VIP Investment Grade Bond II Portfolio - Investor Class (b)
438,806
4,348,567
TOTAL BOND FUNDS
(Cost $8,898,738)
9,338,807
Domestic Equity Funds - 26.2%
Shares
Value ($)
Fidelity Commodity Strategy Fund (b)
1,081
100,709
Fidelity Contrafund (b)
18,293
386,167
Fidelity Enhanced Large Cap Core ETF (b)
564
18,098
Fidelity Enhanced Mid Cap ETF (b)
2,370
76,219
Fidelity Enhanced Small Cap ETF (b)
2,943
94,691
Fidelity Low-Priced Stock Fund (b)
3,064
136,112
Fidelity Real Estate Investment Portfolio (b)
2,693
116,085
VIP Stock Selector All Cap Portfolio - Investor Class (b)
391,294
4,687,702
TOTAL DOMESTIC EQUITY FUNDS
(Cost $4,745,963)
5,615,783
International Equity Funds - 16.3%
Shares
Value ($)
Fidelity Canada Fund (b)
1,981
143,667
Fidelity Emerging Markets Discovery Fund (b)
5,611
98,919
Fidelity Emerging Markets Fund (b)
22,515
921,539
Fidelity Enhanced International ETF (b)
3,722
112,702
Fidelity Infrastructure Fund (b)
1,715
23,856
Fidelity International Capital Appreciation Fund (b)
7,799
235,536
Fidelity International Discovery Fund (b)
5,940
311,862
Fidelity International Small Cap Fund (b)
3,392
115,889
Fidelity International Small Cap Opportunities Fund (b)
7,198
157,571
Fidelity International Value Fund (b)
13,956
157,142
Fidelity Japan Smaller Companies Fund (b)
3,254
56,197
Fidelity Overseas Fund (b)
16,789
1,162,828
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,988,820)
3,497,708
U.S. Treasury Obligations - 0.1%
Yield (%) (c)
Principal
Amount (a)
Value ($)
US Treasury Bills 0% 10/10/2024 (d)
(Cost $19,974)
5.29
20,000
19,977
Money Market Funds - 12.5%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (e)
4.89
927,543
927,728
Fidelity Investments Money Market Government Portfolio - Institutional Class (b)(f)
4.87
1,753,583
1,753,583
TOTAL MONEY MARKET FUNDS
(Cost $2,681,311)
2,681,311
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $19,561,268)
21,424,321
NET OTHER ASSETS (LIABILITIES) - 0.0%
936
NET ASSETS - 100.0%
21,425,257
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Interest Rate Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)
6
Dec 2024
685,688
(1,369)
(1,369)
The notional amount of futures purchased as a percentage of Net Assets is 3.2%
Security Type Abbreviations
ETF
-
Exchange Traded Fund
Legend
(a)
Amount is stated in United States dollars unless otherwise noted.
(b)
Affiliated Fund
(c)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $19,977.
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f)
The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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
361,973
1,178,354
612,599
19,043
-
-
927,728
0.0%
Total
361,973
1,178,354
612,599
19,043
-
-
927,728
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 Canada Fund
92,774
50,423
13,896
-
49
14,317
143,667
Fidelity Commodity Strategy Fund
34,179
72,474
6,574
2,287
(189)
819
100,709
Fidelity Contrafund
67,494
304,799
25,708
58
827
38,755
386,167
Fidelity Emerging Markets Discovery Fund
61,146
42,658
11,579
-
(208)
6,902
98,919
Fidelity Emerging Markets Fund
538,540
386,137
105,040
-
(2,369)
104,271
921,539
Fidelity Enhanced International ETF
101,972
2,393
5,903
2,486
393
13,847
112,702
Fidelity Enhanced Large Cap Core ETF
-
267,516
252,621
44
2,230
973
18,098
Fidelity Enhanced Large Cap Value ETF
50,532
1,418
55,668
452
6,612
(2,894)
-
Fidelity Enhanced Mid Cap ETF
-
70,622
-
335
-
5,597
76,219
Fidelity Enhanced Small Cap ETF
-
86,601
-
308
-
8,090
94,691
Fidelity Equity-Income Fund
171,765
29,652
215,287
611
20,250
(6,380)
-
Fidelity Floating Rate High Income Fund
173,552
83,987
97,297
12,192
(521)
(858)
158,863
Fidelity Hedged Equity Fund
176,581
87,480
28,824
51
154
35,344
270,735
Fidelity High Income Fund
70,573
94,207
10,850
5,396
15
6,255
160,200
Fidelity Inflation-Protected Bond Index Fund
197,736
82,686
76,677
2,203
(1,449)
8,534
210,830
Fidelity Infrastructure Fund
15,849
8,787
3,479
181
(3)
2,702
23,856
Fidelity International Capital Appreciation Fund
152,413
80,514
22,669
-
149
25,129
235,536
Fidelity International Discovery Fund
194,653
105,369
29,662
-
263
41,239
311,862
Fidelity International Small Cap Fund
77,370
41,327
11,445
-
-
8,637
115,889
Fidelity International Small Cap Opportunities Fund
105,280
54,652
15,286
-
(66)
12,991
157,571
Fidelity International Value Fund
100,119
54,639
15,175
-
29
17,530
157,142
Fidelity Investments Money Market Government Portfolio - Institutional Class
1,184,335
678,016
108,768
56,517
-
-
1,753,583
Fidelity Japan Smaller Companies Fund
35,527
17,673
3,627
-
(5)
6,629
56,197
Fidelity Long-Term Treasury Bond Index Fund
102,252
45,376
39,149
2,361
881
401
109,761
Fidelity Low-Priced Stock Fund
212,603
102,200
189,943
13,440
7,142
4,110
136,112
Fidelity Overseas Fund
744,759
396,992
111,389
-
423
132,043
1,162,828
Fidelity Real Estate Investment Portfolio
73,537
37,426
7,254
2,079
(210)
12,586
116,085
Fidelity Total Bond Fund
2,970,226
1,635,327
352,265
115,715
(1,965)
99,263
4,350,586
Fidelity U.S. Low Volatility Equity Fund
139,787
5,912
149,517
-
8,081
(4,263)
-
Fidelity Value Discovery Fund
93,104
15,939
114,395
-
7,688
(2,336)
-
VIP Investment Grade Bond II Portfolio - Investor Class
2,963,153
1,545,546
355,771
2,033
(998)
196,637
4,348,567
VIP Stock Selector All Cap Portfolio - Investor Class
2,858,677
1,702,509
463,325
-
5,627
584,214
4,687,702
13,760,488
8,191,257
2,899,043
218,749
52,830
1,371,084
20,476,616
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:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
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.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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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