Form NPORT-P Variable Insurance Produ For: Mar 31

May 25, 2022 12:14 PM EDT

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    NPORT-P
    false
    
      
      
        
          0000823535
          XXXXXXXX
        
      
      
      
      
        S000017657
        C000048795
        C000048796
        C000048797
      
      
      
    
  
  
    
      Variable Insurance Products Fund V
      811-05361
      0000823535
      S8GYVGVVOPTJ8G3T5C60
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP FundsManager 85% Portfolio
      S000017657
      QJRBSZCUS25EU7U25366
      2022-12-31
      2022-03-31
      N
    
    
      779439525.86
      133137.46
      779306388.40
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.03000000
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Fidelity Select Portfolios
        Z57125JG1LHEQKDYS630
        Fidelity Real Estate Investment Portfolio
        316138205
        
          
        
        237980.55300000
        NS
        USD
        12101311.12000000
        1.552830991780
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Small Cap Fund
        315910737
        
          
        
        273665.79900000
        NS
        USD
        8229130.58000000
        1.055955745069
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        FIDELITY US LOW VOLATILITY EQUITY FUND
        31641Q599
        
          
        
        1931632.12900000
        NS
        USD
        22059238.91000000
        2.830624673216
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Small Cap Opportunities Fund
        315910562
        
          
        
        373250.37800000
        NS
        USD
        8125660.73000000
        1.042678573017
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Low-Priced Stock Fund
        316345305
        
          
        
        658443.01800000
        NS
        USD
        34601180.60000000
        4.439997042888
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Japan Fund
        315910885
        
          
        
        109107.44700000
        NS
        USD
        1760994.19000000
        0.225969428226
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Capital Appreciation Fund
        315910810
        
          
        
        611480.76600000
        NS
        USD
        15109689.73000000
        1.938863835188
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/09/2022
        912796R35
        
          
        
        460000.00000000
        PA
        USD
        459669.38000000
        0.058984423436
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-09
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Oxford Street Trust
        Z2ZIGDKL3355UQRAKY22
        Fidelity Commodity Strategy Fund
        31634R307
        
          
        
        308287.55500000
        NS
        USD
        3357251.47000000
        0.430799942098
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EAFE FUT JUN22 MFSM2
        N/A
        
          
        
        -36.00000000
        NC
        USD
        -223851.19000000
        -0.02872441357
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EAFE INDX(UN FOR FUTURES)
                EI09MXEA
              
            
            2022-06-17
            -3636068.81000000
            USD
            -223851.19000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY EMERGING MARKETS FUND
        315910869
        
          
        
        220657.05010000
        NS
        USD
        8309944.51000000
        1.066325726786
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY ADVISOR INTERNATIONAL VALUE FUND
        315910489
        
          
        
        1240956.67900000
        NS
        USD
        11391982.31000000
        1.461810461144
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 04/14/2022
        912796P29
        
          
        
        230000.00000000
        PA
        USD
        229988.27000000
        0.029511918986
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-04-14
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/02/2022
        912796Q44
        
          
        
        150000.00000000
        PA
        USD
        149915.65000000
        0.019237061601
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-02
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Global Commodity Stock Fund
        31618H606
        
          
        
        888920.17100000
        NS
        USD
        18782883.21000000
        2.410205214480
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EMGMKT FUT JUN22 MESM2
        N/A
        
          
        
        -94.00000000
        NC
        USD
        -436376.51000000
        -0.05599550016
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EMERGING MARKETS INDEX
                MXEF
              
            
            2022-06-17
            -4853473.49000000
            USD
            -436376.51000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        Fidelity New Markets Income Fund
        315910836
        
          
        
        243203.88300000
        NS
        USD
        3171378.63000000
        0.406948881365
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Long-Term Treasury Bond Index Fund
        31635V232
        
          
        
        1970980.08900000
        NS
        USD
        25977517.57000000
        3.333415195445
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCH INC
        SNZ2OJLFK8MNNCLQOF39
        S and P500 EMINI FUT JUN22 ESM2
        N/A
        
          
        
        -46.00000000
        NC
        USD
        -777397.69000000
        -0.09975507728
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCH INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S and P 500 INDX
                783786106
              
            
            2022-06-17
            -9643327.31000000
            USD
            -777397.69000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity U.S. Bond Index Fund
        316146356
        
          
        
        982736.46440000
        NS
        USD
        11026303.13000000
        1.414886788319
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/16/2022
        912796J42
        
          
        
        90000.00000000
        PA
        USD
        89921.15000000
        0.011538613225
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-16
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Cash Central Fund
        31635A105
        
          
        
        18114337.07700000
        NS
        USD
        18117959.94000000
        2.324882768791
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Value Discovery Fund
        316345503
        
          
        
        497823.14000000
        NS
        USD
        18986974.56000000
        2.436394060490
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Discovery Fund
        315910208
        
          
        
        418520.82900000
        NS
        USD
        19402625.63000000
        2.489730088038
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Contrafund
        S5Y3O6VQ0TG5C3WLJP73
        Fidelity Contrafund
        316071109
        
          
        
        806518.57400000
        NS
        USD
        13468860.19000000
        1.728313842987
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity Large Cap Value Enhanced Index Fund
        31606X209
        
          
        
        1229132.60900000
        NS
        USD
        19727578.37000000
        2.531427775217
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/30/2022
        912796R50
        
          
        
        10000.00000000
        PA
        USD
        9987.22000000
        0.001281552435
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-30
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Emerging Markets Discovery Fund
        31618H549
        
          
        
        109483.22000000
        NS
        USD
        1675093.27000000
        0.214946687841
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Inflation-Protected Bond Index Fund
        31635T104
        
          
        
        351825.55010000
        NS
        USD
        3806752.45000000
        0.488479564220
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Devonshire Trust
        2YVQGEKVQ2H3HLS69325
        FIDELITY EQUITY-INCOME FUND INC
        316138106
        
          
        
        415272.86500000
        NS
        USD
        28865616.85000000
        3.704013887177
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Advisor Series I
        C7J4FOV6ELAVE39B7M82
        Fidelity Floating Rate High Income Fund
        315916783
        
          
        
        802715.17100000
        NS
        USD
        7545522.61000000
        0.968235692959
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity International Enhanced Index Fund
        31606X407
        
          
        
        1751361.73300000
        NS
        USD
        18249189.26000000
        2.341722014812
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Overseas Fund
        316343102
        
          
        
        1246634.82050000
        NS
        USD
        73489122.67000000
        9.430068040489
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Japan Smaller Companies Fund
        315910760
        
          
        
        440505.88400000
        NS
        USD
        6241968.38000000
        0.800964610698
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Variable Insurance Products Fund
        549300DXU3EB0NDEJ256
        VIP Stock Selector All Cap Portfolio - Investor Class
        922174362
        
          
        
        38090212.33700000
        NS
        USD
        364523332.07000000
        46.77535530260
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-30
      Laura M. Del Prato
      Laura M. Del Prato
      Laura M. Del Prato
      President and Treasurer
    
  
  XXXX



Quarterly Holdings Report
for
Fidelity® Variable Insurance Products:
FundsManager 85% Portfolio
March 31, 2022
VF85-NPRT1-0522
1.847121.115
Equity Funds - 90.9%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Fund (a)
 
308,288
3,357,251
Fidelity Contrafund (a)
 
806,420
13,467,216
Fidelity Emerging Markets Discovery Fund (a)
 
109,474
1,674,959
Fidelity Emerging Markets Fund (a)
 
220,643
8,309,405
Fidelity Equity-Income Fund (a)
 
415,223
28,862,176
Fidelity Global Commodity Stock Fund (a)
 
888,814
18,780,637
Fidelity International Capital Appreciation Fund (a)
 
611,403
15,107,767
Fidelity International Discovery Fund (a)
 
418,466
19,400,101
Fidelity International Enhanced Index Fund (a)
 
1,751,148
18,246,961
Fidelity International Small Cap Fund (a)
 
273,633
8,228,142
Fidelity International Small Cap Opportunities Fund (a)
 
373,250
8,125,661
Fidelity International Value Fund (a)
 
1,240,814
11,390,671
Fidelity Japan Fund (a)
 
109,096
1,760,815
Fidelity Japan Smaller Companies Fund (a)
 
440,506
6,241,968
Fidelity Large Cap Value Enhanced Index Fund (a)
 
1,229,028
19,725,907
Fidelity Low-Priced Stock Fund (a)
 
658,363
34,596,976
Fidelity Overseas Fund (a)
 
1,246,474
73,479,627
Fidelity Real Estate Investment Portfolio (a)
 
237,954
12,099,964
Fidelity U.S. Low Volatility Equity Fund (a)
 
1,931,380
22,056,364
Fidelity Value Discovery Fund (a)
 
497,775
18,985,124
VIP Stock Selector All Cap Portfolio Investor Class (a)
 
38,085,983
364,482,860
 
TOTAL EQUITY FUNDS
 (Cost $669,796,733)
 
 
708,380,552
 
 
 
 
Fixed-Income Funds - 6.6%
 
 
Shares
Value ($)
 
Fidelity Floating Rate High Income Fund (a)
 
804,796
7,565,083
Fidelity Inflation-Protected Bond Index Fund (a)
 
351,784
3,806,303
Fidelity Long-Term Treasury Bond Index Fund (a)
 
1,974,641
26,025,772
Fidelity New Markets Income Fund (a)
 
244,021
3,182,033
Fidelity U.S. Bond Index Fund (a)
 
983,703
11,037,152
 
TOTAL FIXED-INCOME FUNDS
 (Cost $55,386,807)
 
 
51,616,343
 
 
 
 
Money Market Funds - 2.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (b)
 
 (Cost $18,117,960)
 
 
18,114,337
18,117,960
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 0.11% to 0.5% 4/14/22 to 6/30/22 (d)
 
 (Cost $939,484)
 
 
940,000
939,482
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $744,240,984)
 
 
 
779,054,337
NET OTHER ASSETS (LIABILITIES) - 0.0%  
165,706
NET ASSETS - 100.0%
779,220,043
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME Micro E-mini S&P 500 Index Contracts (United States)
46
Jun 2022
10,420,725
(777,398)
(777,398)
ICE E-mini MSCI EAFE Index Contracts (United States)
36
Jun 2022
3,859,920
(223,851)
(223,851)
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
94
Jun 2022
5,289,850
(436,377)
(436,377)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,437,626)
The notional amount of futures sold as a percentage of Net Assets is 2.5%
 
Legend
 
(a)
Affiliated Fund
 
(b)
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.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(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 $939,482.
 
 
 
 
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 0.31%
4,697,360
18,779,589
5,358,989
3,993
-
-
18,117,960
0.0%
Total
4,697,360
18,779,589
5,358,989
3,993
-
-
18,117,960
 
 
Amounts in the 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 Advisor Floating Rate High Income Fund
-
7,729,412
92,639
53,538
(631)
(71,059)
7,565,083
Fidelity Commodity Strategy Fund
5,108,850
-
3,154,439
-
851,066
551,774
3,357,251
Fidelity Contrafund
14,713,133
547,617
168,444
170,556
(12,617)
(1,612,473)
13,467,216
Fidelity Emerging Markets Discovery Fund
1,749,841
11,375
6,608
-
(532)
(79,117)
1,674,959
Fidelity Emerging Markets Fund
9,609,452
45,501
26,432
-
(2,217)
(1,316,899)
8,309,405
Fidelity Equity-Income Fund
28,726,503
794,065
354,689
13
(5,111)
(298,592)
28,862,176
Fidelity Global Commodity Stock Fund
14,632,019
523,917
696,565
-
11,423
4,309,843
18,780,637
Fidelity High Income Fund
7,493,739
4,090
7,471,946
4,069
701,215
(727,098)
-
Fidelity Inflation-Protected Bond Index Fund
12,307,913
238,216
8,492,818
-
332,826
(579,834)
3,806,303
Fidelity International Capital Appreciation Fund
17,118,950
432,284
205,668
-
(16,080)
(2,221,719)
15,107,767
Fidelity International Discovery Fund
21,837,861
566,688
269,857
-
(21,787)
(2,712,804)
19,400,101
Fidelity International Enhanced Index Fund
19,241,026
502,983
239,299
-
(9,715)
(1,248,034)
18,246,961
Fidelity International Small Cap Fund
8,719,476
222,716
105,704
-
(4,101)
(604,245)
8,228,142
Fidelity International Small Cap Opportunities Fund
9,571,526
294,348
-
-
-
(1,740,213)
8,125,661
Fidelity International Value Fund
11,401,444
294,347
140,050
-
(3,303)
(161,767)
11,390,671
Fidelity Japan Fund
1,992,792
47,475
20,249
-
(1,647)
(257,556)
1,760,815
Fidelity Japan Smaller Companies Fund
6,942,373
-
-
-
-
(700,405)
6,241,968
Fidelity Large Cap Value Enhanced Index Fund
19,490,435
384,987
172,060
-
(2,350)
24,895
19,725,907
Fidelity Long-Term Treasury Bond Index Fund
31,139,528
947,055
2,847,913
153,767
(462,429)
(2,750,469)
26,025,772
Fidelity Low-Priced Stock Fund
34,874,696
970,136
433,518
-
(10,483)
(803,855)
34,596,976
Fidelity New Markets Income Fund
3,380,651
136,031
46,561
31,780
(2,696)
(285,392)
3,182,033
Fidelity Overseas Fund
83,216,082
2,136,107
1,016,558
-
(68,778)
(10,787,226)
73,479,627
Fidelity Real Estate Investment Portfolio
15,242,774
341,059
2,483,088
-
(142,965)
(857,816)
12,099,964
Fidelity U.S. Bond Index Fund
5,024,995
7,019,159
498,970
34,548
(11,123)
(496,909)
11,037,152
Fidelity U.S. Low Volatility Equity Fund
22,732,700
664,379
296,844
-
(9,180)
(1,034,691)
22,056,364
Fidelity Value Discovery Fund
18,820,104
426,688
190,685
-
(1,760)
(69,223)
18,985,124
VIP Stock Selector All Cap Portfolio Investor Class
381,552,293
9,343,803
4,175,333
-
(171,487)
(22,066,416)
364,482,860
 
806,641,156
34,624,438
33,606,937
448,271
935,538
(48,597,300)
759,996,895
 
 
Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
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 vendors or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
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.
 
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.
 
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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


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