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Form NPORT-P Variable Insurance Produ For: Mar 31

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May 25, 2022 12:14 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0000823535
          XXXXXXXX
        
      
      
      
      
        S000017654
        C000048788
        C000048787
        C000048786
      
      
      
    
  
  
    
      Variable Insurance Products Fund V
      811-05361
      0000823535
      S8GYVGVVOPTJ8G3T5C60
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP FundsManager 20% Portfolio
      S000017654
      RUIEDNJLZNCJX90WG544
      2022-12-31
      2022-03-31
      N
    
    
      943645292.10
      159140.32
      943486151.78
      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
      3606.90000000
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Fidelity Select Portfolios
        Z57125JG1LHEQKDYS630
        Fidelity Real Estate Investment Portfolio
        316138205
        
          
        
        191420.93700000
        NS
        USD
        9733754.65000000
        1.031679652280
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Small Cap Fund
        315910737
        
          
        
        48956.08000000
        NS
        USD
        1472109.33000000
        0.156028716184
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/23/2022
        912796R43
        
          
        
        200000.00000000
        PA
        USD
        199785.01000000
        0.021175192621
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-23
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        FIDELITY US LOW VOLATILITY EQUITY FUND
        31641Q599
        
          
        
        631755.92100000
        NS
        USD
        7214652.62000000
        0.764680287716
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Small Cap Opportunities Fund
        315910562
        
          
        
        120368.97400000
        NS
        USD
        2620432.56000000
        0.277739376996
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Low-Priced Stock Fund
        316345305
        
          
        
        91666.52600000
        NS
        USD
        4817075.94000000
        0.510561382476
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Capital Appreciation Fund
        315910810
        
          
        
        114359.99500000
        NS
        USD
        2825835.48000000
        0.299510011320
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/09/2022
        912796R35
        
          
        
        1090000.00000000
        PA
        USD
        1089216.56000000
        0.115445950949
        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
        
          
        
        508690.72500000
        NS
        USD
        5539642.00000000
        0.587146084714
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EAFE FUT JUN22 MFSM2
        N/A
        
          
        
        -68.00000000
        NC
        USD
        -422830.02000000
        -0.04481571024
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EAFE INDX(UN FOR FUTURES)
                EI09MXEA
              
            
            2022-06-17
            -6868129.98000000
            USD
            -422830.02000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY EMERGING MARKETS FUND
        315910869
        
          
        
        425731.92700000
        NS
        USD
        16033064.37000000
        1.699342840353
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY ADVISOR INTERNATIONAL VALUE FUND
        315910489
        
          
        
        234558.38400000
        NS
        USD
        2153245.97000000
        0.228222318466
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        Fidelity High Income Fund
        316146406
        
          
        
        870725.20600000
        NS
        USD
        7183482.95000000
        0.761376617605
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Global Commodity Stock Fund
        31618H606
        
          
        
        596401.91600000
        NS
        USD
        12601972.49000000
        1.335681765569
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EMGMKT FUT JUN22 MESM2
        N/A
        
          
        
        -223.00000000
        NC
        USD
        -1035233.64000000
        -0.10972430682
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EMERGING MARKETS INDEX
                MXEF
              
            
            2022-06-17
            -11514091.36000000
            USD
            -1035233.64000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        Fidelity New Markets Income Fund
        315910836
        
          
        
        148079.30300000
        NS
        USD
        1930954.11000000
        0.204661627132
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Long-Term Treasury Bond Index Fund
        31635V232
        
          
        
        1045030.15600000
        NS
        USD
        13773497.46000000
        1.459851576413
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCH INC
        SNZ2OJLFK8MNNCLQOF39
        S and P500 EMINI FUT JUN22 ESM2
        N/A
        
          
        
        -119.00000000
        NC
        USD
        -1589145.23000000
        -0.16843333916
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCH INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S and P 500 INDX
                783786106
              
            
            2022-06-17
            -25368817.27000000
            USD
            -1589145.23000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity U.S. Bond Index Fund
        316146356
        
          
        
        34360753.02900000
        NS
        USD
        385527648.99000000
        40.86203578745
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/16/2022
        912796J42
        
          
        
        260000.00000000
        PA
        USD
        259772.21000000
        0.027533229768
        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
        
          
        
        240276037.80300000
        NS
        USD
        240324093.01000000
        25.47192585249
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Value Discovery Fund
        316345503
        
          
        
        51250.35900000
        NS
        USD
        1954688.69000000
        0.207177252820
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Discovery Fund
        315910208
        
          
        
        77384.91100000
        NS
        USD
        3587564.47000000
        0.380245588473
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Contrafund
        S5Y3O6VQ0TG5C3WLJP73
        Fidelity Contrafund
        316071109
        
          
        
        125410.74300000
        NS
        USD
        2094359.41000000
        0.221980938040
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity Large Cap Value Enhanced Index Fund
        31606X209
        
          
        
        76056.83900000
        NS
        USD
        1220712.27000000
        0.129383167701
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/30/2022
        912796R50
        
          
        
        650000.00000000
        PA
        USD
        649169.22000000
        0.068805378730
        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
        
          
        
        238869.82400000
        NS
        USD
        3654708.31000000
        0.387362157155
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Inflation-Protected Bond Index Fund
        31635T104
        
          
        
        1289212.62420000
        NS
        USD
        13949280.59000000
        1.478482812247
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Devonshire Trust
        2YVQGEKVQ2H3HLS69325
        FIDELITY EQUITY-INCOME FUND INC
        316138106
        
          
        
        56787.65400000
        NS
        USD
        3947309.83000000
        0.418374962107
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Advisor Series I
        C7J4FOV6ELAVE39B7M82
        Fidelity Floating Rate High Income Fund
        315916783
        
          
        
        3352525.54400000
        NS
        USD
        31513740.11000000
        3.340138066737
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity International Enhanced Index Fund
        31606X407
        
          
        
        340460.83400000
        NS
        USD
        3547601.89000000
        0.376009958737
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Overseas Fund
        316343102
        
          
        
        238907.15900000
        NS
        USD
        14083577.02000000
        1.492716877023
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Variable Insurance Products Fund
        549300DXU3EB0NDEJ256
        VIP Stock Selector All Cap Portfolio - Investor Class
        922174362
        
          
        
        15322104.61500000
        NS
        USD
        146632541.17000000
        15.54156792798
        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 20% Portfolio
March 31, 2022
VF20-NPRT1-0522
1.847118.115
Equity Funds - 26.1%
 
  
Shares
Value ($)
 
Fidelity Commodity Strategy Fund (a)
  
508,691
5,539,642
Fidelity Contrafund (a)
  
125,312
2,092,713
Fidelity Emerging Markets Discovery Fund (a)
  
238,828
3,654,075
Fidelity Emerging Markets Fund (a)
  
425,665
16,030,531
Fidelity Equity-Income Fund (a)
  
56,732
3,943,425
Fidelity Global Commodity Stock Fund (a)
  
596,052
12,594,583
Fidelity International Capital Appreciation Fund (a)
  
114,316
2,824,738
Fidelity International Discovery Fund (a)
  
77,354
3,586,129
Fidelity International Enhanced Index Fund (a)
  
340,339
3,546,335
Fidelity International Small Cap Fund (a)
  
48,936
1,471,518
Fidelity International Small Cap Opportunities Fund (a)
  
120,369
2,620,433
Fidelity International Value Fund (a)
  
234,476
2,152,486
Fidelity Large Cap Value Enhanced Index Fund (a)
  
75,938
1,218,812
Fidelity Low-Priced Stock Fund (a)
  
91,577
4,812,346
Fidelity Overseas Fund (a)
  
238,815
14,078,130
Fidelity Real Estate Investment Portfolio (a)
  
191,338
9,729,532
Fidelity U.S. Low Volatility Equity Fund (a)
  
631,471
7,211,401
Fidelity Value Discovery Fund (a)
  
51,196
1,952,620
VIP Stock Selector All Cap Portfolio Investor Class (a)
  
15,317,313
146,586,682
 
TOTAL EQUITY FUNDS
 (Cost $231,684,939)
  
  
245,646,131
 
  
  
  
Fixed-Income Funds - 48.2%
 
  
Shares
Value ($)
 
Fidelity Floating Rate High Income Fund (a)
  
3,360,225
31,586,115
Fidelity High Income Fund (a)
  
873,656
7,207,665
Fidelity Inflation-Protected Bond Index Fund (a)
  
1,288,627
13,942,946
Fidelity Long-Term Treasury Bond Index Fund (a)
  
1,046,730
13,795,901
Fidelity New Markets Income Fund (a)
  
148,522
1,936,726
Fidelity U.S. Bond Index Fund (a)
  
34,402,711
385,998,414
 
TOTAL FIXED-INCOME FUNDS
 (Cost $460,826,368)
  
  
454,467,767
 
  
  
  
Money Market Funds - 25.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (b)
 
 (Cost $240,324,093)
 
  
240,276,038
240,324,093
 
  
  
  
U.S. Treasury Obligations - 0.2%
 
  
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 0.38% to 0.5% 6/9/22 to 6/30/22 (d)
 
 (Cost $2,197,952)
 
  
2,200,000
2,197,943
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $935,033,352)
 
  
 
942,635,934
NET OTHER ASSETS (LIABILITIES) - 0.0%  
456,755
NET ASSETS - 100.0%
943,092,689
 
  
 
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)
119
Jun 2022
26,957,963
(1,589,145)
(1,589,145)
ICE E-mini MSCI EAFE Index Contracts (United States)
68
Jun 2022
7,290,960
(422,830)
(422,830)
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
223
Jun 2022
12,549,325
(1,035,234)
(1,035,234)
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
(3,047,209)
The notional amount of futures sold as a percentage of Net Assets is 5.0%
 
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 $2,197,943.
 
 
 
 
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%
225,746,149
22,598,260
8,020,316
67,874
-
-
240,324,093
0.5%
Total
225,746,149
22,598,260
8,020,316
67,874
-
-
240,324,093
  
 
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 Commodity Strategy Fund
8,429,872
-
5,204,989
-
1,418,299
896,460
5,539,642
Fidelity Contrafund
2,399,788
76,257
116,306
27,575
(11,453)
(255,573)
2,092,713
Fidelity Emerging Markets Discovery Fund
3,852,210
8,534
30,686
-
(4,500)
(171,483)
3,654,075
Fidelity Emerging Markets Fund
18,684,409
34,134
122,744
-
(21,313)
(2,543,955)
16,030,531
Fidelity Equity-Income Fund
4,154,910
121,620
286,166
15
(9,681)
(37,258)
3,943,425
Fidelity Floating Rate High Income Fund
32,167,333
675,238
1,014,515
241,330
(10,799)
(231,142)
31,586,115
Fidelity Global Commodity Stock Fund
10,555,648
242,564
1,185,222
-
102,738
2,878,855
12,594,583
Fidelity High Income Fund
7,652,550
177,992
234,119
77,859
(5,964)
(382,794)
7,207,665
Fidelity Inflation-Protected Bond Index Fund
26,532,651
276,285
12,227,570
-
991,369
(1,629,789)
13,942,946
Fidelity International Capital Appreciation Fund
3,305,032
33,856
82,690
-
(12,240)
(419,220)
2,824,738
Fidelity International Discovery Fund
4,168,918
44,537
107,663
-
(19,270)
(500,393)
3,586,129
Fidelity International Enhanced Index Fund
3,853,134
39,197
95,177
-
(7,692)
(243,127)
3,546,335
Fidelity International Small Cap Fund
1,609,428
17,962
44,212
-
(3,949)
(107,711)
1,471,518
Fidelity International Small Cap Opportunities Fund
3,167,545
23,302
-
-
-
(570,414)
2,620,433
Fidelity International Value Fund
2,218,390
23,302
56,698
-
(2,703)
(29,805)
2,152,486
Fidelity Large Cap Value Enhanced Index Fund
1,299,784
59,474
139,961
-
(6,908)
6,423
1,218,812
Fidelity Long-Term Treasury Bond Index Fund
22,664,579
345,383
7,175,120
99,332
(1,153,123)
(885,818)
13,795,901
Fidelity Low-Priced Stock Fund
5,134,244
148,321
348,597
-
(8,828)
(112,794)
4,812,346
Fidelity New Markets Income Fund
2,143,622
53,188
78,040
19,809
(5,370)
(176,674)
1,936,726
Fidelity Overseas Fund
16,461,272
167,469
408,801
-
(56,004)
(2,085,806)
14,078,130
Fidelity Real Estate Investment Portfolio
13,819,513
144,881
3,280,225
-
363,931
(1,318,568)
9,729,532
Fidelity U.S. Bond Index Fund
404,221,641
19,330,957
11,786,469
1,941,107
(259,400)
(25,508,315)
385,998,414
Fidelity U.S. Low Volatility Equity Fund
7,708,147
102,199
239,852
-
(11,257)
(347,836)
7,211,401
Fidelity Value Discovery Fund
2,049,355
65,420
152,957
-
(889)
(8,309)
1,952,620
VIP Stock Selector All Cap Portfolio Investor Class
157,776,597
1,441,814
3,385,786
-
(205,679)
(9,040,264)
146,586,682
 
766,030,572
23,653,886
47,804,565
2,407,027
1,059,315
(42,825,310)
700,113,898
 
 
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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