VIP Investment Grade Bond II Portfolio - Initial Class (a)
2,285,790
21,486,428
TOTAL BOND FUNDS
(Cost $36,724,727)
34,689,074
Short-Term Funds - 5.2%
Shares
Value ($)
VIP Government Money Market Portfolio Initial Class 5.14% (a)(b)
(Cost $3,179,293)
3,179,293
3,179,293
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $49,544,212)
60,673,258
NET OTHER ASSETS (LIABILITIES) - 0.0%
(7,797)
NET ASSETS - 100.0%
60,665,461
Legend
(a)
Affiliated Fund
(b)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Inflation-Protected Bond Index Fund
9,341,789
466,379
1,116,867
3,186
(32,514)
23,417
8,682,204
Fidelity International Bond Index Fund
1,915,549
96,936
373,161
11,965
(17,335)
11,122
1,633,111
Fidelity Long-Term Treasury Bond Index Fund
2,300,409
95,420
427,518
17,374
(81,390)
(592)
1,886,329
VIP Contrafund Portfolio Initial Class
1,791,452
122,180
252,664
7,251
68,754
220,010
1,949,732
VIP Emerging Markets Portfolio Initial Class
4,338,412
243,354
493,547
3,654
15,039
116,263
4,219,521
VIP Equity-Income Portfolio Initial Class
1,452,686
212,888
210,038
8,134
6,939
123,501
1,585,976
VIP Government Money Market Portfolio Initial Class 5.14%
4,679,020
589,718
2,089,445
48,113
-
-
3,179,293
VIP Growth & Income Portfolio Initial Class
1,996,900
228,518
258,685
13,409
8,540
200,819
2,176,092
VIP Growth Portfolio Initial Class
2,966,784
216,049
369,180
44,480
28,124
390,400
3,232,177
VIP High Income Portfolio Initial Class
1,029,515
40,027
87,747
431
(2,246)
21,453
1,001,002
VIP Investment Grade Bond II Portfolio - Initial Class
20,864,630
2,513,792
1,772,544
12,719
(67,485)
(51,965)
21,486,428
VIP Mid Cap Portfolio Initial Class
454,667
63,908
69,597
8,410
5,838
44,637
499,453
VIP Overseas Portfolio Initial Class
7,655,851
213,322
933,654
28,352
218,308
325,600
7,479,427
VIP Value Portfolio Initial Class
1,013,180
176,568
148,643
21,934
19,182
50,410
1,110,697
VIP Value Strategies Portfolio Initial Class
501,376
88,987
78,544
7,019
10,513
29,484
551,816
62,302,220
5,368,046
8,681,834
236,431
180,267
1,504,559
60,673,258
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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