VIP Investment Grade Bond II Portfolio Investor Class (a)
5,893,815
54,282,038
TOTAL BOND FUNDS
(Cost $114,440,691)
102,361,964
Short-Term Funds - 0.2%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (b)
920
920
VIP Government Money Market Portfolio Investor Class 5.06% (a)(c)
439,906
439,906
TOTAL SHORT-TERM FUNDS
(Cost $440,826)
440,826
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $195,405,979)
217,479,425
NET OTHER ASSETS (LIABILITIES) - 0.0%
95
NET ASSETS - 100.0%
217,479,520
Legend
(a)
Affiliated Fund
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(c)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
920
-
-
35
-
-
920
0.0%
Total
920
-
-
35
-
-
920
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
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
26,279,331
3,576,897
4,015,413
22,770
(451,268)
229,473
25,619,020
Fidelity International Bond Index Fund
7,716,539
878,965
1,290,601
92,030
(40,078)
100,902
7,365,727
Fidelity Long-Term Treasury Bond Index Fund
12,737,508
2,852,288
2,961,148
279,179
(689,442)
(441,950)
11,497,256
VIP Contrafund Portfolio Investor Class
10,842,556
458,178
3,097,330
107,432
582,231
1,341,800
10,127,435
VIP Emerging Markets Portfolio Investor Class
23,237,638
4,142,389
7,213,824
37,070
(391,501)
778,883
20,553,585
VIP Equity-Income Portfolio Investor Class
9,715,749
482,342
2,088,682
-
184,636
(1,954)
8,292,091
VIP Government Money Market Portfolio Investor Class 5.06%
1,643,987
2,505,601
3,709,682
67,948
-
-
439,906
VIP Growth & Income Portfolio Investor Class
12,572,411
741,843
2,983,480
46,500
695,222
312,696
11,338,692
VIP Growth Portfolio Investor Class
17,030,158
1,531,591
5,067,395
118,852
153,907
3,030,134
16,678,395
VIP High Income Portfolio Investor Class
3,862,862
211,986
615,692
2,668
(70,222)
208,989
3,597,923
VIP Investment Grade Bond II Portfolio - Investor Class
54,555,592
8,772,387
8,504,619
23,888
(98,847)
(442,475)
54,282,038
VIP Mid Cap Portfolio Investor Class
3,031,959
144,975
666,568
7,171
51,720
64,490
2,626,576
VIP Overseas Portfolio Investor Class
39,237,740
2,328,742
8,134,744
-
356,832
2,469,356
36,257,926
VIP Value Portfolio Investor Class
7,009,663
216,614
1,926,843
-
496,698
78,249
5,874,381
VIP Value Strategies Portfolio Investor Class
3,472,277
160,618
982,663
8,421
247,059
30,263
2,927,554
232,945,970
29,005,416
53,258,684
813,929
1,026,947
7,758,856
217,478,505
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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