VIP Investment Grade Bond II Portfolio - Initial Class (a)
21,791
200,695
TOTAL BOND FUNDS
(Cost $1,265,572)
1,103,256
Short-Term Funds - 0.2%
Shares
Value ($)
VIP Government Money Market Portfolio Initial Class 5.09% (a)(b)
(Cost $20,725)
20,725
20,725
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $10,325,046)
10,241,596
NET OTHER ASSETS (LIABILITIES) - 0.0%
(1,451)
NET ASSETS - 100.0%
10,240,145
Legend
(a)
Affiliated Fund
(b)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Inflation-Protected Bond Index Fund
144,228
123,363
45,158
(352)
(928)
(2,597)
218,908
Fidelity International Bond Index Fund
37,107
29,760
10,305
566
(51)
129
56,640
Fidelity Long-Term Treasury Bond Index Fund
400,988
386,825
123,065
11,789
(9,307)
(56,167)
599,274
VIP Contrafund Portfolio Initial Class
555,988
366,799
179,038
5,888
8,755
114,077
866,581
VIP Emerging Markets Portfolio Initial Class
936,922
769,644
316,396
1,697
(3,135)
3,747
1,390,782
VIP Equity-Income Portfolio Initial Class
498,232
335,584
134,040
-
1,140
8,927
709,843
VIP Government Money Market Portfolio Initial Class 5.09%
48,104
127,958
155,337
2,670
-
-
20,725
VIP Growth & Income Portfolio Initial Class
644,681
448,808
181,777
2,523
3,535
54,587
969,834
VIP Growth Portfolio Initial Class
873,086
676,979
324,522
6,505
11,300
190,203
1,427,046
VIP High Income Portfolio Initial Class
18,237
13,713
4,989
13
10
768
27,739
VIP Investment Grade Bond II Portfolio - Initial Class
53,827
193,231
40,793
19
(309)
(5,261)
200,695
VIP Mid Cap Portfolio Initial Class
155,484
105,869
42,180
387
181
5,465
224,819
VIP Overseas Portfolio Initial Class
1,807,101
1,355,471
479,289
-
13,127
79,167
2,775,577
VIP Value Portfolio Initial Class
359,239
223,662
117,337
-
878
36,195
502,637
VIP Value Strategies Portfolio Initial Class
178,065
114,458
59,492
454
1,106
16,359
250,496
6,711,289
5,272,124
2,213,718
32,159
26,302
445,599
10,241,596
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
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:
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.
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