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Form NPORT-P VARIABLE INSURANCE PRODU For: Mar 31

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StreetInsider.com Top Tickers, 4/18/2024

1. LVS
2. TSM
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4. NFLX
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6. UAL
7. ALK
8. EFX
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10. MU


May 25, 2022 12:16 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0000720318
          XXXXXXXX
        
      
      
      
      
        S000016758
        C000046804
        C000046805
      
      
      
    
  
  
    
      Variable Insurance Products Fund IV
      811-03759
      0000720318
      Q4ATLOQB94VR31F8C557
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP Materials Portfolio
      S000016758
      549300GSQCY3ZPP3GO52
      2022-12-31
      2022-03-31
      N
    
    
      122782469.91
      1875931.41
      120906538.50
      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
      0.25000000
      
        
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        LYONDELLBASELL INDS NV
        BN6WCCZ8OVP3ITUUVN49
        LYONDELLBASELL INDS CLASS A
        N/A
        
          
        
        24960.00000000
        NS
        USD
        2566387.20000000
        2.122620688541
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WACKER CHEMIE AG
        0NURKC5Q3CJYZPPK5046
        WACKER CHEMIE AG
        N/A
        
          
        
        3900.00000000
        NS
        
        667649.53000000
        0.552202997689
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        COMPASS MINERALS INTL INC
        2549008X9G8XP7YJGC47
        COMPASS MINERALS INTL INC
        20451N101
        
          
        
        4200.00000000
        NS
        USD
        263718.00000000
        0.218117236066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ROYAL GOLD INC
        5493001NGRU6SFL04184
        ROYAL GOLD INC
        780287108
        
          
        
        6120.00000000
        NS
        USD
        864633.60000000
        0.715125592649
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LINDE PLC
        8945002PAZHZLBGKGF02
        LINDE PLC
        N/A
        
          
        
        40200.00000000
        NS
        USD
        12841086.00000000
        10.62067127163
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALCOA CORP
        549300T12EZ1F6PWWU29
        ALCOA CORP
        013872106
        
          
        
        57700.00000000
        NS
        USD
        5194731.00000000
        4.296484759589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STEEL DYNAMICS INC
        549300HGGKEL4FYTTQ83
        STEEL DYNAMICS INC
        858119100
        
          
        
        10100.00000000
        NS
        USD
        842643.00000000
        0.696937494410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRST QUANTUM MINERALS LTD
        549300I7UVBGWRYMYZ18
        FIRST QUANTUM MINERALS INC
        335934105
        
          
        
        84520.00000000
        NS
        
        2926069.35000000
        2.420108445996
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LUNDIN MINING CORP
        549300FQDIM6C8HTN269
        LUNDIN MINING CORP
        550372106
        
          
        
        75460.00000000
        NS
        
        764770.79000000
        0.632530547551
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HUNTSMAN CORP
        5299000V56320A7RIQ67
        HUNTSMAN CORP
        447011107
        
          
        
        31000.00000000
        NS
        USD
        1162810.00000000
        0.961742858927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RELIANCE STEEL and ALUMINUM CO
        549300E287ZOFT3C5Z56
        RELIANCE STEEL and ALUMINUM CO
        759509102
        
          
        
        10600.00000000
        NS
        USD
        1943510.00000000
        1.607448219187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FMC CORP
        CKDHZ2X64EEBQCSP7013
        FMC CORP NEW
        302491303
        
          
        
        5889.00000000
        NS
        USD
        774815.73000000
        0.640838568048
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SCOTTS MIRACLE GRO CO (THE)
        2TH9E0JTOUXOEGI2R879
        SCOTTS MIRACLE GRO CO
        810186106
        
          
        
        4100.00000000
        NS
        USD
        504136.00000000
        0.416963388626
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        BALL CORP
        0BGI85ALH27ZJP15DY16
        BALL CORP
        058498106
        
          
        
        29300.00000000
        NS
        USD
        2637000.00000000
        2.181023485342
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CROWN HOLDINGS INC
        NYLWZIOY8PUNIT4JOE22
        CROWN HOLDINGS INC
        228368106
        
          
        
        19919.00000000
        NS
        USD
        2491667.71000000
        2.060821309510
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AIR PRODUCTS and CHEMICALS INC
        7QEON6Y1RL5XR3R1W237
        AIR PRODUCTS and CHEMICALS INC
        009158106
        
          
        
        17588.00000000
        NS
        USD
        4395417.08000000
        3.635384102903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VULCAN MATERIALS CO
        549300Q8LSNHAVWBNI21
        VULCAN MATERIALS CO
        929160109
        
          
        
        13250.00000000
        NS
        USD
        2434025.00000000
        2.013145881270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AVERY DENNISON CORP
        549300PW7VPFCYKLIV37
        AVERY DENNISON CORP
        053611109
        
          
        
        10000.00000000
        NS
        USD
        1739700.00000000
        1.438879999033
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIVENT CORP
        254900OOLQ2VNMZTJL47
        LIVENT CORP
        53814L108
        
          
        
        38400.00000000
        NS
        USD
        1001088.00000000
        0.827984997684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        CORTEVA INC
        549300WZN9I2QKLS0O94
        CORTEVA INC
        22052L104
        
          
        
        78100.00000000
        NS
        USD
        4489188.00000000
        3.712940636374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PPG INDUSTRIES INC
        549300BKPEP01R3V6C59
        PPG INDUSTRIES INC
        693506107
        
          
        
        18400.00000000
        NS
        USD
        2411688.00000000
        1.994671280743
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRONOX HOLDINGS PLC
        549300NRVC84SGJSXV06
        TRONOX HOLDINGS PLC
        N/A
        
          
        
        189740.00000000
        NS
        USD
        3754954.60000000
        3.105667109971
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EASTMAN CHEMICAL CO
        FDPVHDGJ1IQZFK9KH630
        EASTMAN CHEMICAL CO
        277432100
        
          
        
        7100.00000000
        NS
        USD
        795626.00000000
        0.658050432896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INTERNATIONAL FLAVORS and FRAGRANCES INC
        BZLRL03D3GPGMOGFO832
        INTERNATIONAL FLAVORS and FRAGRA
        459506101
        
          
        
        23160.00000000
        NS
        USD
        3041602.80000000
        2.515664444400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APTARGROUP INC
        VNPEQDQFAA7IY1T2PX43
        APTARGROUP INC
        038336103
        
          
        
        9200.00000000
        NS
        USD
        1081000.00000000
        0.894079024518
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FREEPORT MCMORAN INC
        35671D857
        
          
        
        155340.00000000
        NS
        USD
        7726611.60000000
        6.390565552416
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OLIN CORP
        549300GKK294V7W57P06
        OLIN CORP
        680665205
        
          
        
        46422.00000000
        NS
        USD
        2426942.16000000
        2.007287769635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CF INDUSTRIES HOLDINGS INC
        529900CG8YAQFZ2JMV97
        CF INDUSTRIES HOLDINGS INC
        125269100
        
          
        
        69400.00000000
        NS
        USD
        7152364.00000000
        5.915613902055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SHERWIN WILLIAMS CO
        Z15BMIOX8DDH0X2OBP21
        SHERWIN WILLIAMS CO
        824348106
        
          
        
        19974.00000000
        NS
        USD
        4985909.88000000
        4.123771916603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SUMMIT MATERIALS INC
        N/A
        SUMMIT MATERIALS INC CL A
        86614U100
        
          
        
        26429.00000000
        NS
        USD
        820884.74000000
        0.678941561129
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALBEMARL CORP
        HDBLS2Q6GV1LSKQPBS54
        ALBEMARLE CORP
        012653101
        
          
        
        21090.00000000
        NS
        USD
        4664053.50000000
        3.857569291010
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMMERCIAL METALS CO
        549300OQS2LO07ZJ7N73
        COMMERCIAL METALS CO
        201723103
        
          
        
        32351.00000000
        NS
        USD
        1346448.62000000
        1.113627630651
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Cash Central Fund
        31635A105
        
          
        
        1237555.08900000
        NS
        USD
        1237802.60000000
        1.023768123177
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ELEMENT SOLUTIONS INC
        549300FLGN6P5CU20J91
        ELEMENT SOLUTIONS INC
        28618M106
        
          
        
        39900.00000000
        NS
        USD
        873810.00000000
        0.722715256627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NUTRIEN LTD
        5493002QQ7GD21OWF963
        NUTRIEN LTD
        67077M108
        
          
        
        37900.00000000
        NS
        
        3917480.30000000
        3.240089699532
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        MARTIN MARIETTA MATERIALS INC
        5299005MZ4WZECVATV08
        MARTIN MARIETTA MATERIALS INC
        573284106
        
          
        
        6326.00000000
        NS
        USD
        2434814.14000000
        2.013798567229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PACKAGING CORP OF AMERICA
        549300XZP8MFZFY8TJ84
        PACKAGING CORP OF AMERICA
        695156109
        
          
        
        6900.00000000
        NS
        USD
        1077159.00000000
        0.890902190537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LOUISIANA PACIFIC CORP
        549300C7E2UAO5BVRR75
        LOUISIANA PACIFIC CORP
        546347105
        
          
        
        16800.00000000
        NS
        USD
        1043616.00000000
        0.863159274053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Securities Lending Cash Central Fund
        31635A303
        
          
        
        1796945.30800000
        NS
        USD
        1797125.00000000
        1.486375362569
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        ECOLAB INC
        82DYEISM090VG8LTLS26
        ECOLAB INC
        278865100
        
          
        
        23303.00000000
        NS
        USD
        4114377.68000000
        3.402940594482
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DUPONT DE NEMOURS INC
        5493004JF0SDFLM8GD76
        DUPONT DE NEMOURS INC
        26614N102
        
          
        
        48814.00000000
        NS
        USD
        3591734.12000000
        2.970669878205
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEST FRASER TIMBER CO
        5493005WD1ZK6WBVR988
        WEST FRASER TIMBER LTD
        952845105
        
          
        
        7300.00000000
        NS
        
        600630.32000000
        0.496772405737
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        RPM INTERNATIONAL INC
        549300TJCKW4BRXPJ474
        RPM INTERNATIONAL INC
        749685103
        
          
        
        12200.00000000
        NS
        USD
        993568.00000000
        0.821765317514
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASHLAND GLOBAL HOLDINGS INC
        529900E4L9R04SB8HB11
        ASHLAND GLOBAL HOLDINGS INC
        044186104
        
          
        
        6300.00000000
        NS
        USD
        619983.00000000
        0.512778719572
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        MOSAIC CO
        2YD5STGSJNMUB7H76907
        MOSAIC CO NEW
        61945C103
        
          
        
        59600.00000000
        NS
        USD
        3963400.00000000
        3.278069200533
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEWMONT CORP
        549300VSP3RIX7FGDZ51
        NEWMONT CORP
        651639106
        
          
        
        71070.00000000
        NS
        USD
        5646511.50000000
        4.670145692741
        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:
Materials Portfolio
March 31, 2022
VMATP-NPRT1-0522
1.856923.114
Common Stocks - 98.6%
 
  
Shares
Value ($)
 
Chemicals - 62.4%
 
  
  
Commodity Chemicals - 7.2%
  
  
  
LyondellBasell Industries NV Class A
 
24,960
2,566,387
Olin Corp.
 
46,422
2,426,942
Tronox Holdings PLC
 
189,740
3,754,955
 
  
  
8,748,284
Diversified Chemicals - 1.0%
  
  
  
Huntsman Corp.
 
31,000
1,162,810
Fertilizers & Agricultural Chemicals - 17.1%
  
  
  
CF Industries Holdings, Inc.
 
69,400
7,152,364
Corteva, Inc.
 
78,100
4,489,188
FMC Corp.
 
5,889
774,816
Nutrien Ltd.
 
37,900
3,917,480
The Mosaic Co.
 
59,600
3,963,400
The Scotts Miracle-Gro Co. Class A (a)
  
4,100
504,136
 
  
  
20,801,384
Industrial Gases - 14.2%
  
  
  
Air Products & Chemicals, Inc.
 
17,588
4,395,417
Linde PLC
 
40,200
12,841,083
 
  
  
17,236,500
Specialty Chemicals - 22.9%
  
  
  
Albemarle Corp. U.S.
 
21,090
4,664,054
Ashland Global Holdings, Inc. (a)
  
6,300
619,983
DuPont de Nemours, Inc.
 
48,814
3,591,734
Eastman Chemical Co.
 
7,100
795,626
Ecolab, Inc.
 
23,303
4,114,378
Element Solutions, Inc.
 
39,900
873,810
International Flavors & Fragrances, Inc.
 
23,160
3,041,603
Livent Corp. (a)(b)
  
38,400
1,001,088
PPG Industries, Inc.
 
18,400
2,411,688
RPM International, Inc.
 
12,200
993,568
Sherwin-Williams Co.
 
19,974
4,985,910
Wacker Chemie AG
 
3,900
667,650
 
  
  
27,761,092
TOTAL CHEMICALS
  
  
75,710,070
Construction Materials - 4.7%
 
  
  
Construction Materials - 4.7%
  
  
  
Martin Marietta Materials, Inc.
 
6,326
2,434,814
Summit Materials, Inc. (b)
  
26,429
820,885
Vulcan Materials Co.
 
13,250
2,434,025
 
  
  
5,689,724
Containers & Packaging - 7.4%
 
  
  
Metal & Glass Containers - 5.1%
  
  
  
Aptargroup, Inc.
 
9,200
1,081,000
Ball Corp.
 
29,300
2,637,000
Crown Holdings, Inc.
 
19,919
2,491,668
 
  
  
6,209,668
Paper Packaging - 2.3%
  
  
  
Avery Dennison Corp.
 
10,000
1,739,700
Packaging Corp. of America
 
6,900
1,077,159
 
  
  
2,816,859
TOTAL CONTAINERS & PACKAGING
  
  
9,026,527
Metals & Mining - 22.7%
 
  
  
Aluminum - 4.3%
  
  
  
Alcoa Corp.
 
57,700
5,194,731
Copper - 9.4%
  
  
  
First Quantum Minerals Ltd.
 
84,520
2,926,069
Freeport-McMoRan, Inc.
 
155,340
7,726,612
Lundin Mining Corp.
 
75,460
764,771
 
  
  
11,417,452
Diversified Metals & Mining - 0.2%
  
  
  
Compass Minerals International, Inc.
 
4,200
263,718
Gold - 5.4%
  
  
  
Newmont Corp.
 
71,070
5,646,512
Royal Gold, Inc.
 
6,120
864,634
 
  
  
6,511,146
Steel - 3.4%
  
  
  
Commercial Metals Co.
 
32,351
1,346,449
Reliance Steel & Aluminum Co.
 
10,600
1,943,510
Steel Dynamics, Inc.
 
10,100
842,643
 
  
  
4,132,602
TOTAL METALS & MINING
  
  
27,519,649
Paper & Forest Products - 1.4%
 
  
  
Forest Products - 1.4%
  
  
  
Louisiana-Pacific Corp.
 
16,800
1,043,616
West Fraser Timber Co. Ltd.
 
7,300
600,630
 
  
  
1,644,246
 
TOTAL COMMON STOCKS
 (Cost $89,001,481)
  
  
  
119,590,216
 
  
  
  
Money Market Funds - 2.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (c)
  
1,237,555
1,237,803
Fidelity Securities Lending Cash Central Fund 0.31% (c)(d)
  
1,821,818
1,822,000
 
TOTAL MONEY MARKET FUNDS
 (Cost $3,059,803)
  
  
3,059,803
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
 (Cost $92,061,284)
 
  
 
122,650,019
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(1,365,147)
NET ASSETS - 100.0%
121,284,872
 
  
Legend
 
(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 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%
1,949,590
13,191,711
13,903,498
344
-
-
1,237,803
0.0%
Fidelity Securities Lending Cash Central Fund 0.31%
341,175
2,579,641
1,098,816
252
-
-
1,822,000
0.0%
Total
2,290,765
15,771,352
15,002,314
596
-
-
3,059,803
  
 
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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