VIP Investment Grade Bond II Portfolio - Investor Class (b)
73,677,975
730,148,729
TOTAL BOND FUNDS
(Cost $1,588,518,744)
1,606,954,925
Domestic Equity Funds - 32.2%
Shares
Value ($)
Fidelity Commodity Strategy Fund (b)
124,871
11,635,520
Fidelity Contrafund (b)
4,365,782
92,161,663
Fidelity Enhanced Large Cap Core ETF (b)
672,835
21,591,275
Fidelity Enhanced Mid Cap ETF (b)
538,638
17,322,598
Fidelity Enhanced Small Cap ETF (b)
674,188
21,691,999
Fidelity Global Commodity Stock Fund (b)
308,302
5,999,567
Fidelity Low-Priced Stock Fund (b)
743,735
33,044,128
Fidelity Real Estate Investment Portfolio (b)
505,386
21,787,196
VIP Stock Selector All Cap Portfolio - Investor Class (b)
94,087,182
1,127,164,441
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,146,831,487)
1,352,398,387
International Equity Funds - 20.7%
Shares
Value ($)
Fidelity Canada Fund (b)
344,764
24,998,813
Fidelity Emerging Markets Discovery Fund (b)
2,527,356
44,557,283
Fidelity Emerging Markets Fund (b)
5,488,484
224,643,634
Fidelity Enhanced International ETF (b)
2,951,662
89,376,325
Fidelity Infrastructure Fund (b)
284,167
3,952,760
Fidelity International Capital Appreciation Fund (b)
1,855,748
56,043,577
Fidelity International Discovery Fund (b)
1,226,199
64,375,437
Fidelity International Small Cap Fund (b)
823,092
28,125,038
Fidelity International Small Cap Opportunities Fund (b)
2,111,324
46,216,888
Fidelity International Value Fund (b)
4,305,442
48,479,274
Fidelity Japan Smaller Companies Fund (b)
1,974,376
34,097,473
Fidelity Overseas Fund (b)
2,913,686
201,801,878
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $597,589,703)
866,668,380
U.S. Treasury Obligations - 0.0%
Yield (%) (c)
Principal
Amount (a)
Value ($)
US Treasury Bills 0% 10/24/2024 (d)
5.23
1,130,000
1,126,591
US Treasury Bills 0% 10/31/2024 (d)
5.19
790,000
786,922
US Treasury Bills 0% 12/12/2024 (d)
4.94
240,000
237,854
US Treasury Bills 0% 12/19/2024 (d)
4.65
20,000
19,802
US Treasury Bills 0% 12/26/2024 (d)
4.54 to 4.55
180,000
178,063
US Treasury Bills 0% 12/5/2024 (d)
5.02
500,000
495,918
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,843,948)
2,845,150
Money Market Funds - 7.5%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (e)
(Cost $313,078,116)
4.89
313,015,513
313,078,116
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $3,691,449,144)
4,196,120,567
NET OTHER ASSETS (LIABILITIES) - 0.0%
750,189
NET ASSETS - 100.0%
4,196,870,756
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Equity Contracts
ICE MSCI EAFE Index Contracts (United States)
64
Dec 2024
7,960,960
158,765
158,765
Interest Rate Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)
1,087
Dec 2024
124,223,719
(239,743)
(239,743)
TOTAL PURCHASED
(80,978)
Sold
Equity Contracts
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
345
Dec 2024
20,229,075
(1,309,380)
(1,309,380)
TOTAL FUTURES CONTRACTS
(1,390,358)
The notional amount of futures purchased as a percentage of Net Assets is 3.2%
The notional amount of futures sold as a percentage of Net Assets is 0.5%
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 $2,845,150.
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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
44,968,450
452,074,866
183,965,310
5,822,367
110
-
313,078,116
0.7%
Total
44,968,450
452,074,866
183,965,310
5,822,367
110
-
313,078,116
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
27,692,105
105,629
5,764,636
-
221,199
2,744,516
24,998,813
Fidelity Commodity Strategy Fund
12,941,471
299,951
1,953,692
261,245
(615,658)
963,448
11,635,520
Fidelity Contrafund
13,207,708
77,939,788
7,594,981
10,175
665,362
7,943,786
92,161,663
Fidelity Emerging Markets Discovery Fund
47,220,532
67,038
5,830,963
-
514,730
2,585,946
44,557,283
Fidelity Emerging Markets Fund
236,045,565
602,060
43,471,217
-
4,638,364
26,828,862
224,643,634
Fidelity Enhanced International ETF
78,219,043
-
-
1,983,517
-
11,157,282
89,376,325
Fidelity Enhanced Large Cap Core ETF
-
61,599,513
41,494,953
52,481
326,209
1,160,506
21,591,275
Fidelity Enhanced Large Cap Value ETF
22,919,966
-
24,670,905
222,797
7,020,127
(5,269,188)
-
Fidelity Enhanced Mid Cap ETF
-
16,091,730
-
80,195
-
1,230,868
17,322,598
Fidelity Enhanced Small Cap ETF
-
19,859,164
-
74,178
-
1,832,835
21,691,999
Fidelity Equity-Income Fund
41,261,275
222,657
44,513,449
138,955
10,905,346
(7,875,829)
-
Fidelity Floating Rate High Income Fund
55,502,687
3,268,539
27,482,027
3,142,377
(535,691)
190,104
30,943,612
Fidelity Global Commodity Stock Fund
6,466,383
19,876
1,006,384
-
423,686
96,006
5,999,567
Fidelity Hedged Equity Fund
54,975,688
14,859
9,526,438
14,858
1,772,193
6,939,307
54,175,609
Fidelity High Income Fund
21,961,088
12,037,029
4,264,931
1,297,240
22,623
1,321,166
31,076,975
Fidelity Inflation-Protected Bond Index Fund
72,138,790
688,410
33,119,245
534,410
(2,323,793)
3,660,447
41,044,609
Fidelity Infrastructure Fund
4,146,102
53,943
757,007
39,218
28,432
481,290
3,952,760
Fidelity International Capital Appreciation Fund
57,661,205
167,948
9,166,631
-
2,442,772
4,938,283
56,043,577
Fidelity International Discovery Fund
65,215,973
220,397
12,011,648
-
727,514
10,223,201
64,375,437
Fidelity International Small Cap Fund
30,326,894
86,636
4,714,044
-
1,106,947
1,318,605
28,125,038
Fidelity International Small Cap Opportunities Fund
42,049,904
114,309
-
-
-
4,052,675
46,216,888
Fidelity International Value Fund
48,065,402
114,308
6,246,518
-
748,573
5,797,509
48,479,274
Fidelity Japan Smaller Companies Fund
33,245,260
1
3,704,560
-
479,468
4,077,304
34,097,473
Fidelity Long-Term Treasury Bond Index Fund
43,599,007
20,435,093
21,912,270
756,445
(1,674,802)
528,814
40,975,842
Fidelity Low-Priced Stock Fund
63,561,353
4,248,068
37,790,686
3,227,107
3,785,314
(759,921)
33,044,128
Fidelity New Markets Income Fund
10,153,254
225,993
8,231,524
218,742
(1,407,954)
1,534,158
2,273,927
Fidelity Overseas Fund
278,927,160
830,785
112,680,591
-
39,499,911
(4,775,387)
201,801,878
Fidelity Real Estate Investment Portfolio
22,028,627
460,951
2,960,166
402,280
(179,099)
2,436,883
21,787,196
Fidelity Total Bond Fund
776,763,038
74,363,089
134,711,930
24,071,423
(2,825,063)
16,902,097
730,491,231
Fidelity U.S. Low Volatility Equity Fund
42,070,487
11,929
42,940,404
-
6,018,319
(5,160,331)
-
Fidelity Value Discovery Fund
24,469,106
46,155
25,786,957
-
8,190,312
(6,918,616)
-
VIP Investment Grade Bond II Portfolio - Investor Class
770,369,855
60,275,924
134,525,345
490,009
(3,888,739)
37,917,034
730,148,729
VIP Stock Selector All Cap Portfolio - Investor Class
1,294,325,367
3,331,153
358,379,259
-
34,389,877
153,497,303
1,127,164,441
4,297,530,295
357,802,925
1,167,213,361
37,017,652
110,476,479
281,600,963
3,880,197,301
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):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
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 stock market.
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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