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As Of Filer Filing For·On·As Docs:Size Issuer Agent 8/22/14 Variable Ins Products Fund V N-CSRS 6/30/14 3:314K Fidelity Contrafund → Government Money Market Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2 |
Document/Exhibit Description Pages Size
1: N-CSRS Certified Semi-Annual Shareholder Report of a HTML 241K
Management Investment Company
3: EX-99.906 CERT Miscellaneous Exhibit HTML 7K
2: EX-99.CERT Miscellaneous Exhibit HTML 15K
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| 1 | 1st Page - Filing Submission | ||||
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05361
Variable Insurance Products Fund V
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
|
Date of fiscal year end: |
December 31 |
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|
|
|
Date of reporting period: |
This report on Form N-CSR relates solely to the Registrant's Money Market Portfolio series (the "Fund").
Item 1. Reports to Stockholders
Fidelity® Variable Insurance Products:
Money Market Portfolio
Semiannual Report
(Fidelity Cover Art)
|
Shareholder Expense Example |
An example of shareholder expenses. |
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Investment Changes/Performance |
A summary of major shifts in the fund's investments over the past six months and one year. |
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Investments |
A complete list of the fund's investments. |
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Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
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Notes |
Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2014 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2014 to June 30, 2014).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
|
|
Annualized |
Beginning |
Ending |
Expenses Paid |
|
Initial Class |
.24% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ 1.19 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,023.60 |
$ 1.20 |
|
Service Class |
.24% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ 1.19 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,023.60 |
$ 1.20 |
|
Service Class 2 |
.24% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ 1.19 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,023.60 |
$ 1.20 |
|
Investor Class |
.24% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ 1.19 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,023.60 |
$ 1.20 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
|
Effective Maturity Diversification |
|||
|
Days |
% of fund's investments 6/30/14 |
% of fund's investments 12/31/13 |
% of fund's |
|
1 - 7 |
29.0 |
24.4 |
28.8 |
|
8 - 30 |
19.0 |
23.7 |
20.5 |
|
31 - 60 |
16.3 |
18.7 |
14.6 |
|
61 - 90 |
15.6 |
10.5 |
17.5 |
|
91 - 180 |
18.4 |
16.2 |
15.7 |
|
> 180 |
1.7 |
6.5 |
2.9 |
|
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
|
Weighted Average Maturity |
|||
|
|
6/30/14 |
12/31/13 |
6/30/13 |
|
VIP Money Market Portfolio |
49 Days |
58 Days |
58 Days |
|
All Taxable Money Market Funds Average* |
44 Days |
47 Days |
50 Days |
|
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
|
* Source: iMoneyNet, Inc. |
|
Weighted Average Life |
|||
|
|
6/30/14 |
12/31/13 |
6/30/13 |
|
VIP Money Market Portfolio |
75 Days |
105 Days |
84 Days |
|
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of June 30, 2014 |
As of December 31, 2013 |
||||||
 |
Certificates of |
|
|
Certificates of |
|
||
 |
Commercial Paper 10.5% |
|
|
Commercial Paper 20.0% |
|
||
 |
Variable Rate |
|
|
Variable Rate |
|
||
 |
Other Notes 0.9% |
|
|
Other Notes 1.0% |
|
||
 |
Treasury Debt 4.7% |
|
|
Treasury Debt 8.2% |
|
||
 |
Government Agency |
|
|
Government Agency |
|
||
 |
Other Municipal Debt 0.3% |
|
|
Other Municipal Debt 0.8% |
|
||
 |
Other Instruments 0.5% |
|
|
Other Instruments 3.7% |
|
||
 |
Repurchase |
|
|
Repurchase |
|
||
 |
Net Other Assets |
|
|
Net Other Assets |
|
||
Semiannual Report
|
Current and Historical Seven-Day Yields |
|
|
6/30/14 |
3/31/14 |
12/31/13 |
9/30/13 |
6/30/13 |
|
VIP Money Market Portfolio - Initial Class |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
|
VIP Money Market Portfolio - Service Class |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
|
VIP Money Market Portfolio - Service Class 2 |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
|
VIP Money Market Portfolio - Investor Class |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending June 30, 2014, the most recent period shown in the table, would have been -0.01% for Initial Class, -0.11% for Service Class, -0.26% for Service Class 2 and -0.03% for Investor Class.
Semiannual Report
Showing Percentage of Net Assets
|
Certificate of Deposit - 60.8% |
||||
|
|
|
Yield (a) |
Principal Amount |
Value |
|
Domestic Certificates Of Deposit - 7.4% |
||||
|
Branch Banking & Trust Co. |
||||
|
|
8/28/14 to 9/25/14 |
0.22% |
$ 20,000,000 |
$ 20,000,000 |
|
Citibank NA |
||||
|
|
8/5/14 to 10/30/14 |
0.21 |
111,000,000 |
111,000,000 |
|
RBS Citizens NA |
||||
|
|
7/28/14 |
0.30 |
13,000,000 |
13,000,000 |
|
Wells Fargo Bank NA |
||||
|
|
11/4/14 to 3/2/15 |
0.20 to 0.21 (c) |
59,000,000 |
59,000,000 |
|
|
|
203,000,000 |
||
|
London Branch, Eurodollar, Foreign Banks - 5.6% |
||||
|
Credit Agricole SA |
||||
|
|
9/2/14 to 9/9/14 |
0.24 to 0.25 |
56,000,000 |
56,000,000 |
|
ING Bank NV |
||||
|
|
7/14/14 |
0.19 |
20,000,000 |
20,000,000 |
|
Mizuho Corporate Bank Ltd. |
||||
|
|
7/29/14 |
0.25 |
10,000,000 |
9,998,057 |
|
National Australia Bank Ltd. |
||||
|
|
8/11/14 to 1/5/15 |
0.20 to 0.21 (c) |
70,000,000 |
70,000,000 |
|
|
|
155,998,057 |
||
|
New York Branch, Yankee Dollar, Foreign Banks - 47.8% |
||||
|
Bank of Montreal Chicago CD Program |
||||
|
|
9/18/14 to 3/13/15 |
0.18 to 0.24 (c) |
38,000,000 |
38,000,000 |
|
Bank of Nova Scotia |
||||
|
|
7/7/14 to 5/15/15 |
0.20 to 0.29 (c) |
99,000,000 |
99,000,000 |
|
Bank of Tokyo-Mitsubishi UFJ Ltd. |
||||
|
|
8/19/14 to 12/5/14 |
0.24 to 0.25 |
96,000,000 |
96,000,000 |
|
BNP Paribas New York Branch |
||||
|
|
7/1/14 to 9/15/14 |
0.13 to 0.27 |
56,000,000 |
56,000,000 |
|
Canadian Imperial Bank of Commerce |
||||
|
|
11/28/14 to 3/13/15 |
0.24 to 0.29 (c) |
36,000,000 |
36,000,000 |
|
Credit Agricole CIB |
||||
|
|
7/2/14 to 9/3/14 |
0.24 to 0.26 |
82,000,000 |
82,000,000 |
|
Credit Suisse AG |
||||
|
|
8/11/14 to 11/3/14 |
0.25 to 0.31 (c) |
61,000,000 |
61,000,000 |
|
Deutsche Bank |
||||
|
|
8/27/14 |
0.24 |
27,000,000 |
27,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp. |
||||
|
|
10/10/14 |
0.28 |
4,000,000 |
4,000,000 |
|
Mizuho Corporate Bank Ltd. |
||||
|
|
7/7/14 to 10/21/14 |
0.10 to 0.25 |
85,000,000 |
85,000,000 |
|
Natexis Banques Populaires New York Branch |
||||
|
|
7/1/14 to 8/4/14 |
0.13 to 0.23 |
138,000,000 |
138,000,000 |
|
National Bank of Canada |
||||
|
|
9/8/14 to 12/17/14 |
0.31 to 0.34 (c) |
53,000,000 |
52,997,450 |
|
Nordea Bank Finland PLC |
||||
|
|
9/29/14 |
0.20 |
20,000,000 |
20,000,000 |
|
|
|||
|
|
Yield (a) |
Principal Amount |
Value |
|
Royal Bank of Canada |
|||
|
4/9/15 to 6/26/15 |
0.22 to 0.23% (c) |
$ 22,000,000 |
$ 22,000,000 |
|
Skandinaviska Enskilda Banken |
|||
|
8/1/14 |
0.24 |
18,000,000 |
18,000,000 |
|
Societe Generale |
|||
|
7/31/14 |
0.25 (c) |
34,000,000 |
34,000,000 |
|
Sumitomo Mitsui Banking Corp. |
|||
|
7/7/14 to 12/15/14 |
0.22 to |
139,500,000 |
139,500,001 |
|
Sumitomo Mitsui Trust Banking Ltd. |
|||
|
7/11/14 to 10/24/14 |
0.24 to 0.26 |
105,000,000 |
105,000,000 |
|
Svenska Handelsbanken, Inc. |
|||
|
9/25/14 |
0.22 |
23,000,000 |
23,000,274 |
|
Swedbank AB |
|||
|
10/7/14 to 10/10/14 |
0.24 |
105,000,000 |
104,997,110 |
|
Toronto-Dominion Bank |
|||
|
9/10/14 to 6/8/15 |
0.22 to |
37,000,000 |
37,000,000 |
|
UBS AG |
|||
|
10/3/14 to 12/23/14 |
0.25 to |
40,000,000 |
40,000,000 |
|
|
|
1,318,494,835 |
|
|
TOTAL CERTIFICATE OF DEPOSIT (Cost $1,677,492,892) |
1,677,492,892 |
||
|
Financial Company Commercial Paper - 9.2% |
|||
|
|
|||
|
Barclays Bank PLC/Barclays U.S. CCP Funding LLC |
|||
|
7/16/14 |
0.23 |
14,000,000 |
13,998,658 |
|
BAT International Finance PLC |
|||
|
7/2/14 to 8/8/14 |
0.27 |
8,000,000 |
7,999,033 |
|
BNP Paribas Finance, Inc. |
|||
|
7/3/14 to 7/7/14 |
0.13 |
26,000,000 |
25,999,509 |
|
General Electric Capital Corp. |
|||
|
11/3/14 to 11/10/14 |
0.20 |
68,000,000 |
67,952,311 |
|
JPMorgan Securities LLC |
|||
|
9/3/14 to 11/25/14 |
0.23 to 0.27 |
21,000,000 |
20,984,410 |
|
Landesbank Baden-Wurttemberg |
|||
|
7/3/14 to 7/18/14 |
0.15 to 0.20 |
60,000,000 |
59,997,444 |
|
Skandinaviska Enskilda Banken AB |
|||
|
8/11/14 to 8/19/14 |
0.24 |
26,000,000 |
25,992,369 |
|
Svenska Handelsbanken, Inc. |
|||
|
9/22/14 |
0.22 |
13,000,000 |
12,993,406 |
|
Swedbank AB |
|||
|
7/21/14 |
0.24 |
19,000,000 |
18,997,519 |
|
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (Cost $254,914,659) |
254,914,659 |
||
|
Other Commercial Paper - 1.3% |
|||
|
|
Yield (a) |
Principal Amount |
Value |
|
Dominion Resources, Inc. |
|||
|
7/10/14 to 7/29/14 |
0.25% |
$ 2,000,000 |
$ 1,999,743 |
|
Hewlett-Packard Co. |
|||
|
7/3/14 to 7/28/14 |
0.27 to 0.28 |
5,000,000 |
4,999,145 |
|
NBCUniversal Enterprise, Inc. |
|||
|
7/11/14 to 7/25/14 |
0.24 to 0.25 |
3,000,000 |
2,999,600 |
|
Northeast Utilities |
|||
|
7/1/14 |
0.23 |
1,000,000 |
1,000,000 |
|
Tesco Treasury Services PLC |
|||
|
7/2/14 to 8/6/14 |
0.23 to 0.29 |
11,000,000 |
10,998,576 |
|
Verizon Communications, Inc. |
|||
|
7/30/14 |
0.35 (c) |
12,000,000 |
12,000,000 |
|
Virginia Electric & Power Co. |
|||
|
7/31/14 |
0.25 |
1,000,000 |
999,792 |
|
TOTAL OTHER COMMERCIAL PAPER (Cost $34,996,856) |
34,996,856 |
||
|
Treasury Debt - 4.7% |
|||
|
|
|||
|
U.S. Treasury Obligations - 4.7% |
|||
|
U.S. Treasury Bills |
|||
|
8/14/14 to 6/25/15 |
0.11 to 0.14 |
75,000,000 |
74,958,354 |
|
U.S. Treasury Notes |
|||
|
8/15/14 to 11/15/14 |
0.15 to 0.18 |
56,000,000 |
56,272,558 |
|
TOTAL TREASURY DEBT (Cost $131,230,912) |
131,230,912 |
||
|
Other Note - 0.9% |
|||
|
|
|||
|
Medium-Term Notes - 0.9% |
|||
|
Dominion Resources, Inc. |
|||
|
8/13/14 |
0.35 (b)(c) |
6,000,000 |
6,000,000 |
|
Svenska Handelsbanken AB |
|||
|
12/15/14 to 12/26/14 |
0.28 (b)(c) |
18,000,000 |
18,000,000 |
|
TOTAL OTHER NOTE (Cost $24,000,000) |
24,000,000 |
||
|
Variable Rate Demand Note - 0.0% |
|||
|
|
|||
|
Florida - 0.0% |
|||
|
Palm Beach County Rev. (The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, LOC Bank of America NA, VRDN |
|||
|
7/7/14 |
0.09 (c) |
|
|
|
(Cost $1,100,000) |
1,100,000 |
1,100,000 |
|
|
Government Agency Debt - 0.5% |
||||
|
|
Yield (a) |
Principal Amount |
|
Value |
|
Federal Agencies - 0.5% |
||||
|
Federal Home Loan Bank |
||||
|
1/9/15 |
0.20% |
|
|
|
|
(Cost $13,000,000) |
$ 13,000,000 |
|
$ 13,000,000 |
|
|
Other Instrument - 0.5% |
||||
|
|
||||
|
Time Deposits - 0.5% |
||||
|
ING Bank NV |
||||
|
7/1/14 |
0.11 |
|
|
|
|
(Cost $13,000,000) |
13,000,000 |
|
13,000,000 |
|
|
Other Municipal Debt - 0.3% |
|||
|
|
|
|
|
|
Massachusetts - 0.1% |
|||
|
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.27% tender 8/8/14, CP mode |
2,200,000 |
2,200,000 |
|
|
New Hampshire - 0.2% |
|||
|
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A2, 0.32% tender 8/11/14, CP mode (d) |
5,000,000 |
5,000,000 |
|
|
TOTAL OTHER MUNICIPAL DEBT (Cost $7,200,000) |
7,200,000 |
||
|
Government Agency Repurchase Agreement - 9.9% |
|||
|
Maturity Amount |
|
||
|
In a joint trading account at 0.11% dated 6/30/14 due 7/1/14 (Collateralized by U.S. Government Obligations) # |
$ 223,372,678 |
223,372,000 |
|
|
With: |
|
|
|
|
Mitsubishi UFJ Securities (U.S.A.), Inc. at 0.1%, dated: |
|
|
|
|
5/14/14 due 7/7/14 (Collateralized by U.S. Government Obligations valued at $9,181,224, 2.20% - 5.40%, 12/01/25 - 4/01/44) |
9,001,525 |
9,000,000 |
|
|
5/27/14 due 7/7/14 (Collateralized by U.S. Government Obligations valued at $8,160,794, 2.40% - 5.40%, 12/01/25 - 4/01/44) |
8,001,378 |
8,000,000 |
|
|
5/30/14 due 7/7/14 (Collateralized by U.S. Government Obligations valued at $7,140,635, 2.20% - 5.40%, 12/01/25 - 4/01/44) |
7,001,186 |
7,000,000 |
|
|
Government Agency Repurchase Agreement - continued |
|||
|
Maturity Amount |
Value |
||
|
With: |
|
|
|
|
Mizuho Securities U.S.A., Inc. at 0.15%, dated 5/19/14 due 7/7/14 (Collateralized by U.S. Treasury Obligations valued at $9,229,507, 0.13% - 4.00%, 4/15/19 - 6/01/44) |
$ 9,004,538 |
$ 9,000,000 |
|
|
Morgan Stanley & Co., Inc. at 0.08%, dated 6/30/14 due 7/7/14 (Collateralized by U.S. Government Obligations valued at $18,360,041, 5.50%, 4/01/40) |
18,000,280 |
18,000,000 |
|
|
TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $274,372,000) |
274,372,000 |
||
|
Other Repurchase Agreement - 11.4% |
|||
|
|
|||
|
Other Repurchase Agreement - 11.4% |
|||
|
With: |
|
|
|
|
BNP Paribas Securities Corp. at: |
|
|
|
|
0.25%, dated 6/12/14 due 7/7/14 (Collateralized by Corporate Obligations valued at $3,158,006, 6.00% - 6.50%, 9/01/17 - 6/02/41) |
3,000,667 |
3,000,000 |
|
|
0.44%, dated 5/12/14 due 7/7/14 (Collateralized by Corporate Obligations valued at $1,080,661, 5.13% - 9.25%, 11/15/18 - 5/28/24) |
1,000,733 |
1,000,000 |
|
|
Citigroup Global Markets, Inc. at: |
|
|
|
|
0.18%, dated 6/30/14 due 7/1/14 (Collateralized by Equity Securities valued at $16,200,100) |
15,000,075 |
15,000,000 |
|
|
0.81%, dated 4/16/14 due 7/15/14 (Collateralized by Corporate Obligations valued at $3,245,541, 0.25%, 6/01/18) |
3,006,075 |
3,000,000 |
|
|
0.98%, dated 5/20/14 due 10/3/14 (Collateralized by Corporate Obligations valued at $7,568,644, 0.45% - 6.00%, 9/21/14 - 10/05/47) |
7,034,491 |
7,000,000 |
|
|
Credit Suisse Securities (U.S.A.) LLC at: |
|
|
|
|
0.2%, dated 6/24/14 due 7/1/14 (Collateralized by U.S. Government Obligations valued at $2,060,476, 2.50%, 2/20/42) |
2,000,078 |
2,000,000 |
|
|
0.44%, dated 6/24/14 due 7/1/14 (Collateralized by U.S. Government Obligations valued at $3,092,187, 2.50%, 9/20/43) |
3,000,257 |
3,000,000 |
|
|
|
|||
|
Maturity Amount |
Value |
||
|
0.63%, dated: |
|
|
|
|
5/2/14 due 8/5/14 (Collateralized by U.S. Government Obligations valued at $5,160,180, 2.50%, 9/20/43) |
$ 5,008,313 |
$ 5,000,000 |
|
|
6/12/14 due: |
|
|
|
|
9/10/14 (Collateralized by U.S. Government Obligations valued at $2,063,092, 2.50%, 9/20/43) |
2,003,150 |
2,000,000 |
|
|
9/12/14 (Collateralized by U.S. Government Obligations valued at $2,063,092, 2.50%, 9/20/43) |
2,003,220 |
2,000,000 |
|
|
6/27/14 due: |
|
|
|
|
9/17/14 (Collateralized by U.S. Government Obligations valued at $4,121,283, 2.50%, 9/20/43) |
4,005,740 |
4,000,000 |
|
|
9/24/14 (Collateralized by U.S. Government Obligations valued at $1,031,288, 0.60%, 11/20/41) |
1,001,558 |
1,000,000 |
|
|
0.64%, dated: |
|
|
|
|
5/9/14 due 8/7/14 (Collateralized by Corporate Obligations valued at $31,353,971, 7.88% - 9.00%, 9/15/17 - 12/15/22) |
29,046,400 |
29,000,000 |
|
|
6/4/14 due 9/2/14 (Collateralized by U.S. Government Obligations valued at $5,153,558, 2.50%, 2/20/42) |
5,008,000 |
5,000,000 |
|
|
0.7%, dated 4/16/14 due 10/14/14 (Collateralized by U.S. Government Obligations valued at $3,097,088, 2.50%, 9/20/43) |
3,010,558 |
3,000,000 |
|
|
ING Financial Markets LLC at 0.16%, dated 6/30/14 due 7/1/14 (Collateralized by Corporate Obligations valued at $9,450,389, 3.75% - 5.35%, 4/01/15 - 5/01/24) |
9,000,040 |
9,000,000 |
|
|
J.P. Morgan Clearing Corp. at: |
|
|
|
|
0.62%, dated 6/25/14 due 11/24/14 (Collateralized by Equity Securities valued at $5,435,972) |
5,013,089 |
5,000,000 |
|
|
0.63%, dated 6/19/14 due 9/29/14 (Collateralized by Equity Securities valued at $3,261,800) |
3,011,025 |
3,000,000 |
|
|
Other Repurchase Agreement - continued |
|||
|
Maturity Amount |
Value |
||
|
Other Repurchase Agreement - continued |
|||
|
With: - continued |
|
|
|
|
J.P. Morgan Securities, Inc. at: |
|
|
|
|
0.21%, dated 6/25/14 due 7/2/14 (Collateralized by U.S. Government Obligations valued at $5,150,727, 5.85% - 7.00%, 2/15/32 - 10/15/41) |
$ 5,000,204 |
$ 5,000,000 |
|
|
0.61%, dated: |
|
|
|
|
3/5/14 due 9/29/14 (Collateralized by Mortgage Loan Obligations valued at $1,083,135, 0.50%, 3/25/35) |
1,003,779 |
1,000,000 |
|
|
3/12/14 due 7/10/14 (Collateralized by Mortgage Loan Obligations valued at $3,247,401, 4.05%, 5/08/19) |
3,006,100 |
3,000,000 |
|
|
5/14/14 due 9/29/14 (Collateralized by Mortgage Loan Obligations valued at $4,324,048, 1.35%, 4/15/17) |
4,014,233 |
4,000,000 |
|
|
6/4/14 due 9/29/14 (Collateralized by Mortgage Loan Obligations valued at $6,484,264, 1.35% - 2.80%, 3/15/22 - 4/25/45) |
6,020,130 |
6,000,000 |
|
|
6/16/14 due 9/29/14 (Collateralized by Equity Securities valued at $5,436,204) |
5,012,708 |
5,000,000 |
|
|
6/19/14 due 9/29/14 (Collateralized by Equity Securities valued at $1,087,188) |
1,002,491 |
1,000,000 |
|
|
0.63%, dated 6/18/14 due 9/29/14 (Collateralized by Mortgage Loan Obligations valued at $10,804,256, 0.00% - 6.38%, 3/25/35 - 2/12/51) |
10,041,650 |
10,000,000 |
|
|
Merrill Lynch, Pierce, Fenner & Smith at: |
|
|
|
|
0.24%, dated 6/26/14 due 7/3/14 (Collateralized by U.S. Government Obligations valued at $14,383,202, 0.60% - 9.50%, 3/25/20 - 8/20/63) |
14,000,653 |
14,000,000 |
|
|
0.33%, dated 6/30/14 due 7/1/14 (Collateralized by Municipal Bond Obligations valued at $43,080,516, 0.00% - 6.35%, 8/01/26 - 8/01/57) |
40,000,367 |
40,000,000 |
|
|
0.78%, dated: |
|
|
|
|
5/5/14 due 8/4/14 (Collateralized by Corporate Obligations valued at $3,242,374, 0.35% - 3.75%, 5/15/16 - 8/15/27) |
3,005,915 |
3,000,000 |
|
|
|
|||
|
Maturity Amount |
Value |
||
|
5/8/14 due 8/6/14 (Collateralized by Corporate Obligations valued at $6,488,435, 3.25%, 3/15/16) |
$ 6,011,700 |
$ 6,000,000 |
|
|
5/16/14 due 8/14/14 (Collateralized by Equity Securities valued at $8,648,666) |
8,015,600 |
8,000,000 |
|
|
0.85%, dated 6/4/14 due 8/6/14 (Collateralized by Corporate Obligations valued at $9,720,244, 0.32% - 9.63%, 6/15/18 - 4/01/21) |
9,013,388 |
9,000,000 |
|
|
Mitsubishi UFJ Securities (U.S.A.), Inc. at: |
|
|
|
|
0.21%, dated 6/24/14 due 7/1/14 (Collateralized by Corporate Obligations valued at $2,100,087, 0.61% - 7.30%, 4/01/15 - 5/01/31) |
2,000,082 |
2,000,000 |
|
|
0.26%, dated: |
|
|
|
|
6/2/14 due 7/3/14 (Collateralized by Equity Securities valued at $28,085,887) |
26,005,821 |
26,000,000 |
|
|
6/12/14 due 7/7/14 (Collateralized by Equity Securities valued at $2,160,301) |
2,000,462 |
2,000,000 |
|
|
6/19/14 due 7/7/14 (Collateralized by Equity Securities valued at $3,240,284) |
3,000,693 |
3,000,000 |
|
|
Mizuho Securities U.S.A., Inc. at: |
|
|
|
|
0.3%, dated: |
|
|
|
|
6/16/14 due 7/1/14 (Collateralized by Equity Securities valued at $2,160,299) |
2,000,250 |
2,000,000 |
|
|
6/24/14 due 7/7/14 (Collateralized by Equity Securities valued at $3,240,248) |
3,000,350 |
3,000,000 |
|
|
0.52%, dated 6/5/14 due 7/2/14 (Collateralized by U.S. Government Obligations valued at $1,079,188, 5.78% - 11.00%, 6/15/27 - 7/15/41) |
1,000,390 |
1,000,000 |
|
|
0.91%, dated: |
|
|
|
|
4/21/14 due 7/21/14 (Collateralized by Corporate Obligations valued at $1,081,644, 0.00% - 8.88%, 2/15/19 - 3/20/43) |
1,002,300 |
1,000,000 |
|
|
4/24/14 due 7/23/14 (Collateralized by U.S. Government Obligations valued at $2,088,064, 0.00% - 3.50%, 2/28/19 - 3/20/43) |
2,004,550 |
2,000,000 |
|
|
5/2/14 due 8/4/14 (Collateralized by Corporate Obligations valued at $3,245,124, 0.52% - 3.50%, 3/01/28 - 3/20/43) |
3,007,128 |
3,000,000 |
|
|
Other Repurchase Agreement - continued |
|||
|
Maturity Amount |
Value |
||
|
Other Repurchase Agreement - continued |
|||
|
With: - continued |
|
|
|
|
Mizuho Securities U.S.A., Inc. at: |
|
|
|
|
0.91%, dated: |
|
|
|
|
5/9/14 due 8/7/14 (Collateralized by Corporate Obligations valued at $2,162,358, 0.00% - 8.88%, 2/15/19 - 3/20/43) |
$ 2,004,550 |
$ 2,000,000 |
|
|
6/2/14 due 9/2/14 (Collateralized by Corporate Obligations valued at $3,242,091, 0.00% - 2.50%, 2/28/19 - 10/25/37) |
3,006,977 |
3,000,000 |
|
|
1.03%, dated 5/9/14 due 9/5/14 (Collateralized by Corporate Obligations valued at $2,162,671, 0.00% - 8.88%, 2/15/19 - 3/20/43) |
2,006,809 |
2,000,000 |
|
|
RBC Capital Markets Co. at: |
|
|
|
|
0.25%, dated 6/24/14 due 7/7/14 (Collateralized by U.S. Government Obligations valued at $3,088,965, 0.60% - 11.60%, 7/01/27 - 5/01/44) |
3,000,292 |
3,000,000 |
|
|
0.29%, dated 6/23/14 due 7/7/14 (Collateralized by U.S. Government Obligations valued at $4,113,472, 0.00% - 6.52%, 10/15/20 - 3/01/44) |
4,002,964 |
4,000,000 |
|
|
0.38%, dated: |
|
|
|
|
6/17/14 due 7/1/14 (Collateralized by Corporate Obligations valued at $3,240,480, 4.88% - 14.75%, 2/12/15 - 1/15/43) |
3,000,443 |
3,000,000 |
|
|
6/20/14 due 7/7/14 (Collateralized by Corporate Obligations valued at $3,240,377, 5.63% - 14.75%, 2/12/15 - 8/12/23) |
3,000,538 |
3,000,000 |
|
|
0.4%, dated 6/17/14 due 7/1/14 (Collateralized by Mortgage Loan Obligations valued at $1,080,108, 0.31% - 6.29%, 6/20/35 - 12/12/49) |
1,000,156 |
1,000,000 |
|
|
RBS Securities, Inc. at 0.6%, dated 6/24/14 due 7/1/14 (Collateralized by U.S. Government Obligations valued at $3,062,659, 4.00%, 11/01/43) |
3,000,350 |
3,000,000 |
|
|
SG Americas Securities, LLC at: |
|
|
|
|
0.27%, dated: |
|
|
|
|
6/24/14 due 7/1/14 (Collateralized by Equity Securities valued at $7,560,471) |
7,000,368 |
7,000,000 |
|
|
6/25/14 due 7/2/14 (Collateralized by Corporate Obligations valued at $3,150,143, 0.68% - 9.25%, 7/15/14 - 6/09/44) |
3,000,158 |
3,000,000 |
|
|
|
|||
|
Maturity Amount |
Value |
||
|
6/26/14 due 7/3/14 (Collateralized by Equity Securities valued at $5,400,273) |
$ 5,000,263 |
$ 5,000,000 |
|
|
0.36%, dated 6/25/14 due 7/2/14 (Collateralized by Corporate Obligations valued at $5,399,586, 1.50% - 12.25%, 1/15/15 - 5/15/44) |
5,000,350 |
5,000,000 |
|
|
UBS Securities LLC at 0.43%, dated: |
|
|
|
|
4/8/14 due 7/7/14 (Collateralized by Corporate Obligations valued at $4,324,424, 0.25% - 9.00%, 5/01/15 - 3/15/25) |
4,004,348 |
4,000,000 |
|
|
4/15/14 due 7/7/14 (Collateralized by Corporate Obligations valued at $3,314,006, 0.25% - 9.38%, 3/15/15 - 9/01/42) |
3,003,225 |
3,000,000 |
|
|
Wells Fargo Securities, LLC at 0.4%, dated 6/25/14 due 7/2/14 (Collateralized by Corporate Obligations valued at $3,138,115, 1.40% - 3.95%, 7/15/15 - 9/14/22) |
3,000,233 |
3,000,000 |
|
|
TOTAL OTHER REPURCHASE AGREEMENT (Cost $316,000,000) |
316,000,000 |
||
|
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $2,747,307,319) |
2,747,307,319 |
||
|
NET OTHER ASSETS (LIABILITIES) - 0.5% |
12,856,053 |
||
|
NET ASSETS - 100% |
$ 2,760,163,372 |
||
|
Security Type Abbreviations |
||
|
CP |
- |
COMMERCIAL PAPER |
|
VRDN |
- |
VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
|
Legend |
|
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
|
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $24,000,000 or 0.9% of net assets. |
|
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
|
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
|
# Additional information on each counterparty to the repurchase agreement is as follows: |
|
Repurchase Agreement / Counterparty |
Value |
|
$223,372,000 due 7/01/14 at 0.11% |
|
|
BNP Paribas Securities Corp. |
$ 35,003,207 |
|
BNY Mellon Capital Markets LLC |
30,507,382 |
|
Bank of America NA |
56,904,294 |
|
Credit Agricole CIB New York Branch |
1,734,104 |
|
Deutsche Bank Securities, Inc. |
3,532,434 |
|
HSBC Securities (USA), Inc. |
5,549,293 |
|
J.P. Morgan Securities, Inc. |
8,253,050 |
|
Mizuho Securities USA, Inc. |
32,113,034 |
|
Wells Fargo Securities LLC |
49,775,202 |
|
|
$ 223,372,000 |
|
Other Information |
|
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
|
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
June 30, 2014 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value (including repurchase agreements of $590,372,000) - See accompanying schedule: Unaffiliated issuers (cost $2,747,307,319) |
|
$ 2,747,307,319 |
|
Cash |
|
3,663 |
|
Receivable for investments sold |
|
7,000,144 |
|
Receivable for fund shares sold |
|
14,769,184 |
|
Interest receivable |
|
1,014,644 |
|
Other receivables |
|
23,596 |
|
Total assets |
|
2,770,118,550 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for fund shares redeemed |
$ 9,368,597 |
|
|
Accrued management fee |
386,499 |
|
|
Distribution and service plan fees payable |
61 |
|
|
Other affiliated payables |
136,083 |
|
|
Other payables and accrued expenses |
63,938 |
|
|
Total liabilities |
|
9,955,178 |
|
|
|
|
|
Net Assets |
|
$ 2,760,163,372 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,760,036,637 |
|
Undistributed net investment income |
|
618 |
|
Accumulated undistributed net realized gain (loss) on investments |
|
126,117 |
|
Net Assets |
|
$ 2,760,163,372 |
|
|
June 30, 2014 (Unaudited) |
|
|
|
|
|
|
Initial Class: |
|
$ 1.00 |
|
|
|
|
|
Service Class: |
|
$ 1.00 |
|
|
|
|
|
Service Class 2: |
|
$ 1.00 |
|
|
|
|
|
Investor Class: |
|
$ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
|
Six months ended June 30, 2014 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Interest |
|
$ 3,039,796 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 2,069,800 |
|
|
Transfer agent fees |
985,296 |
|
|
Distribution and service plan fees |
317,675 |
|
|
Accounting fees and expenses |
116,561 |
|
|
Custodian fees and expenses |
27,197 |
|
|
Independent trustees' compensation |
4,701 |
|
|
Registration fees |
2,403 |
|
|
Audit |
24,981 |
|
|
Legal |
1,972 |
|
|
Miscellaneous |
7,901 |
|
|
Total expenses before reductions |
3,558,487 |
|
|
Expense reductions |
(642,799) |
2,915,688 |
|
Net investment income (loss) |
|
124,108 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
|
55,164 |
|
Net increase in net assets resulting from operations |
|
$ 179,272 |
|
|
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 124,108 |
$ 464,508 |
|
Net realized gain (loss) |
55,164 |
52,762 |
|
Net increase in net assets resulting from operations |
179,272 |
517,270 |
|
Distributions to shareholders from net investment income |
(123,490) |
(465,118) |
|
Share transactions - net increase (decrease) |
423,358,648 |
274,815,548 |
|
Total increase (decrease) in net assets |
423,414,430 |
274,867,700 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
2,336,748,942 |
2,061,881,242 |
|
End of period (including undistributed net investment income of $618 and undistributed net investment income of $0, respectively) |
$ 2,760,163,372 |
$ 2,336,748,942 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended |
Years ended December 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) |
-F |
-F |
.001 |
.001 |
.002 |
.007 |
|
Net realized and unrealized gain (loss)F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
-F |
-F |
.001 |
.001 |
.002 |
.007 |
|
Distributions from net investment income |
-F |
-F |
(.001) |
(.001) |
(.002) |
(.007) |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.001) |
- |
|
Total distributions |
-F |
-F |
(.001) |
(.001) |
(.002)G |
(.007) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total ReturnB, C, D |
-% |
.03% |
.14% |
.11% |
.24% |
.72% |
|
Ratios to Average Net Assets E |
|
|
|
|
|
|
|
Expenses before reductions |
.25%A |
.26% |
.26% |
.26% |
.27% |
.31% |
|
Expenses net of fee waivers, if any |
.24%A |
.25% |
.26% |
.26% |
.26% |
.31% |
|
Expenses net of all reductions |
.24%A |
.25% |
.26% |
.26% |
.26% |
.31% |
|
Net investment income (loss) |
.01%A |
.03% |
.14% |
.11% |
.18% |
.76% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 974,587 |
$ 980,120 |
$ 889,797 |
$ 972,295 |
$ 1,008,008 |
$ 1,765,198 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
G Total distributions of $.002 per share is comprised of distributions from net investment income of $.0018 and distributions from net realized gain of $.0006 per share.
|
|
Six months ended |
Years ended December 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) |
-F |
-F |
-F |
-F |
.001 |
.006 |
|
Net realized and unrealized gain (loss)F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
-F |
-F |
-F |
-F |
.001 |
.006 |
|
Distributions from net investment income |
-F |
-F |
-F |
-F |
(.001) |
(.006) |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.001) |
- |
|
Total distributions |
-F |
-F |
-F |
-F |
(.001)G |
(.006) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total ReturnB, C, D |
-% |
.01% |
.04% |
.03% |
.14% |
.62% |
|
Ratios to Average Net Assets E |
|
|
|
|
|
|
|
Expenses before reductions |
.35%A |
.36% |
.36% |
.36% |
.37% |
.41% |
|
Expenses net of fee waivers, if any |
.24%A |
.27% |
.36% |
.34% |
.36% |
.41% |
|
Expenses net of all reductions |
.24%A |
.27% |
.36% |
.34% |
.36% |
.41% |
|
Net investment income (loss) |
.01%A |
.01% |
.04% |
.03% |
.08% |
.66% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 632,005 |
$ 117,758 |
$ 115,204 |
$ 179,652 |
$ 155,272 |
$ 112,283 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
G Total distributions of $.001 per share is comprised of distributions from net investment income of $.0008 and distributions from net realized gain of $.0006 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended |
Years ended December 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) |
-F |
-F |
-F |
-F |
-F |
.005 |
|
Net realized and unrealized gain (loss) |
-F |
-F |
-F |
-F |
.001 |
-F |
|
Total from investment operations |
-F |
-F |
-F |
-F |
.001 |
.005 |
|
Distributions from net investment income |
-F |
-F |
-F |
-F |
-F |
(.005) |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.001) |
- |
|
Total distributions |
-F |
-F |
-F |
-F |
(.001) |
(.005) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total ReturnB, C, D |
-% |
.01% |
.01% |
.01% |
.07% |
.47% |
|
Ratios to Average Net Assets E |
|
|
|
|
|
|
|
Expenses before reductions |
.51%A |
.51% |
.51% |
.51% |
.51% |
.56% |
|
Expenses net of fee waivers, if any |
.24%A |
.27% |
.39% |
.36% |
.43% |
.55% |
|
Expenses net of all reductions |
.24%A |
.27% |
.39% |
.36% |
.43% |
.55% |
|
Net investment income (loss) |
.01%A |
.01% |
.01% |
.01% |
.01% |
.51% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 139,371 |
$ 144,266 |
$ 157,866 |
$ 171,208 |
$ 182,521 |
$ 135,695 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
|
|
Six months ended |
Years ended December 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) |
-F |
-F |
.001 |
.001 |
.002 |
.007 |
|
Net realized and unrealized gain (loss)F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
-F |
-F |
.001 |
.001 |
.002 |
.007 |
|
Distributions from net investment income |
-F |
-F |
(.001) |
(.001) |
(.002) |
(.007) |
|
Distributions from net realized gain |
- |
- |
- |
- |
(.001) |
- |
|
Total distributions |
-F |
-F |
(.001) |
(.001) |
(.002)G |
(.007) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total ReturnB, C, D |
-% |
.02% |
.11% |
.09% |
.22% |
.70% |
|
Ratios to Average Net Assets E |
|
|
|
|
|
|
|
Expenses before reductions |
.28%A |
.28% |
.28% |
.28% |
.29% |
.33% |
|
Expenses net of fee waivers, if any |
.24%A |
.26% |
.28% |
.28% |
.28% |
.33% |
|
Expenses net of all reductions |
.24%A |
.26% |
.28% |
.28% |
.28% |
.33% |
|
Net investment income (loss) |
.01%A |
.02% |
.12% |
.09% |
.16% |
.73% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 1,014,200 |
$ 1,094,606 |
$ 899,015 |
$ 938,104 |
$ 866,466 |
$ 1,059,888 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
G Total distributions of $.002 per share is comprised of distributions from net investment income of $.0016 and distributions from net realized gain of $.0006 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2014 (Unaudited)
1. Organization.
VIP Money Market Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
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)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ - |
|
Gross unrealized depreciation |
- |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ - |
|
|
|
|
Tax cost |
$ 2,747,307,319 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR), or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase transactions under master repurchase agreements whereby the Fund sells securities to a counterparty in return for cash and agrees to repurchase those securities at a future date and agreed upon price. During the period that reverse repurchase transactions are outstanding, the Fund identifies the securities as pledged in its records with an initial value at least equal to its principal obligation under the agreement. The cash proceeds received by the Fund may be invested in other securities. To the extent cash proceeds received from the counterparty exceed the value of the securities sold, the counterparty may request additional collateral from the Fund. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities sold. Information regarding securities sold under a reverse repurchase agreement, if any, is included at the end of the Fund's Schedule of Investments and the cash proceeds are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund continues to receive interest and dividend payments on the securities sold during the term of the reverse repurchase agreement. At period end, there were no reverse repurchase agreements outstanding.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is calculated on the basis of a group fee rate plus a total income-based component. The annualized group fee rate averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. The total income-based component is calculated according to a graduated schedule providing for different rates based on the Fund's gross annualized yield. The rate increases as the Fund's gross yield increases.
During the period the income-based portion of this fee was $682,959 or an annualized rate of .06% of the Fund's average net assets. For the reporting period, the Fund's total annualized management fee rate was .17% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:
|
Service Class |
$ 139,544 |
|
Service Class 2 |
178,131 |
|
|
$ 317,675 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class) pays a fee for transfer agent services, typesetting, printing and mailing of shareholder reports, excluding mailing of proxy
Semiannual Report
3. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
statements and out of pocket expenses, equal to an annual rate of .07%( .09% for Investor Class) of average net assets. For the period, transfer agent fees for each class, including out of pocket expenses, were as follows:
|
Initial Class |
$ 346,352 |
|
Service Class |
95,668 |
|
Service Class 2 |
49,612 |
|
Investor Class |
493,664 |
|
|
$ 985,296 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
4. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver for each class was as follows:
|
|
Reimbursement/ |
|
Initial Class |
$ 81,663 |
|
Service Class |
161,534 |
|
Service Class 2 |
189,893 |
|
Investor Class |
209,704 |
|
|
$ 642,794 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Six months ended |
Year ended |
|
From net investment income |
|
|
|
Initial Class |
$ 49,440 |
$ 258,331 |
|
Service Class |
13,937 |
8,578 |
|
Service Class 2 |
7,065 |
14,894 |
|
Investor Class |
53,048 |
183,315 |
|
Total |
$ 123,490 |
$ 465,118 |
6. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
|
|
Six months ended |
Year ended |
|
Initial Class |
282,665,079 |
728,003,889 |
|
Reinvestment of distributions |
49,440 |
258,140 |
|
Shares redeemed |
(288,265,524) |
(637,938,803) |
|
Net increase (decrease) |
(5,551,005) |
90,323,226 |
|
Service Class |
671,888,618 |
147,210,302 |
|
Reinvestment of distributions |
13,937 |
8,576 |
|
Shares redeemed |
(157,685,083) |
(144,666,468) |
|
Net increase (decrease) |
514,217,472 |
2,552,410 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Share Transactions - continued
|
|
Six months ended |
Year ended |
|
Service Class 2 |
36,430,608 |
74,922,519 |
|
Reinvestment of distributions |
7,065 |
14,893 |
|
Shares redeemed |
(41,335,166) |
(88,538,375) |
|
Net increase (decrease) |
(4,897,493) |
(13,600,963) |
|
Investor Class |
353,167,821 |
972,997,915 |
|
Reinvestment of distributions |
53,048 |
183,315 |
|
Shares redeemed |
(433,631,195) |
(777,640,355) |
|
Net increase (decrease) |
(80,410,326) |
195,540,875 |
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 44% of the total outstanding shares of the Fund, and one otherwise unaffliated shareholder was the owner of record of 10% of the total outstanding shares of the fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money Management, Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
VIPMM-SANN-0814 1.705628.116
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Variable Insurance Products Fund V's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund V's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
|
(a) |
(1) |
Not applicable. |
|
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
|
(a) |
(3) |
Not applicable. |
|
(b) |
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Variable Insurance Products Fund V
|
By: |
|
|
|
|
|
|
President and Treasurer |
|
|
|
|
Date: |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
|
|
|
|
|
|
President and Treasurer |
|
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Chief Financial Officer |
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Date: |
| This ‘N-CSRS’ Filing | Date | Other Filings | ||
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 | ||||
| Filed on / Effective on: | 8/22/14 | |||
| For Period End: | 6/30/14 | N-CSRS, N-MFP, N-PX, NSAR-A | ||
| 1/1/14 | ||||
| 12/31/13 | 24F-2NT, N-CSR, N-MFP, NSAR-B | |||
| List all Filings | ||||