Form NPORT-P Variable Insurance Produ For: Mar 31

May 25, 2022 12:16 PM EDT

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    NPORT-P
    false
    
      
      
        
          0000823535
          XXXXXXXX
        
      
      
      
      
        S000039767
        C000123284
        C000123283
      
      
      
    
  
  
    
      Variable Insurance Products Fund V
      811-05361
      0000823535
      S8GYVGVVOPTJ8G3T5C60
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP Target Volatility Portfolio
      S000039767
      549300PDUPP06EO9QQ95
      2022-12-31
      2022-03-31
      N
    
    
      244567905.81
      80879.15
      244487026.66
      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
      0.05000000
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        FIDELITY US LOW VOLATILITY EQUITY FUND
        31641Q599
        
          
        
        447032.66700000
        NS
        USD
        5105113.06000000
        2.088091597227
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Low-Priced Stock Fund
        316345305
        
          
        
        97545.86800000
        NS
        USD
        5126035.36000000
        2.096649229215
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/09/2022
        912796R35
        
          
        
        140000.00000000
        PA
        USD
        139899.38000000
        0.057221596544
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-09
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EAFE FUT JUN22 MFSM2
        N/A
        
          
        
        -33.00000000
        NC
        USD
        -205196.92000000
        -0.08392957401
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EAFE INDX(UN FOR FUTURES)
                EI09MXEA
              
            
            2022-06-17
            -3333063.08000000
            USD
            -205196.92000000
          
        
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 05/05/2022
        912796P45
        
          
        
        380000.00000000
        PA
        USD
        379947.06000000
        0.155405816492
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-05-05
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY ADVISOR INTERNATIONAL VALUE FUND
        315910489
        
          
        
        654034.74300000
        NS
        USD
        6004038.94000000
        2.455769953122
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Income Fund
        D66RCKM57LC8ELZCAY58
        Fidelity Total Bond Fund
        31617K881
        
          
        
        3845809.04000000
        NS
        USD
        39996414.02000000
        16.35931957879
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/02/2022
        912796Q44
        
          
        
        30000.00000000
        PA
        USD
        29983.13000000
        0.012263689574
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-02
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Long-Term Treasury Bond Index Fund
        31635V232
        
          
        
        751356.97470000
        NS
        USD
        9902884.93000000
        4.050474606070
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCH INC
        SNZ2OJLFK8MNNCLQOF39
        S and P500 EMINI FUT JUN22 ESM2
        N/A
        
          
        
        -62.00000000
        NC
        USD
        -1023395.10000000
        -0.41858871367
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCH INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S and P 500 INDX
                783786106
              
            
            2022-06-17
            -13021929.90000000
            USD
            -1023395.10000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity U.S. Bond Index Fund
        316146356
        
          
        
        1452639.63920000
        NS
        USD
        16298616.75000000
        6.666454646964
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/16/2022
        912796J42
        
          
        
        60000.00000000
        PA
        USD
        59947.43000000
        0.024519677309
        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
        
          
        
        42715296.65400000
        NS
        USD
        42723839.71000000
        17.47489030140
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Value Discovery Fund
        316345503
        
          
        
        64605.59300000
        NS
        USD
        2464057.32000000
        1.007847882017
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Contrafund
        S5Y3O6VQ0TG5C3WLJP73
        Fidelity Contrafund
        316071109
        
          
        
        313750.85400000
        NS
        USD
        5239639.26000000
        2.143115457527
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity Large Cap Value Enhanced Index Fund
        31606X209
        
          
        
        429893.47200000
        NS
        USD
        6899790.23000000
        2.822149839302
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Inflation-Protected Bond Index Fund
        31635T104
        
          
        
        522090.18270000
        NS
        USD
        5649015.78000000
        2.310558501681
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Devonshire Trust
        2YVQGEKVQ2H3HLS69325
        FIDELITY EQUITY-INCOME FUND INC
        316138106
        
          
        
        44862.19400000
        NS
        USD
        3118371.10000000
        1.275475080457
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity International Enhanced Index Fund
        31606X407
        
          
        
        475150.22800000
        NS
        USD
        4951065.38000000
        2.025083067857
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Overseas Fund
        316343102
        
          
        
        272794.10400000
        NS
        USD
        16081212.43000000
        6.577532006376
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 05/26/2022
        912796Q36
        
          
        
        290000.00000000
        PA
        USD
        289872.62000000
        0.118563599860
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-05-26
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Japan Smaller Companies Fund
        315910760
        
          
        
        133052.25300000
        NS
        USD
        1885350.43000000
        0.771145387858
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Variable Insurance Products Fund
        549300DXU3EB0NDEJ256
        VIP Stock Selector All Cap Portfolio - Investor Class
        922174362
        
          
        
        7505641.96200000
        NS
        USD
        71828993.58000000
        29.37947037978
        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:
Target Volatility Portfolio
March 31, 2022
VIPTV-NPRT1-0522
1.955029.109
Equity Funds - 52.6%
 
 
Shares
Value ($)
 
Domestic Equity Funds - 40.8%
 
 
 
Fidelity Contrafund (a)
 
313,978
5,243,427
Fidelity Equity-Income Fund (a)
 
44,896
3,120,688
Fidelity Large Cap Value Enhanced Index Fund (a)
 
430,211
6,904,883
Fidelity Low-Priced Stock Fund (a)
 
97,619
5,129,860
Fidelity U.S. Low Volatility Equity Fund (a)
 
447,360
5,108,846
Fidelity Value Discovery Fund (a)
 
64,654
2,465,896
VIP Stock Selector All Cap Portfolio Investor Class (a)
 
7,510,022
71,870,912
TOTAL DOMESTIC EQUITY FUNDS
 
 
99,844,512
International Equity Funds - 11.8%
 
 
 
Fidelity International Enhanced Index Fund (a)
 
475,512
4,954,835
Fidelity International Value Fund (a)
 
654,531
6,008,599
Fidelity Japan Smaller Companies Fund (a)
 
133,052
1,885,350
Fidelity Overseas Fund (a)
 
272,980
16,092,189
TOTAL INTERNATIONAL EQUITY FUNDS
 
 
28,940,973
 
TOTAL EQUITY FUNDS
 (Cost $119,702,874)
 
 
 
128,785,485
 
 
 
 
Fixed-Income Funds - 29.4%
 
 
Shares
Value ($)
 
Fixed-Income Funds - 29.4%
 
 
 
Fidelity Inflation-Protected Bond Index Fund (a)
 
522,498
5,653,429
Fidelity Long-Term Treasury Bond Index Fund (a)
 
753,416
9,930,025
Fidelity Total Bond Fund (a)
 
3,856,707
40,109,757
Fidelity U.S. Bond Index Fund (a)
 
1,456,197
16,338,526
 
 
 
 
 
TOTAL FIXED-INCOME FUNDS
 (Cost $72,824,210)
 
 
 
72,031,737
 
 
 
 
Cash Equivalents - 17.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (b)
 
 (Cost $42,723,840)
 
 
42,715,297
42,723,840
 
 
 
 
U.S. Treasury Obligations - 0.4%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 0.23% to 0.4% 5/5/22 to 6/16/22 (d)
 
 (Cost $899,589)
 
 
900,000
899,650
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $236,150,513)
 
 
 
244,440,712
NET OTHER ASSETS (LIABILITIES) - 0.1%  
234,779
NET ASSETS - 100.0%
244,675,491
 
 
 
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)
62
Jun 2022
14,045,325
(1,023,395)
(1,023,395)
ICE E-mini MSCI EAFE Index Contracts (United States)
33
Jun 2022
3,538,260
(205,197)
(205,197)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,228,592)
The notional amount of futures sold as a percentage of Net Assets is 7.1%
 
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 $899,650.
 
 
 
 
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%
16,269,995
38,755,125
12,301,280
9,895
-
-
42,723,840
0.1%
Fidelity Securities Lending Cash Central Fund 0.31%
2,097,325
20,177,715
22,275,040
163
-
-
-
0.0%
Total
18,367,320
58,932,840
34,576,320
10,058
-
-
42,723,840
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
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 Contrafund
5,935,286
93,620
132,020
67,634
(8,910)
(644,549)
5,243,427
Fidelity Equity-Income Fund
3,216,212
15,087
76,363
-
(81)
(34,167)
3,120,688
Fidelity Inflation-Protected Bond Index Fund
5,946,117
27,897
140,611
-
(1,942)
(178,032)
5,653,429
Fidelity International Enhanced Index Fund
7,396,024
27,927
1,973,023
-
88,321
(584,414)
4,954,835
Fidelity International Value Fund
6,215,449
28,785
148,059
-
2,737
(90,313)
6,008,599
Fidelity Japan Smaller Companies Fund
2,096,904
-
-
-
-
(211,554)
1,885,350
Fidelity Large Cap Value Enhanced Index Fund
7,027,634
31,856
160,600
-
879
5,114
6,904,883
Fidelity Long-Term Treasury Bond Index Fund
7,249,063
3,875,304
209,430
49,196
(13,818)
(971,094)
9,930,025
Fidelity Low-Priced Stock Fund
5,349,057
23,566
118,769
-
(2,017)
(121,977)
5,129,860
Fidelity Overseas Fund
26,507,575
128,315
6,846,279
-
1,190,248
(4,887,670)
16,092,189
Fidelity Total Bond Fund
43,263,312
436,632
1,023,242
233,661
6,835
(2,573,780)
40,109,757
Fidelity U.S. Bond Index Fund
12,546,081
5,128,198
345,446
75,255
(7,147)
(983,160)
16,338,526
Fidelity U.S. Low Volatility Equity Fund
5,483,153
28,747
147,312
-
(6,037)
(249,705)
5,108,846
Fidelity Value Discovery Fund
2,521,999
11,429
57,634
-
385
(10,283)
2,465,896
VIP Stock Selector All Cap Portfolio Investor Class
83,129,938
392,656
6,611,797
-
(513,781)
(4,526,104)
71,870,912
 
223,883,804
10,250,019
17,990,585
425,746
735,672
(16,061,688)
200,817,222
 
 
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.
 
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