Form NPORT-P VARIABLE INSURANCE PRODU For: Mar 31

May 25, 2022 12:16 PM EDT

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      Variable Insurance Products Fund
      811-03329
      0000356494
      549300DXU3EB0NDEJ256
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP Value Portfolio
      S000007721
      LJGXQM657BD24SYDSL23
      2022-12-31
      2022-03-31
      N
    
    
      562014822.03
      36682297.74
      525332524.29
      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
      25287.64000000
      
        
        
        
      
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        EBAY INC
        OML71K8X303XQONU6T67
        EBAY INC
        278642103
        
          
        
        63962.00000000
        NS
        USD
        3662464.12000000
        0.697170639672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQUINIX INC
        549300EVUN2BTLJ3GT74
        EQUINIX INC
        29444U700
        
          
        
        5600.00000000
        NS
        USD
        4153072.00000000
        0.790560608371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AES CORP
        2NUNNB7D43COUIRE5295
        AES CORP
        00130H105
        
          
        
        204100.00000000
        NS
        USD
        5251493.00000000
        0.999651222261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEMAIN HLDGS INC
        549300E3VEW8SMS5XW09
        ONEMAIN HOLDINGS INC
        68268W103
        
          
        
        106700.00000000
        NS
        USD
        5058647.00000000
        0.962941901767
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED THERAPEUTICS CORP DEL
        5299005C4HZL4UWROC14
        UNITED THERAPEUTICS CORP DEL
        91307C102
        
          
        
        20300.00000000
        NS
        USD
        3642023.00000000
        0.693279557537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ENTERGY CORP NEW
        4XM3TW50JULSLG8BNC79
        ENTERGY CORP
        29364G103
        
          
        
        23000.00000000
        NS
        USD
        2685250.00000000
        0.511152436950
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T-MOBILE US INC
        549300QHIJYOHPACPG31
        T-MOBILE US INC
        872590104
        
          
        
        70205.00000000
        NS
        USD
        9010811.75000000
        1.715258685378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADTALEM GLOBAL EDUCATION INC
        549300Z467EZLMODV621
        ADTALEM GLOBAL EDUCATION INC
        00737L103
        
          
        
        125539.00000000
        NS
        USD
        3729763.69000000
        0.709981491254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MANPOWERGROUP INC
        ERO1WSFOSR0JJ6CRQ987
        MANPOWERGROUP INC
        56418H100
        
          
        
        42700.00000000
        NS
        USD
        4010384.00000000
        0.763399145221
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRINKER INTERNATIONAL INC
        52990067JY6PBGJNTG76
        BRINKER INTERNATIONAL INC
        109641100
        
          
        
        91200.00000000
        NS
        USD
        3480192.00000000
        0.662474116694
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRST CITIZENS BANCSHARES INC/NC
        549300N3Z00ZHE2XC526
        FIRST CITIZENS BANCSHARES INC CL A
        31946M103
        
          
        
        8658.00000000
        NS
        USD
        5762764.80000000
        1.096974684327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LUMENTUM HOLDINGS INC
        549300JLWRRC38DWEF52
        LUMENTUM HOLDINGS INC
        55024U109
        
          
        
        26900.00000000
        NS
        USD
        2625440.00000000
        0.499767267132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TIMKEN CO
        B0I35MLPFXZSE70ASS73
        TIMKEN CO
        887389104
        
          
        
        54400.00000000
        NS
        USD
        3302080.00000000
        0.628569495951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY GLOBAL PLC
        549300BSGXG3QLIQYT84
        LIBERTY GLOBAL PLC CL C
        N/A
        
          
        
        130900.00000000
        NS
        USD
        3391619.00000000
        0.645613748089
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        SANOFI
        549300E9PC51EN656011
        SANOFI SPON ADR
        80105N105
        
          
        
        119463.00000000
        NS
        USD
        6133230.42000000
        1.167494898262
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN EAGLE OUTFITTERS INC
        5299001Z9HXK01DHW793
        AMERICAN EAGLE OUTFITTERS INC
        02553E106
        
          
        
        84500.00000000
        NS
        USD
        1419600.00000000
        0.270228842563
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        APOLLO GLOBAL MANAGEMENT INC
        N/A
        APOLLO GLOBAL MANAGEMENT INC
        03769M106
        
          
        
        98196.00000000
        NS
        USD
        6087170.04000000
        1.158727045927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CUBESMART
        N/A
        CUBESMART
        229663109
        
          
        
        90406.00000000
        NS
        USD
        4703824.18000000
        0.895399382773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VENTAS INC
        ORQTRC074CWLT3DKHT41
        VENTAS INC REIT
        92276F100
        
          
        
        70700.00000000
        NS
        USD
        4366432.00000000
        0.831174884117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FLEX LTD
        549300EAQH74YHD07T53
        FLEX LTD
        N/A
        
          
        
        351785.00000000
        NS
        USD
        6525611.75000000
        1.242186890830
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DARLING INGREDIENTS INC
        L1N0SPPKS7EXZYUMZ898
        DARLING INGREDIENTS INC
        237266101
        
          
        
        81887.00000000
        NS
        USD
        6582077.06000000
        1.252935380099
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRINKS CO
        XFP140TFNOQMIVFTVQ13
        BRINKS CO
        109696104
        
          
        
        76404.00000000
        NS
        USD
        5195472.00000000
        0.988987309898
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HUNTSMAN CORP
        5299000V56320A7RIQ67
        HUNTSMAN CORP
        447011107
        
          
        
        67300.00000000
        NS
        USD
        2524423.00000000
        0.480538113152
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ROCHE HOLDING AG
        549300U41AUUVOAAOB37
        ROCHE HOLDINGS AG (GENUSSCHEINE)
        N/A
        
          
        
        27124.00000000
        NS
        
        10731932.31000000
        2.042883662020
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        REGAL REXNORD CORP
        QH78R09VCJGQKPBPYU33
        REGAL REXNORD CORP
        758750103
        
          
        
        20100.00000000
        NS
        USD
        2990478.00000000
        0.569254303080
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEMPRA ENERGY
        PBBKGKLRK5S5C0Y4T545
        SEMPRA ENERGY
        816851109
        
          
        
        29100.00000000
        NS
        USD
        4892292.00000000
        0.931275292085
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PRIMO WATER CORP
        5493005TMUI9D3MY9I37
        PRIMO WATER CORP
        74167P108
        
          
        
        270587.00000000
        NS
        USD
        3855864.75000000
        0.733985537105
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CAESARS ENTERTAINMENT INC
        5299000BKFWWVND5L441
        CAESARS ENTERTAINMENT INC
        12769G100
        
          
        
        55470.00000000
        NS
        USD
        4291159.20000000
        0.816846283370
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIGNA CORP
        549300VIWYMSIGT1U456
        CIGNA CORP
        125523100
        
          
        
        46938.00000000
        NS
        USD
        11246814.18000000
        2.140894321211
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CENOVUS ENERGY INC
        N/A
        CENOVUS ENERGY INC
        15135U109
        
          
        
        271618.00000000
        NS
        
        4527871.95000000
        0.861905886394
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        UNIVAR SOLUTIONS INC
        549300VSXHFQVR770L55
        UNIVAR INC
        91336L107
        
          
        
        161388.00000000
        NS
        USD
        5187010.32000000
        0.987376581530
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CROWN HOLDINGS INC
        NYLWZIOY8PUNIT4JOE22
        CROWN HOLDINGS INC
        228368106
        
          
        
        37809.00000000
        NS
        USD
        4729527.81000000
        0.900292213278
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CUSHMAN and WAKEFIELD PLC
        N/A
        CUSHMAN and WAKEFIELD PLC
        N/A
        
          
        
        240500.00000000
        NS
        USD
        4932655.00000000
        0.938958616100
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ADIENT PLC
        5493002QLDY8O75RTR78
        ADIENT PLC
        N/A
        
          
        
        57956.00000000
        NS
        USD
        2362866.12000000
        0.449784852592
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BHP GROUP LTD
        WZE1WSENV6JSZFK0JC28
        BHP GROUP LTD SPON ADR(AUS)
        088606108
        
          
        
        47700.00000000
        NS
        USD
        3684825.00000000
        0.701427158918
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        HALLIBURTON CO
        ENYF8GB5SMQZ25S06U51
        HALLIBURTON CO
        406216101
        
          
        
        84600.00000000
        NS
        USD
        3203802.00000000
        0.609861726023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GAP INC
        T2ZG1WRWZ4BUCMQL9224
        GAP INC
        364760108
        
          
        
        197700.00000000
        NS
        USD
        2783616.00000000
        0.529876958172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REINSURANCE GROUP OF AMERICA INC
        LORM1GNEU1DKEW527V90
        REINSURANCE GROUP OF AMERICA
        759351604
        
          
        
        44100.00000000
        NS
        USD
        4827186.00000000
        0.918881998887
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BEACON ROOFING SUPPLY INC
        549300HDXQWWCBOYXP31
        BEACON ROOFING SUPPLY INC
        073685109
        
          
        
        79670.00000000
        NS
        USD
        4722837.60000000
        0.899018694184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HESS CORP
        UASVRYNXNK17ULIGK870
        HESS CORP
        42809H107
        
          
        
        59040.00000000
        NS
        USD
        6319641.60000000
        1.202979314585
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PG and E CORP
        8YQ2GSDWYZXO2EDN3511
        PG and E CORP
        69331C108
        
          
        
        440016.00000000
        NS
        USD
        5253791.04000000
        1.000088667097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NCR CORPORATION NEW
        549300YKTY8JX1DV2R67
        NCR CORP
        62886E108
        
          
        
        98000.00000000
        NS
        USD
        3938620.00000000
        0.749738464284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SLM CORP
        4K8SLPBF5DXXGPW03H93
        SLM CORP
        78442P106
        
          
        
        268912.00000000
        NS
        USD
        4937224.32000000
        0.939828411856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR INC
        254900OFQDXZRKRCV808
        KBR INC
        48242W106
        
          
        
        77100.00000000
        NS
        USD
        4219683.00000000
        0.803240386782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRONOX HOLDINGS PLC
        549300NRVC84SGJSXV06
        TRONOX HOLDINGS PLC
        N/A
        
          
        
        154500.00000000
        NS
        USD
        3057555.00000000
        0.582022787211
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        M and T BANK CORP
        549300WYXDDBYRASEG81
        M and T BANK CORP
        55261F104
        
          
        
        53511.00000000
        NS
        USD
        9070114.50000000
        1.726547297306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LABORATORY CORP OF AMERICA HOLDINGS
        OZ7UA8IXAIFILY2VZH07
        LABORATORY CORP OF AMER HLDGS
        50540R409
        
          
        
        16738.00000000
        NS
        USD
        4413141.08000000
        0.840066220145
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXSTAR MEDIA GROUP INC
        52990083ZRR5UT591988
        NEXSTAR MEDIA GROUP INC A
        65336K103
        
          
        
        22300.00000000
        NS
        USD
        4203104.00000000
        0.800084480906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TOURMALINE OIL CORP
        549300EWGW5PUCV5A109
        TOURMALINE OIL CORP
        89156V106
        
          
        
        138300.00000000
        NS
        
        6372099.35000000
        1.212964942273
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        INTERPUBLIC GROUP OF COS INC
        5493008IUOJ5VWTRC333
        INTERPUBLIC GROUP OF COS INC
        460690100
        
          
        
        131777.00000000
        NS
        USD
        4671494.65000000
        0.889245274945
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASTRAZENECA PLC
        PY6ZZQWO2IZFZC3IOL08
        ASTRAZENECA PLC SPONS ADR
        046353108
        
          
        
        159180.00000000
        NS
        USD
        10560001.20000000
        2.010155608444
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        PULTE GROUP INC
        N/A
        PULTEGROUP INC
        745867101
        
          
        
        59400.00000000
        NS
        USD
        2488860.00000000
        0.473768496128
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADAPTHEALTH CORP
        N/A
        ADAPTHEALTH CORP
        00653Q102
        
          
        
        157000.00000000
        NS
        USD
        2516710.00000000
        0.479069900231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SALLY BEAUTY HLDGS INC
        529900VXW6E8ONDIQ271
        SALLY BEAUTY HLDGS INC
        79546E104
        
          
        
        97600.00000000
        NS
        USD
        1525488.00000000
        0.290385218783
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LAZARD LTD
        254900RIBCDJSUFG1A11
        LAZARD LTD CL A
        N/A
        
          
        
        127787.00000000
        NS
        USD
        4408651.50000000
        0.839211603347
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OLIN CORP
        549300GKK294V7W57P06
        OLIN CORP
        680665205
        
          
        
        82127.00000000
        NS
        USD
        4293599.56000000
        0.817310819619
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RENT-A-CENTER INC/TX
        529900QUHE15UQNCCJ63
        RENT A CTR INC
        76009N100
        
          
        
        121929.00000000
        NS
        USD
        3071391.51000000
        0.584656644693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LPL FINANCIAL HOLDINGS INC
        549300XROQ4Y8G2L7682
        LPL FINL HLDGS INC
        50212V100
        
          
        
        37388.00000000
        NS
        USD
        6830039.84000000
        1.300136489594
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP NEW
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP CL A
        20030N101
        
          
        
        85514.00000000
        NS
        USD
        4003765.48000000
        0.762139272722
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEWORK INC
        N/A
        WEWORK INC CL A
        96209A104
        
          
        
        592400.00000000
        NS
        USD
        4040168.00000000
        0.769068697100
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        BERKSHIRE HATHAWAY INC DEL
        5493000C01ZX7D35SD85
        BERKSHIRE HATHAWAY INC CL B
        084670702
        
          
        
        14200.00000000
        NS
        USD
        5011322.00000000
        0.953933321903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Cash Central Fund
        31635A105
        
          
        
        36556223.58500000
        NS
        USD
        36563534.83000000
        6.960074455587
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BERRY GLOBAL GROUP INC
        549300G6KKUMMXM8NH73
        BERRY GLOBAL GROUP INC
        08579W103
        
          
        
        53800.00000000
        NS
        USD
        3118248.00000000
        0.593576041044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORP
        J3WHBG0MTS7O8ZVMDC91
        EXXON MOBIL CORP
        30231G102
        
          
        
        155902.00000000
        NS
        USD
        12875946.18000000
        2.451008758195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IMPERIAL OIL LTD
        549300MO45LTBPAU4Z27
        IMPERIAL OIL LTD
        453038408
        
          
        
        56000.00000000
        NS
        
        2710074.79000000
        0.515877975319
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        CONCENTRIX CORP
        N/A
        CONCENTRIX CORP
        20602D101
        
          
        
        29659.00000000
        NS
        USD
        4940003.04000000
        0.940357356833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DOLLAR TREE INC
        549300PMSTQITB1WHR43
        DOLLAR TREE INC
        256746108
        
          
        
        64333.00000000
        NS
        USD
        10302929.95000000
        1.961220650467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONSTELLATION ENERGY CORP
        N/A
        CONSTELLATION ENERGY CORP
        21037T109
        
          
        
        28433.00000000
        NS
        USD
        1599356.25000000
        0.304446455540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AXALTA COATING SYSTEMS LTD
        529900AGLPA40GV6H619
        AXALTA COATING SYSTEMS LTD
        N/A
        
          
        
        202600.00000000
        NS
        USD
        4979908.00000000
        0.947953490359
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BUILDERS FIRSTSOURCE INC
        549300W0SKP6L3H7DP63
        BUILDERS FIRSTSOURCE
        12008R107
        
          
        
        82106.00000000
        NS
        USD
        5299121.24000000
        1.008717525563
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRAVELERS COS INC
        549300Y650407RU8B149
        TRAVELERS COMPANIES INC
        89417E109
        
          
        
        70609.00000000
        NS
        USD
        12902382.57000000
        2.456041073687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALLISON TRANSMISSION HLDGS INC
        529900RP7DJ882LI9T83
        ALLISON TRANSMISSION HLDGS INC
        01973R101
        
          
        
        88600.00000000
        NS
        USD
        3478436.00000000
        0.662139852220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FEDEX CORP
        549300E707U7WNPZN687
        FEDEX CORP
        31428X106
        
          
        
        22251.00000000
        NS
        USD
        5148658.89000000
        0.980076171175
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EDISON INTERNATIONAL
        549300I7ROF15MAEVP56
        EDISON INTL
        281020107
        
          
        
        97581.00000000
        NS
        USD
        6840428.10000000
        1.302113953299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MDU RESOURCES GROUP INC
        0T6SBMK3JTBI1JR36794
        MDU RESOURCES GROUP INC
        552690109
        
          
        
        205882.00000000
        NS
        USD
        5486755.30000000
        1.044434723971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CANADIAN NATURAL RESOURCES LTD
        549300T15RIMIKZC5Q38
        CANADIAN NATL RESOURCES LTD
        136385101
        
          
        
        175945.00000000
        NS
        
        10894614.61000000
        2.073851152605
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        JELD-WEN HOLDING INC
        529900AXX7CT9GZSCS30
        JELD-WEN HOLDING INC
        47580P103
        
          
        
        152700.00000000
        NS
        USD
        3096756.00000000
        0.589484917992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CRANE CO
        549300X1RO9ID7AUCA83
        CRANE CO
        224399105
        
          
        
        55613.00000000
        NS
        USD
        6021775.64000000
        1.146278854167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQUITY LIFESTYLE PROPERTIES INC
        529900PEQG66LENB6798
        EQUITY LIFESTYLE PPTYS INC
        29472R108
        
          
        
        67701.00000000
        NS
        USD
        5177772.48000000
        0.985618106740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Securities Lending Cash Central Fund
        31635A303
        
          
        
        2407490.00000000
        NS
        USD
        2407730.75000000
        0.458325087191
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        WILLSCOT MOBILE MINI HOLDINGS CORP
        549300HJ4VIXF476Q166
        WILLSCOT MOBILE MINI HOLDINGS CORP
        971378104
        
          
        
        145423.00000000
        NS
        USD
        5690401.99000000
        1.083200016540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VICTORIA'S SECRET and CO
        5493006T3O70U3UWVF17
        VICTORIA'S SECRET and CO
        926400102
        
          
        
        45000.00000000
        NS
        USD
        2311200.00000000
        0.439949916126
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASSURANT INC
        H3F39CAXWQRVWURFXL38
        ASSURANT INC
        04621X108
        
          
        
        38488.00000000
        NS
        USD
        6998273.04000000
        1.332160625207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CENTENE CORP DEL
        549300Z7JJ4TQSQGT333
        CENTENE CORP
        15135B101
        
          
        
        107010.00000000
        NS
        USD
        9009171.90000000
        1.714946530709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        XPO LOGISTICS INC
        54930096DB9LCLPN7H13
        XPO LOGISTICS INC
        983793100
        
          
        
        43800.00000000
        NS
        USD
        3188640.00000000
        0.606975554066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KIRBY CORP
        I7NO6FZO5GUCG585T325
        KIRBY CORP
        497266106
        
          
        
        54600.00000000
        NS
        USD
        3941574.00000000
        0.750300774795
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EXELON CORP
        3SOUA6IRML7435B56G12
        EXELON CORP
        30161N101
        
          
        
        84400.00000000
        NS
        USD
        4019972.00000000
        0.765224274935
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BUNGE LIMITED
        5493007M0RIN8HY3MM77
        BUNGE LIMITED
        N/A
        
          
        
        49665.00000000
        NS
        USD
        5503378.65000000
        1.047599072118
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NORDSTROM INC
        549300S3IZB5P35KNV16
        NORDSTROM INC
        655664100
        
          
        
        123500.00000000
        NS
        USD
        3348085.00000000
        0.637326806392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NORTONLIFELOCK INC
        YF6ZV0M6AU4FY94MK914
        NORTONLIFELOCK INC
        668771108
        
          
        
        182000.00000000
        NS
        USD
        4826640.00000000
        0.918778064716
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP
        03027X100
        
          
        
        10000.00000000
        NS
        USD
        2512200.00000000
        0.478211396371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ARCONIC CORP
        549300B4YFWH3U74B152
        ARCONIC CORP
        03966V107
        
          
        
        193600.00000000
        NS
        USD
        4960032.00000000
        0.944169981994
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MOHAWK INDUSTRIES INC
        549300JI1115MG3Q6322
        MOHAWK INDUSTRIES INC
        608190104
        
          
        
        32119.00000000
        NS
        USD
        3989179.80000000
        0.759362806517
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DXC TECHNOLOGY CO
        549300DOVZ3EDJB7O259
        DXC TECHNOLOGY CO
        23355L106
        
          
        
        115100.00000000
        NS
        USD
        3755713.00000000
        0.714921088328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US FOODS HOLDING CORP
        549300UGOZSO64CFPR97
        US FOODS HOLDING CORP
        912008109
        
          
        
        166100.00000000
        NS
        USD
        6250343.00000000
        1.189787936402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CURTISS-WRIGHT CORP
        TEL51ETZWP7D0ZM4X325
        CURTISS WRIGHT CORPORATION
        231561101
        
          
        
        28900.00000000
        NS
        USD
        4339624.00000000
        0.826071830573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN FINL GROUP INC OHIO
        549300AFOM7IVKIU1G39
        AMERICAN FINL GROUP INC OHIO
        025932104
        
          
        
        40790.00000000
        NS
        USD
        5939839.80000000
        1.130681906289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VISTRA CORP
        549300KP43CPCUJOOG15
        VISTRA CORP
        92840M102
        
          
        
        127000.00000000
        NS
        USD
        2952750.00000000
        0.562072566131
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERIPRISE FINL INC
        6ZLKQF7QB6JAEKQS5388
        AMERIPRISE FINANCIAL INC
        03076C106
        
          
        
        24433.00000000
        NS
        USD
        7338695.88000000
        1.396962027035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SS and C TECHNOLOGIES HLDGS INC
        529900POY8H7NPPNKK71
        SS and C TECHNOLOGIES HOLDINGS INC
        78467J100
        
          
        
        85756.00000000
        NS
        USD
        6433415.12000000
        1.224636743878
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JAZZ PHARMACEUTICALS PLC
        635400GAUMJCLEZRRV50
        JAZZ PHARMA PLC
        N/A
        
          
        
        52040.00000000
        NS
        USD
        8101066.80000000
        1.542083618551
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC
        5493006MHB84DD0ZWV18
        ALPHABET INC CL A
        02079K305
        
          
        
        3652.00000000
        NS
        USD
        10157490.20000000
        1.933535376232
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHENIERE ENERGY INC
        MIHC87W9WTYSYZWV1J40
        CHENIERE ENERGY INC
        16411R208
        
          
        
        53597.00000000
        NS
        USD
        7431224.05000000
        1.414575284491
        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:
Value Portfolio
March 31, 2022
VIPVAL-NPRT1-0522
1.799871.118
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.8%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
Liberty Global PLC Class C (a)
 
130,900
3,391,619
Interactive Media & Services - 2.0%
 
 
 
Alphabet, Inc. Class A (a)
 
3,652
10,157,490
Media - 2.5%
 
 
 
Comcast Corp. Class A
 
85,514
4,003,765
Interpublic Group of Companies, Inc.
 
131,777
4,671,495
Nexstar Broadcasting Group, Inc. Class A
 
22,300
4,203,104
 
 
 
12,878,364
Wireless Telecommunication Services - 1.7%
 
 
 
T-Mobile U.S., Inc. (a)
 
70,205
9,010,812
TOTAL COMMUNICATION SERVICES
 
 
35,438,285
CONSUMER DISCRETIONARY - 9.4%
 
 
 
Auto Components - 0.5%
 
 
 
Adient PLC (a)
 
57,956
2,362,866
Diversified Consumer Services - 0.7%
 
 
 
Adtalem Global Education, Inc. (a)
 
125,539
3,729,764
Hotels, Restaurants & Leisure - 1.5%
 
 
 
Brinker International, Inc. (a)
 
91,200
3,480,192
Caesars Entertainment, Inc. (a)
 
55,470
4,291,159
 
 
 
7,771,351
Household Durables - 1.3%
 
 
 
Mohawk Industries, Inc. (a)
 
32,119
3,989,180
PulteGroup, Inc.
 
59,400
2,488,860
 
 
 
6,478,040
Internet & Direct Marketing Retail - 0.7%
 
 
 
eBay, Inc.
 
63,962
3,662,464
Multiline Retail - 2.6%
 
 
 
Dollar Tree, Inc. (a)
 
64,333
10,302,930
Nordstrom, Inc.
 
123,500
3,348,085
 
 
 
13,651,015
Specialty Retail - 2.1%
 
 
 
American Eagle Outfitters, Inc. (b)
 
84,500
1,419,600
Gap, Inc.
 
197,700
2,783,616
Rent-A-Center, Inc.
 
121,929
3,071,392
Sally Beauty Holdings, Inc. (a)
 
97,600
1,525,488
Victoria's Secret & Co. (a)
 
45,000
2,311,200
 
 
 
11,111,296
TOTAL CONSUMER DISCRETIONARY
 
 
48,766,796
CONSUMER STAPLES - 4.3%
 
 
 
Beverages - 0.8%
 
 
 
Primo Water Corp.
 
270,587
3,855,865
Food & Staples Retailing - 1.2%
 
 
 
U.S. Foods Holding Corp. (a)
 
166,100
6,250,343
Food Products - 2.3%
 
 
 
Bunge Ltd.
 
49,665
5,503,379
Darling Ingredients, Inc. (a)
 
81,887
6,582,077
 
 
 
12,085,456
TOTAL CONSUMER STAPLES
 
 
22,191,664
ENERGY - 10.4%
 
 
 
Energy Equipment & Services - 0.6%
 
 
 
Halliburton Co.
 
84,600
3,203,802
Oil, Gas & Consumable Fuels - 9.8%
 
 
 
Canadian Natural Resources Ltd.
 
175,945
10,894,615
Cenovus Energy, Inc. (Canada)
 
271,618
4,527,872
Cheniere Energy, Inc.
 
53,597
7,431,224
Exxon Mobil Corp.
 
155,902
12,875,946
Hess Corp.
 
59,040
6,319,642
Imperial Oil Ltd.
 
56,000
2,710,075
Tourmaline Oil Corp.
 
138,300
6,372,099
 
 
 
51,131,473
TOTAL ENERGY
 
 
54,335,275
FINANCIALS - 17.1%
 
 
 
Banks - 2.8%
 
 
 
First Citizens Bancshares, Inc.
 
8,658
5,762,765
M&T Bank Corp.
 
53,511
9,070,115
 
 
 
14,832,880
Capital Markets - 3.6%
 
 
 
Ameriprise Financial, Inc.
 
24,433
7,338,696
Lazard Ltd. Class A
 
127,787
4,408,652
LPL Financial
 
37,388
6,830,040
 
 
 
18,577,388
Consumer Finance - 1.9%
 
 
 
OneMain Holdings, Inc.
 
106,700
5,058,647
SLM Corp.
 
268,912
4,937,224
 
 
 
9,995,871
Diversified Financial Services - 2.9%
 
 
 
Apollo Global Management, Inc.
 
98,196
6,087,170
Berkshire Hathaway, Inc. Class B (a)
 
14,200
5,011,322
WeWork, Inc. (a)(b)
 
592,400
4,040,168
 
 
 
15,138,660
Insurance - 5.9%
 
 
 
American Financial Group, Inc.
 
40,790
5,939,840
Assurant, Inc.
 
38,488
6,998,273
Reinsurance Group of America, Inc.
 
44,100
4,827,186
The Travelers Companies, Inc.
 
70,609
12,902,381
 
 
 
30,667,680
TOTAL FINANCIALS
 
 
89,212,479
HEALTH CARE - 12.8%
 
 
 
Biotechnology - 0.7%
 
 
 
United Therapeutics Corp. (a)
 
20,300
3,642,023
Health Care Providers & Services - 5.2%
 
 
 
AdaptHealth Corp. (a)
 
157,000
2,516,710
Centene Corp. (a)
 
107,010
9,009,172
Cigna Corp.
 
46,938
11,246,814
Laboratory Corp. of America Holdings
 
16,738
4,413,141
 
 
 
27,185,837
Pharmaceuticals - 6.9%
 
 
 
AstraZeneca PLC sponsored ADR
 
159,180
10,560,001
Jazz Pharmaceuticals PLC (a)
 
52,040
8,101,067
Roche Holding AG (participation certificate)
 
27,124
10,731,932
Sanofi SA sponsored ADR
 
119,463
6,133,230
 
 
 
35,526,230
TOTAL HEALTH CARE
 
 
66,354,090
INDUSTRIALS - 14.5%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Curtiss-Wright Corp.
 
28,900
4,339,624
Air Freight & Logistics - 1.0%
 
 
 
FedEx Corp.
 
22,251
5,148,659
Building Products - 1.6%
 
 
 
Builders FirstSource, Inc. (a)
 
82,106
5,299,121
Jeld-Wen Holding, Inc. (a)
 
152,700
3,096,756
 
 
 
8,395,877
Commercial Services & Supplies - 1.0%
 
 
 
The Brink's Co.
 
76,404
5,195,472
Construction & Engineering - 2.1%
 
 
 
MDU Resources Group, Inc.
 
205,882
5,486,755
Willscot Mobile Mini Holdings (a)
 
145,423
5,690,402
 
 
 
11,177,157
Electrical Equipment - 0.6%
 
 
 
Regal Rexnord Corp.
 
20,100
2,990,478
Machinery - 2.5%
 
 
 
Allison Transmission Holdings, Inc.
 
87,800
3,447,028
Crane Co.
 
55,613
6,021,776
Timken Co.
 
54,400
3,302,080
 
 
 
12,770,884
Marine - 0.8%
 
 
 
Kirby Corp. (a)
 
54,600
3,941,574
Professional Services - 1.6%
 
 
 
KBR, Inc.
 
77,100
4,219,683
Manpower, Inc.
 
42,700
4,010,384
 
 
 
8,230,067
Road & Rail - 0.6%
 
 
 
XPO Logistics, Inc. (a)
 
43,800
3,188,640
Trading Companies & Distributors - 1.9%
 
 
 
Beacon Roofing Supply, Inc. (a)
 
79,670
4,722,838
Univar Solutions, Inc. (a)
 
161,388
5,187,010
 
 
 
9,909,848
TOTAL INDUSTRIALS
 
 
75,288,280
INFORMATION TECHNOLOGY - 6.3%
 
 
 
Communications Equipment - 0.5%
 
 
 
Lumentum Holdings, Inc. (a)
 
26,900
2,625,440
Electronic Equipment & Components - 1.2%
 
 
 
Flex Ltd. (a)
 
351,785
6,525,612
IT Services - 1.7%
 
 
 
Concentrix Corp.
 
29,659
4,940,003
DXC Technology Co. (a)
 
115,100
3,755,713
 
 
 
8,695,716
Software - 2.9%
 
 
 
NCR Corp. (a)
 
98,000
3,938,620
NortonLifeLock, Inc.
 
182,000
4,826,640
SS&C Technologies Holdings, Inc.
 
85,756
6,433,415
 
 
 
15,198,675
TOTAL INFORMATION TECHNOLOGY
 
 
33,045,443
MATERIALS - 6.0%
 
 
 
Chemicals - 2.8%
 
 
 
Axalta Coating Systems Ltd. (a)
 
202,600
4,979,908
Huntsman Corp.
 
67,300
2,524,423
Olin Corp.
 
82,127
4,293,600
Tronox Holdings PLC
 
154,500
3,057,555
 
 
 
14,855,486
Containers & Packaging - 1.5%
 
 
 
Berry Global Group, Inc. (a)
 
53,800
3,118,248
Crown Holdings, Inc.
 
37,809
4,729,528
 
 
 
7,847,776
Metals & Mining - 1.7%
 
 
 
Arconic Corp. (a)
 
193,600
4,960,032
BHP Group Ltd. sponsored ADR
 
47,700
3,684,825
 
 
 
8,644,857
TOTAL MATERIALS
 
 
31,348,119
REAL ESTATE - 5.0%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.0%
 
 
 
American Tower Corp.
 
10,000
2,512,200
CubeSmart
 
90,406
4,703,824
Equinix, Inc.
 
5,600
4,153,072
Equity Lifestyle Properties, Inc.
 
67,701
5,177,772
Ventas, Inc.
 
70,700
4,366,432
 
 
 
20,913,300
Real Estate Management & Development - 1.0%
 
 
 
Cushman & Wakefield PLC (a)
 
240,500
4,932,655
TOTAL REAL ESTATE
 
 
25,845,955
UTILITIES - 6.4%
 
 
 
Electric Utilities - 3.9%
 
 
 
Constellation Energy Corp.
 
29,333
1,649,981
Edison International
 
97,581
6,840,428
Entergy Corp.
 
23,000
2,685,250
Exelon Corp.
 
84,400
4,019,972
PG&E Corp. (a)
 
440,016
5,253,791
 
 
 
20,449,422
Independent Power and Renewable Electricity Producers - 1.6%
 
 
 
The AES Corp.
 
204,100
5,251,493
Vistra Corp.
 
127,000
2,952,750
 
 
 
8,204,243
Multi-Utilities - 0.9%
 
 
 
Sempra Energy
 
29,100
4,892,292
TOTAL UTILITIES
 
 
33,545,957
 
TOTAL COMMON STOCKS
 (Cost $409,255,669)
 
 
 
515,372,343
 
 
 
 
Money Market Funds - 7.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (c)
 
36,556,224
36,563,535
Fidelity Securities Lending Cash Central Fund 0.31% (c)(d)
 
2,313,699
2,313,931
 
TOTAL MONEY MARKET FUNDS
 (Cost $38,877,466)
 
 
38,877,466
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.5%
 (Cost $448,133,135)
 
 
 
554,249,809
NET OTHER ASSETS (LIABILITIES) - (6.5)%  
(33,935,242)
NET ASSETS - 100.0%
520,314,567
 
 
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%
3,889,486
64,233,444
31,559,395
3,406
-
-
36,563,535
0.1%
Fidelity Securities Lending Cash Central Fund 0.31%
14,027,163
23,978,380
35,691,612
7,702
-
-
2,313,931
0.0%
Total
17,916,649
88,211,824
67,251,007
11,108
-
-
38,877,466
 
 
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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