VIP Investment Grade Bond II Portfolio - Initial Class (a)
8,752,060
82,269,362
TOTAL BOND FUNDS
(Cost $182,772,910)
171,010,479
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $319,739,165)
378,386,747
NET OTHER ASSETS (LIABILITIES) - 0.0%
(33,872)
NET ASSETS - 100.0%
378,352,875
Legend
(a)
Affiliated Fund
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Inflation-Protected Bond Index Fund
45,960,157
4,379,296
4,353,658
15,654
(160,959)
122,678
45,947,514
Fidelity International Bond Index Fund
13,026,169
896,887
3,015,650
79,692
(116,759)
76,071
10,866,718
Fidelity Long-Term Treasury Bond Index Fund
21,236,859
8,684,674
3,527,441
188,091
(701,705)
(6,920)
25,685,467
VIP Contrafund Portfolio Initial Class
17,851,037
828,180
2,480,665
68,830
191,193
2,615,921
19,005,666
VIP Emerging Markets Portfolio Initial Class
34,002,026
2,030,596
3,753,807
28,061
46,628
950,630
33,276,073
VIP Equity-Income Portfolio Initial Class
14,475,187
1,451,210
1,713,168
77,796
44,323
1,200,835
15,458,387
VIP Growth & Income Portfolio Initial Class
19,898,021
1,696,801
2,398,722
128,467
63,675
1,951,379
21,211,154
VIP Growth Portfolio Initial Class
29,563,106
1,359,773
3,499,208
422,229
208,578
3,874,621
31,506,870
VIP High Income Portfolio Initial Class
6,341,779
350,919
569,668
2,600
(5,877)
124,265
6,241,418
VIP Investment Grade Bond II Portfolio - Initial Class
95,810,293
6,483,913
19,350,431
55,110
(842,394)
167,981
82,269,362
VIP Mid Cap Portfolio Initial Class
4,530,824
482,537
629,155
81,117
34,314
449,719
4,868,239
VIP Overseas Portfolio Initial Class
65,800,781
2,852,737
7,475,017
239,607
176,694
4,490,254
65,845,449
VIP Value Portfolio Initial Class
10,096,260
1,357,434
1,285,562
209,594
37,867
619,976
10,825,975
VIP Value Strategies Portfolio Initial Class
4,996,294
716,716
712,761
67,665
24,803
353,403
5,378,455
383,588,793
33,571,673
54,764,913
1,664,513
(999,619)
16,990,813
378,386,747
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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