NPORT-EX 2 VGB.htm VIP GLOBAL BOND SOI HTML
   SCHEDULE OF INVESTMENTS   
 
   Global Bond (in thousands)    SEPTEMBER 30, 2020 (UNAUDITED)
     
     

 

CORPORATE DEBT
SECURITIES		    Principal      Value  

Argentina

 

Energy – 0.7%

 

Pampa Energia S.A.
7.500%, 1-24-27(A)

      $150        $113  

Pan American Energy LLC
7.875%, 5-7-21

      33        33  
     

 

 

  
        146  
     

 

 

  

Total Argentina - 0.7%

 

      $146  
                   

Australia

 

Industrials – 0.4%

 

Transurban Finance Co. Pty Ltd.
2.450%, 3-16-31(A)

      70        71  
     

 

 

  

Utilities – 1.1%

 

Ausgrid Finance Pty Ltd.
3.850%, 5-1-23(A)

      200        212  
     

 

 

  

Total Australia - 1.5%

 

      $283  
                   

Austria

 

Consumer Staples – 1.0%

 

JBS Investments II GmbH (GTD by JBS S.A.)
5.750%, 1-15-28(A)

      200        208  
     

 

 

  

Total Austria - 1.0%

 

      $208  
                   

Bermuda

 

Consumer Staples – 0.6%

 

Bacardi Ltd.
4.450%, 5-15-25(A)

      100        112  
     

 

 

  

Total Bermuda - 0.6%

 

      $112  
                   

Brazil

 

Industrials – 1.0%

 

Cosan Ltd.
5.500%, 9-20-29(A)

      200        206  
     

 

 

  

Materials – 2.0%

 

Nexa Resources S.A.
6.500%, 1-18-28(A)

      200        218  

Vale Overseas Ltd.
6.250%, 8-10-26

      150        177  
     

 

 

  
        395  
     

 

 

  

Utilities – 1.0%

 

Aegea Finance S.a.r.l.
5.750%, 10-10-24(A)

      200        206  
     

 

 

  

Total Brazil - 4.0%

 

      $807  
                   

British Virgin Islands

 

Information Technology – 1.0%

 

Taiwan Semiconductor Manufacturing Co. Ltd.
1.000%, 9-28-27(A)

      200        196  
     

 

 

  

Total British Virgin Islands - 1.0%

 

      $196  
                   

Canada

 

Consumer Staples – 0.3%

 

Alimentation Couche-Tard, Inc.
2.700%, 7-26-22(A)

      60        62  
     

 

 

  

Energy – 0.6%

 

TransCanada PipeLines Ltd.
4.250%, 5-15-28

      100        116  
     

 

 

  

Financials – 0.9%

 

Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.)
4.350%, 4-15-30

      100        116  

Royal Bank of Canada
4.650%, 1-27-26

      50        59  
     

 

 

  
        175  
     

 

 

  

Materials – 0.9%

 

First Quantum Minerals Ltd.
6.875%, 3-1-26(A)

      200        193  
     

 

 

  

Total Canada - 2.7%

 

      $546  
                   

Cayman Islands

 

Financials – 1.9%

 

Itau Unibanco Holdings S.A.
4.625%, 8-27-68(A)

      200        175  

Three Gorges Finance I Ltd.
1.300%, 9-22-25(A)

      200        198  
     

 

 

  
        373  
     

 

 

  

Total Cayman Islands - 1.9%

 

      $373  
                   

Chile

 

Energy – 1.0%

 

GeoPark Ltd.
6.500%, 9-21-24(A)

      200        188  
     

 

 

  

Financials – 1.0%

 

Banco del Estado de Chile
2.704%, 1-9-25(A)

      200        210  
     

 

 

  

Industrials – 1.1%

 

Empresa de Transporte de Pasajeros Metro S.A.
3.650%, 5-7-30(A)

      200        222  
     

 

 

  

Materials – 1.1%

 

Celulosa Arauco y Constitucion S.A.
4.500%, 8-1-24

      200        218  
     

 

 

  

Utilities – 0.5%

 

Enel Chile S.A.
4.875%, 6-12-28

      80        94  
     

 

 

  

Total Chile - 4.7%

 

      $932  
                   

China

 

Communication Services – 2.0%

 

Tencent Holdings Ltd.
2.985%, 1-19-23(A)

      200        209  

Weibo Corp.
3.500%, 7-5-24

      200        210  
     

 

 

  
        419  
     

 

 

  

Consumer Discretionary – 1.1%

 

Alibaba Group Holding Ltd.
3.400%, 12-6-27

      200        224  
     

 

 

  

Total China - 3.1%

 

      $643  
                   

Columbia

 

Communication Services – 1.1%

 

Colombia Telecomunicaciones S.A. E.S.P.
4.950%, 7-17-30(A)

      200        208  
     

 

 

  

Financials – 1.1%

 

Banco de Bogota S.A.
5.375%, 2-19-23(A)

      200        211  
     

 

 

  

Utilities – 1.4%

 

Emgesa S.A. E.S.P.
8.750%, 1-25-21(B)

      COP302,000        80  

Empresas Publicas de Medellin E.S.P.
4.250%, 7-18-29(A)

      $200        200  
     

 

 

  
        280  
     

 

 

  

Total Columbia - 3.6%

 

      $699  
                   

France

 

Financials – 1.0%

 

BNP Paribas S.A.
7.625%, 12-29-49(A)

      200        203  
     

 

 

  

Total France - 1.0%

 

      $203  
                   

Hong Kong

 

Financials – 1.1%

 

Bangkok Bank Public Co. Ltd.
4.050%, 3-19-24(A)

      200        217  
     

 

 

  

Total Hong Kong - 1.1%

 

      $217  
                   

India

 

Utilities – 2.1%

 

Adani Electricity Mumbai Ltd.
3.949%, 2-12-30(A)

      200        196  

Adani Green Energy (UP) Ltd., Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd.
6.250%, 12-10-24(A)

      200        214  
     

 

 

  
        410  
     

 

 

  

Total India - 2.1%

 

      $410  
                   

Indonesia

 

Utilities – 2.3%

 

Perusahaan Listrik Negara:

      

5.450%, 5-21-28(A)

      200        234  

5.375%, 1-25-29(A)

      200        234  
     

 

 

  
        468  
     

 

 

  

Total Indonesia - 2.3%

 

      $468  
                   

Isle of Man

 

Consumer Discretionary – 1.0%

 

GOHL Capital Ltd.
4.250%, 1-24-27

      200        199  
     

 

 

  

Total Isle of Man - 1.0%

 

      $199  
                   

Japan

 

Financials – 1.7%

 

Mitsubishi UFJ Financial Group, Inc.
3.287%, 7-25-27

      100        111  
 

Sumitomo Mitsui Financial Group, Inc.:

      

3.748%, 7-19-23

      110        119  

3.936%, 10-16-23

      100        109  
     

 

 

  
        339  
     

 

 

  

Total Japan - 1.7%

 

      $339  
                   

Luxembourg

 

Consumer Staples – 1.0%

 

Minerva Luxembourg S.A.
5.875%, 1-19-28(A)

      200        208  
     

 

 

  

Financials – 1.0%

 

JSM Global S.a.r.l.
4.750%, 10-20-30(A)

      200        200  
     

 

 

  

Industrials – 1.0%

 

Rumo Luxembourg S.a.r.l.
7.375%, 2-9-24(A)

      200        210  
     

 

 

  

Total Luxembourg - 3.0%

 

      $618  
                   

Mexico

 

Consumer Staples – 1.1%

 

Grupo Bimbo S.A.B. de C.V.
3.875%, 6-27-24(A)

      200        217  
     

 

 

  

Energy – 0.5%

 

Petroleos Mexicanos
6.490%, 1-23-27(A)

      100        94  
     

 

 

  

Financials – 1.7%

 

Banco Santander S.A.
4.125%, 11-9-22(A)

      150        158  

Credito Real S.A. de C.V. SOFOM E.N.R.
7.250%, 7-20-23(A)

      200        195  
     

 

 

  
        353  
     

 

 

  

Industrials – 2.1%

 

Alfa S.A.B. de C.V.
5.250%, 3-25-24(A)

      200        211  

Grupo Kuo S.A.B. de C.V.
5.750%, 7-7-27(A)

      200        195  
     

 

 

  
        406  
     

 

 

  

Materials – 1.1%

 

CEMEX S.A.B. de C.V.
7.750%, 4-16-26(A)

      200        211  
     

 

 

  

Total Mexico - 6.5%

 

      $1,281  
                   

Netherlands

 

Consumer Discretionary – 1.1%

 

Prosus N.V.
3.680%, 1-21-30(A)

      200        216  
     

 

 

  

Financials – 1.1%

 

Syngenta Finance N.V.
5.182%, 4-24-28(A)

      200        220  
     

 

 

  

Health Care – 1.0%

 

Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.)
6.750%, 3-1-28(C)

      200        209  
     

 

 

  

Total Netherlands - 3.2%

 

      $645  
                   

Nigeria

 

Financials – 1.1%

 

Africa Finance Corp.
4.375%, 4-17-26(A)

      200        215  
     

 

 

  

Total Nigeria - 1.1%

 

      $215  
                   

Norway

 

Energy – 1.5%

 

Aker BP ASA:

      

6.000%, 7-1-22(A)

      150        152  

4.750%, 6-15-24(A)

      150        154  
     

 

 

  
        306  
     

 

 

  

Total Norway - 1.5%

 

      $306  
                   

Panama

 

Financials – 1.0%

 

Banco Latinoamericanco de Comercio Exterior S.A.
2.375%, 9-14-25(A)

      200        203  
     

 

 

  

Total Panama - 1.0%

 

      $203  
                   

Peru

 

Financials – 1.8%

 

Banco de Credito del Peru
4.250%, 4-1-23(A)

      150        160  

Corporacion Financiera de Desarrolla S.A.
2.400%, 9-28-27(A)

      200        202  
     

 

 

  
        362  
     

 

 

  

Utilities – 0.9%

 

Fenix Power Peru S.A.
4.317%, 9-20-27

      179        182  
     

 

 

  

Total Peru - 2.7%

 

      $544  
                   

South Korea

 

Financials – 3.5%

 

Hyundai Capital Services, Inc.
2.983%, 8-29-22(A)

      210        218  

Korea Development Bank
3.250%, 2-19-24

      200        216  

Woori Bank
2.625%, 7-20-21(A)

      250        254  
     

 

 

  
        688  
     

 

 

  

Total South Korea - 3.5%

 

      $688  
                   

Spain

 

Financials – 1.0%

 

Banco Santander S.A.
2.706%, 6-27-24

      200        212  
     

 

 

  

Total Spain - 1.0%

 

      $212  
                   

United Arab Emirates

 

Consumer Discretionary – 1.0%

 

GEMS MENASA Cayman Ltd. and GEMS Education Delaware LLC
7.125%, 7-31-26(A)

      200        198  
     

 

 

  

Energy – 1.1%

 

Abu Dhabi National Energy Co.
4.375%, 4-23-25(A)

      200        225  
     

 

 

  

Total United Arab Emirates - 2.1%

 

      $423  
                   

United Kingdom

 

Communication Services – 1.0%

 

Liquid Telecommunications Financing plc (GTD by Liquid Telecommunications Holdings Ltd.)
8.500%, 7-13-22(A)

      200        202  
     

 

 

  

Consumer Staples – 2.0%

 

Imperial Tobacco Finance plc
3.750%, 7-21-22(A)

      200        209  

MARB BondCo plc
6.875%, 1-19-25(A)

      200        207  
     

 

 

  
        416  
     

 

 

  

Financials – 4.5%

 

ANZ New Zealand International Ltd.
3.450%, 1-21-28(A)

      200        228  

HSBC Holdings plc
4.583%, 6-19-29

      300        345  

Royal Bank of Scotland Group plc (The)
6.000%, 12-19-23

      100        113  

State Bank of India
4.875%, 4-17-24(A)

      200        218  
     

 

 

  
        904  
     

 

 

  

Total United Kingdom - 7.5%

 

      $1,522  
                   

United States

 

Communication Services – 1.2%

 

T-Mobile USA, Inc.
6.000%, 3-1-23

      230        231  
     

 

 

  

Consumer Discretionary – 1.6%

 

Ross Stores, Inc.
4.800%, 4-15-30

      80        97  

Volkswagen Group of America, Inc.
4.250%, 11-13-23(A)

      200        219  
     

 

 

  
        316  
     

 

 

  

Consumer Staples – 2.7%

 

Bunge Ltd. Finance Corp.
3.500%, 11-24-20

      250        251  

Keurig Dr Pepper, Inc.
4.597%, 5-25-28

      125        150  

Reynolds American, Inc.
4.450%, 6-12-25

      100        112  
     

 

 

  
        513  
     

 

 

  

Financials – 5.9%

 

Bank of America Corp.
3.593%, 7-21-28

      125        140  

BBVA Bancomer S.A.
5.875%, 9-13-34(A)

      200        203  

Citigroup, Inc.
3.520%, 10-27-28

      125        139  

Ford Motor Credit Co. LLC
3.096%, 5-4-23

      200        195  

Goldman Sachs Group, Inc. (The)
3.814%, 4-23-29

      100        114  

JPMorgan Chase & Co.:

      

3.540%, 5-1-28

      118        132  

4.000%, 10-1-68

      50        47  

TerraForm Global Operating LLC (GTD by TerraForm Global LLC)
6.125%, 3-1-26(A)

      50        51  
 

Wells Fargo & Co.
4.300%, 7-22-27

      125        143  
     

 

 

  
        1,164  
     

 

 

  

Health Care – 0.9%

 

Fresenius U.S. Finance II, Inc.:

      

4.250%, 2-1-21(A)

      100        101  

4.500%, 1-15-23(A)

      75        80  
     

 

 

  
        181  
     

 

 

  

Industrials – 1.4%

 

Azul Investments LLP
5.875%, 10-26-24(A)

      200        150  

BAE Systems Holdings, Inc.
3.800%, 10-7-24(A)

      75        83  

Boeing Co. (The)
4.508%, 5-1-23

      50        53  
     

 

 

  
        286  
     

 

 

  

Information Technology – 0.6%

 

Broadcom, Inc.
5.000%, 4-15-30

      100        118  
     

 

 

  

Materials – 0.9%

 

Freeport-McMoRan, Inc.
4.250%, 3-1-30

      170        174  
     

 

 

  

Real Estate – 0.5%

 

Aircastle Ltd.
4.400%, 9-25-23

      100        99  
     

 

 

  

Total United States - 15.7%

 

      $3,082  
                   

Uruguay

 

Industrials – 0.4%

 

Navios South American Logistics, Inc. and Navios Logistics Finance (U.S.), Inc.
10.750%, 7-1-25(A)

      70        74  
     

 

 

  

Total Uruguay - 0.4%

 

      $74  
                   

Venezuela

 

Financials – 0.9%

 

Corporacion Andina de Fomento:

      

3.250%, 2-11-22

      150        155  

2.375%, 5-12-23

      30        31  
     

 

 

  
        186  
     

 

 

  

Total Venezuela - 0.9%

 

      $186  
                   

TOTAL CORPORATE DEBT
SECURITIES – 84.1%

 

      $16,780  
                   

(Cost: $15,939)

 

OTHER GOVERNMENT

SECURITIES(D)

      
                   

Argentina – 0.5%

 

Republic of Argentina:

      

1.000%, 7-9-29

      12        6  

0.125%, 7-9-30

      243        101  
     

 

 

  
        107  
     

 

 

  

Costa Rica – 0.9%

 

Costa Rica Government Bond
4.250%, 1-26-23(A)

      200        193  
     

 

 

  

Mexico – 1.0%

 

United Mexican States
3.250%, 4-16-30

      200        204  
     

 

 

  

Panama – 1.1%

 

Republic of Panama
3.750%, 4-17-26

      200        214  
     

 

 

  

Qatar – 1.1%

 

Qatar Government Bond
3.875%, 4-23-23

      200        215  
     

 

 

  

Saudi Arabia – 1.3%

 

Saudi Arabia Government Bond
2.375%, 10-26-21(A)

      250        254  
     

 

 

  

Turkey – 1.0%

 

Turkey Government Bond
6.350%, 8-10-24

      200        199  
     

 

 

  

Uruguay – 0.3%

 

Republica Orient Uruguay
4.500%, 8-14-24

      50        55  
     

 

 

  

Vietnam – 1.1%

 

Vietnam Government Bond
4.800%, 11-19-24(A)

      200        223  
     

 

 

  

TOTAL OTHER GOVERNMENT SECURITIES – 8.3%

 

      $1,664  
                   

(Cost: $1,628)

 

UNITED STATES

GOVERNMENT

OBLIGATIONS

      
                   

United States – 6.0%

 

U.S. Treasury Notes:

      

1.500%, 1-15-23

      150        155  

2.125%, 9-30-24

      100        107  

2.250%, 11-15-25

      150        165  

2.375%, 5-15-27

      125        141  

0.375%, 7-31-27

      300        298  

1.625%, 8-15-29

      100        109  

1.750%, 11-15-29

      200        220  
     

 

 

  
        1,195  
     

 

 

  

TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 6.0%

         $1,195  
                   

(Cost: $1,122)

 

SHORT-TERM

SECURITIES

      Shares     
                   

Money Market Funds(E) – 0.4%

 

State Street Institutional U.S. Government Money Market Fund - Premier Class 0.030%

      8        8  

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 0.040%(F)

      71        71  
     

 

 

  
        79  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 0.4%

         $79  
                   

(Cost: $79)

 

TOTAL INVESTMENT SECURITIES – 98.8%

         $19,718  
                   

(Cost: $18,768)

 

CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.2%

         231  
                   

NET ASSETS – 100.0%

         $19,949  
                   

    

 

Notes to Schedule of Investments

 

(A)

Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020 the total value of these securities amounted to $11,927 or 59.8% of net assets.

(B)

Principal amounts are denominated in the indicated foreign currency, where applicable (COP - Columbian Peso).

(C)

All or a portion of securities with an aggregate value of $69 are on loan.

(D)

Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(E)

Rate shown is the annualized 7-day yield at September 30, 2020.

(F)

Investment made with cash collateral received from securities on loan.

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Portfolio.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2020:

 

      Level 1      Level 2      Level 3  

Assets

         

Investments in Securities

         

Corporate Debt Securities

    $ —      $ 16,780      $         —    

Other Government Securities

      —        1,664        —    

United States Government Obligations

      —        1,195        —    

Short-Term Securities

      79        —        —    
  

 

 

  

Total

    $             79      $     19,639      $ —    
  

 

 

  

The following acronym is used throughout this schedule:

GTD = Guaranteed

 

For Federal income tax purposes, cost of investments owned at
September 30, 2020 and the related unrealized appreciation
(depreciation) were as follows:		  

Cost

      $18,768  
  

 

 

  

Gross unrealized appreciation

      1,212  

Gross unrealized depreciation

      (262)  
  

 

 

  

Net unrealized appreciation

      $950