VIP Investment Grade Bond II Portfolio - Initial Class (a)
1,416,985
13,050,431
TOTAL BOND FUNDS
(Cost $41,608,650)
36,415,647
Short-Term Funds - 0.2%
Shares
Value ($)
VIP Government Money Market Portfolio Initial Class 5.09% (a)(b)
(Cost $493,740)
493,740
493,740
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $229,091,086)
243,987,566
NET OTHER ASSETS (LIABILITIES) - 0.0%
(20,263)
NET ASSETS - 100.0%
243,967,303
Legend
(a)
Affiliated Fund
(b)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Inflation-Protected Bond Index Fund
4,337,525
1,905,690
962,508
(9,911)
(42,007)
(23,958)
5,214,742
Fidelity International Bond Index Fund
1,988,506
1,496,566
273,377
31,087
(1,810)
3,550
3,213,435
Fidelity Long-Term Treasury Bond Index Fund
12,059,389
6,442,458
2,708,380
311,765
(305,831)
(1,211,420)
14,276,216
VIP Contrafund Portfolio Initial Class
16,234,102
4,585,280
4,455,810
167,909
(58,337)
3,276,455
19,581,690
VIP Emerging Markets Portfolio Initial Class
27,632,686
11,545,801
7,361,846
49,580
(255,057)
417,392
31,978,976
VIP Equity-Income Portfolio Initial Class
14,547,149
4,228,154
3,006,869
-
4,942
266,480
16,039,856
VIP Government Money Market Portfolio Initial Class 5.09%
1,446,761
2,909,658
3,862,679
70,024
-
-
493,740
VIP Growth & Income Portfolio Initial Class
18,823,995
5,570,492
4,067,698
72,968
40,860
1,547,320
21,914,969
VIP Growth Portfolio Initial Class
25,494,691
8,921,698
7,447,550
185,580
27,081
5,252,131
32,248,051
VIP High Income Portfolio Initial Class
548,460
195,183
104,797
397
150
21,827
660,823
VIP Investment Grade Bond II Portfolio - Initial Class
5,507,299
9,146,090
1,298,007
2,017
(8,650)
(296,301)
13,050,431
VIP Mid Cap Portfolio Initial Class
4,539,707
1,281,160
902,097
11,197
(11,245)
172,691
5,080,216
VIP Overseas Portfolio Initial Class
52,998,960
17,416,918
10,546,343
-
239,406
3,107,077
63,216,018
VIP Value Portfolio Initial Class
10,488,907
2,647,911
2,729,934
-
68,975
882,108
11,357,967
VIP Value Strategies Portfolio Initial Class
5,198,999
1,433,500
1,422,682
13,139
44,868
405,751
5,660,436
201,847,136
79,726,559
51,150,577
905,752
(256,655)
13,821,103
243,987,566
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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