VIP Investment Grade Bond II Portfolio - Initial Class (a)
18,953,018
178,158,368
TOTAL BOND FUNDS
(Cost $319,465,606)
300,984,763
Short-Term Funds - 0.2%
Shares
Value ($)
VIP Government Money Market Portfolio Initial Class 5.14% (a)(b)
(Cost $1,138,368)
1,138,368
1,138,368
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $448,589,600)
567,953,395
NET OTHER ASSETS (LIABILITIES) - 0.0%
(85,624)
NET ASSETS - 100.0%
567,867,771
Legend
(a)
Affiliated Fund
(b)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
-
438,267
438,267
65
-
-
-
0.0%
Total
-
438,267
438,267
65
-
-
-
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
80,294,782
3,209,855
7,193,661
27,406
(87,069)
11,692
76,235,599
Fidelity International Bond Index Fund
19,369,102
684,802
2,937,363
120,386
9,383
(71,644)
17,054,280
Fidelity Long-Term Treasury Bond Index Fund
21,724,310
4,266,929
5,076,987
175,564
(305,268)
(443,031)
20,165,953
VIP Contrafund Portfolio Initial Class
22,203,724
836,159
2,804,881
87,704
887,111
2,650,815
23,772,928
VIP Emerging Markets Portfolio Initial Class
46,179,241
1,831,252
4,192,135
38,935
101,512
1,297,185
45,217,055
VIP Equity-Income Portfolio Initial Class
18,004,849
1,927,632
2,176,293
99,409
72,368
1,508,436
19,336,992
VIP Government Money Market Portfolio Initial Class 5.14%
11,551,535
643,156
11,056,323
86,947
-
-
1,138,368
VIP Growth & Income Portfolio Initial Class
24,749,954
1,957,542
2,724,408
162,711
102,683
2,446,638
26,532,409
VIP Growth Portfolio Initial Class
36,771,285
1,379,815
3,883,073
538,012
430,374
4,711,291
39,409,692
VIP High Income Portfolio Initial Class
9,542,272
274,610
625,753
3,998
(3,449)
182,883
9,370,563
VIP Investment Grade Bond II Portfolio - Initial Class
176,191,286
14,682,903
11,639,094
107,350
(378,744)
(697,983)
178,158,368
VIP Mid Cap Portfolio Initial Class
5,635,427
547,799
706,853
103,400
64,107
549,174
6,089,654
VIP Overseas Portfolio Initial Class
86,285,319
1,056,517
8,302,099
320,507
2,006,764
4,154,907
85,201,408
VIP Value Portfolio Initial Class
12,557,849
1,675,096
1,528,196
267,883
150,974
686,462
13,542,185
VIP Value Strategies Portfolio Initial Class
6,214,377
836,119
804,562
86,277
81,243
400,764
6,727,941
577,275,312
35,810,186
65,651,681
2,226,489
3,131,989
17,387,589
567,953,395
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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