutions, Inc. | 45,600 | 1,055,184 | |
Quaker Houghton | 1,400 | 298,788 | |
Sherwin-Williams Co. | 7,900 | 2,464,010 | |
10,305,728 | |||
TOTAL CHEMICALS | 55,165,886 | ||
Construction Materials - 3.9% | |||
Construction Materials - 3.9% | |||
Martin Marietta Materials, Inc. | 3,226 | 1,609,484 | |
Vulcan Materials Co. | 6,850 | 1,555,019 | |
3,164,503 | |||
Containers & Packaging - 8.2% | |||
Metal, Glass & Plastic Containers - 6.1% | |||
Aptargroup, Inc. | 17,300 | 2,138,626 | |
Crown Holdings, Inc. | 13,119 | 1,208,129 | |
Greif, Inc. Class A | 25,400 | 1,665,986 | |
5,012,741 | |||
Paper & Plastic Packaging Products & Materials - 2.1% | |||
Avery Dennison Corp. | 8,600 | 1,738,576 | |
TOTAL CONTAINERS & PACKAGING | 6,751,317 | ||
Metals & Mining - 19.9% | |||
Aluminum - 0.3% | |||
Alcoa Corp. | 5,700 | 193,800 | |
Copper - 7.0% | |||
First Quantum Minerals Ltd. | 71,420 | 584,813 | |
Freeport-McMoRan, Inc. | 121,340 | 5,165,444 | |
5,750,257 | |||
Diversified Metals & Mining - 2.9% | |||
Ivanhoe Mines Ltd. (a)(b) | 130,900 | 1,269,435 | |
Teck Resources Ltd. Class B | 25,400 | 1,073,658 | |
2,343,093 | |||
Gold - 2.0% | |||
Franco-Nevada Corp. | 9,500 | 1,052,274 | |
Wheaton Precious Metals Corp. | 12,500 | 616,675 | |
1,668,949 | |||
Steel - 7.7% | |||
Arch Resources, Inc. | 2,300 | 381,662 | |
Commercial Metals Co. | 20,051 | 1,003,352 | |
Nucor Corp. | 20,100 | 3,498,204 | |
Steel Dynamics, Inc. | 12,300 | 1,452,630 | |
6,335,848 | |||
TOTAL METALS & MINING | 16,291,947 | ||
Paper & Forest Products - 0.2% | |||
Forest Products - 0.2% | |||
Louisiana-Pacific Corp. | 2,400 | 169,992 | |
TOTAL COMMON STOCKS (Cost $62,110,927) | 81,543,645 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (c) | 312,069 | 312,131 | |
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) | 2,427,167 | 2,427,410 | |
TOTAL MONEY MARKET FUNDS (Cost $2,739,541) | 2,739,541 | ||
TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $64,850,468) | 84,283,186 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (2,301,845) |
NET ASSETS - 100.0% | 81,981,341 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 1,662,208 | 28,241,033 | 29,591,110 | 22,992 | - | - | 312,131 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | - | 33,553,998 | 31,126,588 | 1,977 | - | - | 2,427,410 | 0.0% |
Total | 1,662,208 | 61,795,031 | 60,717,698 | 24,969 | - | - | 2,739,541 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 81,543,645 | 81,543,645 | - | - |
Money Market Funds | 2,739,541 | 2,739,541 | - | - |
Total Investments in Securities: | 84,283,186 | 84,283,186 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,300,766) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $62,110,927) | $ | 81,543,645 | ||
Fidelity Central Funds (cost $2,739,541) | 2,739,541 | |||
Total Investment in Securities (cost $64,850,468) | $ | 84,283,186 | ||
Cash | 2,056 | |||
Receivable for investments sold | 691,431 | |||
Dividends receivable | 81,697 | |||
Distributions receivable from Fidelity Central Funds | 1,593 | |||
Prepaid expenses | 234 | |||
Other receivables | 297 | |||
Total assets | 85,060,494 | |||
Liabilities | ||||
Payable for investments purchased | $ | 488,745 | ||
Payable for fund shares redeemed | 75,659 | |||
Accrued management fee | 35,359 | |||
Other affiliated payables | 11,029 | |||
Other payables and accrued expenses | 40,951 | |||
Collateral on securities loaned | 2,427,410 | |||
Total Liabilities | 3,079,153 | |||
Net Assets | $ | 81,981,341 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 62,077,411 | ||
Total accumulated earnings (loss) | 19,903,930 | |||
Net Assets | $ | 81,981,341 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($12,415,569 ÷ 721,763 shares) | $ | 17.20 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($69,565,772 ÷ 4,045,525 shares) | $ | 17.20 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 1,866,429 | ||
Income from Fidelity Central Funds (including $1,977 from security lending) | 24,969 | |||
Total Income | 1,891,398 | |||
Expenses | ||||
Management fee | $ | 485,792 | ||
Transfer agent fees | 118,211 | |||
Accounting fees | 32,810 | |||
Custodian fees and expenses | 15,099 | |||
Independent trustees' fees and expenses | 592 | |||
Audit | 41,364 | |||
Legal | 927 | |||
Miscellaneous | 504 | |||
Total expenses before reductions | 695,299 | |||
Expense reductions | (5,747) | |||
Total expenses after reductions | 689,552 | |||
Net Investment income (loss) | 1,201,846 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 457,795 | |||
Foreign currency transactions | (3,932) | |||
Total net realized gain (loss) | 453,863 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,286,126 | |||
Assets and liabilities in foreign currencies | 606 | |||
Total change in net unrealized appreciation (depreciation) | 4,286,732 | |||
Net gain (loss) | 4,740,595 | |||
Net increase (decrease) in net assets resulting from operations | $ | 5,942,441 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,201,846 | $ | 1,069,888 |
Net realized gain (loss) | 453,863 | 207,665 | ||
Change in net unrealized appreciation (depreciation) | 4,286,732 | (15,772,056) | ||
Net increase (decrease) in net assets resulting from operations | 5,942,441 | (14,494,503) | ||
Distributions to shareholders | (1,291,830) | (4,316,287) | ||
Share transactions - net increase (decrease) | (20,083,038) | 1,838,134 | ||
Total increase (decrease) in net assets | (15,432,427) | (16,972,656) | ||
Net Assets | ||||
Beginning of period | 97,413,768 | 114,386,424 | ||
End of period | $ | 81,981,341 | $ | 97,413,768 |
VIP Materials Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.24 | $ | 18.76 | $ | 14.17 | $ | 11.74 | $ | 11.46 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .23 | .18 | .14 | .07 | .16 | |||||
Net realized and unrealized gain (loss) | .99 | (2.00) | 4.58 | 2.44 | 1.31 | |||||
Total from investment operations | 1.22 | (1.82) | 4.72 | 2.51 | 1.47 | |||||
Distributions from net investment income | (.24) | (.19) | (.13) | (.08) | (.19) | |||||
Distributions from net realized gain | (.03) | (.51) | - | - | (1.00) | |||||
Total distributions | (.26) C | (.70) | (.13) | (.08) | (1.19) | |||||
Net asset value, end of period | $ | 17.20 | $ | 16.24 | $ | 18.76 | $ | 14.17 | $ | 11.74 |
Total Return D,E | 7.60% | (9.79)% | 33.42% | 21.49% | 13.40% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .69% | .69% | .68% | .77% | .75% | |||||
Expenses net of fee waivers, if any | .68% | .68% | .68% | .77% | .75% | |||||
Expenses net of all reductions | .68% | .68% | .68% | .76% | .74% | |||||
Net investment income (loss) | 1.36% | 1.09% | .84% | .59% | 1.37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 12,416 | $ | 14,941 | $ | 19,714 | $ | 9,924 | $ | 8,905 |
Portfolio turnover rate H | 60% | 63% | 99% | 83% | 104% |
VIP Materials Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.23 | $ | 18.76 | $ | 14.16 | $ | 11.73 | $ | 11.46 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .22 | .17 | .13 | .06 | .15 | |||||
Net realized and unrealized gain (loss) | 1.00 | (2.01) | 4.59 | 2.45 | 1.30 | |||||
Total from investment operations | 1.22 | (1.84) | 4.72 | 2.51 | 1.45 | |||||
Distributions from net investment income | (.22) | (.18) | (.12) | (.08) | (.18) | |||||
Distributions from net realized gain | (.03) | (.51) | - | - | (1.00) | |||||
Total distributions | (.25) | (.69) | (.12) | (.08) | (1.18) | |||||
Net asset value, end of period | $ | 17.20 | $ | 16.23 | $ | 18.76 | $ | 14.16 | $ | 11.73 |
Total Return C,D | 7.58% | (9.91)% | 33.40% | 21.45% | 13.20% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .76% | .76% | .76% | .85% | .83% | |||||
Expenses net of fee waivers, if any | .76% | .76% | .76% | .85% | .83% | |||||
Expenses net of all reductions | .76% | .76% | .76% | .84% | .82% | |||||
Net investment income (loss) | 1.29% | 1.01% | .77% | .52% | 1.29% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 69,566 | $ | 82,473 | $ | 94,673 | $ | 48,022 | $ | 35,254 |
Portfolio turnover rate G | 60% | 63% | 99% | 83% | 104% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $20,362,600 |
Gross unrealized depreciation | (1,006,186) |
Net unrealized appreciation (depreciation) | $19,356,414 |
Tax Cost | $64,926,772 |
Undistributed ordinary income | $298,838 |
Undistributed long-term capital gain | $249,778 |
Net unrealized appreciation (depreciation) on securities and other investments | $19,355,312 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $1,121,824 | $1,069,897 |
Long-term Capital Gains | 170,006 | 3,246,390 |
Total | $1,291,830 | $4,316,287 |
Purchases ($) | Sales ($) | |
VIP Materials Portfolio | 54,767,694 | 73,786,232 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $8,803 | .06 |
Investor Class | 109,408 | .14 |
$118,211 |
% of Average Net Assets | |
VIP Materials Portfolio | 0.0354% |
% of Average Net Assets | |
VIP Materials Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Investor Class | .66 |
Amount | |
VIP Materials Portfolio | $900 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Materials Portfolio | 3,461,207 | 2,855,814 | (64,605) |
Amount | |
VIP Materials Portfolio | $176 |
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 | $217 | $- | $- |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Materials Portfolio | ||
Distributions to shareholders | ||
Initial Class | $203,537 | $720,470 |
Investor Class | 1,088,293 | 3,595,817 |
Total | $1,291,830 | $4,316,287 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Materials Portfolio | ||||
Initial Class | ||||
Shares sold | 73,273 | 296,138 | $1,259,347 | $5,269,787 |
Reinvestment of distributions | 12,258 | 42,906 | 203,538 | 720,470 |
Shares redeemed | (283,986) | (469,426) | (4,708,427) | (7,699,942) |
Net increase (decrease) | (198,455) | (130,382) | $(3,245,542) | $(1,709,685) |
Investor Class | ||||
Shares sold | 712,297 | 1,833,964 | $12,232,417 | $32,145,510 |
Reinvestment of distributions | 65,565 | 214,129 | 1,088,293 | 3,595,817 |
Shares redeemed | (1,813,905) | (2,013,920) | (30,158,206) | (32,193,508) |
Net increase (decrease) | (1,036,043) | 34,173 | $(16,837,496) | $3,547,819 |
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, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Materials Portfolio | ||||||||||
Initial Class ** | .68% | |||||||||
Actual | $ 1,000 | $ 1,014.40 | $ 3.45 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.78 | $ 3.47 | |||||||
Investor Class ** | .76% | |||||||||
Actual | $ 1,000 | $ 1,014.80 | $ 3.86 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.87 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Materials Portfolio | ||||||
Initial Class | .63% | |||||
Actual | $ 3.20 | |||||
Hypothetical- B | $ 3.21 | |||||
Investor Class | .72% | |||||
Actual | $ 3.66 | |||||
Hypothetical- B | $ 3.67 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | 41.99% | 13.93% | 10.85% |
Service Class 2 | 41.86% | 13.91% | 10.84% |
Investor Class | 41.92% | 13.84% | 10.77% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Consumer Discretionary Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 23.1 | |
Tesla, Inc. | 12.3 | |
The Home Depot, Inc. | 4.6 | |
Lowe's Companies, Inc. | 4.4 | |
TJX Companies, Inc. | 4.0 | |
NIKE, Inc. Class B | 3.0 | |
Hilton Worldwide Holdings, Inc. | 2.9 | |
McDonald's Corp. | 2.8 | |
Booking Holdings, Inc. | 2.3 | |
Aptiv PLC | 2.2 | |
61.6 | ||
Industries (% of Fund's net assets) | ||
Broadline Retail | 23.6 | |
Specialty Retail | 22.8 | |
Hotels, Restaurants & Leisure | 18.1 | |
Automobiles | 13.5 | |
Textiles, Apparel & Luxury Goods | 10.8 | |
Household Durables | 4.0 | |
Automobile Components | 3.6 | |
Consumer Staples Distribution & Retail | 2.3 | |
Building Products | 0.7 | |
Leisure Products | 0.3 | |
Commercial Services & Supplies | 0.1 | |
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
Automobile Components - 3.6% | |||
Automotive Parts & Equipment - 3.6% | |||
Adient PLC (a) | 46,100 | 1,676,196 | |
Aptiv PLC (a) | 64,060 | 5,747,463 | |
Magna International, Inc. Class A (b) | 29,080 | 1,718,046 | |
9,141,705 | |||
Automobiles - 13.5% | |||
Automobile Manufacturers - 13.5% | |||
General Motors Co. | 83,100 | 2,984,952 | |
Tesla, Inc. (a) | 126,494 | 31,431,229 | |
34,416,181 | |||
Broadline Retail - 23.6% | |||
Broadline Retail - 23.6% | |||
Amazon.com, Inc. (a) | 386,507 | 58,725,875 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 17,000 | 1,290,130 | |
60,016,005 | |||
Building Products - 0.7% | |||
Building Products - 0.7% | |||
The AZEK Co., Inc. (a) | 46,318 | 1,771,664 | |
Commercial Services & Supplies - 0.1% | |||
Diversified Support Services - 0.1% | |||
Vestis Corp. | 16,722 | 353,503 | |
Consumer Staples Distribution & Retail - 2.3% | |||
Consumer Staples Merchandise Retail - 1.3% | |||
Dollar Tree, Inc. (a) | 22,069 | 3,134,901 | |
Food Distributors - 1.0% | |||
Performance Food Group Co. (a) | 37,271 | 2,577,290 | |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 5,712,191 | ||
Hotels, Restaurants & Leisure - 18.1% | |||
Casinos & Gaming - 2.6% | |||
Caesars Entertainment, Inc. (a) | 27,409 | 1,284,934 | |
Churchill Downs, Inc. | 17,128 | 2,311,081 | |
Penn Entertainment, Inc. (a) | 48,672 | 1,266,445 | |
Red Rock Resorts, Inc. | 31,940 | 1,703,360 | |
6,565,820 | |||
Hotels, Resorts & Cruise Lines - 7.8% | |||
Booking Holdings, Inc. (a) | 1,656 | 5,874,196 | |
Hilton Worldwide Holdings, Inc. | 40,780 | 7,425,630 | |
Marriott International, Inc. Class A | 19,704 | 4,443,449 | |
Royal Caribbean Cruises Ltd. (a) | 16,840 | 2,180,612 | |
19,923,887 | |||
Restaurants - 7.7% | |||
ARAMARK Holdings Corp. | 31,705 | 890,911 | |
Brinker International, Inc. (a) | 13,795 | 595,668 | |
Chipotle Mexican Grill, Inc. (a) | 1,570 | 3,590,527 | |
Domino's Pizza, Inc. | 10,936 | 4,508,147 | |
Dutch Bros, Inc. (a)(b) | 12,697 | 402,114 | |
McDonald's Corp. | 23,788 | 7,053,380 | |
Starbucks Corp. | 27,460 | 2,636,435 | |
19,677,182 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 46,166,889 | ||
Household Durables - 4.0% | |||
Home Furnishings - 1.9% | |||
Tempur Sealy International, Inc. | 94,203 | 4,801,527 | |
Homebuilding - 2.1% | |||
KB Home | 35,010 | 2,186,725 | |
PulteGroup, Inc. | 30,450 | 3,143,049 | |
5,329,774 | |||
TOTAL HOUSEHOLD DURABLES | 10,131,301 | ||
Leisure Products - 0.3% | |||
Leisure Products - 0.3% | |||
Brunswick Corp. | 7,400 | 715,950 | |
Specialty Retail - 22.8% | |||
Apparel Retail - 5.6% | |||
Aritzia, Inc. (a) | 86,400 | 1,793,140 | |
Burlington Stores, Inc. (a) | 12,099 | 2,353,014 | |
TJX Companies, Inc. | 106,958 | 10,033,730 | |
14,179,884 | |||
Automotive Retail - 0.7% | |||
O'Reilly Automotive, Inc. (a) | 2,010 | 1,909,661 | |
Home Improvement Retail - 10.8% | |||
Floor & Decor Holdings, Inc. Class A (a)(b) | 40,881 | 4,560,684 | |
Lowe's Companies, Inc. | 50,228 | 11,178,241 | |
The Home Depot, Inc. | 34,366 | 11,909,537 | |
27,648,462 | |||
Homefurnishing Retail - 1.3% | |||
Wayfair LLC Class A (a) | 7,766 | 479,162 | |
Williams-Sonoma, Inc. | 13,580 | 2,740,172 | |
3,219,334 | |||
Other Specialty Retail - 4.4% | |||
Academy Sports & Outdoors, Inc. | 41,890 | 2,764,740 | |
Bath & Body Works, Inc. | 12,965 | 559,569 | |
Dick's Sporting Goods, Inc. | 38,288 | 5,626,422 | |
Five Below, Inc. (a) | 6,650 | 1,417,514 | |
Sally Beauty Holdings, Inc. (a) | 61,273 | 813,705 | |
11,181,950 | |||
TOTAL SPECIALTY RETAIL | 58,139,291 | ||
Textiles, Apparel & Luxury Goods - 10.8% | |||
Apparel, Accessories & Luxury Goods - 5.6% | |||
Levi Strauss & Co. Class A (b) | 44,120 | 729,745 | |
lululemon athletica, Inc. (a) | 10,756 | 5,499,435 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,139 | 925,480 | |
PVH Corp. | 26,215 | 3,201,376 | |
Tapestry, Inc. | 80,849 | 2,976,052 | |
VF Corp. (b) | 43,200 | 812,160 | |
14,144,248 | |||
Footwear - 5.2% | |||
Deckers Outdoor Corp. (a) | 5,989 | 4,003,227 | |
NIKE, Inc. Class B | 69,806 | 7,578,837 | |
On Holding AG (a) | 15,034 | 405,467 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 11,000 | 685,740 | |
Wolverine World Wide, Inc. | 63,690 | 566,204 | |
13,239,475 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 27,383,723 | ||
TOTAL COMMON STOCKS (Cost $137,026,286) | 253,948,403 | ||
Money Market Funds - 2.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (c) | 901,919 | 902,099 | |
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) | 6,032,111 | 6,032,714 | |
TOTAL MONEY MARKET FUNDS (Cost $6,934,813) | 6,934,813 | ||
TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $143,961,099) | 260,883,216 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (6,261,775) |
NET ASSETS - 100.0% | 254,621,441 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 119,017 | 47,884,681 | 47,101,599 | 61,830 | - | - | 902,099 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 5,380,314 | 89,816,429 | 89,164,029 | 22,904 | - | - | 6,032,714 | 0.0% |
Total | 5,499,331 | 137,701,110 | 136,265,628 | 84,734 | - | - | 6,934,813 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 253,948,403 | 253,022,923 | 925,480 | - |
Money Market Funds | 6,934,813 | 6,934,813 | - | - |
Total Investments in Securities: | 260,883,216 | 259,957,736 | 925,480 | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,804,390) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $137,026,286) | $ | 253,948,403 | ||
Fidelity Central Funds (cost $6,934,813) | 6,934,813 | |||
Total Investment in Securities (cost $143,961,099) | $ | 260,883,216 | ||
Receivable for fund shares sold | 26,955 | |||
Dividends receivable | 92,951 | |||
Distributions receivable from Fidelity Central Funds | 7,665 | |||
Prepaid expenses | 480 | |||
Other receivables | 2,412 | |||
Total assets | 261,013,679 | |||
Liabilities | ||||
Payable to custodian bank | $ | 40,501 | ||
Payable for investments purchased | 22,017 | |||
Payable for fund shares redeemed | 112,569 | |||
Accrued management fee | 108,507 | |||
Distribution and service plan fees payable | 43 | |||
Other affiliated payables | 34,754 | |||
Other payables and accrued expenses | 41,297 | |||
Collateral on securities loaned | 6,032,550 | |||
Total Liabilities | 6,392,238 | |||
Net Assets | $ | 254,621,441 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 137,880,729 | ||
Total accumulated earnings (loss) | 116,740,712 | |||
Net Assets | $ | 254,621,441 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($22,709,060 ÷ 679,942 shares) | $ | 33.40 | ||
Service Class 2 : | ||||
Net Asset Value, offering price and redemption price per share ($266,054 ÷ 7,974 shares) | $ | 33.37 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($231,646,327 ÷ 6,973,005 shares) | $ | 33.22 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 1,641,771 | ||
Income from Fidelity Central Funds (including $22,904 from security lending) | 84,734 | |||
Total Income | 1,726,505 | |||
Expenses | ||||
Management fee | $ | 1,156,536 | ||
Transfer agent fees | 291,360 | |||
Distribution and service plan fees | 126 | |||
Accounting fees | 78,120 | |||
Custodian fees and expenses | 14,348 | |||
Independent trustees' fees and expenses | 1,342 | |||
Audit | 50,086 | |||
Legal | 1,696 | |||
Miscellaneous | 1,258 | |||
Total expenses before reductions | 1,594,872 | |||
Expense reductions | (13,008) | |||
Total expenses after reductions | 1,581,864 | |||
Net Investment income (loss) | 144,641 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 5,621,788 | |||
Foreign currency transactions | (1,212) | |||
Total net realized gain (loss) | 5,620,576 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 66,700,617 | |||
Assets and liabilities in foreign currencies | 301 | |||
Total change in net unrealized appreciation (depreciation) | 66,700,918 | |||
Net gain (loss) | 72,321,494 | |||
Net increase (decrease) in net assets resulting from operations | $ | 72,466,135 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 144,641 | $ | (51,944) |
Net realized gain (loss) | 5,620,576 | (4,940,734) | ||
Change in net unrealized appreciation (depreciation) | 66,700,918 | (98,525,229) | ||
Net increase (decrease) in net assets resulting from operations | 72,466,135 | (103,517,907) | ||
Distributions to shareholders | (43,907) | (23,241,323) | ||
Share transactions - net increase (decrease) | 7,432,768 | (26,322,787) | ||
Total increase (decrease) in net assets | 79,854,996 | (153,082,017) | ||
Net Assets | ||||
Beginning of period | 174,766,445 | 327,848,462 | ||
End of period | $ | 254,621,441 | $ | 174,766,445 |
VIP Consumer Discretionary Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.54 | $ | 39.33 | $ | 34.37 | $ | 25.27 | $ | 20.97 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .04 | .01 | (.04) | .02 | .08 | |||||
Net realized and unrealized gain (loss) | 9.84 | (12.80) | 6.56 | 9.11 | 5.42 | |||||
Total from investment operations | 9.88 | (12.79) | 6.52 | 9.13 | 5.50 | |||||
Distributions from net investment income | (.02) | - | - | (.03) | (.08) | |||||
Distributions from net realized gain | - | (3.00) | (1.56) | - | (1.12) | |||||
Total distributions | (.02) | (3.00) | (1.56) | (.03) | (1.20) | |||||
Net asset value, end of period | $ | 33.40 | $ | 23.54 | $ | 39.33 | $ | 34.37 | $ | 25.27 |
Total Return C,D | 41.99% | (34.63)% | 19.41% | 36.15% | 27.19% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .65% | .66% | .65% | .67% | .68% | |||||
Expenses net of fee waivers, if any | .65% | .66% | .65% | .67% | .68% | |||||
Expenses net of all reductions | .65% | .66% | .65% | .67% | .67% | |||||
Net investment income (loss) | .13% | .04% | (.11)% | .07% | .32% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 22,709 | $ | 16,567 | $ | 32,788 | $ | 28,273 | $ | 25,623 |
Portfolio turnover rate G | 35% | 34% | 39% | 52% | 40% |
VIP Consumer Discretionary Portfolio Service Class 2 |
Years ended December 31, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 30.31 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.01) | |
Net realized and unrealized gain (loss) | 3.09 | |
Total from investment operations | 3.08 | |
Distributions from net investment income | (.02) | |
Total distributions | (.02) | |
Net asset value, end of period | $ | 33.37 |
Total Return D,E,F | 10.18% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | .91% I | |
Expenses net of fee waivers, if any | .90% I | |
Expenses net of all reductions | .90% I | |
Net investment income (loss) | (.09)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 266 |
Portfolio turnover rate J | 35% |
VIP Consumer Discretionary Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.41 | $ | 39.17 | $ | 34.24 | $ | 25.20 | $ | 20.91 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .02 | (.01) | (.07) | - | .06 | |||||
Net realized and unrealized gain (loss) | 9.79 | (12.75) | 6.54 | 9.06 | 5.41 | |||||
Total from investment operations | 9.81 | (12.76) | 6.47 | 9.06 | 5.47 | |||||
Distributions from net investment income | - C | - | - | (.02) | (.06) | |||||
Distributions from net realized gain | - | (3.00) | (1.54) | - | (1.12) | |||||
Total distributions | - C | (3.00) | (1.54) | (.02) | (1.18) | |||||
Net asset value, end of period | $ | 33.22 | $ | 23.41 | $ | 39.17 | $ | 34.24 | $ | 25.20 |
Total Return D,E | 41.92% | (34.70)% | 19.32% | 36.00% | 27.12% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .73% | .74% | .72% | .75% | .76% | |||||
Expenses net of fee waivers, if any | .72% | .73% | .72% | .75% | .76% | |||||
Expenses net of all reductions | .72% | .73% | .72% | .74% | .75% | |||||
Net investment income (loss) | .06% | (.03)% | (.18)% | (.01)% | .24% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 231,646 | $ | 158,200 | $ | 295,060 | $ | 236,803 | $ | 176,535 |
Portfolio turnover rate H | 35% | 34% | 39% | 52% | 40% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $119,321,231 |
Gross unrealized depreciation | (2,945,892) |
Net unrealized appreciation (depreciation) | $116,375,339 |
Tax Cost | $144,507,877 |
Undistributed ordinary income | $99,523 |
Undistributed long-term capital gain | $266,503 |
Net unrealized appreciation (depreciation) on securities and other investments | $116,374,687 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $43,907 | $- |
Long-term Capital Gains | - | 23,241,323 |
Total | $43,907 | $ 23,241,323 |
Purchases ($) | Sales ($) | |
VIP Consumer Discretionary Portfolio | 83,911,676 | 76,306,664 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $12,786 | .06 |
Service Class 2 | 32 | .06A |
Investor Class | 278,542 | .14 |
$291,360 |
% of Average Net Assets | |
VIP Consumer Discretionary Portfolio | 0.0353 |
% of Average Net Assets | |
VIP Consumer Discretionary Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | 0.58 |
Service Class 2 | 0.58 |
Investor Class | 0.66 |
Amount | |
VIP Consumer Discretionary Portfolio | $ 970 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Consumer Discretionary Portfolio | 7,723,643 | 2,158,047 | 89,325 |
Amount | |
VIP Consumer Discretionary Portfolio | $378 |
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 | $2,448 | $2,256 | $- |
Year ended December 31, 2023A | Year ended December 31, 2022 | |
VIP Consumer Discretionary Portfolio | ||
Distributions to shareholders | ||
Initial Class | $16,070 | $2,380,494 |
Service Class 2 | 125 | - |
Investor Class | 27,712 | 20,860,829 |
Total | $43,907 | $23,241,323 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023A | Year ended December 31, 2022 | Year ended December 31, 2023 A | Year ended December 31, 2022 | |
VIP Consumer Discretionary Portfolio | ||||
Initial Class | ||||
Shares sold | 173,093 | 53,194 | $5,025,457 | $1,581,061 |
Reinvestment of distributions | 519 | 73,201 | 16,070 | 2,380,494 |
Shares redeemed | (197,557) | (256,234) | (5,622,611) | (7,430,816) |
Net increase (decrease) | (23,945) | (129,839) | $(581,084) | $(3,469,261) |
Service Class 2 | ||||
Shares sold | 8,140 | - | $254,397 | $ - |
Reinvestment of distributions | 2 | - | 49 | - |
Shares redeemed | (168) | - | (5,269) | - |
Net increase (decrease) | 7,974 | - | $249,177 | $ - |
Investor Class | ||||
Shares sold | 1,561,080 | 731,867 | $45,112,100 | $19,470,902 |
Reinvestment of distributions | 900 | 644,449 | 27,712 | 20,860,829 |
Shares redeemed | (1,345,615) | (2,153,025) | (37,375,137) | (63,185,257) |
Net increase (decrease) | 216,365 | (776,709) | $7,764,675 | $(22,853,526) |
Fund | Affiliated % |
VIP Consumer Discretionary Portfolio | 100 |
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023) for Initial Class and Investor Class and for the period (August 16, 2023 to December 31, 2023) for Service Class 2. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value | Ending Account Value December 31, 2023 | Expenses Paid During Period | |||||||
VIP Consumer Discretionary Portfolio | ||||||||||
Initial Class ** | .65% | |||||||||
Actual | $ 1,000 | $ 1,105.30 | $ 3.45C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.93 | $ 3.31D | |||||||
Service Class 2 ** | .91% | |||||||||
Actual | $ 1,000 | $ 1,104.30 | $ 3.62C | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.62 | $ 4.63D | |||||||
Investor Class ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,104.90 | $ 3.82C | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.58 | $ 3.67D | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Consumer Discretionary Portfolio | ||||||
Initial Class | .60% | |||||
Actual | $ 3.18 | |||||
Hypothetical- B | $ 3.06 | |||||
Service Class 2 | .86% | |||||
Actual | $ 3.42 | |||||
Hypothetical- B | $ 4.38 | |||||
Investor Class | .68% | |||||
Actual | $ 3.61 | |||||
Hypothetical- B | $ 3.47 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Initial Class | -1.08% | 8.56% | 9.14% |
Investor Class | -1.12% | 8.48% | 9.06% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in VIP Utilities Portfolio - Initial Class, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
NextEra Energy, Inc. | 14.0 | |
Sempra | 8.8 | |
Southern Co. | 8.4 | |
Duke Energy Corp. | 8.2 | |
PG&E Corp. | 7.8 | |
Edison International | 4.9 | |
Entergy Corp. | 4.3 | |
PPL Corp. | 4.1 | |
American Electric Power Co., Inc. | 4.1 | |
FirstEnergy Corp. | 3.9 | |
68.5 | ||
Industries (% of Fund's net assets) | ||
Electric Utilities | 70.6 | |
Multi-Utilities | 19.6 | |
Independent Power and Renewable Electricity Producers | 7.3 | |
Gas Utilities | 0.8 | |
Water Utilities | 0.6 | |
Electrical Equipment | 0.2 | |
Common Stocks - 99.1% | |||
Shares | Value ($) | ||
Electric Utilities - 70.6% | |||
Electric Utilities - 70.6% | |||
American Electric Power Co., Inc. | 103,400 | 8,398,148 | |
Constellation Energy Corp. | 69,048 | 8,071,021 | |
Duke Energy Corp. | 175,083 | 16,990,054 | |
Edison International | 142,827 | 10,210,702 | |
Entergy Corp. | 88,326 | 8,937,708 | |
Evergy, Inc. | 78,900 | 4,118,580 | |
Eversource Energy | 90,500 | 5,585,660 | |
FirstEnergy Corp. | 220,500 | 8,083,530 | |
Fortum Corp. | 40,700 | 586,796 | |
IDACORP, Inc. | 10,400 | 1,022,528 | |
NextEra Energy, Inc. | 478,261 | 29,049,574 | |
NRG Energy, Inc. | 26,437 | 1,366,793 | |
PG&E Corp. | 898,638 | 16,202,443 | |
Pinnacle West Capital Corp. | 22,830 | 1,640,107 | |
PPL Corp. | 310,099 | 8,403,683 | |
Southern Co. | 246,462 | 17,281,915 | |
145,949,242 | |||
Electrical Equipment - 0.2% | |||
Electrical Components & Equipment - 0.2% | |||
Sunrun, Inc. (a)(b) | 24,500 | 480,935 | |
Gas Utilities - 0.8% | |||
Gas Utilities - 0.8% | |||
Southwest Gas Holdings, Inc. | 5,200 | 329,420 | |
UGI Corp. | 49,000 | 1,205,400 | |
1,534,820 | |||
Independent Power and Renewable Electricity Producers - 7.3% | |||
Independent Power Producers & Energy Traders - 5.9% | |||
Energy Harbor Corp. (a) | 40,800 | 3,284,400 | |
The AES Corp. | 247,200 | 4,758,600 | |
Vistra Corp. | 106,950 | 4,119,714 | |
12,162,714 | |||
Renewable Electricity - 1.4% | |||
NextEra Energy Partners LP | 59,252 | 1,801,853 | |
Sunnova Energy International, Inc. (a)(b) | 78,700 | 1,200,175 | |
3,002,028 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 15,164,742 | ||
Multi-Utilities - 19.6% | |||
Multi-Utilities - 19.6% | |||
Consolidated Edison, Inc. | 34,000 | 3,092,980 | |
DTE Energy Co. | 46,700 | 5,149,142 | |
NiSource, Inc. | 260,338 | 6,911,974 | |
Public Service Enterprise Group, Inc. | 118,401 | 7,240,221 | |
Sempra | 243,330 | 18,184,051 | |
40,578,368 | |||
Water Utilities - 0.6% | |||
Water Utilities - 0.6% | |||
American Water Works Co., Inc. | 4,397 | 580,360 | |
Essential Utilities, Inc. | 17,960 | 670,806 | |
1,251,166 | |||
TOTAL COMMON STOCKS (Cost $166,822,984) | 204,959,273 | ||
Money Market Funds - 1.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (c) | 654,525 | 654,656 | |
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) | 1,783,372 | 1,783,550 | |
TOTAL MONEY MARKET FUNDS (Cost $2,438,206) | 2,438,206 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $169,261,190) | 207,397,479 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (546,429) |
NET ASSETS - 100.0% | 206,851,050 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 15,597,092 | 86,725,375 | 101,667,811 | 144,252 | - | - | 654,656 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 656,250 | 12,364,921 | 11,237,621 | 1,806 | - | - | 1,783,550 | 0.0% |
Total | 16,253,342 | 99,090,296 | 112,905,432 | 146,058 | - | - | 2,438,206 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 204,959,273 | 204,959,273 | - | - |
Money Market Funds | 2,438,206 | 2,438,206 | - | - |
Total Investments in Securities: | 207,397,479 | 207,397,479 | - | - |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,677,622) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $166,822,984) | $ | 204,959,273 | ||
Fidelity Central Funds (cost $2,438,206) | 2,438,206 | |||
Total Investment in Securities (cost $169,261,190) | $ | 207,397,479 | ||
Receivable for investments sold | 1,668,617 | |||
Dividends receivable | 363,475 | |||
Distributions receivable from Fidelity Central Funds | 5,251 | |||
Prepaid expenses | 414 | |||
Other receivables | 1,678 | |||
Total assets | 209,436,914 | |||
Liabilities | ||||
Payable for investments purchased | $ | 248,128 | ||
Payable for fund shares redeemed | 396,379 | |||
Accrued management fee | 91,040 | |||
Other affiliated payables | 28,209 | |||
Other payables and accrued expenses | 38,558 | |||
Collateral on securities loaned | 1,783,550 | |||
Total Liabilities | 2,585,864 | |||
Net Assets | $ | 206,851,050 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 160,109,118 | ||
Total accumulated earnings (loss) | 46,741,932 | |||
Net Assets | $ | 206,851,050 | ||
Net Asset Value and Maximum Offering Price | ||||
Initial Class : | ||||
Net Asset Value, offering price and redemption price per share ($33,578,999 ÷ 1,659,608 shares) | $ | 20.23 | ||
Investor Class : | ||||
Net Asset Value, offering price and redemption price per share ($173,272,051 ÷ 8,632,259 shares) | $ | 20.07 |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 6,389,456 | ||
Income from Fidelity Central Funds (including $1,806 from security lending) | 146,058 | |||
Total Income | 6,535,514 | |||
Expenses | ||||
Management fee | $ | 1,213,934 | ||
Transfer agent fees | 293,436 | |||
Accounting fees | 81,971 | |||
Custodian fees and expenses | 12,998 | |||
Independent trustees' fees and expenses | 1,454 | |||
Audit | 39,994 | |||
Legal | 831 | |||
Interest | 3,539 | |||
Miscellaneous | 1,141 | |||
Total expenses before reductions | 1,649,298 | |||
Expense reductions | (14,553) | |||
Total expenses after reductions | 1,634,745 | |||
Net Investment income (loss) | 4,900,769 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 9,052,236 | |||
Foreign currency transactions | 68 | |||
Total net realized gain (loss) | 9,052,304 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (19,619,635) | |||
Assets and liabilities in foreign currencies | 95 | |||
Total change in net unrealized appreciation (depreciation) | (19,619,540) | |||
Net gain (loss) | (10,567,236) | |||
Net increase (decrease) in net assets resulting from operations | $ | (5,666,467) |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,900,769 | $ | 4,338,630 |
Net realized gain (loss) | 9,052,304 | 5,973,282 | ||
Change in net unrealized appreciation (depreciation) | (19,619,540) | (2,666,934) | ||
Net increase (decrease) in net assets resulting from operations | (5,666,467) | 7,644,978 | ||
Distributions to shareholders | (11,906,248) | (4,522,100) | ||
Share transactions - net increase (decrease) | (59,879,890) | 83,411,707 | ||
Total increase (decrease) in net assets | (77,452,605) | 86,534,585 | ||
Net Assets | ||||
Beginning of period | 284,303,655 | 197,769,070 | ||
End of period | $ | 206,851,050 | $ | 284,303,655 |
VIP Utilities Portfolio Initial Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.53 | $ | 20.80 | $ | 18.05 | $ | 18.79 | $ | 16.81 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .44 | .38 | .40 | .34 | .43 | |||||
Net realized and unrealized gain (loss) | (.71) | .75 | 2.71 | (.35) | 3.22 | |||||
Total from investment operations | (.27) | 1.13 | 3.11 | (.01) | 3.65 | |||||
Distributions from net investment income | (.46) | (.34) | (.36) | (.45) | (.39) | |||||
Distributions from net realized gain | (.58) | (.06) | - | (.28) | (1.28) | |||||
Total distributions | (1.03) C | (.40) | (.36) | (.73) | (1.67) | |||||
Net asset value, end of period | $ | 20.23 | $ | 21.53 | $ | 20.80 | $ | 18.05 | $ | 18.79 |
Total Return D,E | (1.08)% | 5.47% | 17.43% | (.12)% | 23.18% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .65% | .64% | .65% | .67% | .66% | |||||
Expenses net of fee waivers, if any | .64% | .64% | .65% | .67% | .66% | |||||
Expenses net of all reductions | .64% | .64% | .65% | .66% | .66% | |||||
Net investment income (loss) | 2.18% | 1.81% | 2.09% | 1.96% | 2.46% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 33,579 | $ | 48,029 | $ | 29,279 | $ | 26,868 | $ | 40,839 |
Portfolio turnover rate H | 71% | 53% | 32% | 66% | 66% |
VIP Utilities Portfolio Investor Class |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.36 | $ | 20.64 | $ | 17.92 | $ | 18.66 | $ | 16.70 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .42 | .36 | .38 | .32 | .42 | |||||
Net realized and unrealized gain (loss) | (.69) | .74 | 2.69 | (.35) | 3.19 | |||||
Total from investment operations | (.27) | 1.10 | 3.07 | (.03) | 3.61 | |||||
Distributions from net investment income | (.44) | (.32) | (.35) | (.44) | (.38) | |||||
Distributions from net realized gain | (.58) | (.06) | - | (.28) | (1.28) | |||||
Total distributions | (1.02) | (.38) | (.35) | (.71) C | (1.65) C | |||||
Net asset value, end of period | $ | 20.07 | $ | 21.36 | $ | 20.64 | $ | 17.92 | $ | 18.66 |
Total Return D,E | (1.12)% | 5.39% | 17.30% | (.20)% | 23.14% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .73% | .72% | .73% | .75% | .74% | |||||
Expenses net of fee waivers, if any | .72% | .72% | .73% | .75% | .74% | |||||
Expenses net of all reductions | .72% | .72% | .73% | .74% | .74% | |||||
Net investment income (loss) | 2.11% | 1.74% | 2.01% | 1.89% | 2.38% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 173,272 | $ | 236,275 | $ | 168,490 | $ | 151,484 | $ | 215,259 |
Portfolio turnover rate H | 71% | 53% | 32% | 66% | 66% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $41,715,888 |
Gross unrealized depreciation | (4,801,606) |
Net unrealized appreciation (depreciation) | $36,914,282 |
Tax Cost | $170,483,197 |
Undistributed ordinary income | $994,287 |
Undistributed long-term capital gain | $8,833,406 |
Net unrealized appreciation (depreciation) on securities and other investments | $36,914,239 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $4,757,256 | $3,960,007 |
Long-term Capital Gains | 7,148,992 | 562,093 |
Total | $11,906,248 | $4,522,100 |
Purchases ($) | Sales ($) | |
VIP Utilities Portfolio | 160,618,352 | 213,281,526 |
Amount | % of Class-Level Average Net Assets | |
Initial Class | $23,621 | .06 |
Investor Class | 269,815 | .14 |
$293,436 |
% of Average Net Assets | |
VIP Utilities Portfolio | 0.0353% |
% of Average Net Assets | |
VIP Utilities Portfolio | .04 |
Maximum Management Fee Rate % | |
Initial Class | .58 |
Investor Class | .66 |
Amount | |
VIP Utilities Portfolio | $2,333 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
VIP Utilities Portfolio | Borrower | $4,409,833 | 4.82% | $3,539 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
VIP Utilities Portfolio | 1,301,256 | 8,148,613 | 71,130 |
Amount | |
VIP Utilities Portfolio | $453 |
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 | $188 | $- | $- |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Utilities Portfolio | ||
Distributions to shareholders | ||
Initial Class | $1,913,813 | $760,356 |
Investor Class | 9,992,435 | 3,761,744 |
Total | $11,906,248 | $4,522,100 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
VIP Utilities Portfolio | ||||
Initial Class | ||||
Shares sold | 295,339 | 1,335,704 | $5,956,497 | $28,668,446 |
Reinvestment of distributions | 96,430 | 35,949 | 1,913,812 | 760,356 |
Shares redeemed | (963,459) | (548,083) | (19,590,574) | (11,274,350) |
Net increase (decrease) | (571,690) | 823,570 | $(11,720,265) | $18,154,452 |
Investor Class | ||||
Shares sold | 948,915 | 5,108,204 | $19,180,380 | $109,619,074 |
Reinvestment of distributions | 507,325 | 179,867 | 9,992,435 | 3,761,744 |
Shares redeemed | (3,884,303) | (2,389,376) | (77,332,440) | (48,123,563) |
Net increase (decrease) | (2,428,063) | 2,898,695 | $(48,159,625) | $65,257,255 |
Fund | Affiliated |
VIP Utilities Portfolio | 96% |
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, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
VIP Utilities Portfolio | ||||||||||
Initial Class ** | .64% | |||||||||
Actual | $ 1,000 | $ 1,021.50 | $ 3.26 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.98 | $ 3.26 | |||||||
Investor Class ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,021.40 | $ 3.67 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.58 | $ 3.67 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
VIP Utilities Portfolio | ||||||
Initial Class | .60% | |||||
Actual | $ 3.06 | |||||
Hypothetical- B | $ 3.06 | |||||
Investor Class | .68% | |||||
Actual | $ 3.46 | |||||
Hypothetical- B | $ 3.47 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Item 2.
Code of Ethics
As of the end of the period, December 31, 2023, 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 Financials 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, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
VIP Communication Services Portfolio | $33,700 | $2,800 | $6,700 | $900 |
VIP Consumer Discretionary Portfolio | $33,700 | $2,800 | $6,700 | $900 |
VIP Consumer Staples Portfolio | $33,700 | $2,800 | $6,700 | $900 |
VIP Energy Portfolio | $33,700 | $2,800 | $6,700 | $900 |
VIP Financials Portfolio | $34,200 | $2,900 | $6,700 | $1,000 |
VIP Health Care Portfolio | $37,400 | $3,100 | $6,700 | $1,000 |
VIP Industrials Portfolio | $33,700 | $2,800 | $7,400 | $900 |
VIP Materials Portfolio | $33,700 | $2,800 | $6,700 | $900 |
VIP Real Estate Portfolio | $41,000 | $3,500 | $9,200 | $1,200 |
VIP Technology Portfolio | $38,300 | $3,100 | $7,400 | $1,000 |
VIP Utilities Portfolio | $32,600 | $2,700 | $6,700 | $900 |
December 31, 2022 FeesA
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 Financials 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 |
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, 2023A | December 31, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $1,000 |
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, 2023A | December 31, 2022A |
PwC | $13,708,000 | $13,002,100 |
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).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
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 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
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 22, 2024 |
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 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | February 22, 2024 |