VIP Investment Grade Bond II Portfolio - Investor Class (b)
103,824,472
1,028,900,515
TOTAL BOND FUNDS
(Cost $2,304,131,468)
2,333,357,250
Domestic Equity Funds - 38.1%
Shares
Value ($)
Fidelity Commodity Strategy Fund (b)
202,751
18,892,311
Fidelity Contrafund (b)
8,778,174
185,307,249
Fidelity Enhanced Large Cap Core ETF (b)
851,447
27,322,934
Fidelity Enhanced Mid Cap ETF (b)
847,269
27,248,171
Fidelity Enhanced Small Cap ETF (b)
1,056,338
33,987,675
Fidelity Global Commodity Stock Fund (b)
561,250
10,921,929
Fidelity Low-Priced Stock Fund (b)
1,490,528
66,224,142
Fidelity Real Estate Investment Portfolio (b)
832,475
35,887,988
VIP Stock Selector All Cap Portfolio - Investor Class (b)
189,022,515
2,264,489,731
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,244,029,100)
2,670,282,130
International Equity Funds - 24.2%
Shares
Value ($)
Fidelity Canada Fund (b)
724,286
52,517,982
Fidelity Emerging Markets Discovery Fund (b)
3,154,828
55,619,624
Fidelity Emerging Markets Fund (b)
11,251,387
460,519,285
Fidelity Enhanced International ETF (b)
4,327,505
131,036,851
Fidelity Infrastructure Fund (b)
472,216
6,568,525
Fidelity International Capital Appreciation Fund (b)
3,324,104
100,387,949
Fidelity International Discovery Fund (b)
2,326,223
122,126,724
Fidelity International Small Cap Fund (b)
1,548,749
52,920,765
Fidelity International Small Cap Opportunities Fund (b)
3,176,142
69,525,754
Fidelity International Value Fund (b)
7,189,981
80,959,191
Fidelity Japan Smaller Companies Fund (b)
3,171,885
54,778,451
Fidelity Overseas Fund (b)
7,339,913
508,362,366
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,191,553,344)
1,695,323,467
U.S. Treasury Obligations - 0.0%
Yield (%) (c)
Principal
Amount (a)
Value ($)
US Treasury Bills 0% 10/10/2024 (d)
5.30
2,100,000
2,097,561
US Treasury Bills 0% 10/31/2024 (d)
5.19
820,000
816,805
US Treasury Bills 0% 11/14/2024 (d)
5.13 to 5.14
40,000
39,772
US Treasury Bills 0% 11/7/2024 (d)
5.12 to 5.15
500,000
497,586
US Treasury Bills 0% 12/5/2024 (d)
5.02
890,000
882,734
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,332,948)
4,334,458
Money Market Funds - 3.1%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (e)
(Cost $213,944,168)
4.89
213,901,387
213,944,168
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $6,026,715,762)
7,004,808,298
NET OTHER ASSETS (LIABILITIES) - 0.0%
(421,017)
NET ASSETS - 100.0%
7,004,387,281
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Equity Contracts
ICE MSCI EAFE Index Contracts (United States)
226
Dec 2024
28,112,140
560,698
560,698
Interest Rate Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)
1,785
Dec 2024
203,992,031
(394,818)
(394,818)
TOTAL PURCHASED
165,880
Sold
Equity Contracts
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
298
Dec 2024
17,473,230
(1,131,050)
(1,131,050)
TOTAL FUTURES CONTRACTS
(965,170)
The notional amount of futures purchased as a percentage of Net Assets is 3.3%
The notional amount of futures sold as a percentage of Net Assets is 0.2%
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 $4,150,673.
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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
70,860,946
552,467,268
409,384,059
5,068,310
13
-
213,944,168
0.4%
Total
70,860,946
552,467,268
409,384,059
5,068,310
13
-
213,944,168
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
48,951,193
3,014,929
5,310,334
-
19,963
5,842,231
52,517,982
Fidelity Commodity Strategy Fund
18,532,277
1,332,352
1,495,707
419,754
(322,390)
845,779
18,892,311
Fidelity Contrafund
65,614,917
101,819,510
7,327,778
52,740
170,467
25,030,133
185,307,249
Fidelity Emerging Markets Discovery Fund
53,057,223
1,915,827
3,135,455
-
138,282
3,643,747
55,619,624
Fidelity Emerging Markets Fund
412,943,178
17,218,265
28,192,564
-
926,895
57,623,511
460,519,285
Fidelity Enhanced International ETF
114,678,883
-
-
2,908,083
-
16,357,968
131,036,851
Fidelity Enhanced Large Cap Core ETF
-
99,114,685
73,849,367
66,413
589,040
1,468,576
27,322,934
Fidelity Enhanced Large Cap Value ETF
55,696,110
-
59,950,937
541,404
15,678,231
(11,423,404)
-
Fidelity Enhanced Mid Cap ETF
-
25,307,186
-
125,540
-
1,940,985
27,248,171
Fidelity Enhanced Small Cap ETF
-
31,123,051
-
115,794
-
2,864,624
33,987,675
Fidelity Equity-Income Fund
132,961,011
2,497,885
145,695,235
474,787
30,951,817
(20,715,478)
-
Fidelity Floating Rate High Income Fund
64,998,244
6,092,611
20,823,126
3,898,524
(360,078)
(52,031)
49,855,620
Fidelity Global Commodity Stock Fund
10,317,289
470,125
770,515
-
83,555
821,475
10,921,929
Fidelity Hedged Equity Fund
80,398,853
21,729
6,213,101
21,729
1,101,106
12,258,238
87,566,825
Fidelity High Income Fund
32,325,105
20,145,982
3,266,735
2,031,887
15,701
2,147,901
51,367,954
Fidelity Inflation-Protected Bond Index Fund
121,283,345
5,964,220
28,682,966
1,224,989
(1,791,646)
5,337,716
102,110,669
Fidelity Infrastructure Fund
5,928,055
476,314
648,350
60,436
6,984
805,522
6,568,525
Fidelity International Capital Appreciation Fund
91,622,204
4,808,692
8,459,409
-
813,781
11,602,681
100,387,949
Fidelity International Discovery Fund
107,661,865
6,297,663
11,077,390
-
(372,646)
19,617,232
122,126,724
Fidelity International Small Cap Fund
50,410,321
2,479,373
4,356,129
-
199,770
4,187,430
52,920,765
Fidelity International Small Cap Opportunities Fund
60,236,982
3,271,949
-
-
-
6,016,823
69,525,754
Fidelity International Value Fund
72,956,733
3,271,949
5,747,673
-
318,234
10,159,948
80,959,191
Fidelity Japan Smaller Companies Fund
45,177,646
2,782,768
-
-
-
6,818,037
54,778,451
Fidelity Long-Term Treasury Bond Index Fund
73,850,609
35,321,959
39,241,499
1,208,577
(2,790,692)
1,003,527
68,143,904
Fidelity Low-Priced Stock Fund
148,840,987
11,981,128
103,151,805
6,409,351
4,833,655
3,720,177
66,224,142
Fidelity New Markets Income Fund
15,895,249
532,342
13,038,507
345,293
(2,190,085)
2,392,607
3,591,606
Fidelity Overseas Fund
446,263,974
38,427,446
41,676,591
-
2,354,013
62,993,524
508,362,366
Fidelity Real Estate Investment Portfolio
32,364,428
2,033,937
2,266,238
651,199
(59,662)
3,815,523
35,887,988
Fidelity Total Bond Fund
978,836,650
124,417,336
94,910,038
32,130,239
(95,886)
21,138,920
1,029,386,982
Fidelity U.S. Low Volatility Equity Fund
62,736,299
151,445
64,209,801
-
8,968,487
(7,646,430)
-
Fidelity Value Discovery Fund
63,921,110
1,113,705
68,520,772
-
17,043,659
(13,557,702)
-
VIP Investment Grade Bond II Portfolio - Investor Class
971,144,091
105,711,579
95,801,867
626,265
(295,748)
48,142,460
1,028,900,515
VIP Stock Selector All Cap Portfolio - Investor Class
1,915,137,612
204,284,035
178,828,136
-
3,697,270
320,198,950
2,264,489,731
6,354,742,443
863,401,977
1,116,648,025
53,313,004
79,632,077
605,401,200
6,786,529,672
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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