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Form NPORT-P VARIABLE INSURANCE PRODU For: Mar 31

May 25, 2022 12:13 PM EDT

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      Variable Insurance Products Fund III
      811-07205
      0000927384
      C88PZA3GJP7OWPNW6V03
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP Dynamic Capital Appreciation Portfolio
      S000007731
      22G2AD8QRPQRHGVA1859
      2022-12-31
      2022-03-31
      N
    
    
      227188396.47
      1773935.89
      225414460.58
      0.00000000
      0.00000000
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      0.00000000
      0.00000000
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      0.00000000
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      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        CHARTER COMMUNICATIONS INC
        0J0XRGZE3PBRFEZ7MV65
        CHARTER COMMUNICATIONS INC A
        16119P108
        
          
        
        1200.00000000
        NS
        USD
        654624.00000000
        0.290409052868
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INNOVENT BIOLGICS INC
        25490058ONL9SCIE1R22
        INNOVENT BIOLOGICS INC
        N/A
        
          
        
        36000.00000000
        NS
        
        121144.82000000
        0.053743144822
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        PENUMBRA INC
        549300RGE06P3ECANU72
        PENUMBRA INC
        70975L107
        
          
        
        2500.00000000
        NS
        USD
        555325.00000000
        0.246357309362
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ZIPRECRUITER INC
        549300HLOVNNFCY2IV80
        ZIPRECRUITER INC
        98980B103
        
          
        
        6600.00000000
        NS
        USD
        151668.00000000
        0.067284059598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CLOUDFLARE INC
        5493007DY18BGNLDWU14
        CLOUDFLARE INC
        18915M107
        
          
        
        700.00000000
        NS
        USD
        83790.00000000
        0.037171528296
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CANADIAN NATURAL RESOURCES LTD
        549300T15RIMIKZC5Q38
        CANADIAN NATL RESOURCES LTD
        136385101
        
          
        
        29400.00000000
        NS
        USD
        1822212.00000000
        0.808382920648
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        SIMULATIONS PLUS INC
        N/A
        SIMULATIONS PLUS INC
        829214105
        
          
        
        2000.00000000
        NS
        USD
        101960.00000000
        0.045232235650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        SYNLOGIC INC
        5493007C6UCNXL4HOI66
        SYNLOGIC INC
        87166L100
        
          
        
        34200.00000000
        NS
        USD
        82080.00000000
        0.036412925678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION CARE HEALTH INC
        549300DI3Q5ACSYJRI17
        OPTION CARE HEALTH INC
        68404L201
        
          
        
        19700.00000000
        NS
        USD
        562632.00000000
        0.249598893767
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML HOLDING NV
        724500Y6DUVHQD6OXN27
        ASML HLDG NV (NY REG SHS) NEW YORK REGISTERED SHARES
        N/A
        
          
        
        1500.00000000
        NS
        USD
        1001895.00000000
        0.444467935828
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        ORSTED A/S
        W9NG6WMZIYEU8VEDOG48
        ORSTED A/S
        N/A
        
          
        
        2800.00000000
        NS
        
        350480.22000000
        0.155482580442
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        APPLE INC
        HWUPKR0MPOU8FGXBT394
        APPLE INC
        037833100
        
          
        
        74960.00000000
        NS
        USD
        13088765.60000000
        5.806533248276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADAMAS PHARMACEUTICALS INC
        529900JBG6S9MXH83I79
        ADAMAS PHARMACEUTICALS INC (CVR) RT
        N/A
        
          
        
        47000.00000000
        NS
        USD
        2820.00000000
        0.001251028879
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        DOMA HOLDINGS INC
        N/A
        DOMA HOLDINGS INC PIPE
        N/A
        
          
        
        22979.00000000
        NS
        USD
        49864.43000000
        0.022121220560
        Long
        EC
        CORP
        US
        Y
        
        1
        
          N
          N
          N
        
      
      
        REVANCE THERAPEUTICS INC
        549300N33TFDZHS81H11
        REVANCE THERAPEUTICS INC
        761330109
        
          
        
        8100.00000000
        NS
        USD
        157950.00000000
        0.070070926059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMAZON.COM INC
        ZXTILKJKG63JELOEG630
        AMAZON.COM INC
        023135106
        
          
        
        3498.00000000
        NS
        USD
        11403305.10000000
        5.058817021170
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BALLARD POWER SYSTEMS INC
        549300OHZ8BMF53YYS26
        BALLARD POWER SYSTEMS INC
        058586108
        
          
        
        800.00000000
        NS
        USD
        9312.00000000
        0.004131057065
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
      
        SOLAREDGE TECHNOLOGIES INC
        5493000K6Y58XXPDF853
        SOLAREDGE TECHNOLOGIES INC
        83417M104
        
          
        
        3300.00000000
        NS
        USD
        1063821.00000000
        0.471939997665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DOLLARAMA INC
        5493002GJ0NJP1HI0C79
        DOLLARAMA INC
        25675T107
        
          
        
        8700.00000000
        NS
        
        493404.79000000
        0.218887816127
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORP
        594918104
        
          
        
        69142.00000000
        NS
        USD
        21317170.02000000
        9.456877773125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        WELLTOWER INC
        95040Q104
        
          
        
        21700.00000000
        NS
        USD
        2086238.00000000
        0.925512052169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ON HOLDING AG
        N/A
        ON HOLDING AG
        N/A
        
          
        
        500.00000000
        NS
        USD
        12620.00000000
        0.005598576048
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC
        5493006MHB84DD0ZWV18
        ALPHABET INC CL C
        02079K107
        
          
        
        1563.00000000
        NS
        USD
        4365443.37000000
        1.936629690379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AXON ENTERPRISE INC
        549300QP2IEEGFE16681
        AXON ENTERPRISE INC
        05464C101
        
          
        
        2000.00000000
        NS
        USD
        275460.00000000
        0.122201565636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        S and P GLOBAL INC
        Y6X4K52KMJMZE7I7MY94
        S and P GLOBAL INC
        78409V104
        
          
        
        600.00000000
        NS
        USD
        246108.00000000
        0.109180218237
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ACLARIS THERAPEUTICS INC
        5493000B2LQ9QTW1DF52
        ACLARIS THERAPEUTICS INC
        00461U105
        
          
        
        6700.00000000
        NS
        USD
        115508.00000000
        0.051242497798
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADOBE INC
        FU4LY2G4933NH2E1CP29
        ADOBE INC
        00724F101
        
          
        
        5618.00000000
        NS
        USD
        2559673.16000000
        1.135540796013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONFLUENT INC
        254900MRZ83YWUV7SN74
        CONFLUENT INC
        20717M103
        
          
        
        5100.00000000
        NS
        USD
        209100.00000000
        0.092762460519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REGENERON PHARMACEUTICALS INC
        549300RCBFWIRX3HYQ56
        REGENERON PHARMACEUTICALS INC
        75886F107
        
          
        
        3179.00000000
        NS
        USD
        2220277.18000000
        0.984975486615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        META PLATFORMS INC
        BQ4BKCS1HXDV9HN80Z93
        META PLATFORMS INC CL A
        30303M102
        
          
        
        4054.00000000
        NS
        USD
        901447.44000000
        0.399906659794
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INTUIT INC
        VI90HBPH7XSFMB9E4M29
        INTUIT INC
        461202103
        
          
        
        3800.00000000
        NS
        USD
        1827192.00000000
        0.810592184413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME GROUP INC
        LCZ7XYGSLJUHFXXNXD88
        CME GROUP INC CL A
        12572Q105
        
          
        
        15736.00000000
        NS
        USD
        3742964.96000000
        1.660481297592
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CODEXIS INC
        N/A
        CODEXIS INC
        192005106
        
          
        
        9000.00000000
        NS
        USD
        185580.00000000
        0.082328347312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DEERE and CO
        PWFTNG3EI0Y73OXWDH08
        DEERE and CO
        244199105
        
          
        
        3786.00000000
        NS
        USD
        1572931.56000000
        0.697795321539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRUKER CORP
        LEBZ6VLQ6I8XB1NHVY15
        BRUKER CORP
        116794108
        
          
        
        14600.00000000
        NS
        USD
        938780.00000000
        0.416468401177
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CERTARA INC
        N/A
        CERTARA INC
        15687V109
        
          
        
        17900.00000000
        NS
        USD
        384492.00000000
        0.170571133285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRST QUANTUM MINERALS LTD
        549300I7UVBGWRYMYZ18
        FIRST QUANTUM MINERALS INC
        335934105
        
          
        
        30900.00000000
        NS
        
        1069753.23000000
        0.474571696619
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BLACKROCK INC
        549300LRIF3NWCU26A80
        BLACKROCK INC
        09247X101
        
          
        
        2131.00000000
        NS
        USD
        1628446.27000000
        0.722423160346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BLOOM ENERGY CORP
        549300XB5J9BFW5JXV97
        BLOOM ENERGY CORP CL A
        093712107
        
          
        
        3900.00000000
        NS
        USD
        94185.00000000
        0.041783033687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        EPIC GAMES INC
        549300I2RHITL4UP9K78
        EPIC GAMES INC PP
        N/A
        
          
        
        156.00000000
        NS
        USD
        109845.84000000
        0.048730609259
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        FERGUSON PLC
        213800DU1LGY3R2S2X42
        FERGUSON PLC
        N/A
        
          
        
        15877.00000000
        NS
        
        2164938.03000000
        0.960425531010
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        KFORCE INC
        5493003RDQQDVXY2SK46
        KFORCE INC
        493732101
        
          
        
        2000.00000000
        NS
        USD
        147940.00000000
        0.065630217165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FLUTTER ENTERTAINMENT PLC
        635400EG4YIJLJMZJ782
        FLUTTER ENTERTAINMENT PLC
        N/A
        
          
        
        4674.00000000
        NS
        
        545232.01000000
        0.241879783842
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        OLINK HOLDING AB
        8945004Z7ZHV3LML4J27
        OLINK HOLDING AB ADR
        680710100
        
          
        
        800.00000000
        NS
        USD
        14128.00000000
        0.006267565959
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        INNOVID CORP
        N/A
        ION ACQUISITION CORP 2 LTD PIPE
        N/A
        
          
        
        11766.00000000
        NS
        USD
        71066.64000000
        0.031527098934
        Long
        EC
        CORP
        US
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        HEALTHEQUITY INC
        529900LRJU1RAFQHM467
        HEALTHEQUITY INC
        42226A107
        
          
        
        30200.00000000
        NS
        USD
        2036688.00000000
        0.903530321328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        10X GENOMICS INC
        5493003Z6741WNLG7H43
        10X GENOMICS INC
        88025U109
        
          
        
        1500.00000000
        NS
        USD
        114105.00000000
        0.050620088749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FERRARI NV
        549300RIVY5EX8RCON76
        FERRARI NV
        N/A
        
          
        
        7023.00000000
        NS
        USD
        1531646.07000000
        0.679479952643
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        INGERSOLL RAND INC
        5299004C02FMZCUOIR50
        INGERSOLL RAND INC
        45687V106
        
          
        
        38022.00000000
        NS
        USD
        1914407.70000000
        0.849283446622
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORACLE CORP
        1Z4GXXU7ZHVWFCD8TV52
        ORACLE CORP
        68389X105
        
          
        
        20700.00000000
        NS
        USD
        1712511.00000000
        0.759716566361
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HASHICORP INC
        N/A
        HASHICORP INC
        418100103
        
          
        
        3800.00000000
        NS
        USD
        205200.00000000
        0.091032314196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEAGEN INC
        N/A
        SEAGEN INC
        81181C104
        
          
        
        5900.00000000
        NS
        USD
        849895.00000000
        0.377036591979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MORNINGSTAR INC
        529900YGNQPOVAXQ7F29
        MORNINGSTAR INC
        617700109
        
          
        
        5600.00000000
        NS
        USD
        1529752.00000000
        0.678639691554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASAPP INC
        N/A
        ASAPP INC SER C PC PP
        N/A
        
          
        
        17672.00000000
        NS
        USD
        72808.64000000
        0.032299897625
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        VESTAS WIND SYSTEMS AS
        549300DYMC8BGZZC8844
        VESTAS WIND SYSTEMS AS
        N/A
        
          
        
        8000.00000000
        NS
        
        234678.57000000
        0.104109811498
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        MISTER CAR WASH INC
        N/A
        MISTER CAR WASH INC
        60646V105
        
          
        
        39800.00000000
        NS
        USD
        588642.00000000
        0.261137638856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        CERES POWER HOLDINGS PLC
        213800N7AAHSXQUOA733
        CERES POWER HLDGS POWER PLC
        N/A
        
          
        
        43000.00000000
        NS
        
        416873.69000000
        0.184936533764
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX COMPANIES INC
        V167QI9I69W364E2DY52
        TJX COMPANIES INC NEW
        872540109
        
          
        
        25958.00000000
        NS
        USD
        1572535.64000000
        0.697619680633
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AIXTRON AG
        5299004UJ4D51M25LD67
        AIXTRON SE
        N/A
        
          
        
        20200.00000000
        NS
        
        446813.27000000
        0.198218547670
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        RECKITT BENCKISER GROUP PLC
        5493003JFSMOJG48V108
        RECKITT BENCKISER GROUP PLC
        N/A
        
          
        
        29929.00000000
        NS
        
        2283162.54000000
        1.012873146702
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        MANHATTAN ASSOCS INC
        529900Q1GJP7KD52SW51
        MANHATTAN ASSOCIATES INC
        562750109
        
          
        
        6100.00000000
        NS
        USD
        846131.00000000
        0.375366778964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MARSH and MCLENNAN COS INC
        549300XMP3KDCKJXIU47
        MARSH and MCLENNAN COS INC
        571748102
        
          
        
        6800.00000000
        NS
        USD
        1158856.00000000
        0.514100114526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RELIANCE INDUSTRIES LTD
        5493003UOETFYRONLG31
        RELIANCE INDUSTRIES LTD(DEMAT)DEMATERIALIZED SHS
        N/A
        
          
        
        8200.00000000
        NS
        
        283047.92000000
        0.125567773811
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        GUARDANT HEALTH INC
        254900M8C3E5VC8BR186
        GUARDANT HEALTH INC
        40131M109
        
          
        
        4500.00000000
        NS
        USD
        298080.00000000
        0.132236414306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BROOKFIELD RENEWABLE PARTNERS LP
        VA8DFMRI2GY8Y7V79H93
        BROOKFIELD RENEWABLE PARTNERS
        N/A
        
          
        
        4000.00000000
        NS
        USD
        164280.00000000
        0.072879086628
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AZELIS GROUP NV
        699400M9RRMTV264FM70
        AZELIS GROUP NV
        N/A
        
          
        
        3800.00000000
        NS
        
        92482.50000000
        0.041027758273
        Long
        EC
        CORP
        BE
        N
        
        1
        
          N
          N
          N
        
      
      
        NANOSTRING TECHNOLOGIES INC
        549300G4CK0Y3WRDMY89
        NANOSTRING TECHNOLOGIES INC
        63009R109
        
          
        
        500.00000000
        NS
        USD
        17375.00000000
        0.007708023680
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ILLUMINATED HOLDINGS INC
        N/A
        ILLUMINATED HOLDINGS INC SER C-3 PC PP
        N/A
        
          
        
        4298.00000000
        NS
        USD
        206518.90000000
        0.091617414192
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        HUBSPOT INC
        529900BLNVEW0MVKJB37
        HUBSPOT INC
        443573100
        
          
        
        500.00000000
        NS
        USD
        237470.00000000
        0.105348165946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MANDIANT INC
        549300E9D2UJUFLLY524
        MANDIANT INC
        562662106
        
          
        
        106086.00000000
        NS
        USD
        2366778.66000000
        1.049967537091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SNOWFLAKE INC
        254900CJNSY1K7T53Z16
        SNOWFLAKE INC CL A
        833445109
        
          
        
        500.00000000
        NS
        USD
        114565.00000000
        0.050824157290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALLEGRO MICROSYSTEMS INC
        N/A
        ALLEGRO MICROSYSTEMS INC
        01749D105
        
          
        
        5700.00000000
        NS
        USD
        161880.00000000
        0.071814381199
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OKTA INC
        549300N8J06I8MRHU620
        OKTA INC CL A
        679295105
        
          
        
        200.00000000
        NS
        USD
        30192.00000000
        0.013393994299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MARKETAXESS HOLDINGS INC
        5493002U1CA1XJOVID83
        MARKETAXESS HLDGS INC
        57060D108
        
          
        
        2300.00000000
        NS
        USD
        782460.00000000
        0.347120587555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR INC
        254900OFQDXZRKRCV808
        KBR INC
        48242W106
        
          
        
        55885.00000000
        NS
        USD
        3058586.05000000
        1.356872155464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PRELUDE THERAPEUTICS INC
        N/A
        PRELUDE THERAPEUTICS INC
        74065P101
        
          
        
        800.00000000
        NS
        USD
        5520.00000000
        0.002448822487
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EATON CORP PLC
        549300VDIGTMXUNT7H71
        EATON CORP PLC
        N/A
        
          
        
        6100.00000000
        NS
        USD
        925736.00000000
        0.410681727169
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        M and T BANK CORP
        549300WYXDDBYRASEG81
        M and T BANK CORP
        55261F104
        
          
        
        9100.00000000
        NS
        USD
        1542450.00000000
        0.684272870529
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KEURIG DR PEPPER INC
        DYTQ8KRTKO7Y2BVU5K74
        KEURIG DR PEPPER INC
        49271V100
        
          
        
        29700.00000000
        NS
        USD
        1125630.00000000
        0.499360155113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASGN INC
        LZBNYYCBUKY537072438
        ASGN INC
        00191U102
        
          
        
        3800.00000000
        NS
        USD
        443498.00000000
        0.196747803516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ILLUMINATED HOLDINGS INC
        N/A
        ILLUMINATED HOLDINGS INC SER C-5 PC PP
        N/A
        
          
        
        2617.00000000
        NS
        USD
        125746.85000000
        0.055784730791
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        LVMH MOET HENNESSY LOUIS VUITTON SE
        IOG4E947OATN0KJYSD45
        LVMH MOET HENNESSY LOUIS VUITTON SE
        N/A
        
          
        
        200.00000000
        NS
        
        142759.86000000
        0.063332165839
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        GALLAGHER (ARTHUR J.) and CO
        54930049QLLMPART6V29
        ARTHUR J GALLAGHAR AND CO
        363576109
        
          
        
        15757.00000000
        NS
        USD
        2751172.20000000
        1.220494990836
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEMOURS CO
        549300M1BOLNXL8DOV14
        CHEMOURS CO/ THE
        163851108
        
          
        
        34426.00000000
        NS
        USD
        1083730.48000000
        0.480772385769
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ILLUMINATED HOLDINGS INC
        N/A
        ILLUMINATED HOLDINGS INC SER C-4 PC PP
        N/A
        
          
        
        1252.00000000
        NS
        USD
        60158.60000000
        0.026687995013
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        HORIZON THERAPEUTICS PLC
        N/A
        HORIZON THERAPEUTICS PLC
        N/A
        
          
        
        14500.00000000
        NS
        USD
        1525545.00000000
        0.676773351662
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHANGE HEALTHCARE INC
        549300GS1BPJEDOZHM07
        CHANGE HEALTHCARE INC
        15912K100
        
          
        
        56500.00000000
        NS
        USD
        1231700.00000000
        0.546415698811
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GITLAB INC
        N/A
        GITLAB INC CL A
        37637K108
        
          
        
        500.00000000
        NS
        USD
        27225.00000000
        0.012077752212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FLOOR and DECOR HOLDINGS INC
        549300M5FR3N688XGQ36
        FLOOR and DECOR HOLDINGS INC
        339750101
        
          
        
        2800.00000000
        NS
        USD
        226800.00000000
        0.100614663059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASTRAZENECA PLC
        PY6ZZQWO2IZFZC3IOL08
        ASTRAZENECA PLC SPONS ADR
        046353108
        
          
        
        11900.00000000
        NS
        USD
        789446.00000000
        0.350219767608
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        PELOTON INTERACTIVE INC
        5493002YS021166W0339
        PELOTON INTERACTIVE INC CL A
        70614W100
        
          
        
        13700.00000000
        NS
        USD
        361954.00000000
        0.160572662050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AXONICS INC
        549300LJY4X7N57VJL05
        AXONICS INC
        05465P101
        
          
        
        2828.00000000
        NS
        USD
        177032.80000000
        0.078536576377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GALAPAGOS NV
        549300QKJ78IY0IOV655
        GALAPAGOS GENOMICS NV SPON AR
        36315X101
        
          
        
        5300.00000000
        NS
        USD
        328706.00000000
        0.145822942837
        Long
        EC
        CORP
        BE
        N
        
        1
        
          N
          N
          N
        
      
      
        COCA COLA CO
        UWJKFUJFZ02DKWI3RY53
        COCA COLA CO
        191216100
        
          
        
        35100.00000000
        NS
        USD
        2176200.00000000
        0.965421647928
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EVELO BIOSCIENCES INC
        N/A
        EVELO BIOSCIENCES INC
        299734103
        
          
        
        1600.00000000
        NS
        USD
        5424.00000000
        0.002406234269
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FREEPORT MCMORAN INC
        35671D857
        
          
        
        52400.00000000
        NS
        USD
        2606376.00000000
        1.156259449058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DENBURY INC
        549300KCWA5W52MS5559
        DENBURY INC
        24790A101
        
          
        
        4800.00000000
        NS
        USD
        377136.00000000
        0.167307811144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CLOROX CO
        54930044KVSC06Z79I06
        CLOROX CO
        189054109
        
          
        
        12402.00000000
        NS
        USD
        1724250.06000000
        0.764924333409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ZOOMINFO TECHNOLOGIES INC
        N/A
        ZOOMINFO TECHNOLOGIES INC
        98980F104
        
          
        
        10730.00000000
        NS
        USD
        641010.20000000
        0.284369600047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ENPHASE ENERGY INC
        5493008U7KIGMI59Z314
        ENPHASE ENERGY INC
        29355A107
        
          
        
        5978.00000000
        NS
        USD
        1206240.84000000
        0.535121321363
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EXPERIAN PLC
        635400RXXHHYT1JTSZ26
        EXPERIAN PLC
        N/A
        
          
        
        34791.00000000
        NS
        
        1340345.07000000
        0.594613613763
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LYNAS RARE EARTHS LTD
        529900SGT9M1FJPXXI35
        LYNAS RARE EARTHS LTD
        N/A
        
          
        
        85104.00000000
        NS
        
        678487.26000000
        0.300995445569
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        CF INDUSTRIES HOLDINGS INC
        529900CG8YAQFZ2JMV97
        CF INDUSTRIES HOLDINGS INC
        125269100
        
          
        
        24345.00000000
        NS
        USD
        2508995.70000000
        1.113058893180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HOOKIPA PHARMA INC
        N/A
        HOOKIPA PHARMA INC
        43906K100
        
          
        
        32100.00000000
        NS
        USD
        73188.00000000
        0.032468192063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TAKE-TWO INTERACTV SOFTWR INC
        BOMSTHHJK882EWYX3334
        TAKE-TWO INTERACTV SOFTWR INC
        874054109
        
          
        
        5800.00000000
        NS
        USD
        891692.00000000
        0.395578880656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LAUREATE EDUCATION INC
        5JL7TMOH5TY3IUYSUP91
        LAUREATE EDUCATION INC CL A
        518613203
        
          
        
        114806.00000000
        NS
        USD
        1360451.10000000
        0.603533196805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MONGODB INC
        549300TPTG69WKWE1Z37
        MONGODB INC CL A
        60937P106
        
          
        
        2300.00000000
        NS
        USD
        1020257.00000000
        0.452613819616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QUALCOMM INC
        H1J8DDZKZP6H7RWC0H53
        QUALCOMM INC
        747525103
        
          
        
        16739.00000000
        NS
        USD
        2558053.98000000
        1.134822483623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SHERWIN WILLIAMS CO
        Z15BMIOX8DDH0X2OBP21
        SHERWIN WILLIAMS CO
        824348106
        
          
        
        8960.00000000
        NS
        USD
        2236595.20000000
        0.992214605152
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CYTOKINETICS INC
        549300BE5DY1HW7IHA64
        CYTOKINETICS INC
        23282W605
        
          
        
        5300.00000000
        NS
        USD
        195093.00000000
        0.086548573457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALBEMARL CORP
        HDBLS2Q6GV1LSKQPBS54
        ALBEMARLE CORP
        012653101
        
          
        
        5600.00000000
        NS
        USD
        1238440.00000000
        0.549405746558
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MONSTER BEVERAGE CORP NEW
        52990090AP0E7HCB6F33
        MONSTER BEVERAGE CORP
        61174X109
        
          
        
        20274.00000000
        NS
        USD
        1619892.60000000
        0.718628519142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TENET HEALTHCARE CORP
        0W9AIBT6U6ADJ2I8HK17
        TENET HEALTHCARE CORP
        88033G407
        
          
        
        18000.00000000
        NS
        USD
        1547280.00000000
        0.686415590206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WARNER MUSIC GRP CORP
        N/A
        WARNER MUSIC GRP CORP CL A
        934550203
        
          
        
        96275.00000000
        NS
        USD
        3644008.75000000
        1.616581625075
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EDWARDS LIFESCIENCES CORP
        YA13X31F3V31L8TMPR58
        EDWARDS LIFESCIENCES CORP
        28176E108
        
          
        
        9800.00000000
        NS
        USD
        1153656.00000000
        0.511793252762
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GAMIDA CELL LTD
        N/A
        GAMIDA CELL LTD
        N/A
        
          
        
        38300.00000000
        NS
        USD
        158945.00000000
        0.070512335185
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        TELEDYNE TECHNOLOGIES INC
        549300VSMO9KYQWDND94
        TELEDYNE TECHNOLOGIES INC
        879360105
        
          
        
        800.00000000
        NS
        USD
        378104.00000000
        0.167737242334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VOR BIOPHARMA INC
        N/A
        VOR BIOPHARMA INC
        929033108
        
          
        
        11384.00000000
        NS
        USD
        68759.36000000
        0.030503526625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VERTEX PHARMACEUTICALS INC
        54930015RAQRRZ5ZGJ91
        VERTEX PHARMACEUTICALS INC
        92532F100
        
          
        
        21725.00000000
        NS
        USD
        5669573.25000000
        2.515177258553
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DANAHER CORP
        S4BKK9OTCEWQ3YHPFM11
        DANAHER CORP
        235851102
        
          
        
        6000.00000000
        NS
        USD
        1759980.00000000
        0.780775108869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEVRO CORP
        254900SH91I4BOYKUE38
        NEVRO CORPORATION
        64157F103
        
          
        
        1500.00000000
        NS
        USD
        108495.00000000
        0.048131339808
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRP GROUP INC
        N/A
        BRP GROUP INC
        05589G102
        
          
        
        16600.00000000
        NS
        USD
        445378.00000000
        0.197581822769
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BAKER HUGHES CO
        N/A
        BAKER HUGHES CO
        05722G100
        
          
        
        57600.00000000
        NS
        USD
        2097216.00000000
        0.930382192253
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PALO ALTO NETWORKS INC
        549300QXR2YVZV231H43
        PALO ALTO NETWORKS INC
        697435105
        
          
        
        5761.00000000
        NS
        USD
        3586280.11000000
        1.590971626563
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RUBIUS THERAPEUTICS
        549300ER84PB0QV6HZ76
        RUBIUS THERAPEUTICS INC
        78116T103
        
          
        
        6100.00000000
        NS
        USD
        33611.00000000
        0.014910755908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ILLUMINATED HOLDINGS INC
        N/A
        ILLUMINATED HOLDINGS INC SER C-2 PC PP
        N/A
        
          
        
        3438.00000000
        NS
        USD
        165195.90000000
        0.073285404838
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        VOLUE AS
        549300WCI347SOTFJB71
        VOLUE ASA
        N/A
        
          
        
        42700.00000000
        NS
        
        217286.76000000
        0.096394330443
        Long
        EC
        CORP
        NO
        N
        
        1
        
          N
          N
          N
        
      
      
        MARTIN MARIETTA MATERIALS INC
        5299005MZ4WZECVATV08
        MARTIN MARIETTA MATERIALS INC
        573284106
        
          
        
        2866.00000000
        NS
        USD
        1103094.74000000
        0.489362899417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NORTHROP GRUMMAN CORP
        RIMU48P07456QXSO0R61
        NORTHROP GRUMMAN CORP
        666807102
        
          
        
        7600.00000000
        NS
        USD
        3398872.00000000
        1.507832279816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CLARIVATE PLC
        549300WDHIIODXFO0R55
        CLARIVATE PLC
        N/A
        
          
        
        17900.00000000
        NS
        USD
        300004.00000000
        0.133089953159
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MP MATERIALS CORP
        N/A
        MP MATERIALS CORP
        553368101
        
          
        
        7900.00000000
        NS
        USD
        452986.00000000
        0.200956938980
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        GENERAC HOLDINGS INC
        529900S2H2AHJHSFFI84
        GENERAC HOLDINGS INC
        368736104
        
          
        
        3700.00000000
        NS
        USD
        1099862.00000000
        0.487928767821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SERES THERAPEUTICS INC
        549300GMXBE5NUWISF13
        SERES THERAPEUTICS INC
        81750R102
        
          
        
        4500.00000000
        NS
        USD
        32040.00000000
        0.014213817479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALNYLAM PHARMACEUTICALS INC
        529900S3ZI14OWRJII50
        ALNYLAM PHARMACEUTICALS INC
        02043Q107
        
          
        
        2279.00000000
        NS
        USD
        372137.91000000
        0.165090522161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY
        617446448
        
          
        
        23310.00000000
        NS
        USD
        2037294.00000000
        0.903799159449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        XPENG INC
        N/A
        XPENG INC ADR
        98422D105
        
          
        
        900.00000000
        NS
        USD
        24831.00000000
        0.011015708546
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ADAMAS PHARMACEUTICALS INC
        529900JBG6S9MXH83I79
        ADAMAS PHARMACEUTICALS INC (CVR) RT
        N/A
        
          
        
        47000.00000000
        NS
        USD
        2820.00000000
        0.001251028879
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        MSCI INC
        549300HTIN2PD78UB763
        MSCI INC
        55354G100
        
          
        
        1579.00000000
        NS
        USD
        794047.52000000
        0.352261127328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Securities Lending Cash Central Fund
        31635A303
        
          
        
        916770.78700000
        NS
        USD
        916862.46000000
        0.406745182913
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        NVIDIA CORP
        549300S4KLFTLO7GSQ80
        NVIDIA CORP
        67066G104
        
          
        
        12687.00000000
        NS
        USD
        3461774.82000000
        1.535737685635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MEDIA CORP
        549300ZKUTPIBZLWLL89
        LIBERTY FORMULA ONE-C
        531229854
        
          
        
        28400.00000000
        NS
        USD
        1983456.00000000
        0.879915154909
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SITIME CORP
        N/A
        SITIME CORP
        82982T106
        
          
        
        600.00000000
        NS
        USD
        148692.00000000
        0.065963824866
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LVMH MOET HENNESSY LOUIS VUITTON SE
        IOG4E947OATN0KJYSD45
        LVMH MOET HENNESSY LOUIS VUITTON SE
        N/A
        
          
        
        700.00000000
        NS
        USD
        503653.50000000
        0.223434423285
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        WILLSCOT MOBILE MINI HOLDINGS CORP
        549300HJ4VIXF476Q166
        WILLSCOT MOBILE MINI HOLDINGS CORP
        971378104
        
          
        
        9700.00000000
        NS
        USD
        379561.00000000
        0.168383607255
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VICTORIA'S SECRET and CO
        5493006T3O70U3UWVF17
        VICTORIA'S SECRET and CO
        926400102
        
          
        
        24974.00000000
        NS
        USD
        1282664.64000000
        0.569025002521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNIVERSAL MUSIC GROUP NV
        724500GJBUL3D9TW9Y18
        UNIVERSAL MUSIC GROUP NV
        N/A
        
          
        
        135424.00000000
        NS
        
        3624720.71000000
        1.608024924698
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        BIO TECHNE CORP
        54930073RLKQ51TILZ35
        BIO TECHNE CORP
        09073M104
        
          
        
        1700.00000000
        NS
        USD
        736168.00000000
        0.326584194335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AIRBNB INC
        549300HMUDNO0RY56D37
        AIRBNB INC CLASS A
        009066101
        
          
        
        7000.00000000
        NS
        USD
        1202320.00000000
        0.533381929848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQRX INC
        N/A
        EQRX INC
        26886C107
        
          
        
        11677.00000000
        NS
        USD
        48226.01000000
        0.021394372781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        UNITEDHEALTH GROUP INC
        91324P102
        
          
        
        22224.00000000
        NS
        USD
        11333573.28000000
        5.027882084777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNIVERSAL DISPLAY CORP
        N/A
        UNIVERSAL DISPLAY CORP
        91347P105
        
          
        
        5639.00000000
        NS
        USD
        941431.05000000
        0.417644479230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SAMSARA INC
        N/A
        SAMSARA INC
        79589L106
        
          
        
        1300.00000000
        NS
        USD
        20826.00000000
        0.009238981361
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COUPA SOFTWARE INC
        549300Q95ICR2GFL2K37
        COUPA SOFTWARE INC
        22266L106
        
          
        
        1596.00000000
        NS
        USD
        162201.48000000
        0.071956998491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SANOFI
        549300E9PC51EN656011
        SANOFI
        N/A
        
          
        
        10000.00000000
        NS
        
        1022396.53000000
        0.453562973453
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        INSULET CORP
        549300TZTYD2PYN92D43
        INSULET CORP
        45784P101
        
          
        
        400.00000000
        NS
        USD
        106556.00000000
        0.047271146547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ERASCA INC
        N/A
        ERASCA INC
        29479A108
        
          
        
        2700.00000000
        NS
        USD
        23220.00000000
        0.010301025027
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RANGE RESOURCES CORP
        H3Y3WLYCX0BTO1TRW162
        RANGE RESOURCES CORP
        75281A109
        
          
        
        24800.00000000
        NS
        USD
        753424.00000000
        0.334239426371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN FINL GROUP INC OHIO
        549300AFOM7IVKIU1G39
        AMERICAN FINL GROUP INC OHIO
        025932104
        
          
        
        8900.00000000
        NS
        USD
        1296018.00000000
        0.574948917059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ELEVATEBIO, LLC
        N/A
        ELEVATEBIO LLC SER C PC PP
        N/A
        
          
        
        5300.00000000
        NS
        USD
        19127.70000000
        0.008485569182
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        COGNIZANT TECHNOLOGY SOLUTIONS CORP
        5493006IEVQEFQO40L83
        COGNIZANT TECH SOLUTIONS CL A
        192446102
        
          
        
        27300.00000000
        NS
        USD
        2447991.00000000
        1.085995545139
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROLOGIS INC
        529900DFH19P073LZ636
        PROLOGIS INC REIT
        74340W103
        
          
        
        19555.00000000
        NS
        USD
        3157741.40000000
        1.400860171913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BROOKFIELD RENEWABLE CORP
        N/A
        BROOKFIELD RENEWABLE CORP
        11284V105
        
          
        
        6700.00000000
        NS
        USD
        293460.00000000
        0.130186856355
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MATCH GROUP INC
        15OMOPB0A8K0EFUVD031
        MATCH GROUP INC
        57667L107
        
          
        
        400.00000000
        NS
        USD
        43496.00000000
        0.019296011395
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC
        5493006MHB84DD0ZWV18
        ALPHABET INC CL A
        02079K305
        
          
        
        4919.00000000
        NS
        USD
        13681460.65000000
        6.069468930607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHENIERE ENERGY INC
        MIHC87W9WTYSYZWV1J40
        CHENIERE ENERGY INC
        16411R208
        
          
        
        12400.00000000
        NS
        USD
        1719260.00000000
        0.762710606753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UPWORK INC
        5493004QJ6WWBXVE2S70
        UPWORK INC
        91688F104
        
          
        
        15460.00000000
        NS
        USD
        359290.40000000
        0.159391016474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SAMSONITE INTERNATIONAL SA
        549300UULS5HYFJSEL12
        SAMSONITE INTERNATIONAL S.A.
        N/A
        
          
        
        405045.00000000
        NS
        
        906241.78000000
        0.402033559722
        Long
        EC
        CORP
        LU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        XOMA CORP
        549300U6ZVYFCWNBJ613
        XOMA CORPORATION
        98419J206
        
          
        
        8300.00000000
        NS
        USD
        232234.00000000
        0.103025333602
        Long
        EC
        CORP
        US
        N
        
        1
        
          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:
Dynamic Capital Appreciation Portfolio
March 31, 2022
VIPDCA-NPRT1-0522
1.799855.118
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.6%
 
 
 
Entertainment - 3.6%
 
 
 
Take-Two Interactive Software, Inc. (a)
 
5,800
891,692
Universal Music Group NV
 
135,424
3,624,721
Warner Music Group Corp. Class A
 
96,275
3,644,009
 
 
 
8,160,422
Interactive Media & Services - 8.8%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
4,919
13,681,461
 Class C (a)
 
1,563
4,365,443
Match Group, Inc. (a)
 
400
43,496
Meta Platforms, Inc. Class A (a)
 
4,054
901,447
ZipRecruiter, Inc. (a)
 
6,600
151,668
Zoominfo Technologies, Inc. (a)
 
10,730
641,010
 
 
 
19,784,525
Media - 1.2%
 
 
 
Charter Communications, Inc. Class A (a)
 
1,200
654,624
Innovid Corp. (b)
 
11,766
71,067
Liberty Media Corp. Liberty Formula One Group Series C (a)
 
28,400
1,983,456
 
 
 
2,709,147
TOTAL COMMUNICATION SERVICES
 
 
30,654,094
CONSUMER DISCRETIONARY - 9.8%
 
 
 
Automobiles - 0.7%
 
 
 
Ferrari NV
 
7,023
1,531,646
XPeng, Inc. ADR (a)
 
900
24,831
 
 
 
1,556,477
Diversified Consumer Services - 0.9%
 
 
 
Laureate Education, Inc. Class A
 
114,806
1,360,451
Mister Car Wash, Inc. (c)
 
39,800
588,642
 
 
 
1,949,093
Hotels, Restaurants & Leisure - 0.8%
 
 
 
Airbnb, Inc. Class A (a)
 
7,000
1,202,320
Flutter Entertainment PLC (a)
 
4,674
545,232
 
 
 
1,747,552
Internet & Direct Marketing Retail - 5.0%
 
 
 
Amazon.com, Inc. (a)
 
3,498
11,403,305
Leisure Products - 0.1%
 
 
 
Peloton Interactive, Inc. Class A (a)
 
13,700
361,954
Multiline Retail - 0.2%
 
 
 
Dollarama, Inc.
 
8,700
493,405
Specialty Retail - 1.4%
 
 
 
Floor & Decor Holdings, Inc. Class A (a)
 
2,800
226,800
TJX Companies, Inc.
 
25,958
1,572,536
Victoria's Secret & Co. (a)
 
24,974
1,282,665
 
 
 
3,082,001
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
200
142,760
LVMH Moet Hennessy Louis Vuitton SE
 
700
503,654
On Holding AG
 
500
12,620
Samsonite International SA (a)(d)
 
405,045
906,242
 
 
 
1,565,276
TOTAL CONSUMER DISCRETIONARY
 
 
22,159,063
CONSUMER STAPLES - 4.0%
 
 
 
Beverages - 2.2%
 
 
 
Keurig Dr. Pepper, Inc.
 
29,700
1,125,630
Monster Beverage Corp. (a)
 
20,274
1,619,893
The Coca-Cola Co.
 
35,100
2,176,200
 
 
 
4,921,723
Household Products - 1.8%
 
 
 
Reckitt Benckiser Group PLC
 
29,929
2,283,163
The Clorox Co.
 
12,402
1,724,250
 
 
 
4,007,413
TOTAL CONSUMER STAPLES
 
 
8,929,136
ENERGY - 3.1%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
Baker Hughes Co. Class A
 
57,600
2,097,216
Oil, Gas & Consumable Fuels - 2.2%
 
 
 
Canadian Natural Resources Ltd.
 
29,400
1,822,212
Cheniere Energy, Inc.
 
12,400
1,719,260
Denbury, Inc. (a)
 
4,800
377,136
Range Resources Corp. (a)
 
24,800
753,424
Reliance Industries Ltd.
 
8,200
283,048
 
 
 
4,955,080
TOTAL ENERGY
 
 
7,052,296
FINANCIALS - 8.0%
 
 
 
Banks - 0.7%
 
 
 
M&T Bank Corp.
 
9,100
1,542,450
Capital Markets - 4.8%
 
 
 
BlackRock, Inc. Class A
 
2,131
1,628,446
CME Group, Inc.
 
15,736
3,742,965
MarketAxess Holdings, Inc.
 
2,300
782,460
Moody's Corp.
 
100
33,741
Morgan Stanley
 
23,310
2,037,294
Morningstar, Inc.
 
5,600
1,529,752
MSCI, Inc.
 
1,579
794,048
S&P Global, Inc.
 
700
287,126
 
 
 
10,835,832
Insurance - 2.5%
 
 
 
American Financial Group, Inc.
 
8,900
1,296,018
Arthur J. Gallagher & Co.
 
15,757
2,751,172
BRP Group, Inc. (a)
 
16,600
445,378
Marsh & McLennan Companies, Inc.
 
7,100
1,209,982
 
 
 
5,702,550
TOTAL FINANCIALS
 
 
18,080,832
HEALTH CARE - 16.7%
 
 
 
Biotechnology - 5.4%
 
 
 
Adamas Pharmaceuticals, Inc.:
 
 
 
 rights (a)(e)
 
47,000
2,820
 rights (a)(e)
 
47,000
2,820
Alnylam Pharmaceuticals, Inc. (a)
 
2,279
372,138
Cytokinetics, Inc. (a)
 
5,300
195,093
EQRx, Inc. (a)
 
11,677
48,226
Erasca, Inc.
 
2,700
23,220
Evelo Biosciences, Inc. (a)
 
1,600
5,424
Galapagos NV sponsored ADR (a)
 
5,300
328,706
Gamida Cell Ltd. (a)
 
38,300
158,945
Hookipa Pharma, Inc. (a)
 
32,100
73,188
Horizon Therapeutics PLC (a)
 
14,500
1,525,545
Innovent Biologics, Inc. (a)(d)
 
36,000
121,145
Prelude Therapeutics, Inc. (a)
 
800
5,520
Regeneron Pharmaceuticals, Inc. (a)
 
3,179
2,220,277
Rubius Therapeutics, Inc. (a)
 
6,100
33,611
Seagen, Inc. (a)
 
5,900
849,895
Seres Therapeutics, Inc. (a)
 
4,500
32,040
Synlogic, Inc. (a)
 
34,200
82,080
Vertex Pharmaceuticals, Inc. (a)
 
21,725
5,669,573
Vor Biopharma, Inc. (a)
 
11,384
68,759
XOMA Corp. (a)(c)
 
8,300
232,234
 
 
 
12,051,259
Health Care Equipment & Supplies - 0.9%
 
 
 
Axonics Modulation Technologies, Inc. (a)
 
2,828
177,033
Edwards Lifesciences Corp. (a)
 
9,800
1,153,656
Insulet Corp. (a)
 
400
106,556
Nevro Corp. (a)
 
1,500
108,495
Penumbra, Inc. (a)
 
2,500
555,325
 
 
 
2,101,065
Health Care Providers & Services - 7.0%
 
 
 
Guardant Health, Inc. (a)
 
4,500
298,080
HealthEquity, Inc. (a)
 
30,200
2,036,688
Option Care Health, Inc. (a)
 
19,700
562,632
Tenet Healthcare Corp. (a)
 
18,000
1,547,280
UnitedHealth Group, Inc.
 
22,224
11,333,573
 
 
 
15,778,253
Health Care Technology - 0.8%
 
 
 
Certara, Inc. (a)
 
17,900
384,492
Change Healthcare, Inc. (a)
 
56,500
1,231,700
Simulations Plus, Inc. (c)
 
2,000
101,960
 
 
 
1,718,152
Life Sciences Tools & Services - 1.7%
 
 
 
10X Genomics, Inc. (a)
 
1,500
114,105
Bio-Techne Corp.
 
1,700
736,168
Bruker Corp.
 
14,600
938,780
Codexis, Inc. (a)
 
9,000
185,580
Danaher Corp.
 
6,000
1,759,980
Nanostring Technologies, Inc. (a)
 
500
17,375
Olink Holding AB ADR (a)
 
800
14,128
 
 
 
3,766,116
Pharmaceuticals - 0.9%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
6,700
115,508
AstraZeneca PLC sponsored ADR
 
12,600
835,884
Revance Therapeutics, Inc. (a)
 
8,100
157,950
Sanofi SA
 
10,000
1,022,397
 
 
 
2,131,739
TOTAL HEALTH CARE
 
 
37,546,584
INDUSTRIALS - 8.1%
 
 
 
Aerospace & Defense - 1.6%
 
 
 
Axon Enterprise, Inc. (a)
 
2,000
275,460
Northrop Grumman Corp.
 
7,600
3,398,872
 
 
 
3,674,332
Construction & Engineering - 0.2%
 
 
 
Willscot Mobile Mini Holdings (a)
 
9,700
379,561
Electrical Equipment - 1.2%
 
 
 
Ballard Power Systems, Inc. (a)(c)
 
800
9,312
Bloom Energy Corp. Class A (a)(c)
 
3,900
94,185
Ceres Power Holdings PLC (a)
 
43,000
416,874
Eaton Corp. PLC
 
6,100
925,736
Generac Holdings, Inc. (a)
 
3,700
1,099,862
Vestas Wind Systems A/S
 
8,000
234,679
 
 
 
2,780,648
Machinery - 1.6%
 
 
 
Deere & Co.
 
3,786
1,572,932
Ingersoll Rand, Inc.
 
38,022
1,914,408
 
 
 
3,487,340
Professional Services - 2.5%
 
 
 
ASGN, Inc. (a)
 
4,400
513,524
Clarivate Analytics PLC (a)
 
17,900
300,004
Experian PLC
 
34,791
1,340,345
KBR, Inc.
 
55,885
3,058,586
Kforce, Inc.
 
2,000
147,940
Upwork, Inc. (a)
 
15,460
359,290
 
 
 
5,719,689
Trading Companies & Distributors - 1.0%
 
 
 
Azelis Group NV
 
3,800
92,483
Ferguson PLC
 
15,877
2,164,938
 
 
 
2,257,421
TOTAL INDUSTRIALS
 
 
18,298,991
INFORMATION TECHNOLOGY - 27.9%
 
 
 
Electronic Equipment & Components - 0.2%
 
 
 
Teledyne Technologies, Inc. (a)
 
900
425,367
IT Services - 1.7%
 
 
 
Cloudflare, Inc. (a)
 
700
83,790
Cognizant Technology Solutions Corp. Class A
 
27,300
2,447,991
MongoDB, Inc. Class A (a)
 
2,300
1,020,257
Okta, Inc. (a)
 
200
30,192
Snowflake, Inc. (a)
 
500
114,565
 
 
 
3,696,795
Semiconductors & Semiconductor Equipment - 4.8%
 
 
 
Aixtron AG
 
20,200
446,813
Allegro MicroSystems LLC (a)
 
5,700
161,880
ASML Holding NV
 
1,500
1,001,895
Enphase Energy, Inc. (a)
 
5,978
1,206,241
NVIDIA Corp.
 
12,487
3,407,203
Qualcomm, Inc.
 
16,439
2,512,208
SiTime Corp. (a)
 
600
148,692
SolarEdge Technologies, Inc. (a)
 
3,300
1,063,821
Universal Display Corp.
 
5,639
941,431
 
 
 
10,890,184
Software - 15.4%
 
 
 
Adobe, Inc. (a)
 
5,618
2,559,673
Confluent, Inc. (c)
 
5,100
209,100
Coupa Software, Inc. (a)
 
296
30,082
Epic Games, Inc. (a)(b)(e)
 
156
109,846
GitLab, Inc.
 
500
27,225
HashiCorp, Inc.
 
3,800
205,200
HubSpot, Inc. (a)
 
500
237,470
Intuit, Inc.
 
3,800
1,827,192
Mandiant, Inc. (a)
 
82,486
1,840,263
Manhattan Associates, Inc. (a)
 
6,100
846,131
Microsoft Corp.
 
69,142
21,317,166
Oracle Corp.
 
20,700
1,712,511
Palo Alto Networks, Inc. (a)
 
5,761
3,586,280
Samsara, Inc.
 
1,300
20,826
Volue A/S (a)
 
42,700
217,287
 
 
 
34,746,252
Technology Hardware, Storage & Peripherals - 5.8%
 
 
 
Apple, Inc.
 
74,960
13,088,766
TOTAL INFORMATION TECHNOLOGY
 
 
62,847,364
MATERIALS - 5.8%
 
 
 
Chemicals - 3.2%
 
 
 
Albemarle Corp. U.S.
 
5,600
1,238,440
CF Industries Holdings, Inc.
 
24,345
2,508,996
Sherwin-Williams Co.
 
8,960
2,236,595
The Chemours Co. LLC
 
34,426
1,083,730
 
 
 
7,067,761
Construction Materials - 0.5%
 
 
 
Martin Marietta Materials, Inc.
 
2,866
1,103,095
Metals & Mining - 2.1%
 
 
 
First Quantum Minerals Ltd.
 
30,900
1,069,753
Freeport-McMoRan, Inc.
 
52,400
2,606,376
Lynas Rare Earths Ltd. (a)
 
85,104
678,487
MP Materials Corp. (a)(c)
 
7,900
452,986
 
 
 
4,807,602
TOTAL MATERIALS
 
 
12,978,458
REAL ESTATE - 2.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.3%
 
 
 
Prologis (REIT), Inc.
 
19,555
3,157,741
Welltower, Inc.
 
21,700
2,086,238
 
 
 
5,243,979
Real Estate Management & Development - 0.0%
 
 
 
Doma Holdings, Inc. (b)
 
22,979
49,864
TOTAL REAL ESTATE
 
 
5,293,843
UTILITIES - 0.4%
 
 
 
Electric Utilities - 0.2%
 
 
 
ORSTED A/S (d)
 
2,800
350,480
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Brookfield Renewable Corp.
 
6,700
293,460
Brookfield Renewable Partners LP
 
4,000
164,280
 
 
 
457,740
TOTAL UTILITIES
 
 
808,220
 
TOTAL COMMON STOCKS
 (Cost $158,273,475)
 
 
 
224,648,881
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
ElevateBio LLC Series C (b)(e)
 
5,300
19,128
INFORMATION TECHNOLOGY - 0.0%
 
 
 
Software - 0.0%
 
 
 
ASAPP, Inc. Series C (b)(e)
 
17,672
72,809
MATERIALS - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Illuminated Holdings, Inc.:
 
 
 
 Series C2 (a)(b)(e)
 
3,438
165,196
 Series C3 (a)(b)(e)
 
4,298
206,519
 Series C4 (a)(b)(e)
 
1,252
60,159
 Series C5 (b)(e)
 
2,617
125,747
 
 
 
557,621
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $511,834)
 
 
 
649,558
 
 
 
 
Money Market Funds - 0.5%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 0.31% (f)(g)
 
 (Cost $1,135,187)
 
 
1,135,074
1,135,187
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $159,920,496)
 
 
 
226,433,626
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(1,131,276)
NET ASSETS - 100.0%
225,302,350
 
 
Legend
 
(a)
Non-income producing
 
(b)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $880,335 or 0.4% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,377,867 or 0.6% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ASAPP, Inc. Series C
4/30/21
116,584
Doma Holdings, Inc.
3/02/21
229,790
ElevateBio LLC Series C
3/09/21
22,234
Epic Games, Inc.
3/29/21
138,060
Illuminated Holdings, Inc. Series C2
7/07/20
85,950
Illuminated Holdings, Inc. Series C3
7/07/20
128,940
Illuminated Holdings, Inc. Series C4
1/08/21
45,072
Illuminated Holdings, Inc. Series C5
6/16/21
113,054
Innovid Corp.
6/24/21
117,660
 
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%
813,800
7,077,363
7,891,163
200
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 0.31%
374,512
4,918,564
4,157,889
722
-
-
1,135,187
0.0%
Total
1,188,312
11,995,927
12,049,052
922
-
-
1,135,187
 
 
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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