Quarterly Holdings Report
for
Fidelity® Variable Insurance Products:
FundsManager 20% Portfolio
March 31, 2020
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Equity Funds - 19.3% | |||
| Shares | Value | ||
| Fidelity Commodity Strategy Fund (a) | 173,878 | $1,107,604 | |
| Fidelity Contrafund (a) | 364,458 | 4,286,021 | |
| Fidelity Diversified International Fund (a) | 87,830 | 2,869,407 | |
| Fidelity Emerging Asia Fund (a) | 37,648 | 1,502,538 | |
| Fidelity Emerging Markets Discovery Fund (a) | 191,804 | 1,979,417 | |
| Fidelity Emerging Markets Fund (a) | 359,010 | 10,145,633 | |
| Fidelity Equity-Income Fund (a) | 79,780 | 3,757,658 | |
| Fidelity Europe Fund (a) | 43,884 | 1,238,415 | |
| Fidelity Gold Portfolio (a) | 238,525 | 4,706,096 | |
| Fidelity International Capital Appreciation Fund (a) | 45,138 | 858,531 | |
| Fidelity International Discovery Fund (a) | 63,893 | 2,303,978 | |
| Fidelity International Enhanced Index Fund (a) | 321,500 | 2,408,038 | |
| Fidelity International Small Cap Fund (a) | 67,523 | 1,363,960 | |
| Fidelity International Small Cap Opportunities Fund (a) | 89,659 | 1,444,409 | |
| Fidelity International Value Fund (a) | 264,763 | 1,585,930 | |
| Fidelity Japan Fund (a) | 445,872 | 5,930,092 | |
| Fidelity Japan Smaller Companies Fund (a) | 195,777 | 2,725,223 | |
| Fidelity Low-Priced Stock Fund (a) | 93,023 | 3,349,745 | |
| Fidelity Mega Cap Stock Fund (a) | 447,842 | 5,351,712 | |
| Fidelity Overseas Fund (a) | 216,431 | 8,984,040 | |
| Fidelity Pacific Basin Fund (a) | 26,554 | 762,101 | |
| Fidelity Real Estate Investment Portfolio (a) | 103,389 | 3,562,783 | |
| Fidelity Stock Selector All Cap Fund (a) | 2,002,215 | 76,564,687 | |
| Fidelity Value Discovery Fund (a) | 76,416 | 1,699,503 | |
| TOTAL EQUITY FUNDS | |||
| (Cost $173,516,361) | 150,487,521 | ||
| Fixed-Income Funds - 52.0% | |||
| Fidelity Inflation-Protected Bond Index Fund (a) | 4,732,167 | 48,552,029 | |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 448,021 | 7,679,082 | |
| Fidelity New Markets Income Fund (a) | 537,279 | 6,866,425 | |
| Fidelity U.S. Bond Index Fund (a) | 28,004,004 | 343,609,130 | |
| TOTAL FIXED-INCOME FUNDS | |||
| (Cost $375,054,043) | 406,706,666 | ||
| Money Market Funds - 28.4% | |||
| Fidelity Cash Central Fund 0.29% (b) | 73,379,269 | 73,401,283 | |
| Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.74% (a)(c) | 148,472,868 | 148,487,715 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $221,900,053) | 221,888,998 | ||
| Principal Amount | Value | ||
| U.S. Treasury Obligations - 0.1% | |||
| U.S. Treasury Bills, yield at date of purchase 0.36% to 1.55% 4/16/20 to 6/4/20 (d) | |||
| (Cost $639,068) | 640,000 | 639,933 | |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
| (Cost $771,109,525) | 779,723,118 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.2%(e) | 1,705,248 | ||
| NET ASSETS - 100% | $781,428,366 |
| Futures Contracts | |||||
| Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
| Purchased | |||||
| Equity Index Contracts | |||||
| CME E-mini S&P 500 Index Contracts (United States) | 94 | June 2020 | $12,077,590 | $(401,605) | $(401,605) |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 110 | June 2020 | 8,576,150 | 903,338 | 903,338 |
| TOTAL PURCHASED | 501,733 | ||||
| Sold | |||||
| Equity Index Contracts | |||||
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 136 | June 2020 | 5,731,720 | (325,961) | (325,961) |
| JPN Nikkei 225 Index(OSE) Contracts (Japan) | 10 | June 2020 | 1,759,591 | 57,612 | 57,612 |
| TOTAL SOLD | (268,349) | ||||
| TOTAL FUTURES CONTRACTS | $233,384 |
The notional amount of futures purchased as a percentage of Net Assets is 2.6%
The notional amount of futures sold as a percentage of Net Assets is 0.9%
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) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $639,933.
(e) Includes $1,200,189 of cash collateral to cover margin requirements for futures contracts.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | 235,420 |
| Total | $235,420 |
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, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those 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 | $1,448,405 | $-- | $-- | $-- | $-- | $(340,801) | $1,107,604 |
| Fidelity Contrafund | 4,913,777 | 245,384 | 163,763 | 34,943 | (21,625) | (687,752) | 4,286,021 |
| Fidelity Diversified International Fund | 3,559,565 | -- | 1,975 | -- | (393) | (687,790) | 2,869,407 |
| Fidelity Emerging Asia Fund | 1,724,288 | 16,637 | 27,155 | -- | (2,774) | (208,458) | 1,502,538 |
| Fidelity Emerging Markets Discovery Fund | 2,804,685 | 29,550 | 48,412 | -- | (11,447) | (794,959) | 1,979,417 |
| Fidelity Emerging Markets Fund | 12,656,964 | 119,814 | 196,879 | -- | (27,310) | (2,406,956) | 10,145,633 |
| Fidelity Equity-Income Fund | 4,783,665 | 206,268 | 163,448 | 12,035 | (27,783) | (1,041,044) | 3,757,658 |
| Fidelity Europe Fund | 1,639,377 | 50,411 | 81,339 | -- | (18,103) | (351,931) | 1,238,415 |
| Fidelity Gold Portfolio | 5,929,232 | 118,802 | 199,946 | -- | (28,568) | (1,113,424) | 4,706,096 |
| Fidelity Inflation-Protected Bond Index Fund | 45,113,866 | 6,185,068 | 3,532,408 | 42,041 | 463 | 785,040 | 48,552,029 |
| Fidelity International Capital Appreciation Fund | 1,061,688 | 30,544 | 49,106 | -- | (7,987) | (176,608) | 858,531 |
| Fidelity International Discovery Fund | 2,941,018 | 41,843 | 68,556 | -- | (13,426) | (596,901) | 2,303,978 |
| Fidelity International Enhanced Index Fund | 3,212,518 | 99,577 | 160,131 | -- | (36,393) | (707,533) | 2,408,038 |
| Fidelity International Small Cap Fund | 1,949,728 | 54,507 | 87,170 | -- | (20,967) | (532,138) | 1,363,960 |
| Fidelity International Small Cap Opportunities Fund | 1,893,623 | 51,279 | 81,935 | -- | (15,380) | (403,178) | 1,444,409 |
| Fidelity International Value Fund | 2,280,114 | 69,531 | 111,412 | -- | (32,899) | (619,404) | 1,585,930 |
| Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.74% | 149,641,174 | 3,291,716 | 4,415,281 | 558,448 | (474) | (29,420) | 148,487,715 |
| Fidelity Japan Fund | 7,415,567 | 163,889 | 269,027 | -- | (48,589) | (1,331,748) | 5,930,092 |
| Fidelity Japan Smaller Companies Fund | 3,373,246 | -- | -- | -- | -- | (648,023) | 2,725,223 |
| Fidelity Long-Term Treasury Bond Index Fund | 8,167,893 | 209,896 | 2,325,673 | 48,492 | 482,419 | 1,144,547 | 7,679,082 |
| Fidelity Low-Priced Stock Fund | 4,633,556 | 182,987 | 163,210 | -- | (41,442) | (1,262,146) | 3,349,745 |
| Fidelity Mega Cap Stock Fund | 7,094,651 | 145,726 | 245,260 | -- | (54,275) | (1,589,130) | 5,351,712 |
| Fidelity New Markets Income Fund | 8,133,255 | 249,210 | 266,826 | 88,304 | (31,132) | (1,218,082) | 6,866,425 |
| Fidelity Overseas Fund | 11,587,622 | 420,783 | 675,418 | -- | (126,997) | (2,221,950) | 8,984,040 |
| Fidelity Pacific Basin Fund | 939,343 | 26,820 | 43,406 | -- | (5,291) | (155,365) | 762,101 |
| Fidelity Real Estate Investment Portfolio | 8,187,298 | 153,799 | 2,569,577 | 1,828 | (1,223,271) | (985,466) | 3,562,783 |
| Fidelity Stock Selector All Cap Fund | 90,810,513 | 8,073,505 | 3,350,272 | -- | (637,419) | (18,331,640) | 76,564,687 |
| Fidelity U.S. Bond Index Fund | 348,364,263 | 9,112,720 | 24,123,671 | 2,222,149 | 308,434 | 9,947,384 | 343,609,130 |
| Fidelity Value Discovery Fund | 2,303,165 | 91,724 | 81,798 | -- | (19,244) | (594,344) | 1,699,503 |
| $748,564,059 | $29,441,990 | $43,503,054 | $3,008,240 | $(1,661,873) | $(27,159,220) | $705,681,902 |
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. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. 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 Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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 the Fund's investments by major category are as follows:
Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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.
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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