NPORT-P
    false
    
      
      
        
          0000823535
          XXXXXXXX
        
      
      
      
      
        S000017655
        C000048791
        C000048790
        C000048789
      
      
      
    
  
  
    
      Variable Insurance Products Fund V
      811-05361
      0000823535
      S8GYVGVVOPTJ8G3T5C60
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP FundsManager 50% Portfolio
      S000017655
      YWKT2J172NWYKHDSDL71
      2022-12-31
      2022-03-31
      N
    
    
      5596621176.43
      934131.04
      5595687045.39
      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
      21240.65000000
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Fidelity Select Portfolios
        Z57125JG1LHEQKDYS630
        Fidelity Real Estate Investment Portfolio
        316138205
        
          
        
        1137749.09200000
        NS
        USD
        57854541.33000000
        1.033913098797
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Small Cap Fund
        315910737
        
          
        
        1032089.91000000
        NS
        USD
        31034943.59000000
        0.554622575177
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/23/2022
        912796R43
        
          
        
        5620000.00000000
        PA
        USD
        5613958.67000000
        0.100326530495
        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
        
          
        
        9456063.52100000
        NS
        USD
        107988245.41000000
        1.929847836986
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Small Cap Opportunities Fund
        315910562
        
          
        
        1891845.91400000
        NS
        USD
        41185485.55000000
        0.736021961484
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Low-Priced Stock Fund
        316345305
        
          
        
        1765010.05700000
        NS
        USD
        92751278.50000000
        1.657549425971
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 04/21/2022
        912796G45
        
          
        
        550000.00000000
        PA
        USD
        549962.57000000
        0.009828329667
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-04-21
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Capital Appreciation Fund
        315910810
        
          
        
        2400962.59300000
        NS
        USD
        59327785.67000000
        1.060241310651
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Oxford Street Trust
        Z2ZIGDKL3355UQRAKY22
        Fidelity Commodity Strategy Fund
        31634R307
        
          
        
        2786954.54300000
        NS
        USD
        30349934.97000000
        0.542380850176
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EAFE FUT JUN22 MFSM2
        N/A
        
          
        
        -551.00000000
        NC
        USD
        -3426166.76000000
        -0.06122870582
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EAFE INDX(UN FOR FUTURES)
                EI09MXEA
              
            
            2022-06-17
            -55652053.24000000
            USD
            -3426166.76000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY EMERGING MARKETS FUND
        315910869
        
          
        
        1953517.91300000
        NS
        USD
        73569484.60000000
        1.314753380652
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        FIDELITY ADVISOR INTERNATIONAL VALUE FUND
        315910489
        
          
        
        4947766.76900000
        NS
        USD
        45420498.94000000
        0.811705489809
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 04/14/2022
        912796P29
        
          
        
        3080000.00000000
        PA
        USD
        3079842.89000000
        0.055039584326
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-04-14
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        Fidelity High Income Fund
        316146406
        
          
        
        5170584.17600000
        NS
        USD
        42657319.45000000
        0.762324967496
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Global Commodity Stock Fund
        31618H606
        
          
        
        5346703.99600000
        NS
        USD
        112975855.44000000
        2.018980949498
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EMGMKT FUT JUN22 MESM2
        N/A
        
          
        
        -1089.00000000
        NC
        USD
        -5055468.29000000
        -0.09034580113
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EMERGING MARKETS INDEX
                MXEF
              
            
            2022-06-17
            -56228006.71000000
            USD
            -5055468.29000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Summer Street Trust
        P1TJ3M056NR1SYX5LY49
        Fidelity New Markets Income Fund
        315910836
        
          
        
        999900.76600000
        NS
        USD
        13038705.99000000
        0.233013495648
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Long-Term Treasury Bond Index Fund
        31635V232
        
          
        
        8207470.15700000
        NS
        USD
        108174456.67000000
        1.933175601003
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCH INC
        SNZ2OJLFK8MNNCLQOF39
        S and P500 EMINI FUT JUN22 ESM2
        N/A
        
          
        
        -793.00000000
        NC
        USD
        -10930010.64000000
        -0.19532919820
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCH INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S and P 500 INDX
                783786106
              
            
            2022-06-17
            -168714226.86000000
            USD
            -10930010.64000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity U.S. Bond Index Fund
        316146356
        
          
        
        139035025.99400000
        NS
        USD
        1559972991.65000000
        27.87813147869
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/16/2022
        912796J42
        
          
        
        830000.00000000
        PA
        USD
        829272.83000000
        0.014819857209
        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
        
          
        
        347979492.02300000
        NS
        USD
        348049087.92000000
        6.219952708161
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Puritan Trust
        WDA1I420M36T9HTVU696
        Fidelity Value Discovery Fund
        316345503
        
          
        
        1039169.74000000
        NS
        USD
        39633933.88000000
        0.708294326657
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity International Discovery Fund
        315910208
        
          
        
        1625769.61000000
        NS
        USD
        75370679.12000000
        1.346942359510
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Contrafund
        S5Y3O6VQ0TG5C3WLJP73
        Fidelity Contrafund
        316071109
        
          
        
        1395065.54600000
        NS
        USD
        23297594.62000000
        0.416349135164
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity Large Cap Value Enhanced Index Fund
        31606X209
        
          
        
        2211067.25200000
        NS
        USD
        35487629.39000000
        0.634196106789
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/30/2022
        912796R50
        
          
        
        3910000.00000000
        PA
        USD
        3905002.51000000
        0.069785934744
        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
        
          
        
        1752619.93500000
        NS
        USD
        26815085.01000000
        0.479209877044
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Salem Street Trust
        S4W85DGKOEJ24DPRB829
        Fidelity Inflation-Protected Bond Index Fund
        31635T104
        
          
        
        10131122.52690000
        NS
        USD
        109618745.74000000
        1.958986355934
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Devonshire Trust
        2YVQGEKVQ2H3HLS69325
        FIDELITY EQUITY-INCOME FUND INC
        316138106
        
          
        
        958370.51700000
        NS
        USD
        66616334.64000000
        1.190494287826
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Advisor Series I
        C7J4FOV6ELAVE39B7M82
        Fidelity Floating Rate High Income Fund
        315916783
        
          
        
        21477261.35700000
        NS
        USD
        201886256.76000000
        3.607890418502
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Commonwealth Trust II
        PJO8XCGPPRYUY4CZV047
        Fidelity International Enhanced Index Fund
        31606X407
        
          
        
        7156365.62200000
        NS
        USD
        74569329.78000000
        1.332621520380
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Overseas Fund
        316343102
        
          
        
        5026839.14400000
        NS
        USD
        296332167.54000000
        5.295724459503
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Investment Trust
        MXNTE4GH7BW81YELH558
        Fidelity Japan Smaller Companies Fund
        315910760
        
          
        
        2802780.29300000
        NS
        USD
        39715396.75000000
        0.709750141990
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Variable Insurance Products Fund
        549300DXU3EB0NDEJ256
        VIP Stock Selector All Cap Portfolio - Investor Class
        922174362
        
          
        
        194452012.51700000
        NS
        USD
        1860905759.79000000
        33.25607284136
        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




010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Variable Insurance Products:
FundsManager 50% Portfolio
March 31, 2022
VF50-NPRT1-0522
1.847119.115
Equity Funds - 57.0%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Fund (a)
 
2,786,955
30,349,935
Fidelity Contrafund (a)
 
1,394,655
23,290,737
Fidelity Emerging Markets Discovery Fund (a)
 
1,752,553
26,814,066
Fidelity Emerging Markets Fund (a)
 
1,953,410
73,565,411
Fidelity Equity-Income Fund (a)
 
958,154
66,601,261
Fidelity Global Commodity Stock Fund (a)
 
5,345,981
112,960,578
Fidelity International Capital Appreciation Fund (a)
 
2,400,630
59,319,576
Fidelity International Discovery Fund (a)
 
1,625,539
75,359,992
Fidelity International Enhanced Index Fund (a)
 
7,155,456
74,559,847
Fidelity International Small Cap Fund (a)
 
1,031,950
31,030,737
Fidelity International Small Cap Opportunities Fund (a)
 
1,892,014
41,189,150
Fidelity International Value Fund (a)
 
4,947,162
45,414,952
Fidelity Japan Smaller Companies Fund (a)
 
2,802,780
39,715,397
Fidelity Large Cap Value Enhanced Index Fund (a)
 
2,210,610
35,480,296
Fidelity Low-Priced Stock Fund (a)
 
1,764,660
92,732,877
Fidelity Overseas Fund (a)
 
5,026,155
296,291,829
Fidelity Real Estate Investment Portfolio (a)
 
1,137,616
57,847,751
Fidelity U.S. Low Volatility Equity Fund (a)
 
9,454,958
107,975,616
Fidelity Value Discovery Fund (a)
 
1,038,958
39,625,854
VIP Stock Selector All Cap Portfolio Investor Class (a)
 
194,433,437
1,860,727,993
 
TOTAL EQUITY FUNDS
 (Cost $2,965,056,165)
 
 
3,190,853,855
 
 
 
 
Fixed-Income Funds - 36.4%
 
 
Shares
Value ($)
 
Fidelity Floating Rate High Income Fund (a)
 
21,533,073
202,410,890
Fidelity High Income Fund (a)
 
5,189,594
42,814,153
Fidelity Inflation-Protected Bond Index Fund (a)
 
10,129,867
109,605,166
Fidelity Long-Term Treasury Bond Index Fund (a)
 
8,223,254
108,382,490
Fidelity New Markets Income Fund (a)
 
1,003,291
13,082,920
Fidelity U.S. Bond Index Fund (a)
 
139,236,000
1,562,227,918
 
TOTAL FIXED-INCOME FUNDS
 (Cost $2,068,032,536)
 
 
2,038,523,537
 
 
 
 
Money Market Funds - 6.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.31% (b)
 
 (Cost $348,049,088)
 
 
347,979,492
348,049,088
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
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 $13,977,804)
 
 
13,990,000
13,978,039
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $5,395,115,593)
 
 
 
5,591,404,519
NET OTHER ASSETS (LIABILITIES) - 0.1%  
3,727,031
NET ASSETS - 100.0%
5,595,131,550
 
 
 
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)
793
Jun 2022
179,644,238
(10,930,011)
(10,930,011)
ICE E-mini MSCI EAFE Index Contracts (United States)
551
Jun 2022
59,078,220
(3,426,167)
(3,426,167)
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
1,089
Jun 2022
61,283,475
(5,055,468)
(5,055,468)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(19,411,646)
The notional amount of futures sold as a percentage of Net Assets is 5.4%
 
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 $13,978,039.
 
 
 
 
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%
240,620,688
211,643,822
104,215,422
96,413
-
-
348,049,088
0.7%
Total
240,620,688
211,643,822
104,215,422
96,413
-
-
348,049,088
 
 
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
206,003,852
2,211,356
4,288,825
1,537,567
(32,698)
(1,482,795)
202,410,890
Fidelity Commodity Strategy Fund
46,184,585
-
28,516,480
-
7,665,872
5,015,958
30,349,935
Fidelity Contrafund
26,928,546
487,321
1,174,408
303,000
(119,755)
(2,830,967)
23,290,737
Fidelity Emerging Markets Discovery Fund
28,162,801
11,743
77,460
-
(9,780)
(1,273,238)
26,814,066
Fidelity Emerging Markets Fund
85,564,823
46,973
309,840
-
(58,399)
(11,678,146)
73,565,411
Fidelity Equity-Income Fund
69,589,597
417,507
2,664,008
57
7,156
(748,991)
66,601,261
Fidelity Global Commodity Stock Fund
94,953,263
462,252
8,876,516
-
1,111,240
25,310,339
112,960,578
Fidelity High Income Fund
45,407,977
601,621
905,660
459,613
(13,228)
(2,276,557)
42,814,153
Fidelity Inflation-Protected Bond Index Fund
178,483,279
479,266
64,974,710
-
5,897,951
(10,280,620)
109,605,166
Fidelity International Capital Appreciation Fund
69,561,632
210,196
1,435,719
-
(125,609)
(8,890,924)
59,319,576
Fidelity International Discovery Fund
87,809,314
276,008
1,884,670
-
(382,745)
(10,457,915)
75,359,992
Fidelity International Enhanced Index Fund
81,199,208
244,773
1,668,232
-
(111,629)
(5,104,273)
74,559,847
Fidelity International Small Cap Fund
33,991,641
108,408
738,761
-
(9,496)
(2,321,055)
31,030,737
Fidelity International Small Cap Opportunities Fund
50,047,565
143,430
-
-
-
(9,001,845)
41,189,150
Fidelity International Value Fund
46,904,553
143,431
979,350
-
8,410
(662,092)
45,414,952
Fidelity Japan Smaller Companies Fund
44,171,817
-
-
-
-
(4,456,420)
39,715,397
Fidelity Large Cap Value Enhanced Index Fund
36,543,576
202,603
1,292,989
-
12,250
14,856
35,480,296
Fidelity Long-Term Treasury Bond Index Fund
159,226,200
1,181,106
37,036,788
725,357
(6,679,369)
(8,308,659)
108,382,490
Fidelity Low-Priced Stock Fund
97,738,692
510,282
3,255,703
-
(46,956)
(2,213,438)
92,732,877
Fidelity New Markets Income Fund
14,413,594
179,914
301,886
132,578
(21,710)
(1,186,992)
13,082,920
Fidelity Overseas Fund
347,123,964
1,039,683
7,094,650
-
(917,933)
(43,859,235)
296,291,829
Fidelity Real Estate Investment Portfolio
81,569,943
212,860
18,341,417
-
2,431,089
(8,024,724)
57,847,751
Fidelity U.S. Bond Index Fund
1,620,378,871
91,613,372
46,805,925
7,738,189
(923,625)
(102,034,775)
1,562,227,918
Fidelity U.S. Low Volatility Equity Fund
115,189,015
349,345
2,229,293
-
(80,257)
(5,253,194)
107,975,616
Fidelity Value Discovery Fund
40,995,515
224,372
1,431,396
-
47,209
(209,846)
39,625,854
VIP Stock Selector All Cap Portfolio Investor Class
2,003,817,452
4,928,274
31,446,942
-
(1,703,108)
(114,867,683)
1,860,727,993
 
5,711,961,275
106,286,096
267,731,628
10,896,361
5,944,880
(327,083,231)
5,229,377,392
 
 
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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