VIP Investment Grade Bond II Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, VIP Investment Grade Bond II Portfolio held 4,581 positions with $3.67B in net assets. Its ten largest holdings made up 22.4% of the fund. Its share classes cost 0.38%–0.41% a year. Over the 12 months to May 2026, it returned 4.9%, with dividends reinvested. In 2026 Q2 it added 212 new positions and exited 294.
VIP Investment Grade Bond II Portfolio seeks as high a level of current income as is consistent with the preservation of capital.
The fund invests at least 80% of assets in investment-grade debt securities across corporate bonds, government securities, mortgage-backed securities, and related instruments, managing interest rate risk to align with the Bloomberg U.S. Aggregate Bond Index while allocating across sectors and maturities based on credit analysis and valuation. The fund may also invest up to 20% in below-investment-grade debt securities and employs derivatives and leveraging transactions to adjust risk exposure. Because security selection and sector allocation decisions drive returns rather than index replication, the fund's performance may diverge from the Bloomberg U.S. Aggregate Bond Index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UST NOTES 4.13% · due 2036-02-15 | 4.04% | $148.19M | — |
UST NOTES 3.88% · due 2034-08-15 | 3.50% | $128.26M | — |
UST NOTES 3.88% · due 2031-04-30 | 2.50% | $91.66M | — |
UST NOTES 4.13% · due 2033-04-30 | 2.11% | $77.21M | — |
UNITED STATES TREASURY BOND 4.25% · due 2054-02-15 | 1.92% | $70.22M | — |
UST NOTES 3.50% · due 2033-02-15 | 1.92% | $70.22M | — |
UNITED STATES TREASURY BOND 4.50% · due 2044-02-15 | 1.77% | $65.02M | — |
UST NOTES 3.88% · due 2032-12-31 | 1.69% | $61.81M | — |
UST NOTES 4.50% · due 2031-12-31 | 1.57% | $57.73M | — |
UST NOTES 4.25% · due 2035-08-15 | 1.44% | $52.82M | — |
The 200 largest of 4,581 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 70.98% |
| Securitized | 31.67% |
| Stocks | 0.51% |
| Cash & short-term | 0.36% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
By sector
- Government
- 46.4%
- Securitized
- 32.4%
- Other
- 7.0%
- Financials
- 6.4%
- 12 other sectors
- 7.8%
- Government
- 46.4%
- Securitized
- 32.4%
- Other
- 7.0%
- Financials
- 6.4%
- International
- 2.3%
- Utilities
- 1.3%
- Real Estate
- 1.2%
- Industrials
- 0.6%
- Information Technology
- 0.6%
- Energy
- 0.5%
- Communication Services
- 0.5%
- Cash
- 0.3%
- Health Care
- 0.3%
- Consumer Discretionary
- 0.1%
- Consumer Staples
- 0.1%
- Materials
- 0.0%
How it has done
C000236280 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.43%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
VIP Investment Grade Bond II Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.38% – 0.41%
- Portfolio turnover
- 182.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
212 new· the largest 3
294 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.2% |
| Floating rate | 16.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 4.3% |
| 3-5y | 17.4% |
| 5-10y | 34.6% |
| 10y+ | 42.8% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.26 yr |
| High yield | +0.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.28 yr | 5% |
| 5 yr | 1.95 yr | 33% |
| 10 yr | 1.94 yr | 33% |
| 30 yr | 1.75 yr | 29% |
| 3 mo | 0.10 yr | 2% |
| 1 yr | 0.65 yr | 10% |
| 5 yr | 2.39 yr | 38% |
| 10 yr | 2.04 yr | 33% |
| 30 yr | 1.10 yr | 17% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.09 | +0.00 | $34.8k | $804 |
| 1 yr | +0.28 | +0.64 | +0.01 | $235.9k | $2.8k |
| 5 yr | +1.95 | +2.38 | +0.01 | $873.4k | $2.4k |
| 10 yr | +1.94 | +2.04 | +0.00 | $749.1k | $346 |
| 30 yr | +1.75 | +1.10 | +0.00 | $402.7k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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