VIP Investment Grade Bond II Portfolio - Initial Class (a)
9,028,604
83,153,441
TOTAL BOND FUNDS
(Cost $175,170,450)
156,824,221
Short-Term Funds - 0.2%
Shares
Value ($)
VIP Government Money Market Portfolio Initial Class 5.09% (a)(b)
(Cost $674,368)
674,368
674,368
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $313,122,795)
333,293,796
NET OTHER ASSETS (LIABILITIES) - 0.0%
(32,441)
NET ASSETS - 100.0%
333,261,355
Legend
(a)
Affiliated Fund
(b)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Inflation-Protected Bond Index Fund
36,511,027
10,015,557
6,883,681
34,139
(199,070)
(204,561)
39,239,272
Fidelity International Bond Index Fund
10,731,106
2,779,556
2,290,627
131,717
(32,612)
103,800
11,291,223
Fidelity Long-Term Treasury Bond Index Fund
17,712,275
6,317,133
4,657,191
400,604
(595,429)
(1,151,830)
17,624,958
VIP Contrafund Portfolio Initial Class
15,077,751
2,831,695
5,122,634
142,325
25,228
2,713,427
15,525,467
VIP Emerging Markets Portfolio Initial Class
32,281,998
10,400,643
11,727,828
52,885
(619,103)
1,171,136
31,506,846
VIP Equity-Income Portfolio Initial Class
13,510,784
2,476,777
3,543,241
-
114,969
158,060
12,717,349
VIP Government Money Market Portfolio Initial Class 5.09%
2,318,777
3,930,898
5,575,307
98,745
-
-
674,368
VIP Growth & Income Portfolio Initial Class
17,483,246
3,536,980
5,073,109
62,634
274,556
1,153,699
17,375,372
VIP Growth Portfolio Initial Class
23,679,396
5,809,063
8,436,978
157,529
(96,719)
4,612,419
25,567,181
VIP High Income Portfolio Initial Class
5,371,623
1,043,627
1,108,099
3,583
(21,439)
229,615
5,515,327
VIP Investment Grade Bond II Portfolio - Initial Class
75,863,833
23,426,226
15,162,797
24,275
(58,701)
(915,121)
83,153,440
VIP Mid Cap Portfolio Initial Class
4,216,413
796,317
1,148,339
9,628
34,344
129,150
4,027,885
VIP Overseas Portfolio Initial Class
54,540,086
11,056,499
13,778,343
-
(781,354)
4,545,080
55,581,968
VIP Value Portfolio Initial Class
9,741,854
1,617,823
3,202,195
-
435,148
412,585
9,005,215
VIP Value Strategies Portfolio Initial Class
4,828,725
884,039
1,630,479
11,294
227,427
178,212
4,487,924
323,868,894
86,922,833
89,340,848
1,129,358
(1,292,755)
13,135,671
333,293,795
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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