Form NPORT-P VARIABLE INSURANCE PRODU For: Mar 31

May 25, 2022 12:12 PM EDT

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    NPORT-P
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          0000720318
          XXXXXXXX
        
      
      
      
      
        S000016759
        C000046807
        C000046806
      
      
      
    
  
  
    
      Variable Insurance Products Fund IV
      811-03759
      0000720318
      Q4ATLOQB94VR31F8C557
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP Communication Services Portfolio
      S000016759
      549300K8VTUGYWOYP186
      2022-12-31
      2022-03-31
      N
    
    
      124483471.72
      3216739.28
      121266732.44
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      39.64000000
      
        
        
        
        
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        LIBERTY BROADBAND CORP
        549300MIX43II8JLN536
        LIBERTY BROADBAND CORP C
        530307305
        
          
        
        13400.00000000
        NS
        USD
        1813288.00000000
        1.495288908602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ACTIVISION BLIZZARD INC
        549300TPQQDBP9GNOF40
        ACTIVISION BLIZZARD INC
        00507V109
        
          
        
        53100.00000000
        NS
        USD
        4253841.00000000
        3.507838394264
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MEDIA CORP
        549300ZKUTPIBZLWLL89
        LIBERTY FORMULA ONE-A
        531229870
        
          
        
        45100.00000000
        NS
        USD
        2847163.00000000
        2.347851667734
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AT and T INC
        549300Z40J86GGSTL398
        AT and T INC
        00206R102
        
          
        
        159800.00000000
        NS
        USD
        3776074.00000000
        3.113858124171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY LATIN AMERICA LTD
        213800YWQHEAX7CAVO83
        LIBERTY LATIN AMERICA LTD CL C
        N/A
        
          
        
        118490.00000000
        NS
        USD
        1136319.10000000
        0.937041080547
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FOX CORPORATION
        549300DDU6FDRBIELS05
        FOX CORP CL A
        35137L105
        
          
        
        6000.00000000
        NS
        USD
        236700.00000000
        0.195189558782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T-MOBILE US INC
        549300QHIJYOHPACPG31
        T-MOBILE US INC
        872590104
        
          
        
        61421.00000000
        NS
        USD
        7883385.35000000
        6.500863997387
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMAZON.COM INC
        ZXTILKJKG63JELOEG630
        AMAZON.COM INC
        023135106
        
          
        
        700.00000000
        NS
        USD
        2281965.00000000
        1.881773305905
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY BROADBAND CORP
        549300MIX43II8JLN536
        LIBERTY BROADBAND CORP A
        530307107
        
          
        
        28900.00000000
        NS
        USD
        3787634.00000000
        3.123390829281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ENDEAVOR GROUP HOLDINGS INC
        N/A
        ENDEAVOR GROUP HOLDINGS INC
        29260Y109
        
          
        
        22900.00000000
        NS
        USD
        676008.00000000
        0.557455442558
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY GLOBAL PLC
        549300BSGXG3QLIQYT84
        LIBERTY GLOBAL PLC CL C
        N/A
        
          
        
        161800.00000000
        NS
        USD
        4192238.00000000
        3.457038806644
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        CINEMARK HOLDINGS INC
        549300LL2QMPTYIE0K55
        CINEMARK HOLDINGS INC
        17243V102
        
          
        
        52300.00000000
        NS
        USD
        903744.00000000
        0.745253031739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        META PLATFORMS INC
        BQ4BKCS1HXDV9HN80Z93
        META PLATFORMS INC CL A
        30303M102
        
          
        
        93700.00000000
        NS
        USD
        20835132.00000000
        17.18124301758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MARCUS CORP
        549300NL0OKPNEMP6B79
        MARCUS CORP
        566330106
        
          
        
        29600.00000000
        NS
        USD
        523920.00000000
        0.432039347855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        TWITTER INC
        549300I8RX485XMK6836
        TWITTER INC
        90184L102
        
          
        
        34000.00000000
        NS
        USD
        1315460.00000000
        1.084765766778
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MEDIA CORP
        549300ZKUTPIBZLWLL89
        LIBERTY SIRIUS GROUP-A
        531229409
        
          
        
        49500.00000000
        NS
        USD
        2262645.00000000
        1.865841483870
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IRIDIUM COMMUNICATIONS INC
        549300U620NVQ4J1CT96
        IRIDIUM COMMUNICATIONS INC
        46269C102
        
          
        
        3400.00000000
        NS
        USD
        137088.00000000
        0.113046667657
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ELECTRONIC ARTS INC
        549300O7A67PUEYKDL45
        ELECTRONIC ARTS INC
        285512109
        
          
        
        9300.00000000
        NS
        USD
        1176543.00000000
        0.970210853650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FLUTTER ENTERTAINMENT PLC
        635400EG4YIJLJMZJ782
        FLUTTER ENTERTAINMENT PLC
        N/A
        
          
        
        8800.00000000
        NS
        
        1026538.66000000
        0.846513004304
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        LIONS GATE ENTERTAINMENT CORP
        5493000JSMHPHZURLM72
        LIONS GATE ENTERMENT CORP A
        535919401
        
          
        
        2800.00000000
        NS
        USD
        45500.00000000
        0.037520595372
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          
        
      
      
        DISH NETWORK CORP
        529900U350CWHH15G169
        DISH NETWORK CORP A
        25470M109
        
          
        
        5454.00000000
        NS
        USD
        172619.10000000
        0.142346624277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MEDIA CORP
        549300ZKUTPIBZLWLL89
        LIBERTY SIRIUS GROUP-C
        531229607
        
          
        
        2851.00000000
        NS
        USD
        130376.23000000
        0.107511951032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TECHTARGET INC
        529900YQA5JL2H2VMB84
        TECHTARGET INC
        87874R100
        
          
        
        1900.00000000
        NS
        USD
        154432.00000000
        0.127349023835
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SKILLZ INC
        N/A
        SKILLZ INC
        83067L109
        
          
        
        1900.00000000
        NS
        USD
        5700.00000000
        0.004700382277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        ZYNGA INC
        549300XNQ0U2EL088Z74
        ZYNGA INC
        98986T108
        
          
        
        134800.00000000
        NS
        USD
        1245552.00000000
        1.027117639717
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ZOOMINFO TECHNOLOGIES INC
        N/A
        ZOOMINFO TECHNOLOGIES INC
        98980F104
        
          
        
        17000.00000000
        NS
        USD
        1015580.00000000
        0.837476181278
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MOTORSPORT GAMES INC
        N/A
        MOTORSPORT GAMES INC-A
        62011B102
        
          
        
        600.00000000
        NS
        USD
        792.00000000
        0.000653105748
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VIANT TECHNOLOGY INC
        N/A
        VIANT TECHNOLOGY INC
        92557A101
        
          
        
        30001.00000000
        NS
        USD
        196506.55000000
        0.162044895616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ECHOSTAR CORP
        549300EE20907QZ9GT38
        ECHOSTAR CORP CL A
        278768106
        
          
        
        14000.00000000
        NS
        USD
        340760.00000000
        0.281000397341
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        TAKE-TWO INTERACTV SOFTWR INC
        BOMSTHHJK882EWYX3334
        TAKE-TWO INTERACTV SOFTWR INC
        874054109
        
          
        
        10100.00000000
        NS
        USD
        1552774.00000000
        1.280461647441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP NEW
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP CL A
        20030N101
        
          
        
        48300.00000000
        NS
        USD
        2261406.00000000
        1.864819769196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Cash Central Fund
        31635A105
        
          
        
        976724.49500000
        NS
        USD
        976919.84000000
        0.805595912698
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WARNER MUSIC GRP CORP
        N/A
        WARNER MUSIC GRP CORP CL A
        934550203
        
          
        
        54200.00000000
        NS
        USD
        2051470.00000000
        1.691700566777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SNAP INC
        549300JNC0L6VP8A2Q35
        SNAP INC - A
        83304A106
        
          
        
        88600.00000000
        NS
        USD
        3188714.00000000
        2.629504346196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WORLD WRESTLING ENTMT INC
        549300WZVLSCS3L4L698
        WORLD WRESTLING ENTMT CL A
        98156Q108
        
          
        
        24700.00000000
        NS
        USD
        1542268.00000000
        1.271798100738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        VIMEO INC
        N/A
        VIMEO INC
        92719V100
        
          
        
        5800.00000000
        NS
        USD
        68904.00000000
        0.056820200077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NETFLIX INC
        549300Y7VHGU0I7CE873
        NETFLIX INC
        64110L106
        
          
        
        8810.00000000
        NS
        USD
        3300137.90000000
        2.721387666343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Securities Lending Cash Central Fund
        31635A303
        
          
        
        2413614.10900000
        NS
        USD
        2413855.47000000
        1.990533942352
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        ZILLOW GROUP INC
        2549002XEELQDIR6FU05
        ZILLOW GROUP INC
        98954M101
        
          
        
        6300.00000000
        NS
        USD
        303849.00000000
        0.250562535896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        S4 CAPITAL PLC
        21380068SP9V65KPQN68
        S4 CAPITAL PLC
        N/A
        
          
        
        46900.00000000
        NS
        
        178053.44000000
        0.146827935755
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        ANGI INC
        5493003ENY577E6SZL06
        ANGI INC
        00183L102
        
          
        
        101199.00000000
        NS
        USD
        573798.33000000
        0.473170438796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        MATCH GROUP INC
        15OMOPB0A8K0EFUVD031
        MATCH GROUP INC
        57667L107
        
          
        
        5699.00000000
        NS
        USD
        619709.26000000
        0.511029898745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC
        5493006MHB84DD0ZWV18
        ALPHABET INC CL A
        02079K305
        
          
        
        10690.00000000
        NS
        USD
        29732631.50000000
        24.51837441460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UBER TECHNOLOGIES INC
        549300B2FTG34FILDR98
        UBER TECHNOLOGIES INC
        90353T100
        
          
        
        103900.00000000
        NS
        USD
        3707152.00000000
        3.057023080781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIONS GATE ENTERTAINMENT CORP
        5493000JSMHPHZURLM72
        LIONS GATE ENTERTAINMENT CORP B
        535919500
        
          
        
        57200.00000000
        NS
        USD
        859716.00000000
        0.708946289474
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LAMAR ADVERTISING CO
        529900Y8WW4MKVPTB543
        LAMAR ADVERTISING CO CL A
        512816109
        
          
        
        7200.00000000
        NS
        USD
        836496.00000000
        0.689798416407
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALTICE USA INC
        54930064K3612MGCER95
        ALTICE USA INC A
        02156K103
        
          
        
        83400.00000000
        NS
        USD
        1040832.00000000
        0.858299699396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALT DISNEY CO
        549300GZKULIZ0WOW665
        DISNEY (WALT) CO
        254687106
        
          
        
        35723.00000000
        NS
        USD
        4899766.68000000
        4.040487099315
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-30
      Stacie M. Smith
      Stacie M. Smith
      Stacie M. Smith
      President and Treasurer
    
  
  XXXX



Quarterly Holdings Report
for
Fidelity® Variable Insurance Products:
Communication Services Portfolio
March 31, 2022
VTELP-NPRT1-0522
1.856921.114
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
Diversified Telecommunication Services - 7.9%
 
 
 
Alternative Carriers - 4.8%
 
 
 
EchoStar Holding Corp. Class A (a)(b)
 
14,000
340,760
Iridium Communications, Inc. (a)
 
3,400
137,088
Liberty Global PLC Class C (a)
 
161,800
4,192,238
Liberty Latin America Ltd. Class C (a)
 
118,490
1,136,319
 
 
 
5,806,405
Integrated Telecommunication Services - 3.1%
 
 
 
AT&T, Inc.
 
159,800
3,776,074
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
 
 
9,582,479
Entertainment - 19.0%
 
 
 
Interactive Home Entertainment - 6.8%
 
 
 
Activision Blizzard, Inc.
 
53,100
4,253,841
Electronic Arts, Inc.
 
9,300
1,176,543
Motorsport Games, Inc. Class A (a)
 
600
792
Skillz, Inc. (a)(b)
 
1,900
5,700
Take-Two Interactive Software, Inc. (a)
 
10,100
1,552,774
Zynga, Inc. (a)
 
134,800
1,245,552
 
 
 
8,235,202
Movies & Entertainment - 12.2%
 
 
 
Cinemark Holdings, Inc. (a)(b)
 
52,300
903,744
Endeavor Group Holdings, Inc. (a)
 
22,900
676,008
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)(b)
 
2,800
45,500
 Class B (a)
 
57,200
859,716
Marcus Corp. (a)(b)
 
29,600
523,920
Netflix, Inc. (a)
 
8,810
3,300,138
The Walt Disney Co. (a)
 
35,723
4,899,767
Warner Music Group Corp. Class A
 
54,200
2,051,470
World Wrestling Entertainment, Inc. Class A (b)
 
24,700
1,542,268
 
 
 
14,802,531
TOTAL ENTERTAINMENT
 
 
23,037,733
Equity Real Estate Investment Trusts (REITs) - 0.7%
 
 
 
Specialized REITs - 0.7%
 
 
 
Lamar Advertising Co. Class A
 
7,200
836,496
Hotels, Restaurants & Leisure - 0.8%
 
 
 
Casinos & Gaming - 0.8%
 
 
 
Flutter Entertainment PLC (a)
 
8,800
1,026,539
Interactive Media & Services - 47.3%
 
 
 
Interactive Media & Services - 47.3%
 
 
 
Alphabet, Inc. Class A (a)
 
10,690
29,732,632
Angi, Inc. (a)(b)
 
101,199
573,798
Match Group, Inc. (a)
 
5,699
619,709
Meta Platforms, Inc. Class A (a)
 
93,700
20,835,132
Snap, Inc. Class A (a)
 
88,600
3,188,714
Twitter, Inc. (a)
 
34,000
1,315,460
Vimeo, Inc. (a)
 
5,800
68,904
Zoominfo Technologies, Inc. (a)
 
17,000
1,015,580
 
 
 
57,349,929
Internet & Direct Marketing Retail - 1.9%
 
 
 
Internet & Direct Marketing Retail - 1.9%
 
 
 
Amazon.com, Inc. (a)
 
700
2,281,965
Media - 12.3%
 
 
 
Advertising - 0.3%
 
 
 
S4 Capital PLC (a)
 
46,900
178,053
TechTarget, Inc. (a)
 
1,900
154,432
 
 
 
332,485
Broadcasting - 4.5%
 
 
 
Fox Corp. Class A
 
6,000
236,700
Liberty Media Corp.:
 
 
 
 Liberty Media Class A (a)
 
45,100
2,847,163
 Liberty SiriusXM Series A (a)
 
49,500
2,262,645
 Liberty SiriusXM Series C (a)
 
2,851
130,376
 
 
 
5,476,884
Cable & Satellite - 7.5%
 
 
 
Altice U.S.A., Inc. Class A (a)
 
83,400
1,040,832
Comcast Corp. Class A
 
48,300
2,261,406
DISH Network Corp. Class A (a)
 
5,454
172,619
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
28,900
3,787,634
 Class C (a)
 
13,400
1,813,288
 
 
 
9,075,779
TOTAL MEDIA
 
 
14,885,148
Real Estate Management & Development - 0.2%
 
 
 
Real Estate Services - 0.2%
 
 
 
Zillow Group, Inc. Class A (a)
 
6,300
303,849
Road & Rail - 3.1%
 
 
 
Trucking - 3.1%
 
 
 
Uber Technologies, Inc. (a)
 
103,900
3,707,152
Software - 0.2%
 
 
 
Application Software - 0.2%
 
 
 
Viant Technology, Inc. (a)
 
30,001
196,507
Wireless Telecommunication Services - 6.5%
 
 
 
Wireless Telecommunication Services - 6.5%
 
 
 
T-Mobile U.S., Inc. (a)
 
61,421
7,883,385
 
TOTAL COMMON STOCKS
 (Cost $92,115,188)
 
 
 
121,091,182
 
 
 
 
Money Market Funds - 2.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (c)
 
976,724
976,920
Fidelity Securities Lending Cash Central Fund 0.31% (c)(d)
 
2,382,967
2,383,205
 
TOTAL MONEY MARKET FUNDS
 (Cost $3,360,125)
 
 
3,360,125
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.7%
 (Cost $95,475,313)
 
 
 
124,451,307
NET OTHER ASSETS (LIABILITIES) - (2.7)%  
(3,260,073)
NET ASSETS - 100.0%
121,191,234
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
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 0.31%
440,527
5,596,800
5,060,407
107
-
-
976,920
0.0%
Fidelity Securities Lending Cash Central Fund 0.31%
2,483,130
4,518,430
4,618,355
664
-
-
2,383,205
0.0%
Total
2,923,657
10,115,230
9,678,762
771
-
-
3,360,125
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


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